Premium: Exposing true agenda behind 1920-style Gauteng Mayoral takeover attempts

CLICK HERE FOR THE LATEST BIZNEWS BUSINESS BRIEFING (on iTunes) – Heystek on Peche Performance Fee bombshell; Elon gets a trump card vs Twitter; Richemont ties up with Portugal's Steve Jobs; Oil back over $100. (Click here for Spotify).I admire John Steenhuisen, the Durbanite whose political perspectives get up noses of woke scribblers infesting SA's media landscape. More so lately, as his DA's numbers improve, polling near to single digits behind the liberation party that followed the same corrupt, inept path as its African forebears. .___STEADY_PAYWALL___.Steenhuisen's speeches and writing is also brave and rational. Like yesterday when the DA leader explained in detail the agenda behind attempts to destabilise governance in Gauteng's three big metros..To whit: "ANC finds itself cut off from its entire patronage network…….it desperately needs to get its hands back in the cash register and it will stop at nothing to do so. These co-ordinated attacks on our mayors are nothing short of a coup attempt by the corrupt.".If you think he's exaggerating, watch the recording of my interview with Charlie Robertson, author of The Time Travelling Economist. He explains why the politics of SA reflects the US about 100 years ago when Tammany Hall ruled, and businesses routinely bribed judges as part of their legal initiatives. .More for you to read today: .Jerome Powell's Dilemma: What If the Drivers of Inflation Are Here to Stay? Policy makers gathering this week in Jackson Hole are worrying about the emergence of a more volatile world with higher interest rates.South Africa is such a beautiful country. Douglas Gibson asks why we are allowing it to be messed up.FBI Search of Trump's Mar-a-Lago Heads to Court. As judges move toward rulings that will determine how much information about the probe is released, investigators are still unclear about why Trump held classified material.Europe Heads for Stagflation. Leaders have few good ideas other than waiting for growth elsewhere..After his recent expose' on the massively underperforming, but big fee charging Balanced Fund unit trusts, Ranmore Funds founder Sean Peche has taken his attack on money management ripoffs to a new level. The highly qualified asset management insider (CA, CFA) describes results of a lengthy and thorough investigation into unit trust Fact Sheets and in particular the Performance Fees charged in SA, as a "Nuclear Bomb" compared with his Balanced Funds "Scud Missile". He notes that Performance Fees on retail funds are a uniquely South African feature, having been abandoned elsewhere by competition and regulator action. Peche took BizNews.com's Alec Hogg through a presentation where he lays out the shocking results uncovered by his research. It shows, inter alia, that SA's Big Three asset managers – Allan Gray, Coronation and Ninety One – are generating billions in unwarranted fees through applying self-serving self benchmarks to deliver huge "Performance Fees" – in some instances even when they have been losing money for investors..NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via Biznews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our helpdesk can assist –support@biznews.com.

Premium: Exposing true agenda behind 1920-style Gauteng Mayoral takeover attempts

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