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Speaker 1: And now The Money Show with Stephen Sribis on seven

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Speaker 1: oh two.

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Speaker 2: Let's walk little. The Money Show with Stephen Curtis is

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Speaker 2: brought to you by ABS Corporate and Investment Banking, a

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Speaker 2: Pan African bank that's invested in your story because your

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Speaker 2: story matters. Good evening, just gone eight minutes after six.

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Speaker 2: I'm Stephen Curtis. Quite a lot going on in a way,

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Speaker 2: not all of it here, but I suspect that global

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Speaker 2: trade is literally being rewired right in front of our eyes.

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Speaker 2: And I say that because of what can only be

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Speaker 2: described as the massive trade deal between the EU and

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Speaker 2: India two billion people in what is almost a common

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Speaker 2: trade area. Now after that deal, and for years and

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Speaker 2: years and years, India used tariffs to protect its farmers,

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Speaker 2: in particular to protect many parts of its economy. I

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Speaker 2: think perhaps the fact that the prime Misnerendro Moldi is

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Speaker 2: so strong, the fact that India is worried about China

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Speaker 2: and the US doesn't want to be dependent on them,

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Speaker 2: may have sort of made things a little easier. And

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Speaker 2: then the EU isn't exactly the same position. They did

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Speaker 2: the same thing. They also used tariffs to protect their

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Speaker 2: industries and now suddenly you have this huge deal. I

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Speaker 2: do wonder what is going on in Beijing and Washington

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Speaker 2: tonight and how they're seeing it. There's another question, of course,

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Speaker 2: which is we saw last week Mark Karney at the

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Speaker 2: World Economic Forum, the Canadian Prime Minister saying middle powers

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Speaker 2: need to work together. India and the EU probably too

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Speaker 2: big to be considered middle powers, but just perhaps it

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Speaker 2: leads to a lot more people thinking, well, we can

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Speaker 2: do the same thing and get ourselves out of the

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Speaker 2: difficulties that the Trump administration and maybe to an extent

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Speaker 2: Beijing are putting us in, at the very least sort

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Speaker 2: of remove some of the power they might have. I

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Speaker 2: thought it was very interesting. I was intrigued today to

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Speaker 2: see a report in Business Day about the sort of

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Speaker 2: latest iteration of the Transformation Fund. If you remember, the

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Speaker 2: first draft was going to be one hundred billion rand, etc.

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Speaker 2: People were going to contribute to it. A couple of

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Speaker 2: big issues around it. One was just the shear size

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Speaker 2: to us who controls the money? And I think that's

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Speaker 2: still going to be an issue. Business Day suggesting that

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Speaker 2: there would be an initiative that if a company gave

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Speaker 2: three percent of their post tax profits to the fund

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Speaker 2: they would give thirty broad based black economic empowerment points

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Speaker 2: that will basically make them eligible to bid for government

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Speaker 2: contracts and other corporate contracts too. Would really change the

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Speaker 2: game and maybe we're seeing a big shift there. I

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Speaker 2: was not entirely surprised to see Edward Kiswetter, the SARS Commissioner,

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Speaker 2: writing today that I think the phrase he used was

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Speaker 2: we're not winning the war against the illicit economy. That

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Speaker 2: driven of course by tobacco and what we're seeing with

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Speaker 2: old Cohal, but so many other issues as well that

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Speaker 2: we'll talk a little bit about that. Zimple Tique is

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Speaker 2: the CEO of the Consumer Goods Council of so that

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Speaker 2: we will have some strong views on that tonight. Tourism

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Speaker 2: numbers seem to be up very strongly. In November last

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Speaker 2: year there was the G twenty and the B twenty

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Speaker 2: that helped, but then also going into December we had

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Speaker 2: high numbers and higher revenues for the tourism industry. To

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Speaker 2: beat Finger, the CEO of the Tourism Business Council of

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Speaker 2: South Africa, and before seven o'clock to Mbisavakuda, the Senior

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Speaker 2: Research fill and Director at Africa Asia dialogues about that

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Speaker 2: EU EEU India deal that I really do think is

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Speaker 2: very very important. Lots to talk about tonight. Good to

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Speaker 2: hear from you on O double one double A three

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Speaker 2: oh seven two and two one four, four, six, five, six,

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Speaker 2: seven eleven minutes now after six The Money Show.

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Speaker 1: With Stephen crutis live on ninety two point seven and

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Speaker 1: one O six FM, streaming on the Prime Media Plus.

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Speaker 3: NAP and DStv channel eight five six.

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Speaker 2: I don't know if you go into a place every

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Speaker 2: day and get a cup of coffee, if you buy

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Speaker 2: your coffee. I've got to the point where coffee is

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Speaker 2: so expensive now I am quite boring. I make it

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Speaker 2: at home. I spend some money on an ice big thermos,

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Speaker 2: and I take that and people sort of know him

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Speaker 2: in the office if they can see the thermis at

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Speaker 2: my desk or not. But I was struck by a

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Speaker 2: story on Reuter's talking about stuff in the US. Now

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Speaker 2: this is not Starbucks here, let me just be clear.

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Speaker 2: But in the US, and it seems the main problem

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Speaker 2: that they have is that they keep running out of things,

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Speaker 2: you know, like milk, that they can't manage their cup

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Speaker 2: lids to make sure they fit on their cups in properly,

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Speaker 2: and as a result, they run out. And the problem

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Speaker 2: is basically their supply chain, and they've been various promises

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Speaker 2: that this will all get fixed. One of the problems

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Speaker 2: seems to be that they have too many suppliers. They

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Speaker 2: don't have a few big suppliers over the years, they

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Speaker 2: have lots of different supplies. Another one I found this amazing,

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Speaker 2: and Reuter's quotes this. They said in the late nineties

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Speaker 2: they were using a particular IBM kind of computer system

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Speaker 2: to manage things, and their systems still work on that now.

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Speaker 2: I'm sure you can look at your cell phone from

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Speaker 2: the late nineties you didn't have one. I think that's

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Speaker 2: my point is that essentially things have changed so much,

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Speaker 2: and yet starbucks supply system probably has not. And you

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Speaker 2: wouldn't get that sense if you walked into their stores.

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Speaker 2: You'd think, well, their stores have kept up, but what's

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Speaker 2: going on behind the scenes is really the problem. And

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Speaker 2: it led me to ask you this question. How often

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Speaker 2: are you going into a place and they don't have

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Speaker 2: what you think they should have. Could be a coffee shop,

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Speaker 2: could be a pub, could be I don't know, a florist.

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Speaker 2: I always find florists never have anything that I need,

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Speaker 2: could maybe be something else, And isn't that really where

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Speaker 2: the real battle for some of the retail chains is.

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Speaker 2: If you look at Shopwright and Peck and Pay and Wilworths,

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Speaker 2: it's that that supply chain is really where the competitive

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Speaker 2: advantage is.

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Speaker 4: You know.

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Speaker 2: For wil Worth's it's the sort of cold supply chain

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Speaker 2: making sure your AVO is fresh. For Shopwriter, it's making

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Speaker 2: sure for check as they're never out of anything, and

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Speaker 2: that the sixty to sixty guy is ready when you

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Speaker 2: need him. For Theck and Pay, it's kind of the

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Speaker 2: same thing. It's just your thoughts. You ever go into

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Speaker 2: a place and find they don't have what you need? Oh,

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Speaker 2: seven two seven o two one seven o two, what

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Speaker 2: impacted on how you feel about that chain? Thirteen minutes after.

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Speaker 3: Six, Stephen gone x at at Stephen.

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Speaker 2: The Important Business Day this morning, saying government is preparing

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Speaker 2: to now launch the new Transformation Fund. They aim to

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Speaker 2: get twenty billion rand from companies. They would give three

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Speaker 2: percent of their net profit after tax to the fund.

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Speaker 2: That would mean that quite a few more companies would

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Speaker 2: now qualify for government and corporate contracts. They wouldn't have

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Speaker 2: to change their ownership or their management to do that.

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Speaker 2: We're seeing so many changes to be at the moment,

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Speaker 2: the whole point of ownership seems to be kind of

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Speaker 2: almost disappearing. Heightened Kishava is the CEO of Unconventional CAA

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Speaker 2: Heightened Good Evening. I really do appreciate the time. Thank you.

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Speaker 2: The Transformation Fund sharply criticized by business groups and it

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Speaker 2: was first proposed. Do you think this new version of

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Speaker 2: it is any kind of improvement.

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Speaker 5: Steven good Evening, thanks for having me on the show.

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Speaker 5: The short answer to it is no, there's no changes

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Speaker 5: to the previous release of what was first drafted three

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Speaker 5: months back there, and so we were fundamentally sitting in

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Speaker 5: the same position of government proposing to centralize funds, but

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Speaker 5: they have no form of direction as to how these

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Speaker 5: funds are actually going to create a positive narrative for

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Speaker 5: the growth of SMMs in our country.

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Speaker 2: I mean, there's so many issues, I mean, on the

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Speaker 2: one side, and I think it was up to Stuart

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Speaker 2: Theobald who pointed this out at group from some time

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Speaker 2: ago that we have quite a lot of money that's

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Speaker 2: supposed to go to helping startups and black owned businesses

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Speaker 2: and the output of all of that money is not great.

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Speaker 5: Yeah, it's unfortunate. It's unfortunately not the case right now.

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Speaker 5: And I guess with the centralization being introduced create a

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Speaker 5: concentration risks further, and especially where the governance is weak

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Speaker 5: or politicize for a better word, capital letg is going

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Speaker 5: to become more likely than this. And with the lack

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Speaker 5: of confidence that we already have in our state owned

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Speaker 5: entities and our economy itself and how it's run, I

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Speaker 5: think this is going to create even further red flags

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Speaker 5: on whether this is really true in essence transformation or

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Speaker 5: actually just they tech tick box to allow companies to

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Speaker 5: get a v squocer.

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Speaker 2: Well, isn't that the issue? The whole idea of BEE

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Speaker 2: was supposed to be about ownership, and ownership would be

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Speaker 2: assets that should be generational wealth, and that seems to

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Speaker 2: be falling by the wayside. Whether it's Elon Musk and

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Speaker 2: Starlink or whether it's this proposal suddenly be means something

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Speaker 2: completely different to what it meant five years ago.

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Speaker 5: You're spot on with that, Stephen in saying that, because

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Speaker 5: if you look, there's an article that was released by

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Speaker 5: the Minister of Small Business Development also with this article

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Speaker 5: when mister Abraham she highlighted that you know, Africa receives

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Speaker 5: less than two percent of venture capital funds, et cetera

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Speaker 5: from overseas funding and that funding is a big problem

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Speaker 5: for the growth of startups and as now with the

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Speaker 5: intention and initiative of what the and transformation was essentially

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Speaker 5: created to do to lift economic embalmment for a better word,

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Speaker 5: the question then lies to government, is this actually a

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Speaker 5: case or are you all actually trying to subsidize gaps

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Speaker 5: in your budgets that aren't being able to fully be

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Speaker 5: correctly fulfilled due to in additacy in how we are

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Speaker 5: managing our economy currency because in her article she stipulates

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Speaker 5: that they at the Department of Small Business Development have

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Speaker 5: a shortage in their budget to dispose to startups and.

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Speaker 2: A big part of it, and this has always been

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Speaker 2: the main point of criticism and I think is going

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Speaker 2: to sort of remain, is that this fund would get

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Speaker 2: money from private companies. A board of direct would run

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Speaker 2: the fund. They would decide where the money goes, who

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Speaker 2: gets some powered, who doesn't, and that board gets appointed

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Speaker 2: by a minister and this goes back to your central

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Speaker 2: point about how people feel about government at the moment.

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Speaker 5: Yeah, and that's the biggest red flag that comes out

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Speaker 5: of the article. Clearly stipulates that it's really be a

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Speaker 5: self appointed board. Now are they proposing that the fund

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Speaker 5: be managed by the NYF? And if you look at

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Speaker 5: the mandate of the NYF is very specific in how

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Speaker 5: they invest in, what type of self companies that they

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Speaker 5: invest in, and also the industries that they're looking at

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Speaker 5: investing in. So to disperse twenty billion RAN towards SMA

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Speaker 5: means but only segmenting it to a specific industry and

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Speaker 5: size of business. It boils down to the question is

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Speaker 5: this really thantru economic empowerment or is this actually corruption

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Speaker 5: or mismanagement that's inevitably being.

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Speaker 2: In rail. I've made the same point several times on

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Speaker 2: the Money Show that I mean the very concept for

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Speaker 2: me anyway, or BEE is coming under so much pressure,

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Speaker 2: partly because the das in the coalition with the A

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Speaker 2: and C, partly because of the Trump administration. I see

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Speaker 2: so few constructive proposals for anything that could replace it.

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Speaker 5: You're right, I don't think we have a quick, fixed solution.

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Speaker 5: Considering that to your point, ownership, and you know, the

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Speaker 5: entrenchment of being in the in the roots of corporate

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Speaker 5: in the communities, for example, in the minds where a

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Speaker 5: lot of community work and development has to take place,

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Speaker 5: the trusts that have been set up to support some

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Speaker 5: of the communities where they actually is impactful work and

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Speaker 5: good work being done. It's going to take a lot

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Speaker 5: more than just coming up with a quick fixed solution

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Speaker 5: such as the Transformation fundenting this is going to resolve it.

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Speaker 5: I think it requires all the political parties to put

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Speaker 5: their minds together as to what is right for this

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Speaker 5: kind of taking away ego and emotion from it and

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Speaker 5: rather putting logic and perspective to how do we move

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Speaker 5: our country forward connectives.

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Speaker 2: I think we're asking a lot of our politicians, Heiden,

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Speaker 2: I think I don't know if it's going to happen.

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Speaker 2: Thank you so much. Heighten Kashavez, the CEO at Unconventional CA,

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Speaker 2: your thoughts please, oh seven two seven oh two one

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Speaker 2: seven two. Twenty minutes after six.

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Speaker 1: On The Money Show six to eight pm.

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Speaker 2: A reminder from the SARS Commissioner Edward Kisswetter. Today again

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Speaker 2: in Business Day, we're not running the war against the

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Speaker 2: illicit economy. Responding, of course, to British American Tobacco's decision

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Speaker 2: to close down their tobacco factory in Heidelberg, the eighty

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Speaker 2: says three quarters of cigarettes sold in South Africa are

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Speaker 2: now sold illicitly. Keisswetter saying this cost us between eighteen

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Speaker 2: and twenty eight billion round a year in tax revenue.

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Speaker 2: And obviously it's not just cigarettes. Zintlet Tiquet is the

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Speaker 2: CEO of the Consumer goods Counts of South Africa. Isn't

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Speaker 2: there good evening? I mean we see this everywhere. We

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Speaker 2: see it in tobacco obviously, we see it in alcohol,

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Speaker 2: We see it in bizarrely fake medicines, fake clothing, all

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Speaker 2: of that kind of thing. It must be having a

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Speaker 2: huge impact on your members.

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Speaker 6: It doesn't good afternoons given to you, get evening to

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Speaker 6: you and your listeners. It does illicit. As an economy,

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Speaker 6: it has become an economy of its own. It accounts

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Speaker 6: to over one hundred billion annually, runs nearly ten percent

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Speaker 6: of the South African economy. It's growing and it's not

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Speaker 6: just about our members. It's about how we impact our

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Speaker 6: people because our people are consuming this fold medicine. As

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Speaker 6: you indicated on. These are issues of life and death.

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Speaker 6: So it's really really a big issue for our economy,

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Speaker 6: for our ability to create employment, and for our health.

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Speaker 6: You know, Bat's closure with just a wake up call

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Speaker 6: because Bat, that cetera has been in South Africa in

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Speaker 6: the nineteen fifties and it's secured and it's sustained the

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Speaker 6: hydrobed town, and that town is now going to be dying.

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Speaker 2: I mean what I don't really understand. I mean I

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Speaker 2: can imagine, well I don't smoke and never really have,

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Speaker 2: but I can imagine sort of, you know, someone trying

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Speaker 2: a cigarette that they know to be illicit, but fake medicine.

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Speaker 2: I mean, you would never want to give that to

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Speaker 2: your child, and yet people are desperate, people aren't sure

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Speaker 2: what it actually is, people are lied to. All of

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Speaker 2: those things are major problems definitely.

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Speaker 6: I mean, yes, cigarettes, alcohol, clothing, medicine, toys. We're given

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Speaker 6: our children toys that we do not know what chemicals

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Speaker 6: are in those plastics that are making those toys. And

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Speaker 6: we are a society continuing because it's cheap. We understand

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Speaker 6: the scales of economy and the challenges that South Africans

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Speaker 6: are going through, but we really need to be aware.

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Speaker 6: We have suffered in South Africa with our children dying

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Speaker 6: because of continuing goods that were kept unsafely. We know

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Speaker 6: the pain that this parents suffered, and we continue to

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Speaker 6: go as communities. We need to create awareness because if

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Speaker 6: as a community we continue to fund and buy this product,

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Speaker 6: we are funding illicit trade, which is not even funding

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Speaker 6: a solid economy than not paying taxes. As you heard

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Speaker 6: from the SUS Commissioner, they're funding things that are untoured,

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Speaker 6: that are not for good for this countrol on anywhere

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Speaker 6: else in the world.

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Speaker 2: Isn't that I can feel. I mean that we're kind

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Speaker 2: of just losing this that no matter what happens, it

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Speaker 2: just seems to get worse. I mean, what measures work?

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Speaker 2: So I would think a stronger stars and we've seen

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Speaker 2: some evidence of that. It is getting a bigger budget,

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Speaker 2: all of those things. We're back again to the perennial

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Speaker 2: question in South Africa so often, which is better policing

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Speaker 2: and more effective police. I would also say probably more

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Speaker 2: investigators within the police.

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Speaker 6: Definitely we want law more law enforcement. But also it's

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Speaker 6: not only an issue for us. It's gone beyond because

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Speaker 6: we had last day said yeah already that the Minutes

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Speaker 6: of Finance promise resources into fighting illicit and the year

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Speaker 6: on we're still trying to find the right resources.

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Speaker 5: What resources are though, So we as.

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Speaker 6: An industry are ready to come to the party. We

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Speaker 6: have written to Netlik and yes Netlik has responded and

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Speaker 6: they are happy to partner. It doesn't work with us

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Speaker 6: on this matter because it's network. We have all the

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Speaker 6: social partners, we have government, we have civil society, and

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Speaker 6: we have labor. So that's where because that's where the

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Speaker 6: policeed regulatory issues are going to be determined for the

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Speaker 6: economy of this country. So because network is better positioned,

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Speaker 6: because if it set us do it on its own

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Speaker 6: or police do it on its own, it's not going

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Speaker 6: to be an impactful that you're going to see immediate results.

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Speaker 6: So we need to come together, stakeholders and read together.

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Speaker 6: Because illicit is not just about finding oh there's an

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Speaker 6: illicit product. You need to identify that product. You need

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Speaker 6: to know for sure. There's issues where you have to

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Speaker 6: have proper auditing, where the finances, where the production of

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Speaker 6: the threat and trace issues. There's a lot that goes

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Speaker 6: into that because you cannot just on face value and

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Speaker 6: say oh, this is an illicit product or this is

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Speaker 6: a counterfeit product. You need to look deeper and identify

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Speaker 6: the source of where this product is, where was it

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Speaker 6: supposed to be sold, Where was this manufactured by whom?

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Speaker 6: And you have to check all of those things. And

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Speaker 6: with an industry, we are the owners of these goods.

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Speaker 6: We know who's a rightful owner of these goods, and

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Speaker 6: we can tell sus or any law enforcement agencies that

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Speaker 6: these goods are legitimate or not. I mean, let me

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Speaker 6: tell you a nice, really big story of the work

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Speaker 6: that we're doing with government. Were working with government in

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Speaker 6: particularly in the First State. We work with the Environmental

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Speaker 6: Health practitioners. They're using my CGS a app. They have

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Speaker 6: the app online because you know, we did a campaign

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Speaker 6: last year talking about the six hundred bark hold South

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Speaker 6: African that is the wetter. So these illicit producers and

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Speaker 6: untoward producers have now copied six hundred barcode and put

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Speaker 6: it on products in particularly alcohol. So the environmental practitioner,

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Speaker 6: because they worked with us, they went to the shop

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Speaker 6: when they're doing their inspection, they scanned and they could

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Speaker 6: not find this product. They made they made a suf

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Speaker 6: away of this and we are taking legal or actually

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Speaker 6: spotting to our lawyers to get those people to stop

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Speaker 6: issuing these numbers, because now because they're not every South

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Speaker 6: Africa knows that you have to look at the barcode

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Speaker 6: and the six hundred. Now they're doing that, So it's

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Speaker 6: becoming deeper and crazy every moment. So because now we

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Speaker 6: have to have legal issues and have to litigate to

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Speaker 6: make sure that people stop using this in correct barcode

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Speaker 6: that they're issuing, because anyone, any company now goes and

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Speaker 6: buys these barcodes that are wrong, that don't have ownership.

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Speaker 2: I mean, are there things measures that have worked in

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Speaker 2: other countries? Other markets have the same problem of illicit goods?

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Speaker 6: I mean, the South African case is the worst in

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Speaker 6: the world. What is happening in other markets? What is

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Speaker 6: happening in the other markets is that in Europe number

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Speaker 6: and they're implementing something called the Digital Product Passport the DPP.

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Speaker 6: What it needs every product that you are buying and

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Speaker 6: you have it's in your hands physically, it needs to

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Speaker 6: have a digital twin. And that's what does that mean me?

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Speaker 6: When you are a producer and manufacturer, you need to

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Speaker 6: say I can be able to scan this product and

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Speaker 6: see its digital twin online which will tell me the

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Speaker 6: country of the region, the country of sale, the image

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Speaker 6: is offered, the content offered, and much more information. Now

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Speaker 6: we're getting into packaging and environmental information about whether it's

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Speaker 6: too cyclable or not. There's much more information that is happening.

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Speaker 6: And yesterday is one of the other asserts you news

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Speaker 6: that you're doing. Within the agriculture, we're talking with Cape Wool.

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Speaker 6: They are tracking the wool that is supposed to stay

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Speaker 6: in South Africa because that's what Europe wants they're trading

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Speaker 6: with globally. When you go and trade in Europe, they

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Speaker 6: want to know this jersey or the blanket that you

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Speaker 6: are wearing or whatever it's spared out of food, Where

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Speaker 6: did you source that wood? Have you sourced it sustainably?

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Speaker 6: In which farm? In which sheep? How are the conditions

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Speaker 6: and how was you know? So that's what other countries,

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Speaker 6: the extent of other countries are doing, and in South

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Speaker 6: Africa because we're working with care Would and we're at

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Speaker 6: that point. We've done that for Careful and also direct

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Speaker 6: meat industry because of the food and mouthe diseases. These

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Speaker 6: are the issues that we are doing because that is

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Speaker 6: the strength of the just Ran bark hold that we

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Speaker 6: were trying to showcase in this country. And we've been

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Speaker 6: showcasing the two government for a very long time. And

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Speaker 6: now we have to get to illicit issues the extent

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Speaker 6: of the ilities that we are coming from. And now

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Speaker 6: that's where we're at. We're losing BE eighty since two

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Speaker 6: thousand during COVID BE eight before before then, we have

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Speaker 6: been saying elicits is an issue. COVID made it worse,

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Speaker 6: saying government covered that made it worse, and illicit is

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Speaker 6: becoming worse.

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Speaker 2: And west Zinclai thank you so much. The see of

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Speaker 2: the Consumer Goods Counsel of South Africa show Mark Ryan

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Speaker 2: Hills had a fundamental sales at Absency ib Ryan good Evening.

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Speaker 2: I suppose a pullback from gold stocks was inevitable after yesterday.

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Speaker 7: Yeah, absolutely, evening, Steven and yeah, look, I mean that's

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Speaker 7: all one about three point three to six percent today,

393
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Speaker 7: no surprise, as you say, and to be frank, I

394
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Speaker 7: mean they're up twenty percent in this month alone, so

395
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Speaker 7: probably just a bit of profit taking going on, but

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Speaker 7: there are some interesting dynamics of player. I mean, gold

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Speaker 7: stocks are now about twenty percent of the top forty.

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Speaker 7: Goldfield I was just looking at the numbers earlier is

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Speaker 7: now the same market capitalization as NASA, surprisingly, which is

400
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Speaker 7: the bigger stock on the top forty, and in fact

401
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Speaker 7: it's about sixty percent, and the Goldfields alone is about

402
00:21:41,800 --> 00:21:45,520
Speaker 7: sixty percent larger than the first round group. So surprisingly,

403
00:21:45,600 --> 00:21:48,360
Speaker 7: it now becomes quite hard for active managers to express

404
00:21:48,359 --> 00:21:50,719
Speaker 7: and overweight for you on the stocks. And I do

405
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Speaker 7: think you're seeing some of that play out to some

406
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Speaker 7: extent here, maybe just as a quick a side. I mean,

407
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Speaker 7: we're still very constructive on gold. I think the tail

408
00:21:58,520 --> 00:22:01,320
Speaker 7: winds that enjoyed last year still very much at place.

409
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Speaker 7: So you've got central bank buying, you've got a difficult

410
00:22:04,359 --> 00:22:07,920
Speaker 7: geopelitical environment. You've got, of course the weakness and the dollar,

411
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Speaker 7: and then I think there are some seasonal factors that's

412
00:22:10,359 --> 00:22:13,480
Speaker 7: probably supported as well. You've got the Chinese New Year

413
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Speaker 7: coming up, and of course the Indian wedding season. So yeah,

414
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Speaker 7: probably a bit of a blip back. I suspect Goal

415
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Speaker 7: will continue to rally.

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Speaker 2: We've got retail updates starting tomorrow and that should also

417
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Speaker 2: give us an understanding of what was going on during December.

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Speaker 7: Yeah, I must say.

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Speaker 8: So.

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Speaker 7: Yeah, we've got I think mister Price out tomorrow and

421
00:22:31,000 --> 00:22:34,800
Speaker 7: Willie's out probably later this week. So our data suggests

422
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Speaker 7: that the consumers probably remained quite constrained. In fact, if anything,

423
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Speaker 7: I think tu It's numbers showed that clothing spend was

424
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Speaker 7: marginally softer. And of course we understand that the environment

425
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Speaker 7: of the challenge at the moment. You've got imports from

426
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Speaker 7: Sheeran and Temu. You've course also got the consumers pushing

427
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Speaker 7: into the gambling arena. So I suspect that these top

428
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Speaker 7: line numbers from the retailers are going to be quite neuted.

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Speaker 7: But I think the key question, yeah, is whether the

430
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Speaker 7: valuation currently on the jcs for the for the cloning retailers,

431
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Speaker 7: for example, whether those are fully discarded all of the

432
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Speaker 7: bad news or could we still see some further sell

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Speaker 7: offs if the updates do disappoint.

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Speaker 2: And then net Bank down a little bit today.

435
00:23:16,640 --> 00:23:19,040
Speaker 7: Yeah, I mean that's been playing out for a lost

436
00:23:19,160 --> 00:23:20,000
Speaker 7: the last few days.

437
00:23:20,040 --> 00:23:20,159
Speaker 8: Now.

438
00:23:20,240 --> 00:23:22,840
Speaker 7: I mean you could argue that this is largely a

439
00:23:22,880 --> 00:23:25,919
Speaker 7: function of the fact that they've decided to make a

440
00:23:25,920 --> 00:23:27,680
Speaker 7: bid for a majority stake in one of the East

441
00:23:27,720 --> 00:23:31,200
Speaker 7: Africa's largest banks. At the NCBA UH and in fact,

442
00:23:31,240 --> 00:23:33,639
Speaker 7: to your point, I think the index up today about

443
00:23:33,680 --> 00:23:36,800
Speaker 7: one percent, ned Bank down about two. But you know,

444
00:23:36,840 --> 00:23:39,720
Speaker 7: there have been some concerned expressed by investors, so for example,

445
00:23:39,760 --> 00:23:42,000
Speaker 7: things like the premium being paid and of course the

446
00:23:42,040 --> 00:23:45,480
Speaker 7: execution and regulator risk. But to be fair, Nedbank has

447
00:23:45,520 --> 00:23:48,720
Speaker 7: actually outperformed the bank's index since the index started rallying

448
00:23:49,080 --> 00:23:51,560
Speaker 7: in earnest in October, so possibly some of the sell

449
00:23:51,560 --> 00:23:54,480
Speaker 7: effects we're seeing at the moment could be relateing Gibert

450
00:23:54,480 --> 00:23:55,720
Speaker 7: of profit taking on the goal.

451
00:23:56,000 --> 00:23:58,240
Speaker 2: Ryan Hill, thanks so much. I had a fundamental sales

452
00:23:58,240 --> 00:24:00,919
Speaker 2: at ABSCIB Stephen.

453
00:24:00,960 --> 00:24:05,040
Speaker 9: On seven two seven two one seven two.

454
00:24:04,920 --> 00:24:07,719
Speaker 2: Well, I started the show tonight with the story of

455
00:24:07,760 --> 00:24:09,960
Speaker 2: what's happening at Starbucks in the US and how their

456
00:24:10,000 --> 00:24:14,320
Speaker 2: supply chain problems are causing so many issues. I asked,

457
00:24:14,359 --> 00:24:17,720
Speaker 2: if you've come across the same thing here in any sense,

458
00:24:17,880 --> 00:24:20,280
Speaker 2: just not finding what you need when you expect to

459
00:24:20,359 --> 00:24:20,679
Speaker 2: find it.

460
00:24:20,800 --> 00:24:25,480
Speaker 10: Some responses Hie Stephen to answer your question around when

461
00:24:25,520 --> 00:24:29,000
Speaker 10: I can't find what I need in a store all

462
00:24:29,040 --> 00:24:33,200
Speaker 10: the time, in pretty much every store, if I base

463
00:24:33,480 --> 00:24:38,480
Speaker 10: my purchasing criteria on supply chain ethics, as well as

464
00:24:38,560 --> 00:24:44,120
Speaker 10: retailer ethics, and I look at things like ethical production

465
00:24:44,280 --> 00:24:50,240
Speaker 10: and packaging that is minimal with regard to environmental awareness

466
00:24:50,400 --> 00:24:54,440
Speaker 10: and so forth. I almost buy nothing all the time.

467
00:24:54,640 --> 00:24:55,920
Speaker 11: It saves me a fortune.

468
00:24:56,080 --> 00:24:58,720
Speaker 10: I go home and improvise and make a plan.

469
00:24:58,880 --> 00:24:59,840
Speaker 12: And do it part.

470
00:25:00,680 --> 00:25:04,160
Speaker 10: And that is my message to all the retailers.

471
00:25:04,359 --> 00:25:07,640
Speaker 6: They really suck at making things ethical.

472
00:25:08,359 --> 00:25:12,159
Speaker 13: Stephen. I don't know if nail bus qualifies here, but

473
00:25:12,920 --> 00:25:15,960
Speaker 13: I feel that every time I go and do my nails,

474
00:25:16,320 --> 00:25:18,800
Speaker 13: they are always running out of the nail polish that

475
00:25:18,840 --> 00:25:20,640
Speaker 13: I need that I want at the time.

476
00:25:20,760 --> 00:25:21,320
Speaker 4: Always.

477
00:25:21,800 --> 00:25:25,560
Speaker 13: And also when you go and go to the hairdresser,

478
00:25:25,760 --> 00:25:29,680
Speaker 13: they are either any out of shampoo or conditioner. It's

479
00:25:29,720 --> 00:25:32,199
Speaker 13: just weird. They always have to leak out that bottle

480
00:25:32,240 --> 00:25:35,960
Speaker 13: for the conditioner. Always, always, always sam by Stephen.

481
00:25:36,080 --> 00:25:38,879
Speaker 14: Regarding going into a place and I'm not having what

482
00:25:39,560 --> 00:25:44,440
Speaker 14: one is looking for, it honestly doesn't bother me so much, because, yeah,

483
00:25:44,560 --> 00:25:47,080
Speaker 14: often when I walk into a Checkers or a Pickapet

484
00:25:47,160 --> 00:25:50,239
Speaker 14: or All That's or whatever shop and I see, you know,

485
00:25:50,359 --> 00:25:52,720
Speaker 14: the fully stocked shoals and all the fresh produce and

486
00:25:52,840 --> 00:25:56,879
Speaker 14: baked goods and all things, all I think is how

487
00:25:56,960 --> 00:25:59,080
Speaker 14: much of that is actually going to go to waste,

488
00:25:59,680 --> 00:26:02,399
Speaker 14: just so that every person who walks in has the

489
00:26:02,480 --> 00:26:05,840
Speaker 14: option of buying anything on the shelf. Because of that,

490
00:26:05,880 --> 00:26:08,439
Speaker 14: we land up with a whole lot of food waste,

491
00:26:08,520 --> 00:26:10,840
Speaker 14: and unfortunately don't have.

492
00:26:11,240 --> 00:26:15,280
Speaker 11: The infrastructure in place to supply that food waste to

493
00:26:15,320 --> 00:26:18,240
Speaker 11: people who need it. There are a few people that

494
00:26:18,320 --> 00:26:22,280
Speaker 11: do it, but you know, not enough quite fortunately. So yeah,

495
00:26:22,480 --> 00:26:23,560
Speaker 11: just my two cents.

496
00:26:23,760 --> 00:26:26,000
Speaker 2: Yeah, thank you for that. Some very interesting perspectives. The

497
00:26:26,000 --> 00:26:29,719
Speaker 2: ethics is important. The wastage also, you see that actually

498
00:26:29,720 --> 00:26:32,440
Speaker 2: in many places, in fact, Starbucks in the US is

499
00:26:32,840 --> 00:26:36,920
Speaker 2: having a huge amount of wastage. It's really interesting how

500
00:26:36,960 --> 00:26:39,960
Speaker 2: difficult it is to manage a supply chain. Why someone

501
00:26:40,080 --> 00:26:42,520
Speaker 2: could run out of a particular type of nail polish

502
00:26:42,640 --> 00:26:46,879
Speaker 2: or hair conditioner which really should kind of expire in

503
00:26:46,960 --> 00:26:49,600
Speaker 2: about the year twenty thirty six. I have no idea.

504
00:26:50,080 --> 00:26:52,440
Speaker 2: I mean, it's long term stuff. It's going to smell

505
00:26:52,520 --> 00:26:55,240
Speaker 2: like that forever. You really don't need to run out

506
00:26:55,240 --> 00:26:58,640
Speaker 2: of it. Very strange. Thanks for that. Nineteen minutes now

507
00:26:58,680 --> 00:26:59,480
Speaker 2: to seven.

508
00:27:00,119 --> 00:27:03,639
Speaker 15: Highs drop is here. Save up to forty percent on

509
00:27:03,840 --> 00:27:06,760
Speaker 15: deals like Coca Cola, assorted soft drinks three hundred mill

510
00:27:06,880 --> 00:27:09,160
Speaker 15: twenty four pack bottles for one hundred and fifty nine

511
00:27:09,200 --> 00:27:12,359
Speaker 15: rand each. Cagury assorted many chocolate bags any five for

512
00:27:12,440 --> 00:27:15,080
Speaker 15: one hundred and ninety nine rand, say forty one rand

513
00:27:15,320 --> 00:27:18,960
Speaker 15: and finish dish washing tablets thirty plus fourteen's value pack

514
00:27:19,080 --> 00:27:21,480
Speaker 15: by two for two hundred and ninety nine rand, save

515
00:27:21,600 --> 00:27:25,119
Speaker 15: sixty one rand. Deals banded until this Sunday an a

516
00:27:25,240 --> 00:27:26,600
Speaker 15: checkers hyper.

517
00:27:27,000 --> 00:27:30,880
Speaker 16: Paying your COJ account made easier with e jobik Hi.

518
00:27:31,359 --> 00:27:34,919
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519
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524
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Speaker 3: Today the money show were Stephen on seven O two,

525
00:28:02,720 --> 00:28:03,640
Speaker 3: seven O two.

526
00:28:03,680 --> 00:28:05,320
Speaker 2: Call it to seven the time and after the good

527
00:28:05,320 --> 00:28:08,800
Speaker 2: news yesterday, Gold doing so well, the JC doing so well,

528
00:28:08,840 --> 00:28:12,160
Speaker 2: the RAN getting stronger. I'm amazed to say even more

529
00:28:12,160 --> 00:28:15,160
Speaker 2: good news today. The number of tourists visiting South Africa

530
00:28:15,200 --> 00:28:18,480
Speaker 2: seems to be improving quite strongly. Nearly four million travelers

531
00:28:18,480 --> 00:28:22,040
Speaker 2: through our entrants and exits during December. In November, the

532
00:28:22,119 --> 00:28:25,240
Speaker 2: tourism industry, according to stats Say, increased its revenue by

533
00:28:25,359 --> 00:28:28,240
Speaker 2: around twelve percent. Don't forget the G twenty and the

534
00:28:28,320 --> 00:28:32,200
Speaker 2: B twenty majure that Joe Berg's hotels were full. Tafia Chafenger,

535
00:28:32,320 --> 00:28:35,119
Speaker 2: the CEO of the Tourism Business Council of South Africa Joints,

536
00:28:35,200 --> 00:28:37,480
Speaker 2: is now no Tafila. Good evening. I mean we've been

537
00:28:37,520 --> 00:28:40,880
Speaker 2: hoping for a kind of step change in our tourism

538
00:28:40,960 --> 00:28:43,600
Speaker 2: that at some point the kind of dam will break

539
00:28:43,640 --> 00:28:45,920
Speaker 2: and we'll start to get a lot more people coming through.

540
00:28:46,320 --> 00:28:47,560
Speaker 2: Do you think we're seeing that now?

541
00:28:48,800 --> 00:28:53,719
Speaker 17: Well, good evening, Stephen are to you and to your listeners. Well,

542
00:28:53,840 --> 00:28:57,160
Speaker 17: you know, the numbers that came in today showed us

543
00:28:57,240 --> 00:29:02,280
Speaker 17: that we we have, for all intents and purposes, have

544
00:29:02,400 --> 00:29:06,520
Speaker 17: grown our Chris arrival between generally to December twenty twenty

545
00:29:06,560 --> 00:29:09,720
Speaker 17: four vessels this year and to December well last year

546
00:29:09,720 --> 00:29:14,520
Speaker 17: twenty twenty five by about seventeen point seven percent. What's

547
00:29:14,600 --> 00:29:19,000
Speaker 17: critical is also to look at the overseas arrivals, which

548
00:29:19,120 --> 00:29:24,400
Speaker 17: have grown by eleven point nine percent. However, we need

549
00:29:24,440 --> 00:29:27,840
Speaker 17: to sort of dissect these numbers and make sure that

550
00:29:28,080 --> 00:29:30,600
Speaker 17: you know we're looking at the correct picture. Number one

551
00:29:31,360 --> 00:29:34,520
Speaker 17: is that the what drives these numbers in the main

552
00:29:34,760 --> 00:29:37,560
Speaker 17: is the travel between the seven countries. So if you

553
00:29:37,600 --> 00:29:41,880
Speaker 17: look at Lisuchu, you look at Mozambique, you look at Swazerland,

554
00:29:42,480 --> 00:29:45,400
Speaker 17: you look at Zimbabwe and Malawi, you see that there's

555
00:29:45,440 --> 00:29:47,960
Speaker 17: a whole lot more people that came from those countries

556
00:29:48,440 --> 00:29:51,360
Speaker 17: to boost these numbers. One, can you know, put a

557
00:29:51,400 --> 00:29:54,200
Speaker 17: question mark to say is this pure travel or is

558
00:29:54,240 --> 00:29:57,520
Speaker 17: it economic migration? Does the debate for another day. But

559
00:29:57,600 --> 00:30:01,320
Speaker 17: if you look at the international arrivals the overseas, however,

560
00:30:01,440 --> 00:30:04,720
Speaker 17: outside of the African continent eleven point nine percent growth

561
00:30:05,400 --> 00:30:08,200
Speaker 17: twenty twenty four vessels twenty twenty five. However, this is

562
00:30:08,240 --> 00:30:12,800
Speaker 17: still below the twenty nineteen figure of about two point

563
00:30:12,840 --> 00:30:17,000
Speaker 17: six million, So our recovery rate is still behind from

564
00:30:17,040 --> 00:30:20,320
Speaker 17: the overseas arrival point of view. In fact, the only

565
00:30:20,440 --> 00:30:24,160
Speaker 17: two countries that have recovered that two hundred percent or

566
00:30:24,160 --> 00:30:27,800
Speaker 17: twenty nineteen, which is the pre COVID numbers, is the USA,

567
00:30:27,800 --> 00:30:30,320
Speaker 17: which is sitting one hundred and four percent, and it's

568
00:30:30,360 --> 00:30:32,920
Speaker 17: also Australia, which is sitting one hundred and eight. The

569
00:30:32,960 --> 00:30:35,400
Speaker 17: rest of the country like UK is still on ninety

570
00:30:35,440 --> 00:30:39,320
Speaker 17: two percent. Germany but ninety frant eighty one. If you

571
00:30:39,400 --> 00:30:42,560
Speaker 17: go to China and India, the numbers are even less.

572
00:30:42,640 --> 00:30:45,720
Speaker 17: China hin is sitting at forty point seven percent. So

573
00:30:45,760 --> 00:30:48,520
Speaker 17: it's very important that we put perspective in these numbers

574
00:30:48,520 --> 00:30:53,000
Speaker 17: that as much as we see this huge growth which

575
00:30:53,080 --> 00:30:56,880
Speaker 17: exceed in overall number, exceed the twenty nineteen figure, is

576
00:30:57,000 --> 00:31:00,960
Speaker 17: largely driven by those that are crossing Lisu to If

577
00:31:00,960 --> 00:31:03,640
Speaker 17: you look at it between twenty twenty four versus twenty

578
00:31:03,640 --> 00:31:06,360
Speaker 17: twenty five, it's over forty percent increase in terms of

579
00:31:06,360 --> 00:31:09,280
Speaker 17: crossing the border, and the similar type of numbers for

580
00:31:10,320 --> 00:31:13,160
Speaker 17: Malawi and other places. So we need to look at

581
00:31:13,200 --> 00:31:18,480
Speaker 17: it purely from what touches the value chain in its entirety,

582
00:31:18,720 --> 00:31:21,960
Speaker 17: or at least partially to a point where we can

583
00:31:22,000 --> 00:31:25,840
Speaker 17: say it's meaningful, you know, tourism contribution. We're still quite behind,

584
00:31:26,960 --> 00:31:30,400
Speaker 17: but we have the momentum and we should be able

585
00:31:30,480 --> 00:31:34,000
Speaker 17: to buy this year, you know, by way of us

586
00:31:34,000 --> 00:31:36,440
Speaker 17: as a private sector getting involved in many of these things,

587
00:31:37,040 --> 00:31:40,280
Speaker 17: able to recover in these critical markets so.

588
00:31:40,200 --> 00:31:42,400
Speaker 2: If you were so for a lot of time. I mean,

589
00:31:42,440 --> 00:31:44,920
Speaker 2: there's some things that we fix, load sheddings being fixed.

590
00:31:45,640 --> 00:31:47,920
Speaker 2: Crime is going to be a problem with tourism for

591
00:31:47,960 --> 00:31:50,240
Speaker 2: a long time that certain parts of Cape Town, the

592
00:31:50,280 --> 00:31:53,360
Speaker 2: Western Cape kind of maybe manage that a bit more effectively.

593
00:31:55,040 --> 00:31:56,960
Speaker 2: Is there more that government should be doing in terms

594
00:31:57,040 --> 00:31:59,680
Speaker 2: of visas making it easier to come perhaps, I think

595
00:31:59,760 --> 00:32:02,160
Speaker 2: so dropping the requirement that I think still exists that

596
00:32:02,600 --> 00:32:06,200
Speaker 2: you know, parents have to give mission for children to

597
00:32:06,240 --> 00:32:08,600
Speaker 2: come and all that sort of thing. Is there still

598
00:32:08,680 --> 00:32:10,160
Speaker 2: redtape that's unnecessary?

599
00:32:11,280 --> 00:32:14,400
Speaker 17: Well, we still do have redtape that's are necessary, especially

600
00:32:14,560 --> 00:32:18,320
Speaker 17: you know when it comes to the motor vehicle licensing

601
00:32:18,640 --> 00:32:22,880
Speaker 17: those tourist you know, vehicles that carry stories around. We

602
00:32:23,000 --> 00:32:25,960
Speaker 17: still struggle to get licenses for those vehicles. And there's

603
00:32:26,000 --> 00:32:28,440
Speaker 17: some work that we are doing as the tourism business

604
00:32:28,440 --> 00:32:32,360
Speaker 17: comes from to unlock that space. The issues around Home

605
00:32:32,400 --> 00:32:36,760
Speaker 17: affairs and the visa processing has improved. I must say

606
00:32:36,800 --> 00:32:39,320
Speaker 17: that for the past a few years of working together

607
00:32:39,400 --> 00:32:41,720
Speaker 17: with Home Afairs hand in hand, I have seen a

608
00:32:41,720 --> 00:32:44,960
Speaker 17: great deal of improvement. Uh the introduction of the ETA.

609
00:32:45,200 --> 00:32:47,680
Speaker 17: But the Minister for My Fairs, who regularly attend our

610
00:32:47,760 --> 00:32:51,920
Speaker 17: conference and updat as on what home a Face is doing.

611
00:32:52,080 --> 00:32:54,040
Speaker 17: It's a well come news because if we get this

612
00:32:54,160 --> 00:32:57,560
Speaker 17: electronic travel authorization, it means that a lot more people

613
00:32:57,560 --> 00:32:59,920
Speaker 17: don't need to go to our missions abroad when they

614
00:33:00,120 --> 00:33:02,760
Speaker 17: need to come to South Africa, especially those countries that

615
00:33:02,840 --> 00:33:04,920
Speaker 17: require visa to come to South Africa. So we still

616
00:33:04,960 --> 00:33:08,320
Speaker 17: need to roll that out across the board and we

617
00:33:08,440 --> 00:33:10,800
Speaker 17: make sure that the system, the underlying part of the

618
00:33:10,840 --> 00:33:14,800
Speaker 17: system is robust, it can produce results and people can

619
00:33:14,800 --> 00:33:17,160
Speaker 17: be able to get their visas on time. That is

620
00:33:17,200 --> 00:33:19,560
Speaker 17: the challenge that you know, we need to solve and

621
00:33:19,600 --> 00:33:22,320
Speaker 17: we need to solve agently because we still need, as

622
00:33:22,320 --> 00:33:24,360
Speaker 17: I've said, to grow some of the markets that are

623
00:33:24,440 --> 00:33:27,200
Speaker 17: outside of these core markets that I've mentioned, they sat

624
00:33:27,240 --> 00:33:30,360
Speaker 17: the markets that are growing India and China still require visa.

625
00:33:30,440 --> 00:33:34,320
Speaker 17: As marchers. We've introduced they what we call the tetos

626
00:33:34,400 --> 00:33:38,000
Speaker 17: trusted to operator our schemes in those markets. But individual

627
00:33:38,040 --> 00:33:41,200
Speaker 17: travelers needs to have it easy, you know, when they

628
00:33:41,200 --> 00:33:44,840
Speaker 17: travel to the country. So there is improvement and we

629
00:33:44,920 --> 00:33:47,600
Speaker 17: have momentum, we still need to make sure that we

630
00:33:47,760 --> 00:33:51,240
Speaker 17: implement those things. But from where we come from, I

631
00:33:51,280 --> 00:33:53,440
Speaker 17: can say, from Homo fast point of view, there's a

632
00:33:53,480 --> 00:33:57,160
Speaker 17: great deal of momentum and we're working well together, but

633
00:33:57,240 --> 00:33:59,320
Speaker 17: we need to make sure that we implement and those

634
00:33:59,360 --> 00:34:00,959
Speaker 17: things can produce results.

635
00:34:01,000 --> 00:34:04,200
Speaker 2: Wise, if you're thanks so much. Schaftafengra is the see

636
00:34:04,280 --> 00:34:06,240
Speaker 2: of the Trusen Business Council of South Africa.

637
00:34:06,440 --> 00:34:09,080
Speaker 18: The money show was Stephen Kuetas is brought to you

638
00:34:09,160 --> 00:34:12,640
Speaker 18: by abs as cib a Pan African bank invested in

639
00:34:12,719 --> 00:34:16,120
Speaker 18: your story and the potential it can unlock because your

640
00:34:16,200 --> 00:34:18,880
Speaker 18: story matters that as a Rester.

641
00:34:18,760 --> 00:34:22,759
Speaker 2: Fsp seven minutes now to seven the time well news

642
00:34:22,800 --> 00:34:25,800
Speaker 2: today of what can only be described as a mega

643
00:34:25,840 --> 00:34:28,880
Speaker 2: deal between the EU and India creating a market, a

644
00:34:28,920 --> 00:34:32,440
Speaker 2: common market almost of two billion people. And I suppose

645
00:34:32,520 --> 00:34:35,440
Speaker 2: you can imagine the changes to the power relationships between

646
00:34:35,480 --> 00:34:39,680
Speaker 2: India and the EU and the US and China. To

647
00:34:39,760 --> 00:34:42,120
Speaker 2: Bias of Akuda is the senior Search Fellow and director

648
00:34:42,360 --> 00:34:46,880
Speaker 2: at Africa Asia Dialogues TANVISA good evening, tariffs on ninety

649
00:34:47,000 --> 00:34:49,959
Speaker 2: seven percent of European exports to India will be cut

650
00:34:50,400 --> 00:34:53,680
Speaker 2: or eliminated. Indian goods get into the EU a lot

651
00:34:53,719 --> 00:34:56,320
Speaker 2: more easily as well. This is a huge deal.

652
00:34:57,520 --> 00:35:01,960
Speaker 9: Huge still that has been nause for the past two decades,

653
00:35:02,000 --> 00:35:05,200
Speaker 9: we are told, and I think this is not good

654
00:35:05,280 --> 00:35:08,360
Speaker 9: used for Trump, of course, but it's going to open

655
00:35:08,440 --> 00:35:12,600
Speaker 9: new opportunities for both Europeans and the Indians. And this

656
00:35:12,760 --> 00:35:18,239
Speaker 9: come days after Marconi of Canada went to visit Jian

657
00:35:18,320 --> 00:35:20,880
Speaker 9: king and then there they have also signed some shular

658
00:35:20,960 --> 00:35:25,520
Speaker 9: stills intruding dropping the visa dequirement for Chinese. So overall

659
00:35:26,600 --> 00:35:30,200
Speaker 9: it's a game change in terms of trade between the

660
00:35:30,400 --> 00:35:31,680
Speaker 9: Western Hemisphere and the East.

661
00:35:32,400 --> 00:35:36,399
Speaker 2: For a long time, India in particular, but the EU too,

662
00:35:36,920 --> 00:35:39,720
Speaker 2: But I suppose particularly India have used tariffs to protect

663
00:35:39,719 --> 00:35:42,000
Speaker 2: their local industries and there have been big changes in

664
00:35:42,040 --> 00:35:45,000
Speaker 2: that society. They have an Indian Prime Minister is not

665
00:35:45,040 --> 00:35:47,239
Speaker 2: as strong as he was, but Narin Dromordi's still a

666
00:35:47,320 --> 00:35:50,920
Speaker 2: dominant political finger figure. What do you think change that

667
00:35:51,000 --> 00:35:54,440
Speaker 2: allowed him and then the EU to agree to the steal.

668
00:35:54,560 --> 00:35:56,920
Speaker 2: Was it just you know, the Trump administration in China

669
00:35:57,120 --> 00:36:01,200
Speaker 2: or their internal things happening in India as well? Well.

670
00:36:01,840 --> 00:36:06,120
Speaker 9: All the points that have just mentioned contributed to it.

671
00:36:06,160 --> 00:36:10,480
Speaker 9: But there's something else that's been going on between India,

672
00:36:10,640 --> 00:36:13,480
Speaker 9: Middle East and Europe. There's a new corridor called the

673
00:36:13,760 --> 00:36:18,040
Speaker 9: India Middle East European Corridor, which seeks to avoid that

674
00:36:18,160 --> 00:36:22,319
Speaker 9: it's sea and the Suave Canal. And for me, the

675
00:36:22,520 --> 00:36:26,880
Speaker 9: signing of these delude Europeans indicate that that corridor is

676
00:36:26,960 --> 00:36:31,320
Speaker 9: going to be up and running pretty soon, and it's

677
00:36:31,400 --> 00:36:33,440
Speaker 9: going to be of course competing with the belt Roal

678
00:36:33,560 --> 00:36:37,400
Speaker 9: initiative of China. So I think that's what actually prompted

679
00:36:37,440 --> 00:36:41,640
Speaker 9: to this move is in preparation of the utilization of

680
00:36:41,680 --> 00:36:44,720
Speaker 9: that corridor that's going to go straight from India, going

681
00:36:44,800 --> 00:36:47,000
Speaker 9: past some of the Middle Eastern countries all the way

682
00:36:47,000 --> 00:36:47,680
Speaker 9: into Europe.

683
00:36:48,239 --> 00:36:50,960
Speaker 2: I mean, it must change relationships with I mean, if

684
00:36:50,960 --> 00:36:53,120
Speaker 2: you think about China and the US, both of them,

685
00:36:53,480 --> 00:36:57,840
Speaker 2: I mean both have close relationships with India, complicated relationships

686
00:36:57,880 --> 00:37:00,240
Speaker 2: with the EU at the moment, but it both India

687
00:37:00,360 --> 00:37:03,480
Speaker 2: and China, but both China and the US would like

688
00:37:03,560 --> 00:37:05,319
Speaker 2: to think they have a lot of power of the

689
00:37:05,400 --> 00:37:08,880
Speaker 2: EU and a lot of power over India. Are they

690
00:37:08,920 --> 00:37:11,800
Speaker 2: suddenly less powerful over those two countries or blocks?

691
00:37:13,400 --> 00:37:16,080
Speaker 9: Not really. I mean the United States still controls the

692
00:37:16,160 --> 00:37:21,080
Speaker 9: IT sector and the IT market, so you can't do

693
00:37:21,480 --> 00:37:25,200
Speaker 9: without the United States and Trump being unpredictable might just

694
00:37:25,280 --> 00:37:30,319
Speaker 9: come and you know, institute a new tariff regime when

695
00:37:30,320 --> 00:37:32,520
Speaker 9: it comes to matters of it. That's the first one.

696
00:37:32,520 --> 00:37:35,480
Speaker 9: The other point, of course, is that India, which is

697
00:37:35,480 --> 00:37:40,040
Speaker 9: then English speaking human resource is largely dependent on, or

698
00:37:40,120 --> 00:37:42,120
Speaker 9: has been for a very long time, the United States.

699
00:37:42,160 --> 00:37:45,640
Speaker 9: India has been producing a lot of IT specialists and

700
00:37:46,040 --> 00:37:50,080
Speaker 9: human resource and they've been supplying the United States with

701
00:37:50,360 --> 00:37:55,239
Speaker 9: their capabilities and specialization. I think what is going to

702
00:37:55,239 --> 00:37:58,000
Speaker 9: be happening now, I think is going to start looking

703
00:37:58,040 --> 00:37:59,960
Speaker 9: at Europe and they're going to start to read out

704
00:38:00,000 --> 00:38:01,800
Speaker 9: at the human resources into Europe.

705
00:38:02,239 --> 00:38:06,120
Speaker 2: A fascinating comment by the European Union Commissioner Ursula Vondrelayan

706
00:38:06,200 --> 00:38:08,719
Speaker 2: as part of her official reaction. She said, we are

707
00:38:08,760 --> 00:38:13,040
Speaker 2: showing a fractured world that another way is possible, and

708
00:38:13,120 --> 00:38:15,839
Speaker 2: I was interested in that. Mark Carney saying last week

709
00:38:16,040 --> 00:38:20,560
Speaker 2: that that Middle Powers must sort of unite, that's a

710
00:38:20,760 --> 00:38:23,440
Speaker 2: fascinating comment in this current environment.

711
00:38:24,719 --> 00:38:27,560
Speaker 9: It's true, and it's all against one country, which is

712
00:38:27,640 --> 00:38:31,680
Speaker 9: the United States. So we're seeing bilaterals are going to

713
00:38:31,719 --> 00:38:33,839
Speaker 9: be strengthening, and I'm not quite sure whether it's going

714
00:38:33,880 --> 00:38:36,880
Speaker 9: to be good news for a multilateral world. But the

715
00:38:36,880 --> 00:38:40,440
Speaker 9: Middle powers are certainly looking at strengthening by literals. I'm

716
00:38:40,440 --> 00:38:42,919
Speaker 9: not quite sure whether that's good enough because.

717
00:38:44,080 --> 00:38:44,560
Speaker 6: You know, it.

718
00:38:45,120 --> 00:38:49,239
Speaker 9: Puts aside the most effective blootform instrument which have been

719
00:38:49,320 --> 00:38:52,920
Speaker 9: used by Middle powers and small countries, which is a

720
00:38:53,000 --> 00:38:56,040
Speaker 9: multi literalism. So in the absence of that, and with

721
00:38:56,160 --> 00:38:59,920
Speaker 9: Trump intendent destroying that, you're going to start having countries

722
00:39:00,080 --> 00:39:03,839
Speaker 9: negotiating what's good for them. We've seen with Canada last

723
00:39:03,840 --> 00:39:06,040
Speaker 9: week in China, now we've seen with India. South Africa

724
00:39:06,080 --> 00:39:09,279
Speaker 9: is also doing its own. So a multiletle system, multiletoral

725
00:39:09,360 --> 00:39:12,680
Speaker 9: system is going to collapse, which means therefore that the

726
00:39:12,840 --> 00:39:16,200
Speaker 9: bigger and the stronger countries will negotiate good deals and

727
00:39:16,400 --> 00:39:18,400
Speaker 9: those that are going to be left behind are going

728
00:39:18,400 --> 00:39:21,880
Speaker 9: to be smaller countries. And that's not good news.

729
00:39:22,080 --> 00:39:24,440
Speaker 2: The economies of both India and the U. I mean

730
00:39:24,600 --> 00:39:29,000
Speaker 2: generally speaking, a trade between two economies is good for

731
00:39:29,040 --> 00:39:33,440
Speaker 2: both economies. It's incredibly controversial at times, of course, on balance,

732
00:39:33,520 --> 00:39:35,480
Speaker 2: do you think that's going to happen here? India has

733
00:39:35,480 --> 00:39:38,120
Speaker 2: been growing very quickly, the EU not quite as quickly,

734
00:39:39,200 --> 00:39:41,200
Speaker 2: but the chances are I would think of the trade

735
00:39:41,200 --> 00:39:43,640
Speaker 2: deal like this there are opportunities for all sorts of

736
00:39:43,680 --> 00:39:47,080
Speaker 2: businesses in both of those economies to grow very strongly.

737
00:39:48,520 --> 00:39:51,840
Speaker 9: I think so. I think Larunda Modri has been smart

738
00:39:51,920 --> 00:39:54,919
Speaker 9: because what has been happening is that India has had

739
00:39:55,680 --> 00:39:58,520
Speaker 9: a number of warehouses and manufactured and plants that have

740
00:39:58,560 --> 00:40:02,840
Speaker 9: been supplying particularly the United States. With Trump pulling on

741
00:40:03,000 --> 00:40:05,920
Speaker 9: all factories and companies to go back and invest in

742
00:40:05,920 --> 00:40:08,600
Speaker 9: the United States, you have these factories that are we're

743
00:40:08,760 --> 00:40:10,759
Speaker 9: likely going to be white elephants. So what's going to

744
00:40:10,880 --> 00:40:14,760
Speaker 9: be happening now is you might just see the Europeans

745
00:40:14,800 --> 00:40:20,319
Speaker 9: sending the infrastructure and all other necessities to India to

746
00:40:21,239 --> 00:40:26,200
Speaker 9: the place what's been lost and begin to produce using

747
00:40:26,480 --> 00:40:31,359
Speaker 9: the competitive labor market of India to supply Europe and.

748
00:40:31,360 --> 00:40:33,920
Speaker 2: Vice Vessa and Visa for good. Thank you so much,

749
00:40:33,960 --> 00:40:37,279
Speaker 2: Senior Research Fellow and directed Africa Asia Dialogues. Bringing the

750
00:40:37,280 --> 00:40:38,680
Speaker 2: time to seven Aloes.

751
00:40:39,760 --> 00:40:41,840
Speaker 3: And now The Money Show.

752
00:40:41,840 --> 00:40:46,360
Speaker 2: With Stephens on seven O two network at all. The

753
00:40:46,480 --> 00:40:48,640
Speaker 2: Money Show with Stephen Crotis has brought to you by

754
00:40:48,680 --> 00:40:51,440
Speaker 2: I'm the Corporates and Investment Banking, a Pan African bank

755
00:40:51,760 --> 00:40:55,520
Speaker 2: that's invested in your story because your story matters. Plenty

756
00:40:55,560 --> 00:40:58,399
Speaker 2: to come in the next little while. I'm sure your

757
00:40:58,680 --> 00:41:01,560
Speaker 2: business somewhere some manager is telling you how are you

758
00:41:01,640 --> 00:41:04,400
Speaker 2: going to change, how are you going to use AI

759
00:41:04,560 --> 00:41:06,920
Speaker 2: this year, and how it's going to make your business

760
00:41:06,960 --> 00:41:10,160
Speaker 2: so much better, and how it's going to make your

761
00:41:10,160 --> 00:41:12,560
Speaker 2: business more productive. I don't know if you share the

762
00:41:12,719 --> 00:41:17,040
Speaker 2: enthusiasm for the moment. I'm a kind of aipessimist, but

763
00:41:17,080 --> 00:41:19,000
Speaker 2: I'll probably be shown to be wrong at some point.

764
00:41:19,360 --> 00:41:22,920
Speaker 2: It will speak to Marshall Luser, the partner for Technology

765
00:41:22,960 --> 00:41:27,000
Speaker 2: and Innovational lead that KPMG Africa got some interesting views

766
00:41:27,040 --> 00:41:29,600
Speaker 2: on it, doctor or Tender and DINGUI is he here?

767
00:41:30,080 --> 00:41:32,040
Speaker 4: Oh, yes, there he is. He's ready to.

768
00:41:32,000 --> 00:41:34,200
Speaker 2: Talk to us, waving in a few moments as well,

769
00:41:34,239 --> 00:41:37,640
Speaker 2: Updated is what's happening in our continent? And Warren Ingram

770
00:41:37,800 --> 00:41:40,640
Speaker 2: how to maximize your finances before the year the tax

771
00:41:40,680 --> 00:41:43,799
Speaker 2: year ends. Looking forward to that conversation at seven point

772
00:41:43,800 --> 00:41:46,239
Speaker 2: thirty as well. Good to hear from you on double

773
00:41:46,280 --> 00:41:48,200
Speaker 2: one double A three oh seven oh two two one

774
00:41:48,280 --> 00:41:50,040
Speaker 2: four four, six oh five, six seven, and of course

775
00:41:50,080 --> 00:41:52,920
Speaker 2: voice notes on seven two seven oh two one seven

776
00:41:52,920 --> 00:41:53,319
Speaker 2: oh two.

777
00:41:53,880 --> 00:41:58,239
Speaker 3: What up to Stephen on seven two seven oh two one,

778
00:41:58,440 --> 00:41:59,320
Speaker 3: seven oh two.

779
00:41:59,320 --> 00:42:01,759
Speaker 2: Well plenty we've been talking about tonight, and plenty of

780
00:42:01,800 --> 00:42:05,960
Speaker 2: responses too.

781
00:42:04,480 --> 00:42:08,520
Speaker 12: Hi Steen on the issue of illicit goods, Amen, I

782
00:42:08,960 --> 00:42:11,840
Speaker 12: honestly feel that's a broken record from the government and

783
00:42:11,920 --> 00:42:16,600
Speaker 12: all other relevant stay cooleders, because, for instance, where I

784
00:42:16,640 --> 00:42:21,120
Speaker 12: live right now, I've never seen an inspection from any

785
00:42:21,160 --> 00:42:25,920
Speaker 12: government entity into locals pozzit shops. All I see is

786
00:42:26,440 --> 00:42:31,520
Speaker 12: vans of police men coming to collect payola bribes. But

787
00:42:31,800 --> 00:42:36,880
Speaker 12: as to the Department of Health, training, industry or whatever,

788
00:42:36,920 --> 00:42:40,399
Speaker 12: and you just come in to investigate what are being

789
00:42:40,440 --> 00:42:42,680
Speaker 12: sold to the people, what's on the shelves, Where does

790
00:42:42,719 --> 00:42:44,760
Speaker 12: those products, Where do those products come from?

791
00:42:44,920 --> 00:42:46,160
Speaker 4: You know who? Manufacturers.

792
00:42:46,320 --> 00:42:49,000
Speaker 12: I've never seen such a raid in my neighborhood. And

793
00:42:49,400 --> 00:42:52,200
Speaker 12: believe you me, when coming to cigarettes, I for one,

794
00:42:52,360 --> 00:42:56,160
Speaker 12: by illicited cigarettes are by a brand that prior to

795
00:42:56,200 --> 00:43:00,359
Speaker 12: the last fifteen years or so, it didn't exist, but

796
00:43:00,480 --> 00:43:01,520
Speaker 12: now it's every.

797
00:43:01,239 --> 00:43:07,799
Speaker 2: Week sure honesty there, Hey, how interesting is that? Yeah,

798
00:43:07,840 --> 00:43:11,319
Speaker 2: the illicit economy is huge. Other voice notes tonight.

799
00:43:11,960 --> 00:43:16,520
Speaker 19: Walks heisteven I just drove from an ATM in the village.

800
00:43:17,360 --> 00:43:25,200
Speaker 2: They don't have money. It's an ATM. Yeah, supply chain problems.

801
00:43:25,360 --> 00:43:26,279
Speaker 4: Oy, what are you doing?

802
00:43:26,320 --> 00:43:31,600
Speaker 2: If you're an ATM with no money? What are you for? Seven?

803
00:43:32,000 --> 00:43:33,960
Speaker 2: Eight minutes after seven, The.

804
00:43:34,120 --> 00:43:38,120
Speaker 1: Laney Show with Stephen Krudis live on ninety two point

805
00:43:38,120 --> 00:43:41,520
Speaker 1: seven and one six FM, streaming on the Prime Media

806
00:43:41,520 --> 00:43:42,200
Speaker 1: Plus NAP.

807
00:43:42,320 --> 00:43:44,840
Speaker 3: And TSTV channel eight five six.

808
00:43:45,280 --> 00:43:47,839
Speaker 2: Well, so many companies claiming that one of their big

809
00:43:47,880 --> 00:43:51,280
Speaker 2: priorities this year is to make full use of AI.

810
00:43:51,440 --> 00:43:53,759
Speaker 2: You'll probably see it in every company report that you

811
00:43:53,800 --> 00:43:56,200
Speaker 2: can think of. You heard on The Money Show earlier

812
00:43:56,200 --> 00:43:59,000
Speaker 2: this week. In fact, that many people are not making

813
00:43:59,160 --> 00:44:02,279
Speaker 2: much use of it at all. And while everyone in

814
00:44:02,400 --> 00:44:06,359
Speaker 2: management is probably telling you to use AI, I don't

815
00:44:06,400 --> 00:44:08,319
Speaker 2: know if you, as a worker are quite so key.

816
00:44:08,360 --> 00:44:11,560
Speaker 2: And the KPMG Global Tech Report out this week, they're

817
00:44:11,600 --> 00:44:14,760
Speaker 2: looking at what companies are planning to do. Marshall lust

818
00:44:14,960 --> 00:44:19,520
Speaker 2: is the Partner in Technology and Innovation Leader KPMG Afrigat Marshall,

819
00:44:19,560 --> 00:44:21,080
Speaker 2: good evening to you, and thanks for your time. I mean,

820
00:44:21,160 --> 00:44:24,120
Speaker 2: everyone says we're going to use AI properly this year.

821
00:44:24,560 --> 00:44:27,400
Speaker 2: What are most companies telling you about what they're actually

822
00:44:27,400 --> 00:44:28,080
Speaker 2: planning to do?

823
00:44:28,719 --> 00:44:31,239
Speaker 8: Hello, Stephen, and thank you for having me on your show.

824
00:44:31,320 --> 00:44:34,720
Speaker 8: And indeed you're writer. There's a lot of excitement around AI,

825
00:44:35,040 --> 00:44:37,560
Speaker 8: but there's also a lot of skeptists in and I

826
00:44:37,560 --> 00:44:39,960
Speaker 8: think what the report is showing us is that while

827
00:44:40,080 --> 00:44:43,560
Speaker 8: some ambition is high, the execution is lagging.

828
00:44:44,040 --> 00:44:45,080
Speaker 17: And what we're really.

829
00:44:44,880 --> 00:44:48,480
Speaker 8: Seeing is a shift from that excitement to accountability. And

830
00:44:48,680 --> 00:44:52,600
Speaker 8: organizations are no longer debating whether AI matters, they're debating

831
00:44:52,760 --> 00:44:56,600
Speaker 8: where they delivers. And in our report, nearly seventy percent

832
00:44:56,640 --> 00:44:59,960
Speaker 8: of organizations want to reach the highest level of AI mature,

833
00:45:00,680 --> 00:45:03,520
Speaker 8: but yet only a quarter are there today. And what

834
00:45:03,560 --> 00:45:05,880
Speaker 8: we're seeing in what companies are telling us is the

835
00:45:05,960 --> 00:45:10,960
Speaker 8: gap isn't access to technology, it's really alignment around skills,

836
00:45:11,000 --> 00:45:15,319
Speaker 8: readiness and the ability to execute its scale. And those

837
00:45:15,400 --> 00:45:18,719
Speaker 8: high performance companies that we're seeing are moving beyond pilots

838
00:45:19,200 --> 00:45:22,439
Speaker 8: and embedding AI into their core operations. And that's really

839
00:45:22,440 --> 00:45:25,680
Speaker 8: where we're seeing the direction of most companies going. So

840
00:45:25,719 --> 00:45:29,400
Speaker 8: the conversation has moved from possibility to payback.

841
00:45:30,640 --> 00:45:34,879
Speaker 2: I presume that some companies in some sectors are kind

842
00:45:34,880 --> 00:45:36,640
Speaker 2: of a better place to do this in others. I mean,

843
00:45:37,120 --> 00:45:40,480
Speaker 2: do you see certain sectors really pulling ahead with AI,

844
00:45:40,800 --> 00:45:44,399
Speaker 2: and some for various reasons not quite keeping up.

845
00:45:44,960 --> 00:45:48,759
Speaker 8: I think the report, whilst it's global, it's good for

846
00:45:48,880 --> 00:45:52,200
Speaker 8: us to anchor it on Africa. And I think what

847
00:45:52,280 --> 00:45:57,239
Speaker 8: we're seeing in Africa is specific to cost and affordability reality.

848
00:45:57,920 --> 00:46:02,280
Speaker 8: And in Africa the economics matter more because cloud power, connectivity,

849
00:46:03,080 --> 00:46:06,680
Speaker 8: specialized skills all cost more relative to margins.

850
00:46:07,120 --> 00:46:08,000
Speaker 17: And so what we're.

851
00:46:07,840 --> 00:46:10,080
Speaker 8: Seeing is the companies that are doing a little bit

852
00:46:10,120 --> 00:46:13,360
Speaker 8: better than most are able to raise the bar for

853
00:46:13,560 --> 00:46:17,239
Speaker 8: AI and don't lead with experimentation. What they're trying to

854
00:46:17,280 --> 00:46:21,640
Speaker 8: do is say, okay, a lead with productivity and cost reduction.

855
00:46:21,920 --> 00:46:25,440
Speaker 8: And if AI can get traction when it reduces either fraud,

856
00:46:25,920 --> 00:46:31,200
Speaker 8: improves collections, shortened cycle times, or lowers operating cost, if

857
00:46:31,200 --> 00:46:34,400
Speaker 8: it can demonstrate that early payback, then we can tail it.

858
00:46:34,520 --> 00:46:38,239
Speaker 8: So I think they're very cost conscious and that's just

859
00:46:38,280 --> 00:46:42,120
Speaker 8: the reality of Africa. And the discipline is not a weakness,

860
00:46:42,160 --> 00:46:46,239
Speaker 8: it's actually a competitive advantage. In Africa. AI must pay

861
00:46:46,280 --> 00:46:48,640
Speaker 8: for itself early or it doesn't survive.

862
00:46:49,600 --> 00:46:52,840
Speaker 2: And I presume also this has an impact on who

863
00:46:52,920 --> 00:46:55,200
Speaker 2: actually gets a job and who doesn't. I mean in

864
00:46:55,200 --> 00:46:58,719
Speaker 2: South Africa, as you know, our youth unemployment rate is

865
00:46:58,760 --> 00:47:03,200
Speaker 2: sky high, and people with a little bit of AI experience,

866
00:47:03,239 --> 00:47:05,799
Speaker 2: a little bit of tech experience are probably first in

867
00:47:05,840 --> 00:47:07,920
Speaker 2: the queue to get a job. Other people are going

868
00:47:07,960 --> 00:47:10,040
Speaker 2: to fall further and further behind if they don't even

869
00:47:10,040 --> 00:47:10,880
Speaker 2: know where to start.

870
00:47:11,080 --> 00:47:13,839
Speaker 8: I think there's a concern that AI, as you say,

871
00:47:13,920 --> 00:47:16,200
Speaker 8: could worse an unemployment or inequality.

872
00:47:17,000 --> 00:47:17,600
Speaker 17: So when we.

873
00:47:17,520 --> 00:47:20,240
Speaker 8: Look at the report and we ask ourselves, how should

874
00:47:20,280 --> 00:47:23,920
Speaker 8: Africa think about this? And I think it's quite simple.

875
00:47:24,239 --> 00:47:28,160
Speaker 8: AI changes the nature of work more than it replaces it.

876
00:47:28,239 --> 00:47:31,080
Speaker 8: I think there's this notion that AI will replace jobs.

877
00:47:31,280 --> 00:47:36,040
Speaker 8: So even with the advanced AI, organizations expect a substantial

878
00:47:36,120 --> 00:47:40,400
Speaker 8: permanent human workforce. It's got to be that human led change.

879
00:47:40,680 --> 00:47:42,759
Speaker 8: So the real risk for Africa is not so much

880
00:47:42,800 --> 00:47:46,680
Speaker 8: the automation. It's exclusion if we don't invest in digital

881
00:47:46,760 --> 00:47:49,200
Speaker 8: skills at skill and so, as you rightly say, those

882
00:47:49,239 --> 00:47:52,840
Speaker 8: who have some skills are finding themselves in a better position.

883
00:47:53,360 --> 00:47:59,080
Speaker 8: But managing AI systems, supervising digital agents, combining human judgment

884
00:47:59,200 --> 00:48:03,040
Speaker 8: with all that machine intelligence, there's a cost. Skill and

885
00:48:03,239 --> 00:48:07,120
Speaker 8: countries and companies that invest in riskilling will see those

886
00:48:07,160 --> 00:48:09,760
Speaker 8: productivity gains without that social disruption.

887
00:48:10,520 --> 00:48:13,920
Speaker 2: It's fascinating to watch the way kind of thinking is

888
00:48:14,000 --> 00:48:17,480
Speaker 2: changing around AI, because at first there was the oh

889
00:48:17,520 --> 00:48:19,600
Speaker 2: my word, what is this? Then there was the wow,

890
00:48:19,640 --> 00:48:21,680
Speaker 2: look at what it can do. Then there was what

891
00:48:21,719 --> 00:48:25,200
Speaker 2: I'd call the gloriously optimistic phase. It's going to help

892
00:48:25,280 --> 00:48:27,799
Speaker 2: us grow the global economy. I think someone said by

893
00:48:27,880 --> 00:48:30,400
Speaker 2: thirty percent a year. I remember thinking that's not going

894
00:48:30,440 --> 00:48:33,440
Speaker 2: to happen. Then we had the oh my word, no

895
00:48:33,480 --> 00:48:35,799
Speaker 2: one's ever going to work again. The machines are coming

896
00:48:35,800 --> 00:48:38,400
Speaker 2: for our jobs. And now we seem to be in

897
00:48:38,440 --> 00:48:41,560
Speaker 2: a bit more of a realistic phase that yes, AI

898
00:48:41,680 --> 00:48:44,640
Speaker 2: will make us more competitive, it will make us a

899
00:48:44,640 --> 00:48:48,160
Speaker 2: lot more productive, but actually it doesn't really do very

900
00:48:48,239 --> 00:48:50,160
Speaker 2: much in this there's a human to add value, and

901
00:48:50,200 --> 00:48:52,359
Speaker 2: I suppose one of the things one of the big

902
00:48:52,440 --> 00:48:56,200
Speaker 2: challenges for companies is going to be to extract the

903
00:48:56,280 --> 00:49:00,600
Speaker 2: highest amount of possible value from a combination of AI

904
00:49:01,000 --> 00:49:03,920
Speaker 2: and a human workforce. That is true.

905
00:49:04,239 --> 00:49:07,040
Speaker 8: I think when you look at one of the common

906
00:49:07,160 --> 00:49:11,680
Speaker 8: mistakes a lot of companies do is around the ROI

907
00:49:12,719 --> 00:49:15,840
Speaker 8: and understanding what that ROI needs to be, and the

908
00:49:15,960 --> 00:49:19,160
Speaker 8: value and returner end up being at different stages. So

909
00:49:19,200 --> 00:49:23,800
Speaker 8: many organizations will experience, as you said, early efficiency gains

910
00:49:23,840 --> 00:49:25,880
Speaker 8: and think, Wow, this is really going to transform and

911
00:49:26,480 --> 00:49:31,040
Speaker 8: change everything. And then there's the risk reduction in isolated areas.

912
00:49:31,080 --> 00:49:35,520
Speaker 8: But the real return on investment, the ROI, only appears

913
00:49:35,560 --> 00:49:39,480
Speaker 8: when AI is scaled across core functions and measured consistently.

914
00:49:39,880 --> 00:49:42,920
Speaker 8: And I think that's where as companies start to mature

915
00:49:43,000 --> 00:49:46,439
Speaker 8: with the use of AI, we're seeing high performing organizations

916
00:49:46,480 --> 00:49:49,720
Speaker 8: now focusing on a smaller number of strategic use cases,

917
00:49:50,440 --> 00:49:54,480
Speaker 8: focusing on redesigning workflows around them, and then aligning leadership

918
00:49:54,600 --> 00:49:58,880
Speaker 8: incentives because I think most organizations tend to dilute impact

919
00:49:58,880 --> 00:50:02,360
Speaker 8: by spreading investments too Sindy, So it's it's quite important,

920
00:50:03,000 --> 00:50:06,319
Speaker 8: but a lot of organizations understand how they want to

921
00:50:06,360 --> 00:50:11,080
Speaker 8: measure that r I and and then then think about

922
00:50:11,239 --> 00:50:15,040
Speaker 8: the governance of trust and the institutional capacity that that

923
00:50:15,040 --> 00:50:17,719
Speaker 8: that is needed then to safeguard those games.

924
00:50:18,680 --> 00:50:23,000
Speaker 2: I started this conversation in a fairly cynical light saying

925
00:50:23,040 --> 00:50:26,319
Speaker 2: this is what management wants to do. Do you think

926
00:50:26,320 --> 00:50:28,120
Speaker 2: most of the companies who say they want to each

927
00:50:28,160 --> 00:50:31,360
Speaker 2: AI maturity are actually going to do it? As you

928
00:50:31,400 --> 00:50:33,440
Speaker 2: point out, very few of them are there at the moment.

929
00:50:33,520 --> 00:50:35,320
Speaker 2: And that's what suggests actually there's quite a lot of

930
00:50:35,360 --> 00:50:36,240
Speaker 2: work to be done.

931
00:50:36,520 --> 00:50:39,879
Speaker 8: I think, I think some some will, and a good

932
00:50:40,000 --> 00:50:43,919
Speaker 8: number are starting to understand the how to do it.

933
00:50:44,360 --> 00:50:48,319
Speaker 8: And I think that's where partnership and the whole ecosystem

934
00:50:48,440 --> 00:50:52,480
Speaker 8: become very important. Why are partnerships partnership such a strong

935
00:50:52,560 --> 00:50:53,400
Speaker 8: theme in the report?

936
00:50:54,040 --> 00:50:55,400
Speaker 17: An organization can.

937
00:50:55,280 --> 00:51:00,480
Speaker 8: Scale alone scale us scars. Technology is complex and the

938
00:51:00,560 --> 00:51:04,560
Speaker 8: pace of change is fast. So ecosystems allow organizations to

939
00:51:04,680 --> 00:51:09,800
Speaker 8: share risk, access capability and reduce cost. And in Africa especially,

940
00:51:09,840 --> 00:51:14,160
Speaker 8: partnerships are how AI becomes affordable and sustainable. So those

941
00:51:14,200 --> 00:51:18,319
Speaker 8: who will really leave Frog and use AI confidentially and

942
00:51:18,400 --> 00:51:22,160
Speaker 8: maturely will need to focus on three things. Take a

943
00:51:22,200 --> 00:51:25,720
Speaker 8: small number of AI use cases tied directly to productivity

944
00:51:25,800 --> 00:51:30,360
Speaker 8: or cost reduction and scale them properly as I said earlier. Secondly,

945
00:51:30,400 --> 00:51:35,640
Speaker 8: investing people and leadership capability alongside that technology. But lastly,

946
00:51:35,680 --> 00:51:39,560
Speaker 8: as I just mentioned third and most important, build partnerships

947
00:51:39,560 --> 00:51:42,680
Speaker 8: that you know, rather than trying to do everything alone.

948
00:51:42,960 --> 00:51:45,960
Speaker 8: AI success is not going to be about ambition, It's

949
00:51:46,000 --> 00:51:47,560
Speaker 8: about disciplined execution.

950
00:51:48,760 --> 00:51:51,680
Speaker 2: Marshall LUSA, thank you very much. Indeed, Partner for Technology

951
00:51:51,680 --> 00:51:55,080
Speaker 2: and Innovation Leader KPMGFCA. Really appreciate the time on the

952
00:51:55,120 --> 00:51:56,239
Speaker 2: Money Show tonight.

953
00:51:56,680 --> 00:52:00,000
Speaker 3: You may show business focus.

954
00:52:00,200 --> 00:52:03,000
Speaker 2: Attendo and Dingley, the founding director of Tribe Africa, advisory

955
00:52:03,040 --> 00:52:06,239
Speaker 2: author of the book Rumble in the Jungle reloaded in

956
00:52:06,320 --> 00:52:08,239
Speaker 2: the studio. Nice to see your Rotendo, it's been a

957
00:52:08,239 --> 00:52:08,640
Speaker 2: little while.

958
00:52:08,640 --> 00:52:09,160
Speaker 17: How are you doing?

959
00:52:09,480 --> 00:52:10,800
Speaker 4: Not too sure, Stephen.

960
00:52:11,120 --> 00:52:13,040
Speaker 20: Always a pleasure to be with you and your listeners

961
00:52:13,120 --> 00:52:15,600
Speaker 20: and excited for this year is always in terms of

962
00:52:15,640 --> 00:52:17,280
Speaker 20: what we have in store for the continent.

963
00:52:17,480 --> 00:52:18,839
Speaker 2: No, I think a lot. I think a lot's going

964
00:52:18,880 --> 00:52:22,480
Speaker 2: to happen. Eco charcoal, I mean eco charcoal. Can there

965
00:52:22,520 --> 00:52:25,160
Speaker 2: be such a thing? It's a sort of cleaner, cheaper

966
00:52:25,200 --> 00:52:27,320
Speaker 2: alternative to fire with. This is in Cameroon.

967
00:52:27,880 --> 00:52:28,760
Speaker 4: This is in Cameroon.

968
00:52:28,840 --> 00:52:30,920
Speaker 20: So just to sort of define eco charcoal, it's made

969
00:52:31,160 --> 00:52:35,000
Speaker 20: up of agricultural waste of fast growin non native plant species.

970
00:52:35,080 --> 00:52:38,840
Speaker 20: So like you summarized it, Stephen, it's a combination of cleaner,

971
00:52:39,640 --> 00:52:40,640
Speaker 20: cheaper and more.

972
00:52:40,560 --> 00:52:43,040
Speaker 4: Affordable form of coal.

973
00:52:43,719 --> 00:52:46,480
Speaker 20: Why this is so key we know from an Africa perspective, Stephen,

974
00:52:46,520 --> 00:52:48,680
Speaker 20: the challenge we have is about half of the African

975
00:52:48,719 --> 00:52:51,600
Speaker 20: population that are six hundred million people don't have access

976
00:52:51,640 --> 00:52:55,560
Speaker 20: to energy and those that do because they use cheap

977
00:52:55,719 --> 00:52:59,920
Speaker 20: fossil fuels like normal call, it actually contributes to health problems.

978
00:53:00,120 --> 00:53:02,440
Speaker 4: The average rate of the moment of death the one.

979
00:53:02,440 --> 00:53:05,080
Speaker 20: Hundred thousand is one hundred and fifty five people, which

980
00:53:05,120 --> 00:53:07,239
Speaker 20: is quite higher and higher than the world average. So

981
00:53:07,280 --> 00:53:11,239
Speaker 20: the eco Chuckle solution, which is graining your Wanda Cameroon,

982
00:53:11,760 --> 00:53:15,120
Speaker 20: is allowing for this clean up source of fuel to

983
00:53:15,160 --> 00:53:18,760
Speaker 20: be able to be used. It's affordable, it reduces deforestration,

984
00:53:19,120 --> 00:53:22,200
Speaker 20: and from a strategic perspective in terms of solving Africa's

985
00:53:22,360 --> 00:53:24,719
Speaker 20: a health and energy problem at the same time, is

986
00:53:24,760 --> 00:53:27,520
Speaker 20: the right step forward. So it's quite a good solution

987
00:53:27,560 --> 00:53:31,440
Speaker 20: and your one Day is leading in terms of pioneering

988
00:53:31,480 --> 00:53:33,759
Speaker 20: this offering from a continental perspective.

989
00:53:33,960 --> 00:53:35,560
Speaker 2: To make something like that work, you have to get

990
00:53:35,600 --> 00:53:37,600
Speaker 2: people on board. They have to agree to do it.

991
00:53:37,640 --> 00:53:40,279
Speaker 2: It often has to be the same price or cheaper,

992
00:53:40,239 --> 00:53:41,520
Speaker 2: otherwise it's not going to work.

993
00:53:41,640 --> 00:53:44,799
Speaker 20: Yeah, and that's you should be able to scale, and

994
00:53:44,840 --> 00:53:47,480
Speaker 20: not just from a social impact perspective, but from an

995
00:53:47,520 --> 00:53:50,200
Speaker 20: economic perspective. And that's where the whole dilemma happens, because

996
00:53:50,239 --> 00:53:53,560
Speaker 20: obviously it's a combination that say from agricultural waste, a

997
00:53:53,600 --> 00:53:56,640
Speaker 20: fast grain, non native plant species. So the dynamic around that,

998
00:53:56,680 --> 00:53:58,840
Speaker 20: Steven is in terms of the amount of investment that

999
00:53:58,880 --> 00:54:01,720
Speaker 20: you have to put in or to scale is always

1000
00:54:01,719 --> 00:54:04,239
Speaker 20: the challenge, and you need to get key investors and

1001
00:54:04,400 --> 00:54:07,120
Speaker 20: skill sets that are able to drive that. So it's

1002
00:54:07,160 --> 00:54:09,520
Speaker 20: still a long way from solves solving Africa's problem, but

1003
00:54:09,600 --> 00:54:11,400
Speaker 20: definitely a step in the right duration, Stephen.

1004
00:54:11,760 --> 00:54:15,160
Speaker 2: And then Kenya has now got zero duty access to China.

1005
00:54:15,200 --> 00:54:17,000
Speaker 2: I mean this is interesting. We were talking about the

1006
00:54:17,040 --> 00:54:20,759
Speaker 2: India EU deal earlier today. There's a lot going on

1007
00:54:20,800 --> 00:54:22,960
Speaker 2: around trade at the moment. This will be important for Kenya.

1008
00:54:23,120 --> 00:54:25,600
Speaker 20: Yeah, so this is a sort of a reflection of

1009
00:54:25,600 --> 00:54:27,320
Speaker 20: the global shakeup that's happening Stephen.

1010
00:54:27,800 --> 00:54:28,080
Speaker 4: Kenya.

1011
00:54:28,200 --> 00:54:30,640
Speaker 20: Remember that two things that's happened to Kenya. One is

1012
00:54:30,680 --> 00:54:33,640
Speaker 20: that it was also impacted by the terraffs by the

1013
00:54:33,719 --> 00:54:36,759
Speaker 20: US in terms of higher terraffs. But having say that,

1014
00:54:36,840 --> 00:54:39,399
Speaker 20: they got the lower bracket of terrorists I think THEIRS

1015
00:54:39,480 --> 00:54:42,520
Speaker 20: was about ten percent. And more importantly, they also got

1016
00:54:42,560 --> 00:54:45,879
Speaker 20: impacted by gore and the reality with trade globally, there's

1017
00:54:45,880 --> 00:54:47,759
Speaker 20: never a vacuum, so Kenya was forced to look at

1018
00:54:47,800 --> 00:54:50,279
Speaker 20: other options. Kenya has always been quite good in terms

1019
00:54:50,320 --> 00:54:53,359
Speaker 20: of positioning themselves. So remember last year, the early last

1020
00:54:53,400 --> 00:54:56,280
Speaker 20: year they broke at the deal with thirty EU countries

1021
00:54:56,320 --> 00:55:00,440
Speaker 20: to send pre manufactured goods across to the EU from

1022
00:55:00,480 --> 00:55:03,719
Speaker 20: an agri perspective, and what they've been able to still

1023
00:55:03,719 --> 00:55:05,920
Speaker 20: to be ratified by Parliament, but they'll be able to

1024
00:55:05,920 --> 00:55:10,000
Speaker 20: secure a deal with China to get zero percent rated

1025
00:55:10,080 --> 00:55:13,920
Speaker 20: tariffs with regards to them exporting into China, which is

1026
00:55:13,960 --> 00:55:17,719
Speaker 20: a big thing and the key products around agriproducts. So

1027
00:55:17,800 --> 00:55:19,880
Speaker 20: for from a keener perspective, and I think from an

1028
00:55:19,920 --> 00:55:22,880
Speaker 20: Africa perspective, it says the right tone because we've always

1029
00:55:22,880 --> 00:55:25,719
Speaker 20: had the challenge of exporting and not being competitive in

1030
00:55:25,719 --> 00:55:28,239
Speaker 20: the market to export to so with zero tariffs and

1031
00:55:28,239 --> 00:55:29,839
Speaker 20: if this works out, it will be a key step

1032
00:55:29,920 --> 00:55:32,640
Speaker 20: up for Kina in terms of grain in the Asian market.

1033
00:55:33,280 --> 00:55:35,680
Speaker 2: I was amazed when the story broke because I found

1034
00:55:35,719 --> 00:55:38,320
Speaker 2: it fascinating. So we got on the one side. Fetch

1035
00:55:38,400 --> 00:55:42,880
Speaker 2: the global ratings agency. Everyone takes them very seriously and

1036
00:55:43,600 --> 00:55:47,960
Speaker 2: afrocsim Bank and AFFRACTIONM Bank has basically said we're no

1037
00:55:48,040 --> 00:55:49,919
Speaker 2: longer going to be a part of you. We do

1038
00:55:50,000 --> 00:55:52,160
Speaker 2: not accept your credit ratings like, wow.

1039
00:55:52,680 --> 00:55:54,680
Speaker 20: Yeah, that sounds quite familiar. I think somebody else has

1040
00:55:54,680 --> 00:55:56,799
Speaker 20: been saying that in other parts of the world. But

1041
00:55:57,520 --> 00:56:00,000
Speaker 20: on a more serious thought, I think from the positive side,

1042
00:56:00,200 --> 00:56:02,480
Speaker 20: it's good Africian bank. It's kind of stood up.

1043
00:56:02,480 --> 00:56:02,680
Speaker 4: Well.

1044
00:56:02,680 --> 00:56:06,560
Speaker 20: They've highlighted that they've got last year a triple B

1045
00:56:07,360 --> 00:56:09,880
Speaker 20: I'm saying a triple B rating which put them in

1046
00:56:09,920 --> 00:56:12,880
Speaker 20: the negative outlook, and they've said, based on their member

1047
00:56:12,960 --> 00:56:16,440
Speaker 20: states and as well as how they define the methodology

1048
00:56:16,440 --> 00:56:19,240
Speaker 20: of FISH, they believe that it was an unfair rating.

1049
00:56:19,560 --> 00:56:21,880
Speaker 20: So they've said it's no longer relevant in terms of

1050
00:56:21,880 --> 00:56:25,440
Speaker 20: their strategy, and it's as a multilateral institution from an

1051
00:56:25,440 --> 00:56:28,160
Speaker 20: African perspective, it's totally in their right in terms of

1052
00:56:28,160 --> 00:56:29,799
Speaker 20: saying that. So they've stepped out and said, well, no

1053
00:56:29,840 --> 00:56:32,080
Speaker 20: longer'mok going to use the FUT rating. I think the

1054
00:56:32,200 --> 00:56:36,880
Speaker 20: risk festive is that when you have key associations or

1055
00:56:37,000 --> 00:56:39,279
Speaker 20: entities like FISCH, which are obviously which ray from a

1056
00:56:39,320 --> 00:56:41,840
Speaker 20: global perspective, and you step away from them, then the

1057
00:56:41,920 --> 00:56:43,920
Speaker 20: question is who's going to set the right standard from

1058
00:56:43,920 --> 00:56:45,360
Speaker 20: a global perspective.

1059
00:56:45,200 --> 00:56:47,480
Speaker 4: And so that's where the risk is. So I think

1060
00:56:47,480 --> 00:56:48,680
Speaker 4: with where the world is going.

1061
00:56:48,719 --> 00:56:51,440
Speaker 20: Where the question in multi literism, where people are standing

1062
00:56:51,480 --> 00:56:54,040
Speaker 20: out and saying yes to this and not that. It

1063
00:56:54,080 --> 00:56:56,000
Speaker 20: does create a bit of a risk in terms of

1064
00:56:56,040 --> 00:56:58,120
Speaker 20: how long is a piece of string in terms of

1065
00:56:58,120 --> 00:57:01,040
Speaker 20: defining who's got the right standard we follow, because we

1066
00:57:01,080 --> 00:57:03,279
Speaker 20: still need some sort of a global standard. In the

1067
00:57:03,280 --> 00:57:05,760
Speaker 20: case of AFRICS and Bank, they've said not to feature

1068
00:57:05,800 --> 00:57:09,080
Speaker 20: the other the obviously other rating agency that people can follow.

1069
00:57:09,400 --> 00:57:11,879
Speaker 20: But it'll be interesting to see how this plays out

1070
00:57:12,520 --> 00:57:14,800
Speaker 20: in terms of some of the concerns that AFFRICS and

1071
00:57:14,840 --> 00:57:17,240
Speaker 20: Bank have reached out on and how that will shape

1072
00:57:17,400 --> 00:57:20,480
Speaker 20: future discussions. Are out rated on the African continent. It's

1073
00:57:20,520 --> 00:57:22,680
Speaker 20: also no use if you're the only one.

1074
00:57:22,800 --> 00:57:27,000
Speaker 2: If other countries say to fetchers like actually no, and

1075
00:57:27,040 --> 00:57:29,680
Speaker 2: it would really help of an institution another part of

1076
00:57:29,720 --> 00:57:32,400
Speaker 2: the world did it, But if it's just one in Africa,

1077
00:57:32,480 --> 00:57:34,200
Speaker 2: or if it's just Africa, doesn't really help.

1078
00:57:34,360 --> 00:57:36,440
Speaker 20: It doesn't really help. And remember Africa is only three

1079
00:57:36,440 --> 00:57:39,400
Speaker 20: percent of global GDP. Even if you look at VC

1080
00:57:40,080 --> 00:57:43,360
Speaker 20: funding for take startups on Africa, we only attract three percent,

1081
00:57:43,720 --> 00:57:45,880
Speaker 20: and the ratings by feature some of the things that

1082
00:57:46,000 --> 00:57:49,000
Speaker 20: global players of investors look at. So when you stand

1083
00:57:49,000 --> 00:57:50,360
Speaker 20: out and you say we're not going to use them.

1084
00:57:50,360 --> 00:57:53,080
Speaker 20: The guys kind of said, look, you'relready high risk. Now

1085
00:57:53,200 --> 00:57:55,920
Speaker 20: one of the measure in lines that is used to

1086
00:57:55,960 --> 00:57:58,120
Speaker 20: measure your success you said no to.

1087
00:57:58,160 --> 00:58:01,000
Speaker 4: So where do we stand? So I guess on one.

1088
00:58:00,840 --> 00:58:03,000
Speaker 20: Side it's positive, but it does create a risk with

1089
00:58:03,080 --> 00:58:05,720
Speaker 20: regards to grain forward and the perception in terms of

1090
00:58:05,760 --> 00:58:06,880
Speaker 20: that part of the world.

1091
00:58:07,280 --> 00:58:12,720
Speaker 2: There's a fascinating story in history to Somaliland. Most countries

1092
00:58:12,760 --> 00:58:15,360
Speaker 2: don't see it as a nation. South Africa doesn't recognize it.

1093
00:58:16,040 --> 00:58:20,479
Speaker 2: Israel did controversially and that was about something else, I think.

1094
00:58:20,720 --> 00:58:23,080
Speaker 2: But then it seems that they were at the World

1095
00:58:23,080 --> 00:58:24,880
Speaker 2: Economic Forum and they had dinner with.

1096
00:58:25,760 --> 00:58:28,400
Speaker 4: Eric Trump, hey, the son of Donald Trump.

1097
00:58:28,520 --> 00:58:31,760
Speaker 20: So a chip off the old block, to put it lightly,

1098
00:58:32,080 --> 00:58:34,360
Speaker 20: but as well well away Somalia Land has been for

1099
00:58:34,400 --> 00:58:36,960
Speaker 20: a number of years, and over sixteen years, Stephen, they've

1100
00:58:37,000 --> 00:58:39,480
Speaker 20: been saying, look, we want to be separate from Somalia.

1101
00:58:40,160 --> 00:58:43,440
Speaker 20: One of the key assets that Somalia Land has is

1102
00:58:43,440 --> 00:58:46,040
Speaker 20: the port of Barbera, Yeah, which is which is the

1103
00:58:46,160 --> 00:58:49,760
Speaker 20: key obviously faces the Indian Ocean, and recently, I think

1104
00:58:49,800 --> 00:58:55,480
Speaker 20: two months ago, you know, Israel as well as supported

1105
00:58:55,480 --> 00:58:58,840
Speaker 20: by Americans, but obviously America hasn't endorsed it. But Israel

1106
00:58:58,920 --> 00:59:00,960
Speaker 20: is the only country in the UA that has actually

1107
00:59:01,000 --> 00:59:04,840
Speaker 20: stood out and say that they will recognize Somalia Land.

1108
00:59:05,000 --> 00:59:07,520
Speaker 20: So apparently there was a dinner it with and the

1109
00:59:08,400 --> 00:59:13,160
Speaker 20: president of Somalia Land, President Mohammad h and I present

1110
00:59:13,320 --> 00:59:16,360
Speaker 20: Hazeg from Israel as also there. They did a pitch

1111
00:59:16,400 --> 00:59:21,400
Speaker 20: to Eric Drap Apparently that was the presentation that happened.

1112
00:59:21,600 --> 00:59:23,560
Speaker 20: What came out of it, nothing has been confirmed, was

1113
00:59:23,560 --> 00:59:25,800
Speaker 20: any deal confirmed, nothing, So it was sort of a

1114
00:59:25,840 --> 00:59:27,760
Speaker 20: pitch where nobody knows really what happened.

1115
00:59:27,920 --> 00:59:28,560
Speaker 4: What was pitch?

1116
00:59:28,600 --> 00:59:32,360
Speaker 20: Nobody really knows. But from a Wafe perspective, there's a

1117
00:59:32,400 --> 00:59:35,320
Speaker 20: good dinner that was had. So again another great interest

1118
00:59:35,400 --> 00:59:38,360
Speaker 20: is starting to follow through because obviously from an AU perspective,

1119
00:59:38,680 --> 00:59:41,240
Speaker 20: they've made it quite clear they don't recognize so Many Land.

1120
00:59:41,960 --> 00:59:45,640
Speaker 20: But again with global politics happening and America wiganing. Also

1121
00:59:45,960 --> 00:59:49,520
Speaker 20: on the Ethiopian Egypt debacle, which is quite close to

1122
00:59:49,560 --> 00:59:51,760
Speaker 20: so Mania Land, you never know what happened.

1123
00:59:51,760 --> 00:59:53,480
Speaker 4: So it's another thing to keep an eye on.

1124
00:59:53,680 --> 00:59:58,640
Speaker 2: Two important people are in a room and then where

1125
00:59:59,040 --> 01:00:02,080
Speaker 2: you really want to feel sick if you're in Africa,

1126
01:00:02,160 --> 01:00:05,480
Speaker 2: where which cities have access to the best health services?

1127
01:00:05,600 --> 01:00:09,560
Speaker 20: Now, an interesting report from the Africa Report where they

1128
01:00:09,840 --> 01:00:13,120
Speaker 20: surveyed forty one cities in Africa and they looked at

1129
01:00:13,160 --> 01:00:17,080
Speaker 20: about eight thousand health institutions and the criteria was really around,

1130
01:00:17,200 --> 01:00:22,240
Speaker 20: you know, the staffing levels, primary health care, institutional stability

1131
01:00:22,640 --> 01:00:26,520
Speaker 20: and the five top performing countries in terms of health conditions.

1132
01:00:26,640 --> 01:00:28,640
Speaker 20: And that's for you or bridge also lends where you

1133
01:00:28,680 --> 01:00:31,080
Speaker 20: do fall thick in Africa where you must fall seek in.

1134
01:00:31,400 --> 01:00:34,160
Speaker 20: The first city that came up tops in terms of

1135
01:00:34,360 --> 01:00:40,360
Speaker 20: great health facilities was Kigullibur not Joburt. Pretoria was number four,

1136
01:00:40,640 --> 01:00:45,560
Speaker 20: the Pretoria Pamir Pretoria was number four in so So

1137
01:00:45,560 --> 01:00:48,840
Speaker 20: South Africa was there. Number three was tunis in Tunisia,

1138
01:00:49,200 --> 01:00:53,040
Speaker 20: number four Pretoria and number five our surprise was caught

1139
01:00:53,080 --> 01:00:56,400
Speaker 20: to know in Benin. So those are the top five

1140
01:00:57,160 --> 01:00:59,919
Speaker 20: again and finny enough for Wanda. One of the key

1141
01:01:00,080 --> 01:01:02,400
Speaker 20: drivers of them coming up to the top was their

1142
01:01:02,720 --> 01:01:06,000
Speaker 20: health insurance scheme which was which is named Mutualis de

1143
01:01:06,120 --> 01:01:08,840
Speaker 20: Santi moving to say it properly because it sounds very French,

1144
01:01:09,120 --> 01:01:11,960
Speaker 20: but has actually been endorsed by the world Health Organization

1145
01:01:12,040 --> 01:01:14,800
Speaker 20: of the World Bank Capital was number ten. I think

1146
01:01:14,880 --> 01:01:17,280
Speaker 20: Joe Berg was slightly below kept on but was interesting

1147
01:01:17,360 --> 01:01:21,240
Speaker 20: again just in terms of a third party doing an

1148
01:01:21,240 --> 01:01:24,040
Speaker 20: external survey and just highlighting some of the key countries

1149
01:01:24,040 --> 01:01:25,600
Speaker 20: that are doing the right thing in terms of their

1150
01:01:25,640 --> 01:01:28,680
Speaker 20: health strategy from an African perspective.

1151
01:01:28,320 --> 01:01:30,280
Speaker 2: Doctor Ortendo and Dingley, so good to see. Thank you

1152
01:01:30,360 --> 01:01:32,960
Speaker 2: founding Direct Tribe Africa Advisory.

1153
01:01:34,040 --> 01:01:38,640
Speaker 3: The Money Show with Stephens on seven O two seven two.

1154
01:01:38,920 --> 01:01:41,040
Speaker 2: On the next Money Show, we meet our shape shifter,

1155
01:01:41,200 --> 01:01:44,920
Speaker 2: Ernest Stucky, CEO of Stubbup and co founder of Jenny Internet.

1156
01:01:45,440 --> 01:01:47,960
Speaker 2: Ye'll tell you his incredible story about he and his

1157
01:01:48,080 --> 01:01:51,240
Speaker 2: brother Rolf as they built one of South Africa's standout

1158
01:01:51,360 --> 01:01:55,840
Speaker 2: ISP success stories, bust this unusual. Richard Mulholland, founder of

1159
01:01:55,880 --> 01:01:59,040
Speaker 2: the AI agency Too Many Robots, author of the book

1160
01:01:59,280 --> 01:02:02,840
Speaker 2: Relentless Livan's bringing his trademark, insights and edge to the

1161
01:02:02,840 --> 01:02:06,440
Speaker 2: evolving world of AI and business. Your consumer Ninja Wendy

1162
01:02:06,520 --> 01:02:09,680
Speaker 2: Nola is ready to take on your consumer battles and

1163
01:02:09,840 --> 01:02:12,480
Speaker 2: of course we bring you analysis of all of the

1164
01:02:12,520 --> 01:02:16,280
Speaker 2: big business stories of the day. For the Many Show.

1165
01:02:16,680 --> 01:02:20,480
Speaker 2: Personal Finance with Warren Ingram Warren Ingram, of course, is

1166
01:02:20,480 --> 01:02:23,560
Speaker 2: a certified financial planner at Galileo Capital and a reminder,

1167
01:02:23,640 --> 01:02:26,400
Speaker 2: our lines are open SOS a WhatsApp line if you've

1168
01:02:26,440 --> 01:02:28,400
Speaker 2: got any questions for them on a double one double

1169
01:02:28,440 --> 01:02:30,760
Speaker 2: A three oh seven oh two and two one four four,

1170
01:02:30,800 --> 01:02:32,800
Speaker 2: six oh five, six seven. You can put your questions

1171
01:02:32,800 --> 01:02:35,680
Speaker 2: two on oh seven two seven oh two one seven

1172
01:02:35,720 --> 01:02:39,520
Speaker 2: oh two. How's it warrant? Tonight? We're talking about the tax, yeah,

1173
01:02:39,640 --> 01:02:43,440
Speaker 2: which is always thoroughly exciting. We're a month away. How

1174
01:02:43,480 --> 01:02:45,280
Speaker 2: do we make sure we get the most bang for

1175
01:02:45,360 --> 01:02:48,880
Speaker 2: our back from our tax? And I'll start by saying

1176
01:02:49,400 --> 01:02:51,760
Speaker 2: it's actually quite hard to get the most out of

1177
01:02:51,800 --> 01:02:52,680
Speaker 2: your tax, isn't it.

1178
01:02:54,400 --> 01:02:57,880
Speaker 19: Yeah, sorrys are not the most generous lot to those

1179
01:02:57,880 --> 01:03:01,720
Speaker 19: of us that pay in income tech and so you're right,

1180
01:03:02,200 --> 01:03:04,600
Speaker 19: we don't get a lot of tax breaks, and the

1181
01:03:04,640 --> 01:03:07,480
Speaker 19: few that we do get, I'm suggesting we should do

1182
01:03:07,560 --> 01:03:10,600
Speaker 19: our very best to maximize all the legal things that

1183
01:03:11,280 --> 01:03:14,520
Speaker 19: we can to pay our dues, but not to pay access.

1184
01:03:15,280 --> 01:03:17,720
Speaker 2: Okay, I suppose we should start. I should have known

1185
01:03:17,760 --> 01:03:20,800
Speaker 2: your start with retirement funds, and this is about how

1186
01:03:21,160 --> 01:03:23,000
Speaker 2: you make the most from your tax with your retirement

1187
01:03:23,080 --> 01:03:24,400
Speaker 2: fund contributions.

1188
01:03:25,840 --> 01:03:28,560
Speaker 19: So just to give a little bit of a little

1189
01:03:28,600 --> 01:03:33,720
Speaker 19: bit of background here, we can contribute a certain amount

1190
01:03:34,320 --> 01:03:37,080
Speaker 19: every year to our retirement fund, so whether it's a

1191
01:03:37,080 --> 01:03:39,919
Speaker 19: company retirement fund, like a provident fund, or your own

1192
01:03:40,080 --> 01:03:44,680
Speaker 19: retirement in uity. And if you contribute up to a

1193
01:03:44,760 --> 01:03:48,680
Speaker 19: maximum of twenty seven and a half percent of your

1194
01:03:48,760 --> 01:03:52,120
Speaker 19: income or limited to three hundred and fifty thousand a

1195
01:03:52,160 --> 01:03:55,480
Speaker 19: year for the big earners, you can get quite a

1196
01:03:55,480 --> 01:03:58,760
Speaker 19: big tax break back from size for those contributions. So

1197
01:03:59,200 --> 01:04:01,760
Speaker 19: just to give you a a simple example, if you

1198
01:04:01,800 --> 01:04:04,840
Speaker 19: earn a salary that puts you in the forty one

1199
01:04:04,920 --> 01:04:09,960
Speaker 19: percent tax bracket, and you decide that you haven't maximized

1200
01:04:09,960 --> 01:04:13,280
Speaker 19: your retirement fund contribution and you top it up by

1201
01:04:13,440 --> 01:04:16,800
Speaker 19: ten thousand rand. Now in the next month, you'll get

1202
01:04:16,840 --> 01:04:20,840
Speaker 19: back around four one hundred from sorrow's in a tax

1203
01:04:20,880 --> 01:04:25,600
Speaker 19: that saving. So it's it's real the tax saving that

1204
01:04:25,680 --> 01:04:28,400
Speaker 19: we get from sorrow. So making a contribution to your

1205
01:04:28,400 --> 01:04:31,440
Speaker 19: own retirement fund, in other words, investing in your future

1206
01:04:31,480 --> 01:04:34,479
Speaker 19: for you gives you quite a big tax saving now

1207
01:04:35,080 --> 01:04:37,320
Speaker 19: in the amount of income tax that you would pay

1208
01:04:38,280 --> 01:04:41,000
Speaker 19: in this tax here, So I think it's it's quite

1209
01:04:41,000 --> 01:04:46,680
Speaker 19: a big one that we should maximize, and most people's contributions,

1210
01:04:46,680 --> 01:04:51,160
Speaker 19: they're not really maximizing the amount that they can paint

1211
01:04:51,160 --> 01:04:53,840
Speaker 19: to their retirement funds. And it's to me a little

1212
01:04:53,880 --> 01:04:56,080
Speaker 19: bit of a no brainer. It's something you really should

1213
01:04:56,080 --> 01:04:56,439
Speaker 19: be doing.

1214
01:04:57,040 --> 01:04:59,280
Speaker 2: And you don't have to do this in advance. You

1215
01:04:59,320 --> 01:05:01,360
Speaker 2: can do it sort of at the last minute if

1216
01:05:01,400 --> 01:05:02,240
Speaker 2: you want one payment.

1217
01:05:03,640 --> 01:05:07,200
Speaker 19: Yeah, and and you know, especially for people who work

1218
01:05:07,280 --> 01:05:10,400
Speaker 19: in the gig economy or you know, have very variable

1219
01:05:11,000 --> 01:05:13,360
Speaker 19: earnings through the year, they might not want to do

1220
01:05:13,400 --> 01:05:17,200
Speaker 19: it a monthly debit order. And so now just to

1221
01:05:17,200 --> 01:05:19,720
Speaker 19: say you've got a month to go, and you know,

1222
01:05:19,760 --> 01:05:22,840
Speaker 19: if you calculate what you've earned, whether it's been you know,

1223
01:05:22,920 --> 01:05:29,280
Speaker 19: commission or salary or contract fees, interest or even rent,

1224
01:05:30,000 --> 01:05:32,920
Speaker 19: you know, all all the things that that attract income tax,

1225
01:05:33,280 --> 01:05:35,360
Speaker 19: it's worth working out what you've earned in the year

1226
01:05:35,440 --> 01:05:39,200
Speaker 19: and and then saying, you know it, does that have

1227
01:05:39,280 --> 01:05:41,160
Speaker 19: I done the contributions to get to the point of

1228
01:05:41,200 --> 01:05:43,760
Speaker 19: twenty seven and a half percent of that amount of money?

1229
01:05:44,080 --> 01:05:46,720
Speaker 19: And if you haven't, and you've got the money available,

1230
01:05:46,960 --> 01:05:51,120
Speaker 19: then then you really should you should do it now, Okay.

1231
01:05:51,560 --> 01:05:54,440
Speaker 2: You don't, can you overdo it. I mean you need

1232
01:05:54,480 --> 01:05:57,080
Speaker 2: to be You need to actually do the maths quite carefully,

1233
01:05:57,240 --> 01:05:59,960
Speaker 2: don't you.

1234
01:06:00,160 --> 01:06:00,360
Speaker 9: Yeah.

1235
01:06:00,400 --> 01:06:03,680
Speaker 19: So this is one of those things where where people

1236
01:06:03,800 --> 01:06:06,400
Speaker 19: disagree with each other in my industry. So if you

1237
01:06:06,480 --> 01:06:09,520
Speaker 19: over contribute to your retirement funds, you're not going to

1238
01:06:09,600 --> 01:06:11,960
Speaker 19: get penalized and you know, and saras won't find you

1239
01:06:12,400 --> 01:06:15,360
Speaker 19: or rest you or do anything like that. But but

1240
01:06:15,400 --> 01:06:17,320
Speaker 19: you're not going to get a tax break immediately. What

1241
01:06:17,680 --> 01:06:21,080
Speaker 19: will happen is you will get a benefit that's very delayed.

1242
01:06:21,120 --> 01:06:23,400
Speaker 19: So when you get to your retirement and you start

1243
01:06:23,480 --> 01:06:26,320
Speaker 19: drawing money from your your your retirement investments, then your

1244
01:06:26,360 --> 01:06:29,720
Speaker 19: over contributions will be will be beneficial there you'll get

1245
01:06:29,720 --> 01:06:33,280
Speaker 19: an offset it. So some people would just say, well,

1246
01:06:33,280 --> 01:06:36,200
Speaker 19: you know, don't worry about about the benefit. Just go

1247
01:06:36,280 --> 01:06:38,440
Speaker 19: and contribute as much as you can to your retirement

1248
01:06:38,440 --> 01:06:41,280
Speaker 19: funds and and then worry about that tax benefit later.

1249
01:06:42,200 --> 01:06:45,280
Speaker 19: I think I'm maybe a bit conservative, but I don't

1250
01:06:45,280 --> 01:06:47,800
Speaker 19: really want to over contribute during my lifetime. I'm happy

1251
01:06:47,840 --> 01:06:50,800
Speaker 19: to do the maximum that Sorrows allows every year and

1252
01:06:50,800 --> 01:06:52,880
Speaker 19: and and save save money for the rest.

1253
01:06:53,080 --> 01:06:56,080
Speaker 2: No, sure that does make sense, all right, medical expenses,

1254
01:06:56,120 --> 01:06:58,479
Speaker 2: I mean lots of fights about the medical aid tax

1255
01:06:58,520 --> 01:07:00,280
Speaker 2: credit at the moment is I think they will for

1256
01:07:00,320 --> 01:07:02,680
Speaker 2: some time. And we're not talking about that, we're actually

1257
01:07:02,720 --> 01:07:04,680
Speaker 2: talking about what you pay directly.

1258
01:07:06,680 --> 01:07:10,600
Speaker 19: Yeah, so there there is I mean, for people who

1259
01:07:10,680 --> 01:07:15,280
Speaker 19: spend a lot of money on medical expenses, my suggestion

1260
01:07:15,360 --> 01:07:17,400
Speaker 19: here is make sure that you've got all your receipts

1261
01:07:17,400 --> 01:07:20,320
Speaker 19: and the expenses that you've paid for that haven't been

1262
01:07:20,360 --> 01:07:24,160
Speaker 19: covered by your medical aid, because there is a point

1263
01:07:24,200 --> 01:07:27,840
Speaker 19: when when you can actually start to claim those expenses

1264
01:07:27,880 --> 01:07:30,720
Speaker 19: that are unpaid. Unfortunately, it's not for every cent that

1265
01:07:30,760 --> 01:07:33,960
Speaker 19: you haven't been able to claim, and all sorts of limits.

1266
01:07:33,960 --> 01:07:36,840
Speaker 19: But the bottom line for the next month is to

1267
01:07:37,000 --> 01:07:39,680
Speaker 19: make sure you've got all your your your slips and receipts,

1268
01:07:39,680 --> 01:07:42,520
Speaker 19: and you know, contact your medical providers if you haven't,

1269
01:07:42,560 --> 01:07:45,880
Speaker 19: because you know they might not keep everything by July

1270
01:07:46,000 --> 01:07:48,280
Speaker 19: when you start and start needing to submit. So so

1271
01:07:48,360 --> 01:07:51,120
Speaker 19: get yourself ready now and be prepared now.

1272
01:07:51,680 --> 01:07:57,240
Speaker 2: Okay, the nations, the public benefit organizations charities NGOs, things

1273
01:07:57,360 --> 01:07:59,200
Speaker 2: like that. What's the benefit there?

1274
01:08:00,760 --> 01:08:04,000
Speaker 19: Yeah, not many people know this, but you can donate

1275
01:08:04,160 --> 01:08:08,240
Speaker 19: up to ten percent of your income, your taxable income

1276
01:08:08,640 --> 01:08:12,040
Speaker 19: to register charity so they have to be registered with

1277
01:08:12,120 --> 01:08:16,639
Speaker 19: SIZE as public benefit organizations and you get a tax

1278
01:08:16,720 --> 01:08:19,520
Speaker 19: deduction for that. So in other words, if you contribute,

1279
01:08:19,800 --> 01:08:22,160
Speaker 19: let's say you earn a million round a year and

1280
01:08:22,840 --> 01:08:27,160
Speaker 19: you do your ten percent contribution, that will mean that

1281
01:08:27,160 --> 01:08:30,479
Speaker 19: one hundred thousand round of which is your contribution, will

1282
01:08:30,520 --> 01:08:33,639
Speaker 19: be deducted from the amount of income that you earn

1283
01:08:34,200 --> 01:08:38,240
Speaker 19: for tax calculation purposes. In other words, SOS will say, okay,

1284
01:08:38,280 --> 01:08:41,040
Speaker 19: for the purposes of this calculation, although you earned a

1285
01:08:41,040 --> 01:08:43,000
Speaker 19: million round, we're going to look at it as if

1286
01:08:43,040 --> 01:08:45,280
Speaker 19: you've earned it nine hundred thousand ruand and then work

1287
01:08:45,280 --> 01:08:47,800
Speaker 19: out the tax that you owe from that perspective. So

1288
01:08:48,560 --> 01:08:50,240
Speaker 19: the reality here is you get a bit of a

1289
01:08:50,280 --> 01:08:53,479
Speaker 19: tax break for doing something very good. And to me,

1290
01:08:54,280 --> 01:08:56,320
Speaker 19: you know, there are people in a position who would

1291
01:08:56,400 --> 01:09:00,760
Speaker 19: like to make donations to whether it's animal shelter or

1292
01:09:00,800 --> 01:09:03,639
Speaker 19: schools or you know, education funds, whatever it is that's

1293
01:09:03,640 --> 01:09:06,160
Speaker 19: important to you, and and you know, use this time

1294
01:09:06,280 --> 01:09:09,320
Speaker 19: now to to make sure that those organizations are registered

1295
01:09:09,320 --> 01:09:12,960
Speaker 19: with SARS and then take advantage of this opportunity to

1296
01:09:13,000 --> 01:09:15,519
Speaker 19: pay but less tax and do you know, do good

1297
01:09:15,520 --> 01:09:17,360
Speaker 19: with your money in a way that you want to do.

1298
01:09:18,400 --> 01:09:21,439
Speaker 2: I've always been interested in this because I kind of

1299
01:09:21,520 --> 01:09:23,760
Speaker 2: sometimes wonder if SIS is going to crack down, if

1300
01:09:23,840 --> 01:09:25,840
Speaker 2: other people are going to get it quite cynical about

1301
01:09:26,120 --> 01:09:30,200
Speaker 2: public benefit organizations have. In fact, that might change at

1302
01:09:30,200 --> 01:09:33,200
Speaker 2: some point because it really does allow people to give

1303
01:09:33,240 --> 01:09:36,040
Speaker 2: to their sort of pet causes rather than give the

1304
01:09:36,080 --> 01:09:36,799
Speaker 2: money to government.

1305
01:09:36,840 --> 01:09:41,320
Speaker 19: In the end, I mean, I think the view is

1306
01:09:41,360 --> 01:09:44,080
Speaker 19: that there are so many, you know, very good public

1307
01:09:44,120 --> 01:09:46,720
Speaker 19: benefit organizations that do work that you know that that

1308
01:09:46,800 --> 01:09:49,840
Speaker 19: government simply cannot get to, and and so it would

1309
01:09:49,880 --> 01:09:52,000
Speaker 19: be you know, I always think about some you know,

1310
01:09:52,000 --> 01:09:54,360
Speaker 19: an organization like Gift of the Givers, you know, I mean,

1311
01:09:54,360 --> 01:09:57,960
Speaker 19: look at what they do in towns and situations of

1312
01:09:58,000 --> 01:10:00,880
Speaker 19: great distress. And you know, if SARA, you know, it

1313
01:10:00,880 --> 01:10:03,639
Speaker 19: doesn't do what they can to help organizations like that

1314
01:10:04,000 --> 01:10:07,800
Speaker 19: deliver good to to to the South African public, you know,

1315
01:10:07,840 --> 01:10:10,280
Speaker 19: that would be a tragedy. So I really hope they don't.

1316
01:10:10,680 --> 01:10:12,640
Speaker 19: I'm very happy that you know that SOUS does the

1317
01:10:12,680 --> 01:10:15,360
Speaker 19: work to make sure that these are legitimate public benefit

1318
01:10:15,520 --> 01:10:18,400
Speaker 19: organizations doing real work and not just you know, tax

1319
01:10:18,439 --> 01:10:21,559
Speaker 19: avoidance schemes. But but yeah, I hope, I hope that

1320
01:10:21,560 --> 01:10:25,600
Speaker 19: that never happens, Stephen, that they're bands those deductions or.

1321
01:10:25,680 --> 01:10:27,760
Speaker 2: If your travel logbook and this is this is about

1322
01:10:27,760 --> 01:10:31,479
Speaker 2: a car and and how you actually manage what you

1323
01:10:31,560 --> 01:10:32,240
Speaker 2: can claim back.

1324
01:10:34,120 --> 01:10:38,920
Speaker 19: Yeah, so not everyone, what you know, gets gets travel

1325
01:10:38,960 --> 01:10:43,240
Speaker 19: allowances or earns let's say commission where where you can

1326
01:10:43,360 --> 01:10:46,160
Speaker 19: write off the expense of of the of the journey

1327
01:10:46,200 --> 01:10:48,920
Speaker 19: that you do every day for for work purposes. So

1328
01:10:49,120 --> 01:10:50,840
Speaker 19: so just to be clear, this isn't about you know,

1329
01:10:51,200 --> 01:10:53,280
Speaker 19: traveling to and from your office every day. If you're

1330
01:10:53,280 --> 01:10:55,680
Speaker 19: an office worker earning a salary, this is not this

1331
01:10:55,880 --> 01:10:58,120
Speaker 19: is not for you, but but for people who travel

1332
01:10:58,520 --> 01:11:01,880
Speaker 19: for two different places, you know, doing work and earning

1333
01:11:01,920 --> 01:11:05,479
Speaker 19: income at that point that they can get a tax break.

1334
01:11:05,560 --> 01:11:07,759
Speaker 19: And one of the things that people in this situation

1335
01:11:07,920 --> 01:11:11,439
Speaker 19: often forget to do is make sure that their log

1336
01:11:11,479 --> 01:11:13,280
Speaker 19: book is up to date. So you've you've got to

1337
01:11:13,360 --> 01:11:15,280
Speaker 19: keep a record of every single trip you know, the

1338
01:11:15,360 --> 01:11:18,439
Speaker 19: mileage of that trip, and then take notes of what

1339
01:11:18,560 --> 01:11:21,120
Speaker 19: your mileage on your car is at the end of February.

1340
01:11:21,479 --> 01:11:23,960
Speaker 19: So so don't you don't wait until July and then

1341
01:11:24,160 --> 01:11:26,160
Speaker 19: then go gee, I can't remember what the mileage was

1342
01:11:26,200 --> 01:11:27,479
Speaker 19: on my car at the end of the month, and

1343
01:11:27,880 --> 01:11:30,000
Speaker 19: and and you know, at the end of February rather

1344
01:11:30,040 --> 01:11:33,559
Speaker 19: and then you find yourself scrambling. So so just again

1345
01:11:33,640 --> 01:11:35,880
Speaker 19: make sure your records are up to date now, because

1346
01:11:36,200 --> 01:11:39,040
Speaker 19: the paperwork is important, and it is one of those

1347
01:11:39,080 --> 01:11:41,240
Speaker 19: things that I think SIS is looking at very closely.

1348
01:11:41,320 --> 01:11:45,000
Speaker 19: And you know, every time people get audited, this is

1349
01:11:45,040 --> 01:11:46,559
Speaker 19: one of the things that trips them up because they

1350
01:11:46,600 --> 01:11:50,559
Speaker 19: haven't got proper records, and then those deductions for their

1351
01:11:50,600 --> 01:11:52,759
Speaker 19: expenses around their car not allowed.

1352
01:11:53,400 --> 01:11:55,120
Speaker 2: One of the things I find interesting about the whole

1353
01:11:55,120 --> 01:11:56,920
Speaker 2: log book issue for a car is there's quite a

1354
01:11:56,960 --> 01:12:01,040
Speaker 2: lot of pt even if you had good electronic system

1355
01:12:01,040 --> 01:12:04,040
Speaker 2: and I'm sure someone somewhere has a kind of car

1356
01:12:04,320 --> 01:12:07,040
Speaker 2: log book app thing for a phone that makes it

1357
01:12:07,080 --> 01:12:09,640
Speaker 2: as easy as possible, you still have to remember to

1358
01:12:09,760 --> 01:12:13,120
Speaker 2: do it each time. And obviously for some people you

1359
01:12:13,240 --> 01:12:16,000
Speaker 2: travel quite a bit in your card really is worth it.

1360
01:12:16,080 --> 01:12:18,360
Speaker 2: I'm sure there's some people who just think, ah, it's

1361
01:12:18,439 --> 01:12:19,439
Speaker 2: really not worth the hack.

1362
01:12:21,360 --> 01:12:24,840
Speaker 19: Yeah, I wish, I wish, you know, Sarrus could find

1363
01:12:24,880 --> 01:12:27,320
Speaker 19: a way to automate this, because it really is a hack.

1364
01:12:27,400 --> 01:12:32,000
Speaker 19: And again, you know, for people who are legitimately traveling

1365
01:12:32,080 --> 01:12:35,679
Speaker 19: for work and incurring expenses and you know, dodging potholes

1366
01:12:35,680 --> 01:12:39,040
Speaker 19: in joe Burg and whatever the conditions are, and fires

1367
01:12:39,040 --> 01:12:41,080
Speaker 19: in the Western care But it's kind of a hazardous

1368
01:12:41,120 --> 01:12:42,719
Speaker 19: thing being on the road trying to earn a living.

1369
01:12:43,160 --> 01:12:44,720
Speaker 19: And so you know, this should be one of the

1370
01:12:44,800 --> 01:12:48,280
Speaker 19: situations where where the technology I'm sure is available and

1371
01:12:48,560 --> 01:12:51,040
Speaker 19: if sarrus could offer it to people in that position,

1372
01:12:51,400 --> 01:12:52,639
Speaker 19: everyone's life would be easier.

1373
01:12:52,760 --> 01:12:52,840
Speaker 4: You know.

1374
01:12:52,880 --> 01:12:55,080
Speaker 19: It's just it's such a simple thing to kind of

1375
01:12:55,120 --> 01:12:59,040
Speaker 19: get the taxpayer and the tax man aligned. I agree

1376
01:12:59,040 --> 01:13:00,280
Speaker 19: with you, it should just be done.

1377
01:13:02,200 --> 01:13:04,320
Speaker 2: For some people they like to try and claim on

1378
01:13:04,439 --> 01:13:06,479
Speaker 2: an office when they work from home. If you have

1379
01:13:06,560 --> 01:13:08,600
Speaker 2: a home office, are you able to do that?

1380
01:13:11,360 --> 01:13:14,880
Speaker 19: You can just you know, for example, if it's your

1381
01:13:14,920 --> 01:13:18,719
Speaker 19: primary residence, it's the place where you live, and you say, okay,

1382
01:13:18,760 --> 01:13:21,240
Speaker 19: I'm going to I'm going to dedicate some space. I've

1383
01:13:21,240 --> 01:13:23,240
Speaker 19: got a you know, little office, you know that that

1384
01:13:23,320 --> 01:13:25,080
Speaker 19: are now going to claim as a home office.

1385
01:13:25,360 --> 01:13:27,880
Speaker 2: It's it's possible to do that, I think.

1386
01:13:27,920 --> 01:13:31,240
Speaker 19: Again, you know, the documentation and the paperwork around this

1387
01:13:31,400 --> 01:13:34,000
Speaker 19: is very important, and and and and are we getting

1388
01:13:34,080 --> 01:13:36,840
Speaker 19: right to the limits of my tax knowledge, Stephen, But

1389
01:13:37,560 --> 01:13:39,400
Speaker 19: what one of the things that's also going to happen

1390
01:13:39,520 --> 01:13:41,720
Speaker 19: is that that portion of your property you will not

1391
01:13:41,840 --> 01:13:44,559
Speaker 19: be treated as your primary residence when you then sell

1392
01:13:44,640 --> 01:13:47,040
Speaker 19: it one day. And and why that's important is, you know,

1393
01:13:47,080 --> 01:13:48,800
Speaker 19: if we've got our if we live in our home

1394
01:13:49,479 --> 01:13:52,640
Speaker 19: and uh and we sell that home one day, you know,

1395
01:13:52,720 --> 01:13:55,080
Speaker 19: if we've made a profit on on the sale of

1396
01:13:55,160 --> 01:13:57,599
Speaker 19: that home, we do get a bit of a tax

1397
01:13:57,680 --> 01:14:00,599
Speaker 19: break from sorrows before we start paying for capital ains tax.

1398
01:14:01,120 --> 01:14:03,479
Speaker 19: And so if you've now used up, you know, a

1399
01:14:03,600 --> 01:14:05,759
Speaker 19: third of the size of your home as a home office,

1400
01:14:05,760 --> 01:14:07,960
Speaker 19: for example, then then you might find that you're not

1401
01:14:08,040 --> 01:14:10,400
Speaker 19: getting such a big tax break on the capital gains.

1402
01:14:10,920 --> 01:14:12,760
Speaker 19: And and you know, if if you live in a

1403
01:14:12,800 --> 01:14:16,120
Speaker 19: place where property prices are going up strongly, it could

1404
01:14:16,200 --> 01:14:18,120
Speaker 19: be that that benefit that you got from your home

1405
01:14:18,160 --> 01:14:22,120
Speaker 19: office doesn't outweigh the last now of that capital gains

1406
01:14:22,240 --> 01:14:25,439
Speaker 19: tax break that you got on your primary residence. So

1407
01:14:25,840 --> 01:14:28,760
Speaker 19: I would suggest someone in this position should do the

1408
01:14:28,880 --> 01:14:31,280
Speaker 19: work just to you know, go and pay a tax

1409
01:14:31,360 --> 01:14:33,720
Speaker 19: consultant just to work, you know, walk it through with

1410
01:14:33,800 --> 01:14:35,760
Speaker 19: you and make sure that you're making the right call

1411
01:14:35,880 --> 01:14:37,960
Speaker 19: before you make a decision like this.

1412
01:14:39,479 --> 01:14:42,679
Speaker 2: So so much sort of put together ahead of the tax. Yeah,

1413
01:14:43,200 --> 01:14:45,839
Speaker 2: your questions for An Ingram, the co founder of Galileo

1414
01:14:45,920 --> 01:14:48,120
Speaker 2: Capital A double one double A three or seven two

1415
01:14:48,360 --> 01:14:50,400
Speaker 2: two one four four six, O five six seven and

1416
01:14:50,479 --> 01:14:52,920
Speaker 2: of course voice notes on seven two seven O two

1417
01:14:53,000 --> 01:14:56,240
Speaker 2: one seven O two. We do have a question tonight

1418
01:14:56,400 --> 01:14:58,519
Speaker 2: and it goes like this. Hi, I just got a

1419
01:14:58,600 --> 01:15:01,200
Speaker 2: new job with a decent salary reincrease. At the moment,

1420
01:15:01,680 --> 01:15:04,800
Speaker 2: my expenses are matching my income, so the increase would

1421
01:15:04,800 --> 01:15:07,759
Speaker 2: give me some breathing room. I don't want to waste

1422
01:15:07,840 --> 01:15:10,120
Speaker 2: the increased money, but I would like to buy some

1423
01:15:10,280 --> 01:15:12,760
Speaker 2: extras to improve my life a bit. We all need

1424
01:15:12,800 --> 01:15:15,439
Speaker 2: a little bit of ice cream in life. Warren, you know,

1425
01:15:15,520 --> 01:15:17,760
Speaker 2: how should you manage that? We'll hear. We'll hear the

1426
01:15:17,800 --> 01:15:20,639
Speaker 2: answer from you, Warren. The Interestament ten minutes to eight.

1427
01:15:21,479 --> 01:15:24,000
Speaker 18: The Money Show with Stephen Quets is brought to you

1428
01:15:24,240 --> 01:15:27,680
Speaker 18: by abs A cib A Pan African bank invested in

1429
01:15:27,800 --> 01:15:30,840
Speaker 18: your story and the potential it can unlock it because

1430
01:15:31,000 --> 01:15:35,880
Speaker 18: your story matters, as as the rest fsp The Money

1431
01:15:35,960 --> 01:15:38,800
Speaker 18: Show Personal Finance with Warren Ingram.

1432
01:15:39,479 --> 01:15:42,519
Speaker 2: Warren Ingram, of course, the co founder at Galileo capital.

1433
01:15:42,560 --> 01:15:44,800
Speaker 2: Some questions coming in for him. Now we'll put to them,

1434
01:15:44,960 --> 01:15:47,320
Speaker 2: to put them to you in a moment, Warren. At first,

1435
01:15:47,360 --> 01:15:48,960
Speaker 2: a question that came in earlier. I've got a new

1436
01:15:49,080 --> 01:15:52,280
Speaker 2: job with a salary increase. My expenses are matching my income,

1437
01:15:52,400 --> 01:15:54,280
Speaker 2: so the increase gives me some breathing room. I don't

1438
01:15:54,320 --> 01:15:56,559
Speaker 2: want to waste the money, the extra money, I would

1439
01:15:56,640 --> 01:15:59,479
Speaker 2: like to buy some extras to improve my life. Warren,

1440
01:15:59,520 --> 01:16:01,439
Speaker 2: how do you sort of judge that? How do you

1441
01:16:01,720 --> 01:16:03,320
Speaker 2: assess what you should do in that case?

1442
01:16:05,240 --> 01:16:06,760
Speaker 19: I mean, I think it's one of those things where

1443
01:16:07,320 --> 01:16:12,000
Speaker 19: let's say your increase is ten percent, then by all

1444
01:16:12,080 --> 01:16:15,400
Speaker 19: means allow your lifestyle costs to increase as well, but

1445
01:16:15,479 --> 01:16:18,479
Speaker 19: don't let them increase by ten percent in line with

1446
01:16:18,600 --> 01:16:22,640
Speaker 19: your salary rise. Rather, let your lifestyle costs go up

1447
01:16:22,680 --> 01:16:25,639
Speaker 19: by five percent, And that means that you are saving

1448
01:16:26,280 --> 01:16:28,280
Speaker 19: half of that big you know, that big increase that

1449
01:16:28,360 --> 01:16:31,519
Speaker 19: you've got. And so what you're doing is you're allowing

1450
01:16:31,600 --> 01:16:34,439
Speaker 19: your savings to grow at a faster rate than your

1451
01:16:34,600 --> 01:16:38,160
Speaker 19: salary and or maybe than your expenses is growing. So yes,

1452
01:16:38,280 --> 01:16:39,960
Speaker 19: you get to give yourself a bit of a reward,

1453
01:16:40,320 --> 01:16:43,280
Speaker 19: but you don't fall subject to something called salary creep

1454
01:16:43,360 --> 01:16:46,320
Speaker 19: where or lifestyle creep where you just you know, allow

1455
01:16:46,360 --> 01:16:48,439
Speaker 19: your expenses to grow as fast as your income and

1456
01:16:48,640 --> 01:16:50,800
Speaker 19: then you never get to save enough. Your goal here

1457
01:16:50,960 --> 01:16:54,960
Speaker 19: is save more as you can, and a salary increases

1458
01:16:54,960 --> 01:16:57,840
Speaker 19: a great time to give yourself that opportunity to save

1459
01:16:57,920 --> 01:16:58,679
Speaker 19: for your future.

1460
01:16:59,200 --> 01:17:01,599
Speaker 2: Yeah, I mean, I've I've seen that where someone gets

1461
01:17:01,880 --> 01:17:04,560
Speaker 2: an increase in salary and then they kind of strangely,

1462
01:17:04,640 --> 01:17:06,400
Speaker 2: you get you're so used to the money you can't

1463
01:17:06,400 --> 01:17:08,639
Speaker 2: get out of it, and actually your options become very limited.

1464
01:17:10,479 --> 01:17:14,040
Speaker 19: Yeah, you know, and as your expenses rise, you know,

1465
01:17:14,080 --> 01:17:16,719
Speaker 19: along with your your income, it's very hard to adjust

1466
01:17:16,760 --> 01:17:20,080
Speaker 19: yourself from that new lifestyle back to the last doll

1467
01:17:20,160 --> 01:17:22,720
Speaker 19: you had, you know, one or two increases ago. So

1468
01:17:23,200 --> 01:17:26,400
Speaker 19: the pain of going backwards is much worse than just

1469
01:17:26,560 --> 01:17:29,719
Speaker 19: not going there. And so allowing yourself an extra little

1470
01:17:29,760 --> 01:17:32,680
Speaker 19: bit of breathing rome is great and you should do that.

1471
01:17:32,840 --> 01:17:35,200
Speaker 19: It is a reward for the hard work. But just

1472
01:17:35,280 --> 01:17:37,360
Speaker 19: don't get used to that new lifestyle and then you

1473
01:17:37,400 --> 01:17:38,160
Speaker 19: don't feel the pain.

1474
01:17:38,880 --> 01:17:41,719
Speaker 2: Goth Lisaou's got in touch with us tonight, saying Hi, Warren,

1475
01:17:41,960 --> 01:17:46,280
Speaker 2: I've certified. I think satisfied. She means with my contribution

1476
01:17:46,400 --> 01:17:48,920
Speaker 2: to my RA and I also max my tax a

1477
01:17:49,080 --> 01:17:52,639
Speaker 2: free payment every year. I have the Discovery Vitality rewards

1478
01:17:52,680 --> 01:17:55,360
Speaker 2: between one thy six hundred rand and two thousand round

1479
01:17:55,400 --> 01:17:57,920
Speaker 2: every month, and I'd like to deploy it effectively. My

1480
01:17:58,080 --> 01:18:00,600
Speaker 2: portfolio is very poorer in cryptos. Should I add these

1481
01:18:00,640 --> 01:18:04,679
Speaker 2: funds to my RA, my retirement annuity or to crypto?

1482
01:18:04,800 --> 01:18:06,400
Speaker 2: That's Cacliso's question, Warren.

1483
01:18:08,280 --> 01:18:12,920
Speaker 19: So my view is like, I'm I understand investments, and

1484
01:18:13,000 --> 01:18:15,600
Speaker 19: I understand you know, how you can value shares and

1485
01:18:15,920 --> 01:18:19,720
Speaker 19: and you know property companies and even government bonds, but

1486
01:18:20,160 --> 01:18:22,439
Speaker 19: but I can't value crypto. So so for me at

1487
01:18:22,439 --> 01:18:25,600
Speaker 19: the moment, it's one of those things that's evolving. I

1488
01:18:25,920 --> 01:18:27,960
Speaker 19: think it's I still struggle to call it an investment.

1489
01:18:28,000 --> 01:18:31,400
Speaker 19: I think it's still a speculation. So so rather going

1490
01:18:31,439 --> 01:18:34,000
Speaker 19: to the retirement funds than than than the cryptos.

1491
01:18:34,280 --> 01:18:36,120
Speaker 2: Yeah, I mean, it's so interesting because so many people

1492
01:18:36,160 --> 01:18:38,880
Speaker 2: will go the other way, but actually some of it

1493
01:18:39,040 --> 01:18:41,160
Speaker 2: is still very difficult to kind of know what's going

1494
01:18:41,240 --> 01:18:45,080
Speaker 2: to happen. Mon Tomby asks any advice on a retirement plan.

1495
01:18:45,120 --> 01:18:46,920
Speaker 2: I'm just going to quote this word for word, any

1496
01:18:46,960 --> 01:18:49,360
Speaker 2: advice on a retirement plan that one can take on

1497
01:18:49,439 --> 01:18:52,000
Speaker 2: the side, and how do I determine the correct amount

1498
01:18:52,080 --> 01:18:55,479
Speaker 2: to add in line with the maximum allowance? Thanks? That's

1499
01:18:55,560 --> 01:18:59,599
Speaker 2: from from mon Tomby Warren. Great question, man, Tomby.

1500
01:18:59,680 --> 01:19:02,120
Speaker 19: I think so the thing that you do on the side,

1501
01:19:02,160 --> 01:19:04,960
Speaker 19: I'm assuming that means that you've got a company retirement

1502
01:19:05,000 --> 01:19:06,800
Speaker 19: fund and you want to do something extra on your

1503
01:19:06,840 --> 01:19:08,920
Speaker 19: on your own and and for all of us that

1504
01:19:09,080 --> 01:19:12,360
Speaker 19: that would be a retirement tenuity. And you can, you know,

1505
01:19:12,479 --> 01:19:16,280
Speaker 19: you can do almost any size contribution to retirementinuity, so

1506
01:19:16,360 --> 01:19:18,559
Speaker 19: you can either do a debit order or an annual

1507
01:19:19,160 --> 01:19:22,559
Speaker 19: lump sum. And the way to decide on what retirement

1508
01:19:22,640 --> 01:19:25,240
Speaker 19: innuity to choose look for one that's you know, on

1509
01:19:25,320 --> 01:19:29,080
Speaker 19: a unitrust platform where there's no upfront fees or exit penalties.

1510
01:19:29,560 --> 01:19:32,120
Speaker 19: And then when you're trying to decide how much to contribute,

1511
01:19:32,840 --> 01:19:35,920
Speaker 19: work out what your your pre tax salary is. So

1512
01:19:35,960 --> 01:19:38,559
Speaker 19: if you earn you know, one hundred thousand around a year,

1513
01:19:39,040 --> 01:19:41,360
Speaker 19: then you know twenty seven and a half percent of

1514
01:19:41,479 --> 01:19:44,720
Speaker 19: that is what your maximum contribution to the retirement fund

1515
01:19:44,760 --> 01:19:46,519
Speaker 19: can be. So then you can work out what you're

1516
01:19:46,520 --> 01:19:49,400
Speaker 19: currently contributing to your company fund and you can then

1517
01:19:49,479 --> 01:19:51,720
Speaker 19: do the balance. If there's a gap, you can do

1518
01:19:51,800 --> 01:19:54,639
Speaker 19: the balance into your own ra and choose the investments

1519
01:19:54,720 --> 01:19:55,560
Speaker 19: that work for you.

1520
01:19:56,520 --> 01:19:59,320
Speaker 2: Okay, now that makes a lot of sense. Okay. At

1521
01:19:59,360 --> 01:20:01,920
Speaker 2: this point in time, Warren, you you you know, be

1522
01:20:02,040 --> 01:20:04,880
Speaker 2: coming to the end of February, that's when the end

1523
01:20:04,920 --> 01:20:06,880
Speaker 2: of the tax here is. But you only have to

1524
01:20:07,320 --> 01:20:10,200
Speaker 2: do the return much later in the year. What's the

1525
01:20:10,280 --> 01:20:11,920
Speaker 2: right thing to do. There's a lot of admin and

1526
01:20:12,000 --> 01:20:13,240
Speaker 2: you kind of want to get everything in order.

1527
01:20:14,920 --> 01:20:15,120
Speaker 4: Yep.

1528
01:20:15,640 --> 01:20:17,280
Speaker 19: I think one of the things that people struggle with

1529
01:20:17,400 --> 01:20:20,479
Speaker 19: here is that you know, as as especially if they're

1530
01:20:20,520 --> 01:20:23,519
Speaker 19: going to order you, what they want now is every

1531
01:20:23,600 --> 01:20:26,960
Speaker 19: document that you know that's relevant to your tax position,

1532
01:20:27,120 --> 01:20:30,160
Speaker 19: so that you might need every single month worth the

1533
01:20:30,240 --> 01:20:34,160
Speaker 19: bank statements, you know, your your cell phone accounts, your landline,

1534
01:20:34,520 --> 01:20:37,160
Speaker 19: you know if you've got data data at home, all

1535
01:20:37,200 --> 01:20:39,960
Speaker 19: of those, you know, your your car expenses, everything. And

1536
01:20:40,400 --> 01:20:42,680
Speaker 19: it's much easier to get it now at the very

1537
01:20:42,800 --> 01:20:45,759
Speaker 19: end of February than trying to try and scramble around

1538
01:20:45,840 --> 01:20:48,160
Speaker 19: in July or August. You know, if you're then trying

1539
01:20:48,200 --> 01:20:49,720
Speaker 19: to do your returns, often you know you have to

1540
01:20:49,760 --> 01:20:52,559
Speaker 19: pay for those if the statements are older than three

1541
01:20:52,600 --> 01:20:54,479
Speaker 19: months from when you're trying to look for them. So

1542
01:20:54,920 --> 01:20:57,479
Speaker 19: my suggestion here is, you know, check your car mileage

1543
01:20:57,560 --> 01:20:59,880
Speaker 19: for for for the people that do travel log books,

1544
01:21:00,080 --> 01:21:02,360
Speaker 19: and note that down. Go and get all your bank

1545
01:21:02,439 --> 01:21:04,640
Speaker 19: statements and all the pieces of paper that you need.

1546
01:21:05,000 --> 01:21:07,360
Speaker 19: If you've got investments, make sure you get statements for

1547
01:21:07,479 --> 01:21:09,519
Speaker 19: the end of the February month so that you know

1548
01:21:09,640 --> 01:21:11,759
Speaker 19: what the values of those are and you've got statements

1549
01:21:11,800 --> 01:21:14,120
Speaker 19: to prove it and say that. So just do all

1550
01:21:14,160 --> 01:21:16,599
Speaker 19: the saving and the filing now. It's much easier than

1551
01:21:16,840 --> 01:21:19,439
Speaker 19: trying to scramble around in July and August. You know,

1552
01:21:20,040 --> 01:21:22,000
Speaker 19: when the time comes to do your taxes.

1553
01:21:22,439 --> 01:21:24,840
Speaker 2: I've often wondered if there's a specific reason why if

1554
01:21:24,880 --> 01:21:27,040
Speaker 2: the taxia ends at the end of February, we can't

1555
01:21:27,080 --> 01:21:29,000
Speaker 2: all have to do our returns by the end of March.

1556
01:21:29,520 --> 01:21:31,920
Speaker 2: Never really understood why there's such a big gap gap,

1557
01:21:32,080 --> 01:21:33,960
Speaker 2: and it's been like that for years and years and years,

1558
01:21:33,960 --> 01:21:35,479
Speaker 2: and I'm actually sure there must be a good reason.

1559
01:21:35,560 --> 01:21:36,360
Speaker 2: I just don't know what it is.

1560
01:21:39,840 --> 01:21:41,760
Speaker 19: I have nothing to contribute to. I think it's far

1561
01:21:41,920 --> 01:21:44,280
Speaker 19: too long and it's far too late, So I feel like,

1562
01:21:44,640 --> 01:21:46,320
Speaker 19: you know, it makes sense that sometimes it takes a

1563
01:21:46,360 --> 01:21:49,000
Speaker 19: bit of time for the providers to give you statements

1564
01:21:49,080 --> 01:21:52,080
Speaker 19: and to actually collate those, you know, your IT three's

1565
01:21:52,200 --> 01:21:55,160
Speaker 19: or your rp fars from your employer. But surely nowadays,

1566
01:21:55,240 --> 01:21:57,880
Speaker 19: you know we're not doing this by paper anymore. It

1567
01:21:57,920 --> 01:21:59,120
Speaker 19: should be a bit faster.

1568
01:22:00,040 --> 01:22:02,600
Speaker 2: Quickly, in thirty seconds. How do you know when you

1569
01:22:02,680 --> 01:22:04,400
Speaker 2: need a tax practitioner.

1570
01:22:06,360 --> 01:22:08,559
Speaker 19: If you've got you know, if you earn more than

1571
01:22:08,640 --> 01:22:11,559
Speaker 19: just a normal salary where you're just paying your normal taxes,

1572
01:22:11,960 --> 01:22:14,920
Speaker 19: and you earn variable income, and you've got you know,

1573
01:22:15,000 --> 01:22:18,000
Speaker 19: things like this home office conversation, all of those situations,

1574
01:22:18,880 --> 01:22:20,760
Speaker 19: then it's worth your while just to consult the tax

1575
01:22:20,800 --> 01:22:23,479
Speaker 19: practitioner to make sure you're doing the right things before

1576
01:22:23,479 --> 01:22:25,439
Speaker 19: it's too late, and doing it now where you've got

1577
01:22:25,479 --> 01:22:29,080
Speaker 19: a month to top up retirement contributions, etc. Makes sense

1578
01:22:29,120 --> 01:22:29,320
Speaker 19: to me.

1579
01:22:29,960 --> 01:22:32,880
Speaker 2: Thank you very much, indeed, Warren Ingram really do appreciate it.

1580
01:22:33,000 --> 01:22:36,880
Speaker 2: Co founder of Galileo Capital with Personal Finance on the

1581
01:22:37,000 --> 01:22:41,200
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1582
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Speaker 2: In the US record highs again for the S and

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1598
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Speaker 2: point four to two. We'll be back with the Money

1599
01:23:40,160 --> 01:23:42,439
Speaker 2: Show tomorrow. Aubrey's next Good Evening at eight o'clock