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- Cosatu pushes two - pot retirement reform , tax relief and higher wages for workers
Cosatu's newly elected leadership, led by general secretary Zingiswa Losi, used its reconvened 15th National Congress to call for faster talks on the next phase of the two-pot retirement reform and for tax relief for highly indebted workers. Critics argue the system offers less relief than expected because withdrawals are taxed at marginal income tax rates. The federation also pledged to strengthen its living wage campaign, defend collective bargaining, oppose retrenchments, labour broking and outsourcing, and develop a workers' cost-of-living index. It further demands greater transparency in retirement funds, better tax thresholds, and more union representation on the board of the Public Investment Corporation, where the law allows three union representatives.
- Inflation rises slower than forecast , easing rate hike fears
South Africa's annual inflation rose to 4.5% in September from 4.4% in August, below the 4.7% market consensus but still above the South African Reserve Bank's 3% target. The increase was driven by fuel, with transport costs up 10.8% (from 8.8% in August), diesel up 46% and petrol up 25%. Food inflation edged up to 1.2% from 1.1%, while rental inflation slowed from 4.1% to 3.9%. PSG Financial Services chief economist Johann Els said the print reduces the case for further rate hikes after the central bank raised its repo rate by 25 basis points to 7.25% last month, though inflation could exceed 5% in October and November after a sharp petrol price rise. He noted there is so far little sign of second-round inflationary pressure.
- In the weave: A legislative agenda for Trump’s final years – Oneida Dispatch
In his midterm campaign, President Donald Trump has laid out a legislative agenda for his final two years, much of which would likely face opposition if Democrats win control of one or both chambers. He has urged Senate Majority Leader John Thune to bring the SAVE America Act on elections to the floor and promised that a Republican-run Congress would send $5,000 payments to U.S. adult citizens, with $1 trillion allocated quickly after the Nov. 3 elections. He also wants to make permanent the tax cuts in the 2025 “One Big Beautiful Bill Act,” along with a health care overhaul, a “No Invasion of Our Country Act,” and an end to cash bail. Some GOP lawmakers have bristled at the “Trump dividends,” while House Democratic Conference Chairman Pete Aguilar said the party’s “only real accomplishment” was a tax break for billionaires and cuts to health care and food assistance. GOP strategist Matt Mackowiak argued that any cash infusion into close races would have been more useful months earlier.
- Quebec Separatist Government Picks Marceau as Finance Minister
Quebec's newly elected separatist government has appointed economist Nicolas Marceau as finance minister and minister responsible for infrastructure, a post he also held from September 2012 to April 2014. The Parti Québécois, led by Premier Paul St-Pierre Plamondon, formed a minority government on Oct. 5 with only 28% of the vote, winning 59 of 127 seats, five short of a majority. The party has promised a referendum on breaking away from Canada after Donald Trump's second term ends in January 2029. Its four-year fiscal plan projects a C$6.5 billion ($4.6 billion) deficit for the fiscal year ending March 31 and requires more than C$1.8 billion in savings to balance the budget in two years, including layoffs affecting 2.5% of the government's payroll and a corporate tax cut to 9.5% from 11.5% whose funding is unclear. Quebec estimates that the federal investment tax write-off expansion will cost about C$1 billion a year in revenue, which the plan does not account for.
- What to know about California other tax - the - rich measure : Prop . 3
Proposition 3 would permanently extend California's income tax on people earning over $371,000 a year (or couples earning over $743,000) to fund schools, healthcare and other state services. The tax first appeared in 2012 as temporary, was renewed in 2016 and expires in 2031, generating between $5 billion and $15 billion a year depending on market conditions. If passed, the top rate would stay at 12.3%, and with the additional 1% mental health tax, the highest earners would pay 13.3%, the nation's highest. Backers led by the California Teachers Association have raised more than $40 million, while opponents, including taxpayer groups such as the Howard Jarvis Taxpayers Association, have raised $5,500. A September poll found 58% of likely voters planned to vote yes, but opponents argue schools need less funding amid declining enrollment and that high taxes could drive wealthy residents out of the state.
- The Protest Vote That Wrecks Your Portfolio - The Daily Reckoning
The column urges readers to vote in the election two weeks away, arguing that staying home or casting a protest vote hands power to the hard left. It uses Britain as an example: in July 2024, voters rejected the Conservatives but gave Keir Starmer's Labour a large parliamentary majority, and the author says the new government has pushed higher taxes and sweeping economic controls. It warns that the Democratic Socialists of America (DSA) could take control of the House if moderate voters sit out the election. France is presented as a long-term case, where about 45 years of rising spending, taxes and regulation have left it with heavy debt and weak business formation.
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Latest news
- Bank Profits Surge
The 9-month 2026 results show many banks continued to grow profits, with some posting record quarterly earnings. VPBank's pre-tax profit reached nearly VND 30,000 billion, up nearly 47%, equal to its full-year 2025 result and about 72.4% of its 2026 plan; Q3 pre-tax profit topped VND 11,000 billion. Techcombank posted VND 28,900 billion (up 23.7%), while LPBank reported VND 10,421 billion (up nearly 9%). SSI forecasts pre-tax profit of its monitored banks to rise 19.5% in 2026 before slowing to 15.4% in 2027, pressured by narrowing net interest margins and rising credit risk provisions. It also expects system-wide credit growth of 16-17% in 2027 and 17.9% for the monitored banks.
- World's Largest Gold Fund Dumps Over 10 Tonnes of Gold as Prices Slide
SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.
- Gold Prices Continue to Fall
On the morning of 23/10, domestic gold prices kept falling, with SJC bar prices varying by seller and the premium over world gold widening. Công ty TNHH Vàng bạc đá quý Sài Gòn listed SJC bars at VND 139-142 million per tael (buy-sell), down VND 300,000; Phú Quý was at VND 138-141.8 million, down VND 500,000; and Mi Hồng at VND 140-141.5 million, down VND 800,000. Gold rings also fell by varying amounts, with DOJI at VND 138-142 million and Phú Quý at VND 138-141 million per tael. World gold dropped USD 129 to around USD 3,992 per ounce, equal to about VND 125.3 million per tael, leaving SJC bars about VND 16.7 million per tael above the world price. The State Bank's central rate was set at 25,627 VND/USD, down 5 dong, while Vietcombank quoted 25,660-26,040 VND/USD (buy-sell).
- Company Linked to Billionaire Pham Nhat Vuong Announces Major Good News
VEFAC (ticker VEF), a Vingroup subsidiary, posted Q3 net revenue of nearly VND 77 billion, up 67% year on year, but a gross loss of about VND 27 billion as cost of sales from its exhibition business exceeded revenue. Q3 profit rose mainly thanks to a gross gain of about VND 65 billion from transferring some schools in a project to a partner, while financial income reached over VND 388 billion, mostly from loan and investment income. For the first nine months of 2026, after-tax profit was nearly VND 865 billion, down about 94% from VND 15,418 billion in the same period of 2025, as the prior year included large gains from transferring part of the Vinhomes Global Gate project. As of 30/9/2026, total assets stood at over VND 31,905 billion, up 36% from the start of the year, while total liabilities exceeded VND 24,364 billion, with short-term customer advances rising from VND 411 billion to over VND 8,373 billion.
- Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'
A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.
- International Business : Global stocks nosedive as Meta dents AI optimism
Global stocks retreated as tech earnings failed to ease concerns about the AI outlook, with MSCI's All-World index set for its largest daily fall in two weeks, down 0.4 per cent. Meta beat third-quarter revenue expectations, but its plan to issue non-voting stock revived worries about its mounting capital commitments, and a New Mexico judge ordered it to pay a $25 billion penalty in a data privacy case. Brent crude rose nearly 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia raised supply risks. Investors moved into government bonds, pushing the US 10-year yield down to 5.05%, below France's for the first time in 13 years, while French yields have climbed above 5% amid concerns over social unrest and debt. The France-Germany 10-year spread reached 177.7 basis points, its widest since 2011, while gold fell 1.8% to $4,070 an ounce.
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