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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.

THE CITIZEN

POLITY

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.

SAFRICA24

IOL

PRETORIA NEWS BUSINESS REPORT

THE MERCURY BUSINESS REPORT

THE STAR BUSINESS REPORT

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.

MONEYWEB

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.

CAPE TIMES BUSINESS REPORT

PRETORIA NEWS BUSINESS REPORT

THE MERCURY BUSINESS REPORT

THE STAR BUSINESS REPORT

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.

MAIL & GUARDIAN

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.

BUSINESS BRIEF

FINANCIAL MARKETS JOURNAL

SAFRICA24

IOL

MONEY MARKETING

FA NEWS

CITIZEN

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.

IOL

MSN

IOL

SAFRICA24

CAPE TIMES BUSINESS REPORT

28 Jan 2019 PRESERVING WEALTH ACROSS GENERATIONS +

Many wealthy families seldom see the transition of their wealth beyond the second and third generations. Citadel Director John Kennedy discusses the most effective ways to preserve assets and have governance structures in place to protect them.

FA NEWS

COVER

IOL

CAPE ARGUS

COVER MAGAZINE