The Italian debt crisis has the potential to make the Greek crisis seem small. It must be reiterated that Italian debt makes Greek debt look laughable. It currently stands at some €1,8 trillion. That’s excluding the purported €175 billion the Italians need to keep their country running until the end of the year.
It has been revealed that good old Goldman Sachs received one rather large Christmas present in the form of unpaid interest from Her Majesty’s Revenues and Customs, following a long legal battle over one of the US bank’s tax avoidance schemes.
After having recently bought Fosters, fresh rumours surfaced yesterday that SABMiller might itself face a takeover from Anheuser-Busch InBev, the biggest brewer in the world. SAB shares soared 7% to their highest gain in almost three years as a result.
While it might not be doing too well at the moment, the New York Stock Exchange is fairly important. One of the world’s biggest markets, the daily business of the NYSE has been threatened for a while now by the Occupy Wall Street protests. Internet hacker group, Anonymous, has now also jumped on the bandwagon, […]
The South African media giant, Naspers, has bought the Russian version of Gumtree: Slando, for an undisclosed amount. The original founders of Gumtree, Michael Pennington and Simon Crookall, confirmed the deal overnight. The site has 11 million users, and has sold items including Stalin’s clothing, a slew of diamonds, a MIG 21 aircraft and one whole oil refinery.
Deputy President Kgalema Motlanthe has today told a small news conference that China has agreed to invest approximately R19 billion in investment projects around South Africa. He’s been on a three-day visit to China, and has avoided all mention of the constant South African headache that is deciding whether the Dalai Lama should get a visa or not.
South Africans have one-upped the Aussies again. Brewing giant, SABMiller, has flexed its muscles and laid claim to the iconic Australian brand, Foster’s. The takeover of the Australian beer maker should be complete by the end of the year, and the price tag has been confirmed at $10,2 billion, with a bit of change for some dividends.
As South Africa’s free, online money-managing tool, moneysmart will revolutionize the way South Africans manage their finances. The idea behind this fresh and exciting new brand is to shift financial control to you. moneysmart presents a unique platform that provides an innovative approach to aggregating financial data and enables individuals to take control of their […]
Zurich-based bank, UBS is in the toilet after a very, very naughty little boy or girl engaged in a spot of skullduggerous, unauthorised, and apparently not entirely skillful trading. The cost? A cool $2 billion, and an additional drop of 10% in its share price over the course of today’s early trading alone. UBS had better clench its buttocks. This is going to be a wild ride.
China’s time is now. We’ve all been saying it for ages, but their time really is now. A report from Bloomberg doesn’t beat around the bush: “China is willing to buy bonds from nations involved in the sovereign debt crisis.” They already own millions of hectares of land right here in Africa, but now they want to invest.
European stocks have bounced back slightly (well, leveled, more than anything) on news that China and Italy are in discussions about “significant” purchases of Italian bonds and investments in strategic companies. Greece will probably get that next round of funding, but Europe still needs to approve it. Here are some interesting numbers if Greece does go bang.
Reports coming out of the East and Europe this morning paint a dismal picture for Greece. The Euro had already slipped to a 10 year low against the Yen and a six month low against the dollar in overnight trading. Bloomberg thinks Germany might give up on Greece because a Greek default is probably inevitable.
At the end of last week, parliament confirmed that the embattled public works department had spent approximately R183 million since May 2009, and that R46 million had been dropped on exclusive residences in this year alone. It’s therefore no surprise that the Hawks are struggling to finance their investigations.
Our Dear Leader, Kim Jong Il, has caught a train to Russia and will meet and attend an energy summit with President Dmitry Medvedev later this week. The summit is expected to focus on energy cooperation and nuclear disarmament, no spice. But, Our Dear Leader is probably also after a business opportunity that will make money out of South Korea.
European banks tumbled for the third day in a row, led by Lloyds Banking Group and Commerzbank AG, on concerns that firms will struggle to fund themselves and increase earnings as the region’s sovereign debt crisis strangles economic growth. Basically, it’s a case of just about everything taking on for the team.
Yesterday, 2oceansVibe reported that clothing retailer, Abercrombie and Fitch, had decided it no longer wanted its clothing to be associated with members of The Jersey Shore cast, especially Michael “The Situation” Sorrentino. Coincidentally, the very next day of trading after the announcement, Abercrombie shares shed nearly 10 percent at one stage.
World financial markets might be in turmoil and investors might be discarding shares at any opportunity, but, there is always the exception to the rule. Warren Buffett and Donald Trump are just two of these exceptions to the rule. The two financial moguls are actually having a good old time of things at the moment.
It’s becoming a case of “your guess is as good as the next guy’s” in world financial markets now. Share prices are fluctuating like unseasonal temperatures and nobody can really predict what might happen next. French markets rallied earlier, but as soon as they did, rumours that BNP Paribas may face another €500 million loss on Greek debt surfaced.
Not even security exchanges are immune to hackers these days. Hong Kong Exchanges and Clearing Limited, the world’s biggest security exchange operator by market value, suspended trading yesterday for companies including HSBC. This came after its website was hacked in what’s been described as a hack with malicious intent at a critical time.
What is your dream? What have you always wanted to start? We all know that we need to start doing certain things now, in order to enjoy the rewards we wish for later. Yet, for some reason, we often put them off, failing to take advantage of the moment. That’s why Sanlam has created National […]
The International Monetary Fund has another scandal to deal with, although this time it’s a financial one. A French court has today ordered an investigation into the new IMF head, Christine Lagarde, and her role in a much-criticised $400 million arbitration deal in favour of a controversial tycoon. It concerns the mishandled sale of sportswear maker, Adidas, in the 1990’s.
It’s time to dust off the old cheque book and keep an eye on what’s happening in Greece. You may just find something you want to purchase as Greek officials begin appointing advisers for the country’s ambitious privatisation drive, and what is one of the most ambitious asset-selling campaigns in modern history.
A daily newspaper in Zimbabwe has revealed that Robert Mugabe has spent an excessive amount of money on foreign travel in the last six months, totalling $20 million. And we’re not talking Zimbabwean Dollars here, this is US currency. He has now reportedly surpassed his $15 million travel budget for the year, but that’s probably irrelevant to him.
Speaking in New York yesterday, the former French finance minister and now new IMF head, Christine Lagarde, warned that despite the positive response in the financial markets to bailouts, fresh turmoil could easily boil over if debt crises aren’t properly managed now. She also really wants the Republicans and Democrats in Washington to stop squabbling so much.
The younger Murdoch’s credibility was tested last week, after he told a parliamentary committee that he was not aware of evidence that eavesdropping at the News of the World went beyond a jailed rogue reporter. At least three former top executives, including a former editor, have pointed fingers back at James. What happens next is critical to his future.
Julius Malema has today denied that he is building a R16 million home in the upmarket Johannesburg suburb of Sandown. Rather, he chose to insist, “Instead of being rich, I remain poor but credit worthy.” He declined to give details of his financial interests, saying he was not a public figure, but this may yet backfire on him.
There has been a lot of talk about Santam‘s new branding and, in particular, their latest TV ad, starring Oscar-winner film star (Gandhi & Schindler’s List) Ben Kingsley. I think they made a good move here, differentiating themselves from the ‘quick-fix’ insurers out there – companies who are quick to help until something goes wrong. […]
“Italy Too Big to Bail Out as Crisis Enters ‘New Phase’.” That was the headline I read over at Bloomberg earlier. Don’t get me wrong, I know Italy is facing serious problems, but when will they actually get rid of the bungling “bunga bunga” Berlusconi? Today the country has been auctioning an estimated €3 – €5 billion in fixed-rate bonds.
The real Cell C CEO, Lars Reichelt, will be leaving the company with immediate effect according to the company’s board. Reichelt joined Cell C two-and-a-half years ago and has since commuted extensively between South Africa and Switzerland, where his family lives. According to a statement, his resignation is for personal reasons.
Cape Town motorists have begun filling-up their petrol tanks fearing a petrol shortage later this week. This comes on the back of news that about 5 000 Chemical, Energy, Paper, Printing, Wood and Allied Workers Union (Ceppwawu) members in Cape Town have joined the nationwide industrial action. The main march takes place in Cape Town next week.