The Nasdaq index continued its fall last week finishing up at a level which is 50% lower than the high it reached in March this year. The latest news to hit the index was a severe profit downgrade warning from Gateway computers (the company which bought PC Direct in New Zealand and distributes its computers through the Warehouse).
Sauvage, who was in New Zealand last week doing a series of presentations for Guardian Trust Funds Management, says technology shouldn't be written off as a sector.
He says the volatility shown by the sector at the moment illustrates that it is cyclical (although many people thought it wasn't), and the Nasdaq will turn around.
Sauvage also says that the technology industry will continue to maintain rapid growth, therefore making it an attractive investment proposition.
Compulsory super with tax incentives please
AXA chief executive Les Owen says the current system is "overtaxed and overly complex", and it won't address some of the long term issues the country faces.
He says that instead of increasing the mandated level of contributions individuals have to make to their savings, the the government should look at introducing tax incentives.
US giant lands in Australia
Giant US online broking firm Charles Schwab has finally entered the Australian market after eyeing it up for almost two years.
Schwab Australia chief executive Linda Sarinske says the group entered Australia because of the sophistication of Australia's investors.
"We have found that Australian investors are very quick adaptors of the technology, as well as there is an interest in financial markets and a willingness to learn," she says.
Schwab is looking to compete on service rather than price. Currently it is offering trades at A$30 a pop.
Schwab Australia has 150 employees and was established in February this year as a 50/50 joint venture between Charles Schwab and ecorp Limited.
Health professional investment options widen
The Medical Assurance Society has set up a new range of savings and investment options with Armstrong Jones.
There are four options in its new package. A cash account, two master funds, two diversified funds and a financial planning service.
Besides this new range of services, Medical Assurance still continues to use a master fund service it has with New Zealand Funds Management.
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