US President-elect Barack Obama will take the oath of office tomorrow (Tuesday) with the hopes of the global economy resting on his administration's shoulders, writes E-Brief News. Bruised and battered at the start of 2009, Wall Street is looking ahead to the inauguration with hopes the new administration can tackle the global economic crisis.

* While the Correctional Services Department has said it is deciding on a suitable date and venue for the release of Almond Nofemela, the former Vlakplaas operative's lawyer remains in the dark about when he will be freed. Two weeks ago, Correctional Services Minister Nosiviwe Mapisa-Nqakula ordered Nofemela's release, subject to conditions, among them that he complete a pre-release programme to help him integrate into society.
- The Mercury (subscription needed)

The synchronised global economic downturn has engulfed SA's economy and the pace of economic activity is expected to remain weak through the first half of 2009.

The credit crunch has topped the list of greatest risks to business in 2009, with firms in asset management, real estate, insurance and banking being hardest hit.

Banks have had a panic over the business of lending to stockbrokers who, in turn, financed investors to buy shares.

Despite the rash of banking lay-offs around the world, local banks appear to be avoiding large-scale retrenchment so far.

The country's four big banks have defended themselves against accusations that they are repossessing cars illegally.

Growth fund managers are putting the disasters of 2008 behind them and holding thumbs that 2009 will be more kind to them.

A high-flying corporate lawyer has become the first reported SA fatality of the global financial meltdown, reports The Star.

The share price of insurance broker GlenrandMIB fell 11% on Friday, despite reassurances from the company that it was not being investigated by the Financial Services Board for financial irregularities.

Dr Eddie Stoop, CEO of the Elite Group (a wholly owned affiliate of AltX listed group African Dawn Capital) said loan sharks charging up to 60% a month interest were continuing to flourish despite the introduction of the National Credit Act which strictly forbids such practices.

The JSE's real estate sector has emerged as the top performer in global property markets in 2008. A report on the FIN24 site notes that this is according to the latest Global Listed Property Review from Cape-based Catalyst Fund Managers that confirms that SA property stocks are proving more resilient to the global downturn than their offshore counterparts.

The Competition Commission inquiry into the banking sector has ended in a farce after an uncensored version of the report ended up last month on Wikileaks - a whistle- blower's online paradise - where all and sundry can download it.

While lower petrol prices have set the scene for an easier year for consumers, the worst is not over just yet.

The global economic meltdown has punished local equity units trust funds, with last year's bear market knocking more than 60% off some of funds.

Boosted mainly by the effect of higher gold prices and weakness in the dollar, official data showed that SA's gold and foreign exchange reserves rose 2.7% last month, reports Business Day.

When you're just starting to win the battle, it's not the time to let up, which is why the monetary policy committee must not cut the rate now.