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Speaker 1: And now The Money Show with Stephen Credit 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 Absent Corporate and Investment Banking, proud

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Speaker 2: sponsor of the LMA ICMA Loan and Capital Markets Africa

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Speaker 2: Summer twenty twenty six. Absence are registered FSP. Good evening,

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Speaker 2: I'm Stephen Curtis. Eight minutes after six the time that

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Speaker 2: twas the night before budget. All was quiet, not really obviously,

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Speaker 2: plenty of discussions about what is going to come up tomorrow.

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Speaker 2: I think one of the bigger questions it's likely to

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Speaker 2: emerge is is there any solution to bracket creep. You

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Speaker 2: might well have found yourself moving from one tax bracket

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Speaker 2: to another, and because they've been the same for quite

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Speaker 2: some time, quite a few people would actually have moved.

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Speaker 2: So you might even have moved twice if you've been

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Speaker 2: sort of lucky and unlucky at the same time. Looking

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Speaker 2: forward to that conversation, we'll see what the Minister says tomorrow. Also,

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Speaker 2: of course, the issue of a physical anchor and then

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Speaker 2: government debt, and we've seen a real concerted campaign by

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Speaker 2: the National Treasury to pay that back as quickly as possible,

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Speaker 2: so all of these things running together will get a

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Speaker 2: view from Hugh Hacking from Momentum Corporate in a couple

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Speaker 2: of moments about that what we can expect, what we

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Speaker 2: can't expect. I think a bigger question and I'll probably

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Speaker 2: start the conversation with this in a moment, is whether

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Speaker 2: we can look forward to more sort of austerity, but

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Speaker 2: whether there is some scope to actually spend a little

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Speaker 2: bit more money on government services A big, big issue

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Speaker 2: in the middle of all of that. At the same time,

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Speaker 2: san Lum talking about what South Africans spend their money

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Speaker 2: on in terms of their own budget and what they

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Speaker 2: will not give up. Looking forward to that conversation as well.

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Speaker 2: For NASA Berta is at some risk and savings. We'll

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Speaker 2: hear from Fanaza in a few moments last night on

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Speaker 2: The Money Show, you heard Sam Sol he's a managing

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Speaker 2: partner at the Amabungani Center from Investigative Journalism, and he

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Speaker 2: was talking about the Tonguard Hewlett deal in the fact

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Speaker 2: that it looks like it's going into provisional liquidation. He

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Speaker 2: made a few comments about the Vision Consortium and sort

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Speaker 2: of I mean to oversimplify the case and i'ma Bongani

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Speaker 2: has published this on their website if you want to

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Speaker 2: read it, but essentially saying that the Vision Consortium triggered

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Speaker 2: a sort of death bomb. They're basically forcing this issue

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Speaker 2: and they'll get the assets of the company. Now we'll

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Speaker 2: hear from the Vision Consortium. I'm quite glad actually that

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Speaker 2: we will hear their side of the story in about

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Speaker 2: half an hour's time. And then the issue of online

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Speaker 2: gambling and tax and whether they could be new taxes

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Speaker 2: on that in the budget and what would happen if

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Speaker 2: taxes were increasing under Zulu is a policy officer at

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Speaker 2: the Free Market Foundation. Just before the seven o'clock news,

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Speaker 2: Good to hear from you tonight on a double ONEAA

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Speaker 2: three seven two and two one four four six five

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Speaker 2: six seven The Laney Show.

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Speaker 3: With Stephen Kruders Live on ninety two point seven and

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Speaker 3: one six FM, streaming on the Prime Media Plus.

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Speaker 1: NAP and DStv channel eight five six.

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Speaker 2: I can't imagine the frustration you might to philt if

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Speaker 2: you were one of the I think it's two hundred

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Speaker 2: people who joined this High court action trying to get

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Speaker 2: a class action certified to bring against the banks who

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Speaker 2: are accused of selling repossessed houses for less than their

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Speaker 2: market value. We had a long conversation about this on

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Speaker 2: the Money Show last night. First day of the case

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Speaker 2: today and as I understand what happened, I wasn't there myself,

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Speaker 2: but I was following the reporting on it very closely.

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Speaker 2: The lead attorney, Douglas Shaw, it turns out, does not

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Speaker 2: have a fidelity fund certificate. That means he can't manage

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Speaker 2: someone else's money. I'm no expert, but I think that's

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Speaker 2: what that means. And as a result, he can't actually

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Speaker 2: represent anyone in the High Court in South Africa, certainly

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Speaker 2: not in this case. He's told the judge he's made

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Speaker 2: an assurance he'll have his fidelity fund certificate tomorrow morning

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Speaker 2: by nine o'clock. I have to say, if you don't

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Speaker 2: have it by court day to day, why would you

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Speaker 2: have it by tomorrow. But maybe there's a process I'm

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Speaker 2: not aware of or something like that I can't help.

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Speaker 2: But also just wonder if I was one of those

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Speaker 2: two hundred people who might quill. I've now been treated

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Speaker 2: badly by a bank cly they feel they have, and

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Speaker 2: I've been defrauded by a person who claimed to be

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Speaker 2: a lawyer, but can't actually act, can't actually manage this

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Speaker 2: action they said they could. I think there's some big

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Speaker 2: questions for Douglas Shaw to answer. I wonder if he

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Speaker 2: will in fact answer them tomorrow. Your views and that

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Speaker 2: and the budget? Oh seven two seven two one seven.

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Speaker 4: O two is on the Money Show six to eight pm.

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Speaker 2: Well, the clock ticking down to tomorrow's budget. And still

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Speaker 2: several questions about what we could expect tomorrow. For example,

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Speaker 2: will bracket creep continue to see the tax you pay

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Speaker 2: going up? Could government continue with austerity, could have moved

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Speaker 2: into a new phase. And then of course other questions

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Speaker 2: about whether the Finance Minsity Iguana would announce a new

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Speaker 2: fiscal anchor I suppose an explicit promise that government will

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Speaker 2: not let it rise above a certain level. Hugh Hacking

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Speaker 2: is the executive head of Structured Investments and Annuities at

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Speaker 2: Momentum Corporate. Hugh, good evening, and thanks for your time.

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Speaker 2: It's a very broad question, I know, but are you

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Speaker 2: expecting more sort of austerity focus on paying back of debt?

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Speaker 2: Is there maybe a little bit of scope to spend

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Speaker 2: a bit more money on some government services that really needed.

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Speaker 5: Good evening experience, good evening to the listeners. I think

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Speaker 5: that's an excellent question. Look, I think in the budget

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Speaker 5: we can expect to continue to see a drive towards

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Speaker 5: fiscal stability, So that doesn't necessarily that doesn't mean austerity.

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Speaker 5: What that instead means is looking to prudent budgeting, making

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Speaker 5: sure that expense increases are contained. What we have seen

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Speaker 5: recently of force is the windforce through additional tax collections,

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Speaker 5: and we also have a real projected GDP growth of

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Speaker 5: one point four percent for this year. So those are

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Speaker 5: what we do as items that are likely to soften

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Speaker 5: any kind of inclinations in the budget to increase taxes.

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Speaker 5: So we're unlikely to sheet tax increases. We'll probably just

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Speaker 5: see taxes increase as you were mentioning, through some bud

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Speaker 5: through some bracket creep where we will ultimately pay a

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Speaker 5: bit more tax just simply because our salaries are going

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Speaker 5: up due to inflation. But other real tax increases are

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Speaker 5: probably unlikely to come through, except perhaps through the normal

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Speaker 5: syn taxes. What we will like to see as well

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Speaker 5: is you know, we now seeing the introduction of the

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Speaker 5: carbon tax that is ratcheted up slightly, so that will

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Speaker 5: have an effect on some companies, but counterbalancing that, we're

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Speaker 5: likely to see some concessions that will support particularly industries

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Speaker 5: that have been hit.

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Speaker 4: By the.

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Speaker 5: High tariffs that we're imposed by the USA, and also

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Speaker 5: the we likely to see some discussion around filling of

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Speaker 5: that all that was created by USAID and the pet

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Speaker 5: pop funding falling away.

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Speaker 2: I mean, those are critical services. If I did want

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Speaker 2: to spend a bit of money, if I was the

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Speaker 2: Finance Minister and I had a little bit more money

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Speaker 2: to spend at a time when a commodities boom in

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Speaker 2: particularly a gold or a platinum boom might just be starting,

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Speaker 2: I would want to spend it on infrastructure. Is there

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Speaker 2: scope for a bit more spending on infrastructure tomorrow?

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Speaker 5: One hundred percent? And in fact the Minister in the

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Speaker 5: medium term Budget speech he actually did indicate that there

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Speaker 5: would be a shift away from focusing on consumption expenditure

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Speaker 5: to focusing on infrastructure expenditure and capital expenditure. So we

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Speaker 5: all like it to see packages around capital expenditure, you know,

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Speaker 5: on infrastructure coming through in this budget speech, and that

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Speaker 5: will probably include things around development of infrastructure to support

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Speaker 5: logistics and road and rail freight. It will probably include

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Speaker 5: potentially some support of the unbundling of the of the entity.

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Speaker 5: So we definitely are likely to see infrastructure expenditure for

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Speaker 5: make a big part of this budget.

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Speaker 2: The idea of a physcal anchor, I mean, on one

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Speaker 2: I suppose, on one reading, it's a good time to

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Speaker 2: do it. Government state levels are dropping, there's more money

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Speaker 2: coming in, higher goal prices, and various other things. I mean,

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Speaker 2: would tomorrow will be a good time. I've seen some

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Speaker 2: analysis this morning suggesting maybe only in the mini budget

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Speaker 2: later in the year.

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Speaker 5: Possibly. I think that becomes a difficult thing to define.

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Speaker 5: At this point in time. I think we're likely to

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Speaker 5: probably just see prudents in physcal management as opposed to

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Speaker 5: sort of a firm anchor being imposed. I think that's

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Speaker 5: a difficult thing because obviously, once conditions change, then you

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Speaker 5: know there needs to be some freedom and the fiscus

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Speaker 5: to potentially support economic growth, et cetera.

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Speaker 2: So I mean, for the moment, Hughes doesn't sound like

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Speaker 2: you're a fan of the fiscal anchor at this moment.

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Speaker 2: I mean, the worst thing would be to adopt a

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Speaker 2: physical anchor and then have to abandon it for some reason.

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Speaker 5: Exactly look I think although the government is very focused

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Speaker 5: on improving the ratings of the country because obviously that

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Speaker 5: decreases death servicing costs substantially, so we are likely a

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Speaker 5: lot of noise in the budget around physical discipline and

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Speaker 5: around making sure that their to GDP ratios are reduced,

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Speaker 5: budget deficits are reduced over time. Where there was a

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Speaker 5: budget surplus that was created last year, but that was

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Speaker 5: due to the windfalls on taxes and you know, due

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Speaker 5: to commodities, et cetera. But we likely over the longer

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Speaker 5: term or the medium term, we likely to see a

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Speaker 5: lot of focus on maintaining that.

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Speaker 2: One of the things that's really changed in the last

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Speaker 2: year is that going into the going into the budget

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Speaker 2: last year, the conversation was would they would be would

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Speaker 2: there be a v increase? We suddenly realized there was

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Speaker 2: going to be. The budget itself did not happen on

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Speaker 2: the appointed day, and there was sort of budget one,

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Speaker 2: Budget two, and eventually I think it was budget three

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Speaker 2: that everybody agreed to. I have not heard a whisper

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Speaker 2: of concern from anyone anywhere that all of that could

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Speaker 2: happen again. That in itself is quite a political achievement.

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Speaker 2: Everyone seems to be almost as calm ahead of tomorrow

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Speaker 2: as there would have been as if last year didn't happen. Yes, exactly.

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Speaker 5: Look, I think that given the text connection situation at

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Speaker 5: the moment and fiscal situation in general, I don't think

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Speaker 5: that there are any big tax increases on the cards,

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Speaker 5: and I think that opening that that Bandora's boss, I

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Speaker 5: don't think anyone at this point in time has appetite.

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Speaker 4: For that, so.

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Speaker 5: I should need will be highly surprised. And that was

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Speaker 5: all discussed in the budget speech and given it increasing.

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Speaker 2: It Hugh Hacking, thank you, executive head of Structured Investments

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Speaker 2: and Annuities at Momentum Corporate, to appreciate the time nineteen

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Speaker 2: minutes after six well ahead of the budget, ahead of

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Speaker 2: you looking at your maths and looking at your accounts

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Speaker 2: and wondering where all the money goes, and then going

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Speaker 2: through SMSs and kind of learning where it all goes.

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Speaker 2: New research out today that kind of explains where you

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Speaker 2: put your money and more interestingly, what you refuse to

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Speaker 2: stop spending money on. It comes from this from Sun

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Speaker 2: lum and of Farzana Words, a senior communications manager at

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Speaker 2: Sun Dumb Risk and Savings Farzana, good evening. I mean,

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Speaker 2: obviously we all have to pay for food, but after that,

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Speaker 2: it seems the one thing we won't scrimp on, the

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Speaker 2: one thing we won't give up, is the amount of

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Speaker 2: money we spend on our children's education.

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Speaker 4: Hi.

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Speaker 6: Yes, absolutely, there was a very key finding that we

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Speaker 6: found in a I think that is one of those

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Speaker 6: hope budget purchases right or budget allocations, because we want

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Speaker 6: to give the future generation something tangible, and their education

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Speaker 6: is probably one of those things that they could potentially

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Speaker 6: bank on, and that's why we're seeing it as a

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Speaker 6: non negotiable.

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Speaker 2: It's interesting that people are prepared to do that and

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Speaker 2: actually give up quite a lot for education in this

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Speaker 2: I mean, this has been a dynamic in our society

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Speaker 2: that goes back many many years other societies too. But

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Speaker 2: I wonder if perhaps it's quite an intense dynamic here

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Speaker 2: given the nature of things.

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Speaker 6: I would one hundred percent agree. I think traditionally we

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Speaker 6: found that the literacy gap was the reason why we

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Speaker 6: were breeding this perpetual state of poverty. And I think

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Speaker 6: people are really trying to bridge that literacy gap, whether

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Speaker 6: it's formal education, whether it's financial literacy that they are

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Speaker 6: now starting to prize as a way out of a situation.

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Speaker 6: And that's why we're seeing a bigger amount of the

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Speaker 6: budget being allocated to this particular thing. I mean, even

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Speaker 6: like you said, it's a big amount, so it's quite

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Speaker 6: a stretch for them. It's not a small ask, but

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Speaker 6: they're seeing the value and they're taking the tough decisions.

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Speaker 2: I was quite encouraged in a way that many people

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Speaker 2: do prioritize their long term savings and for Azana, I

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Speaker 2: say that because I think as long as I've been alive,

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Speaker 2: someone's put out a press release once a year saying

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Speaker 2: South Africans don't save enough. And I mean we all

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Speaker 2: know that, and yet people who can save really do.

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Speaker 6: What a glorious time to be alive. Actually, because I

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Speaker 6: same research that I've been exposed to all along before

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Speaker 6: now in my career, that we had a savings gap

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Speaker 6: in South Africa and we had a poor savings culture,

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Speaker 6: and now we're seeing that in difficult times. One of

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Speaker 6: the third most budgeted for expense outside of your baseline

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Speaker 6: expenses is savings. So people are really trying, even if

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Speaker 6: it's a small amount, they're really seeing in a tough

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Speaker 6: economy they're trying to take control of the things that

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Speaker 6: are in their control and creating some kind of buffer

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Speaker 6: against uncertainty.

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Speaker 2: There's a story here maybe about how financial literacy has changed.

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Speaker 2: I mean, the way to manage money is being taught

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Speaker 2: at schools for a generation now, long after my time.

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Speaker 2: I'm afraid to say that I do wonder if all

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Speaker 2: of that is paying off. You can probably you know,

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Speaker 2: hardly watch a television program or in the old days

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Speaker 2: anyway without someone coming on as an advert. Within the

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Speaker 2: advert would be some kind of lesson about why saving

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Speaker 2: is important. All of that might finally be paying off.

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Speaker 6: Oh, I'd will do you a guest to say that's true.

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Speaker 6: And I think that's all why I'm here on your

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Speaker 6: show today, because we have this ongoing effort as an

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Speaker 6: organization to bridge that literacy gap and do what we

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Speaker 6: can for financial education.

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Speaker 2: So it's really.

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Speaker 6: Good to see that those seeds are taking roots and

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Speaker 6: that as a bit of hope. And I think even

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Speaker 6: as the previous person was speaking, we were talking about,

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Speaker 6: you know, going into this budget speech, a little less

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Speaker 6: anxiety than one would expect, right. I think people are

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Speaker 6: starting to see what's in their control, starting to put

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Speaker 6: measures in place to see how we're going to navigate

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Speaker 6: new information that's presented to us from a macro level

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Speaker 6: and bring it down to micro level.

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Speaker 2: Do we find that there are some things people don't

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Speaker 2: want to give up? And I suppose I'm probably talking

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Speaker 2: about coffee, which I mean, coffee inflation has been ridiculous

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Speaker 2: over the last year. But are there certain things that

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Speaker 2: people are very you know, they might want that takeaway

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Speaker 2: once a you know, one Friday a month, or a

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Speaker 2: subscription to something. Are there certain things they won't they

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Speaker 2: won't give up?

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Speaker 6: Yeah, I think what we call them are those morale

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Speaker 6: boosting purchases. So what they're saying, essentially, if things like

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Speaker 6: coffee or subscriptions to streaming services or access to the internet,

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Speaker 6: it's their way of giving them something to feel hopeful

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Speaker 6: about or decompress or stay connected. And that's why they're

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Speaker 6: actually holding very tightly to those things. And I suppose, considering,

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Speaker 6: you know, some of the other things they are doing

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Speaker 6: all the key budgeting exercises, so we are allowed to

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Speaker 6: just add a little nice to have in our budget

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Speaker 6: and that helps us to stay the course.

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Speaker 2: I mean, part of it is also about things that

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Speaker 2: you want to do with your children. People will to

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Speaker 2: pay quite a lot for an experience with their children,

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Speaker 2: something that their child will remember or their children will

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Speaker 2: remember that something that's for the family and not not

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Speaker 2: so much a holiday, but I'm talking about a day

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Speaker 2: out or a particular meal or something.

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Speaker 6: Yeah, one hundred percent. So that's also one of the

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Speaker 6: key findings that we saw in our research when we're

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Speaker 6: discussing this with the respondents is that they're prioritizing creating

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Speaker 6: some kind of experience that brings the family together. And

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Speaker 6: that's why, even if the budget is tight, it's quite

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Speaker 6: important to even if it's just a day out to

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Speaker 6: play mini golf, but to have those little things that

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Speaker 6: their budget and plan for allows the family to stay connected.

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Speaker 2: Thank you very much. Indeed, Farzana Word as seenor communications

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Speaker 2: manager at Somenlum Risk and Savings, twenty five minutes now

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Speaker 2: after six don't forget. Of course, you'll hear the budget

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Speaker 2: speech right here tomorrow from two o'clock and then there'll

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Speaker 2: be a huge amount of discussion about it afterwards and

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Speaker 2: a lot more here on the Money Show. Were already

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Speaker 2: shield I think penciled in would be the right way

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Speaker 2: to put it to speak to someone from the National

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Speaker 2: Treasury just after six o'clock twenty five minutes.

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Speaker 4: Now after six the Money show the market.

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Speaker 2: Ryan Hills had a fundamental sales at absence c irb

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Speaker 2: Ryan Good evening and it's start with Peck and pay

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Speaker 2: as sliding down a little bit. Again, I didn't see

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Speaker 2: any particular reason for it, but you do get a

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Speaker 2: sense that that investment case is under a little bit

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Speaker 2: of pressure, maybe.

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Speaker 7: Yeaving Steven Good to be here. So yeah, look, I

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Speaker 7: think we can probably starting to reflect some investor concerns

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Speaker 7: by the intro mass marketing to South Africa. I think

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Speaker 7: it's likely that we're going to see a comparative temperatures rise.

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Speaker 7: I think they turnaround story is going to become more challenged,

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Speaker 7: and margin's probably going to be under continued pressure in

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Speaker 7: what is already a soft top line consumer environment. So

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Speaker 7: we're not seeing the kind of failed growth that you'd

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Speaker 7: really need for their turnaround story to be very successful.

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Speaker 7: And I think now that you've got another discount coming

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Speaker 7: into the market, that's just going to make it that

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Speaker 7: much harder.

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Speaker 2: And all of this. Wow, food price inflation is very

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Speaker 2: low and that has a huge impact, I mean makes

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Speaker 2: it so much harder.

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Speaker 7: Precisely, so, you know, if you don't have the benefit

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Speaker 7: of a tailwind of inflation, and you don't have the volumes,

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Speaker 7: and clearly we're not seeing those come through, your top

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Speaker 7: line is going to stagnate. And of course, in an

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Speaker 7: environment where you've got continued escalation in administered costs like water, electricity,

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Speaker 7: et cetera, I think that's just going to squeeze margins

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Speaker 7: him further, which is not the story that we can

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Speaker 7: they need to be successful, spar.

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Speaker 2: I mean, we have the CEO, the news that he

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Speaker 2: was leaving on Friday, the investor call yesterday, the top

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Speaker 2: line I saw said he was, you know, he wanted

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Speaker 2: to spend more time with his family, which is admirable,

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Speaker 2: but also you know, I think some people might see

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Speaker 2: that a bit more cynically. And then and then another

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Speaker 2: story today in Business Day about them wanting you know,

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Speaker 2: sort of easier payment terms from suppliers in cases. Then

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Speaker 2: they said was nothing serious, just to sort of regular practice.

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Speaker 2: We just haven't had any good news for a long

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Speaker 2: time from SPA. Do you know it's quite remarkable.

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Speaker 7: I mean that share price is now at its lowest

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Speaker 7: in sixteen years, and of course, of course down about

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Speaker 7: twenty two percent since the start of the year. So yeah, look,

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Speaker 7: when management changes are sudden, like in the case of SPA,

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Speaker 7: it always leaves investors worried about continuity, worried about strategy execution,

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Speaker 7: worried about potential change in direction and so on. Of course,

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Speaker 7: as you mentioned, the trading update itself, sasales goes coming

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Speaker 7: in at zero point nine percent, that curly is not

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Speaker 7: good again for the margin environment that they find themselves in.

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Speaker 7: I suspect that they're also trying to recapture some of

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Speaker 7: the market share that they're lost in the case.

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Speaker 2: It in area.

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Speaker 7: You might remember that they went to a SAP implementation,

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Speaker 7: so that had some software changes which essentially resulted in

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Speaker 7: some operational difficulties, and it sounds that they lost a

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Speaker 7: fair amount of market share in the cases in the region.

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Speaker 7: So I suspect that the article that you're alluding to

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Speaker 7: as well essentially telling a story about them trying to

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Speaker 7: regain some of that some of that market share. And then,

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Speaker 7: of course let's not forget they've also got some legal

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Speaker 7: challenges from some franchises, so that's another headwind that's on

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Speaker 7: the go at the moment.

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Speaker 2: Clothing retailers seemed a little higher today, even mister Price

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Speaker 2: despite all the shareholder frustration.

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Speaker 7: Yeah, I must say both Pepin sur Price showing a

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Speaker 7: bit of green, both closing up slightly more than two percent. Look,

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Speaker 7: it could be that you started to see some bargain

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Speaker 7: hunting emerging. I mean, there is obviously a broader belief.

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Speaker 7: I think that the longer term story for South Africa

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Speaker 7: is starting to turn more positive. If I listen to

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Speaker 7: some of the engagements we've had with awful investors recently,

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Speaker 7: You've of course got a more buoyant emerging market narrative

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Speaker 7: that's playing out South Africa clearly seeing some benefit from that.

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Speaker 7: You're seeing big inflos into our bonds space, are currency stronger,

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Speaker 7: and I suspect that, you know, as the real as

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Speaker 7: the foreigners start to look at our retail market, they

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Speaker 7: will certainly start to think about some potential bargain hunting.

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Speaker 2: I'll budget due tomorrow. I mean a budget sometimes moves markets,

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Speaker 2: moves currencies, but it doesn't often move markets. Are you

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Speaker 2: expecting Are you looking at anything specific tomorrow? Nothing specific?

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Speaker 7: I mean, of course, we've had some fantastic tele winds

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Speaker 7: we've got a stronger currency, We've had incredible commodity prices

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Speaker 7: in the form of golden form of PGMs as well,

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Speaker 7: so I think I think there's an opportunity for a

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Speaker 7: positive outcome as far as the budgets concerned, certainly, i'd

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Speaker 7: expect to see some increased spiscal discipline coming through a

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Speaker 7: plan to reduce the budget deficit and then probably a

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Speaker 7: specific plan around reducing our medium term debt situation. I

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Speaker 7: would also expect that we'll probably see very limited tax increases.

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Speaker 7: There should be some positive announcements around Salz pursuing increased

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Speaker 7: compliance and that would probably help in that regard as well.

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Speaker 7: And there no doubt there will be some economic reforms

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Speaker 7: focused on boosting growth and industy confidence for South Africa

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Speaker 7: as well.

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Speaker 2: Thank you very much. Indeed, Ryan Hill had a fundamental

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Speaker 2: sales at Abscess CIB.

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Speaker 8: Seven O two with Stephen Email him on Stephen at

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Speaker 8: seven o two dot co dot.

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Speaker 2: Z eighteen minutes to seven. I was interested to see

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Speaker 2: on SENS today the announcement that the Kilany shopping mall

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Speaker 2: it's a big mall in joe Burg is being sold

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Speaker 2: such a precise price three hundred and ninety seven million,

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Speaker 2: five hundred thousand rand one day. We have to get

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Speaker 2: an expert on negotiations to ask how you arned up

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Speaker 2: at such a precise price like that. It seemed to

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Speaker 2: me that someone said we won four hundred million for it,

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Speaker 2: and someone said we won't give you that, and they

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Speaker 2: kind of went down from there and this is where

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Speaker 2: they ended up. I thought it was a very interesting

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Speaker 2: sort of number. Also, just I haven't been to the

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Speaker 2: Kilani Shopping Mall in years. There was a time when

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Speaker 2: I was there all the time, about twenty years ago.

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Speaker 2: Perhaps you could let me know how it's actually going

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Speaker 2: on seven two seven oh two one seven o two.

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Speaker 2: Some shopping malls do get this, You do get the feeding.

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Speaker 2: They're always busy, some are busy only at certain times,

437
00:23:10,560 --> 00:23:13,800
Speaker 2: and some are kind of never busy. Your views please

438
00:23:13,880 --> 00:23:16,240
Speaker 2: on the Kilani shopping Mall. We heard last week how

439
00:23:16,240 --> 00:23:19,400
Speaker 2: the Four Ways shopping Mall does seem to be improving.

440
00:23:19,880 --> 00:23:22,320
Speaker 2: Is the same thing happening at kilanih seven two seven

441
00:23:22,480 --> 00:23:23,640
Speaker 2: two one seven oh two.

442
00:23:24,640 --> 00:23:28,320
Speaker 9: The Money Show with Stephen suit on seven oh two

443
00:23:28,520 --> 00:23:29,240
Speaker 9: seven o two.

444
00:23:29,359 --> 00:23:32,040
Speaker 2: Well ahead of the budget, some suggestions the National Treasury

445
00:23:32,119 --> 00:23:35,520
Speaker 2: may be planning to introduce new taxes on online gambling.

446
00:23:35,920 --> 00:23:37,879
Speaker 2: Lots of talk about the impact this has had on

447
00:23:37,960 --> 00:23:41,399
Speaker 2: our economy, Several reports that millions of people, quite a

448
00:23:41,400 --> 00:23:43,800
Speaker 2: big portion of our population, are gambling on their phones

449
00:23:43,840 --> 00:23:47,240
Speaker 2: on a regular basis. Ayander Zulu is a policy officer

450
00:23:47,280 --> 00:23:49,919
Speaker 2: at the Free Market Foundation. I under good evening, I

451
00:23:49,920 --> 00:23:54,240
Speaker 2: can understand the case for I suppose quite intense taxes

452
00:23:54,560 --> 00:23:58,399
Speaker 2: on online gambling. They're making money, they're clearly making a profit.

453
00:23:58,840 --> 00:24:02,520
Speaker 2: It's something that's new wanted dissuade gambling all of those

454
00:24:02,640 --> 00:24:05,760
Speaker 2: kinds of social things, a bit like taxes on alcohol.

455
00:24:06,119 --> 00:24:07,199
Speaker 2: Would it be a good idea?

456
00:24:09,359 --> 00:24:12,840
Speaker 10: Well, great things to you, Stephen, and to your listeners,

457
00:24:12,880 --> 00:24:16,440
Speaker 10: thank you very much for having us today. I think

458
00:24:16,560 --> 00:24:19,680
Speaker 10: we at the Free Market Foundation would take a different position.

459
00:24:20,480 --> 00:24:24,240
Speaker 10: We do not support the proposal that Treasury has put

460
00:24:24,320 --> 00:24:29,159
Speaker 10: forward for increased taxation. Rather, and the simple reason for

461
00:24:29,280 --> 00:24:31,320
Speaker 10: that is that, Stephen, if you look at this proposal,

462
00:24:31,440 --> 00:24:34,439
Speaker 10: what is basically being proposed here is a national online

463
00:24:34,440 --> 00:24:38,240
Speaker 10: gambling tax of twenty percent on the cross gambling revenue

464
00:24:38,280 --> 00:24:40,600
Speaker 10: of all gambling operators. This tax is going to be

465
00:24:40,680 --> 00:24:46,640
Speaker 10: livied in addition to existing taxes that are already paid provincially,

466
00:24:46,680 --> 00:24:50,720
Speaker 10: so already that is another commulative burden on an industry

467
00:24:50,720 --> 00:24:53,719
Speaker 10: that is shouldering many, many taxes. But to the more

468
00:24:53,760 --> 00:24:57,600
Speaker 10: substantive details here, Stephen in in terms of the critique,

469
00:24:58,160 --> 00:25:02,359
Speaker 10: we would know that one casinos till this day remain

470
00:25:02,440 --> 00:25:06,280
Speaker 10: technically legal in the country because the National Gambling Amendment

471
00:25:06,280 --> 00:25:09,880
Speaker 10: Act of the Government eight was never promulgated, so they

472
00:25:09,920 --> 00:25:14,160
Speaker 10: remain in a legal sort of gray area, and Treasury

473
00:25:14,320 --> 00:25:18,600
Speaker 10: is basically saying in this proposal that we can tax

474
00:25:18,920 --> 00:25:23,480
Speaker 10: those online casinos, many of which operate offshore, despite the

475
00:25:23,520 --> 00:25:28,240
Speaker 10: absence of any mechanism or enforcement infrastructure, because they aren't regulated.

476
00:25:28,680 --> 00:25:33,840
Speaker 10: So that firstly raises Christians around enforcement practically. But there's

477
00:25:33,880 --> 00:25:37,520
Speaker 10: more substantive critiques here, Stephen, And the first one is

478
00:25:37,520 --> 00:25:40,800
Speaker 10: the question of provincial authority. You would know that as

479
00:25:40,840 --> 00:25:43,160
Speaker 10: per the National Gambling Act of two thousand and four,

480
00:25:44,000 --> 00:25:47,360
Speaker 10: gambling regulation in this country is a shared competence right,

481
00:25:47,800 --> 00:25:53,159
Speaker 10: but the provincial gambling boards hold primary authority over licensing

482
00:25:53,320 --> 00:25:57,560
Speaker 10: compliance and sexation, and in practice, over the last thirty years,

483
00:25:57,600 --> 00:26:00,760
Speaker 10: the National Gambling Board has played a more support Yeah

484
00:26:00,800 --> 00:26:02,520
Speaker 10: in one setting.

485
00:26:02,880 --> 00:26:06,440
Speaker 2: Sure sure, sure, sure, sure, I understand that technicalities are youngder,

486
00:26:06,440 --> 00:26:08,560
Speaker 2: but let's stick to the principle if you can, mainly

487
00:26:08,600 --> 00:26:14,960
Speaker 2: because it's more interesting. There is an illegal gambling industry

488
00:26:15,000 --> 00:26:18,280
Speaker 2: and an illegal online gamming industry too, and the obvious

489
00:26:18,480 --> 00:26:22,199
Speaker 2: argument against sort of taxing online gambling would be that

490
00:26:22,280 --> 00:26:24,720
Speaker 2: this industry would be encouraged. And I was trying to

491
00:26:24,720 --> 00:26:27,280
Speaker 2: think this through a little bit, because I can see

492
00:26:27,320 --> 00:26:33,359
Speaker 2: people seeing lots of advertising for online gambling and thinking, well,

493
00:26:33,680 --> 00:26:36,879
Speaker 2: I can give those people my credit card details, I

494
00:26:37,480 --> 00:26:39,760
Speaker 2: and and then you know, you take your wins and

495
00:26:39,800 --> 00:26:44,320
Speaker 2: you take your losses. I did wonder though, if people

496
00:26:44,359 --> 00:26:46,800
Speaker 2: would really I mean I know that some would, but

497
00:26:46,840 --> 00:26:49,480
Speaker 2: I don't know how many would would give their online

498
00:26:49,960 --> 00:26:52,760
Speaker 2: would give their credit card details to a company that

499
00:26:52,960 --> 00:26:57,159
Speaker 2: actually was operating illegally and had no sort of formal

500
00:26:57,200 --> 00:27:01,320
Speaker 2: advertising presence whatsoever. I mean, it's point you would think,

501
00:27:01,359 --> 00:27:03,040
Speaker 2: how am I even going to be sure that I'm

502
00:27:03,040 --> 00:27:04,160
Speaker 2: going to get paid out if I win?

503
00:27:06,440 --> 00:27:10,080
Speaker 10: Yes, Stephen, I think you are raising an important point,

504
00:27:10,119 --> 00:27:11,800
Speaker 10: and I think this is what we have said as

505
00:27:11,840 --> 00:27:15,200
Speaker 10: the Free Market Foundation in our submission to Treasury, that

506
00:27:15,320 --> 00:27:18,240
Speaker 10: these online casinos, many of which operate off show and

507
00:27:18,280 --> 00:27:22,080
Speaker 10: they are actually based in foreign jurisdictions, aren't regulated in

508
00:27:22,119 --> 00:27:25,200
Speaker 10: the country, and yet if you look at the industry

509
00:27:25,200 --> 00:27:28,480
Speaker 10: research as well, according to the yell Sec report, those

510
00:27:28,520 --> 00:27:32,000
Speaker 10: online casinos even account for around sixty two percent of

511
00:27:32,040 --> 00:27:36,280
Speaker 10: all online gambling market activity, and yet they are unregulated.

512
00:27:36,760 --> 00:27:39,680
Speaker 10: And the points you have raised about you know they're

513
00:27:39,720 --> 00:27:42,800
Speaker 10: potentially being frauding in some cases is a valid one

514
00:27:43,160 --> 00:27:46,600
Speaker 10: because these platforms aren't regulated and there's no recourse for them.

515
00:27:46,880 --> 00:27:49,399
Speaker 10: That is why what we have said in our submission

516
00:27:49,560 --> 00:27:53,680
Speaker 10: to Treasury is that any future policy proposal must resolve

517
00:27:53,840 --> 00:27:56,439
Speaker 10: the legal status of online casinos because there is no

518
00:27:56,520 --> 00:27:59,640
Speaker 10: clarity around them. No one knows where they currently stand

519
00:27:59,720 --> 00:28:03,000
Speaker 10: right now, so their legal status needs to be resolved,

520
00:28:03,119 --> 00:28:06,040
Speaker 10: they need to be regulated, and then from dead Foundation

521
00:28:06,840 --> 00:28:10,920
Speaker 10: it can then open up a discussion around if footical

522
00:28:10,960 --> 00:28:14,120
Speaker 10: framework specifically for them, because we don't want to then

523
00:28:14,640 --> 00:28:19,720
Speaker 10: overburden the existing legal operations that are already shelling out

524
00:28:20,080 --> 00:28:22,480
Speaker 10: substantial axes unprovincially.

525
00:28:22,720 --> 00:28:25,520
Speaker 2: I Anderzulo, thank you, Policy officer at the Free Market Foundation.

526
00:28:26,720 --> 00:28:30,640
Speaker 3: The Lady Show with Stephen krutis live on ninety two

527
00:28:30,680 --> 00:28:33,800
Speaker 3: point seven and one o six FM, streaming on the

528
00:28:33,840 --> 00:28:35,120
Speaker 3: Prime Media Plus NAP.

529
00:28:35,160 --> 00:28:37,679
Speaker 1: And DStv channel eight five six.

530
00:28:37,840 --> 00:28:39,920
Speaker 2: Well, last night on The Money Show, you heard a

531
00:28:40,000 --> 00:28:43,920
Speaker 2: suggestion from the Amabungani Center for Investigative Journalism Sam Soul

532
00:28:44,360 --> 00:28:46,960
Speaker 2: that the major reason that Tom guart Heulift could go

533
00:28:47,040 --> 00:28:51,120
Speaker 2: into provisional liquidation on Friday was because the Vision Consortium

534
00:28:51,160 --> 00:28:54,480
Speaker 2: had triggered what he described as a death bomb. To

535
00:28:54,560 --> 00:28:57,840
Speaker 2: simplify the story, he believes the Vision Consort team was

536
00:28:57,840 --> 00:29:01,200
Speaker 2: able to buy the eleven point seven randsworth of debt

537
00:29:01,200 --> 00:29:03,320
Speaker 2: that is owned by Tom Guard, but do not have

538
00:29:03,360 --> 00:29:05,959
Speaker 2: to pay nearly that much for it, and on his version,

539
00:29:06,520 --> 00:29:09,320
Speaker 2: as the Vision Consortium is now demanding that that debt

540
00:29:09,360 --> 00:29:12,920
Speaker 2: be repaid, so the business rescue practitioners have no choice

541
00:29:12,960 --> 00:29:15,640
Speaker 2: but to apply to put the company into provisional liquidation.

542
00:29:16,080 --> 00:29:19,400
Speaker 2: And if that happened, goes his argument, the Vision Consortium

543
00:29:19,440 --> 00:29:22,880
Speaker 2: would get Tong Guard's assets, which are worth much more

544
00:29:22,920 --> 00:29:25,600
Speaker 2: than Vision has paid for the debt. Well, the Vision

545
00:29:25,600 --> 00:29:27,440
Speaker 2: consortiums ask for a writ of reply, and I'm very

546
00:29:27,440 --> 00:29:29,560
Speaker 2: happy to tell you that we can now present to

547
00:29:29,560 --> 00:29:33,600
Speaker 2: you the other side of this. Route Moyle is a

548
00:29:33,640 --> 00:29:37,280
Speaker 2: member of the Vision Consortium. He joins US now Route

549
00:29:37,320 --> 00:29:39,080
Speaker 2: Good evening, and thank you so much for your time.

550
00:29:39,120 --> 00:29:40,800
Speaker 2: I'm glad we can hear the other side on this.

551
00:29:41,440 --> 00:29:43,760
Speaker 2: You've heard the version put by Sam Soul last night.

552
00:29:44,000 --> 00:29:47,920
Speaker 2: How do you understand or explain or see the actions

553
00:29:47,920 --> 00:29:48,720
Speaker 2: of your group here?

554
00:29:50,720 --> 00:29:52,440
Speaker 4: Good evening to you and your viewers.

555
00:29:52,560 --> 00:29:56,800
Speaker 11: I'm sitting here with my colleague Robert Goumede and it's

556
00:29:56,800 --> 00:29:59,920
Speaker 11: a pleasure to get the opportunity to interact with you

557
00:30:00,040 --> 00:30:04,880
Speaker 11: and your viewers. Our starting point is that the questions

558
00:30:04,920 --> 00:30:09,680
Speaker 11: that are being asked by Ama Bungandhi legitimate questions. In

559
00:30:12,880 --> 00:30:15,440
Speaker 11: our viewpoint is that these are the type of questions

560
00:30:15,480 --> 00:30:19,640
Speaker 11: that a transaction of this nature and complexity would generate.

561
00:30:21,760 --> 00:30:25,120
Speaker 11: We're very happy to engage in that in a structured

562
00:30:25,200 --> 00:30:29,520
Speaker 11: forum because clearly there are some limits to what we

563
00:30:29,560 --> 00:30:32,320
Speaker 11: can say, but we're not going to hide behind litigation.

564
00:30:33,760 --> 00:30:37,120
Speaker 11: We will point out where we believe we can provide

565
00:30:37,120 --> 00:30:40,040
Speaker 11: an answer in a structured way, and where we can't,

566
00:30:40,120 --> 00:30:43,720
Speaker 11: we will commit to the degree of transparency that we

567
00:30:44,040 --> 00:30:50,720
Speaker 11: can ensould so we are available. Our viewpoint is that

568
00:30:51,680 --> 00:30:55,560
Speaker 11: it's quite simple to call it a dead bomb. Visions

569
00:30:55,640 --> 00:31:00,040
Speaker 11: positioning and entry into this fray has always been to

570
00:31:00,160 --> 00:31:03,720
Speaker 11: save the jobs and to save to God the communities

571
00:31:03,720 --> 00:31:05,840
Speaker 11: in which it operates, the growers.

572
00:31:05,440 --> 00:31:07,640
Speaker 4: And the supply chain that supply Tongad.

573
00:31:08,200 --> 00:31:11,720
Speaker 11: That hasn't changed throughout the br process and continues to

574
00:31:11,760 --> 00:31:15,160
Speaker 11: be so even in the current twilight zone. And if

575
00:31:15,200 --> 00:31:19,200
Speaker 11: it gets into liquidation, which we hope it doesn't, the

576
00:31:19,280 --> 00:31:23,960
Speaker 11: position of Vision continues that its its intention is to

577
00:31:24,760 --> 00:31:28,640
Speaker 11: save Tongad and to acquire control of the assets and

578
00:31:28,720 --> 00:31:30,440
Speaker 11: to run them.

579
00:31:30,720 --> 00:31:33,520
Speaker 4: That is really our goal, and that hasn't changed.

580
00:31:34,360 --> 00:31:39,000
Speaker 2: Okay, if I may, and good evening to you, mister Commda,

581
00:31:39,040 --> 00:31:41,320
Speaker 2: I would like to confirm a few facts. So the

582
00:31:41,360 --> 00:31:43,880
Speaker 2: amounts of money that was paid for Tonguard's debt. How

583
00:31:43,960 --> 00:31:45,640
Speaker 2: much did you put in for that? How much did

584
00:31:45,640 --> 00:31:46,840
Speaker 2: the Vision consulting put in?

585
00:31:48,800 --> 00:31:51,720
Speaker 11: Are you referring to visions own money or the total

586
00:31:51,760 --> 00:31:52,520
Speaker 11: patues price?

587
00:31:52,960 --> 00:31:55,800
Speaker 2: Well, visions own money? How much you have has Vision

588
00:31:55,840 --> 00:31:56,680
Speaker 2: put in? So far?

589
00:31:57,720 --> 00:32:00,920
Speaker 11: We have put in upsides of about two billion of

590
00:32:01,000 --> 00:32:04,440
Speaker 11: our own money, and then we borrowed another one point

591
00:32:04,560 --> 00:32:08,480
Speaker 11: eight one point nine billion, which we are paying interest

592
00:32:08,560 --> 00:32:12,200
Speaker 11: in servicing as we speak. So probably close to four

593
00:32:12,240 --> 00:32:14,480
Speaker 11: billion is what we've paid two dates.

594
00:32:14,840 --> 00:32:19,120
Speaker 2: Okay, And is that money? I mean if this all

595
00:32:19,160 --> 00:32:21,080
Speaker 2: goes in the way you wanted to, would that be

596
00:32:21,160 --> 00:32:22,800
Speaker 2: to recapitalize the company.

597
00:32:24,280 --> 00:32:29,160
Speaker 11: No, the company went into acquire the lender claims and

598
00:32:29,280 --> 00:32:33,520
Speaker 11: security that they had over Vision's assets. That that's what

599
00:32:33,560 --> 00:32:34,920
Speaker 11: that money has gone into.

600
00:32:35,720 --> 00:32:40,760
Speaker 2: Okay, if Tom God is liquidated, is it true that

601
00:32:40,800 --> 00:32:41,920
Speaker 2: you would get the assets.

602
00:32:43,840 --> 00:32:46,600
Speaker 11: Well, we have security over all the assets as we

603
00:32:46,680 --> 00:32:50,800
Speaker 11: speak last even we we we have in fact a

604
00:32:50,960 --> 00:32:54,880
Speaker 11: perfected High court order on those assets which had been

605
00:32:54,920 --> 00:32:58,800
Speaker 11: suspended while the company is in business rescue. So so

606
00:32:59,440 --> 00:33:03,480
Speaker 11: it is we speak now. The security and pledges and

607
00:33:03,520 --> 00:33:07,000
Speaker 11: sessions of those are with us as we speak now.

608
00:33:07,400 --> 00:33:11,040
Speaker 11: We haven't exercised them because there had been a suspension

609
00:33:11,680 --> 00:33:15,520
Speaker 11: against acting on those orders during business rescue. We are

610
00:33:15,560 --> 00:33:21,400
Speaker 11: still and we still remain that we will be able

611
00:33:21,440 --> 00:33:27,200
Speaker 11: to acquire the assets, hopefully outside liquidation. We had inherited

612
00:33:27,240 --> 00:33:30,680
Speaker 11: all of this from the lender group, who are the

613
00:33:30,760 --> 00:33:33,960
Speaker 11: ones who had gone to seek the High court order

614
00:33:34,040 --> 00:33:37,680
Speaker 11: and obtained in December twenty twenty two.

615
00:33:37,760 --> 00:33:39,360
Speaker 4: Actually it's not a new issue.

616
00:33:39,560 --> 00:33:39,640
Speaker 1: No.

617
00:33:39,800 --> 00:33:42,959
Speaker 2: Sure, what is the value of the assets then that

618
00:33:43,000 --> 00:33:45,960
Speaker 2: you have the security over what value is put to that?

619
00:33:47,080 --> 00:33:48,040
Speaker 4: We don't know.

620
00:33:48,160 --> 00:33:50,880
Speaker 11: That is a process that will be determined by the court.

621
00:33:51,320 --> 00:33:55,360
Speaker 11: It actually depends on whether those assets are operating or not.

622
00:33:55,600 --> 00:33:59,800
Speaker 11: Hence our concern that therese assets always been an operating

623
00:34:00,920 --> 00:34:03,720
Speaker 11: because when they are not, they are less value to

624
00:34:03,840 --> 00:34:08,040
Speaker 11: us as a secured blender. That's why Tonguard status is

625
00:34:08,080 --> 00:34:11,759
Speaker 11: a going concern. Is of primary interest to us, who

626
00:34:11,800 --> 00:34:15,759
Speaker 11: have actually taken direct financial risk into these assets, more

627
00:34:15,800 --> 00:34:19,080
Speaker 11: than anyone else who probably has been benefiting from the process.

628
00:34:19,080 --> 00:34:21,120
Speaker 4: It's certainly not us. We are the ones who are

629
00:34:21,160 --> 00:34:22,520
Speaker 4: at risk in this asset.

630
00:34:23,360 --> 00:34:26,600
Speaker 2: Okay, but I mean Tongue Art and the assets its

631
00:34:26,640 --> 00:34:31,160
Speaker 2: had are huge. Surely you would have a rough idea

632
00:34:31,520 --> 00:34:34,400
Speaker 2: of what the assets would be. You've put four billion

633
00:34:34,480 --> 00:34:37,399
Speaker 2: into this as you see it, I mean, it must

634
00:34:37,440 --> 00:34:38,960
Speaker 2: be much more than that to make all of this

635
00:34:39,120 --> 00:34:39,560
Speaker 2: worth it.

636
00:34:40,560 --> 00:34:44,000
Speaker 4: The debt on the books right now is what we

637
00:34:44,080 --> 00:34:46,000
Speaker 4: can go by. We don't know.

638
00:34:46,000 --> 00:34:48,880
Speaker 11: Whether that reflects the total value of the assets. We

639
00:34:48,960 --> 00:34:52,279
Speaker 11: can give you what is on record. We believe that

640
00:34:52,360 --> 00:34:56,080
Speaker 11: the value of the debt itself on Tonguard's books, on

641
00:34:56,160 --> 00:35:01,000
Speaker 11: Tonguart's balance sheet is outside of eleven billion. Udidation the

642
00:35:01,360 --> 00:35:05,160
Speaker 11: b r P papers, the business plan papers that we

643
00:35:05,239 --> 00:35:08,640
Speaker 11: submitted with the business Rescue had the evaluation of the

644
00:35:08,680 --> 00:35:13,839
Speaker 11: assets probably of some way in liquidation. I think they're

645
00:35:13,880 --> 00:35:17,799
Speaker 11: the liquidation value of about six billion I believe five

646
00:35:17,800 --> 00:35:19,400
Speaker 11: point nine or something close to that.

647
00:35:19,960 --> 00:35:23,239
Speaker 2: Okay, but I mean I've heard evaluations at the Merce

648
00:35:23,280 --> 00:35:26,160
Speaker 2: and Beacon assets are much higher than that. I mean,

649
00:35:26,239 --> 00:35:28,080
Speaker 2: is it not the case that? I mean? The reason

650
00:35:28,120 --> 00:35:30,200
Speaker 2: I say that, and I'm no expert in this is,

651
00:35:30,239 --> 00:35:33,600
Speaker 2: you know, but Tong Guard is a huge company. It

652
00:35:33,640 --> 00:35:36,440
Speaker 2: owns a huge amount of land, their operations, there are

653
00:35:36,440 --> 00:35:39,640
Speaker 2: existing operations the whole business. It only comes to six

654
00:35:39,680 --> 00:35:41,799
Speaker 2: billion RAND all of the assets. I mean that I'm

655
00:35:41,840 --> 00:35:42,759
Speaker 2: surprised in.

656
00:35:42,719 --> 00:35:49,120
Speaker 11: Liquid that's in liquidation. Remember, that's why we have to

657
00:35:49,200 --> 00:35:53,640
Speaker 11: avoid liquidation. In liquidation, that that is the value that

658
00:35:53,719 --> 00:35:57,600
Speaker 11: the assets are attributed. And that's why for us to exit,

659
00:35:57,640 --> 00:36:01,080
Speaker 11: business rescue is the primary goal, because you can't really

660
00:36:01,120 --> 00:36:04,040
Speaker 11: determine the true value of assets that are in business

661
00:36:04,160 --> 00:36:07,879
Speaker 11: rescue or threatened by liquidation, because it depends on whether

662
00:36:07,880 --> 00:36:11,680
Speaker 11: they're going concerns or they are not. If you're asking us,

663
00:36:11,920 --> 00:36:14,080
Speaker 11: were part of the reason why we are where we

664
00:36:14,120 --> 00:36:16,400
Speaker 11: are now is because we believe that the value of

665
00:36:16,440 --> 00:36:19,680
Speaker 11: those assets has been deteriorating ever since they went into

666
00:36:19,680 --> 00:36:20,480
Speaker 11: business rescue.

667
00:36:20,520 --> 00:36:21,680
Speaker 4: That's our biggest concern.

668
00:36:22,120 --> 00:36:24,719
Speaker 11: If you judge by the results in Zimbabwe and the

669
00:36:24,760 --> 00:36:30,280
Speaker 11: results in Mozambique and the increase in debt in those countries,

670
00:36:30,880 --> 00:36:33,680
Speaker 11: we believe as a secured lender, it's certainly as somebody

671
00:36:33,680 --> 00:36:37,239
Speaker 11: who has an interest in acquiring those as viable operating

672
00:36:37,239 --> 00:36:41,280
Speaker 11: assets that there has been a deterioration in the quality

673
00:36:41,320 --> 00:36:43,640
Speaker 11: of those assets in the last three four years.

674
00:36:44,160 --> 00:36:48,000
Speaker 2: Okay, I suppose, okay, what do you want to happen?

675
00:36:48,040 --> 00:36:51,000
Speaker 2: Then on Friday? You want to avoid a provisional liquidation

676
00:36:51,120 --> 00:36:52,120
Speaker 2: at this point.

677
00:36:53,400 --> 00:36:57,040
Speaker 11: Yes, indeed, Stephen, it's important that we do so, and

678
00:36:57,080 --> 00:37:00,680
Speaker 11: it's important that people understand that lipidation is not a

679
00:37:00,760 --> 00:37:05,359
Speaker 11: desired outcome by ourselves. It is a result of litigation

680
00:37:05,719 --> 00:37:10,040
Speaker 11: or insolventcy regulations in South Africa. We've never pushed for

681
00:37:10,120 --> 00:37:15,440
Speaker 11: liquidation ourselves, and efforts continue to engage all stakeholders to

682
00:37:15,560 --> 00:37:20,319
Speaker 11: try and find a solution that avoids liquidation. That is

683
00:37:20,360 --> 00:37:22,920
Speaker 11: our primary goal. We haven't stopped. We are right now

684
00:37:23,400 --> 00:37:26,800
Speaker 11: out in the sticks meeting with all stakeholders to try

685
00:37:26,880 --> 00:37:28,920
Speaker 11: and find solutions around it.

686
00:37:29,880 --> 00:37:30,960
Speaker 4: The br piece.

687
00:37:30,760 --> 00:37:35,960
Speaker 11: Notification of liquidation didn't start now. They had threatened or

688
00:37:36,040 --> 00:37:41,200
Speaker 11: had mentioned to everyone, including the Ministry of DTIC on

689
00:37:41,280 --> 00:37:44,839
Speaker 11: December the third, that lipidation was a possibility, and that's

690
00:37:44,840 --> 00:37:47,440
Speaker 11: the first time that it really struck us that we

691
00:37:47,480 --> 00:37:48,479
Speaker 11: are actually at risk.

692
00:37:48,960 --> 00:37:50,920
Speaker 4: So we don't push for liquidation.

693
00:37:51,000 --> 00:37:54,080
Speaker 11: We continue to seek day and night to find solutions,

694
00:37:54,080 --> 00:37:56,279
Speaker 11: and we hope that the other stakeholders will come to

695
00:37:56,320 --> 00:37:59,360
Speaker 11: the party to find a solution, as even somebody like

696
00:37:59,680 --> 00:38:03,160
Speaker 11: I think Dave Wilhelm has suggested, we all for a

697
00:38:03,160 --> 00:38:06,439
Speaker 11: solution that is fair to everybody, because that's the only

698
00:38:06,480 --> 00:38:10,480
Speaker 11: way we can acquire these assets in a smooth and

699
00:38:10,560 --> 00:38:14,120
Speaker 11: transparent way and save the communities that have been loyal

700
00:38:14,320 --> 00:38:17,200
Speaker 11: to a tongue that is old as one hundred and

701
00:38:17,239 --> 00:38:18,600
Speaker 11: thirty four years old.

702
00:38:19,000 --> 00:38:21,239
Speaker 2: But if you own the debt, doesn't that mean you

703
00:38:21,280 --> 00:38:24,359
Speaker 2: get to stop the liquidation because the money comes back

704
00:38:24,400 --> 00:38:24,759
Speaker 2: to you.

705
00:38:26,400 --> 00:38:28,520
Speaker 4: Well, we have made proposals.

706
00:38:29,600 --> 00:38:33,560
Speaker 11: I can't mention too much about them, but as actively

707
00:38:33,640 --> 00:38:38,640
Speaker 11: as yesterday we have made proposals to all stakeholders. Hopefully

708
00:38:38,680 --> 00:38:41,440
Speaker 11: we will meet soon and try and find a solution

709
00:38:41,840 --> 00:38:45,520
Speaker 11: that hasn't stopped for us throughout this whole legal process

710
00:38:45,880 --> 00:38:49,480
Speaker 11: to find solution as quickly as possible route.

711
00:38:49,560 --> 00:38:52,160
Speaker 2: I want to sort of sum up what Ama Bungani

712
00:38:52,280 --> 00:38:55,319
Speaker 2: said and remove some of the technicality so that I

713
00:38:55,320 --> 00:38:57,359
Speaker 2: can put it to you so that we can hear

714
00:38:57,400 --> 00:38:59,879
Speaker 2: your response, because I think that's fair as I read

715
00:39:00,040 --> 00:39:03,279
Speaker 2: I'm a Bungani story, as I listened to Sam Soul yesterday.

716
00:39:04,120 --> 00:39:06,560
Speaker 2: I suppose the claim that you would say was that

717
00:39:06,600 --> 00:39:09,719
Speaker 2: the Vision Consulting had put a relatively small amount of

718
00:39:09,719 --> 00:39:11,600
Speaker 2: money four billion round as you've told us. I mean,

719
00:39:11,600 --> 00:39:13,480
Speaker 2: it's a lot of money, but a relatively small amount

720
00:39:13,520 --> 00:39:16,840
Speaker 2: of money, and through all of this stood to actually

721
00:39:16,920 --> 00:39:20,680
Speaker 2: gain assets worth much more than that. In other words,

722
00:39:20,960 --> 00:39:23,640
Speaker 2: you would put a certain amount in and get much

723
00:39:23,680 --> 00:39:26,239
Speaker 2: more than that in return. I think that's really the

724
00:39:26,360 --> 00:39:29,440
Speaker 2: claim against you. How do you respond to that in

725
00:39:29,520 --> 00:39:31,279
Speaker 2: sort of general terms if I can put it to

726
00:39:31,280 --> 00:39:31,640
Speaker 2: you like.

727
00:39:31,600 --> 00:39:35,840
Speaker 4: That, Bruce, You sorry, Stevens.

728
00:39:35,960 --> 00:39:41,120
Speaker 11: In the first place, I find that that that you

729
00:39:41,160 --> 00:39:45,879
Speaker 11: know characterization quite interesting because I'm not aware of any

730
00:39:45,960 --> 00:39:49,600
Speaker 11: business person who will be blamed for getting a good bugging.

731
00:39:50,400 --> 00:39:53,920
Speaker 11: So I think, first and foremost we must demystify this

732
00:39:54,080 --> 00:39:59,200
Speaker 11: issue in allegation that because we negotiated a deal that anybody,

733
00:39:59,560 --> 00:40:03,440
Speaker 11: anybody off our stakeholders, our eighty competitors who started in

734
00:40:03,480 --> 00:40:08,560
Speaker 11: this process, the IDC, anybody would have actually put this

735
00:40:09,080 --> 00:40:12,319
Speaker 11: deal across to the lender group and acquired this debate.

736
00:40:12,719 --> 00:40:15,720
Speaker 11: This is the first time I've ever had somebody being

737
00:40:15,760 --> 00:40:18,160
Speaker 11: accused of striking a good deal.

738
00:40:18,280 --> 00:40:19,799
Speaker 4: That's the purpose of business.

739
00:40:20,000 --> 00:40:23,640
Speaker 11: So I don't understand how that can be characterized in

740
00:40:23,680 --> 00:40:26,200
Speaker 11: the heads of Vision as an evil.

741
00:40:25,920 --> 00:40:26,520
Speaker 4: Thing to do.

742
00:40:27,200 --> 00:40:29,920
Speaker 11: We put an offer, willing seller, willing buyer is what

743
00:40:29,960 --> 00:40:33,520
Speaker 11: this country goes by, and that's what happened since when

744
00:40:33,560 --> 00:40:36,040
Speaker 11: that has been a criminal offense is an issue of

745
00:40:36,080 --> 00:40:37,000
Speaker 11: surprise to us.

746
00:40:37,360 --> 00:40:38,120
Speaker 4: Vision is the.

747
00:40:38,040 --> 00:40:40,520
Speaker 11: One that is at risk. Some people may call for

748
00:40:40,560 --> 00:40:43,240
Speaker 11: a billion small money. It is not in our books.

749
00:40:43,320 --> 00:40:46,440
Speaker 11: It is a significant amount of money. We could have

750
00:40:46,560 --> 00:40:49,080
Speaker 11: done lots of other things with this money, but we

751
00:40:49,200 --> 00:40:51,480
Speaker 11: chose to put it in Tonguat because we believe there's

752
00:40:51,560 --> 00:40:54,480
Speaker 11: value in those assets, and we believe there's value. That

753
00:40:54,680 --> 00:40:57,799
Speaker 11: value doesn't lie in the physical assets, It lies with

754
00:40:57,920 --> 00:41:01,920
Speaker 11: the processes, the people. The capability is the communities, the

755
00:41:01,960 --> 00:41:06,879
Speaker 11: supply chains that have been supporting it, and our commitment

756
00:41:07,160 --> 00:41:11,520
Speaker 11: is to give those communities an opportunity to continue and

757
00:41:11,600 --> 00:41:13,160
Speaker 11: to grow and to thrive.

758
00:41:13,600 --> 00:41:15,040
Speaker 4: That's what we are here about.

759
00:41:15,080 --> 00:41:17,680
Speaker 11: We are not here about whether you got a better

760
00:41:17,760 --> 00:41:19,760
Speaker 11: deal or you didn't get a better deal. We happen

761
00:41:19,840 --> 00:41:22,640
Speaker 11: to have done that because we took the risk, and

762
00:41:22,680 --> 00:41:23,840
Speaker 11: that's what risk does.

763
00:41:25,000 --> 00:41:27,000
Speaker 2: Rote Moya, I'm very glad we were able to talk

764
00:41:27,040 --> 00:41:28,799
Speaker 2: to you tonight and thank you for giving us the time.

765
00:41:28,840 --> 00:41:31,759
Speaker 2: I really do appreciate it. In regards to Robert Cokmeda, who,

766
00:41:31,760 --> 00:41:34,160
Speaker 2: as you say, is sitting next to you, Rote Moyo

767
00:41:34,440 --> 00:41:39,919
Speaker 2: is a member of the Vision Consultium.

768
00:41:37,840 --> 00:41:42,080
Speaker 1: And Now The Money Show with Stephen credits on seven

769
00:41:42,120 --> 00:41:45,920
Speaker 1: O two next little The Money Show with Stephen Curtis

770
00:41:46,000 --> 00:41:48,560
Speaker 1: is brought to you by Absent Corporates, an investment banking

771
00:41:48,840 --> 00:41:53,040
Speaker 1: proud sponsor of the LMA ICMA Learning Capital Markets Africa

772
00:41:53,080 --> 00:41:56,759
Speaker 1: Summer twenty twenty six as is a registered FASPEED.

773
00:41:57,120 --> 00:42:00,600
Speaker 2: Well, we'll speak to a Rumbi, the Youth Employment Accelerator

774
00:42:00,680 --> 00:42:03,279
Speaker 2: in just a moment or Tendo and Dingui excuse me,

775
00:42:03,400 --> 00:42:06,560
Speaker 2: Professor and Dingui will be in in a few moments

776
00:42:06,560 --> 00:42:09,520
Speaker 2: as well to update you know what's happening around our continent.

777
00:42:09,560 --> 00:42:11,719
Speaker 2: From a business point of view, and then we'll hear

778
00:42:11,800 --> 00:42:16,040
Speaker 2: from John Manique at Old Mutual talking about tomorrow's budget

779
00:42:16,080 --> 00:42:19,040
Speaker 2: speech and what it means for you. We were talking

780
00:42:19,160 --> 00:42:24,400
Speaker 2: a little while ago about the issue at Kilaney and

781
00:42:24,440 --> 00:42:26,759
Speaker 2: the fact that the Kilaney Mall has been sold. To

782
00:42:26,800 --> 00:42:28,320
Speaker 2: ask you what it was like. I used to spend

783
00:42:28,360 --> 00:42:30,560
Speaker 2: a lot of time there, lived in that area for

784
00:42:30,600 --> 00:42:34,840
Speaker 2: a while in my sort of late twenties, and haven't

785
00:42:34,880 --> 00:42:38,200
Speaker 2: been back to Coloney More for quite some time. Margaret says,

786
00:42:38,200 --> 00:42:41,319
Speaker 2: Stephen Colaney Moore. The sale I think includes the medical suite,

787
00:42:41,360 --> 00:42:44,640
Speaker 2: which are fully occupied, and the office tower. Stephanie, you

788
00:42:44,680 --> 00:42:48,520
Speaker 2: live in Kilani. I think that's right, Stephanie, because when

789
00:42:48,560 --> 00:42:50,680
Speaker 2: I looked through the sense statement, it had more than

790
00:42:50,719 --> 00:42:53,480
Speaker 2: one earth and so it's a whole series of properties

791
00:42:53,520 --> 00:42:58,600
Speaker 2: together in terms of the legalities. And then Marlon Mudley says, wow,

792
00:42:59,239 --> 00:43:02,160
Speaker 2: Kilaney Shop more half the size of Jerberg Cemetry and

793
00:43:02,280 --> 00:43:06,560
Speaker 2: twice as dead. Yeah, also in Houghton. So someone who

794
00:43:06,719 --> 00:43:10,080
Speaker 2: might know Marlon, that's quite a comment. I wonder what

795
00:43:10,120 --> 00:43:12,000
Speaker 2: times you're going there, if they are at the same time

796
00:43:12,040 --> 00:43:14,879
Speaker 2: every day, maybe different times, but I don't think people

797
00:43:14,920 --> 00:43:17,480
Speaker 2: would pay what was a three hundred and ninety seven million,

798
00:43:17,600 --> 00:43:21,560
Speaker 2: five hundred thousand Rand for something twice as dead as

799
00:43:21,560 --> 00:43:24,600
Speaker 2: the Jerberg Cemetery. I've never heard that line before. Thank

800
00:43:24,640 --> 00:43:27,239
Speaker 2: you seven two.

801
00:43:27,680 --> 00:43:31,320
Speaker 4: Stephen is one x at at Stephen Krutz.

802
00:43:31,520 --> 00:43:34,360
Speaker 2: This in conversation with Stephen Curtis is brought to you

803
00:43:34,440 --> 00:43:38,799
Speaker 2: by SA Youth Solving Youth employ unemployment through Partnerships. Youth

804
00:43:38,880 --> 00:43:41,640
Speaker 2: unemployment in South Africa, as you know, stubbornly high eight

805
00:43:41,680 --> 00:43:44,719
Speaker 2: point eight million young people between the ages of eighteen

806
00:43:44,760 --> 00:43:48,279
Speaker 2: and thirty five and not an education, employmental training, It's

807
00:43:48,320 --> 00:43:52,480
Speaker 2: a youth is the country's largest free online youth recruitment platform.

808
00:43:52,560 --> 00:43:55,120
Speaker 2: To date, it's supported over four and a half million

809
00:43:55,160 --> 00:43:58,239
Speaker 2: young work seekers. It's helped more than three thousand employers

810
00:43:58,480 --> 00:44:02,400
Speaker 2: from large corporates to sms for entry level roles efficiently

811
00:44:02,600 --> 00:44:07,719
Speaker 2: and exclusively and inclusively. Today we're joined by Shami Sura

812
00:44:07,719 --> 00:44:10,600
Speaker 2: and Oriyan, the Chief Impact Officer at how Rumbi Youth

813
00:44:10,600 --> 00:44:14,759
Speaker 2: Employment Accelerator, to discuss scalable tech solutions to youth unemployment

814
00:44:14,960 --> 00:44:18,080
Speaker 2: and how employers can get involved. Johnny Good evening good

815
00:44:18,080 --> 00:44:21,440
Speaker 2: to chat again. When employers are looking for young people,

816
00:44:21,440 --> 00:44:23,520
Speaker 2: what are some of the barriers that they face. How

817
00:44:23,560 --> 00:44:25,000
Speaker 2: does say youth help.

818
00:44:24,840 --> 00:44:29,240
Speaker 8: Them great to be on your show? Thanks and good evening.

819
00:44:29,560 --> 00:44:29,799
Speaker 4: Yes.

820
00:44:30,160 --> 00:44:34,000
Speaker 8: Some of the barriers that employers face include, you know,

821
00:44:34,400 --> 00:44:37,440
Speaker 8: young people not necessarily being able to advertise the skills

822
00:44:37,480 --> 00:44:40,040
Speaker 8: that they actually have that are relevant for a job.

823
00:44:40,880 --> 00:44:43,719
Speaker 8: For example, job postings will ask for things like five

824
00:44:43,800 --> 00:44:46,600
Speaker 8: years of work experience for an entry level job. We

825
00:44:46,680 --> 00:44:49,080
Speaker 8: know that actually only five percent of jobs that are

826
00:44:49,120 --> 00:44:53,719
Speaker 8: online can require more than less than a metric certificate,

827
00:44:53,719 --> 00:44:57,440
Speaker 8: where we know from Harambi's own proof points that people

828
00:44:57,480 --> 00:44:59,640
Speaker 8: with less than a metric or metric can do many

829
00:44:59,680 --> 00:45:03,360
Speaker 8: intro jobs, so there's a question of demand and supply mismatch.

830
00:45:03,600 --> 00:45:06,440
Speaker 8: We know that young people are capable, they have the potential,

831
00:45:06,719 --> 00:45:09,840
Speaker 8: and employers often have to sift through thousands of resumes

832
00:45:10,120 --> 00:45:12,440
Speaker 8: to try and get to a job. A young person

833
00:45:12,480 --> 00:45:14,480
Speaker 8: that can be qualified to do a job that they

834
00:45:14,480 --> 00:45:17,080
Speaker 8: don't need to So SA Youth simplifies this with a

835
00:45:17,200 --> 00:45:22,439
Speaker 8: number of inclusive assessments like our Behavioral Screener and other

836
00:45:22,520 --> 00:45:25,960
Speaker 8: tools like the inclusive CD and this We've actually conducted

837
00:45:26,000 --> 00:45:28,279
Speaker 8: tests to show that this puts more young people that

838
00:45:28,320 --> 00:45:31,080
Speaker 8: are ready and fit for purpose in front of employers

839
00:45:31,280 --> 00:45:35,000
Speaker 8: and employers actually experience both cost savings as well as

840
00:45:35,080 --> 00:45:38,719
Speaker 8: return on investment in terms of keeping young people on

841
00:45:38,840 --> 00:45:41,160
Speaker 8: for the job longer and in terms of retention. So

842
00:45:41,640 --> 00:45:44,560
Speaker 8: we think that SA Youth is a fantastic deal because

843
00:45:44,600 --> 00:45:47,360
Speaker 8: it not only promotes young people that are qualified for work,

844
00:45:47,640 --> 00:45:51,040
Speaker 8: but it saves employers cost and time and promotes young

845
00:45:51,040 --> 00:45:52,480
Speaker 8: people's retention in the labor market.

846
00:45:53,000 --> 00:45:56,400
Speaker 2: I mean, other three thousand employers have used the program.

847
00:45:56,400 --> 00:45:59,680
Speaker 2: Do you target specific types of employer or specific sectors?

848
00:46:01,520 --> 00:46:04,920
Speaker 8: Well, look, we do have a lot of focus on

849
00:46:04,960 --> 00:46:07,960
Speaker 8: the services sector, so those have been typically our high

850
00:46:08,239 --> 00:46:12,200
Speaker 8: youth labor absorbing sectors, and by that I mean financial

851
00:46:12,200 --> 00:46:15,520
Speaker 8: and business services and wholesale and retail. But we cater

852
00:46:15,680 --> 00:46:20,239
Speaker 8: to all employers, including your large corporates, but also SMBs.

853
00:46:21,200 --> 00:46:23,440
Speaker 8: But we do have a focus, and I would say

854
00:46:23,440 --> 00:46:25,800
Speaker 8: that the services sector has been a great on ramp

855
00:46:25,840 --> 00:46:29,520
Speaker 8: for youth in the economy, and we love the partners

856
00:46:29,520 --> 00:46:31,960
Speaker 8: that hire in the thousands. For example, we have great

857
00:46:32,040 --> 00:46:38,160
Speaker 8: partnerships with retail and hospitality organizations like Nando's, You Belong

858
00:46:38,680 --> 00:46:41,440
Speaker 8: Shopwrite is a great hire of young people on the.

859
00:46:41,440 --> 00:46:42,280
Speaker 4: SE youth platform.

860
00:46:42,719 --> 00:46:45,759
Speaker 8: We would need to at the pace and scale of this,

861
00:46:45,880 --> 00:46:48,560
Speaker 8: so we need more partners to come on board use

862
00:46:48,719 --> 00:46:52,400
Speaker 8: SA Youth's inclusive cbs and proxies for hiring, and we

863
00:46:52,480 --> 00:46:54,680
Speaker 8: think that you know, there's room in the labor market

864
00:46:54,719 --> 00:46:56,680
Speaker 8: for more young people to take advantage of entry level

865
00:46:56,760 --> 00:46:58,040
Speaker 8: vacancies across the board.

866
00:46:58,640 --> 00:47:00,560
Speaker 2: I mean the SA Youth platform. Who who have you

867
00:47:00,640 --> 00:47:03,799
Speaker 2: designed it for? I mean you obviously want to connect people.

868
00:47:03,840 --> 00:47:08,000
Speaker 2: You want employers to basically be able to get hold

869
00:47:08,080 --> 00:47:10,319
Speaker 2: of people. So I mean, when you design something like that,

870
00:47:10,360 --> 00:47:10,960
Speaker 2: how do you do it?

871
00:47:13,080 --> 00:47:13,840
Speaker 4: Great question.

872
00:47:13,920 --> 00:47:16,640
Speaker 8: We design it's a two sided platform, so we serve

873
00:47:16,640 --> 00:47:18,480
Speaker 8: as both young people and employers.

874
00:47:18,520 --> 00:47:20,680
Speaker 4: It has to be seamless for a young person.

875
00:47:20,719 --> 00:47:23,880
Speaker 8: I mean young people. We know the facts, right, they suffer.

876
00:47:23,960 --> 00:47:25,680
Speaker 8: They have so many barriers in terms of trying to

877
00:47:25,680 --> 00:47:28,680
Speaker 8: find a job. They pay extra money, they've print cvs,

878
00:47:28,760 --> 00:47:30,879
Speaker 8: they wait a long time in terms of hearing back

879
00:47:30,880 --> 00:47:34,240
Speaker 8: from employers. Say Youth is designed to be really simple

880
00:47:34,280 --> 00:47:37,440
Speaker 8: for a job seeker, to be free, data free. We

881
00:47:37,520 --> 00:47:40,160
Speaker 8: even have a multi channel contact center that supports thousands

882
00:47:40,200 --> 00:47:42,680
Speaker 8: of youth every month with support on how to access

883
00:47:42,680 --> 00:47:45,440
Speaker 8: the platform. But it has to be simple and value

884
00:47:45,440 --> 00:47:48,320
Speaker 8: adding for an employer, so it is similarly very easy

885
00:47:48,320 --> 00:47:50,160
Speaker 8: and efficient to use for an employer, you can post

886
00:47:50,160 --> 00:47:53,239
Speaker 8: your vacancy. We also have an offering that supports large

887
00:47:53,280 --> 00:47:55,880
Speaker 8: skilled recruiters put APIs at the back end to integrate

888
00:47:55,920 --> 00:47:57,000
Speaker 8: their hiring platforms.

889
00:47:57,239 --> 00:47:59,240
Speaker 2: So if you are a large KALE employer.

890
00:47:58,800 --> 00:48:02,680
Speaker 8: Of corporate to do so, you're welcome to partner with

891
00:48:02,760 --> 00:48:05,759
Speaker 8: us on the back end. But importantly, we make it

892
00:48:05,800 --> 00:48:08,120
Speaker 8: simple for you to hire youth and we show you

893
00:48:08,160 --> 00:48:10,799
Speaker 8: the value of hiring youth. We then follow you in

894
00:48:11,120 --> 00:48:15,440
Speaker 8: sort of follow on support with getting feedback from you

895
00:48:15,520 --> 00:48:18,080
Speaker 8: to ensure that the young person that we recommend to.

896
00:48:18,040 --> 00:48:19,719
Speaker 2: You is best suited for the job.

897
00:48:20,040 --> 00:48:22,040
Speaker 8: But it has to be seamless and value adding for

898
00:48:22,080 --> 00:48:24,440
Speaker 8: both the young person that's experiencing a lot of friction

899
00:48:24,560 --> 00:48:26,839
Speaker 8: in the labor market as well as an employer that's

900
00:48:26,840 --> 00:48:27,719
Speaker 8: looking for.

901
00:48:28,080 --> 00:48:29,480
Speaker 4: The exact right fit for the role.

902
00:48:29,840 --> 00:48:33,480
Speaker 8: And effectively we've supported thousands of employers. As you mentioned,

903
00:48:33,520 --> 00:48:36,680
Speaker 8: you know we've got two point two million recorded opportunities

904
00:48:36,680 --> 00:48:40,239
Speaker 8: on the platform and we have incredibly happy employers who

905
00:48:40,280 --> 00:48:43,440
Speaker 8: are repeat customers, who sometimes use self service, which is

906
00:48:43,480 --> 00:48:46,160
Speaker 8: easy for them to use by themselves in post vacancies

907
00:48:46,200 --> 00:48:48,360
Speaker 8: but we also have an assisted facility to take you

908
00:48:48,400 --> 00:48:50,920
Speaker 8: through the process of posting a vacancy to hiring a

909
00:48:50,960 --> 00:48:51,520
Speaker 8: young person.

910
00:48:51,920 --> 00:48:55,160
Speaker 2: And for employers and HR managers people who want to

911
00:48:55,360 --> 00:48:57,839
Speaker 2: get involved in they say youth to see what opportunities

912
00:48:57,880 --> 00:49:00,520
Speaker 2: they are people to sort of you know, look of employing.

913
00:49:00,520 --> 00:49:01,319
Speaker 2: Where do they sign up?

914
00:49:03,200 --> 00:49:08,920
Speaker 8: SA youth dot org dot zeda is the website and

915
00:49:08,960 --> 00:49:11,839
Speaker 8: we can you know, we'll post this on on our socials.

916
00:49:12,040 --> 00:49:16,279
Speaker 8: But effectively you can hire a young person by just

917
00:49:16,320 --> 00:49:19,799
Speaker 8: logging onto that simple site. We have a process by

918
00:49:19,800 --> 00:49:23,160
Speaker 8: which you can facilitate your vacancies in your placement. But ultimately,

919
00:49:23,200 --> 00:49:25,680
Speaker 8: this is not just about hiring SA Youth. This is

920
00:49:25,719 --> 00:49:28,040
Speaker 8: about a movement to take not just a bet on

921
00:49:28,120 --> 00:49:31,560
Speaker 8: young people, it's investing in them. And we urge corporates

922
00:49:31,600 --> 00:49:34,720
Speaker 8: employers of all sizes to get on board to increase

923
00:49:34,760 --> 00:49:38,360
Speaker 8: their recruitment by using this free to use service that

924
00:49:38,840 --> 00:49:41,919
Speaker 8: has gives them access to five million young people on

925
00:49:41,800 --> 00:49:45,080
Speaker 8: the platform. I mean, this is nearly twenty eight percent

926
00:49:45,120 --> 00:49:49,480
Speaker 8: of South Africa's youth population and we've carefully calibrated their

927
00:49:49,480 --> 00:49:52,680
Speaker 8: abilities to showcase the potential for a range of employers

928
00:49:52,960 --> 00:49:55,359
Speaker 8: and so we think that it's a very effective tool

929
00:49:55,400 --> 00:49:59,560
Speaker 8: for both solving talent needs which we know could solve

930
00:49:59,600 --> 00:50:02,440
Speaker 8: business challenges of today and for the jobs of the future.

931
00:50:02,880 --> 00:50:06,000
Speaker 2: Shami really appreciate the time. Thank you. Shami son Oriyan

932
00:50:06,280 --> 00:50:09,120
Speaker 2: is the Chief Impact Officer at Harumbi at the Harumbi

933
00:50:09,160 --> 00:50:13,240
Speaker 2: Youth Employment Accelerator. Youth unemployment is one of South Africa's

934
00:50:13,280 --> 00:50:16,360
Speaker 2: biggest challenges, but for SA Youth, the country's largest online

935
00:50:16,400 --> 00:50:20,359
Speaker 2: youth recruitment platform, is helping to change that. Esay Youth

936
00:50:20,440 --> 00:50:24,400
Speaker 2: enables businesses discover to discover more entry level talent that

937
00:50:24,520 --> 00:50:28,840
Speaker 2: would otherwise remain unseen. Through innovative tools and features, it

938
00:50:28,840 --> 00:50:31,760
Speaker 2: gives employers access to a more diverse pipeline of talent

939
00:50:31,920 --> 00:50:35,239
Speaker 2: anywhere in South Africa. If you're an employer looking to

940
00:50:35,360 --> 00:50:39,640
Speaker 2: hire entry level talent, register on SA Youth today, recruit

941
00:50:39,680 --> 00:50:44,000
Speaker 2: on the portal to potential on say Youth dot co dotzda.

942
00:50:44,239 --> 00:50:47,799
Speaker 2: SA youthpowering South Africa's youth workforce.

943
00:50:48,080 --> 00:50:52,080
Speaker 1: Your money show Africa Business Focus all right, did you

944
00:50:52,120 --> 00:50:54,720
Speaker 1: to speak to Professor Rutindo and Dinguian Just a moment.

945
00:50:55,080 --> 00:50:58,200
Speaker 2: A lot going on around energy financing in Africa at

946
00:50:58,200 --> 00:51:01,200
Speaker 2: the moment China involved in that, Europe involved in that

947
00:51:01,400 --> 00:51:04,600
Speaker 2: as well. In Professor Rotendo and Dingui, the founding director

948
00:51:04,600 --> 00:51:08,040
Speaker 2: of Tribe Africa Advisory, joins us, Now, how's it, prov

949
00:51:08,960 --> 00:51:13,160
Speaker 2: Let's just start with China because they've been investing sixty

950
00:51:13,200 --> 00:51:16,800
Speaker 2: six billion randed energy financing. Which countries on our content

951
00:51:16,840 --> 00:51:21,360
Speaker 2: got that kind of money. It's a huge amount, believing.

952
00:51:20,960 --> 00:51:22,600
Speaker 4: To Steven and to your listeners.

953
00:51:22,680 --> 00:51:22,919
Speaker 10: Yeah.

954
00:51:23,000 --> 00:51:27,000
Speaker 12: So a recent report by Business Insider, Steven highlighted that

955
00:51:27,760 --> 00:51:31,120
Speaker 12: ten African countries over the last twenty four years from

956
00:51:31,400 --> 00:51:35,880
Speaker 12: twenty to twenty twenty four, received sixty six billion US

957
00:51:35,960 --> 00:51:40,880
Speaker 12: dollars with regards to infrastructure investments around oil and energy,

958
00:51:41,280 --> 00:51:46,960
Speaker 12: around road development, but primarily around infrastructure investment. And the

959
00:51:47,040 --> 00:51:51,840
Speaker 12: biggest recipient, Stephen, was actually Angola, and they received probably

960
00:51:51,920 --> 00:51:54,440
Speaker 12: forty one percent of the six billion, which is twenty

961
00:51:54,440 --> 00:51:57,960
Speaker 12: seven billion US dollars Steven, and that consisted of what

962
00:51:58,200 --> 00:52:01,839
Speaker 12: forty one loans came to them. Was actually South Africa,

963
00:52:02,200 --> 00:52:05,160
Speaker 12: which received quite a substantial amount but was plus or

964
00:52:05,200 --> 00:52:08,440
Speaker 12: minus three billion dollars. It was also interesting too, and

965
00:52:08,719 --> 00:52:10,920
Speaker 12: so the key players or the key recipient Stephen is

966
00:52:11,040 --> 00:52:14,840
Speaker 12: the South Africa, Sudan, and Angola now at the bottom

967
00:52:14,880 --> 00:52:19,680
Speaker 12: of the ten is quite devoir. So what interesting year, Stephen.

968
00:52:19,719 --> 00:52:22,800
Speaker 12: I mean fifty percent of Africa's GDPs in five countries,

969
00:52:23,680 --> 00:52:29,560
Speaker 12: which is South Africa, Nigeria, Ethiopia, Algeria and Egypt and

970
00:52:29,640 --> 00:52:32,239
Speaker 12: Egypt Nigerian Algeria not on that top ten list, which

971
00:52:32,280 --> 00:52:36,160
Speaker 12: is also quite interesting, but quite an interesting analysis just

972
00:52:36,200 --> 00:52:38,279
Speaker 12: looking in terms of the dynamics of what's happening on

973
00:52:38,280 --> 00:52:41,800
Speaker 12: the African continent with the Chinese investing of the continent still.

974
00:52:41,800 --> 00:52:46,480
Speaker 2: Yeah, and especially in renewable energy. Meanwhile, Europe's also targeting

975
00:52:47,040 --> 00:52:49,799
Speaker 2: energy for Uganda, quite a bit of money there too.

976
00:52:51,680 --> 00:52:54,839
Speaker 12: You what people actually don't realize Stephen, is that EU

977
00:52:54,920 --> 00:52:58,160
Speaker 12: and U Kanda had a relationship over the last fifty years.

978
00:52:58,680 --> 00:53:02,640
Speaker 12: And over that fifty years, the partnership has resulted in

979
00:53:02,800 --> 00:53:07,520
Speaker 12: Uganda receiving five billion US dollars from the EUA again

980
00:53:07,680 --> 00:53:11,120
Speaker 12: in the investment space in terms of infrastructure, and one

981
00:53:11,160 --> 00:53:13,160
Speaker 12: of the key investments that has just been made by

982
00:53:13,160 --> 00:53:17,120
Speaker 12: the EU in Uganda it has been towards the rehabilitation

983
00:53:17,320 --> 00:53:20,319
Speaker 12: of the Naruba I hope. I say this probably na

984
00:53:20,360 --> 00:53:25,480
Speaker 12: Huru Bali Kira complex, which is a big infrastructure investment

985
00:53:25,520 --> 00:53:29,719
Speaker 12: and the rehabilitation of that road and infrastructure to the

986
00:53:29,760 --> 00:53:33,720
Speaker 12: amount of thirty two million US dollars, So another key player.

987
00:53:33,840 --> 00:53:36,400
Speaker 12: But I think the good thing about this story, Stephen,

988
00:53:36,520 --> 00:53:40,360
Speaker 12: is that Uganda itself is exporting quite significantly to the EU.

989
00:53:40,960 --> 00:53:44,320
Speaker 12: Since twenty nineteen, Uganda is exported close to five hundred

990
00:53:45,400 --> 00:53:47,480
Speaker 12: From five hundred million, it's actually up to a one

991
00:53:47,480 --> 00:53:51,799
Speaker 12: point five billion US dollars of exports, primarily coffee, a

992
00:53:51,840 --> 00:53:55,000
Speaker 12: bit of fruits and wage. But again this is you

993
00:53:55,040 --> 00:53:59,000
Speaker 12: can see the mutual biolectal relation from a trade perspective,

994
00:53:59,320 --> 00:54:02,560
Speaker 12: which is a positive story. So in terms of if

995
00:54:02,560 --> 00:54:05,279
Speaker 12: one is investing in terms of infrastructure which is sustainable

996
00:54:05,320 --> 00:54:07,680
Speaker 12: and the EU allys does great projects and at the

997
00:54:07,719 --> 00:54:10,960
Speaker 12: same time X was going to the European market from

998
00:54:11,080 --> 00:54:14,879
Speaker 12: Uganda's another good story with regards to Biletro Trader, Stephen.

999
00:54:15,040 --> 00:54:19,200
Speaker 2: It's yeah, just interesting to see how that moves. Malaria

1000
00:54:19,280 --> 00:54:21,200
Speaker 2: is so a major problem in our content. Were trying

1001
00:54:21,280 --> 00:54:24,400
Speaker 2: very hard to do something about it. AI drones are helping.

1002
00:54:26,239 --> 00:54:28,760
Speaker 12: To put a number towe it Stephens, six hundred thousand

1003
00:54:30,480 --> 00:54:33,320
Speaker 12: dads per year on malaria on the African continents. Paramarily

1004
00:54:33,400 --> 00:54:38,040
Speaker 12: kids below the age of five years. The impact from

1005
00:54:38,040 --> 00:54:41,680
Speaker 12: a GDP perspective, Steven is six billion US dollars a

1006
00:54:41,760 --> 00:54:45,600
Speaker 12: Japanese startup quote SOA has raised about four point eight

1007
00:54:45,680 --> 00:54:49,640
Speaker 12: million US dollars through African sovereign wealth and investment, and

1008
00:54:49,760 --> 00:54:53,400
Speaker 12: they're using AI drones to specifically target the breeding areas

1009
00:54:53,440 --> 00:54:57,000
Speaker 12: of these mosquitos and terminate them. Just over the last

1010
00:54:57,000 --> 00:54:59,720
Speaker 12: period of time since this project is taken into Stephen

1011
00:55:00,280 --> 00:55:03,359
Speaker 12: in Ghana, just to share some steps, seventy percent, there's

1012
00:55:03,360 --> 00:55:06,799
Speaker 12: been seventy percent decrease in the use of insecticides, which

1013
00:55:06,840 --> 00:55:10,200
Speaker 12: is great from a climate perspective, forty percent savings of

1014
00:55:10,280 --> 00:55:14,720
Speaker 12: prevenative costs, so again prevenative medical approaches, which is always positive.

1015
00:55:14,960 --> 00:55:18,760
Speaker 12: And fifty percent decrease in labor with regards to dealing

1016
00:55:18,760 --> 00:55:23,480
Speaker 12: with the soul. Here's a great combination of technology addressing

1017
00:55:23,680 --> 00:55:25,880
Speaker 12: a key problem in Africa which is obviously in the

1018
00:55:25,920 --> 00:55:30,080
Speaker 12: medical space, and at the same time also contributing positive

1019
00:55:30,120 --> 00:55:31,360
Speaker 12: from a climate perspective.

1020
00:55:32,480 --> 00:55:35,080
Speaker 2: We've been watching the Winter Olympics. Let me rephrase that

1021
00:55:35,120 --> 00:55:39,560
Speaker 2: some people I know have been watching the Winter Olympics

1022
00:55:39,760 --> 00:55:44,000
Speaker 2: ignite much interest in Africa. I mean I know we

1023
00:55:44,080 --> 00:55:46,400
Speaker 2: have a bit of snow in some places, but I

1024
00:55:46,440 --> 00:55:48,480
Speaker 2: kind of get the sense that actually we're not that interested.

1025
00:55:48,480 --> 00:55:53,240
Speaker 12: In the biblical term goes Stephen, faith is the substance

1026
00:55:53,280 --> 00:55:56,680
Speaker 12: of things hopeful. So the research wind Olympics and yeah,

1027
00:55:56,680 --> 00:55:58,920
Speaker 12: you're not you're true to say that some people have

1028
00:55:58,960 --> 00:56:01,920
Speaker 12: been watching it which was just closed off in Italy.

1029
00:56:02,840 --> 00:56:06,000
Speaker 12: There was a record attendance of fifteen African athletes from

1030
00:56:06,080 --> 00:56:11,120
Speaker 12: eight African countries. So obviously as there's a great incentive

1031
00:56:11,120 --> 00:56:13,560
Speaker 12: from an African participation, still a long way to go

1032
00:56:13,680 --> 00:56:16,640
Speaker 12: compared to the bigger numbers. Some of the participants came

1033
00:56:16,640 --> 00:56:20,040
Speaker 12: from Madagascar and Guinea bisal but obviously the mutual the

1034
00:56:20,480 --> 00:56:24,120
Speaker 12: dual citizenship with European countries. But I think the opportunity

1035
00:56:24,160 --> 00:56:25,960
Speaker 12: that has come out of the discussions that are beginning

1036
00:56:25,960 --> 00:56:28,120
Speaker 12: to come out, whether they're practical or not, is you know,

1037
00:56:28,200 --> 00:56:33,200
Speaker 12: hosting and elements of Winter Olympics in Africa. Obviously you

1038
00:56:33,239 --> 00:56:36,319
Speaker 12: need snow and the best regions at the ages of

1039
00:56:36,400 --> 00:56:39,320
Speaker 12: Northern and Southern Africa, where like in Dusuit to Steven,

1040
00:56:39,400 --> 00:56:44,040
Speaker 12: we've quite some potential areas that we can actually participate in.

1041
00:56:44,360 --> 00:56:47,279
Speaker 12: I think in Kia there's the Panari Ice Rink, which

1042
00:56:47,360 --> 00:56:50,839
Speaker 12: is quite invested in, but that's in Kia and that

1043
00:56:50,880 --> 00:56:54,400
Speaker 12: could be a potential location. Lisuto has got also a

1044
00:56:54,440 --> 00:56:57,719
Speaker 12: ski resort that exists, there's Steven, but I think the

1045
00:56:58,080 --> 00:57:03,759
Speaker 12: big challenge though, is that Lusutu Kia obviously from a

1046
00:57:03,800 --> 00:57:07,440
Speaker 12: geographical perspective, quite spaced out. And the other challenge you have, Stephen,

1047
00:57:07,560 --> 00:57:10,040
Speaker 12: is that for you to have a sustainable Winter Olympics,

1048
00:57:10,080 --> 00:57:12,279
Speaker 12: you need to generate a lot of artificial slow in

1049
00:57:12,400 --> 00:57:14,680
Speaker 12: a lot of energy. So it's not just a challenge

1050
00:57:14,719 --> 00:57:17,400
Speaker 12: of location, but at the same time in terms of

1051
00:57:17,440 --> 00:57:20,880
Speaker 12: infrastructure and resources in terms of sustaining the facility. So

1052
00:57:20,960 --> 00:57:24,360
Speaker 12: maybe not in this lifetime, maybe another lifetime, but the

1053
00:57:24,440 --> 00:57:26,800
Speaker 12: ideas be sort of mauled around and hopefully doesn't end

1054
00:57:26,920 --> 00:57:31,480
Speaker 12: up on a cold space punning tisted Stephen, but otherwise

1055
00:57:31,680 --> 00:57:33,200
Speaker 12: quite an interesting story to follow.

1056
00:57:33,320 --> 00:57:35,800
Speaker 2: Indeed, maybe we should just host the summer ones instead

1057
00:57:35,800 --> 00:57:38,280
Speaker 2: of Ortendo and Denrig. Thank you. Founding director at Trive

1058
00:57:38,360 --> 00:57:41,480
Speaker 2: Africa Advisory and author of Rumble in the Jungle Reloaded

1059
00:57:41,920 --> 00:57:43,080
Speaker 2: The Landy Show.

1060
00:57:42,960 --> 00:57:46,760
Speaker 3: With Stephen Crutis Live on ninety two point seven and

1061
00:57:46,880 --> 00:57:50,160
Speaker 3: one six FM, streaming on the Prime Media plus NAP

1062
00:57:50,320 --> 00:57:53,160
Speaker 3: and DStv channel eight five six.

1063
00:57:52,920 --> 00:57:55,560
Speaker 2: On the next Manitia of South Africa awaits the twenty

1064
00:57:55,640 --> 00:57:58,120
Speaker 2: twenty six budget. Will bring you the voices at the

1065
00:57:58,160 --> 00:58:01,400
Speaker 2: center of it all. The Treasury Director General Duncan Peter

1066
00:58:01,520 --> 00:58:04,640
Speaker 2: Sir and the SARACE Commissioner Edward Keiswetter will join us

1067
00:58:04,640 --> 00:58:07,240
Speaker 2: in the hours after the budget so we can put

1068
00:58:07,240 --> 00:58:10,720
Speaker 2: some questions to them. Your shape Shifter anchor Capital CEO

1069
00:58:10,800 --> 00:58:14,600
Speaker 2: Peter Armitage, beginning his career in global financial markets back

1070
00:58:14,640 --> 00:58:18,120
Speaker 2: in nineteen ninety four, now one of our most respected

1071
00:58:18,320 --> 00:58:22,720
Speaker 2: investment minds. Business Unusual Peter Tolman, Senior Partner Emeritus and

1072
00:58:22,840 --> 00:58:26,560
Speaker 2: Senior Advisor of the Boston Consulting Group, explores what truly

1073
00:58:26,680 --> 00:58:30,840
Speaker 2: sets successful CEOs apart, plus your consumer Ninja Wendy Nola,

1074
00:58:31,040 --> 00:58:33,960
Speaker 2: locked loaded and ready to take on your consumer battles.

1075
00:58:34,280 --> 00:58:36,560
Speaker 2: And we wrap up with experts analysis of the day's

1076
00:58:36,560 --> 00:58:42,880
Speaker 2: biggest business stories. The Money Show, Personal Finance, Well, the

1077
00:58:42,960 --> 00:58:46,880
Speaker 2: National Treasury, the National Finance mister outlining the budget tomorrow,

1078
00:58:47,080 --> 00:58:50,160
Speaker 2: and of course tomorrow we will be focusing on that well.

1079
00:58:50,320 --> 00:58:52,480
Speaker 2: It's going to be a fascinating speech tomorrow. I think

1080
00:58:52,480 --> 00:58:54,880
Speaker 2: many people are looking forward to it, but the biggest

1081
00:58:54,920 --> 00:58:58,560
Speaker 2: question really is what does it mean for you, John Monique?

1082
00:58:58,600 --> 00:59:00,880
Speaker 2: Is they had a financial education at or mutual John,

1083
00:59:00,920 --> 00:59:03,400
Speaker 2: Good evening and thanks so much for taking the time

1084
00:59:03,480 --> 00:59:04,560
Speaker 2: to talk to us tonight.

1085
00:59:06,440 --> 00:59:08,680
Speaker 4: Good the evening to you, Steve. I hope you're doing

1086
00:59:08,760 --> 00:59:09,600
Speaker 4: that all good.

1087
00:59:09,600 --> 00:59:13,640
Speaker 2: Thank you. My son asked me last night, why Dad,

1088
00:59:13,720 --> 00:59:15,120
Speaker 2: are you going to capet and I said I was

1089
00:59:15,160 --> 00:59:17,600
Speaker 2: going for the budget. He said, what do you mean

1090
00:59:17,800 --> 00:59:21,720
Speaker 2: the budget? And I sort of explained, well, it's government's

1091
00:59:21,800 --> 00:59:25,960
Speaker 2: kind of accounts and where they're spending money. But actually

1092
00:59:26,400 --> 00:59:28,840
Speaker 2: most people tomorrow probably not going to be listening to

1093
00:59:28,880 --> 00:59:31,640
Speaker 2: the budget. Why should we care what's in the budget tomorrow?

1094
00:59:33,360 --> 00:59:33,880
Speaker 4: I think that's a.

1095
00:59:33,960 --> 00:59:37,760
Speaker 13: Very important question, you know, I think one that should

1096
00:59:37,760 --> 00:59:41,560
Speaker 13: be in the minds of South African and anybody else

1097
00:59:41,600 --> 00:59:45,240
Speaker 13: who makes their living in South Africa. And I think,

1098
00:59:45,800 --> 00:59:50,320
Speaker 13: you know, very often when we listen to the minister

1099
00:59:50,680 --> 00:59:53,080
Speaker 13: make the budget speech and we listen to some of

1100
00:59:53,120 --> 00:59:56,120
Speaker 13: the economic analysts, they tend to focus so much on

1101
00:59:56,160 --> 00:59:59,840
Speaker 13: the macro economic factors and the and the men industry.

1102
01:00:00,040 --> 01:00:04,040
Speaker 13: A woman, industed, is simply interested, how does this affect me?

1103
01:00:04,400 --> 01:00:07,640
Speaker 13: What does this have to do with me, especially when

1104
01:00:07,720 --> 01:00:11,240
Speaker 13: we're using such big juggles, like we're saying the government

1105
01:00:11,360 --> 01:00:13,880
Speaker 13: is going to outline it's a fiscal policy, and.

1106
01:00:13,800 --> 01:00:16,240
Speaker 4: They said, but what is that? How does how does

1107
01:00:16,240 --> 01:00:16,800
Speaker 4: it talk to me?

1108
01:00:17,320 --> 01:00:21,280
Speaker 13: I think put simply, yes, he's going to give us

1109
01:00:21,760 --> 01:00:24,800
Speaker 13: a statement of income and expenditure plans of the government.

1110
01:00:25,840 --> 01:00:29,400
Speaker 13: How much is government collected this revenue? How does government

1111
01:00:29,520 --> 01:00:32,280
Speaker 13: intend to spend this money to stimulate growth in the

1112
01:00:32,320 --> 01:00:35,840
Speaker 13: economy is but more important, he's going to tell us

1113
01:00:35,840 --> 01:00:37,720
Speaker 13: how much text you're going to pay and how in

1114
01:00:37,840 --> 01:00:42,120
Speaker 13: way for example, and you know things like fuel levy.

1115
01:00:42,160 --> 01:00:44,040
Speaker 13: Are you going to be paying more at the pumps

1116
01:00:44,320 --> 01:00:49,960
Speaker 13: because of fuel levy? Is the minister going to increase

1117
01:00:50,040 --> 01:00:53,920
Speaker 13: the personal income texts? Or you know, those are things

1118
01:00:53,960 --> 01:00:55,680
Speaker 13: that you need to be on the lookout for. You

1119
01:00:55,720 --> 01:00:57,840
Speaker 13: need to we need to listen to the minister very

1120
01:00:57,840 --> 01:01:01,160
Speaker 13: carefully on how he's going to let this revenue end.

1121
01:01:01,400 --> 01:01:04,080
Speaker 13: What does it mean for your pocket? How will this

1122
01:01:04,240 --> 01:01:08,640
Speaker 13: affect your disposable income because shortly after the budgets beach,

1123
01:01:08,720 --> 01:01:13,480
Speaker 13: some people will find themselves falling into the next or

1124
01:01:13,560 --> 01:01:17,160
Speaker 13: higher text bucket without a salary increase. Hopefully we can

1125
01:01:17,200 --> 01:01:19,960
Speaker 13: try on and peck and explain how that will happen

1126
01:01:20,000 --> 01:01:23,120
Speaker 13: and how that can affect your salary without you getting

1127
01:01:23,120 --> 01:01:24,640
Speaker 13: an salary increase.

1128
01:01:24,840 --> 01:01:28,680
Speaker 4: So that's why we need to be paying attention to.

1129
01:01:28,640 --> 01:01:31,640
Speaker 13: What the minister is going to be saying in terms

1130
01:01:31,680 --> 01:01:33,680
Speaker 13: of this budget policy statement.

1131
01:01:34,200 --> 01:01:37,320
Speaker 2: Were speaking to John Mannika tonight. Your questions for him,

1132
01:01:37,400 --> 01:01:40,160
Speaker 2: Head of Financial Education at Old Mutual Head of the

1133
01:01:40,160 --> 01:01:43,040
Speaker 2: Budget seven two seven oh two one seven O two

1134
01:01:43,080 --> 01:01:44,720
Speaker 2: you can call as well and a double one double

1135
01:01:44,720 --> 01:01:46,320
Speaker 2: a three h seven or two and o two one

1136
01:01:46,600 --> 01:01:49,880
Speaker 2: four four six five six seven And John, we all

1137
01:01:49,920 --> 01:01:52,000
Speaker 2: know when we do our sort of household budget that

1138
01:01:52,040 --> 01:01:55,400
Speaker 2: if we're getting more money in, we can spend more money.

1139
01:01:55,560 --> 01:01:57,960
Speaker 2: We know that the economy there's some sort of news

1140
01:01:57,960 --> 01:01:59,880
Speaker 2: that is doing a little better, but only a little bit.

1141
01:02:00,080 --> 01:02:03,320
Speaker 2: There's a consumer sentiment which is not terrible. Does that

1142
01:02:03,360 --> 01:02:05,160
Speaker 2: influence the budgets in a big way? Do you think?

1143
01:02:05,200 --> 01:02:07,440
Speaker 2: I mean, does that make things a little easier to run?

1144
01:02:09,040 --> 01:02:09,240
Speaker 4: Well?

1145
01:02:09,240 --> 01:02:11,960
Speaker 13: I wouldn't necessarily say to make things easy, because it's

1146
01:02:12,040 --> 01:02:17,280
Speaker 13: quite a balancing act for for the minister because as

1147
01:02:17,320 --> 01:02:22,600
Speaker 13: we know, the simple principle of economics that we have

1148
01:02:23,600 --> 01:02:27,200
Speaker 13: unlimited needs with limited resources, So the minister is going

1149
01:02:27,240 --> 01:02:30,320
Speaker 13: to try and explain how is he going to stretch

1150
01:02:30,360 --> 01:02:30,720
Speaker 13: their end.

1151
01:02:31,040 --> 01:02:32,080
Speaker 4: But if you were to look.

1152
01:02:31,960 --> 01:02:38,000
Speaker 13: At the you know, current sentiments, consumer sentiments, people are

1153
01:02:38,080 --> 01:02:42,400
Speaker 13: concerned about the job creation efforts by government to say

1154
01:02:42,640 --> 01:02:46,680
Speaker 13: is government doing enough to create jobs? And his government

1155
01:02:46,840 --> 01:02:51,160
Speaker 13: using its past to help create jobs. We're sitting with

1156
01:02:51,240 --> 01:02:55,200
Speaker 13: this problem of youth unemployment. How is the government going

1157
01:02:55,240 --> 01:02:58,560
Speaker 13: to address this problem of youth unemployment. But on the

1158
01:02:58,600 --> 01:03:03,040
Speaker 13: positive side, of course, the consumer would be very happy

1159
01:03:03,080 --> 01:03:05,280
Speaker 13: that inflation has moderated.

1160
01:03:05,320 --> 01:03:06,200
Speaker 4: It it has.

1161
01:03:06,200 --> 01:03:12,640
Speaker 13: Given uh, you know, subnificance, some breathing room. The fact

1162
01:03:12,680 --> 01:03:15,560
Speaker 13: that the interest rates have begun easy. That's a good

1163
01:03:15,560 --> 01:03:19,960
Speaker 13: thing because it means it improves affordability for for bondholders

1164
01:03:20,440 --> 01:03:26,080
Speaker 13: and consumers with debt. But but those types of reliefs

1165
01:03:26,280 --> 01:03:29,200
Speaker 13: can be short lived. If the minister is going to

1166
01:03:29,360 --> 01:03:33,560
Speaker 13: talk about increasing personal in context, and of course there

1167
01:03:33,560 --> 01:03:38,880
Speaker 13: will always be a debate on whether the minister shouldn't

1168
01:03:38,880 --> 01:03:42,800
Speaker 13: be focusing on corporate texts and leave the personal income text.

1169
01:03:42,840 --> 01:03:46,480
Speaker 13: Of course, there's there's debate, there's arguments for and against

1170
01:03:47,400 --> 01:03:51,400
Speaker 13: that particular approach. So these are things that I would

1171
01:03:51,400 --> 01:03:55,760
Speaker 13: say will be in the mind of any consumer. You know,

1172
01:03:55,840 --> 01:03:57,600
Speaker 13: as far as this and these are things that the

1173
01:03:58,000 --> 01:04:00,320
Speaker 13: minister would have to take into account when it levels

1174
01:04:00,360 --> 01:04:02,680
Speaker 13: the budget. You need to understand what are they paying

1175
01:04:02,720 --> 01:04:05,480
Speaker 13: points for South Africas we know, we've got a very

1176
01:04:05,520 --> 01:04:09,160
Speaker 13: small text base. We've got fewer people paying text and

1177
01:04:09,200 --> 01:04:11,920
Speaker 13: a lot more people are unemployed who are relying on

1178
01:04:11,960 --> 01:04:14,600
Speaker 13: those who can afford to pay text to cover them.

1179
01:04:14,960 --> 01:04:19,720
Speaker 13: But it definitely does. It is quite painful for some.

1180
01:04:20,480 --> 01:04:22,520
Speaker 13: And as much as we might say, well, the high

1181
01:04:22,560 --> 01:04:25,560
Speaker 13: income in US don't feel it, but trust me, even

1182
01:04:25,600 --> 01:04:28,880
Speaker 13: your middle income to high income in US, they do

1183
01:04:29,000 --> 01:04:31,680
Speaker 13: feel this text. You know when you look at your

1184
01:04:31,680 --> 01:04:34,280
Speaker 13: pace sleep and you realize how much your employer has

1185
01:04:34,280 --> 01:04:34,640
Speaker 13: paid you.

1186
01:04:34,680 --> 01:04:37,080
Speaker 4: But also you have had to part with a lot

1187
01:04:37,120 --> 01:04:38,280
Speaker 4: of money in text.

1188
01:04:39,360 --> 01:04:43,080
Speaker 2: Bracket creep such a big issue. And as you say,

1189
01:04:43,280 --> 01:04:46,000
Speaker 2: you know, the brackets stay the same, the tax brackets,

1190
01:04:46,000 --> 01:04:49,200
Speaker 2: but your income goes up through inflation only so in

1191
01:04:49,240 --> 01:04:51,440
Speaker 2: real terms you're no richer, but you find yourself in

1192
01:04:51,440 --> 01:04:54,120
Speaker 2: it in a bigger tax bracket. I mean, that's become

1193
01:04:54,280 --> 01:04:56,040
Speaker 2: such a big issue over the years.

1194
01:04:58,240 --> 01:05:00,800
Speaker 13: Yeah, look, this is one of the oldest chicks, by

1195
01:05:00,840 --> 01:05:05,880
Speaker 13: the way, in the book. So Treasury might not say, look,

1196
01:05:06,240 --> 01:05:09,320
Speaker 13: we're going to increase your personal income text because that

1197
01:05:09,480 --> 01:05:13,160
Speaker 13: statement on its own provokes people's emotions when you hear

1198
01:05:13,240 --> 01:05:16,560
Speaker 13: minister saying, no, but we're going to increase personal income text.

1199
01:05:16,640 --> 01:05:21,200
Speaker 13: I mean, we saw what happened last year where we

1200
01:05:21,360 --> 01:05:23,000
Speaker 13: ended up having budget three point.

1201
01:05:22,920 --> 01:05:28,120
Speaker 4: Zero because of the VAT debacle. But so no minister

1202
01:05:28,240 --> 01:05:29,160
Speaker 4: would want to make.

1203
01:05:29,040 --> 01:05:31,720
Speaker 13: A budget speech where they boldly say I'm going to

1204
01:05:31,760 --> 01:05:35,680
Speaker 13: increase personal income texts. But what the ministers of Finance

1205
01:05:35,720 --> 01:05:38,080
Speaker 13: have been able to do over the years is simply

1206
01:05:38,120 --> 01:05:43,320
Speaker 13: to broaden the text brackets so you fall in a

1207
01:05:43,360 --> 01:05:46,840
Speaker 13: particular income band or income bracket.

1208
01:05:48,200 --> 01:05:50,120
Speaker 4: And when he broadens these.

1209
01:05:51,960 --> 01:05:56,160
Speaker 13: Brackets, all of a sudden were the same salary, you

1210
01:05:56,280 --> 01:05:59,240
Speaker 13: now fall into the next or the higher text bracket

1211
01:05:59,680 --> 01:06:04,840
Speaker 13: with they salary increase, and suddenly your net pay is less.

1212
01:06:04,920 --> 01:06:07,560
Speaker 4: Because you now fall into the next text bracket.

1213
01:06:07,600 --> 01:06:11,600
Speaker 13: And this is why you need to listen to what

1214
01:06:11,640 --> 01:06:14,680
Speaker 13: the minister is going to be saying and understand what

1215
01:06:15,360 --> 01:06:18,640
Speaker 13: this means for you, because you may find that next

1216
01:06:18,680 --> 01:06:22,000
Speaker 13: month he'll basically put look differently even though the employer

1217
01:06:22,040 --> 01:06:25,200
Speaker 13: didn't put anything Extrather, so I mean those are methods

1218
01:06:25,240 --> 01:06:27,520
Speaker 13: that government used. Because when government does that, what it

1219
01:06:27,560 --> 01:06:31,040
Speaker 13: suddenly does is that it does create another avenue for

1220
01:06:31,080 --> 01:06:34,000
Speaker 13: government to collect more revenue because you've got people who

1221
01:06:34,000 --> 01:06:36,440
Speaker 13: are paying slightly higher texts even though you want. Here

1222
01:06:36,480 --> 01:06:40,000
Speaker 13: the minister saying, well, you're going to be paying he's

1223
01:06:40,080 --> 01:06:41,400
Speaker 13: increasing a personal in.

1224
01:06:41,320 --> 01:06:45,120
Speaker 2: Context, I mean from a sort of consumer perspective. If

1225
01:06:45,160 --> 01:06:48,200
Speaker 2: you think of, you know, what would get consumers going,

1226
01:06:48,320 --> 01:06:50,840
Speaker 2: what would allow us to feel like we have more money?

1227
01:06:51,080 --> 01:06:54,600
Speaker 2: What would a sort of ideal pro consumer budget look like.

1228
01:06:56,960 --> 01:07:00,520
Speaker 13: Look, I think it's important that we we we get

1229
01:07:00,560 --> 01:07:04,200
Speaker 13: to a point where the minister takes us into confidence

1230
01:07:04,280 --> 01:07:11,040
Speaker 13: and tell us how he's going to help in creating jobs. Again,

1231
01:07:11,200 --> 01:07:14,520
Speaker 13: by saying this, I'm not in any way insinuating that

1232
01:07:14,600 --> 01:07:18,840
Speaker 13: this is government are sole responsibility to create jobs. This

1233
01:07:18,880 --> 01:07:23,440
Speaker 13: is an effort that requires the collaboration between you know,

1234
01:07:23,520 --> 01:07:28,840
Speaker 13: big business, the private sector, government, civil society and so forth.

1235
01:07:28,960 --> 01:07:31,920
Speaker 13: I mean in creator, but government can create an environment

1236
01:07:32,040 --> 01:07:36,800
Speaker 13: conducy for job creation. And one way governments around the

1237
01:07:36,800 --> 01:07:41,840
Speaker 13: world do when they want to tackle this unemployment issue

1238
01:07:41,840 --> 01:07:45,680
Speaker 13: is to invest more money in infrastructure development. We know

1239
01:07:45,840 --> 01:07:50,600
Speaker 13: that in South Africa we've got the skills mismatch. We

1240
01:07:50,760 --> 01:07:55,880
Speaker 13: don't have all the skills that the economy needs in

1241
01:07:55,960 --> 01:07:59,560
Speaker 13: order to grow, so we have a lot of unskilled labor.

1242
01:08:00,200 --> 01:08:04,160
Speaker 13: So if government invests invest in infrastructure development, what we

1243
01:08:04,360 --> 01:08:08,400
Speaker 13: likely to see is when governments start building roads, schools,

1244
01:08:08,600 --> 01:08:11,680
Speaker 13: hospitals and so forth, you're going to need builders, You're

1245
01:08:11,720 --> 01:08:16,519
Speaker 13: going to need painters, plumbers and so on. And that's

1246
01:08:16,560 --> 01:08:19,479
Speaker 13: how government can can stimulate growth. But there's also the

1247
01:08:19,640 --> 01:08:23,360
Speaker 13: issue of youth unemployment. I think we also need to

1248
01:08:23,360 --> 01:08:26,640
Speaker 13: interrogate what is it that the citars are doing, or

1249
01:08:26,680 --> 01:08:30,200
Speaker 13: how can we reimagine how sitters can do what they

1250
01:08:30,280 --> 01:08:34,720
Speaker 13: do to stimulate youth cerree employment. How do we come

1251
01:08:34,800 --> 01:08:38,559
Speaker 13: up with programs, how do we promote other skills because

1252
01:08:38,600 --> 01:08:41,880
Speaker 13: I think our young people have this perception that if

1253
01:08:41,920 --> 01:08:45,519
Speaker 13: you pass me Chicken, you've got a bachelor's there, then

1254
01:08:45,560 --> 01:08:50,240
Speaker 13: you should be looking for university entrance or enrollment, when

1255
01:08:50,280 --> 01:08:52,640
Speaker 13: there may be other courses that don't require you to

1256
01:08:52,680 --> 01:08:53,720
Speaker 13: go to universities.

1257
01:08:53,880 --> 01:08:55,920
Speaker 4: We need to look at vocational.

1258
01:08:55,439 --> 01:08:59,880
Speaker 13: Training skills, you know, so artisans and things like that.

1259
01:09:00,200 --> 01:09:03,000
Speaker 13: So I don't think we're doing enough pr to get

1260
01:09:03,040 --> 01:09:06,120
Speaker 13: to our youth to understand that there's a lot more

1261
01:09:06,200 --> 01:09:09,800
Speaker 13: out there other than simply becoming academic and going to

1262
01:09:10,680 --> 01:09:12,200
Speaker 13: length theory in our universities.

1263
01:09:12,960 --> 01:09:16,240
Speaker 2: We're speaking to John Manyiki your questions for him this evening.

1264
01:09:16,280 --> 01:09:19,439
Speaker 2: He's head of financial education at Old Neutral seven two

1265
01:09:19,520 --> 01:09:22,519
Speaker 2: seven oh two one seven oh two ten minutes now, said.

1266
01:09:24,320 --> 01:09:26,800
Speaker 9: The Money Show Stephen Krutiz is brought to you by

1267
01:09:26,880 --> 01:09:30,559
Speaker 9: Absolute Corporate and Investment Backing Cloud, sponsor of the LMA

1268
01:09:31,000 --> 01:09:35,000
Speaker 9: ICMA Loan End Capital Markets Africa Summit twenty twenty six.

1269
01:09:35,280 --> 01:09:36,800
Speaker 4: Absolute Registered FSP.

1270
01:09:38,120 --> 01:09:42,599
Speaker 2: The Money Show Personal Finance speaking to John Manyika tonight.

1271
01:09:42,600 --> 01:09:44,720
Speaker 2: They had a financial education at Old Neutral ahead of

1272
01:09:44,760 --> 01:09:47,760
Speaker 2: tomorrow's budget. It's only sing to see how it applies

1273
01:09:48,160 --> 01:09:51,880
Speaker 2: to you. Of course, your questions on seven two seven,

1274
01:09:51,920 --> 01:09:53,680
Speaker 2: O two one seven or two you might prefer to

1275
01:09:53,680 --> 01:09:56,080
Speaker 2: put them live to him an O double ONEAA three

1276
01:09:56,160 --> 01:09:57,960
Speaker 2: oh seven O two and O two one four four

1277
01:09:57,960 --> 01:10:01,680
Speaker 2: six O five six seven. John. I mean when we

1278
01:10:01,720 --> 01:10:05,720
Speaker 2: look at our economy and we know obviously unemployments the

1279
01:10:05,840 --> 01:10:10,080
Speaker 2: big issue, particularly for young people, and I sometimes wonder,

1280
01:10:10,200 --> 01:10:13,320
Speaker 2: you know you talk about about becoming an artisan about that.

1281
01:10:13,520 --> 01:10:15,720
Speaker 2: I mean, I think jobs do come from There is

1282
01:10:15,800 --> 01:10:18,400
Speaker 2: anything the budget can do. I mean, we know that

1283
01:10:18,479 --> 01:10:23,679
Speaker 2: the seatters, the education and training colleges that are supposed

1284
01:10:23,720 --> 01:10:26,479
Speaker 2: to train people in that some of them really haven't

1285
01:10:26,479 --> 01:10:28,719
Speaker 2: done well. Let me be belike, they haven't done nearly

1286
01:10:28,760 --> 01:10:29,600
Speaker 2: as well as they should have.

1287
01:10:31,360 --> 01:10:35,160
Speaker 13: Yeah, so I just think that we need some kind

1288
01:10:35,200 --> 01:10:39,599
Speaker 13: of a robust interrogation of the work. I'm not again,

1289
01:10:39,680 --> 01:10:42,120
Speaker 13: I'm not suggesting that the citis are not doing a

1290
01:10:42,120 --> 01:10:45,040
Speaker 13: great job, but I do think we need to find

1291
01:10:45,080 --> 01:10:49,320
Speaker 13: ways to reimagine how far we can stretch the rand

1292
01:10:49,360 --> 01:10:50,000
Speaker 13: in terms.

1293
01:10:49,760 --> 01:10:50,840
Speaker 4: Of the work that they're doing.

1294
01:10:52,200 --> 01:10:56,719
Speaker 13: Because it's one thing to have a you know, everybody

1295
01:10:56,840 --> 01:10:59,439
Speaker 13: just going to universities and we're not looking at some

1296
01:10:59,520 --> 01:11:01,880
Speaker 13: of these ortunities that may sit there. I mean, look

1297
01:11:01,920 --> 01:11:04,439
Speaker 13: at how many young people past metric this year and

1298
01:11:04,520 --> 01:11:09,320
Speaker 13: couldn't find university entrance, either because of there's just not

1299
01:11:09,520 --> 01:11:13,679
Speaker 13: enough spaces in our universities or they as a result

1300
01:11:13,760 --> 01:11:17,360
Speaker 13: of financial exclusion because they cannot afford And a lot

1301
01:11:17,400 --> 01:11:22,080
Speaker 13: of young people are sitting at home, not in school

1302
01:11:22,080 --> 01:11:22,960
Speaker 13: and unemployed.

1303
01:11:23,360 --> 01:11:25,000
Speaker 4: What do we do with these young people?

1304
01:11:25,040 --> 01:11:29,960
Speaker 13: I also think that we need to incentivize employers to

1305
01:11:30,120 --> 01:11:33,360
Speaker 13: hire young people, find way you know, these internships. I

1306
01:11:33,360 --> 01:11:35,160
Speaker 13: think we need to be a lot more intentional in

1307
01:11:35,240 --> 01:11:38,839
Speaker 13: terms of promoting these internships.

1308
01:11:38,560 --> 01:11:40,719
Speaker 4: For for for young.

1309
01:11:40,560 --> 01:11:44,759
Speaker 13: People to get exposed, because sometimes if they don't have experience,

1310
01:11:44,800 --> 01:11:47,800
Speaker 13: it becomes very difficult for them to find employment. But

1311
01:11:47,880 --> 01:11:50,080
Speaker 13: my experience as well is that way, you know, when

1312
01:11:50,120 --> 01:11:53,800
Speaker 13: you start seeing young people get opportunities for internships, you

1313
01:11:54,320 --> 01:11:58,800
Speaker 13: you start to see, you know, opportunities, you see potential

1314
01:11:58,840 --> 01:12:02,000
Speaker 13: in them, a lot of them and being absorbed by

1315
01:12:02,000 --> 01:12:05,760
Speaker 13: the same employers. So there's certainly scope for for for

1316
01:12:05,880 --> 01:12:09,880
Speaker 13: perhaps government to incentivize employer to do a lot more

1317
01:12:09,920 --> 01:12:13,320
Speaker 13: in hiring young people. But I also think that there's

1318
01:12:13,360 --> 01:12:18,000
Speaker 13: also scope for us to look at, you know, enterprise development.

1319
01:12:18,040 --> 01:12:23,160
Speaker 13: What do we do to incentivize small to medium businesses.

1320
01:12:23,240 --> 01:12:27,320
Speaker 13: It doesn't mean everybody should become an employee. There's absolutely

1321
01:12:27,360 --> 01:12:30,599
Speaker 13: nothing wrong with training young people and other people, women,

1322
01:12:30,680 --> 01:12:34,720
Speaker 13: not maybe adults, train them. Let's offer skills and help

1323
01:12:34,720 --> 01:12:38,040
Speaker 13: people encourage people to start their own small to medium businesses.

1324
01:12:38,320 --> 01:12:42,000
Speaker 13: Economiess around the world are built by small to medium businesses,

1325
01:12:42,040 --> 01:12:44,599
Speaker 13: and I think we need to focus on that instead

1326
01:12:44,600 --> 01:12:48,000
Speaker 13: of just promoting job creation. Maybe let's start looking at

1327
01:12:48,160 --> 01:12:49,240
Speaker 13: enterprise development.

1328
01:12:50,880 --> 01:12:53,479
Speaker 2: It's so interesting to sort of listen to that, because

1329
01:12:54,000 --> 01:12:57,439
Speaker 2: I mean, we all want government, We all want the

1330
01:12:57,479 --> 01:13:01,240
Speaker 2: budget to support unemployed young people, to support small businesses.

1331
01:13:01,680 --> 01:13:03,759
Speaker 2: We ask quite a lot of government in that way,

1332
01:13:04,000 --> 01:13:06,559
Speaker 2: and I don't know if really there's that much they

1333
01:13:06,600 --> 01:13:06,920
Speaker 2: can do.

1334
01:13:09,320 --> 01:13:11,840
Speaker 4: Look, I think for me, it's a question of prioritizing.

1335
01:13:11,920 --> 01:13:15,479
Speaker 13: I mean, of course, you know, we would like most

1336
01:13:15,479 --> 01:13:18,880
Speaker 13: of us would like to see a bit of efficiency

1337
01:13:19,320 --> 01:13:21,880
Speaker 13: or operational in terms of how government does its work.

1338
01:13:21,960 --> 01:13:25,920
Speaker 13: We need to minimize wastetage. But I think there's some

1339
01:13:26,000 --> 01:13:29,000
Speaker 13: other stuff government can do. Let's look at how we

1340
01:13:29,080 --> 01:13:34,400
Speaker 13: support township and rural enterprises through procurement opportunities.

1341
01:13:34,680 --> 01:13:37,640
Speaker 4: Let's look at how we strengthen.

1342
01:13:37,200 --> 01:13:43,280
Speaker 13: Mentorship and business development programs for small businesses. Government should

1343
01:13:43,360 --> 01:13:46,800
Speaker 13: also have these small suppliers by paying them on time

1344
01:13:47,040 --> 01:13:49,759
Speaker 13: to improve the cash flow. Because one of the reasons

1345
01:13:49,760 --> 01:13:53,920
Speaker 13: for these small businesses and why they're struggling is because

1346
01:13:54,000 --> 01:13:57,280
Speaker 13: they might have opportunity to do small jobs, you know,

1347
01:13:57,360 --> 01:13:59,880
Speaker 13: small trenders here and there, but to find that they

1348
01:14:00,120 --> 01:14:02,920
Speaker 13: cash flow is a problem because they just don't get

1349
01:14:02,920 --> 01:14:05,240
Speaker 13: paid on time. I think we just need to get

1350
01:14:05,240 --> 01:14:09,000
Speaker 13: those disciplines prioritize the small businesses pay them on time.

1351
01:14:09,400 --> 01:14:11,400
Speaker 13: I think these are a couple of changes which I

1352
01:14:11,400 --> 01:14:14,120
Speaker 13: believe government can do and it can go a long

1353
01:14:14,160 --> 01:14:18,280
Speaker 13: way in helping es South Africa in its growth trajector.

1354
01:14:18,600 --> 01:14:18,840
Speaker 6: Yeah.

1355
01:14:18,880 --> 01:14:21,799
Speaker 2: I mean it's so interesting to kind of kick start

1356
01:14:21,880 --> 01:14:24,480
Speaker 2: the economy. Seems to be such a difficult thing to do,

1357
01:14:24,520 --> 01:14:27,240
Speaker 2: you know, John, I think many of us. I know

1358
01:14:27,320 --> 01:14:29,760
Speaker 2: I'll be one of these people, and I'm watching and

1359
01:14:29,840 --> 01:14:31,559
Speaker 2: listening to the budget tomorrow. I mean, I'll have all

1360
01:14:31,560 --> 01:14:33,760
Speaker 2: sorts of questions about government policy and all the rest,

1361
01:14:33,800 --> 01:14:36,240
Speaker 2: and we'll talk about it tomorrow evening. But I will

1362
01:14:36,280 --> 01:14:38,479
Speaker 2: also be looking for one key fact, which is how

1363
01:14:38,560 --> 01:14:41,920
Speaker 2: much exercise duty is going to go up? And I'm

1364
01:14:41,920 --> 01:14:45,280
Speaker 2: talking about, you know, the taxes on alcohol. I know

1365
01:14:45,400 --> 01:14:49,000
Speaker 2: some people will be looking at the taxes on cigarettes.

1366
01:14:49,040 --> 01:14:51,040
Speaker 2: You know, that's the thing they're going to be looking

1367
01:14:51,120 --> 01:14:56,040
Speaker 2: for tomorrow. For you, what's the one thing you're going

1368
01:14:56,080 --> 01:14:58,640
Speaker 2: to be looking for? One thing that actually will have

1369
01:14:58,680 --> 01:15:01,280
Speaker 2: a material impact one way or another. I know it's

1370
01:15:01,280 --> 01:15:03,360
Speaker 2: easy to say, you know, will there be tax increases?

1371
01:15:03,439 --> 01:15:06,599
Speaker 2: Doesn't seem like it. It doesn't seem I mean, unless

1372
01:15:06,600 --> 01:15:08,760
Speaker 2: something happens with tax brackets, I can't say a tax

1373
01:15:08,840 --> 01:15:12,200
Speaker 2: decrease either is there a specific thing you're looking for

1374
01:15:12,360 --> 01:15:13,879
Speaker 2: that we should be looking for tomorrow?

1375
01:15:15,640 --> 01:15:16,400
Speaker 4: Look for me, I.

1376
01:15:16,760 --> 01:15:19,800
Speaker 13: Am I'm you know, just like everyone, I'm certainly keen

1377
01:15:19,880 --> 01:15:22,479
Speaker 13: to hear what the minister will tell us about the

1378
01:15:22,560 --> 01:15:28,599
Speaker 13: job creation efforts and strategies around it. But of course,

1379
01:15:28,720 --> 01:15:32,040
Speaker 13: I mean, we're always interested in knowing how government is

1380
01:15:32,080 --> 01:15:32,559
Speaker 13: going to be.

1381
01:15:32,600 --> 01:15:33,719
Speaker 4: Collecting its revenue.

1382
01:15:34,000 --> 01:15:36,400
Speaker 13: But I think if I'm a consumer, I would want

1383
01:15:36,439 --> 01:15:38,840
Speaker 13: to listen to the budgets, which I need to understand

1384
01:15:39,120 --> 01:15:41,920
Speaker 13: where I'm going to be bleeding money in my wallet,

1385
01:15:42,520 --> 01:15:44,800
Speaker 13: Where am I going to be paying more if it's

1386
01:15:44,840 --> 01:15:47,320
Speaker 13: going to be a few levy and I realize if

1387
01:15:47,360 --> 01:15:50,080
Speaker 13: you become unaffordable, I need to start thinking what else

1388
01:15:50,080 --> 01:15:54,479
Speaker 13: can I do to minimize the impact, Whether it's a

1389
01:15:54,600 --> 01:15:58,560
Speaker 13: left club, whether sometimes using public transport or using the

1390
01:15:58,680 --> 01:16:00,519
Speaker 13: train instead of.

1391
01:16:00,680 --> 01:16:03,080
Speaker 4: Driving your own car. You know, those are things we

1392
01:16:03,200 --> 01:16:04,120
Speaker 4: have to be practical.

1393
01:16:04,280 --> 01:16:06,639
Speaker 13: So let's go and listen to the budget speech, let's

1394
01:16:06,760 --> 01:16:09,960
Speaker 13: understand how to impact our wallets, and let's find ways

1395
01:16:10,040 --> 01:16:11,720
Speaker 13: how best do we respond.

1396
01:16:11,320 --> 01:16:14,240
Speaker 4: In the context of what would have had tomorrow?

1397
01:16:14,640 --> 01:16:16,840
Speaker 2: John Monika, it is always so great to talk to you.

1398
01:16:16,920 --> 01:16:18,920
Speaker 2: Thank you so much. I really do appreciate it. John

1399
01:16:18,920 --> 01:16:21,720
Speaker 2: Monik has had a financial education that's old mutual and

1400
01:16:21,760 --> 01:16:24,280
Speaker 2: a reminder, of course, we'll have full coverage for you

1401
01:16:24,520 --> 01:16:26,800
Speaker 2: of the budget on the Money Show tomorrow. Do you

1402
01:16:26,800 --> 01:16:29,759
Speaker 2: to speak to Duncan Peterson as well, the Director General

1403
01:16:29,840 --> 01:16:32,439
Speaker 2: just after six o'clock, so plenty of questions we'll have

1404
01:16:33,000 --> 01:16:34,360
Speaker 2: to ask him. I think it's going to be a

1405
01:16:34,479 --> 01:16:37,160
Speaker 2: very interesting show tomorrow, John, thank you very much.

1406
01:16:37,160 --> 01:16:41,840
Speaker 9: Indeed, The Money Show, Stephen Kroutiz, is brought to you

1407
01:16:41,880 --> 01:16:45,360
Speaker 9: by Absolve Corporate and Investment Backing Crowd, sponsor of the

1408
01:16:45,479 --> 01:16:50,240
Speaker 9: LMA ICMA Loan and Capital Markets Africa Summit twenty twenty six.

1409
01:16:50,479 --> 01:16:51,759
Speaker 4: Absolute ready to the FSP.

1410
01:16:53,600 --> 01:16:56,599
Speaker 2: Well, the US turning a corner. It seems the Jones

1411
01:16:56,640 --> 01:16:59,479
Speaker 2: up point a three percent, the Nasdak at one point

1412
01:16:59,479 --> 01:17:03,360
Speaker 2: one and P five hundred up point seven seven. Mainly

1413
01:17:03,400 --> 01:17:08,360
Speaker 2: it seems because of fresh encouragement around AI. We'll be

1414
01:17:08,400 --> 01:17:11,160
Speaker 2: back tomorrow all of that coverage for you coming around

1415
01:17:11,320 --> 01:17:13,639
Speaker 2: the budget, the budget speech. You'll hear it here from

1416
01:17:13,800 --> 01:17:16,280
Speaker 2: two o'clock. Aubrey is next good evening. It's eight o'clock