SA Property Owners | the new Companies Act

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South African commercial property owners not only have to deal with the Consumer Protection Act, the new Companies Act is another law to deal with.

The uptick in business rescue by commercial tenants makes it vital to know what happens to a commercial lease when the landlord goes into business rescue, he says.

According to Rael Levitt, chief executive officer of Auction Alliance, commercial property owners need to quickly brush up on Chapter 6 of the new Companies Act.

This is whereby a Business Rescue Practitioner can suspend a lease agreement.

The uptick in business rescue by commercial tenants makes it vital to know what happens to a commercial lease when the landlord goes into business rescue, he says.

He explains that unfortunately this adds strain to landlords and although business rescue is new and untested, South Africa may soon see tenants with heavy lease commitments going into business rescue in order to restructure their lease agreements.

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Pinehurst Shopping Centre | Cape Town

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Pinehurst in the Cape Town northern areas is set to further boost its capital growth with the construction of a new retail centre.

Pinehurst in the Cape Town northern areas is set to further boost its capital growth with the construction of a new retail centre. Already acknowledged in a national survey to have one of the highest capital growth percentages in its category in South Africa, the construction planned for 2013 will have a school and a retirement village.

Already acknowledged in a national survey to have one of the highest capital growth percentages in its category in South Africa, the construction planned for 2013 will have a school and a retirement village.

One of two major suburbs in the Cape Metropole currently being developed by Garden Cities, Pinehurst showed an average sales price rise on resales of over 20 percent over the past three years.

Garden Cities operations manager, Renier Smith says because it is a growing suburb, they have staged phases that provide the infrastructure needed by a community that will eventually top 3 000 homes.

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Apple just sitting on $100bn cash windfall

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Apple may be settling for yields of 1% or less for its cash stash, which is bigger than many nations’ gross domestic product

THERE is one part of Apple’s business that is not exactly humming right now: its management of a pile of money probably exceeding $100bn.

The maker of the iPhone and iPad once again rewarded shareholders richly as its shares surged above $500 on Monday.

But Apple may be settling for yields of 1% or less for its stash, which is bigger than many nations’ gross domestic product.

Durban’s commercial and retail injection

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Durban North has shed its residential-only mantle and given its lights-out-at-seven reputation a lively social, commercial and retail injection that has transformed it into a younger, more self-sufficient suburb.

Durban North always sported a rather staid, establishment-type reputation. Even the name is more directional than descriptive. But that’s the old Durban North. Today it has a fresh, youthful appeal which came about largely when north became the direction of choice. Durban North is perfectly positioned along that northern coastal corridor, offering quick access to both the city and Umhlanga and beyond. That’s a major drawcard for us Durbanites, who simply aren’t accustomed to time spent in traffic – it interferes with our surfing.

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SAA needs extra R6bn from state as costs bite

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South African Airways warns it expects a ‘loss situation’ in 2011-12 after two years of profit.

South African Airways (SAA) has warned it would post a loss this financial year and said it was in talks with the government for a recapitalisation of about R4bn-R6bn to fund operational costs, its growth strategy and fleet renewal.

The injection of state funds would be in addition to the R1,3bn subordinated loan SAA already has from the government, and the R1,6bn “going concern” guarantee it obtained to underpin its cash requirements after the auditor-general raised concern last year about its ability to generate sufficient cash to fund operations.

This year we will have to go through the same process and the guarantee required will probably be higher,” SAA chief financial officer Wolf Meyer told Parliament’s public enterprises committee yesterday.

Brazillion Chicken Dumping

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WHILE the local poultry industry is urging the authorities to protect it against the alleged dumping of Brazilian chicken, the competition watchdog is wrapping up investigations into anticompetitive conduct by some of its members.

The International Trade Administration Commission (Itac) said on Monday it had asked for additional provisional duty payments from Brazilian poultry producers to protect the local industry — al though its findings into claims of dumping had not been finalised.

The Competition Commission yesterday confirmed it was in the final stages of investigating complaints on allocation of markets, bids to stabilise prices, and information sharing in the local industry — and had found contraventions.

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South Africa will set up a R1.6-billion pharmaceutical plant

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South Africa will set up a R1.6-billion plant to manufacture active pharmaceutical ingredients (APIs) for antiretroviral medicines (ARVs) in a joint venture with Swiss group Lonza, Science and Technology Minister Naledi Pandor announced on Friday.

The project, dubbed Ketlaphela, would be jointly funded by Lonza and a number of State institutions, including the Industrial Development Corporation and Necsa subsidiary Pelchem.

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