Quick reads for this week
Woolworths invests R2 million in young entrepreneurs
In celebration of Youth Month last year, Woolworths announced that it launched its Youth-Makers competition to help young entrepreneurs take their businesses to the next level.
To celebrate this year’s Youth Month, the group will unveil the winners of the competition.
According to Woolworths, hundreds of hopeful young small business owners entered the competition and just 30 finalists were flown to Joburg to pitch their businesses.
"Fifteen winners were selected for the exclusive opportunity to learn from some of the best in the field. Each winner receives a one-year mentorship from Woolies experts to support them in building sound foundations for the retail world, exclusive insider information on how retail works in South Africa, the opportunity to market to Woolworths customers, and a cash grant of over R130 000 to grow their brands,“ it said.
The group said the Woolworths Youth-Makers competition forms part of the business’s Inclusive Justice Initiative; a commitment to inspire inclusive growth by taking action against discrimination and marginalisation, and promoting inclusion and empowerment for all.
“Understanding that the youth hold the key to South Africa’s future, Woolworths aims to empower and uplift small youth-owned businesses and improve the socio-economic reality of our youth… A vital step towards building an inclusive future for all,” it said.
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Standard Bank announces MVNO collaboration with MTN
Standard Bank has announced a new Mobile Virtual Network Operator (MVNO) collaboration with MTN, giving its South African customers access to the mobile operator’s extensive coverage across the country.
As part of the bank’s telecommunication strategic direction, Standard Bank Mobile will now be called Standard Bank Connect and would introduce a new set of data and voice packages.
“We are excited to collaborate with MTN and the opportunity to provide our customers with a range of newly differentiated mobile plans. The transition will be gradual, where we invite our customers to join us on our pilot programme, helping us to build meaningful services together and experiencing Standard Bank on MTN’s wide network,” said Kartik Mistry, head of Standard Bank Connect.
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Medical schemes’ new financial reporting standards: what members need to know
Medical schemes in South Africa have adopted the new International Financial Reporting Standards (IFRS) 17, aligning with regulatory guidance, according to the Health Funders Association (HFA)
The HFA said while this changes the reporting terminology, it will not affect medical scheme members or the way their funds are managed.
“The move from IFRS 4 to IFRS 17 is aimed at making the financial information of insurers, including entities that offer insurance-type products such as medical schemes, more easily comparable across countries and industries offering a broad range of cover,” explains Craig Comrie, chairperson of the HFA.
“For medical scheme members, these changes make no difference to the way their funds and benefits are managed, and it is important to understand that medical schemes will continue to operate on a not-for-profit basis.
“Also, the fiduciary obligations of medical scheme trustees to manage these funds for the benefit of medical scheme members remain firmly in place, as do the social solidarity principles that underpin how medical schemes operate.
“The disclosures of surpluses and/or deficits are no longer visible in the new disclosure requirements where medical schemes are regarded as mutual funds, as any retained surpluses belong to the members of a scheme,” Comrie said.
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PERSONAL FINANCE