Tag Archives: financial services

21st World Economic Forum on Africa commences

The 21st World Economic Forum on Africa, which is to be attended by in excess of 900 participants from 60 countries, commences in Cape Town.

The three-day conference will focus on precisely how sub-Saharan Africa can maintain its growth path and turn into one of the pillars of global growth and demand.

To be organised within the subject, Shaping Africa’s Role in the New Reality, the conference is going to take place against the background of the growing global acknowledgment of Africa’s development potential.

Finance Minister Pravin Gordhan, the lead minister for WEF, remarked that in redefining the nation’s association with the world, South Africa’s message was indeed shifting beyond the focus on its abundant cultural diversity.

“We are currently showcasing our accomplishments in the areas of science, technological innovation, financial services and our acknowledgement as a systemically crucial member of the international community.

“In our hosting of WEF Africa, we will with certainty declare that South Africa is definitely responding to the new reality,” he said.

Finance Minister Pravin Gordhan

Gordhan mentioned the nation is without a doubt perfectly positioned in the changing poles of power and economic growth, not merely as an emerging market, but more as a leading economy on a continent this is certainly an invaluable partner within the global economy as well as being home to roughly 15 percent of the world’s population.

“All of us are formidable supporters of inclusive growth, job creation, and the diversification of the economy,” the minister claimed.

He added the fact that South Africa has been actively taking part and adding to positions developed in global policy making.

“We may also be assuming a progressively more significant place in the global arena. We are one of the non-permanent members on the United Nations Security Council, the sole African nation to be a member of the G20, as well as not too long ago, we have obtained a seat at the table of the Brazil, Russia, India, China and South Africa forum (BRICS), which, with its inhabitants in excess of 3 billion people, functions as a significant platform for global dialogue and cooperation.”

Certainly one of concerns to be talked about at the WEF Africa will most certainly be just how African economies will be able to mitigate their exposure to the volatility and unpredictability in commodity prices and ways in which the continent can bolster its voice in multilateral community forums much like the G20 and the Seventeenth Conference of the Parties of the United Nations Framework Convention on Climate Change (COP 17). The COP 17 conference is going to be organised in Durban in December.

President Jacob Zuma

As being the largest economic system on the continent, South Africa has long been and definitely will continue to utilize its seat on multilateral fora, along with the International Monetary Fund, the World Bank and the G20, to boost Africa’s interests.

South Africa will in addition take advantage of its membership of BRICS to improve Africa’s voice in the world.

Africa’s enhanced economic prospects have mainly been due to steps undertaken by African nations themselves to get rid of political conflicts, improve governance and develop improved macroeconomic conditions.

Despite the fact that Africa will definitely reap the benefits of globalisation, which is certainly most likely to spur demand for commodities, the continent’s expansion into the future will probably be influenced by social and demographic shifts currently underway.

The South African Government delegation to WEF Africa will be headed by President Jacob Zuma, who is going to be accompanied by the following ministers:

* Pravin Gordhan: Minister of Finance
* Trevor Manuel: Minister of National Planning: The Presidency
* Rob Davies: Minister of Trade & Industry
* Ebrahim Patel: Minister of Economic Development
* Tina Joemat-Pettersson: Minister of Agriculture, Forestry & Fisheries
* Malusi Gigaba: Minister of Public Enterprise
* Marthinus van Schalkwyk: Minister of Tourism
* Dipuo Peters: Minister of Energy
* Edna Molewa: Minister of Water and Environmental Affairs
* Naledi Pandor: Minister of Science and Technology

Several South African business people will in addition participate in the WEF conference.

Source: BuaNews

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Recent survey highlights skills shortage in finance sector

You will find there’s a escalating scarcity of skills in the financial-services marketplace, a survey released in Johannesburg last Tuesday .

“Seventy-nine percent of companies had limited success in hiring chartered accountants and additionally 80% had difficulty retaining scarce skills,” said Landelahni CEO Sandra Burmeister of the collected information from the Landelahni Recruitment Group’s Financial Services Survey 2010.

Eighty-two percent of auditing firms believe there is simply a scarcity of chartered accountants.

The feedback survey took into consideration the banking, financial-services along with insurance companies, in particular at graduates together with post-graduates.

Making use of Statistics South Africa and Seta data, it projected the fact that the availablility of employees within the financial industry in 2010 is approximately 270 000 — which is 3,3% of overall employment.

This figure decreased from 300 000 in June 2008.

Burmeister said it it was worrisome although the volume of students enrolling in accounting training courses at educational institutions had improved significantly, this was certainly not converting into the number actually graduating.

“In between 1999 and 2009, the total volume of university enrolments within the accounting sector was 504 068, against 60 114 degreed graduate students over the same period — a dismal 11,9% pass rate.”

At the same time, Technikons were not faring that much better.

“Technikon enrolments in accounting numbered 204 215 over the same 10-year period against 31 034 diploma graduates — a 15,2% pass rate.”

Given the increased complexity of regulatory compliance and corporate governance, accountants are more in demand than ever.

Couple this with the fact that scarcity is a worldwide issue, meaning local South African skills would likely make their way to foreign countries, some sort of long-term solution was considered necessary, said Burmeister.

“There is actually a escalating demand and despite the slowdown throughout the economy, the trend has not been reversed,” she said.

“Due to the scarcity of qualified accountant in the marketplace we’re paying premium rates for these skills — based on this data we are going to be paying the premiums for the next two decades.”

Take a look at these Accounting Courses and Finance Courses

Source: Sapa, svtuition.org, onlinembabuzz.com, kaikoura.govt.nz, decapitecpa.com, knol.google.com, gwinnettcollege.edu

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