The official opposition Democratic Alliance has written to Finance Minister Trevor Manuel urging him not to entertain extending windfall taxes beyond synfuels.
In a statement on Tuesday, DA finance spokesperson Ian Davidson said imposing windfall taxes "will hamper much needed investment into the resource industry sectors".
This follows a Business Day report that the task team set up by Manuel to investigate the issue of proposed windfall taxes in the synfuel industry had recommended a similar mechanism for the rest of the resource industry which may be earning excessive profits.
Read more FIN24.co.za
Tuesday, February 27, 2007
From bad to worse for US stocks
A computer glitch triggered a sudden plunge in the Dow Jones industrial average at mid-afternoon Tuesday, turning an already bad day in stocks into a head-turning spectacle.
Dow Jones & Co, the media company that manages the well-known index of 30 blue chip stocks, said it discovered shortly before 14:00 that its computers were not properly handling the day's huge volume in trades at the New York Stock Exchange.
It switched to a backup computer, and the result was a massive swoon in the index as the secondary system took over processing shortly before 15:00.
The Dow plunged about 200 points almost instantly, and was down as much as 546 points - its worst single-session decline in more than five years, and one that sent the blue chips into negative territory for the year.
Read more at FIN24.co.za
Dow Jones & Co, the media company that manages the well-known index of 30 blue chip stocks, said it discovered shortly before 14:00 that its computers were not properly handling the day's huge volume in trades at the New York Stock Exchange.
It switched to a backup computer, and the result was a massive swoon in the index as the secondary system took over processing shortly before 15:00.
The Dow plunged about 200 points almost instantly, and was down as much as 546 points - its worst single-session decline in more than five years, and one that sent the blue chips into negative territory for the year.
Read more at FIN24.co.za
Rand slides on emerging market jitters, stocks
South Africa's rand fell sharply against major currencies on Tuesday, following other emerging markets and equities lower as investors dropped riskier assets.
The local currency fell by up to 1.9 percent against the dollar in a nervous market that ignored better-than-expected economic growth data for Africa's biggest economy.
It was trading at 7.1899 against the greenback at 1515 GMT, 1.5 percent weaker than its previous close in New York of 7.0825 but off the session's trough of 7.2150.
It was last trading at around 9.50 to the euro, about 20 cents weaker on the day.
Traders said a drop in global equities hit emerging markets and yanked the rand out of its recent range of between 7.05 and 7.15 to the dollar.
Read more at Reuters South Africa
The local currency fell by up to 1.9 percent against the dollar in a nervous market that ignored better-than-expected economic growth data for Africa's biggest economy.
It was trading at 7.1899 against the greenback at 1515 GMT, 1.5 percent weaker than its previous close in New York of 7.0825 but off the session's trough of 7.2150.
It was last trading at around 9.50 to the euro, about 20 cents weaker on the day.
Traders said a drop in global equities hit emerging markets and yanked the rand out of its recent range of between 7.05 and 7.15 to the dollar.
Read more at Reuters South Africa
S.African stocks take beating on China and tax concerns
South African blue-chips fell over 3 percent on Tuesday, posting their biggest one-day decline in more than 5 months on worries about growth in China and news the government could slap a windfall tax on miners. Banking shares featured among the worst decliners on a day where over 4 percent drops were the norm. The JSE banking index slid 3.61 percent.
Mining shares also featured strongly among the worst hit, after a government-appointed task-team said South Africa should impose a windfall tax on excessive profits made by mining companies.
"Everything is falling, stemming from panic surrounding Chinese market. I just think it is a correction in the Chinese market, it had had a very strong run," Cadiz African Harvest portfolio manager Rajay Ambekar said. The Johannesburg Top-40 index of blue-chip stocks fell 3.49 percent to 23,435.34 points, tripping off a fresh all-time high it scored on Monday and posting its biggest one-day percentage fall since September 11, 2006. The broader All-share index dropped 3.17 percent to 26,078.30 points.
Read more at Reuters South Africa
Mining shares also featured strongly among the worst hit, after a government-appointed task-team said South Africa should impose a windfall tax on excessive profits made by mining companies.
"Everything is falling, stemming from panic surrounding Chinese market. I just think it is a correction in the Chinese market, it had had a very strong run," Cadiz African Harvest portfolio manager Rajay Ambekar said. The Johannesburg Top-40 index of blue-chip stocks fell 3.49 percent to 23,435.34 points, tripping off a fresh all-time high it scored on Monday and posting its biggest one-day percentage fall since September 11, 2006. The broader All-share index dropped 3.17 percent to 26,078.30 points.
Read more at Reuters South Africa
Dividend Facts You May Not Know
Money For Nothing" is not only the title of a song by Dire Straits in the '80s, but also the feeling many investors get when they receive a dividend. All you have to do is buy shares in the right company and you'll receive some of its earnings. How exciting is that? However, despite the advantage, there are several implications involved in the paying and receiving of dividends that the casual investor may not be aware of. This article will explain several of these. But first, let's begin with a short primer.
Read the full article at investopedia.com
Read the full article at investopedia.com
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