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| Your summary with links if you’d like to pick and choose 🏦 US Bank Wobbles Zions Bancorporation revealed a $50 million charge-off tied to misrepresented commercial loans, sparking a 13% stock drop. Western Alliance faced similar challenges, losing up to 9% after disclosing its involvement with related loans. While both banks reassured investors and initiated legal proceedings, analysts continue to monitor for broader systemic risk, highlighting ongoing fragility in regional banking. 🏥 South Africa: NHI & Medical Aid The National Health Insurance (NHI) rollout threatens to reshape private healthcare, potentially eliminating tax credits and restricting private practice. Private medical schemes would only be able to offer complementary coverage for non-NHI services. South Africa currently spends roughly 8.5% of GDP on government healthcare, with total health spending exceeding 16% when private contributions are included — comparable to US and European levels. Legal challenges against the NHI Act focus on constitutionality, ministerial powers, centralisation, and economic feasibility. Medical risk planning is increasingly vital for individuals accustomed to first-world healthcare access, given the slow rollout of NHI and digital infrastructure. 🇯🇵 Japan: Political Shifts & Market Implications Sanae Takaichi’s election as LDP leader signals potential shifts in Japan’s fiscal and monetary approach, though coalition instability persists. Markets have mostly absorbed the news, but expectations for Bank of Japan interest rate hikes have been adjusted downward. The country faces uncertainty, yet bond yields remain high, and corporate optimism persists. 🇨🇳 US-China Trade & Rare Earths Trade tensions flared as the US hinted at extending tariff pauses if China adjusts rare-earth export rules. China’s new restrictions on rare earth exports prompted threats of additional US tariffs. Rare earths, essential for high-tech and AI industries, are now a strategic global resource. Non-Chinese production is ramping up in Australia, the US, Africa, Brazil, and Canada, though China still holds nearly half of global reserves. 💻 Tech Spotlight: ASML & the AI Boom ASML, the Dutch chip-making equipment giant, benefits from soaring AI demand, reporting €5.4 billion in Q3 bookings and a 30% rally this year. Despite trade restrictions on China, ASML’s strategic position in extreme ultraviolet lithography keeps it at the center of the global semiconductor ecosystem, with plans to double workforce and reach €60 billion annual revenue by 2030. 🇬🇧 UK Fiscal Challenges Chancellor Rachel Reeves faces a narrow fiscal margin and may need up to £22 billion in additional headroom to avoid further tax increases or spending cuts. Weak borrowing capacity, higher costs, and political pressures heighten uncertainty ahead of the November budget, with implications for investment and consumer confidence. Global Roundup * The JSE All Share Index reached a new all-time high, closing at 111,873 on October 16, with gains of 6.17% in the last month and 29.61% over the past year, driven largely by gold mining. * Local equities benefited from a weaker dollar and a rally in global gold prices as markets anticipate further rate cuts by the US Federal Reserve, which helped the South African Reserve Bank keep rates stable. * The South African rand remains volatile as investors evaluate the impact of international rate moves and commodity price swings.  US * US stock indexes lost ground over the past week, with the S&P 500 and Dow both declining following renewed worries around regional bank loan quality, notably negative disclosures from Zions Bancorporation and Western Alliance. * Market sentiment has been further pressured by sustained US-China trade tensions and uncertainty over the ongoing government shutdown. * The US500 index, the main market benchmark, is down 0.88% for the past month but still holds a 12.09% gain year-on-year as of October 17. * Financials led this week’s sector declines on Wall Street, contributing most to the broader market’s retreat. * Investors are cautious ahead of additional earnings reports from regional lenders and closely following developments on the federal government shutdown. Globe (excluding USA) * China is expected to maintain its benchmark lending rates for the fifth straight month despite fresh trade tensions with the US, as policy makers remain cautious amid sluggish economic conditions. Global firms operating in China face new challenges as domestic competitors gain ground, prompting many multinationals to reconsider their business strategies. * Japan’s core inflation accelerated in September after four months of softening, fuelled by continuing increases in living costs and raising pressure on the Bank of Japan to move on interest rates. * The European Central Bank is keeping rates unchanged amid stable core inflation, while emphasising agility in response to future economic shocks or shifting inflation risks.  Bank wobbles in US In echoes of 2007/8, in the USA in the past week, both Zions Bancorporation and Western Alliance faced intense market scrutiny following the disclosure of problematic loans and subsequent financial actions. This seemingly small event in the grand scheme of things may seem insignificant, but it was partially behind last week’s market movements (not just Trump’s Tariff Tantrum part 271) Zions Bancorporation Zions announced a $50 million charge-off in the third quarter related to two commercial and industrial loans from its California division, both of which involved alleged misrepresentations and breaches of contract by the borrowers. The disclosure triggered a sharp drop in Zions’ stock, at one point down by as much as 13% as investors grew concerned about the quality of the bank’s loan portfolio and its risk management. Zions has set aside provisions to cover the full loan loss and has initiated legal proceedings in California to try to recover the losses. The bank emphasised that these loans are unrelated to previous known issues at other banks, attempting to reassure the market. Analysts and investors are demanding that Zions demonstrate this case is an isolated incident and not indicative of systemic risk or oversight problems, especially in light of broader financial sector fears. The announcement led to broader declines among regional banks, and concerns were further heightened by recent bankruptcies among borrowers in the sector. Western Alliance Western Alliance shares also dropped significantly (up to 9%) after the bank revealed its involvement in a similar loan situation. The bank confirmed it holds a revolving credit facility linked to Cantor Group V, LLC, seemingly connected to the same problematic loans at the centre of Zions’ write-off. Western Alliance disclosed that it had initiated a lawsuit accusing the borrower of fraud, particularly for failing to provide first-position collateral, but reassured that existing collateral currently covers its exposure. Despite the turmoil, Western Alliance reaffirmed its financial outlook for 2025, reporting that its total criticised assets are lower than at mid-year, attempting to limit further investor anxiety. Analysts continue to monitor for further disclosures from both banks, warning that additional losses could destabilise confidence in regional banks more broadly.  Medical Aid and the NHI It’s that time of the year when you can change the plan you’re on with your medical aid. You can do this online, by calling the med aid or asking your broker. Changing your medical aid to another medical aid is not for the faint-hearted, and frankly, you have to be mighty miffed at them to do that. You can end up with general and condition-specific exclusions that will leave you financially vulnerable. With the threat of NHI looming ever larger, don’t just default to doing nothing – perhaps there are some changes you can make in anticipation of the future, should it ever actually materialise. I’m sure you’ve been reading all over the place that the Minister of Health is floating the cancellation of the medical aid tax credit to fund the NHI, pretty poor timing in the light of the Tembisa Hospital arrests – multiply that by 422 (the number of RSA govt hospitals). Just to recap, at the moment, you get a R364pm tax credit as an individual on a medical aid (with additional amounts for spouses and dependents), that relief is worth about $38Bn at the moment. I am going to try and not rehash this topic, but there are new developments since I wrote about it last. Bottom line, if this is implemented as it is (Cyril has signed off on it, now it’s just finding funding for it), medical aids will not be allowed to cover anything that would be covered by the NHI – which is everything except cosmetic surgery. Once National Health Insurance has been fully implemented, as determined by the Minister through regulations in the Gazette, medical schemes may only offer complementary cover to services not reimbursable by the Fund. In addition, private practice will be outlawed. Private doctors will no longer bill patients or private medical schemes directly for services covered by the NHI. Instead, their compensation will be determined and paid by the NHI Fund, with fee schedules set by the Fund, not by the doctors themselves. (No doubt creating a mass-exodus of doctors, much in demand elsewhere in the world.) The government wants to get its paws on the circa R270bn a year paid in contributions to medical aid, add the R38Bn tax credit, that’s an extra R300bn (R570bn) going into a central fund, which will make it by far the largest juicy gravy boat temptation in the government. I will leave the rest up to your imagination. Government healthcare spending in South Africa is around 8.5% of GDP as of recent data before 2025, which surpasses the World Health Organisation’s recommendation of 5% for quality healthcare access. South Africa’s health spending is closer to that of some European countries, which hover around 9% of GDP. Once private spending is added to government spending, it becomes over 16% of GDP – the same as the United States, with its hugely inflated costs. * United States: Around 17.6% of GDP in 2023, reflecting the overall health spending share, including public and private expenditures. * Canada: Government healthcare spending was about 8.7% of GDP in 2022, with total health care spending around 12.2% of GDP in 2022 and expected to be 12.4% in 2024; public spending accounts mostly for this share. * United Kingdom: Healthcare expenditure was 11.1% of GDP in 2024. (NHS) * China: Health expenditure was approximately 7.19% of GDP in 2023. * Nigeria: Government health expenditure is quite low, about 0.65% of GDP, with total health expenditure being under 3%. * Argentina: Total health expenditure fluctuates around 8-9% of GDP, with general government expenditure close to 60% of the total health expenditure. * India: Government health care spending is about 1.9% of GDP, below the 2.5% target. * Brazil: Total health-related expenditure was 9.6% of GDP in 2019, with government consumption expenditure being about 3.8% of GDP My concern is what an individual, used to first-world healthcare with medical providers of their choice, can do about it. Medical risk planning should be part of your holistic financial plan. The government wants to roll the NHI out fully by 2028, but it hasn’t even started on the digitisation of patient health records, which is step one in this process, and trials have all failed or been abandoned. There are groups and institutions out there trying to block the rollout of the bill; maybe they need help? I thought you might be interested in the various aspects they are challenging: Constitutionality and Rationality: Many litigants argue the NHI Act is irrational and unreasonable, particularly raising concerns about the affordability and the feasibility of full implementation without adequate funding. Procedural Issues: The BHF (Board of Healthcare Funders) alleges Parliament failed to conduct proper and meaningful public consultation before passing the NHI Act, making the process flawed. Centralisation and Provincial Authority: The BHF and HASA (Hospital Association of South Africa ) argue that the NHI Act unlawfully centralises healthcare and infringes on the constitutional powers of provincial governments to manage health services. President’s Assent: Multiple challenges target President Ramaphosa’s decision to sign the NHI Bill into law, claiming he did not properly consider constitutional concerns or the financial feasibility before assenting. Courts have ordered disclosure of the president’s decision-making records. Excessive Ministerial Powers: HASA contends that the Act grants the Minister of Health too much unchecked authority, violating constitutional principles and leading to poor governance risks. Economic Impact and Taxation: Sakeliga (business lobby group) argues the funding model involving increased taxes is unaffordable and unlawful, effectively amounting to state control over healthcare and banning private medical schemes. Discrimination and Access to Rights: HASA also claims the Act discriminates against asylum seekers and risks regressing healthcare access for certain groups, violating constitutional rights  Japan, the Land of the Rising Uncertainty Japan has long been politically stable to a fault. That helps explain why one of the most surprising political episodes in its postwar history hasn’t thus far been punished by investors. Japan is integral to stability in the East and has always been seen as a counterweight to China, which is why it is a topic worth following in this uncertainty. The Liberal Democratic Party, for decades the hegemonic party but now ruling without an overall majority in either house of the legislature, surprised everyone by choosing Sanae Takaichi as its new leader earlier this month. Not only does she stand to be Japan’s first female prime minister, but her ideas about expansive fiscal and monetary policy imply quite a break from the status quo. Yet a week later, the LDP’s junior coalition partner announced it was withdrawing support. While Takaichi must piece together a new working majority, it’s theoretically possible for other parties to agree on a different premier. Takaichi’s odds are improving because there is a minimal chance of agreement on any other candidate, while polls suggest that she is a popular choice with the electorate. The clearest financial effect of the uncertainty has been in expectations for the Bank of Japan, which is engaged in a painfully slow “normalisation” of interest rates after holding them at zero for many years. Before Takaichi’s surprise victory in the LDP election, a hike at the BOJ’s meeting at the end of this month was thought likely. Now, overnight index swaps suggest it’s virtually out of the question. Some believe that the LDP’s governance will become more unstable than before, making the continuation of Takaichi’s expansionary fiscal policy and monetary easing policies less feasible. However, the Democratic Party for the People, which is likely to cooperate, is in favour of continuing expansionary fiscal policy and monetary easing, and the JIP, which is also likely to cooperate, is not opposed to it either. Bond yields remain at their highest in decades, while stock market optimism was only slightly dimmed by the fall of the coalition. An attempt to shake up corporate Japan and stimulate the economy, as promised by Takaichi in her campaign, still probably lies ahead.  China Tariff War ramps up US Treasury Secretary Scott Bessent dangled the possibility of extending a pause of import duties on Chinese goods for longer than three months if China halts its plan for strict new export controls on rare-earth elements. This follows Trump’s hissy fit last week, which helped effectively, albeit briefly, tank markets and saw crypto take the biggest hit in a long time. Just to backtrack, the US and China have agreed to a series of 90-day truces since earlier this year, with the next deadline looming in November. “Is it possible that we could go to a longer roll in return? Perhaps. But all that’s going to be negotiated in the coming weeks,” Bessent said during a press conference in Washington. This is a classic standoff, and the Chinese are not backing down, testing Trump’s limits at every turn and then backing off. After months of tentative stability in the US-China relationship, tensions flared in recent weeks after Washington broadened some tech restrictions and proposed levies on Chinese ships entering US ports. China responded with parallel moves and outlined tighter export controls on rare earths and other critical materials. Economists have described the latest moves by both sides as attempts to stack up bargaining chips ahead of a likely leaders’ meeting this month on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea. Meanwhile, a truce in a tariff fight that at one point saw US levies surge to as high as 145% is set to expire Nov. 10, unless extended. When asked by a reporter if the world’s two largest economies are in for a sustained trade war if they cannot reach a trade deal, President Donald Trump replied: “Well, you’re in one now.” “We have a 100% tariff. If we didn’t have tariffs, we would be exposed as being a nothing,” Trump said last Wednesday. US equities extended gains after Bessent’s comments, while Trump’s remarks came after trading closed in New York. In early Asia trade Thursday, equity-index futures pointed to gains in Shanghai and Tokyo, while those for Hong Kong fell. It’s almost as if this chaos is Trump’s defibrillator, the one thing keeping the ailing octogenarian going. US Trade Representative Jamieson Greer casts doubt that Beijing would go ahead with its plan, which he said would choke off trade in a wide variety of consumer products that contain even a trace of rare earths. “The scope and the scale are just unimaginable, and it cannot be implemented,” Greer said. (Never bet against the inscrutable Chinese in my experience…) In the meantime, Bessent predicted a coordinated response to China’s move from the US and several allies. Bessent is trying to turn back time to an age when China wasn’t the manufacturing plant for the world. Unfortunately, when you burn down a factory, you have to build another to replace that – and that is going to take longer than 3 years. The USA and the rest of the world have abdicated the role of manufacturer to the world to China a long time ago, and they are now in the position to leverage that (aka blackmail). China’s new rules, announced last week, require overseas firms to obtain Chinese government approval before exporting products containing even trace amounts of certain rare earths that originated in China. Trump responded by threatening to impose an additional 100% tariff on Chinese goods by Nov. 1. He floated the idea of scrapping a planned meeting with President Xi Jinping and warned the US could cut off trade in cooking oil, a key input in biofuels.  Rare Earths Rare earths are the new oil, and the rest of the world is now scrambling to dethrone China as the major supplier. They have a long way to go! Let’s have a look at rare earth production outside of China Lynas Rare Earths (Australia & Malaysia) operates the high-grade Mt Weld mine in Western Australia, which feeds the Lynas Advanced Materials Plant in Malaysia for REE separation and refining. They became the first non-Chinese producer of heavy rare earths (dysprosium, terbium) in 2025. Expanding with a cracking/leaching plant in Kalgoorlie, Australia, and plans for a new separation facility in Texas, USA, with U.S. government backing. MP Materials (United States) manages the Mountain Pass mine in California, the largest rare earth mine in North America. Upgrading facilities to include heavy REE separation and advanced materials for domestic use and export. Arafura Resources (Australia) is developing the Nolans Bore project in the Northern Territory, focusing on producing NdPr (Neodymium-Praseodymium) oxides for magnets. The project is construction-ready with secured financing and offtake agreements that bypass China’s processing bottleneck. Tanzania (Ngualla Project). Peak Rare Earths is advancing a major NdPr deposit; resource development could become one of Africa’s largest. Malawi (Songwe Hills): Mkango Resources is preparing for open-pit rare earth mining with production slated to start in 2025. Namibia (Lofdal Project): Lofdal is one of the largest heavy rare earth deposits (dysprosium, terbium) outside China. South Africa (Steenkampskraal & Phalaborwa): The Steenkampskraal mine is transitioning to full production, and Phalaborwa is trialling clean-up and environmental restoration alongside REE extraction. Brazil (Enova Mining and others). The Coda and East Salinas projects are among the most advanced, featuring saprolite-hosted and granitic REE deposits. Brazil holds 23% of global rare earth reserves and is increasing exploration and pilot separation facilities. Canada (Aclara Resources). Developing REE separation projects and supplying the U.S. and global market with light rare earths. China Has Almost Half of the Globe’s Rare Earth Reserves   ASML We have talked extensively about the role of Nvidia, the chip maker, in the AI boom, but ASML, a Dutch firm, doesn’t make chips; it makes chip-making machines. Just when we thought that perhaps this chip demand was slowing down, ASML Holding NV said demand for its most sophisticated chip-making machines is soaring thanks to the artificial intelligence boom, signalling optimism just months after the semiconductor equipment maker warned the trade war could stymie growth. The Dutch firm posted €5.4 billion ($6.3 billion) in bookings in the third quarter, it said in a statement on Wednesday. That compares to €4.9 billion expected by analysts, according to data compiled by Bloomberg. Shares rose as much as 4.8% on Wednesday last week. ASML has rallied 30% this year, making it Europe’s biggest company by market capitalisation.  Their share price certainly hasn’t reflected their importance in the chipmaking chain. ASML, the only company that makes extreme ultraviolet lithography machines needed to produce the most advanced chips, is benefiting from a boom in AI infrastructure spending. OpenAI, the world’s most valuable startup, has already struck deals for data centres and chips that top $1 trillion.  An ASML extreme ultraviolet machine cleanroom.Source: ASML Holding NV Just three months ago, ASML Chief Executive Officer Christophe Fouquet walked back his forecast that sales would grow next year, blaming trade disputes and global tensions. Those comments sent the company’s shares plunging 11%. Now, soaring demand for AI chips has changed his tone. Net income in the period rose 2.3% from a year earlier to €2.1 billion. The guidance is “a bit more enthusiastic” than previous commentary. The outlook is still cautious, which must be because they expect sales to China to decrease significantly in 2026. Some of ASML’s biggest clients, including Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co., recently reported robust AI chip demand. The chip toolmaker plans to ride the AI boom in the coming years, and reaffirmed a target to grow annual revenue to as much as €60 billion in 2030 from €28.3 billion last year. It is developing a project that has the potential to double its workforce based near its Veldhoven, Netherlands, headquarters. The strategic importance of ASML’s machines has caught the company up in geopolitical fights as trade tensions surge around the globe. It faces restrictions on what it can sell to China, one of its largest markets, stemming from US attempts to rein in Beijing’s chip industry. Last week, a US House committee said ASML, along with other toolmakers, was boosting China’s semiconductor industry and supporting its military. The panel called for tighter controls on sales. ASML is waiting for the results of a so-called “Section 232” investigation into semiconductors and semiconductor manufacturing equipment launched by the Trump administration in April, which could result in higher tariffs. ASML said its China net system sales were 42% of its total in the third quarter, up from 27% in the previous three months, making it the company’s biggest market in the period.  The UK Chancellor of the Exchequer Rachel Reeves needs to raise her fiscal buffer fivefold to have a better-than-even chance of avoiding more tax rises and spending cuts in the coming years. She may need to find as much as £22 billion ($29.4 billion) in the budget next month just to restore the razor-thin £9.9 billion margin she had in March. Restoring that headroom — decimated by higher borrowing costs, U-turns over welfare cuts and a predicted productivity downgrade — would still only give Reeves a one-in-three chance of meeting her pledge to balance day-to-day spending and revenue by the end of the decade. Anything less than that leaves the government more exposed to “fiscal groundhog day” scenarios, the IFS said in its Green Budget. Whilst 1.4% of GDP is not an inconceivable amount of headroom … it would require significant spending cuts or tax rises to reach it from the starting point of the last few years. On the tax side, it would take a 4% increase in all rates of income tax or in the main rate of VAT to get to this level of headroom from the level achieved at the last two fiscal events. Reeves found herself awry with her rules months after announcing huge tax rises on businesses last year, and is once again under pressure to plug a fresh hole in the public finances. Her current margin is so thin that even small moves in government bond markets can upend the Office for Budget Responsibility’s projections. A Bloomberg News report earlier this month revealed that Reeves is drawing up plans for tax rises and spending cuts to boost her headroom at the budget. The IFS analysis adds to calls from Oxford Economics and Bloomberg Economics for a larger fiscal buffer that would bring down the government’s borrowing costs and shield public finances from future shocks. The November budget is set to be a defining moment for the government. Prime Minister Keir Starmer’s Labour Party is struggling to recover from a sharp decline in opinion polls since its landslide victory 15 months ago. It’s one of its last chances to win back voters before local elections in May, where Nigel Farage’s anti-immigration Reform UK party is predicted to make large gains. Reeves’ current buffer — the third smallest since 2010 — has driven frequent speculation about tax and spending that has hurt business investment and consumer spending. Reeves has called for just one set of OBR forecasts a year, rather than two, and a single fiscal event to introduce more stability to policymaking. Author: Dawn Ridler  Changing of the guard The FED, since the 2008 crisis, has been the de facto force for market stability. Under Ben Bernanke, the FED found that liquidity is a useful tool to create calmer markets. Since then, market sell-offs have become shorter and their recoveries steeper. When we gaze back at history, we can see evidence of market routs that in some cases last for months if not years. But this has become shortened thanks to the use of liquidity. It’s a false sense of security, especially as there is a possible step change in the US financial system underway. Before debt became a real problem, monetary policy was in the driving seat. The Treasury ran the government’s central finances and issued debt to raise capital. The FED used its tools to ensure a smooth functioning market with a focus on employment and inflation control. That mandate got somewhat broadened when the system faced an existential crisis during the 2008 mortgage crisis. The financial system had too much bad debt in it then, and there was a requirement for someone to stand in the breach as confidence returned to markets. This, in hindsight, took a long time, but would have taken even longer had the FED not provided this service. Their tool of choice was the creation of liquidity. If it weren’t for this, I have no doubt that there would have been a depression, not just a recession. With government debt piling up in the US (and Europe, for that matter), the Treasury is becoming more dominant. We are, in essence, moving from a monetary-led system to a debt refinancing system, and this role is centred at the Treasury. One just has to look at the political pressure to lower interest rates during this year to know that the independence of the FED clearly isn’t cast in stone. But lower rates alone won’t necessarily do the job, as markets have become used to the FED providing liquidity through banks and money market funds. A strained cash market is the first step in a liquidity squeeze. There is evidence that there increasing strain in the Repo markets. The Fed (as do other market players) conducts overnight repurchase agreements (repos) by buying securities, mainly U.S. Treasuries, federal agency debt, or mortgage-backed securities from eligible counterparties with a promise to sell them back the next day. These transactions inject reserves into the banking system, helping banks meet liquidity demands and stabilise short-term interest rates, particularly the federal funds rate. If the FED is reducing its involvement in the REPO markets, this can cause bottlenecks in liquidity. Notice what happened on Thursday last week in the US markets. Mid-sized banks are starting to show strain as they seem to be having trouble collecting on some outstanding loans. This points to a tougher business environment, which then directly impacts the banks in question and their need for liquidity. Can this become a widespread problem? JP Morgan’s Jamie Dimon indicated his concern with credit markets as the business environment slowly changes. Add to this the changing of the liquidity guard, and there could be some fireworks yet. Author: Cobie le Grange EXCHANGE RATES:  The Rand/Dollar closed at R17.38 (R17.50, R17.22 , R17.35, R17.33, R17.37, R17.58, R17.65, R17.44, R17.61, R17.74, R18.15,R17.76, R17.72, R17.90, R17.58, R17.89, R17.99, R17.92, R17.77, R17.95, R17.88, R18.04, R18.16, R18.39, R18.64, R18.89, R19.12, R19.10, R18.36, R18.21, R18.18, R18.20, R18.71, R18.35, R18.38, R18.41, R18,67, R18.38, R18.73, R18.03, R18.05, R18.11, R18.21,)  The Rand/Pound closed at R23.34 (R23.37, R23.19, R23.22, R23.35, R23.55, R23.73, R23.84, R23.53, R23.84, R23.84, R24.09, R23.88, R23.76, R24.22, R24.08, R24.49, R24.22, R24.35, R24.05, R24.18, R24.14, R23.95, R24.16, R24.40, R24.82, R25.10, R25.01, R24.73, R23.78, R23.55, R23.52, R23.50, R23.53, R23.19, R23.12, R22.85, R23,16, R22.93, R22.80, R22.99, R22.98, R22.72, R22.99, R22.73, )  The Rand/Euro closed the week at R20.26 (R20.33, R 20.22, R20.30, R20.35, R20.38, R20.61, R20.62, R20.44, R20.56, R20.64, R21.04, R20.86, R20.61, R20.93, R 20.70, R20.91, R20.74, R20.68, R20.24, R20,37, R20.27, R20.13, R20.43, R20.78, R21.21, R21.52, R21.72, R20.93, R19.95, R19.72, R19.83, R19.72, R19.41, R19.20, R19.29, R19.02, R19,35, R19.31, R19.23, R19.09, R18.87, R19.19, R18.85, ,)  Brent Crude: Closed the week $61.27 ($62.14, $64.28, $69.67, $66.57, $66.80, $65.52, $67.38, $67.73, $66.08, $66.07, $69.46, $68.29, $69.21, $70.58, $68.27, $67.39, $77.27, $74.38, $66.56, $62.61, $65.41, $63.88, $61.29, $65.86, $67.72 $64.76, $65.95, $72.40, $72.13, $70.51, $70.33, $73.03, $74.23, $74.51, $74.65, $76,40, $77.60, $79.98, $71.00, $72.38, $75.05, $70.87, $73.86, $73.99).  Bitcoin closed at $106,849 ($111,888, $124,858, $109,446, $115,838, $115,770, $110,752, $108,923, $114,916, $117,371, $118,043, $113,608, $118,139, $118,214, $117,871, $108,056, $107,461, $103,455, $105,017, $105,643, $104,049, $103,551, $104,615, $96,405, $94,185, $84,571, $84,695, $82,661, $83,074, $84,889, $82,639, $83,710, $85,696, $96,151, $96,821, $96,286, $99,049, $104,559, $104,971, $99,341, $97,113, $97,950). Articles and Blogs: Abdication or diversification? NEW Carbo-loading your retirement NEW Spoiled for choice Who needs a plan anyway 8 questions you need to ask about retirement What to do when interest rates drop How to survive volatility in your investments What to do when interest rates drop Difficult Financial Conversations Financial Implications of Longevity Kick Start Your Own Retirement Plan You matter more than your kids in retirement To catch a falling knife Income at retirement 2025 Budget Apportioning blame for your financial state Tempering fear and greed New Year’s resolutions over? Try a Wealth Bingo Card instead. Wills and Estate Planning (comprehensive 3 in one post) Pre-retirement – The make-or-break moments Some unconventional thoughts on wealth and risk management Wealth creation is a balancing act over time Wealth traps waiting for unsuspecting entrepreneurs Two Pot pension system demystified Cobie Legrange and Dawn Ridler, Rexsolom Invest, Licensed FSP 45521. Email: cobie@rexsolom.co.za, dawn@rexsolom.co.za Website: rexsolom.co.za, wealthecology.co.za |