HEARD on the street
Low-income homes see more growth than luxury sector
The Low-Income Area House Price Index was the strongest performer in terms of year-on-year house price growth, recording 9.6% year on year for the second quarter of 2017, according to FNB’s Area Value Band House Price Index. The bank attributed the low-income area segment’s outperformance to the weak economy, which has created a need for affordable homes.
The bank added: “Nevertheless, the LowIncome Area Value Band House Price Index has shown marked slowing, from 13.6% at the start of 2016, and is also significantly slower than the 11.5% in the first quarter of 2017.” Meanwhile, the luxury area price growth stood at 5.7% for the second quarter of 2017.
The index covers five indices, including the Luxury Area House Price Index (average price R2.301 million), the Upper-Income Area House Price Index (average price R1.224 million), the Middle-Income Area House Price Index (average price R866 026), the Lower Middle-Income Area House Price Index (average price R582 164) and the Low-Income Area House Price Index (average price R357 938).
FSB fines Tendai Nyadombo
The Financial Services Board (FSB) has given Tendai Nyadombo a fine of R40 000 for contravening the Financial Advisory and Intermediary Services Act. The fine was handed down after the registrar of financial services providers referred a case against Nyadombo to the enforcement committee of the FSB.
It was found that Nyadombo acted as a financial services provider in respect of the following categories of financial services without authorisation: long-term insurance subcategory B1; long-term insurance subcategory B2; longterm insurance subcategory C; and retail pension benefits.
The registrar said it considered, among other factors, that the contravention took place over a period of two years and Nyadombo’s conduct had the potential of causing prejudice to clients.
In mitigation, the registrar took into account that Nyadombo accepted responsibility for the contravention and cooperated with the registrar’s investigation and the subsequent enforcement action. The fine was imposed by the enforcement committee on June 28.
Win R25 000 to kick-start a business
The Business/Partners Business Plan Competition for Aspiring Young Entrepreneurs is open for entries from those aged 18 to 35 years of age with cash prizes and mentorship up for grabs.
The competition comprises three phases. The first is a full-day workshop, which equips all candidates with the necessary knowledge to compile a business plan. All the essential elements of starting a business will be discussed, including financial management, marketing, legal considerations and employment issues.
In the second phase, participants will be asked to submit their business plans to a panel of judges for evaluation. Eight regional winners will be selected and each will be awarded mentorship sessions worth R6 000, which will help them develop their business plan further and get their businesses off the ground.
The third phase takes place during Global Entrepreneurship Week (November 13 to 17) where one of the regional winners will be deemed the overall, national winner. The prize includes R25 000 in cash, mentorship worth R12 000 and a smart tablet. To enter the Business/Partners Business Plan Competition for Aspiring Young Entrepreneurs, visit southafrica.smetoolkit.org.
The closing date for the first phase of the competition is 5pm on Monday, July 31.