Speaker 1: The Money Show on seven oh two, Let's Walk.
Speaker 2: To Talk on ninety two point seven or one O
Speaker 2: six at them and DStv channel eight five six.
Speaker 3: The Money Show with Stephen Curtiz is brought to you
Speaker 3: by ABSUR CIB, proud sponsor of the UBSIR Africa Financial
Speaker 3: Markets Index twenty twenty five. And I'm starting tonight's show
Speaker 3: with the good news. Firstly, I'm Jane Uttonhallo. I'm in
Speaker 3: for Steven. South Africa's off the gray List, the global
Speaker 3: Naughty Corner for countries that don't do enough to stop
Speaker 3: money laundering and terror financing. It's about money credibility, whether
Speaker 3: the world still trusts US to play fair in global finance.
Speaker 3: After nearly two years under extra scrutiny, the Financial Action
Speaker 3: Task Force has wrapped up its meetings in Paris and
Speaker 3: South Africa's being given the all clear. We'll unpack what
Speaker 3: this means for your money and the country's investment future.
Speaker 3: Then a small but powerful shift from ESCAM. The utility
Speaker 3: is quietly dropped its costly rooftop solar sign off rule
Speaker 3: for homeowners. What does that mean for energy independence and
Speaker 3: your pocket After the markets, I'm going to be profiling
Speaker 3: Jonathan Ferree, the man behind bus Cuisine, Cape Town's new
Speaker 3: luxury dining experience on wheels, where fine food, meats, city
Speaker 3: lights and rolling views. It's all about money power and
Speaker 3: something to wet your appetite right here on seven oh two.
Speaker 3: Please give us a call w hear your thoughts on
Speaker 3: any of these topics. Oh one one double A three
Speaker 3: oh seven oh two. You could speak our guests as well.
Speaker 3: You could tweet or x us on at radio seven
Speaker 3: o two or send us a WhatsApp on seven two
Speaker 3: seven o two one seven two and I'm also on
Speaker 3: at Jane Dutton The Money.
Speaker 2: Show on seven OS Monday to Friday six to eight pm.
Speaker 3: So South Africa is off the Financial Action Task Force
Speaker 3: gray list. For two years, we've been under the microscope.
Speaker 3: Its dented confidence and investment has been accused of weak enforcement,
Speaker 3: dodgy compliance and political interference. Now the FATF says we
Speaker 3: have cleaned up our act.
Speaker 1: Joining me is.
Speaker 3: National Treasuries Ismael Momoniat and Rebecca Thompson, Partner and head
Speaker 3: of Investigations, Compliance and Ethics from Baker McKenzie, to discuss
Speaker 3: what this move actually changes, what it actually means for
Speaker 3: you and me is well, let me start off with you.
Speaker 3: You put a lot of work into this. What is
Speaker 3: your response?
Speaker 4: No, Look, clearly, south Etika. After state capture, you know,
Speaker 4: our institutions were weakened and we were gray listed. And
Speaker 4: let me say it to put the ironically of Baker McKenzie,
Speaker 4: because they were one of the companies that were directly
Speaker 4: involved with weakening institutions like Stars. But because of all
Speaker 4: of that, we were great listed. Quart of has found
Speaker 4: is that we've now managed if we begin to tackle
Speaker 4: financial grunts, and I would take companies like Bacon mckenzy
Speaker 4: or so accountable for what happened during state capture. But
Speaker 4: going forward, and that may be clear, it doesn't mean
Speaker 4: we've solve all our problems. All it means is that
Speaker 4: we've begun to deal with our problems and we're going
Speaker 4: to have to continue to strengthen our institutions so that
Speaker 4: when the next mutual evaluation comes, which will be over
Speaker 4: the next two years, that we will not be gray
Speaker 4: listed again. I mean this must be the point is
Speaker 4: that Jane, we must do this for our country, not
Speaker 4: for fat up, to make sure that we can rid
Speaker 4: our country of corruption, maximize delivery to our people and
Speaker 4: get economic growth, investment and economic growth up.
Speaker 3: I mean from a reputational damage point of view, how
Speaker 3: bad has this been for us and how quickly can
Speaker 3: we get back on track.
Speaker 4: Well, look, it's obviously been really bad for us from
Speaker 4: a reputational perspective. It's been quite humiliating for the country,
Speaker 4: and you know we've had to slog for over three
Speaker 4: years now to make sure that we deal with the
Speaker 4: concerns that.
Speaker 3: All right, we seem to have lost him for the moment.
Speaker 3: We'll try and bring him back up. But on the
Speaker 3: line as well as Rebecca Thompson and Rebecca, I don't
Speaker 3: know if you were listening to him, but he was
Speaker 3: accusing your company of being one of the players that
Speaker 3: has brought some reputational damage onto the country and it
Speaker 3: should be held accountable.
Speaker 1: What's your response to that?
Speaker 5: So I wouldn't call onto this show to be a
Speaker 5: spokesperson for my firm. Quite frankly, I'm not sure what
Speaker 5: mister Monmonet is on about. We certainly haven't been accused
Speaker 5: of any thing, nor have we been hauled in front
Speaker 5: of inquiries such as the Step Capture Commission. We've certainly
Speaker 5: acted for clients in a whole range of matters. But
Speaker 5: perhaps mis Deemmonias and I can have a separate conversation
Speaker 5: on that. I honestly I'm not sure what he's on about.
Speaker 5: Be that as it may. I'm here to speak about
Speaker 5: South Africa's exits from the gray List.
Speaker 1: All right. So, I mean, we talk about headline reforms,
Speaker 1: the legislation, pasted, frameworks upgraded, But how do we know
Speaker 1: that these aren't just box ticking? Where's the evidence of this?
Speaker 5: So the fact that the fat F has removed us
Speaker 5: from the gray list in itself is evidence that they
Speaker 5: are satisfied that we've produced sufficient evidence to be removed
Speaker 5: from the graylest. But you must also bear in mind
Speaker 5: that it's not simply a matter of saying, okay, you're
Speaker 5: off the gray list, now go on your merry way
Speaker 5: to the delisting. South Africa will transition from increased monitoring
Speaker 5: to regular follow up, a regular follow up process under
Speaker 5: the fastest mutual evaluation cycle. So we will be required
Speaker 5: to submit periodic follow up reports to the fact if
Speaker 5: we will have to continue to demonstrate sustained reforms in
Speaker 5: m O and CFT, which is counter financing of terrorists,
Speaker 5: terrorism compliance and continued enforcement of laws, investigations and prosecutions.
Speaker 1: So how hard is that going to be? I mean,
Speaker 1: we've just been hearing.
Speaker 3: Over the last couple of weeks how corrupted we are
Speaker 3: in so many areas pers judiciary, finance, I mean, you
Speaker 3: name it. How hard is it going to be to
Speaker 3: stay off the list?
Speaker 5: So I think if there's a sustained effort, and I'm
Speaker 5: very mindful, I mean, I'm an eternal optimist when it
Speaker 5: comes to this country. I'm very mindful of the fact
Speaker 5: that everything that we hear in the news is typically
Speaker 5: bad news, so we continuously bombarded with the bad side
Speaker 5: of the story, whereas there is in fact a lot
Speaker 5: of good work being done, both in state institutions and
Speaker 5: in the private sector to keep South Africa afloat, to
Speaker 5: improve our image in the marketplace and to attract foreign
Speaker 5: direct investment.
Speaker 4: So it's not a simple task.
Speaker 5: Corruption is rife. I've just started reading the book The
Speaker 5: Beta Decran's Murder, which is quite quite enlightening, especially you know,
Speaker 5: listening to the commission into the police at the moment
Speaker 5: as well. So corruptions obviously rife, issues like money laundering
Speaker 5: continue to plague this country, but with sufficient will, which
Speaker 5: is required in both the public and private sectors. I
Speaker 5: think we can get there. I think we can what
Speaker 5: we've already gotten there. I think we can continue to
Speaker 5: keep ourselves off the gray list as long as that.
Speaker 5: I think if the will to do good and to
Speaker 5: attract for our indirect investment outweighs those individuals who seek
Speaker 5: only to enrich themselves, then I think we can stay there.
Speaker 3: Okay, Rebecca Thompson, partner and head of Investigations, Compliance and
Speaker 3: Ethics from Baker McKenzie, thank you for that. We've got
Speaker 3: Ismael Momaniette back on the line, Rebecca says she has
Speaker 3: absolutely no idea what you're talking about, but has suggested
Speaker 3: that the two of you have a conversation off air
Speaker 3: and iron out the allegations that you threw at them.
Speaker 3: Let me just ask you, what does this mean for
Speaker 3: you and for me?
Speaker 4: What doesn't mean ignorant? She should read the Newton Commission's report,
Speaker 4: all the so called Baker McKenzie investigations that were done
Speaker 4: by paying and none of those reports have been made public.
Speaker 4: And frankly, there were.
Speaker 6: Some investigations and this is just an issue.
Speaker 4: When you're dealing with greatesty we've had to regulate legal
Speaker 4: firms as well, and they must not use prime confidentiality
Speaker 4: to cover up, for example, the capture of stars. Yeah,
Speaker 4: they disclose fully and that's why I'm just finding it
Speaker 4: ironic that companies like this are legitimized and have never
Speaker 4: come to the party to confess their full role in
Speaker 4: the capture of Stars, in protecting the cricket companies like
Speaker 4: Braine that captures starts, I feel very strongly about it.
Speaker 3: All Right, we've lost Ismael again and hopefully we'll be
Speaker 3: able to get him back because it'll be good to
Speaker 3: get a little bit more details about what does actually
Speaker 3: means for you and for me. I mean, what impact
Speaker 3: will it have on interest rates, on foreign direct investment,
Speaker 3: the cost of borrowing? But you know, according to the FATF,
Speaker 3: the good news is that we seem to have ticked
Speaker 3: all the boxes the requirements that were needed of us,
Speaker 3: and we've got to really clean up our act. It's
Speaker 3: going to be hard not to slide back off again
Speaker 3: because of the staggering number of players who are out
Speaker 3: there for their.
Speaker 1: Own good and not for the good of the country.
Speaker 3: And it'll be interesting to know as well when a
Speaker 3: country is gray listed what exactly happens behind the scenes
Speaker 3: two ordinary investors to businesses and financial institutions here in
Speaker 3: South Africa.
Speaker 1: Isma, we've got you back again.
Speaker 3: I just want to find out from you what this
Speaker 3: is going to mean for the man and the woman
Speaker 3: on the street has How are we going to be
Speaker 3: positively affected?
Speaker 6: Now?
Speaker 3: See all right, Ismael, We're going to leave it there.
Speaker 3: That's National Treasuries Ismael Momo Niat talking about South Africa
Speaker 3: being removed off the gray list.
Speaker 1: That happened in about an hour and a half's time.
Speaker 2: The Money Show explainer.
Speaker 1: Right.
Speaker 3: So, ESCAM has made it easier for homeowners to power
Speaker 3: up their own sunshine. The utility has scrapped the costly
Speaker 3: sign off requirement for rooftop solar systems, a move that
Speaker 3: will could speed up installations. It could cut red tape
Speaker 3: and give South Africans more control over their energy. It's
Speaker 3: a small step with big potential both for the grid
Speaker 3: and for your wallet. Let's bring on Kevin Play, general
Speaker 3: manager in Distribution at ESKHAM. A very good evening to you.
Speaker 3: What has ESCAMB changed? Why this exactly? How big a
Speaker 3: deal is it for the homeowner?
Speaker 7: Good evening, Jane Good evening to the listeners, thank you. So,
Speaker 7: in essence, ESCAM has relaxed the registration requirements to a
Speaker 7: certain degree, and that is on the back of wider
Speaker 7: industry consultation and a few tweaks we put into the
Speaker 7: final process. So we previously add what was perceived as
Speaker 7: an onerous registration requirement, and we we had that in
Speaker 7: place for many reasons, and we then sort of compartmentalized
Speaker 7: the requirement to a less onerous requirement, specifically for residential installations.
Speaker 3: I mean, this sign us rule cost tharsand and slowed
Speaker 3: installations as you were saying for mats. Why did it
Speaker 3: take ESCAM this long though to drop it?
Speaker 7: I think, firstly, ESCHIM is a utility, isn't unilateral decision
Speaker 7: making abilities. We are bound to ensure that we are
Speaker 7: very clear in terms of adherence to regulations, to legislation,
Speaker 7: et cetera. So there were several regulations and legislation requirements
Speaker 7: that we're guiding our requirement one two that noted that
Speaker 7: a lot of these were compiled or came into being
Speaker 7: in during sort of the first generation of inverters that
Speaker 7: entered into South Africa, and those were legacy systems. So
Speaker 7: there were a lot of safety requirements in built on
Speaker 7: the registration requirements, and now that we have a better
Speaker 7: presence of more modern inverters et cetera, we then sought
Speaker 7: to put in a few control points in terms of
Speaker 7: type TIS certificates, et cetera. So should they invert and
Speaker 7: meet the requirement, then you enjoy this now less onerous
Speaker 7: option to have your installation signed off now by an
Speaker 7: accredited either master electrician or installation electrician registered with the
Speaker 7: Department of Labor.
Speaker 3: Here are thousands of people saying, who are finally, is
Speaker 3: it also okay? Said ESCOM realizes that it just can't
Speaker 3: police rooftop sellar anymore.
Speaker 7: I don't think that was ever our intent. I think
Speaker 7: maybe what we should note is that any home owner,
Speaker 7: any installation is free or has the liberty to install
Speaker 7: whatever system they want at their premises and they are
Speaker 7: duty bound in terms of the regulations of South Africa
Speaker 7: to ensure that that system is safe for the house,
Speaker 7: so that certificate of compliance, etc. And ESKIM never intended
Speaker 7: to encoach on that liberty that's available to the own
Speaker 7: owner or premise owner. However, when a system seeks to
Speaker 7: enter the grid, we are duty bound to ensure that
Speaker 7: it doesn't impose risk to the grid or any other participant.
Speaker 6: On the grid.
Speaker 7: That means your neighbor or a worker on the system, etc.
Speaker 7: And we needed to ensure that we play out that
Speaker 7: requirement and not just whittle it down to just a
Speaker 7: basic requirement for a single installation not connected to a grid.
Speaker 7: So we have been as responsible as we can be
Speaker 7: to protect a larger community.
Speaker 6: And the grid.
Speaker 3: Now, I mean, we know that ESKAM has lost millions
Speaker 3: in potential revenue from people going solar. How will it
Speaker 3: manage that? I should imagine growing financial.
Speaker 7: Gap looks so so I think it's and this is
Speaker 7: a much contested question, but the long and short is
Speaker 7: that the the cost to serve the residential sector has
Speaker 7: always there's always been some sort of imbalance between what
Speaker 7: it costs to serve versus the terriff et cetera. Albeit,
Speaker 7: it that the price of electricity is going up, but
Speaker 7: I mean the cost of providing that service is also
Speaker 7: going up. So in terms of the the the way
Speaker 7: we are looking at the revenue side, none of our
Speaker 7: rules or registration requirements, et cetera, looking at two or
Speaker 7: in place to close the gap. From a revenue perspective,
Speaker 7: that's never the reason. What we are doing is we
Speaker 7: are rather positioning the grid as an open grid to
Speaker 7: anyone that wants to enter the whether it is an
Speaker 7: ipp that can utilize the grid to move energy from
Speaker 7: A to B or even a homeowner worth an insulation
Speaker 7: that can put in excess units onto the grid. They
Speaker 7: to have access to the grid to move that energy
Speaker 7: to other offtakers, and we are working towards reimbursing.
Speaker 6: Them for that.
Speaker 7: So what it means is that we separate energy and
Speaker 7: energy costs from costs associated with utilizing the grid. So therefore,
Speaker 7: if you are earning a return on the energy that
Speaker 7: you're putting on the grid, you then need to pay
Speaker 7: that fee to utilize the grid to enjoy that benefit.
Speaker 7: So in our grand strategy, we are repositioning the grid
Speaker 7: to provide grid services and allow more players, including households, to.
Speaker 1: Have this ability hower back into the grid.
Speaker 2: Right.
Speaker 1: Is that.
Speaker 3: So just confirming that a homeowner is already running on solo,
Speaker 3: they don't need to reapply rec We can just carry
Speaker 3: on as before.
Speaker 7: No, so there's no duty upon the homeowner. So first
Speaker 7: thing you've got to ensure that you get a valid
Speaker 7: certificate of compliance for your installation, which includes your threat
Speaker 7: supply to your house, the dB and the wiring to
Speaker 7: the rest of the house, and the embedded generation which
Speaker 7: is your PV system, all encompassed in the certificate of compliance. Now,
Speaker 7: who does this for you? We've relaxed that. Previously we
Speaker 7: enforced a professionally registered engineer with EXA. Now that we've
Speaker 7: built in the control point to say, okay, if you
Speaker 7: can get an installation electrician or a master electrician which
Speaker 7: should come with lower fees, registered with the Department of Labor,
Speaker 7: that can give a typefit certificate and meet the EGI
Speaker 7: installation tests report, then that would be admissible in terms.
Speaker 1: Of thank you for your time.
Speaker 3: Kevin Play, General Manager and Distribution at ESCAM.
Speaker 1: The money show the market.
Speaker 3: Let's talk to Cio Benguela Global fund managers Zuelake and
Speaker 3: Goni and quite a day, right, I mean, how wonderful
Speaker 3: to start the weekend knowing that we off the gray list.
Speaker 3: It seems that the rand is holding relatively steady. Do
Speaker 3: you think this was already priced in such a risk.
Speaker 6: Belie In Jane and your listeners, certainly, I don't think
Speaker 6: it was fully fasting. I don't think the full benefits
Speaker 6: have come through. I think, as you know, that the
Speaker 6: gray listing does impact the county quite significantly, particularly in
Speaker 6: the banking sector where you have high compliance costs and
Speaker 6: you're also having delays in cross border transaction. But I
Speaker 6: think that the government level, you're also seen that the
Speaker 6: cost of funding becomes higher and your FDI investment becomes
Speaker 6: quite hindous. So this would basically mean that some of
Speaker 6: those impediments to be taken away and we should see
Speaker 6: a slight improvement in the economic performance. And I think
Speaker 6: if one looks at the precedents from other countries like
Speaker 6: the Philippines Takey, there was a meaningful improvement in the
Speaker 6: economy performance post the change. So I think there may
Speaker 6: be positive surprises both in terms of the course of
Speaker 6: capital to the government and the country, but also there
Speaker 6: may be people who are willing to invest in the
Speaker 6: countries as a result of this.
Speaker 1: Okay, okay, that's uh, that is very needed.
Speaker 3: Absolutely, And let's talk about the roller coaster week for
Speaker 3: Gold and the outlook there.
Speaker 8: Yeah.
Speaker 6: I think, I mean we've seen that the goal process
Speaker 6: put back quite shappy and significantly as well. So so,
Speaker 6: and we are seeing that leading into our markets in
Speaker 6: the gold stock and the big question now becomes from
Speaker 6: where we are, is gold going to at least hold
Speaker 6: up about four thousand or are we going to see
Speaker 6: the continue to radio or break down. So the effectation
Speaker 6: is that it would hold up. I mean, we've seen
Speaker 6: some of the big bodcus. Some are calling for four
Speaker 6: thousand and hundred by the end of the year. We
Speaker 6: think that the key drivers this whole tariff battle battles
Speaker 6: do affect the confidence of markets and in terms of
Speaker 6: the auto for the economy. But you also have in
Speaker 6: central banks that are buying gold instead of the dollar
Speaker 6: in US treasury. So that is the fact that that
Speaker 6: would affect those two factors that affect the long term
Speaker 6: aug But in the short term we might see a
Speaker 6: bit of volatility, but I think long term we might
Speaker 6: see continued momentum. But the goost stocks are actually under
Speaker 6: quite a bit of pressure because the market has seemed
Speaker 6: quite a big really and they thinking that it's time
Speaker 6: to take profits.
Speaker 1: Okay, so I like it, and Gourney, thank you for
Speaker 1: your time for the money show.
Speaker 5: The Friday File, the.
Speaker 8: Friday File.
Speaker 3: Well, and then the Friday file with me Jane Dutton
Speaker 3: a taste of motion, Cape Town's bus Cuisine Revolution. Going
Speaker 3: to be talking to Jonathan farre about bus Cuisine. It's
Speaker 3: Capeton's ground breaking luxury dining experience on wheels, where gourmet
Speaker 3: meals meet breathtaking views and unforgettable journeys through the heart
Speaker 3: of the city.
Speaker 1: Jonathan, Welcome on to the show.
Speaker 6: Hi, JANEA, thank you so much. Thank you for the invite.
Speaker 6: Looking forward to talking a little bit about our concept
Speaker 6: and what we're doing.
Speaker 3: I mean, when you first pitched it, did everyone think
Speaker 3: you were a bit crazy or a bit brilliant? I mean,
Speaker 3: what business opportunity.
Speaker 1: Were you solving?
Speaker 6: I think firstly when it was a concept that's actually
Speaker 6: overseas one or two European countries, but it was never
Speaker 6: being done in South Africa, and we just thought we've
Speaker 6: got to do it. We've got to try it. And
Speaker 6: we worked a year and a half up and forth
Speaker 6: building and at some states worried about is it going
Speaker 6: to work? It's isn't it going to work? But I'm
Speaker 6: so glad that we went through. It's taken off in
Speaker 6: Cape Town, and I must say for us to bring
Speaker 6: bus Cuisine as South Africa's first mobile upmarket market double
Speaker 6: decker restaurant to South Africa delivering a one of a
Speaker 6: kind dining experience was so great, and the Captonians and
Speaker 6: the people here as taken to it and enjoying what
Speaker 6: we're doing. And note that we're very excited about the journey,
Speaker 6: the growth, the new bus is coming, and very excited
Speaker 6: about the way forward and what lyinghead of it.
Speaker 3: So just paint a picture for us, you, I mean,
Speaker 3: do you move while people are eating? Is a bus
Speaker 3: static while you're join your wonderful.
Speaker 1: Cuisine and.
Speaker 6: No, it's a double decker, upmarket, double decker luxury BUSA
Speaker 6: on the top section, we've got thirty four seats upmarket,
Speaker 6: soft econ music, up market that we prepare meals. The
Speaker 6: bottom section is where we prepare our food and obviously
Speaker 6: our bathrooms. So we give a full five course lunch
Speaker 6: wine pairing tune off our trip and a six course
Speaker 6: dinner trip with wine pairing. So we leave typically the
Speaker 6: VNA waterfront, we do the Atlantic seaboard, Camps Bay, we
Speaker 6: go through to twelve Apostles to eight Oat Bay and
Speaker 6: come back. You've got that Scenique mountain on the left
Speaker 6: side Sea on the right hand, elevated views and it's
Speaker 6: just an amazing experience. It's a wine pairing with award
Speaker 6: wedding wine farms. The food is some of the best
Speaker 6: that belief that you can get and we're just giving
Speaker 6: the people actually a nice tour as well as a
Speaker 6: nice meal and goll mat experience that that you cannot
Speaker 6: have somewhere else.
Speaker 1: I love the idea of it.
Speaker 3: I mean, it's just it's what a fantastic idea and
Speaker 3: finding something that hasn't been done here before. I mean,
Speaker 3: but you are launching into a fragile economy, right, I
Speaker 3: mean you've got high fuel costs, you got rising food prices.
Speaker 1: How do you work that in?
Speaker 6: I think the big thing for us is when we
Speaker 6: priced what we were doing and compared to what they're
Speaker 6: doing overseas, we wanted to try and make sure that
Speaker 6: we it wasn't a bucket list. It was the top
Speaker 6: of pricing that that that the locals could afford to.
Speaker 6: We were not that sid about the international market. National
Speaker 6: market is fine, but we wanted to price and get
Speaker 6: into a place where the locals can enjoy it. The
Speaker 6: birthday we've got a lot of birthday celebrations anniversary. So
Speaker 6: I believe looking at the trip and the food and
Speaker 6: the offering of what we do, is we priced right?
Speaker 6: And because of that, that's why we're getting the success
Speaker 6: and the high volumes and the full buses that we're
Speaker 6: currently getting. So yeah, it's important for us to look
Speaker 6: after the locals.
Speaker 3: And yeah, tell me frustrated and just being priced out
Speaker 3: of everything from homes to.
Speaker 1: So what do you charge?
Speaker 6: It's looking at a lunch option. We're looking at one thousand,
Speaker 6: three hundred and fifteen. Now that is a turn off
Speaker 6: our trip. That's five courses, and that's your wine printing,
Speaker 6: so you can have your wine throughout the trip, with
Speaker 6: your mottels, your beverages, and it's a turn off our
Speaker 6: luxury trip that you do now. And I can say,
Speaker 6: needs you to go to a restaurant, do you start
Speaker 6: to maintain and a dessert with your wines and see
Speaker 6: where you get. So we're trying to get to where
Speaker 6: there is and and and the evenings we do a
Speaker 6: sixty seven course dinner and as well with your wine
Speaker 6: pairing and and I mean, if you look at our food,
Speaker 6: you're you're getting your fish, you're getting your and we
Speaker 6: were trying to make sure we also incorporate our local producer.
Speaker 6: It's your your king clips and your brace lamps. And
Speaker 6: but I promise you it's experienced, worthwhile and and and
Speaker 6: it's not overpriced. It's we we've done this as well.
Speaker 6: It's for our locals and our international clients. Is just
Speaker 6: bonus wise.
Speaker 1: Well, I'm definitely coming next next time. How did you finance?
Speaker 6: It?
Speaker 1: Was that personal capital? Angel investors? How did it work?
Speaker 6: No, the first one was is its personal capital? I
Speaker 6: think there was a a matter of risk in this
Speaker 6: whole thing. So I don't think a lot of other
Speaker 6: people would have invested because it's the first for South Africa.
Speaker 6: It's the first that we're doing, so I think there
Speaker 6: was resse. We always knew we would have to do
Speaker 6: it ourselves, but we believed in the concept. I mean,
Speaker 6: we from from Victoria and we believed we built it
Speaker 6: that site. We brought it the site because the concept
Speaker 6: we believed was good enough that it were would carry.
Speaker 6: And and I think the big thing is, unlike traditional restaurants,
Speaker 6: bus Busin is not confined by location or food traffic.
Speaker 6: It's mobility, adaptability and multi sensory value sets. It apart
Speaker 6: from anything else. So we've got a restaurant taking people out,
Speaker 6: they can see the views, they still having their restaurant experience,
Speaker 6: and so we're giving them a pure and a restaurant experience.
Speaker 6: And we always knew it would definitely work, and that's
Speaker 6: why we're so excited. That's why our next two buses
Speaker 6: is up and running by the end of November, and
Speaker 6: we're going to expand and we're going to do different
Speaker 6: food offerings. We're going to give people different options and
Speaker 6: just make sure that we utilize what we've got and
Speaker 6: give the people of Cape Down and our international tourist
Speaker 6: one of the best experiences I can. I mean, Cape
Speaker 6: Down Cape TWN is one of the world stop curiss
Speaker 6: and I think it was something it was due for,
Speaker 6: something bolt like bus busy and I.
Speaker 3: Mean you answered my question if the model is scalable,
Speaker 3: I mean, could we see your bus cuisine here in
Speaker 3: Joeberg in Durban or even a wine route edition.
Speaker 6: No, definitely. I think for us it's important to protect
Speaker 6: the brand in the sense that we do not outgrow.
Speaker 6: What we're doing is to to make sure what we
Speaker 6: do to that the model works, that we keep the
Speaker 6: essence of what we're doing. So definitely we're scaling. We're
Speaker 6: doing three in Cape Town, We're going to the Winelands,
Speaker 6: We're going to the Garden. Were looking at the diferent
Speaker 6: options for Pretoria and Joe Work. So definitely currently we're
Speaker 6: going to have three. Were doing another two early next year,
Speaker 6: and we're looking at about ten fifteen, and then as
Speaker 6: well doing partnerships maybe with hotels that take this opportunity
Speaker 6: with us. So now definitely we're going to take it them.
Speaker 6: I think being trum Petoria, joe Burg as well, we've
Speaker 6: got an idea where now we want to do it.
Speaker 6: So what's this place?
Speaker 3: It's on its way And yes, so obviously it makes
Speaker 3: sense you touched on as well that you'd be collaborating
Speaker 3: with hotels possibly caped on.
Speaker 1: Tourism to package their experience.
Speaker 3: And then I guess there are a lot of players
Speaker 3: who will benefit from this ecosystem.
Speaker 6: I agree and and Jay, And the big thing is
Speaker 6: we don't we're not competing in other restaurants and they're
Speaker 6: doing what they're doing. I think we were just bringing
Speaker 6: something new, something fresh. So we are collaborating ready with
Speaker 6: a few hotels. We're getting a lot of requests from
Speaker 6: from tour companies that that that want to sell this
Speaker 6: already to the over his market as well as your
Speaker 6: cruise shops. And that's so they see the value because
Speaker 6: you've got the two on the one side and the
Speaker 6: food on the other side, and it actually marries and
Speaker 6: works so well together. So no, we're getting a very
Speaker 6: a lot of requests and I think we've got a
Speaker 6: model that I don't want to elaborate now on where
Speaker 6: are we going to involve hotels and and and also
Speaker 6: to give them their service offering to their hotels, guess
Speaker 6: something just to the next level. So it's still something evolving,
Speaker 6: it's still something we're working with. But I must say
Speaker 6: the adoption and what's happened has supplied us. I mean,
Speaker 6: in the first month we had five million views on
Speaker 6: different social media platforms, one and a half million on TikTok,
Speaker 6: So everybody was so excited about the prontip so made
Speaker 6: our marketing if it's very easy and you know, I
Speaker 6: mean it's something that period.
Speaker 1: I mean, I'm excited about it.
Speaker 3: It's just I think you can see it and it's
Speaker 3: just it's so clever, so smart. I mean, a friend
Speaker 3: of mine she started hot huts in Cape Town and
Speaker 3: Mobile Saunas and I know that the compliance and you know,
Speaker 3: going through the cutting through the red tape and all
Speaker 3: of that was was a bit of a headache.
Speaker 1: Was it a problem for you?
Speaker 2: It was?
Speaker 6: It was definitely, But I must say because the only
Speaker 6: reason it was a bit difficult is because I didn't
Speaker 6: understand what we were doing and it was something new.
Speaker 6: It's easy when you've got references, so it was something new.
Speaker 6: But I must say, Cape down and the local government
Speaker 6: saw the potential and they assisted as far as possible
Speaker 6: to make this work and to make sure we get
Speaker 6: all the compliances. But being a tourism city it made
Speaker 6: it very easy as they were also eager and making
Speaker 6: sure that that it would work. So where we thought
Speaker 6: it might be a little bit more difficult, I think
Speaker 6: we got a lot of assistance from from from the
Speaker 6: Western Cape government and the local authorities and we we
Speaker 6: we assume and hope that that would be the same
Speaker 6: ones we we expand and bring it down to houting
Speaker 6: in those places.
Speaker 1: But obviously social media plays a big role here.
Speaker 6: Yes, definitely, but it's it's definitely social media. Instagrams and
Speaker 6: all those is big, big, but the naicingness everybody's sharing,
Speaker 6: is sharing the experience. It's one of those things every
Speaker 6: it goes on. We've got engagements on the bus, anniversaries
Speaker 6: forty fifty percent somebody is celebrating something on the bus,
Speaker 6: either a birthday an adversary, like I said, engagement party.
Speaker 6: We're also getting a lot of group functions and groups
Speaker 6: coming on, corporate companies doing their year in function and
Speaker 6: doing a lot of functions on the bus as well.
Speaker 1: Okay, so if somebody.
Speaker 3: Wants to book, if we want, somebody wants to book
Speaker 3: it all out. If they want to book one seat,
Speaker 3: what should they do?
Speaker 6: I think that much. Just go to our website. It's
Speaker 6: ww dot bus cuisine, dot co dot zda. They can
Speaker 6: book online for the guys that to the guests I
Speaker 6: just want to do two or three. The bigger groups
Speaker 6: can just obviously mail us to Infight bus Cuisine and
Speaker 6: reassist them through the old process.
Speaker 3: Jonathan Free, wonderful talking to you about bus Cuisine and
Speaker 3: I wish you all the success.
Speaker 6: Thank you so much much appreciated. Jane, thank you for
Speaker 6: the opportunity. I hope we'll see you soon yet.
Speaker 2: Oh yeah, the money show on seven Monday to Friday,
Speaker 2: six to a pm.
Speaker 3: So it is time for the Friday Blitz Biz and
Speaker 3: I'm going to be asking you a question and if
Speaker 3: you answer it, I'll keep asking you questions. If you're
Speaker 3: going don't get it right, we'll we'll get the next
Speaker 3: person on the line.
Speaker 1: And the first.
Speaker 3: Question is which international body sets global standards to combat
Speaker 3: money laundering, terrorist financing and the financing of weapons proliferation?
Speaker 1: It has just removed South Africa from.
Speaker 3: The gray list. Can me remind you of our number
Speaker 3: one one A three seven oh two? You can also
Speaker 3: wash what's up your answers on seven two which would
Speaker 3: rather speak to you on the line.
Speaker 8: The Money Show with stebad Cuotes is brought to you
Speaker 8: by APPS cib croud sponsor of the APPS Africa Financial
Speaker 8: Markets Index twenty twenty five.
Speaker 3: The Money Show Friday Buslitz and ask the question which
Speaker 3: international body sets global standards to combat money laundering, terrorst
Speaker 3: financing and the financing of weapons proliferation? Montler from Rosebank
Speaker 3: thanks that you have got the answer.
Speaker 1: Good evening.
Speaker 8: That is infractice.
Speaker 1: Yes, do you know what it's what it says, what
Speaker 1: it means. But as You're acted excellent.
Speaker 3: Which European museum was hit with one hundred and two
Speaker 3: million dollar jewelry heist earlier.
Speaker 1: This week.
Speaker 6: Laverne Parry the Louver in Paris.
Speaker 3: Yes, it remains closed as police investigated daring daylight robbery
Speaker 3: that saw thease makeoff with priceless French Crown jewels. And
Speaker 3: this all happened in broad daylight as well. Bash American
Speaker 3: Swiss and Corey Croft are retailers controlled by which blue
Speaker 3: chip company.
Speaker 8: Um the loi.
Speaker 1: Thank you, minche, thank you very much for your time.
Speaker 1: It is the TFG, the Facini Group. And earlier this.
Speaker 3: Week, the Fascini Group saw its share price dropped by
Speaker 3: over ten percent following the release of a lacklustered trade
Speaker 3: update for the first half of its twenty twenty six
Speaker 3: financial Yeah, that wraps up this hour. It's seven o'clock
Speaker 3: in time for the news.