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Sanlam expands online trading facility

first_img“In view of the strong rand, it is prudent to invest between 20 and 30% of a portfolio in international markets. Investors need to hedge against those things they can’t foresee,” he said, adding that offering investors access to international companies, currencies and commodities allowed them to diversify their assets. Sanlam iTrade doesn’t charge clients for the offshore trading, although Saxo Bank does charge a fee, with costs varying depending on the trading instrument, stock exchange traded on, or live price feeds needed by the client. Bolus and Bolus Investments, the introducing broker to Saxo Bank, will offer clients the necessary trading help. Local financial services group Sanlam has launched iTrade, a new offering that gives South Africa’s online traders access to foreign listed instruments on 16 global stock exchanges, allowing investors to easily diversify their portfolios and giving them access to some of the most traded companies globally. SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo material 30 July 2010 “Currently South Africans can invest up to R4-million offshore but there is very little stopping government from lifting these controls on individuals as very few people made use of this allocation,” he said. He believes the JSE’s recent launch of single stock futures on foreign equities is a precursor to lifting the controls. According to Gerhard Lampen, head of Sanlam’s online trading platform, Sanlam iTrade now offers one of the most advanced trading platforms available. Lampen says it is the right time to launch offshore trading to investors, and believes exchange controls on individuals will be abolished in the next 12 months. Free demonstration models Lampen said that Sanlam had chosen online Danish investment bank Saxo Bank’s platform and access to global markets, because it had highly advanced trading technology and an award-winning platform. “Bolus and Bolus provides assistance with opening an account, transferring funds to Saxo Bank, training on using the platform and trading the different instruments, as well as a fully staffed help desk,” he said. In order to trade offshore, clients open a trading account with Saxo Bank through Bolus and Bolus. They then transfer money into the Saxo account – and can start trading immediately. The minimum investment is US$10 000. Lampen says demonstration models are available free of charge on the Sanlam iTrade website. “The major aim with the new launch is to give our clients exposure to global markets – something most South African investors have not had before,” he added. “Clients will be able to trade shares, currencies, commodities and exchange-traded funds, among other instruments,” he said in a statement this week. “The New York Stock Exchange, London Stock Exchange and Australian Stock Exchange are among the 16 exchanges now available to equity traders.” Advanced trading technology ‘Right time’ for offshore investmentlast_img read more

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MLA’s imitation of NTR’s attire leads to fisticuffs on floor of the house

first_imgThe Andhra Pradesh Assembly seems to be having a ball – a fancy dress ball. Last fortnight, an independent MLA’s imitation of the chief minister’s distinctive attire led to an unseemly bout of bickering – and fisticuffs – on the floor of the house.It started when the MLA Baggidi Gopal,The Andhra Pradesh Assembly seems to be having a ball – a fancy dress ball. Last fortnight, an independent MLA’s imitation of the chief minister’s distinctive attire led to an unseemly bout of bickering – and fisticuffs – on the floor of the house.It started when the MLA Baggidi Gopal made a colourful appearance in the house decked in flowing ochre robes and a string of beads. Next day a band of eunuchs beat him and stole his cash in a suite of the legislators’ hostel. The matter came up in the house during zero hour on August 18 amid tension, which soon gave way to violence and ended in abrupt adjournment.The issue reached flashpoint when the Speaker, T. Satyanarayana, did not allow Gopal and S. Jaipal Reddy (Janata), who backed him, from referring to earlier attacks on Gopal in May. He had been expelled from the Telugu Desam on June 6 after he accused Chief Minister N.T. Rama Rao’s son-in-law, N. Chandrababu Naidu, of pressurising him to vacate the Punganur seat for him. Gopal also arraigned Rama Rao for failing to honour an election promise to open a college in his constituency.Not allowing discussion of these matters, the speaker, instead, asked the chief minister to reply. Incensed, Gopal, followed by some Congress(I) members advanced towards the speaker and threw an angavastram (shawl) at him.A saffron-clad Gopal apeing Rama Rao’s dress: Red ragTelugu Desam members responded by jumping into the melee and some members were hurt in the fracas. The issue was papered over at a meeting of leaders of all parties next day and when the house reassembled, the speaker remarked: “The unfortunate incident was a bad dream. I hope we will forget it.”But the Opposition had their reservations. The leader of the Opposition, A. Madan Mohan (Congress-I) said: “We certainly will extend our co-operation to the speaker provided he conducts himself in an objective manner and not as a member of the party.”Petty Bickering: The issue had its repercussions in the legislative council. Members protested against the attitude of the speaker and the ruling party by sitting in the well of the house to stall proceedings. Alluri Bapineedu, a bald-pated Congress(I) legislator, sported a turban in the house, describing it as “protection” for his head.During the budget debate in the legislative council a few days later. S. Basavapunnaiah demanded: “Is the chief minister dead?” He cited religious texts according to which those who took sanyas were regarded as dead. A former minister, K. Keshava Rao, alleged that Rama Rao was of “instable mind and therefore disqualified from being a legislator”.Rama Rao rode the storm unruffled: “I was guided by my own philosophy of life when I took to wearing saffron robes. I will not feel insulted if anyone else comes dressed in a similar manner.” He now wears a glittering gem-studded ornament in his left ear.Commented Telugu poet Boyi Bheemanna in the legislative council: “Rama Rao is like the Hindu deity Ardhanareeswara (half-female) representing the three crore women in the six crore Telugu speaking people. For a politician to sport these things is to ridicule the religious sentiments of the Hindus.”advertisementRama Rao with his controversial earring: UnruffledThe chief minister moved office and house on August 14. He vacated the building that was built five years ago to house the chief minister’s office into an older building, the move involving over Rs 1 lakh.The chief minister’s office is, meanwhile, sealed – in case Rama Rao changes his mind. His ‘ashram’ home – a tiled roof bungalow with teak panelling, brass fittings and a 25-ft high central hall – is nearing completion. Meanwhile, the antics in Andhra Pradesh are rapidly degenerating into a farce.Chortled lawyer and civil rights campaigner K.G. Kannabiran: “All these are travails not of democratic politics but obscurantism and a one-man fancy dress competition.”last_img read more