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20 JUNE 2011
ECONOMY
Retail sales rose by 9.86% yoy in April. Perhaps we may yet avoid an economic slowdown?
The State's navel gazing on privatizing state-owned assets caused an estimated R1.5bn backlog in infrastructure investments. This in turn resulted in local capacity shrinking to the extent that only 17% of the estimated R300bn of intermediate goods to be purchased by Escom, in its expansion drive, can be supplied locally.
Stats SA reports an increase of 42 000 civil service jobs in the last year. Some 40% of government spending is on salaries.
SACCI expects SA trade conditions to remain positive for the next six months.
Our Reserve Bank says our rather fragile economic recovery is becoming more self-sustained.
Our population is expected to breach the 50m mark in the 2011 census.
BUSINESS
Transnet is exploring the possibility of building a coal line rail link via Swaziland to Richards Bay to free up capacity on its main export rail links.
If your geyser bursts, Ned Group Insurance will replace it with a solar geyser for as long as the Escom rebate system holds.
When you see an e-mail saying: "Be green-print only if needed", the Engineering News columnist says the author is not thinking. If you want Sappi to plant more trees (which is green) – print!
Mobiflock is a cellphone control program that allows parents to set personalized limits on cell use by children.
PROPERTY
Remax of South Africa has posted a growth in sales of 30% for the first four months of this year, compared to the same period last year. The group's agent count has grown by 8%. The bulk of these sales emanate from Gauteng. Paradoxically, Seef says agents have never had it so hard (only 37 000 agents out of 80 – 90 000 a few years back, remain).
In a recent case (Greeff v First Rand) Greeff borrowed money from RMB, secured by a bond. Greeff defaulted. RMB took default judgment. Greeff asked that the judgment be rescinded as she had not received the notice(s), and had a defense based on over-indebtedness. The judgment was rescinded.
[2011] JOL 27259 (NCK)
In Kruger v Property Lawyer (420/2010) [2010] ZASCA 80 (27 May 2011) our Supreme Court of Appeal decided that an undertaking by a conveyancer to repay bridging finance could not stand independently from the underlying transfer. When the seller was sequestrated and a shortfall created, the conveyancer could not be held personally responsible for the repayment of the loan.
The percentage of first-time home buyers has increased from 22 to 25% in Q1, 2011. The reason seems to be that the real price of houses is becoming more affordable.
The rate of bond applications that are not granted has declined from 53 to 47%yoy for May. At the same time more persons chose to rent than to buy.
PASSING OFF
Passing off may be defined as deceptive piggy-backing on the trade, service or goods reputation of another. The test is whether there is a reasonable likelihood that a substantial part of the public may be duped that the product or business of one trader is connected with that of another. I & J brought out a product called "Oven Crunch". Sea Harvest complained that I & J was passing this off as its "Oven Crisp" range. The get-up and packaging was found to be deceptively similar and I & J was interdicted from marketing its product thus.
[2011] JOL 27152 (WCC)
COMPANY LAW
S 60(2) provides that special resolutions may be adopted via round robins. S 115(2), however, says that a special resolution to authorize the disposal of a greater part of the company assets or undertaking require a meeting to be held. This may present problems when parties want to sell urgently and all the shareholders are not available. What to do? Consider an "electronic" meeting in terms of S 63(2).
S 75(3) – A sole director of a company may not approve an agreement by which a related person benefits if that director is not the sole shareholder or the other shareholders approve.
S 92(1) – No individual may serve as Company auditor for more than five consecutive years.
S 143(2) – A business rescue practitioner may negotiate for a contingency fee over and above the tariff to achieve a particular result.
ESTATES
In Directive 4/2011 the chief Master has ruled that all interest earned from an investment in a "Corporate Saver" type account must be paid to the estate. No "handling fee" may be held back.
The Master is (finally) going electronic. Try https://icmsweb.justice.gov.za/mastersinformation or www.justice.gov.za/master/m_main.htm.
PRACTICE
The Superior Courts Bill (B7 – 2011) provides for the rationalization and consolidation of our High Court, the Supreme Court of Appeal and Concourt.
The rules for the functioning of the National Consumer Commission was published on 03/06/2011 GG 34348.
LIGHTEN UP
On rugby:
"I'm going to graduate on time, no matter how long it takes."
Rodney So'ialo, Hurricanes
An 85-year-old man was requested by his doctor for a sperm count as part of his physical exam.
The doctor gave the man a jar and said, 'Take this jar home and bring back a semen sample tomorrow.'
The next day the 85-year-old man reappeared at the doctor's office and gave him the jar, which was clear and empty as on the previous day. The doctor asked what happened and the man explained, 'Well, doc, it's like this – first I tried with my right hand, but nothing. Then I tried with my left hand, but still nothing…
'Then I asked my wife for help, she tried with her right hand, then with her left, still nothing. She tried with her mouth, first with the teen in, then with her teeth out, still nothing.'
She even called up Arleen, the lady next door and she tried too, first with both hands, then an armpit, and she even tried squeezing' it between her knees, but still nothing.'
The doctor was shocked! 'You asked your neighbour?'
The old man replied, "Yep, none of us could get the jar open.'
WEIRD & WONDERFUL: POLITICIANS!
"The problem is people have been focusing on me. I'm not really acting on this because I'm in government. I'm hands off from it."
Minister Gondwana, whose family trust owned 50% of Canyon Springs Investments 12 (Pty) Ltd, on the R93m "borrowed" from pension funds by that company.
"I am on leave, I can't talk about that. Speak to the acting minister."
Minister Shiceka on his car being involved in an accident in Cape Town whilst he was on sick leave in the Eastern Cape.
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