ClubForex

When tax-free savings accounts (TFSAs) were introduced in South Africa in 2015, the National Treasury ruled that no performance fees could be applied. Most notably, this affected South Africa’s largest unit trust.

The Allan Gray Balanced fund has always charged a performance fee. In order to make it available to investors in a TFSA, Allan Gray was therefore required to launch a separate fund – the Allan Gray Tax-Free Balanced fund – which charges a flat management fee.

The coronavirus has crippled the world economy. Global GDP suffered its sharpest drop since the end of the second world war in 2020, millions were unemployed or furloughed, and governments pumped trillions of dollars into their economies to prevent greater damage.

Nevertheless, a 2021 recovery is very uncertain. China’s economy is growing strongly again, but many of the world’s richest nations may not fully rebound until 2022 at the earliest.

The S&P 500 was barely higher in Tuesday's volatile session as investors waited for earnings season and monitored developments in Washington after supporters of outgoing US President Donald Trump stormed the Capitol.

As Democrats moved to impeach Trump for inciting the deadly rampage last week, Trump on Tuesday denied wrongdoing saying that his public comments on the day of the attack were "totally appropriate."

Shares of social media and other tech companies slid on Monday, hit by fallout from the siege on the US Capitol by supporters of President Donald Trump.

Twitter's stock ended the day down 6.4 per cent after the company on Friday permanently shut down Trump's account, @realDonaldTrump, which had 89 million followers.

European stocks were little changed on Wednesday as a profit warning from Danish wind farm developer Orsted hit utilities.

Carrefour SA was up 10.6% after Canadian convenience-store operator Alimentation Couche-Tard Inc said it had approached Europe's biggest retailer to discuss a combination.

South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) declined further in December, as business activity and new sales worsened, a survey showed on Friday.

The index, a gauge of manufacturing activity in Africa’s most industrialised economy, fell to 50.3 points in December from 52.6 points in November, staying just above the 50-point mark that separates expansion from contraction.