Markets struggle on
The G20 is still in the news today.
Basically the major news outlets are of the opinion that not very much at all was accomplished by the meeting. Trebles all round!
Business Day reported that the G20 was a 'damp squib', just a little wet firecracker that kind of fizzed and then died, as global markets continued to fall. They also reported that Japan has now entered a recession, along with the Euro zone. iAfrica reported that there was nothing concrete that came out of the meeting.
The global crunch, in general, will only have knock on effect in SA but these effects could be so large as to become extremely serious for our domestic economy.
The Times looks at the view of President Motlanthe, who told parliament that we would stave off recession and a harder headed look at the possible fall out effects of the crunch. The basis for this is that although our banks are extremely robust and some of the most stable in the world at the moment, the effect will be felt in currency fluctuations and in exports, which could have a real and dangerous effect on the continued growth of the South African economy.
In a surprising move Goldman Sachs the Wall Street house has cut all bonuses this year for its senior officials writes Business Report. This was in response to a G20 threat to regulate bonuses, although they are padding it in terms of being 'the right thing to do'.
Moneyweb today looked at the issue of tax on your bonus, because here in South Africa we can still expect our end of year bonuses!
The gist of the story is that you have to add your thirteenth cheque into your total salary for the year and then work out your tax. They suggested that you should save a 12th portion of your expected bonus each month to offset the extra tax at years end. You can use our tax calculator here, all you need to do is set it to annual, add your expected thirteenth cheque to your annual salary and just click go.
Realestateweb looked at the expected events in the housing market in a very balanced article that expressed positive, negative and neutral sentiment for the market. The fun part of this is spotting the agenda behind who believes what.
The Dispatch brings us a report that petrol will drop in December by R 1.40 a litre. iAfrica has a great little article about short term insurance contracts and how important it is to read and understand the small print.
In international news the BBC reports that inflation in the UK has begun to turn from September's 16 year high point. And the Huffington Post brings us a report of a Brazilian share trader who shot himself on the floor of his own stock exchange, but failed to actually kill himself.
They halted trading in derivatives and commodities from the floor for fifteen minutes, but did not stop electronic trade.
There was a comment on the article that this was the new age 'window jumping' last seen in the 1930's.