Imagine waking up one day knowing your salary was all yours. You may not believe it, but this is achievable for most of us – here's how.
What's that cheesy saying – déjà vu all over again? Why is it that we don't learn from past mistakes? Once again South Africans are relying on other people's money to finance their lifestyles–for every R1,00 we earn, 65c is spent on debt repayment. In 1980 it was 35c.
We could blame the onslaught of consumerism and chide the marketers who foist 10000 advertising messages on us every day. But at the end of the day it all comes down to human nature.
Read more at women24.com
Thursday, March 15, 2007
Asian Bank Shares Fall, Led by Mitsubishi UFJ; High Tech Gains
Asian financial shares dropped as levels of pay increases in Japan and ``less than ideal'' inflation in Australia damped speculation that consumers will spend more.
Mitsubishi UFJ Financial Group Inc., Japan's largest bank, was set for its biggest drop in eight months. National Australia Bank Ltd., the nation's No. 1 lender, was the biggest contributor to the fall in the S&P/ASX 200 Index.
Read more at Bloomberg.com
Mitsubishi UFJ Financial Group Inc., Japan's largest bank, was set for its biggest drop in eight months. National Australia Bank Ltd., the nation's No. 1 lender, was the biggest contributor to the fall in the S&P/ASX 200 Index.
Read more at Bloomberg.com
European Stocks Have Biggest Rally in 8 Months; Altadis Surges
European stocks had the biggest rally in eight months after takeovers accelerated and U.S. financial companies offered reassurance a subprime loan crisis won't spread to the rest of the economy.
Read more at Bloomberg.com
Read more at Bloomberg.com
U.S. Stocks Gain for 2nd Day; Bear Stearns Lifts Bank Shares
The U.S. stock market climbed a second day on fading home-loan concerns after Bear Stearns Cos.' earnings report and the acquisition of a mortgage company by General Electric Co. and Blackstone Group LP.
Citigroup Inc., JPMorgan Chase & Co. and Alcoa Inc. led gains in the Dow Jones Industrial Average and the Standard & Poor's 500 Index. Dow Chemical Co. posted its biggest advance since July 2003 on expectations it will merge some assets with India's Reliance Industries Inc.
Bear Stearns, the biggest U.S. underwriter of mortgage bonds, joined Lehman Brothers Holdings Inc. in assuaging concern that defaults among the riskiest borrowers will drag down profits at financial companies. The bank's outlook helped lift 14 of 16 homebuilders in S&P indexes and alleviate concerns raised by accelerating inflation and a prediction by former Federal Reserve Chairman Alan Greenspan that mortgage defaults will hurt the economy.
Read more at Bloomberg.com
Citigroup Inc., JPMorgan Chase & Co. and Alcoa Inc. led gains in the Dow Jones Industrial Average and the Standard & Poor's 500 Index. Dow Chemical Co. posted its biggest advance since July 2003 on expectations it will merge some assets with India's Reliance Industries Inc.
Bear Stearns, the biggest U.S. underwriter of mortgage bonds, joined Lehman Brothers Holdings Inc. in assuaging concern that defaults among the riskiest borrowers will drag down profits at financial companies. The bank's outlook helped lift 14 of 16 homebuilders in S&P indexes and alleviate concerns raised by accelerating inflation and a prediction by former Federal Reserve Chairman Alan Greenspan that mortgage defaults will hurt the economy.
Read more at Bloomberg.com
Asia stocks fall on U.S. growth worry, dollar dips
Asian stocks fell on Friday on lingering fears that trouble in the subprime mortgage market could spread to the rest of the U.S. economy, and as stronger-than-expected inflation data dimmed hopes for an interest rate cut by the Federal Reserve.
The dollar fell to a 2-1/2-month low against the euro and eased against the yen as investors remained nervous about holding risky positions after big drops in global stock markets in recent weeks and ahead of more U.S. inflation data later in the day.
Gold firmed, while crude oil extended losses after retreating 1 percent overnight.
Read more at Reuters.com
The dollar fell to a 2-1/2-month low against the euro and eased against the yen as investors remained nervous about holding risky positions after big drops in global stock markets in recent weeks and ahead of more U.S. inflation data later in the day.
Gold firmed, while crude oil extended losses after retreating 1 percent overnight.
Read more at Reuters.com
S.African stocks rebound, paper maker Sappi jumps
South African stocks bounced on Thursday, led by paper producer Sappi, as investors gained confidence from an upswing in global markets.
The Johannesburg Top-40 index of blue-chip stocks gained 1.75 percent to 23,071.80 points while the All-share index added 1.63 percent to 25,662.31 points, recovering from losses on the day before.
So far this year, the blue chip index has gained 2.1 percent.
Read more at Reuters South Africa
The Johannesburg Top-40 index of blue-chip stocks gained 1.75 percent to 23,071.80 points while the All-share index added 1.63 percent to 25,662.31 points, recovering from losses on the day before.
So far this year, the blue chip index has gained 2.1 percent.
Read more at Reuters South Africa
Rand edges up on dollar, still vulnerable
South Africa's rand notched up further gains against the dollar on Thursday as global markets rebounded but remained not far off four-month lows touched a weak ago.
The domestic currency was trading at 7.4140 against the dollar, 0.3 percent stronger than the previous New York close of 7.4350.
But market watchers said the rand's gains were somewhat below par given a rebound in global equity markets from a recent slide sparked by investors dropping riskier assets for low-yielding but less risky currencies like the yen.
Read more at Reuters South Africa
The domestic currency was trading at 7.4140 against the dollar, 0.3 percent stronger than the previous New York close of 7.4350.
But market watchers said the rand's gains were somewhat below par given a rebound in global equity markets from a recent slide sparked by investors dropping riskier assets for low-yielding but less risky currencies like the yen.
Read more at Reuters South Africa
S.Africa's Eskom lifts spending to $20 bln over 5 yrs
South African state utility Eskom has approved an increase in its 5-year spending on new projects to 150 billion rand from 97 billion rand, it said on Thursday.
The investment is meant to meet the electricity needs generated by South Africa's rapid economic growth, and will nearly double the megawatts (MW) of electricity that Eskom had previously intended, the company said in a statement.
Under the revised plan, which would cover the period from 1 April 2007 to 2011/12, Eskom will now deliver an additional 22,000 megawatts (MW) against the previous target of 12,500 MW.
Generation projects will take up about 72 percent of the 150 billion rand, and transmission projects about 12 percent.
The rest of the funds will be used for improvements to Eskom's distribution network, coal supply lines and other projects to diversify the firm's energy mix, Eskom said
Read more at Reuters South Africa
The investment is meant to meet the electricity needs generated by South Africa's rapid economic growth, and will nearly double the megawatts (MW) of electricity that Eskom had previously intended, the company said in a statement.
Under the revised plan, which would cover the period from 1 April 2007 to 2011/12, Eskom will now deliver an additional 22,000 megawatts (MW) against the previous target of 12,500 MW.
Generation projects will take up about 72 percent of the 150 billion rand, and transmission projects about 12 percent.
The rest of the funds will be used for improvements to Eskom's distribution network, coal supply lines and other projects to diversify the firm's energy mix, Eskom said
Read more at Reuters South Africa
PSG dumps JSE stake
Takes its chips off the table after being unable to increase its bet.
Financial services group PSG announced today that it had liquidated its entire 15% stake in the JSE for a total of R679m. At current market prices, the stake was worth about R750m. It said the disposal was effected in a series of transactions in the open market. PSG said it expects to receive the cash by Friday.
PSG Chairman Jannie Mouton told Moneyweb that the shares were sold over a period of three to four months to who he suspects were foreign buyers. Mouton said he was happy that the price he received was fair.
Rationalising its sale, PSG said that it had been unsuccessful in its stated objective to increase its strategic investment in the JSE beyond 15%. This is because regulators would not allow it to own more shares.
Read more at MoneyWeb.co.za
Financial services group PSG announced today that it had liquidated its entire 15% stake in the JSE for a total of R679m. At current market prices, the stake was worth about R750m. It said the disposal was effected in a series of transactions in the open market. PSG said it expects to receive the cash by Friday.
PSG Chairman Jannie Mouton told Moneyweb that the shares were sold over a period of three to four months to who he suspects were foreign buyers. Mouton said he was happy that the price he received was fair.
Rationalising its sale, PSG said that it had been unsuccessful in its stated objective to increase its strategic investment in the JSE beyond 15%. This is because regulators would not allow it to own more shares.
Read more at MoneyWeb.co.za
Taking The Lead In The Interview Dance
Fred Astaire is one of the most celebrated dancers ever. But have you ever noticed that Ginger Rogers had to follow him, moving backwards and in high heels?
Like partner dancing, an interview has a "leader" and a "follower". It's the role of the hiring manager - as leader - to set the tone of the interview and guide you on its structure. But you are Ginger Rogers. It's your role to listen carefully, take the subtle cues given and follow that lead expertly. Landing a job in the competitive financial industry can take some maneuvering. Read on to learn the steps that will help you glide effortlessly through your next big job interview.
Read the full article at investopedia.com
Like partner dancing, an interview has a "leader" and a "follower". It's the role of the hiring manager - as leader - to set the tone of the interview and guide you on its structure. But you are Ginger Rogers. It's your role to listen carefully, take the subtle cues given and follow that lead expertly. Landing a job in the competitive financial industry can take some maneuvering. Read on to learn the steps that will help you glide effortlessly through your next big job interview.
Read the full article at investopedia.com
Opec output curbs stay in place
Opec agreed on Thursday to keep current oil output restraints, balancing rapidly declining oil stocks in consumer nations against the risk recent selling in share markets could herald an economic downturn.
Iraqi Oil Minister Hussain al-Shahristani confirmed the decision after talks lasting little more than three hours.
Read more at FIN24.co.za
Iraqi Oil Minister Hussain al-Shahristani confirmed the decision after talks lasting little more than three hours.
Read more at FIN24.co.za
Should investors take profits?
With the preliminary report available only in the notoriously user-unfriendly Sens format on the company's own web site and hard copies of the presentation not available at yesterday's briefing, JSE Ltd is hardly a model of the kind of investor relations it encourages from listed companies.
Nor did CEO Russell Loubser win many friends when he snapped at a questioner, who wanted to know what the typical operating margin of international bourses is, that the JSE is aiming for, that she was (a) asking him to do her job for her and (b) trying to incite him to make an improper earnings forecast.
He was more responsive to a questioner on an international conference call, who suggested this margin could be around 50%, against the JSE's 20% last year, and wanted to know whether this would be achieved by cost cutting or higher turnover.
The JSE's costs are largely fixed, Loubser said, so it's trading volume that'll be the main driver.
He added that while liquidity (defined as share trades as a percentage of total market cap), 5%-7% before the introduction of electronic trading, is now up in the 40%s, on the international markets with which the JSE likes to compare itself, it can be 100%, 200% or even more.
Read more at FIN24.co.za
Nor did CEO Russell Loubser win many friends when he snapped at a questioner, who wanted to know what the typical operating margin of international bourses is, that the JSE is aiming for, that she was (a) asking him to do her job for her and (b) trying to incite him to make an improper earnings forecast.
He was more responsive to a questioner on an international conference call, who suggested this margin could be around 50%, against the JSE's 20% last year, and wanted to know whether this would be achieved by cost cutting or higher turnover.
The JSE's costs are largely fixed, Loubser said, so it's trading volume that'll be the main driver.
He added that while liquidity (defined as share trades as a percentage of total market cap), 5%-7% before the introduction of electronic trading, is now up in the 40%s, on the international markets with which the JSE likes to compare itself, it can be 100%, 200% or even more.
Read more at FIN24.co.za
Consumers urged to cut debt
South Africa's central bank is willing to raise interest rates further if the inflation outlook worsens, the bank's governor Tito Mboweni said on Thursday, urging consumers to cut debt.
But he offered a reprieve to commercial banks, saying the Reserve Bank would hold off on raising reserve requirements to give them more time to curb high lending.
The Reserve Bank last month kept its key repo rate unchanged at 9% after increasing rates by 200 basis points between June and December last year, citing a peak in CPIX inflation within the country's 3%-6% inflation target.
Read more at FIN24.co.za
But he offered a reprieve to commercial banks, saying the Reserve Bank would hold off on raising reserve requirements to give them more time to curb high lending.
The Reserve Bank last month kept its key repo rate unchanged at 9% after increasing rates by 200 basis points between June and December last year, citing a peak in CPIX inflation within the country's 3%-6% inflation target.
Read more at FIN24.co.za
Court victory – taxpayers beat Sars
Taxpayers have scored a victory over the South African Revenue Service (Sars). A Supreme Court of Appeal decision has put millions of rands back into businesses.
In a judgment that has important implications for franchise businesses and others that pay for the continual use of trademarks and other intellectual property, the Supreme Court of Appeal has held that royalty payments are tax-deductible in terms of the Income Tax Act.
Read more at Moneyweb.co.za
In a judgment that has important implications for franchise businesses and others that pay for the continual use of trademarks and other intellectual property, the Supreme Court of Appeal has held that royalty payments are tax-deductible in terms of the Income Tax Act.
Read more at Moneyweb.co.za
One price ADSL service on the cards
Telkom is planning a new product which may introduce a one-price ADSL service and signal the end of the current system where various ADSL components are purchased separately.
While Telkom does not want to disclose details about a single price ADSL product, Lulu Letlape, group executive for corporate communication, said that "Telkom can confirm that we are working on such a product, but cannot divulge further details."
Read more at MoneyWeb.co.za
While Telkom does not want to disclose details about a single price ADSL product, Lulu Letlape, group executive for corporate communication, said that "Telkom can confirm that we are working on such a product, but cannot divulge further details."
Read more at MoneyWeb.co.za
Gold and silver off 1-week low; investors cautious
Gold rose above $646 anounce Thursday to track a rebound in crude oil but investorsremained cautious after the previous day's drop, even withlittle changed in terms of fundamentals.
Jewellers from India and Thailand bought gold at lowerlevels, although the price rebound also encouraged lightselling in Singapore. Other precious metals firmed, with silvermoving away from Wednesday's one-week low.
Read more at Reuters South Africa
Jewellers from India and Thailand bought gold at lowerlevels, although the price rebound also encouraged lightselling in Singapore. Other precious metals firmed, with silvermoving away from Wednesday's one-week low.
Read more at Reuters South Africa
S.Africa Top-40 up 1.5 pct after Asia, US recover
South Africa's blue chip Top-40 index rose 1.5 percent in early trade on Thursday, boosted by mining stocks and mobile phone group MTN after U.S. and Asian markets recovered.
Read more at Reuters South Africa
Read more at Reuters South Africa
Shanghai copper up 1.4 percent, LME resilient
Shanghai copper prices rallied 1.4 percent on Thursday, supported by resilience in London futures despite turbulent equity markets.
The most active May contract on the Shanghai Futures Exchange was 830 yuan, or 1.43 percent higher, at 58,970 yuan a tonne at the close, encouraged by gains in London futures despite turmoil in equities.
Read more at Reuters South Africa
The most active May contract on the Shanghai Futures Exchange was 830 yuan, or 1.43 percent higher, at 58,970 yuan a tonne at the close, encouraged by gains in London futures despite turmoil in equities.
Read more at Reuters South Africa
The "True" Cost of Stock Options
How to value employee stock options (ESO)? This is possibly the central issue in the debate on whether these options should be expensed. According to basic accounting rules, if a value can be placed on this form of compensation, it should be expensed. Proponents of expensing employee stock options say there are many models that can be used to place a value on options.
Opponents argue these models are not applicable to employee stock options. This article will take a look at the argument of the opponents and then explore the possibility of a different approach to determining the cost of employee stock options.
Read more at investopedia.com
Opponents argue these models are not applicable to employee stock options. This article will take a look at the argument of the opponents and then explore the possibility of a different approach to determining the cost of employee stock options.
Read more at investopedia.com
Record R34m for Clifton pad
A British businessman forked out a hefty R34m for an exclusive Clifton apartment, the most ever paid for a flat in South Africa.
The previous record was R28m for an apartment in the same complex - the Eventide development in Victoria Road, which runs along the beach. It is the newest development in Clifton with only 30 super-luxurious apartments.
Read more at FIN24.co.za
The previous record was R28m for an apartment in the same complex - the Eventide development in Victoria Road, which runs along the beach. It is the newest development in Clifton with only 30 super-luxurious apartments.
Read more at FIN24.co.za
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