Forex Trading Kurse In Gauteng Provinz Regierung

Unterkunft Kunst amp Unterhaltung Automobil-, Fahrzeug-amp Marine Building amp Gebäude Business amp Financial Community amp Kultur Computer, Software amp Internet Services Ausbildung, Training amp Kurse Veranstaltungen, Konferenzen amp Feiern Regierung amp Provincial Gesundheit, Schönheit amp Personal Services Haus, Garten amp Haustiere Herstellung, Industrie amp Vertrieb Medizinische amp Verwandte Dienstleistungen Print, Media amp Communications Professional, Rechtliche amp Consulting Services Immobilien - Inländisch, Kommerziell, Indust Einzelhandel amp Restaurants Wissenschaft amp Umwelt Sport amp Erholung Travel amp Transportation Besondere Angebote 2015 Fokus für KMU Besitzer Nicht die übliche Neigung für Weltweit jüngster Microsoft Certified Professional Ayan Qureshi ist der weltweit jüngste Microsoft Certified Professional nach dem Bestehen seiner Online-Prüfung an der Birmingham City University Center in der Geschichte der Handys Wenn Sie dachten, dass das Handy nur in den letzten 20 Jahren war, denken Sie noch einmal. Die US patentierten ein drahtloses Telefon zurück 1908 Hier sind einige Top-Kategorien Kontakt Postfach 2215 Highlands North Johannesburg Südafrika 2037 Copyright copy 2017 BooBop Media. Alle Rechte vorbehalten. Unterkunft Kunst amp Unterhaltung Automotive, Fahrzeug amp Marine Building amp Bau Business amp Financial Community amp Kultur Computer, Software amp Internet Services Ausbildung, Training amp Kurse Veranstaltungen, Konferenzen amp Feiern Regierung amp Provincial Gesundheit, Schönheit amp Personal Services Haus, Garten Amp Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Verteidigung Die übliche Neigung für Neujahrsbeschlüsse, wie wir einige Bereiche für den Unternehmer zu konzentrieren sich im Jahr 2015 zu diskutieren. Welten Youngest Microsoft Certified Professional Ayan Qureshi ist der weltweit jüngste Microsoft Certified Professional nach seinem Bestehen seiner Online-Prüfung an der Birmingham City University Center an der The Geschichte der Handys Wenn Sie dachten, dass das Handy nur um in den letzten 20 Jahren war, denken Sie noch einmal. Die US patentierten ein drahtloses Telefon zurück 1908 Hier sind einige Top-Kategorien Kontakt Postfach 2215 Highlands North Johannesburg Südafrika 2037 Copyright copy 2017 BooBop Media. Alle Rechte vorbehalten. Die andere bemerkenswerte Unterschied ist Indias inländischen Sparquote ist es 30 des BIP und wird voraussichtlich auf 40 steigen. Inländische Einsparungen sind ein wichtiger Hebel des Wirtschaftswachstums und gerade jetzt Südafrika schwebt bei einem armseligen 18. Dies wird voraussichtlich weiter zu verlangsamen, wie gebildete und arbeiten Südafrikaner untersuchen Möglichkeiten, um Offshore zu investieren. Es gibt bessere Renditen Offshore, ja. Aber theres auch, dass Unbehagen ich erwähnt. Es ist schwierig, in einer Richtung zusammenzutreten und Ihr Geld in eine gemeinsame Zukunft zu investieren, wenn die Regierung selbst ist so rivalisiert von widersprüchlichen Ideologien, dass es nicht in der Lage, eine effektive Führung bieten. Es wäre alles ziemlich deprimierend, wenn es nicht für individuelle Geschichten der Führung, die dazu dienen, zu begeistern und zu fördern. In dieser Ausgabe lesen Sie über Dov Girnun, Motty Sacks und Sahra Ryklief. Sie sind die Geschäftsführer, die zusammen mit den Gemeindeführern gefeiert werden sollten, die den Wind der Veränderung fächern. In seinem Tag der Bestätigung Rede an Studenten bei UCT im Jahr 1966 - Senator Robert Kennedy sagte: Wie es oder nicht leben wir in interessanten Zeiten. Sie sind Zeiten der Gefahr und Ungewissheit, aber sie sind auch offener für die kreative Energie von Männern und Frauen als jede andere Zeit in der Geschichte. Dieser Satz fühlt sich besonders gut an. Südafrika braucht dringend kreative Energie, die von starken Führern, neuen Ideen und einer neuen Erzählung getragen wird. Ich lebe in der Nähe von Masiphumelele in Kapstadt, dem Ort der laufenden, groß angelegten Gemeindeprotesten. Die Gemeinschaft protestiert für Frieden und ich weiß nicht jedermann, das nicht glaubt, dass ihre Ursache moralisch legitim ist. Kämpfen für eine Sache ist hart und nicht besonders hübsch. Es bedeutet, nicht zur Arbeit zu gehen und an einem Tagelohn (mittlerweile mehrere Tage) zu verlieren, bedeutet es, gewaltsam zu verhindern, dass andere nicht zur Arbeit gehen, die es Gymnasiasten betrifft, die Prüfungen und lokale Geschäfte schreiben. Der Verkehr wird geknurrt und manchmal Eigentum beschädigt wird. Doch langsam und vorsichtig gehen die meisten weißen Gemeinschaften in der Gegend aus ihren Facebook-Seiten hinaus, um ihre Masi-Nachbarn zu unterstützen. Kleine Schritte beinhalten Hosting Schule und College-Schüler, die zu Prüfungen stehen mit Demonstranten an der Simonstown Magistrates Gericht zu bekommen, und starten eine Initiative, um Polizei Korruption in der Gemeinde zu untersuchen. Aber ich frage mich, ob seine nicht zu wenig zu spät. Es gibt ein Ungeduldgebäude im Land. Nicht mehr sind schwarze Südafrikaner von den Arbeitslosen bis zum Mittelstand - bereit, für ihre demokratische Dividende zu warten. Soweit sie betroffen sind, hat sich die Dividende nicht realisiert und es muss eine Abrechnung erfolgen. EFF-Chef Julius Malema schlägt in diesen Fluss der Unzufriedenheit und artikuliert, wenn er erklärte, dass der EFF seine Energie bei der Demontage des weißen Monopolkapitals leiten würde. Indien ist zuerst eine Demokratie, und zweitens eine Marktwirtschaft, die von einer fortschrittlichen Regierung geführt wird. Eine neue Art von Führer erforderlich Wits akademische Achille Mbembe fängt auch die Stimmung der aktuellen Generation in einem Gedanken-provozierenden Aufsatz veröffentlicht hier auf News24: Charakteristisch für diese Generation ist ihre Entschlossenheit, einige der am meisten streitenden Fragen der 1994 dispensation konfrontiert, Wirtschaftliche Determinanten der Rassenherrschaft, den Kampf um Land und Eigentum, das Eigentum an südafrikanischem Mineralreichtum und die kulturelle Hegemonie des Weißen in einem Land mit schwarzer Mehrheit. Der Genie ist aus der Flasche, sagt er, und es gibt keine Garantie, dass es leicht zurückgestellt werden kann. Dies sind notwendige Debatten. Wie die Masi-Proteste, werden sie nicht hübsch und wird wahrscheinlich unangenehm sein. Aber strukturelle Ungleichheit und Armut müssen angesprochen werden. Aber im Moment fühlen sich die Eigentümer des privaten Kapitalgeschäfts und der Einzelpersonen ein wenig unwohl. Sind sie willkommen oder sind sie nicht Einerseits werden Geschäft, Kapital und das Streben nach Profit mit Verachtung behandelt. Auf der anderen Regierung und Oppositionsparteien erwarten Unternehmen, mehr als nur Steuern zu tun. Jedes südafrikanische Einzelperson und Geschäft hat eine moralische Verantwortung, dieses Land und ihre Leute zu heben. Dies kann nur getan werden, wenn das Land als eins zieht. In dieser Monatsausgabe von The Moneyweb Investor führen wir ein Interview mit Sukumar Rajah, MD und CIO Asian Equity bei Templeton Asset Management. Er spricht über Indien als Anlageziel. Dieses Land hat eine Bevölkerung von 1,25 Milliarden Menschen. Vor 15 Jahren waren 10 der Bevölkerung Mittelschicht. Heute sind 25 bis 30, oder rund 400 Millionen Menschen sind Mittelklasse und das wächst um 10 oder 40 Millionen Menschen pro Jahr. Was mich auffiel, ist, dass das Land weiß, wohin es geht. Das heißt nicht, dass es keine ideologischen Unterschiede gibt, wie man dorthin kommt. Es gibt. Aber diese wurden beiseite gelegt. Indien ist zuerst eine Demokratie und zweitens eine Marktwirtschaft, die von einer fortschrittlichen Regierung geführt wird, deren Reformen ein Jahrzehnt des Fortschritts in diesem Land beschleunigen. Unter Premierminister Modi vereinigt die neue Führung alte Feinde und liefert Ergebnisse. Die andere Sache, die mich traf, ist Indias Vertrauen als ein Land und als ein Volk. Indianer sind in ihren Häuten angenehmer als in Jahrzehnten. Sie sind nicht in Ehrfurcht vor dem Westen, noch verachten sie es nicht. Auch wenn sie mit China konkurrieren, kooperieren sie auch mit China. Ein neuer Führertyp erforderlich pLEASE SCROLL DOWN Mit dem Branding der Spar Group hat das Investment-Analystenteam der Universität Johannesburg die Empfehlung ausgesprochen: Nicht so SUPER, und verkaufen Sie KWIK. Dies kommt als Überraschung wie Moneywebs Klicken Sie auf ein Unternehmen Indikator zeigt eine Konsens-Ansicht für den Großhändler und Händler von Waren und Dienstleistungen zu Spar Einzelhandel Lebensmittelgeschäfte. Die CFA Research Challenge ist ein jährlicher Wettbewerb, bei dem Hochschulteams ein öffentlich gehandeltes Unternehmen erforschen, einen Berichterstattungsbericht erstellen und ihre Ergebnisse einem Expertengremium von Finanzinstituten präsentieren. Letztes Jahr gewann UJ die Herausforderung mit seinem überraschenden Sell-Aufruf an die Baufirma Group Five. Die neueste Sell-Empfehlung - diesmal auf Spar - hat sie erneut zum Sieger gemacht. Die aufstrebenden Fondsmanager von UJ begannen Mitte September, als der Aktienkurs bei R182,50 lag. Die Aktie hat seitdem angehäuft, aber mit einem einjährigen Zielpreis von R151, sehen sie um 20 Nachteile für diese Aktie, durch gestreckte Bewertungen, gesättigte Märkte und begrenztes organisches Wachstum. Spars Akquisition von BWG Foods in Irland war ein wiederkehrendes Thema in den Präsentationen von allen Finalisten, darunter Universität von Kapstadt, Wits und University of Pretoria. UJ ist nicht überzeugt von der Ertragskraft dieses ausländischen Kaufs und sieht Discounter wie Aldi und Lidl als Bedrohung auf dem europäischen Einzelhandelsmarkt. Infolge der BWG-Transaktion steigen die Spar Group-Schuldenquoten. Ein abschreibender Rand erhöht den Randwert des signifikanten Betrags der auf Euro lautenden Schuldtitel, der nun auf der Konzernbilanz liegt. Dies wird die Vorteile der auf Euro lautenden Einnahmen und Erträge ausgleichen. Die Meinung von UJ ist, dass der Deal die Gruppenmargen belasten wird, dass das Ergebniswachstum langsamer ausfällt und dass Cashflow-Restriktionen zu einer Dividendenreduzierung führen können. Operativ gibt es Einzelhandelspreise Kriege im Spiel in Großbritannien, so dass die Aussichten für die internationale Marge Wachstum ist nicht ermutigend. Wenn die BWG-Akquisition die Gruppenmargen verbessern soll, sagt UJ, dass das Management aktiv aus dem sehr aggressiven Discounter-Wettbewerb Marktanteile ziehen und sich auf eine bessere Verteilung konzentrieren muss. Das BWG wurde tatsächlich mit negativem Nettoinventarwert erworben, aber das UJ-Team hätte es vorgezogen, wenn die Spar Group dieses Kapital effektiver in andere Aktivitäten eingesetzt hätte. Zum Beispiel muss es sich um das Starten von Online-Shopping-Plattformen für seine Einzelhändler, die Verbesserung der Profil ihrer Käufer Belohnung Programme zu schauen, und erhöhen die Sichtbarkeit der Marken durch Werbung und Marketing. Zuhause, lokale Herausforderungen zitiert von UJ zählen hochexpandierende Lebensmittelinflation, ein Mangel an verfügbarem Einkommen, die Wahrnehmung, dass Spar-Produkte sind teurer und die Bedrohung von Spaza-Läden in ländlichen Gebieten. Auf dem oberen Produktpreisniveau konkurriert Spar mit Woolworths, aber Woolworths genießt den besseren Ruf für Qualität. Das Team hat auch einen Vorschlag für Management in Bezug auf die TOPS Spirituosen Verkaufsstellen, dass Händler erlaubt werden, diese Geschäfte öffnen, ohne gezwungen, erste eigene Lebensmittel-Betrieb. Unter Verwendung von mehreren Bewertungsmodellen sieht UJ Spar als teuer und glaubt, dass Shoprite oder Massmart bessere Käufe für den Investor sind. Aber idealerweise empfiehlt das Team, aus dem Einzelhandel wegzugehen. Die anderen drei Universitäten in der Herausforderung alle haben Kauf-Empfehlungen auf die Aktie, und in der Tat eher wie die Zugabe von BWG. Aber sie tun Vorsicht auf steigende Schuldenstände, steigende Zinsaufwendungen und niedrigere Zinsdeckung. Wits sieht diese Übernahme als Forex-Kissen für die Gruppe, die Umsatzwachstum und geografische Diversifizierung bietet und von den jüngsten EU-Konjunkturmaßnahmen profitieren wird. UCT gefällt auch das entwickelte und sich entwickelnde Marktrisiko, das die Gruppe jetzt hat, wobei die BWG-Akquisition gut positioniert ist, um die jüngste Erholung in der irischen Wirtschaft zu nutzen. Die Analysten von Cape Town weisen darauf hin, dass die Ebitda-Margen bei Spars ausländische Geschäftsbereiche Verbesserungspotenzial aufweisen. Unternehmen wie Morrisons und Sainsburys nach Margen von 4,93 bzw. 5,22. Während Spar diese Niveaus nie erreichen kann, da es ein Händler und nicht ein Einzelhändler ist, gibt es definitiv Gelegenheit, seine internationale Marge von 3.47 gegenwärtig zu verbessern, auf 3.92 über dem Mittelfristig. Ebenso weist die Universität Pretoria darauf hin, dass die BWG-Margen zwar auf dem Niveau der Ebitda-Ebene liegen, während die BWG-Margen höher sind als die des südafrikanischen Geschäfts. Diese Metrik kann durch den Export der wertvollen Supply-Chain-Kompetenz des südafrikanischen Teams an die BWG und ihre kürzlich erworbenen Londis-Aktivitäten verbessert werden. Mit einem einjährigen Kursziel von R186.67 mag Wits die defensive Natur des Einzelhandels, das Gruppen-Renovierungsprogramm und das Umsatzwachstum von TOPS. Aber es warnt vor dem Wettbewerb von Choppies, sowie der Eintritt von Massmart in Lebensmitteleinzelhandel. Es ist auch vorsichtig, dass jede mögliche Spitze im Kraftstoffpreis die Logistik und die Auswirkung der Dürrezustände auf dem Nahrungsmittelsektor beeinflussen würde. Wits fordert Spar Führungskräfte, ihre Hausmarken mehr zu nutzen, um lokales Wachstum zu fahren. University of Cape Town hat ein Jahr Preisziel von R215.57 und ist kostenlos, wie Spar einzigartig schafft, über neun LSM-Gruppen zu erreichen und hat Präsenz in ländlichen und städtischen Gebieten. University of Pretoria schließt, dass Spar im Vergleich zu Peers unterbewertet ist. Es hat ein Jahr Preisziel von R210.50, die 11 upside von Datum der Einleitung Abdeckung gibt. Die UP-Mannschaft trat die Reifen während seiner Analyse, die Erstellung eines generischen Lebensmittel-Korb von allen SA Einzelhändler. Diese Übung zeigte, dass Spar der wettbewerbsfähigste Preis in der Probe war. UP erwähnte einige problematische Fragen, nämlich ein schwaches Treueprogramm und operative Effizienz, die extrahiert werden müssen. Dieses Team legte auch den Schwerpunkt auf vorgeschlagenen Alkoholgesetz Änderungen, die für TOPS Outlets relevant sein würde. Richter waren Alec Abraham von Sasfin, Craig Pheiffer von Absa und Mark Butler aus Perpetua. Butler beschreibt die universitäre Herausforderung als von unschätzbarem Wert für Studenten über ihre Karriere in der Investment-Arena zu starten. Dieses Projekt geht es um real-world stuff. Es zeigt Studenten, wie konkurrenzfähig und zäh das Geschäft wirklich ist. In diesem Beruf werden die Anleger ständig fragen, warum bestimmte Fonds unterdurchschnittlich sind, indem sie ihre Analyse auf der Stelle. Und die Spar-Gruppe ist eine gute Wahl im Moment, da viele südafrikanische Unternehmen gehen offshore, auf der Suche nach ausländischen Möglichkeiten. Contararian Blick von der Universität Johannesburg gewinnt CFA Research Herausforderung Mit mehreren Bewertungsmodellen sieht UJ Spar so teuer und glaubt, Shoprite oder Massmart sind bessere Käufe für den Investor. Prudential Inflation Plus Fonds war der Star-Performer Es gibt einige bemerkenswerte Ähnlichkeiten zwischen den SIM-und Nedgroup Investments Fonds, und die Wahl der Einzelhandel Bestände ist einer von ihnen. SIM hat auch in Foschini und Italtile gekauft, obwohl seine interessantesten Kauf in diesem Raum wurde Homechoice. Der Hauptkaufendeinzelhändler ist bis herum 16, da sie im Dezember verzeichnet, aber Analytiker sind sehr auf die Perspektiven für sein Geschäftsmodell geteilt. Der SIM Small Cap Fund ist einer von nur drei lokalen Investmentfonds, der ihn hält. Eine andere Wahl im SIM-Portfolio, das von wenigen anderen Fonds geteilt wird, ist Trematon. Die Immobilien-und Freizeit-Investment-Gruppe hat jedoch sehr gut in den letzten fünf Jahren getan, mit einem Aktienkurs bis fast 300 seit 2010. SIM hat auch sein Portfolio im Hinblick auf die lokalen Lebensmittel-Produzenten, einschließlich Rhodes Food Group beim Verkauf von AVI und Pionier, und die Verringerung ihrer Exposition gegenüber Astral. Portfolio-Watch: Was kleine Cap-Manager gekauft und verkauft haben Die mittlere und kleine Cap-Raum auf der JSE ist immer interessant. Während die größeren, bekannteren Unternehmen auf der Börse tendenziell die meiste Aufmerksamkeit von Analysten und Investoren erhalten, gibt es Dutzende von sehr guten Unternehmen in interessanten Sektoren niedriger den Markt, die oft übersehen werden. Ein Beweis dafür ist, dass es in Südafrika über 120 Allianz-Aktienfonds gibt, es gibt jedoch nur sieben Small-Cap-Spezialfonds. Viele Investoren bleiben weg von diesen kleineren Firmen wegen der Interessen über ihrer Liquidität und Volatilität. Für kleinere und mittlere Kappenräume kann es jedoch sehr produktiv sein. Es bietet die Möglichkeit, falsche Chancen zu finden, dass große Teile des Marktes vermissen, weil sie nicht auf diese Bereiche fokussiert sind. Investoren, die daran interessiert sind, diesen Raum zu betrachten, können sich eine Vorstellung davon verschaffen, welche Bestände durch den Blick auf die Portfolios der lokalen Small Cap Fondsmanager wert sein könnten. Der Nedgroup Investments Entrepreneur Fund, der SIM Small Cap Fund und der Investec Emerging Companies Fund sind drei gute langfristige Performer, und ihre Bestände sind sicherlich eine Prüfung wert. Die nachstehenden Tabellen zeigen, in welchen Zähler diese Mittel eingekauft wurden und die sie über die zwölf Monate bis Ende Juni 2015 veräußert haben. Der Anteil muss eine Gewichtung von mehr als 1 haben. Die Tabellen zeigen auch wesentliche Änderungen der Positionen innerhalb der Fonds. Um zu reflektieren, muss die Änderung mehr als eine 1-Schicht in der Gewichtung des Betriebs, die nicht nur Preisbewegung ist. Portfolio-Watch: Was kleine Cap-Manager gekauft und verkauft haben Die erste interessante Sache zu beachten ist, dass der Nedgroup Investments Fonds seine Vorliebe für Aktien in bestimmten Sektoren deutlich verändert hat. Im Hospitality-Bereich kaufte er in City Lodge und setzte seine Beteiligung an Sun International beim Umzug von Tsogo Sun. Im Finanzdienstleistungsbereich verkaufte er sich aus der Krönung und Freiheit, während er Peregrine zu seinem Portfolio hinzufügte und seine Interessen in Santam und Alexander Forbes verstärkte. Der Fonds hat sich auch von den Beständen des Bau - und Bergbaus getrennt. Gruppe Fünf und Glencore sind die offensichtlichsten Opfer dort, während Eqstra und Omnia auch von diesen Sektoren für große Stücke ihres Verdienstes abhängen. Am interessantesten sind vielleicht die Positionen, die der Fonds in den lokalen Konsumgütern insbesondere den Einzelhändlern Foschini, Cashbuild, Italtile und Holdsport übernommen hat. Trotz Bedenken hinsichtlich der lokalen Wirtschaft und des Drucks auf die lokalen Verbraucher haben alle vier dieser Zähler in den letzten zwölf Monaten einen guten Preisanstieg erlebt. Foschini und Italtile sind beide rund 30, Holdsport 40 und Cashbuilds Aktienkurs hat sich mehr als verdoppelt. Nedgroup Investments Entrepreneur Fund, SIM Small Cap Fonds und Investec Emerging Companies Fund Wie auch der SIM-Fonds hat Investec auch bei den Nahrungsmittelproduzenten eine Vorliebe für Rhodos gezeigt. Zur gleichen Zeit hat es von Clover, RCL und Illovo verkauft. Es gab auch eine Verschiebung in den Fonds weg von Bergbau-Zähler. Der in London ansässige Diamant-Bergmann Petra, Aquarius Platinum und Sibanye fielen alle aus dem Portfolio. Interessanterweise erhöhte sie jedoch ihre Beteiligung an Kohle von Afrika. Die Kohle-Bergleute Aktien wurden in den letzten viereinhalb Jahre gehämmert, fallen von über R12 im Frühjahr 2011 auf ein Tief im April dieses Jahres von nur 25 Cent. Jedoch glauben einige Analytiker, dass Nachfrage von Eskom das Glück der lokalen Kohleproduzenten stützen könnte und dass es eine Wiederaufnahme im Anblick geben kann. Ein weiterer Zähler mit Exposition gegenüber dem Bergbau, dass der Fonds-Manager mag Master Bohren. Viele Analysten glauben, dass das raisenbildende Geschäft, das trotz des Abschwungs des Bergbaus weiterhin gute Ergebnisse erwirtschaftet, einen hervorragenden Wert bei einem aktuellen Kurs-Gewinn-Verhältnis von unter 10 Jahren darstellt. Der Bolter im Portfolio ist wahrscheinlich Niveus Investments. Die Holdinggesellschaft mit Interessen an Glücksspielen und Alkohol genoss starkes Aktienkurswachstum von R10 einen Anteil Ende 2012 zu einem Hoch von über R37 im Dezember letztes Jahr, aber ist seitdem stillgestanden. Gegenwärtig handelt es sich um R25. Nedgroup Investments Unternehmerfonds, SIM Small Cap Fund und Investec Emerging Companies Fund Es kann für ein Unternehmen wie SAB oder Shoprite schwierig sein, Marktanteil zu wachsen, aber ein kleines Unternehmen, das gut diversifiziert ist oder in einer cleveren Nische sein kann, kann flinker und gedeihen In einer stagnierenden Wirtschaft, sagt Lea. Beispielsweise nimmt AdvTech eine große Nische im Bildungsraum ein, während die Consolidated Infrastructure AG, die stark dem Bergbau und der Bauindustrie ausgesetzt ist, sich horizontal und geografisch erweitert hat und dadurch defensiver ist. Zwei relativ neue Akquisitionen in der Krönung Small Cap Fund gehören Holdsport und Grand Parade. Erstere ist die Holdinggesellschaft für Nischenhändler Sportsmans Warehouse und Outdoor Warehouse. Dies ist ein unglaublich gut geführtes und solides Unternehmen, sagt Lea. Südafrikaner lieben es zu kaufen und trotz der Wirtschaft dieses Unternehmen ist gut durchzuführen. Grand Parades Aktienkurs hat sich in den letzten Monaten nicht bewegt, aber Lea ist glücklich, geduldig zu sein. Wir haben sehr gut aus berühmten Marken und wie die Branche. Wir denken, dass ihre Investition in Burger King in fünf Jahren eine Menge Geld wert sein wird. Darüber hinaus besitzen sie eine 10-Portion Spur, die wir auch mögen. Doch er ist nicht so begeistert von Taste Holdings. Sie haben in große Marken wie Dominos und Starbucks investiert, aber wir denken, dass sie viele Schulgebühren zahlen müssen, um alles in Betrieb zu nehmen und die Aktie derzeit überbewertet wird. McLachlan glaubt, dass viele Aktien auf der Small-Cap-Index sind in der Tat ziemlich qualitativ hochwertige Unternehmen. Es gibt Hinweise auf eine Überlebenschance, die eine sorgfältige Aktienauswahl profitieren kann. Beispiele hierfür sind die Unternehmen, die Kapital vor der Kreditkrise bewahrten, ihre Effizienz steigerten und ihre Operationen schlank halten, sagt er. Pfosten Sie die Krise, die sie ihr Kapital benutzt haben, um intelligente Akquisitionen zu machen und ihre Geschäfte zu wachsen, während andere kämpften. Ein Plakatkind, das die Krise überlebt und darüber hinaus wächst, ist Afrimat, ein Tagebauunternehmen, das Industrie - und Baustoffe liefert. Alle Kredit-Management. Sie haben Kapital bewahrt, das es ihnen ermöglicht, neue Chancen bei guten Multiplikatoren zu identifizieren und entscheidend zu bewegen, sagt er. Sie haben in große Marken wie Dominos und Starbucks investiert, aber wir denken, dass sie viele Schulgebühren zahlen müssen, um alles in Betrieb zu nehmen und die Aktie derzeit überbewertet wird. Den Wert in Small-Caps finden Kleinere Unternehmen neigen eher zu weniger Kapitalzugang und mehr Anfälligkeit für Liquiditätsprobleme, so dass das Risiko eines Geschäftsausfalls größer ist. Viele dieser Überlebenden und ihre letztgenannten Strategien tragen zu einem aufkommenden Trend im Index bei. Vor fünf bis zehn Jahren dominierten die Unternehmen die Unternehmen, die der Binnenwirtschaft völlig ausgesetzt waren. Dies ändert sich, wenn Unternehmen über die Grenzen Südafrikas hinaus expandieren. Das bedeutet, dass es eine Gruppe kleinerer Unternehmen gibt, die sich langsam aber sicher von der Wirtschaft abkoppeln. Ein Beispiel ist Santova, ein Nicht-Asset-basierter Supply Chain Manager, der mittlerweile mehr als die Hälfte seiner Gewinne ausserhalb Südafrikas erwirtschaftet. Interessant, wie das sein kann, sind diese Unternehmen nicht unbedingt billig. Seit 2005 liegt der Forward PE für den Small Cap Fund der Krönung zwischen 6 und 12x. Heute sind wir auf 12x, was teures Territorium ist. Paar, dass mit einem schlechten wirtschaftlichen Umfeld und man kann nicht sehen, gutes Ergebnis kommen aus südafrikanischen Industrieunternehmen, sagt Lea. Dies bedeutet, um Rückkehr zu generieren ist es notwendig, selektives Risiko zu nehmen. In diesem teuren Markt, müssen Sie selektives Risiko nehmen, um Renditen zu generieren. Während wir solide Performer wie Capevin, AdvTech und Truworths halten, haben wir auch ein Risikobudget im Portfolio für Aktien wie Bell, Aveng und Murray Roberts. Das geht nur, um zu zeigen, in der kleinen Kappe Sektor Sie nicht zurück den Index. Sein ein Aktienpicker-Markt. Small Cap Unternehmen halten eine besondere Faszination für Investoren. Auf der einen Seite gibt es Forschung (hier zitiert), die darauf hindeutet, dass kleine Caps dazu tendieren, große Unternehmen zu übertreffen. Auf der anderen Seite gibt es das Argument, dass der Sektor inhärent riskant und die Chancen für größere Verluste größer als normal sind. Es gibt ein Element der Wahrheit in diesen beiden Aussagen. Wenn Sie das Risiko als Standardabweichung um einen Mittelwert betrachten, dann würden kleine Caps als weniger riskant definiert werden, sagt Alistair Lea, der Coronations Smaller Companies Fund mit Siphamandla Shozi betreibt. Allerdings, wenn Ihre Definition des Risikos ist die Chance, dass eines der Unternehmen gehen kann, dann ist seine riskant. Der Grund, warum Investoren für Blue Chips zahlen, ist die relative Sicherheit, die sie anbieten. Wenn Sie Ihr Geld in einem blauen Chip setzen und es in zehn Jahren zurückgeben, wird das Unternehmen höchstwahrscheinlich rund sein. Investitionen in Small Caps erfordern viel mehr Arbeit. Wenn Sie nicht verfolgen Unternehmen, machen Sie Ihre Hausaufgaben und aktiv verwalten Sie Ihre Investitionen, können Sie feststellen, dass ihr Glück verändert haben, ohne dass Sie es bemerken. Anleger müssen sich des Risikos eines dauerhaften Kapitalverlusts bewusst sein, sagt Keith McLachlan, der den AlphaWealth Prime Small Mid Cap Fonds leitet. Kleinere Unternehmen neigen dazu, weniger Zugang zu Kapital zu haben, und mehr Anfälligkeit für Liquiditätsprobleme, daher ist das Risiko eines Geschäftsausfalls größer. Aus diesem Grund kann der Sektor ein höheres Risiko für den durchschnittlichen Privatanleger darstellen, das Risiko der Kommissionierung eines Ellies, der von R9.90 auf 70c gefallen ist, oder der in Liquidation befindlichen Chemspec ist weit größer. In Südafrika wird das Small Cap Universum von Industrieunternehmen dominiert, die auf Kohleflachen der schwachen Wirtschaft operieren. Unvermeidlich ist, dass dies seinen Tribut nimmt, aber es gibt viele Unternehmen im Index, die überraschend belastbar sind. Es braucht Zeit, sagen die Fondsmanager Alternativ, wenn Sie es vorziehen, alles selbst zu tun und haben einen bescheidenen Betrag zu investieren sagen, R5 000trade oder eine R20 000 Pauschale, eine kostengünstige Online-Brokerage ist ein guter Anfang. Profile einige der Online-Angebote zur Verfügung. Das erste, was Sie feststellen, ist, dass die Gebühren variieren, aber nur geringfügig. Einige Broker berechnen eine höhere monatliche Verwaltungsgebühr, aber niedriger pro Trade Gebühr. Andere entfernen die Gebühr, wenn Sie mehr regelmäßig handeln. Shop rund, und überprüfen Sie die Gebühren mit Ihrer eigenen Bank können Sie bieten Ihnen eine wettbewerbsfähige Rate. Allerdings gibt es mehr zur Auswahl eines Online-Broker als nur Preis. Abhängig von Ihrem Niveau des Fachwissens, beurteilen Sie das Niveau der on-line-Ausbildung, die von Ihren bevorzugten Maklern zur Verfügung gestellt wird. Einige tun mehr, einige weniger. Standard Bank ist ziemlich aktiv und führt Seminare für Investoren im Laufe des Jahres PSG hat eine Reihe von Video-Tutorials für Anleger von Anfänger bis Fortgeschrittene Sanlam ermöglicht es Ihnen, den Handel zu verspotten, bis Sie den Hang davon bekommen. Nur eine Runde, die kein Börsenmakler ist, ist eine hervorragende Informationsquelle. Foreign Exchange (Forex) Handel sieht aus wie eine der berauschenden, praktische Investitionsoptionen aus der Ferne. Es dauert weniger als zehn Minuten, um in die Matrix gesteckt zu werden: Öffnen Sie ein Live-Trading-Konto und werden mitten im Trading Room Floor platziert. Sie können mit den großen Katzen laufen, ob Sie seit Jahrzehnten gehandelt haben oder ein kompletter Neuling zum System sind. Dort können Sie beobachten die Zahlen in Echtzeit schwanken und platzieren Sie Ihre Aufträge mit dem Klicken einer Schaltfläche. Das Internet ist gefüllt mit Angeboten, um Ihr Wachstum jetzt zu erhöhen und zu lernen, Geschäftsgeheimnisse für fünfhundert Dollar pro Stunde. Das macht Springen in und macht Geld scheint fast mühelos. Aber es ist so einfach, wie sie sagen Learning the trade Simon Brown, Gründer der finanziellen Bildung Website JustOneLap, sagt, dass die Leute glauben, sie können Vermögen machen und fragen sich, wie schwer es sein kann Es kann sehr profitabel sein, aber man muss zuerst lernen und Handel mit sehr reduzierten Gearing Ebenen, sagt er. Finanzielle Bildung ist wichtig, und diejenigen mit wenig Wissen sind wahrscheinlich zu verletzen. Laufen mit den größeren Hunden ist gefährlich, da sie nicht nur größer, sondern erfahrener sind. Bleiben Sie weg, wenn Sie völlig neu auf Handel und Märkte sind, sagt Brown. Er fügt hinzu, dass es viele Orte online für diejenigen, die lernen wollen. Scams Reiten auf der Rückseite des Devisenhandels sind weit verbreitet, vielversprechende erstaunliche Erträge auf Ihr Geld innerhalb eines kurzen Zeitraums. Aber zuerst müssen Sie Ihr Geld zu unterzeichnen und kaufen Sie die begleitenden Paket und Selbst-Hypnose Bänder. Vor dem Vertrauen jeder mit Ihrem Geld, denken Sie daran, diese Institutionen müssen zugelassen werden Finanzdienstleister und reguliert durch die Financial Services Board. Brown berät: Wenn sie schnelle Reichtum versprechen, ist es ein Betrug. Vielmehr finden Sie ein empfohlenes Angebot. Sprechen mit Saxo Saxo Capital Markets trägt eine faire Menge an Gewicht in der Finanzwelt. Sie wurde 1992 als Online-Handelsplattform gegründet und umfasst nun 26 Länder mit Sitz in Kopenhagen. Es bietet eine umfassende, leicht verständliche Handelsplattform, die Saxos Dylan Bester sagt, dass es kontinuierlich verbessert und verbessert wird. Ist Forex Trading alle seine geknackt bis zu ist Forex Trading alle seine geknackt bis zu einem Händler Erfahrung Hanley Maphomey ist ein Vollzeit-System-Analyst und ein Teilzeit-Forex-Day-Trader. Während er nur Teilzeit als Zeitvertreib und eine zusätzliche Einnahmequelle handelt, sagt er, dass er einige Leute kennt, die erfolgreich vom Devisenhandel leben. Wenn youre die Art der Person, die nicht mit Geld verlieren können, dann bleiben Sie weg. Die Märkte sind zu volatil und youll verlieren Schlaf, wie Sie sich nicht vorstellen können. Dies gelernt aus Erfahrung, nachdem seine Konten in der Vergangenheit gelöscht. Losing Geld kommt mit dem Territorium, und seine bis zu dem Händler, um auf ihr Wissen zu verlassen und Instinkte, um ihre Verluste auf ein Minimum zu halten und wissen, wann eine Bewegung zu machen. Auf der anderen Seite, wenn youre die vorsichtige Art und nicht so gierig, kann Forex lohnend sein. Maphomey berät neue Nutzer bei Research-Brokern, bevor sie sich endgültig mit einem abfinden und immer einen reglementierten, registrierten Broker wählen. Er erwähnt auch die Bedeutung der Auswahl eines Brokers mit ECNSTP (electronic communications networkstraight through processing), was bedeutet, dass Ihr Handel direkt an den Markt gebracht wird. Das ist wichtig. Sie wollen nicht mit einem Makler umgehen, der Zugriff auf Ihre Handelsinformationen hat. Er nutzt von einigen Brokern selbst, aber erwähnt Pepperstone als sein Favorit aufgrund der Tatsache, dass es in Australien basiert und reguliert durch die ASIC (Australian Securities and Investments Commission). Er sagt, dass MetaTrader 4 der Industriestandard ist, der von den meisten Maklern angeboten wird. Seine einfach zu bedienen. Wählen Sie ein Diagramm mit einem Währungspaar, das Sie tauschen möchten, einen Markt platzieren oder ausstehende Bestellung und das ist es. Für diejenigen, die lernen, empfiehlt er Babypips and Investing. Sie können ein absoluter Anfänger sein und alles wird dort erklärt. Der beste Weg zu lernen ist, Ihre Hände schmutzig zu bekommen. Maphomeys-Tipps Erforschen Sie Ihren Broker. Wählen Sie einen Makler, der registriert, akkreditiert und empfohlen wird. Broker haben Nuancen in den Plattformen, die sie unterstützen, und es ist eine gute Idee, sich zuerst an einen Broker zu gewöhnen, bevor er ein Live-Konto eröffnet. Wenn Sie drei oder mehr aufeinander folgende schlechte Geschäfte an einem Tag gemacht haben, handeln Sie nicht für diesen Tag wieder. Es gibt Tage, an denen du fühlen wirst, dass die Welt gegen dich ist. Staub dich ab und versuche es erneut. Verwenden Sie Money-Management. Sagen Sie selbst, wie viel Sie bereit sind zu verlieren (z. B. 10 von Ihrem Konto Wert) und dann setzen Sie einen Stop-Loss bei diesem Wert nicht bewegen, die Haltestelle Psychologisch vorbereitet, um Geld zu verlieren. Da Forex Trades verwendet, können Sie mehr verlieren, als Sie ursprünglich hinterlegt haben. Dont be greedy and dont continue trading once youve reached your target. Use the appropriate lot size (for example, dont trade a standard lot if you only have USD200 in your account that is asking for trouble). According to Bester, with the right tools and management, trading forex can be very successful. But dont expect to make money right away. The make money with Forex adverts have created a sensation. But if you believe forex is a means to financial freedom within the first or second month, you will be wasting your time that is not sustainable. What determines the value of a currency Bester says it depends on a large amount of data, but that interest rates, trade balances, growth and market sentiment all factor into the bigger picture. Forex should be considered an alternate investable asset class which should be part of every portfolio looking to outperform on an annual basis, says Bester. All this requires is correct management of the portfolio and exposure to the market at one time. Within his own trading, Bester says that he makes sure to manage his trades effectively. Stops and take profit levels are an essential part of the traders toolbox. He says that risk is one of the most important factors that need to be taken into account when managing your portfolio. Ask yourself what sort of risk you will assume to achieve a certain result. Always calculate your risk-to-reward ratio. Standard profitable ratios are 1:2. The greater the better. The other two legs of trading are fundamental and technical analysis. Then there is the question of psychology. There are very different types of traders. This is discovered on a very personal level, he says. The most important trait Disciplined traders follow their own rules, keep learning from their trading experiences and constantly look to achieve their full potential. Demo accounts: The minefield defused Before putting real money at risk, you can create a demo account. This allows the user to trade virtual currency without any financial risk. The numbers are real, the software is real, but the money being traded is not. This allows the user to try out the software and play around with the market (usually for a limited time) before signing up for a live account where the risks are real. Would online Texas Hold Em turn you into a better poker player Can a demo account teach you real-life trading Overall, demo accounts are recommended to familiarise yourself with the market or the software. However while a virtual account comes close enough to simulating a real account, emotions like fear and greed only become factors when one is trading with real money. Unsecured cash advances for SMEs Unsecured cash advances for SMEs From the first day a loan is granted, a fixed small amount of every card swipe is automatically diverted to Merchant Capital. In this way, if the merchant has a bad month, a smaller amount is repaid, and if they have a good month, proportionately more is repaid. Typical clients include franchisees, (Nandos, Sorbet and BP), restaurants and medical and dental practices. The average loan size is R200 000, and repayment typically occurs within 12 months, although this is entirely dependent on how the business performs. Non-performing loans comprise less than 2 of the book, which Girnun says testifies to the fact that the pricing is not reckless. The business has already attracted high profile investors. In December 2013 Capricorn Capital Partners, which represents the group that owns Hollard Insurance, Nandos, Spier Wine Farm and Clientle Life, acquired a 25 stake in the business from one of the original angel investors. In addition, last month investment holding company Rand Merchant Insurance Holdings (which holds stakes in Discovery, OUTsurance and MMI) acquired a 30 share in the business. Through these two investors, the executive team has access to some heavyweight business advice and mentoring in the form of Lawrie Dippenaar, GT Ferreira, and Paul Harris. Girnun may be young 37 but he has amassed some work experience. With an honours degree in finance and economics (cum laude) under his belt he headed for London in 2001 where he spent the next five years. There he learnt one important lesson: Everyone is as smart and as hungry as you are. That was a huge leveler. He left just ahead of the financial crisis to join Tau Capital, a private equity play that acquired and developed early stage natural resource projects under CEO Gregory Kinross. Thereafter, he returned to London and launched a Wonga look-alike called Money In Advance. But the tide of public sentiment was turning against online Payday lenders in the UK and he turned his attention to a US business model that enabled short-term, unsecured loans for SMEs. To be selected you have to get naked with yourself and your business When Dov Girnun and his partners lent R75 000 to the proprietor of a small electronics store who spoke no English, they thought they had kissed their money goodbye. Instead the debt was fully repaid within eight months the owner is a repeat customer and his business, PowerTouch, has grown by 450. In turn Girnun, Daniel Moritz and Ryan Cohen are growing their business, Merchant Capital, by 100 year on year albeit off a small base. Since launching late in 2012 the business has provided working capital loans worth hundreds of millions to small-and medium-sized businesses. We are changing the way that small businesses in South Africa access capital, Girnun says. One out of three small businesses has their loan applications declined, he says. A lack of working capital is one of the biggest reasons for small business failure in this country. Merchant Capital provides what are essentially unsecured cash advances to business owners with a monthly average of R30 000 or more in card sales. What is disruptive about the business is that there are no fixed repayment terms. There is no small print, no hidden costs and no rules on how to spend the money. What we do is ensure they can afford the loan. The aim is to provide working capital to grow businesses, not saddle them in debt, Girnun says. The credit underwriting team evaluates the past 6-12 months of a prospects point of sale transactions with the help of a proprietary credit algorithm to dictate the cash advance amount and discount rate (percentage claim to future sales) the business qualifies for. Pricing is risk adjusted and varies from deal to deal. It is completely transparent. The business owner knows the total cost of the product from the outset and this does not change, irrespective of how long it takes to repay the loan, he says. from L to R: Ryan Cohen, Daniel Moritz, Dov Girnun Merchant Capital - A company to watch With remarkable tenacity he phoned the CEOs of the ten biggest merchant cash advance firms in New York and badgered meetings out of seven of them. The head of Merchant Cash and Capital agreed to partner Girnuns start-up on a six-month trial basis. They brought the systems and mentorship and I brought the capital from two angel investors. Merchant Cash and Capital carries some clout it has provided over 1.2 billion in funding to more than 20 000 US businesses. As such it provided Merchant Capital with instant credibility. Girnun estimates that the mentorship and learning received from the US company gave Merchant Capital an 18-month head start and helped to reduce the school fees experienced in early stage financial services businesses. Mentorship and learning is an important theme in his conversations. In August Girnun was one of 34 entrepreneurs from around the globe to be selected into the Endeavor Global Network. To be selected you have to get naked with yourself and your business the process is incredibly tough, he says. Post selection Endeavor provides entrepreneurs with a variety of services, including introductions to local and international business mentors from Fortune 500 firms. He will no doubt put this network to good use as he builds the Discovery of financial services for SMEs. Merchant Capital - A company to watch If the merchant has a bad month, a smaller amount is repaid, and if they have a good month, proportionately more is repaid. The start was slow. It took two years to complete the first deal and it was only in 2007 that the fund could pay a maiden dividend. The group has matured. It has made 35 investments, and remains invested in 23 of these PLAY THE INTERVIEW Ditikeni multiplies original investment 35-fold, and is a force for good Ditikeni multiplies original investment 35-fold, and is a force for good PLAY THE INTERVIEW Investment holding group Ditikeni announced last week that its net asset value now exceeds R100-million for the first time. In addition, distributions to beneficiaries rose for the eighth year in a row, this year increasing by 20 bringing total distributions to R10.5 million. This may be small change for some, but for the 23 non-profit organisations (NPOs) that pooled their funds to raise a meagre R2.8 million and create Ditikeni back in 1999, it represents a profoundly empowering step forward. Back in 1996 the South African non-profit sector was in deep trouble as donors began to reallocate funding either directly to the SA government or outside of the country. The sector was wholly unprepared for the change. The Dutch Protestant Church wanted to know how we would be sustainable, recalls Sahra Ryklief, Ditikenis non-executive chairman. What on earth do you mean We are non-profit our constituents cant afford to support us. We cannot be sustainable, she said at the time. However, with the Churchs support Ryklief approached Gordon Young who provided (and still does) investment advice on ethical fund management. At the time he was with African Harvest. He suggested the NGOs - which include the Black Sash, Labour Research Service, New World Foundation and the Social Change Assistance Trust - pool their funds and become a BEE investment company. The start was slow. It took two years to complete the first deal and it was only in 2007 that the fund could pay a maiden dividend. Since then the group has matured. It has made 35 investments, and remains invested in 23 of these. In the past year it disposed of three investments CareCross Health, the Kelly Group, and Business Connexion and made three new investments: the listed property fund, Texton Property Fund, private wealth management company, Maitland Asset Management Holdings, and pharmaceuticals and medical supplies group, Akacia HealthCare. PLAY THE INTERVIEW Read the article Not only is Ditikeni helping its NPO shareholders to become financially sustainable, but also the experience has changed the way the NGOs do business. There are two benefits of being part of Ditikeni, says Eric Atmore, the founder and director of the Centre for Early Childhood Development (CECD). The obvious one is financial. But the more important one is the thinking behind Ditikeni. The attitude among non-profits was: We are an established organisation and we do good work, therefore the donors owe us. Now the thinking is: We have a service or product, which makes a meaningful impact and difference on peoples lives, therefore donors should invest in us. In 1994, there were 135 functioning ECD training providers across the country. Today there are just 62, and 73 have closed. They were invited to join Ditikeni, and all but one declined. Each ECD non-profit would say that they closed for funding reasons but the real reason they closed was lack of leadership and lack of strategy, he said. There is more money in the ECD sector than there has ever been. But the big thing about Ditikeni is that its learning and influence has made us think differently. Donors want to know: Whats your impact What difference do you make in peoples lives So when Ditikeni was launched it was a wonderful opportunity to think long term, beyond two to three years, and to think strategically. People argue that BEE has not been successful. Ryklief disagrees. Here we have a business model where the BEE deals that we do create value which accrues primarily to the benefit of the poor and the vulnerable. The numbers tell a good story, says Ryklief: Net asset value per share reached rose 24 to R33.36, the earnings yield on net asset value (NAV) is 20.6, and the internal rate of return from 2000 to 2015 was 30 per annum. Aside from (mostly) astute investments, Ditikeni has achieved these returns by paying attention to its costs. Most private equity funds charge a fee of 2, and 20 to 25 of the profit. At Ditikeni costs to run the investment firm are in the region of R2 millionyear, well below 2 and the profit share is less than 7.5. This is used to pay the two half-time professionals Young - and Michael Hands, the company secretary and accountant. Board members receive an NGO-related rate for attending two board meetings a year. While changing BEE regulation has introduced uncertainty, a tick-the-box-mentality and vastly more complexity, the sector has matured. The BEE players who have survived are serious business people with independent balance sheets the companies on the other side (usually white-owned) are expecting a much more commercial relationship. While the pace of BEE deal-making has slowed, Ditikeni is in a position to put its own capital into deals. Any BEE firm with no capital will find it stony ground indeed, says Young. Potential deals are benchmarked against safe investments. I can buy shares in JSE-listed AVI and receive a 3.5 dividend forever at low risk. If we are investing in an illiquid, unlisted company, then we are looking for the upside. Ditikeni does not promise to secure contracts, network with government or open doors for their BEE partners. But when a company needs to add diversity to its board, Ditikeni will tap into its extensive network of fellow travellers. These are people with the same ethics and values as ourselves, who we will match to the needs of our BEE partner and who will bring a different kind of scrutiny and oversight to their role, says Ryklief. The power of the collective The power of the collective PLAY THE INTERVIEW Read the article PLAY THE INTERVIEW Is the era of the hedge fund coming to a close Globally, these money makers are coming under attack. Their fee structures-typically the notorious two and twenty model, which allows them to charge 2 of assets and 20 of profits each year-are is increasingly seen as a rip-off. To some extent hedge funds face the same vitriol that is being dished out to active investing as a whole. The extra fees that hedge funds charge as opposed to normal long-only funds, that get around 1.25 of assets, make them even more of a target. Why pay these fees, goes the typical assault, when an index tracking fund, such as an exchange traded fund (ETF), that costs a few basis points, can do just as well The attack has been given impetus by the recent performance of hedge funds worldwide. Since the financial crisis, which exposed many as having less than optimal risk management practices, funds have struggled to generate consistent returns. This year is turning out be a shocker, with hedge funds down about 2 on average globally. Just this month a number of the biggest funds in the world came unstuck when their shorts on Glencore were undermined by a 20 recovery in that stock. One of the most devastating reviews of hedge fund performance by analyst Simon Lack, whose 2012 paper The Hedge Fund Mirage: The Illusion of Big Money and Why Its Too Good to Be True (google it, its a great read), included this observation: Investing in the business of hedge funds is so much better than being a client. His paper found hedge funds did a little better than shares and a bit worse than bonds between 1998 and 2011, with things particularly bad post 2007. Not all data agrees. A 2014 study published in the Journal of Private Equity on European hedge funds found they outperform stock and bond indices and do so at lower volatility, which implies less risk. In South Africa, hedge funds had a great 2015, with research by Novare Investments showing they returned almost 15 in the year to end February while the JSE returned only 3.7. But in 2014 average returns were 10 while the JSE did 18. The local industry has doubled its assets under management in the last five years R62 billion so the business of hedge funds here is thriving. Looks like Lacks observation applies in SA too. HAVE HEDGE FUNDS OUTLIVED THEIR USEFULNESS HAVE HEDGE FUNDS OUTLIVED THEIR USEFULNESS Funds can be of various types, but the biggest type locally and in the rest of world is longshort equity. Managers pick stocks they think are going to fall in price and short them, while going long on other stocks they think will appreciate. This can mean that funds are equity market neutral, which implies the portfolio wont be affected by which way the overall market moves, though in fact most have a long bias. Such longshort strategies aim to generate alpha, that mythical extra return that active managers try to earn by picking stocks the rest of the market hasnt quite valued correctly. The academic literature makes it clear that it is notoriously hard to distinguish someone who is good at finding alpha from someone who is just lucky. Over time alpha averages out to the mean return of the market. And if thats ultimately all a fund manager is delivering, there is no reason to be paying him for it. Even if funds are able to deliver superior risk-adjusted returns, there may be cheaper ways to get them than a highly paid hedge fund manager. Hedge funds are notoriously opaque in terms of what they are actually doing (though regulations are changing that, including locally), but the wizardry is increasingly capable of being implemented through automated strategies. While we dont have them in South Africa (yet) the US market boasts hundreds of ETFs that use longshort strategies or even inverse equity, usually at an annual fee of less than 1. They can use filters and factor-based models to select stock for either side of their exposures. Some are also actively managed, but even then fees are less than 2. This all said, there is still scope for intelligent investment decision making. If cleverly designed ETFs can replicate the strategies of most hedge funds, someone still has to do the job of choosing the ETFs. And there are some strategies that dont appear capable of replication, such as event-driven strategies that swoop on special situations like defaulting sovereigns or complex corporate disputes, usually bringing an army of lawyers alongside them. The people who get on with the job of such decision making may want to call themselves hedge funds if they like, though it seems even more of a misnomer than it has been given that hedging really isnt the point. Ultimately it looks to me like the curtain is drawing on the era of hedge funds, but active decision makers will continue to ply their trade in another name. The curtain draws on hedge fundsJohannesburg This article is about the city in South Africa.3232For other uses, see Johannesburg (disambiguation) . Template:Infobox South African town 2011 Johannesburg ( d o h n s b r Afrikaans:160 jonsbr ) (also known as Jozi . Joburg . eGoli . and Joeys . and abbreviated as JHB ) is the largest city in South Africa. It is the provincial capital of Gauteng. which is the wealthiest province in South Africa. 1 The city is one of the 50 largest urban agglomerations in the world. 2 and is also the worlds largest city not situated on a river, lake, or coastline. 3 The city was named and established in 1886 following the discovery of gold on what had been a farm. The name is attributed to one or all of three men involved in the establishment of the city. In ten years, the population was 100,000 inhabitants. While Johannesburg is not one of South Africas three capital cities. it is the seat of the Constitutional Court. which has the final word on interpretation of South Africas constitution as well as with issues in connection with constitutional matters. The city is the source of a large-scale gold and diamond trade, due to its location on the mineral-rich Witwatersrand range of hills. In 2011, the population of the city of Johannesburg was 4,434,827, making it the largest city in South Africa. 4 In the same year, the population of Greater Johannesburg Metropolitan Area was 7,860,781. 5 Some view the area surrounding the city of Johannesburg yet more broadly than the Metropolitan Area, adding Ekurhuleni. West Rand and Lenasia that larger area had a population of 10,267,700 in 2007. 6 The land area of the municipal city Script error: No such module quotconvertquot. is large in comparison with those of other major cities, resulting in a moderate population density of Script error: No such module quotconvertquot. . A separate city from the late 1970s until the 1990s, Soweto is now part of Johannesburg. Originally an acronym for So uth - We stern To wnships, Soweto originated as a collection of settlements on the outskirts of Johannesburg, populated mostly by native African workers from the gold mining industry. In 1985, Nigel Mandy (BA Law - CA), the first General Manager of the Carlton Centre, authored a book entitled A City Divided . which intimated that Soweto and Johannesburg were divided from a fiscal point of view, as well as by law and by people. He assisted the government, both of the now-defunct Transvaal province, as well as of Gauteng, post-1994, in developing a process whereby black, coloured, Indian, and white people who had been deprived of home ownership during apartheid, could own homes. Soweto, although eventually incorporated into Johannesburg, had been separated as a residential area for blacks, who were not permitted to live in Johannesburg proper. Lenasia is predominantly populated by English-speaking South Africans of Indian descent. Controversy surrounds the origin of the name, as there were any number of people with the name Johannes who were involved in the early history of the city. Among them are the principal clerk attached to the office of the surveyor-general, Johannes Rissik, Christiaan Johannes Joubert, member of the Volksraad and the Republics chief of mining, and Stephanus Johannes Paulus Paul Kruger. president of the South African Republic (ZAR) 1883-1900. Johannes Meyer, the first government official in the area is another possibility. Precise records for the choice of name were lost. 7 Rissik and Joubert were members of a delegation sent to England to attain mining rights for the area. Joubert had a park in the city named after him and Rissik Street is today a main street where the historically important and dilapidated 8 Post Office and City Hall are located, since burnt out. 9 The farm where gold was first discovered in 1886 The region surrounding Johannesburg was originally inhabited by San people. By the 13th century, groups of Bantu - speaking people started moving southwards from central Africa and encroached on the indigenous San population. By the mid 18th century, the broader region was largely settled by various SothoTswana communities (one linguistic branch of Bantu-speakers), whose villages, towns, chiefdoms and kingdoms stretched from what is now Botswana in the west, to present day Lesotho in the south, to the present day Pedi areas of the northern Transvaal. More specifically, the stone-walled ruins of SothoTswana towns and villages are scattered around the parts of the former Transvaal in which Johannesburg is situated. The SothoTswana practised farming, raised cattle, sheep and goats, and extensively mined and smelted copper, iron and tin. Moreover, from the early 1960s until his retirement, Professor Revil Mason, of the University of the Witwatersrand. explored and documented many Late Iron Age archaeological sites throughout the Johannesburg area, dating from between the 12th century and 18th century, and many of these sites contained the ruins of SothoTswana mines and iron smelting furnaces, suggesting that the area was being exploited for its mineral wealth before the arrival of Europeans or the discovery of gold. The most prominent site within Johannesburg is Melville Koppies, which contains an iron smelting furnace. 10 Many SothoTswana towns and villages in the areas around Johannesburg were destroyed and their people driven away during the wars emanating from Zululand during the late 18th and early 19th centuries (the mfecane or difaqane wars), and as a result, an offshoot of the Zulu kingdom, the Ndebele (often referred to by the name the local SothoTswana gave them, the Matebele), set up a kingdom to the northwest of Johannesburg around modern day Rustenburg. The Dutch speaking Voortrekkers arrived in the early 19th century, driving away the Matebele with the help of SothoTswana allies, establishing settlements around Rustenburg and Pretoria in the early 1830s, and claiming sovereignty over what would become Johannesburg as part of the South African Republic (known informally as the Transvaal Republic). Gold rush and naming of the city The main Witwatersrand gold reef was discovered in June 1884 on the farm Vogelstruisfontein by Jan Gerritse Bantjes that triggered the Witwatersrand Gold Rush and the start of Johannesburg in 1886. The discovery of gold rapidly attracted people to the area, making necessary a name and governmental organization for the area. Johann and Johannes were common male names among the Dutch of that time two men involved in surveying the area for the best location of the city, Christian Johannes Joubert and Johann Rissik, are considered the source of the name by some. Johannes Meyer, the first government official in the area is another possibility. Precise records for the choice of name were lost. 7 Within ten years, the city of Johannesburg included 100,000 people. 11 In September 1884 the Struben brothers discovered the Confidence Reef on the farm Wilgespruit near present-day Roodepoort. which further boosted excitement over gold prospects. The very first gold to be crushed on the Witwatersrand was the gold bearing rock from the Bantjes mine crushed using the Struben brothers stamp machine. Also, news of the discovery soon reached Kimberley and directors Cecil Rhodes with Sir Joseph Robinson rode up to investigate rumors for themselves. They were guided to the Bantjes camp with its tents strung out over several kilometres and stayed with Bantjes for two nights. In 1884 they purchased the first pure refined gold from Bantjes for 3000. Incidentally, Bantjes had since 1881 been operating the Kromdraai Gold Mine in the Cradle of Humankind together with his partner Johannes Stephanus Minnaar where they first discovered gold in 1881, and which also offered another kind of discovery - the early ancestors of all mankind. 91 citation needed 93 Some report Australian George Harrison as the first to make a claim for gold in the area that became Johannesburg, as he found gold on a farm in July 1886. He did not stay in the area. 12 His findings on the farm Langlaagte cannot be considered as part of the initial discovery in 1884. 91 citation needed 93 He was a roaming carpenter, not a prospector, who accidentally kicked a lump of rock containing flecks of gold. This led to new discoveries in the Witwatersrand area. Gold was earlier discovered some Script error: No such module quotconvertquot. to the east of present-day Johannesburg, in Barberton. Gold prospectors soon discovered the richer gold reefs of the Witwatersrand offered by Bantjes. 91 when 93 The original miners camp, under the informal leadership of Col Ignatius Ferreira, was located in the Fordsburg dip, possibly because water was available there, and because of the sites proximity to the diggings. Following upon the establishment of Johannesburg, the area was taken over by the Government who had it surveyed and named it Ferreiras Township, today the suburb of Ferreirasdorp. The first settlement at Ferreiras Camp was established as a tented camp and which soon reached a population of 3,000 by 1887. 11 The government took over the Ferreiras camp, surveyed it and named it as Ferreiras Township. 13 By 1896 Johannesburg was established as a city of over 100,000 inhabitants, one of the fastest growth cities ever. 11 Rapid growth, Jameson Raid and the Second Boer War Like many late 19th century mining towns, Johannesburg was a rough and disorganised place, populated by white miners from all continents, African tribesmen recruited to perform unskilled mine work, African women beer brewers who cooked for and sold beer to the black migrant workers, a very large number of European prostitutes, gangsters, impoverished Afrikaners, tradesmen, and Zulu AmaWasha, Zulu men who surprisingly dominated laundry work. 14 As the value of control of the land increased, tensions developed between the Boer government in Pretoria and the British, culminating in the Jameson Raid that ended in fiasco at Doornkop in January 1896 and the Second Boer War (18991902) that saw British forces under Lord William occupy the city on 30 May 1900 after a series of battles to the south of its then-limits. Fighting took place at the Gatsrand Pass (near Zakariyya Park) on 27 May, north of Vanwyksrust todays Nancefield, Eldorado Park and Naturena the next day, culminating in a mass infantry attack on what is now the waterworks ridge in Chiawelo and Senaoane on 29 May. 1516 During the war, many African mineworkers left Johannesburg creating a labour shortage, which the mines ameliorated by bringing in labourers from China, especially southern China. After the war, they were replaced by black workers, but many Chinese stayed on, creating Johannesburgs Chinese community, which during the apartheid era, was not legally classified as Asian, but as Coloured. The population in 1904 was 155,642, of whom 83,363 were Whites. 17 Post-Union history Pritchard Street c. 1940 Major building developments took place in the 1930s, after South Africa went off the gold standard. In the late 1940s and early 1950s, Hillbrow went high-rise. In the 1950s and early 1960s, the apartheid government constructed the massive agglomeration of townships that became known as Soweto. New freeways encouraged massive suburban sprawl to the north of the city. In the late 1960s and early 1970s, tower blocks (including the Carlton Centre and the Southern Life Centre ) filled the skyline of the central business district. Street scene in Johannesburg in 1970 The central area of the city underwent something of a decline in the 1980s and 1990s, due to the high crime rate and when property speculators directed large amounts of capital into suburban shopping malls, decentralised office parks, and entertainment centres. Sandton City was opened in 1973, followed by Rosebank Mall in 1976, and Eastgate in 1979. 18 On 12 May 2008 a series of riots started in the township of Alexandra. in the north-eastern part of Johannesburg, when locals attacked migrants from Mozambique. Malawi and Zimbabwe. killing two people and injuring 40 others. These riots sparked the xenophobic attacks of 2008. 19 A completely refurbished Soccer City stadium in Johannesburg hosted the 2010 FIFA World Cup final. Johannesburg aerial view looking towards the south-east Johannesburg is located in the eastern plateau area of South Africa known as the Highveld. at an elevation of Script error: No such module quotconvertquot. . The former CBD is located on the south side of the prominent ridge called the Witwatersrand (Afrikaans. White Waters Ridge) and the terrain falls to the north and south. By and large the Witwatersrand marks the watershed between the Limpopo and Vaal rivers as the northern part of the city is drained by the Jukskei River while the southern part of the city, including most of the CBD, is drained by the Klip River. The north and west of the city has undulating hills while the eastern parts are flatter. Johannesburg may not be built on a river or harbour, but its streams contribute to two of southern Africas mightiest rivers the Limpopo and the Orange. Most of the springs from which many of these streams emanate are now covered in concrete and canalised, accounting for the fact that the names of early farms in the area often end with fontein, meaning spring in Afrikaans. Braamfontein, Rietfontein, Zevenfontein, Doornfontein, Zandfontein and Randjesfontein are some examples. When the first white settlers reached the area that is now Johannesburg, they noticed the glistening rocks on the ridges, running with trickles of water, fed by the streams160 giving the area its name, the Witwatersrand, the ridge of white waters. Another explanation is that the whiteness comes from the quartzite rock, which has a particular sheen to it after rain. 20 Urban sustainability analysis of the greater urban area of the city using the Circles of Sustainability method of the UN Global Compact Cities Programme Johannesburg is situated on the highveld plateau, and has a subtropical highland climate (Kppen Cwb ). The city enjoys a sunny climate, with the summer months (October to April) characterised by hot days followed by afternoon thundershowers and cool evenings, and the winter months (May to September) by dry, sunny days followed by cold nights. 21 Temperatures in Johannesburg are usually fairly mild due to the citys high elevation, with an average maximum daytime temperature in January of Script error: No such module quotconvertquot. . dropping to an average maximum of around Script error: No such module quotconvertquot. in June. Winter is the sunniest time of the year, with mild days and cool nights, dropping to Script error: No such module quotconvertquot. in June and July. The temperature occasionally drops to below freezing at night, causing frost. Snow is a rare occurrence, with snowfall having been experienced in the twentieth century during May 1956, August 1962, June 1964 and September 1981. In the twenty-first century, there has been light sleet in 2006, as well as snow proper on 27 June 2007 (accumulating up to Script error: No such module quotconvertquot. in the southern suburbs) 22 and 7 August 2012. 23 Regular cold fronts pass over in winter bringing very cold southerly winds but usually clear skies. The annual average rainfall is Script error: No such module quotconvertquot. . which is mostly concentrated in the summer months. Infrequent showers occur through the course of the winter months. The lowest nighttime minimum temperature ever recorded in Johannesburg is Script error: No such module quotconvertquot. . on 13 June 1979. The lowest daytime maximum temperature recorded is Script error: No such module quotconvertquot. . on 19 June 1964. 24 Script error: No such module quotWeatherBoxquot. Script error: No such module quotWeatherBoxquot. Script error: No such module quotWeatherBoxquot. Script error: No such module quotWeatherBoxquot. Script error: No such module quotWeatherBoxquot. Script error: No such module quotWeatherBoxquot. Script error: No such module quotWeatherBoxquot. Script error: No such module quotWeatherBoxquot. Script error: No such module quotWeatherBoxquot. ltdiv classthumb tnone stylemargin-left: auto margin-right:auto width:99 max-width: Expression error: Unrecognized punctuation character quotquot. pxgt A panorama of the Johannesburg CBD at sunrise looking east across the M1 highway . The city is often described as Africas economic powerhouse, and contentiously as a modern and prosperous African city. 28 Due to its many different central districts Johannesburg would fall under the multiple nuclei model in human geography terms. It is the hub of South Africas commercial, financial, industrial, and mining undertakings. Johannesburg is part of a larger urban region. It is closely linked with several other satellite towns. Randburg and Sandton form part of the northern area. The east and west ridges spread out from central Johannesburg. The Central Business District covers an area of Script error: No such module quotconvertquot. . It consists of closely packed skyscrapers such as the Carlton Centre. Marble Towers. Trust Bank Building. Ponte City Apartments. Southern Life Centre and 11 Diagonal Street. The skyline of Johannesburgs Central Business District as seen from the observatory of the Carlton Centre Architecture Johannesburg is home to some of Africas tallest structures, such as the Sentech Tower. Hillbrow Tower. the Carlton Centre and Ponte City Apartments. The Johannesburg city skyline has most of the tallest buildings on the continent and contains most international organisations such as IBM. Absa. BHP Billiton. Willis Group. First National Bank. Nedbank and Standard Bank. Many of the citys older buildings have been pulled down and more modern ones built in their place. North of the CBD is Hillbrow. the most densely populated residential area in southern Africa. Northwest of the CBD is Braamfontein. a secondary CBD housing many offices and business premises. The CBD is predominated by four styles of architecture, being Victorian Colonial. Edwardian Baroque. Art Deco and Modernism. Parks and gardens Parks and gardens in Johannesburg are maintained by Johannesburg City Parks and Zoo. 29 City Parks is also responsible for planting the citys many green trees, making Johannesburg one of the greenest cities in the world. It has been estimated that there are six million trees in the city160 1.2160million on pavements and sidewalks, and a further 4.8160million in private gardens. 30 City Parks continues to invest in planting trees, particularly those previously disadvantaged areas of Johannesburg which were not positive beneficiaries of apartheid Johannesburgs urban planning. Residential areas Johannesburgs residential areas range from luxurious, wooded suburbs, to shanty towns and squatter settlements. Alexandra, a township northeast of the city centre, is home to about 125,000 people. It was established by workers who migrated from rural areas in the late 1930s. Since the 1980s large numbers of people have moved to Johannesburg in search of work. A lack of housing in the city has forced many to set up squatter settlements on the outskirts of the city. Most of these communities lack electricity and running water and residents live in makeshift shacks made of scrap metal, board and other discarded materials. In some settlements, such as Phola Park south of Johannesburg, town planners have attempted to build streets and provide residents with basic needs. Due to the high crime rate, many homes in the middle and upper class areas are often gated behind high secured walls or fences. Demographics Geographical distribution of home languages in Johannesburg According to the 2011 South African National Census. the population of Johannesburg is 4,434,827 people. In the metropolitan area, it is 7,860,781. From the 2001 Census, the people live in 1,006,930 formal households, of which 86 have a flush or chemical toilet. and 91 have refuse removed by the municipality at least once a week. 81 of households have access to running water, and 80 use electricity as the main source of energy. 29 of Johannesburg residents stay in informal dwellings. 35 66 of households are headed by one person. Blacks account for 73 of the population, followed by whites at 16, coloureds at 6 and Asians at 4. 42 of the population is under the age of 24, while 6 of the population is over 60 years of age. 37 of city residents are unemployed. 91 of the unemployed are African. Women comprise 43 of the working population. 19 of economically active adults work in wholesale and retail sectors, 18 in financial, real estate and business services, 17 in community, social and personal services and 12 are in manufacturing. Only 0.7 work in mining. 32 of Johannesburg residents speak Nguni languages at home, 24 speak Sotho languages. 18 speak English, 7 speak Afrikaans and 6 speak Tshivenda. 29 of adults have graduated from high school. 14 have higher education (University or Technical school ). 7 of residents are completely illiterate. 15 have primary education. 34 use public transportation to commute to work or school. 32 walk to work or school. 34 use private transportation to travel to work or school. 53 belong to mainstream Christian churches, 24 are not affiliated with any organised religion, 14 are members of African Independent Churches. 3 are Muslim, 1 are Jewish and 1 are Hindu. Johannesburg has a large The Church of Jesus Christ of Latter-day Saints (LDS Church) membership, with around 48,112 members, and had the first LDS Temple built in Africa. It was dedicated in 1985 and is located in the historic suburb of Parktown. Key statistics (2001) 2001 demographic statistics: 36 Area: Script error: No such module quotconvertquot. Population: 1,009,035: Script error: No such module quotconvertquot. Households: 345,591: Script error: No such module quotconvertquot. Comparison to world cities In 2015, Johannesburg-East Rand is listed at 42 by population among 992 urban areas of the world. 37 It is 28 in land area, among 1,008 urban areas. 38 As to population density, Johannesburg-East Rand ranks 807 among more than 1,000 urban areas (many ties in this list). Most of the most densely settled cities are in Asia. An interesting contrast is that Johannesburg-East Rand ranks higher in density than the New York, NY-NJ-CT urban area, which ranks 914 on the same list. 39 Another more contentious list places Johannesburg metropolitan area at 56 of 86 world cities in population. Government Region A . Diepsloot, Kya Sand Region B . Randburg, Rosebank, Emmarentia, Greenside, Melville, Northcliff, Rosebank, Parktown, Parktown North Region C . Roodepoort, Constantia Kloof, Northgate Region D . Doornkop, Soweto, Dobsonville, Protea Glen Region E . Alexandra, Wynberg, Sandton Region F . Inner City Region G . Orange Farm, Ennerdale, Lenasia After apartheid era, the present day City of Johannesburg was created from eleven existing local authorities, seven of which were white and four black or coloured. The white authorities were 90 self-sufficient from property tax and other local taxes, and produced and spent R 600 (US93) per person in municipal services, while the black authorities were only 10 self-sufficient, spending R 100 (US15) per person in municipal services. 40 Although Johannesburg was divided into eleven administrative regions, these new divisions did not correspond to the areas governed by the former local authorities. 41 Later, in 2006, the number of administrative regions was consolidated, from eleven to seven. The reason given was to separate powers between the legislative and executive bodies of the City. 42 The first post-apartheid City Council was created in 1995. 41 The council adopted the slogan One City, One Taxpayer to highlight its primary goal of addressing unequal tax revenue distribution. 91 citation needed 93 To this end, revenue from wealthy, traditionally white areas would pay for services needed in poorer, black areas. The City Council was divided into four regions, each with a substantially autonomous local regional authority that was to be overseen by a central metropolitan council. Furthermore, the municipal boundaries were expanded to include wealthy satellite towns like Sandton and Randburg. poorer neighbouring townships such as Soweto and Alexandra. and informal settlements like Orange Farm. 41 However, the new post-apartheid City Council ran into problems in part due to inexperienced management and political pressure, which contributed to over-ambitious revenue projections, over-spending, wasted expenditures and out-right fraud. 43 In the newly combined metropole services were unnecessarily duplicated. But, by far, the biggest financial drain was the failure to collect revenues for services, which ranged from rent (rates) to utilities. Part of this failure was a result of the anti-apartheid boycott of paying the government. 4041 In 1999, Johannesburg appointed a city manager to reshape the citys ailing financial situation. 4044 The manager, together with the Municipal Council, drew up a blueprint called iGoli 2002. This was a restructuring plan to be completed in 2002, that called upon the government to sell non-core assets, restructure certain utilities, and required that all others become self-sufficient. While strongly opposed by unions who feared a loss of jobs, the plan went into effect and returned some sectors into cash cows that helped support the city in general. 45 Although some jobs were lost, there were no mass firings, as agencies used attrition to remove excess staff. 46 The plan took the city from near insolvency 44 to an operating surplus of R 153 million (US23.6160million). 40 Following the relative success of iGoli 2002, the City undertook a number of initiatives both to help equalise municipal services benefits, such as the water utilitys Free Basic Water policy, and to curb fraud and increase payment percentages, such as the water utilitys Operation Gcinamanzi to repipe areas to eliminate siphonage and to install water meters for excess use. 47 Nonetheless, according to the opposition party, fraud, theft and non-payment still remained problems as of 2013. 48 In fiscal year 2011, the citys audit had R 45,796 million chalked up to fraudulent activities. 49 In 2013, the City admitted that is would be unable to collect two-thirds of the R 18 billion in outstanding billings. 50 As of August 2013, the ruling political party, African National Congress, had an overwhelming majority and administered the City of Johannesburg. Although other political parties have seats in the Johannesburg municipality, they have very little influence. The Democratic Alliance is the official opposition in the Johannesburg municipality and has won many Wards in the city. One would find DA wards more in the Northern suburbs of Johannesburg, but surprisingly the DA won a ward in Soweto. Which showed that people were not too happy with service delivery as provided by the ANC. After the Group Areas Act was scrapped in 1991, Johannesburg was affected by urban blight. Thousands of poor, who had been forbidden to live in the city proper, moved into the city from surrounding black townships like Soweto and many immigrants from economically beleaguered and war torn African nations flooded into South Africa. Many buildings were abandoned by landlords. especially in high-density areas, such as Hillbrow. Many corporations and institutions, including the stock exchange. moved their headquarters away from the city centre, to suburbs like Sandton. Reviving the city centre is one of the main aims of the municipal government of Johannesburg. Drastic measures have been taken to reduce crime in the city. These measures include closed-circuit television on street corners. As of 11 December 2008, every street corner in Johannesburg central is under high-tech CCTV surveillance. 51 The CCTV system, operated by the Johannesburg Metropolitan Police Department (JMPD), is also able to detect stolen or hijacked vehicles by scanning the number plates of every vehicle travelling through the Central business district (CBD), then comparing them to the eNaTIS database. The JMPD claims that the average response time by police for crimes committed in the CBD is 60 seconds. 51 Crime levels in Johannesburg have dropped as the economy has stabilised and begun to grow. 52 Between 2001 and 2006, R9-Billion (US1.2160billion) has been invested in the city centre. Further investment of around R10-Billion (US1.5160billion) is expected in the city centre alone by 2010. This excludes development directly associated with the 2010 FIFA World Cup. 53 In an effort to prepare Johannesburg for the 2010 FIFA World Cup. local government enlisted the help of Rudy Giuliani. former Mayor of New York City. to help bring down the crime rate, as the opening and closing matches of the tournament were played in the city. 54 Murders in the Johannesburg municipality amounted to 1,697 in 2007 according to the South African Medical Research Council, a rate of 1 per 2326 inhabitants. 55 Johannesburg is one of the worlds leading financial centres 56 and it is the economic and financial hub of South Africa, producing 16 of South Africas gross domestic product, and accounts for 40 of Gautengs economic activity. 91 citation needed 93 In a 2008 survey conducted by MasterCard. Johannesburg ranked 47 out of 50 top cities in the world as a worldwide centre of commerce (the only city in Africa). 57 Mining was the foundation of the Witwatersrand s economy, but its importance is gradually declining due to dwindling reserves and service and manufacturing industries have become more significant to the citys economy. While gold mining no longer takes place within the city limits. most mining companies still have their headquarters in Johannesburg. The citys manufacturing industries extend across a range of areas and there is still a reliance on heavy industries including steel and cement plants. The service and other industries include banking, IT, real estate, transport, broadcast and print media, private health care, transport and a vibrant leisure and consumer retail market. 91 citation needed 93 Johannesburg has Africas largest stock exchange, the JSE although it has moved out of the central business district. Due to its commercial role, the city is the seat of the provincial government and the site of a number of government branch offices, as well as consular offices and other institutions. There is also a significant informal economy consisting of cash-only street traders and vendors. 91 citation needed 93 The level of this economic activity is difficult to track in official statistics and it supports a sector of the population including immigrants who are not in formal employment. This informal industry is arguably the largest in the world, perhaps only second to the informal sector of Beijing. The Witwatersrand urban complex is a major consumer of water in a dry region. Its continued economic and population growth has depended on schemes to divert water from other regions of South Africa and from the highlands of Lesotho. the biggest of which is the Lesotho Highlands Water Project. but additional sources will be needed early in the 21st century. The container terminal at City Deep is known to be the largest dry port in the world 91 citation needed 93. with some 50 of cargo that arrives through the ports of Durban and Cape Town arriving in Johannesburg. The City Deep area has been declared an IDZ (industrial development zone) by the Gauteng government. Johannesburgs largest shopping centre is Sandton City. while Melrose Arch is one of its most prestigious. 91 citation needed 93 Other centres include Rosebank. Eastgate. Westgate. Northgate. Southgate. The Glen Shopping Centre, Johannesburg South, Cresta and Clearwater mall. There are also plans to build a large shopping centre, known as the ZonkIzizwe Shopping Resort, in Midrand. ZonkIzizwe means All Nations in Zulu language. indicating that the centre will cater to the citys diverse mix of peoples and races. Also a complex named Greenstone in Modderfontein has been opened. 58 See Category:Shopping centres in Johannesburg. Communications and media The city is home to several media groups which own a number of newspaper and magazine titles. The two main print media groups are Independent Newspapers and Naspers (Media24). The electronic media is also headquartered in the greater metropolitan region. Beeld is a leading Afrikaans newspaper for the city and the country 91 citation needed 93. while the City Press is a Sunday newspaper that is the third largest selling newspaper in South Africa 91 citation needed 93. The Sowetan is one of a number of titles catering for the black market although in recent years it competes against newly arrived tabloids. The Mail amp Guardian is an investigative liberal newspaper while The Citizen is a tabloid - style paper, and The Star is a local newspaper that mostly covers Gauteng - related issues. The Sunday Times is the most widely read national Sunday newspaper 91 citation needed 93. True Love is the most widely read womens magazine 91 citation needed 93. catering primarily to the up-and-coming middle class black female market, published by Media 24. The Times is a national newspaper that covers current issues. Media ownership is relatively complicated with a number of cross shareholdings which have been rationalised in recent years resulting in the movement of some ownership into the hands of black shareholders. This has been accompanied by a growth in black editorship and journalism. Johannesburg has a number of regional radio stations such as YFM. Metro FM, Phalaphala FM. Talk Radio 702, Highveld Stereo. 5FM. UJ FM and Kaya FM and Classic FM. The number of radio stations has increased in recent years as the government sold off frequencies to private companies. Johannesburg is also the headquarters of state-owned broadcaster South African Broadcasting Corporation and pay-broadcast network Multichoice which distributes M-Net and DStv a digital satellite service, while eTV also has a presence in the city. The city has two television towers, the Hillbrow Tower and the Sentech Tower. Johannesburg has 4 major cellular telecommunications operators: Vodacom. MTN. Cell C and the newly established Telkom Mobile mobile network launched in late 2010. Vodacoms global headquarters is located in Midrand. It was formed in 1994, just after the South African elections of 1994. 59 Suburbs of Johannesburg Johannesburgs suburbs are the product of urban sprawl and are regionalised into north, south, east and west, and they generally have different personalities. While the Central Business District and the immediate surrounding areas were formerly desirable living areas, the spatial accommodation of the suburbs has tended to see a flight from the city and immediate surrounds. The inner city buildings have been let out to the lower income groups and illegal immigrants and as a result abandoned buildings and crime have become a feature of inner city life. The immediate city suburbs include Yeoville. a hot spot for black nightlife despite its otherwise poor reputation. The suburbs to the south of the city are mainly blue collar neighbourhoods and situated closer to some townships. The suburbs to the west have in recent years floundered with the decline of the mining industry but have in some cases experienced some revival with properties being bought up by the native African middle class. The biggest sprawl lies to the east and north. The eastern suburbs are relatively prosperous and close to various industrial zones. The northern suburbs have been the recipient of most of the flight from the inner city and some residential areas have become commercialised particularly around the area of Sandton, stretching north towards Midrand, a half way point between Johannesburg and the capital Pretoria. Traditionally the northern and northwestern suburbs have been the centre for the wealthy, containing the high-end retail shops as well as several upper-class residential areas such as Hyde Park. Sandhurst. Northcliff, Bryanston and Houghton. where Nelson Mandela made his home. The northwestern area in particular is vibrant and lively, with the mostly black suburb of Sophiatown once centre of political activity and the Bohemian-flavoured Melville featuring restaurants and nightlife. Auckland Park is home to the headquarters of the South African Broadcasting Corporation. AFDA (The South African School of Motion Picture and Live Performance) and the University of Johannesburg. To the southwest of the City Centre is Soweto. a mostly black urban area constructed during the apartheid regime specifically for housing African people who were then living in areas designated by the government for white settlement. To the south of Johannesburg is Lenasia. a mostly Asian area which was constructed during the Apartheid era specifically to house Asians. It is closer to the city centre and smaller than Soweto. Central Business district of Johannesburg Johannesburg has not traditionally been known as a tourist destination, but the city is a transit point for connecting flights to Cape Town. Durban. and the Kruger National Park. Consequently, most international visitors to South Africa pass through Johannesburg at least once, which has led to the development of more attractions for tourists. Recent additions have centred on history museums, such as the Apartheid Museum (with related visits to Constitution Hill ) and the Hector Pieterson Museum. There is also a large industry around visiting former townships. such as Soweto and Alexandra. Most visitors to Soweto see the Mandela Museum. which is located in the former home of Nelson Mandela. Visitors can get a feeling for the layout of the city by visiting the Carlton Centre. in the south-eastern area of the CBD, which has an observation deck on the 50th floor. At 223 metres (731160ft), it is the highest office building in Africa and affords sweeping vistas of the city and surrounds. The Museum Africa covers the history of the city of Johannesburg, as well as housing a large collection of rock art. Also a large draw for tourists is Gold Reef City. a theme park which offers a depiction of mining life at the turn of the nineteenth century, including an underground mine tour other attractions include a large amusement park and a popular Tribal Dancing show. The city has several art museums. such as the Johannesburg Art Gallery. which featured South African and European landscape and figurative paintings. The Market Theatre complex attained notoriety in the 1970s and 1980s by staging anti-apartheid plays, and has now become a centre for modern South African playwriting. The Johannesburg Civic Theatre is South Africas foremost receiving house of live entertainmentpresenting world class theatre, both local and international. 60 The Suburbs of Melville. Newtown. Parkhurst. Norwood. Rosebank and Greenside are popular for their bohemian atmosphere, street life, and many restaurants and bars. Shopping is often popular with tourists, as the city offers a range of venues and experiences, from numerous upmarket shopping malls such as Sandton City and Nelson Mandela Square. to various markets and flea markets. such as the Oriental Plaza and the Rosebank Flea Market the latter are popular for souvenirs and African Art. See above. (Cultural) tourists also visit the Mai Mai Market 61 (Ezinyangeni160 the place of healers located on the eastern wing of the city centre) dedicated to traditional herbs and traditional healers. The Cradle of Humankind a UNESCO World Heritage Site is Script error: No such module quotconvertquot. to the northwest of the city. The Sterkfontein fossil site is famous for being the worlds richest hominid site and produced the first adult Australopithecus africanus and the first near-complete skeleton of an early Australopithecine . Other attractions in this area include the Lesedi Cultural Village. while Magaliesburg and the Hartbeespoort Dam are popular weekend (and holiday) destinations for Johannesburg residents. The Origins Centre Museum, see below, covers the origins of humankind in Africa. and houses an extensive collection of rock art. Johannesburg and environs offer various options to visitors wishing to view wildlife. The Johannesburg Zoo is one of the largest in South Africa. The Lion Park nature reserve, near Lanseria. is home to over 80 lions and various other game, while the Krugersdorp Nature Reserve. a 1500 Ha Game Reserve. is a forty-minute drive from the city centre. The De Wildt Cheetah Centre 62 in the Magaliesberg runs a successful breeding program for cheetah. wild dog and other endangered species. The Rhino amp Lion Nature Reserve, 63 situated in the Cradle of Humankind on 1200 Ha of the typical highveld of Gauteng also runs a breeding programme for endangered species including Bengal Tigers, Siberian Tigers and the extremely rare White lion. Sports teams and stadiums Johannesburgs most popular sports by participation are association football, cricket. rugby union. and running. Early each Sunday morning, tens of thousands of runners gather to take part in informal runs organised by several athletic clubs. The city has several football clubs in the Premier Soccer League (PSL) and the National First Division. In the PSL, the top Johannesburg teams are all fierce rivals and include Kaizer Chiefs (nicknamed Amakhosi ), Orlando Pirates (nicknamed the Buccaneers ), Moroka Swallows and Wits University (nicknamed the Clever Boys ). They are based at the citys FNB. Orlando. Dobsonville and Bidvest stadiums. Several large-scale league and cup games are played at Soccer City the venue of the 2010 FIFA World Cup final. First Division teams are Jomo Cosmos and FC AK. Katlehong City and Alexandra United, play at Alexandra and Reiger Park stadium respectively. Cricket is one of the more popular sports. In cricket, the Highveld Lions represent Johannesburg, the rest of Gauteng as well as the North West Province at the Wanderers Stadium which was the venue for the 2003 Cricket World Cup Final in which Australia successfully defended their title against India. Wanderers Stadium hosted what many cricket fans consider the greatest ever ODI match in which South Africa successfully chased down 434 runs. They take part in the first class SuperSport Series. the one-day MTN Domestic Championship and the Twenty20 Ram Slam T20 Challenge. Johannesburg also hosted matches from and the final of the 2007 ICC World Twenty20. in which India beat Pakistan in the final. The Lions. formerly the Cats, represent Johannesburg, North West and Mpumalanga in the Southern Hemispheres Super Rugby competition, which includes teams from South Africa, Australia, and New Zealand. The Golden Lions compete in the Currie Cup. which they have won on ten occasions. Gautrain at O R Tambo Intl Airport A board on the N3 indicating the exit for Johannesburg. The M1 is one of the busiest highways in Johannesburg. The M2 in the afternoon as it passes through the Central Business District Johannesburg is a young and sprawling city geared towards private motorists, and lacks a convenient public transportation system. A significant number of the citys residents are dependent on the citys informal minibus taxis. Johannesburg is served principally by OR Tambo International Airport (formerly Johannesburg International Airport and before that was known as Jan Smuts Airport ) for both domestic and international flights. Lanseria Airport. located to the north-west of the city and closer to the business hub of Sandton. is used for commercial flights to Cape Town. Durban. Port Elizabeth. Botswana, and Sun City. Other airports include Rand Airport and Grand Central Airport. Rand Airport, located in Germiston. is a small airfield used mostly for private aircraft and the home of South African Airways s first Boeing 747 Classic. the Lebombo, which is now an aviation museum. Grand Central is located in Midrand and also caters to small, private aircraft. The fact that Johannesburg is not near a large navigable body of water has meant that ground transportation has been the most important method of transporting people and goods in and out of the city. One of Africas most famous beltways or ring roadsorbitals is the Johannesburg Ring Road. The road is composed of three freeways that converge on the city, forming an Script error: No such module quotconvertquot. loop around it: the N3 Eastern Bypass. which links Johannesburg with Durban the N1 Western Bypass. which links Johannesburg with Pretoria and Cape Town and the N12 Southern Bypass. which links Johannesburg with Witbank and Kimberley. The N3 was built exclusively with asphalt. while the N12 and N1 sections were made with concrete, hence the nickname given to the N1 Western Bypass, The Concrete Highway. In spite of being up to 12 lanes wide in some areas, the Johannesburg Ring Road is frequently clogged with traffic. The Gilloolys Interchange, built on an old farm and the point at which the N3 Eastern Bypass and the R24 Airport Freeway intersect, is the busiest interchange in the Southern Hemisphere. 91 citation needed 93 64 It is also claimed 6465 that the N1 is the busiest road in South Africa. Johannesburg has the most freeways connected to it. 91 clarification needed 93 It has the N1. N3. N12. N14. N17. R21. R24 and the R59. all leading to Johannesburg. The M1 and M2 freeways were built to direct traffic towards the city centre. These two freeways are congested due to mass urbanisation. Johannesburg has two kinds of taxis, metered taxis and minibus taxis. Unlike many cities, metered taxis are not allowed to drive around the city looking for passengers and instead must be called and ordered to a destination. The Gauteng Provincial Government has launched a new metered taxi programme in an attempt to increase use of metered taxis in the city. 91 citation needed 93 The minibus taxis are the de facto standard and essential form of transport for the majority of the population. Since the 1980s The minibus taxi industry has been severely affected by turf wars. Mass transit The Metrorail Gauteng commuter rail system connects central Johannesburg to Soweto. Pretoria. and most of the satellite towns along the Witwatersrand. The railways transport huge numbers of commuters everyday. However, the Metrorail infrastructure was built in Johannesburgs infancy and covers only the older areas in the citys south. The northern areas, including the business districts of Sandton. Midrand. Randburg. and Rosebank. are served by the rapid rail link Gautrain. A part of the Gauteng Provincial Governments Blue IQ Project, Gautrain has made provision for a rapid rail link, running north to south, between Johannesburg and Pretoria, and west to east between Sandton and the OR Tambo International Airport. Construction of the Gautrain Rapid Rail started in October 2006 and was completed in June 2012. It consists of a number of underground stations, as well as above-ground stations. Stations on the North-South line include Johannesburgs Park Station (underground), Rosebank (underground), Sandton (underground), Marlboro (above-ground and raised), Midrand. Pretoria Station and Hatfield. There is also a line from the O. R. Tambo International Airport (above-ground and raised) travelling to Sandton via Rhodesfield (raised) and Marlboro. The east-west line from the airport to Sandton opened in June 2010 in time for the 2010 FIFA World Cup. while the North-South line opened on 2 August 2011, except for Park Station which will opened early in 2012. The rail system was designed to alleviate traffic on the N1 freeway between Johannesburg and Pretoria, which records vehicle loads of up to 300,000 per day. 91 citation needed 93 An extensive bus feeder system has also been implemented, which allows access to the main stations from the outer suburbs, but is limited to a five kilometre radius, which neglects the rest of the suburbs. This is the first new railway system that has been laid in South Africa since 1977. 91 citation needed 93 Johannesburg is served by a bus fleet operated by Metrobus. a corporate unit of the City of Johannesburg. It has a fleet consisting of approximately 550 single and double-decker buses, plying 84 different routes in the city. This total includes 200 modern buses (150 double-deckers and 50 single-deckers), made by Volvo. Scania AB and MarcopoloBrasa in 2002. Metrobus fleet carries approximately 20 million passengers per annum. In addition there are a number of private bus operators, though most focus on the inter-city routes, or on bus charters for touring groups. The Citys main bus terminus is situated in Gandhi Square. where passengers can also obtain information regarding the Metrobus service from the walk-in customer information desk. A new bus rapid transit named Rea Vaya has also been implemented. It currently serves to transport people from Johannesburgs southern neighbourhoods into and around the CBD. 67 PUTCO also operates bus routes in and around the city. Johannesburg has a well-developed higher education system of both private and public universities. Johannesburg is served by the public universities University of the Witwatersrand and the University of Johannesburg. University of Johannesburg was formed on 1 January 2005 when three separate universities and campusesRand Afrikaans University. Technikon Witwatersrand. and the Johannesburg campuses of Vista University were merged. The new university offers education primarily in English and Afrikaans. although courses may be taken in any of South Africas official languages. The University of the Witwatersrand is one of the leading universities in Africa, 68 and is famous as a centre of resistance to apartheid. Johannesburg also has one of several film schools in the country, one of which has won an Academy Award for Best Foreign Student Film in 2006. 74 The South African School of Motion Picture and Live Performance, or AFDA for short, is situated in Auckland Park. Johannesburg also has three teacher-training colleges and a technical college. There are numerous kindergartens, primary schools and high schools in the region. Johannesburg is a cultural hub in South Africa 75 and has a wide variety of cultural venues, making it a prominent area for many creative and cultural industries. 75 Johannesburg is home to the National School of Arts, The University of Witwatersrands School of the Arts and the South African Ballet Theatre, 7576 as well as the Johannesburg Art Gallery 77 and other prominent cultural landmarks, such as the Mary Fitzgerald Square 75 and numerous other museums, theatres, galleries and libraries. 75 The Johannesburg City Library is located in the Central Business District of Johannesburg. 78 Museums and galleries Specialist museums cover subjects such as Africana, costume, design, fossils. geology, military history. medical, pharmacy. photography and transportation networks such as railways. Gold Reef City. a living museum, was originally part of the Crown Mines Complex, where gold was mined to a depth of Script error: No such module quotconvertquot. . The Market Theatre stages plays, comedy shows, and musical performances. The following is a list of some of the museums and galleries that can be found in Johannesburg. 79 AECI Dynamite Factory Museum The AECI Dynamite Factory Museum, housed in the 1895 residence of a mining official, records the history of explosives, with particular emphasis on their use in the mining industry. It also provides a social commentary and insight into the part played by some of the world famous figures who helped shape the destiny of southern Africa. Adler Museum of Medicine History of Medicine, brainchild of Dr Cyril Adler, was formally inaugurated 1962. The Museums role was to collect and preserve for posterity all material that would illustrate the History of medicine in general and of South Africa in particular. Apartheid Museum Constitution Hill is the home of the Constitutional Court, but also the site of Johannesburgs notorious Old Fort Prison Complex, commonly known as Number Four, where thousands of ordinary people were brutally punished before the dawn of democracy in 1994. Many of South Africas leading political activists, including Mahatma Gandhi and Nelson Mandela, were detained here. Hector Pieterson Museum The Hector Pieterson Museum in Soweto commemorates the 566 people who died in the student uprising that followed the events of 16 June 1976. The museum is named for Hector Pieterson, a 12-year-old boy who was the first person shot dead by police on that day, and is located near a memorial to his death. James Hall Transport Museum The James Hall Museum of Transport is the largest and most comprehensive museum of land transport in South Africa. It was established by the late Jimmie Hall together with the City of Johannesburg in February 1964. Johannesburg Art Gallery The Johannesburg Art Gallery is an art gallery located in Joubert Park, in the central business district of Johannesburg, South Africa. The building was designed by Edward Lutyens and consists of 15 exhibition halls and sculpture gardens. It houses collections of 17th century Dutch paintings, 18th and 19th-century British and European art, 19th century South African works, a large contemporary collection of 20th century local and international art and a print cabinet containing works from the 15th century to the present. Madiba Freedom Museum Named after the former President Mandelas clan, the museums theme is Mzabalazo and charts South Africas journey to democracy. Museum Africa Museum Africa is located in Newtown, and covers the history of both the city and the continent. Origins Centre Museum Located on the campus of the University of the Witwatersrand in Braamfontein. 80 this museum contains some excellent examples of southern African rock art and the origins of humankind. Bernberg Fashion Museum Bernberg Fashion Museum is a primarily a museum collection, consisting of objects, and explains why and how clothing has changed and how the fashions of the past influence those of today. Museum of Military History The South African National Museum of Military History is the only museum of its kind in South Africa and provides a nucleus of Museum and military history expertise in southern Africa. At the Museum you can see all types of guns, tanks, armoured cars, aircraft and naval hardware, including a midget submarine called the Molch used by the Germans in the Second World War (19391945). Zoology Museum The Zoology Museum is the only natural history museum in Johannesburg which is unusual because all the other major cities in South Africa have large public natural history museums. It has retained a unique character as the display specimens are exhibited in finely crafted teak cabinets which allow the viewer to engage directly with scores of objects at close range. Entertainment and performing arts The Civic Theatre complex hosts drama, opera and ballet. The Giant Wheel, a Ferris wheel at Gold Reef City Public art Johannesburg is home to an extensive portfolio of public art. A diverse and evolving city, Johannesburg boasts a vibrant art scene and a variety of works that range from sculptures to murals to pieces by internationally renowned artists like William Kentridge and Gerhard Marx s Fire Walker. Many pieces are developed through community workshops, such as the Vilakazi Street sculptures. Others are functional, such as street furniture found in Hillbrow and the City Centre.