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Health insurer Discovery’s normalised headline earnings were up 20% to R2.8bn for the year ended June 30. However, its headline earnings declined 3% to R2.1bn over the same period. Endeavor South Africa Chairman of the board and Discovery CEO Adrian Gore told analysts on Tuesday this “paradox” had to do with how well its UK business, Prudential, performed.

When Discovery increased its stake in Prudential from 50% to 75%, the parties agreed that Prudential, as the minority shareholder, would have a “put” option to sell its share to Discovery from 2015.

In terms of accounting standards, Discovery has to include that 25% put option as a liability.

Given the rapid growth in the UK business, Discovery had to revalue the 25% stake at about R3.4bn, Mr Gore said.
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Taste Holdings is leading the way in the franchise game. Nedbank, in partnership with Brimstone Investment and Taste Holdings, has launched a new funding model for potential franchisees who have the ability but lack the start-up finance.

Franchisees usually have to contribute 50% of the costs. But now they will only have to come up with R125 000 of the start-up costs of a Fish & Chip Co fast-food franchise, which is worth R675 000. The  balance is to be funded by Nedbank.

Taste Holdings CEO and Endeavor Entrepreneur Carlo Gonzaga said this funding model was a "first to market" in that a third party was taking some of the risk. 

[Read the full article here]

Every year since 2001, the business services giant Ernst & Young has put on an extremely glossy event to proclaim one dazzled hero the World Entrepreneur of the Year. BBC Global business correspondent, Peter Day, interviewed some of the finalists, including Hamdi Ulakaya, the one chosen as the 2013 World Entrepreneur of the Year.
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Endeavor SA Entrepreneur Ashley Uys has developed a smartphone application that will help parents find out whether their children are high on drugs. The app involves parents taking a picture of the child’s eye. If the child’s eye fails to respond to the flash, he or she could potentially be under the influence of illicit drugs. The Oculus ID, as the app is called, is expected to be ready in two months’ time. 

[Read the full story here]

A decade of hard work and perseverance has seen Capsicum Culinary Studio grow into the largest culinary and hospitality training institution in Southern Africa. Cheryl Nesbitt started Capsicum Culinary Studio in Cape Town with only four students in 2003; and today it has a national footprint which includes six campuses in major centres in South Africa, namely: Cape Town, Durban, Johannesburg, Pretoria, Boksburg and Port Elizabeth.

With over $611 million committed to for-profit and non-profit companies to foster economic advancement and entrepreneurship by Omidyar Network, Chief Executive Officer of the organisation and Endeavor board member, Malik Fal Omidyar, spoke to Crusoe Osagie at a forum in Lagos, and explained how entrepreneurship can be deployed to transform Africa.
[Read the full interview here]

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