20 Mar 2019 COMMENTARY ON THE NEW CHANGES TO THE INCOME TAX ACT
On 1 March 2020 the amended section of the Income Tax Act concerning the foreign employment income exemption comes into effect. This so-called “expat tax” has caused concern among South Africans working abroad who currently pay no tax if they meet certain criteria. But, from next year, only R1 million of this income will be exempt from tax here. Citadel Fiduciary Managing Director Hilary Dudley explains why the proposed change is ultimately fair.
12 Mar 2019 LOW EARNINGS GROWTH: A BITTER PILL FOR ASPEN
JSE-listed Aspen Pharmacare’s share price shed more than 29 percent on the bourse on the back of low earnings growth reported in the six-month period to end December. Citadel Portfolio Manager Nishlen Govender, notes that Aspen’s share price had been trending downwards for some time now and saw a massive share price depreciation in 2018 as the stock fell 50 percent.
05 Mar 2019 COMMENTARY ON THE Q4 2018 GDP RESULTS
The GDP growth numbers are encouraging given the tough environment that we have just emerged from. Given that we came out of a technical recession in 2018, the turnaround to see positive growth for the full year is heartening. And while it may still not be enough to address many of our structural issues, the positive signs are likely to keep the rating agencies at bay’, says Citadel Chief Economist and Advisory Partner Maarten Ackerman.
26 Feb 2019 SASOL’S CORE EARNINGS PER SHARE UP 18%
The petrochemical giant has reported an 18 percent increase in core headline earnings per share to R21.45 a share during the period. Citadel Portfolio Manager Victor von Reiche says that Sasol’s results are broadly in line with market expectations, and the sharp increase in earnings was largely due to lower non-cash interest charges.
22 Feb 2019 WILL THE NATIONAL BUDGET SPEECH SATISFY RATINGS AGENCIES?
A tough budget speech was delivered by Minister Tito Mboweni, with a few hard call decisions made in terms of SOEs, reduction of the wage bill and number of public employees ahead of the elections. However will the budget be enough to appease investors, analysts and ratings agencies?
20 Feb 2019 BUDGET: IT KEEPS GETTING HARDER TO BALANCE STATE BOOKS
The budget that Finance Minister Tito Mboweni will deliver on Wednesday is expected to be a near impossible juggling act, given the stark realities he had already laid out in the October medium term budget policy statement (MTBPS). ‘There is immense pressure to balance generating economic growth, with the social welfare aspects of the budget — particularly as it is an election year’, comments Citadel Chief Economist and Advisory Partner Maarten Ackerman.
16 Feb 2019 MAARTEN ACKERMAN ON JOBS AND UNEMPLOYMENT
There’s been a slight easing for the country's unemployment rate, analysts say that is purely due to temporary jobs being created in the holiday seasons. Citadel Chief Economist and Advisory Partner Maarten Ackerman joins eNCA to provide commentary on jobs and unemployment in SA.
12 Feb 2019 THREE RETIREMENT SAVINGS MYTHS DEBUNKED
Retirement is often painted as a harbinger of doom, with naysayers sounding endless warnings that you will likely need to cut out all of life’s pleasures if you’re to survive your retirement years. Most concerningly, there are numerous fallacies about retirement savings floating around with the potential to cause irreparable harm to your investment outcomes. Citadel Director and Regional Head Nic Horn addresses the three retirement savings myths that need to be debunked.
31 Jan 2019 SHOPRITE’S PROFIT FLAG CREATES ‘PERFECT STORM’
Shoprite's shares yesterday tumbled to their worst in nearly 20 years on the JSE, dragging food retail stocks and the All Share Index down after Africa’s biggest grocer flagged that its profits during the six months to end December could fall by as much as 26 percent. Citadel Trader Jordan Weir comments that the negative sentiment was directly related to Tuesday’s notice to shareholders that the company faced headwinds during the period.