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

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Speaker 1: oh two. Let's walk this all.

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Speaker 2: The Money Show with Stephen Curtis is brought to you

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Speaker 2: by Absent Corporate and investment banking, balancing economic growth with ecosystems.

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Speaker 2: That's how they're invested in your story. Ten minutes after six,

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Speaker 2: good evening, I'm Stephen Curtis. Welcome to the Money Show. Obviously,

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Speaker 2: we will focus on the currency, We'll focus on gold,

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Speaker 2: We'll focus on all of the Money Show things that

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Speaker 2: been sort of keeping a close eye on matters democratic

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Speaker 2: alliance tonight and extraordinary to see that it does look

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Speaker 2: like John Cenahyzen is not going to run for a

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Speaker 2: third term. And you do wonder to yourself what changed?

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Speaker 2: I mean, six months ago, all expectations were that he

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Speaker 2: would run for a third term as leader of the

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Speaker 2: DA and what changed from there? So it would seem

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Speaker 2: to me the big change did happen with his decision

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Speaker 2: to ask the President s A. Pausa to remove Deon

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Speaker 2: George as Minister of Environmental Affairs. And that seems linked

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Speaker 2: to the reporting in Daily Maverick about his credit card.

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Speaker 2: It all seems linked to that. I can't see what

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Speaker 2: else it could have been. Maybe you can maybe it's

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Speaker 2: foot and mouth, maybe it's something else or maybe And

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Speaker 2: this does just happen in politics, people decide, actually, I

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Speaker 2: want to do something else with my life. It does

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Speaker 2: lead to several questions, and I'll be very interested to

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Speaker 2: hear your view on this. Do you ever look at

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Speaker 2: your currency? Look at your bank account? I mean, how

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Speaker 2: often do we look at cash nowadays? Well most of

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Speaker 2: us actually all the time. But look at your bank

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Speaker 2: account and think how much is it really worth? I

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Speaker 2: wish it'd say dollars or euros or something. Well, actually,

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Speaker 2: in terms of what you can buy in South Africa

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Speaker 2: generally speaking, if you're lucky enough to be in the

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Speaker 2: middle classes, you do all right. And we'll talk a

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Speaker 2: little bit about that in the moment. The big phrase

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Speaker 2: is purchasing power parity. Most of us will call it burganomics.

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Speaker 2: Explain why and how it relates to the all dinner

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Speaker 2: in a moment. Dresiliers is going to be our guest

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Speaker 2: on that. He's the currency risk specialist and director at

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Speaker 2: Treasury One. More problems, it seems in the billing system

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Speaker 2: in the city of Joebeg And you know you could

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Speaker 2: take this show back fifteen years and that phrase would

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Speaker 2: have been true then, But it does sort of shine

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Speaker 2: a light on much bigger problems we've seen in the city.

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Speaker 2: Mier Lenni Leni, the municipal governance expert, due to speak

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Speaker 2: to us in about five minutes on that You'll have

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Speaker 2: heard conversations about the problems in the Port of Cape

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Speaker 2: Town over the last couple of months. And I'll never

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Speaker 2: forget someone just saying on air on The Money Show

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Speaker 2: on Friday. By the way, as I talked to you,

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Speaker 2: the wind around the city around the Port of Cape

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Speaker 2: Town's over one hundred and ten kilometers an hour, Stephen,

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Speaker 2: Can you imagine being in a crane five stories up

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Speaker 2: in that wind? And the only thought that I could

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Speaker 2: have is yes, But now I'm not going to sleep tonight.

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Speaker 2: We'll actually speak to the CEO of Transmitport Terminals job

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Speaker 2: On Nandharki after six forty at twenty two seven, and

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Speaker 2: just talk little bit about the problems that they've been having.

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Speaker 2: And that takes us to another question, how much stuff,

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Speaker 2: how much agricultural produce is lost to wastage to be

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Speaker 2: in Kunja, the agricultural economist we'll talk about that a

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Speaker 2: little later as well. Good to hear from you this

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Speaker 2: evening on a double one DOUBA three oh seven two

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Speaker 2: two one four four six five sixty seven The Lanely Show.

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

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

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Speaker 1: NAVE and DStv Channel eight five six News.

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Speaker 2: Just a couple of hours ago. Now that the national

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Speaker 2: minimum wage, and this is a determination that's made by

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Speaker 2: the Labor Minister, but after various consultations, will now be

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Speaker 2: above thirty rand an hour for the first time. It's

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Speaker 2: up five percent. It comes into effect in March. The

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Speaker 2: idea is that it's CPI, which they've decided was three

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Speaker 2: and a half percent for the period plus one and

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Speaker 2: a half percent. So there's a kind of real income

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Speaker 2: growth if you're on a minimum wage of one and

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Speaker 2: a half Can you imagine? And I mean, I was

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Speaker 2: astonished by the one reporter four said that maybe around

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Speaker 2: five and a half million people are earning the minimum wage.

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Speaker 2: I mean, that is just the most I mean of

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Speaker 2: all of the numbers I think I've heard about our economy.

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Speaker 2: It really just says something because you consider how many

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Speaker 2: people don't have jobs, and then on top of that,

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Speaker 2: you've got five and a half million people earning a

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Speaker 2: minimum wage. Sometimes I try it. I tried desperately not

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Speaker 2: to think about it, but obviously we must and we should.

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Speaker 2: I would also just say, do you remember the opposition

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Speaker 2: to a national minimum wage that it would kill jobs?

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Speaker 2: And I remember in the UK when they brought it

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Speaker 2: in there thirty years ago people said the same thing,

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Speaker 2: and both in terms of our economy and the UK,

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Speaker 2: and it seems in US states that have a minimum

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Speaker 2: wage they don't all there isn't much evidence that, in fact,

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Speaker 2: it stops jobs. So if you were in charge, if

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Speaker 2: you could, where would you set a national minim wage?

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Speaker 2: Could our economy cope with above that?

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Speaker 4: He rand?

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Speaker 2: Much more above that he ran? And bear in mind,

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Speaker 2: I'm not asking, you know, what is the minimum that

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Speaker 2: we should accept, because it would be so much higher

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Speaker 2: than that he ran an hour? But I am asking

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Speaker 2: what you think, realistically we could do to improve people's lives,

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Speaker 2: the income they get in their pocket, and make sure

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Speaker 2: that people aren't sort of priced out of what the

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Speaker 2: market can afford to pay them. I realize these are

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Speaker 2: complicated dynamics. Your view seven two seven oh two one

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Speaker 2: seven oh two seven two.

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Speaker 1: Stephen gone x at at Stephen.

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Speaker 2: I'm sure from time to time you'll look at the

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Speaker 2: value of the rands in your bank account and wonder

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Speaker 2: how much is it really worth. It's one thing to

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Speaker 2: look at the value of your rand as compared to

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Speaker 2: the value of the dollar, but for you, that doesn't

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Speaker 2: rarely mean anything. It doesn't tell you what you can

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Speaker 2: actually buy compared to what someone living in the United

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Speaker 2: States or Japan, or Nigeria or Beijing can buy. And historically,

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Speaker 2: one of the most accurate measures of the true value

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Speaker 2: of the money in your pocket has come from the

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Speaker 2: economist newspapers called the Big Mac Index. According to that index,

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Speaker 2: your rand should be worth nine rounds of the dollar

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Speaker 2: instead of where it is at the moment, which is

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Speaker 2: just under sixteen rand. Andre Siliers is the currency risk

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Speaker 2: specialist and director at Treasury One. Andrew Good Evening. The

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Speaker 2: reason so many people use the Big Mac index is

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Speaker 2: because you can get a Big Mac from McDonald's and

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Speaker 2: so many countries around the world. How accurate do you

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Speaker 2: think it is truly in terms of value for our currency?

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Speaker 5: Good Evening and Good Evening to all the listeners. Stephen,

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Speaker 5: I think you introduced the show tonight by speaking quite

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Speaker 5: a bit about the moneymum wage. Now I'm going to

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Speaker 5: start right there when we speak about the big mac index,

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Speaker 5: the money man wage in America is not calculated at

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Speaker 5: an accent rate of nine. It's something it's a number

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Speaker 5: much higher because at nine, you know, then the person

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Speaker 5: in America would only get about five hundred dollars and

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Speaker 5: they wouldn't be able to live on that. So right

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Speaker 5: there is why the big macs in South Africa is

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Speaker 5: a lot cheaper compared to what it is in America.

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Speaker 5: It's because our people earn a lot less than what

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Speaker 5: people earn in America. So it's costing more to make

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Speaker 5: that big mac in America than it is in South Africa. Really,

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Speaker 5: state is much more expensive there than it is in

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Speaker 5: South Africa. So square meter by square meter, you couldn't

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Speaker 5: rent the same amount of square meter each in South

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Speaker 5: Africa in America with what you play in South Africa,

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Speaker 5: and that contributes incrementally to the cost of making that

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Speaker 5: big mac, so hence it must be cheaper, and that

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Speaker 5: exchange rate does not reflect the true picture of how

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Speaker 5: products are made. And the cost of what is made

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Speaker 5: on the other side.

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Speaker 2: I mean, I would imagine that virtually none of the

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Speaker 2: five and a half million people who earn a minimum

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Speaker 2: wage in South Africa have ever had enough money to

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Speaker 2: buy a big mac. And so what the point is

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Speaker 2: is that it's only cheaper than to live in South Africa.

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Speaker 2: Your rand is only sort of a strong currency in

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Speaker 2: those terms. If you're actually quite rich in South African terms,

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Speaker 2: if you.

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Speaker 5: Fall in the middle class in above, yes, if you're

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Speaker 5: at the bottom end minimum wage area, as you correctly say,

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Speaker 5: they're not going to go to McDonald's and get a burger.

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Speaker 5: There is simply not the money for it. And that

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Speaker 5: makes a big difference.

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Speaker 2: Do we see that with other countries on the same index?

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Speaker 2: Is it generally speaking? Poorer countries that have that are

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Speaker 2: found that in terms of the way their currency is

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Speaker 2: expressed in terms of the index is very different to

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Speaker 2: the way it's expressed in terms of the dollar.

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Speaker 6: Figure.

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Speaker 5: It to the emerging market world, India, South Africa, Thailand,

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Speaker 5: all those, then you would find that it sits in

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Speaker 5: exactly the same situation because the labor there is a big,

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Speaker 5: very big factor in the cost of manufacturing and we

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Speaker 5: just have to think for a moment the difference in

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Speaker 5: what laborer in China is getting and whether a laborer

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Speaker 5: in South Africa, or in America or in Europe is scatting.

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Speaker 5: And then you know that that's why goods out of

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Speaker 5: China is a lot cheaper and can produce be produced

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Speaker 5: a lot cheaper than it can be produced anywhere else

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Speaker 5: in the world. And then we see that just take

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Speaker 5: the cost of a messdes Benz versus one of these

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Speaker 5: new Chinese cars that comes into the country, and you

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Speaker 5: see these big differences in manufacturing cost And that's exactly

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Speaker 5: what we have with the Big Mac Index.

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Speaker 2: What does it mean when the value of a currency

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Speaker 2: on the Big Mac Index is much more accurate to

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Speaker 2: the value of that currency against the dollar, what does

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Speaker 2: that tell us about that country as opposed to where

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Speaker 2: our country is with evaluation for the rand is nine rand,

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Speaker 2: but in reality at the moment is about sixteen.

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Speaker 5: You would most lovely find that one of those of

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Speaker 5: the country that would fall onto that category would be

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Speaker 5: also a very much far more developed economy with labor costs,

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Speaker 5: really state prices, etc. More or less in the same

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Speaker 5: kind of bracket. Hence, your manufacturing cost is more on

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Speaker 5: an equal footing, so your GDP per capita would be

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Speaker 5: at a much higher level and they would be at

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Speaker 5: a far more or advanced stage of development in terms

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Speaker 5: of the economies than what emerging markets are andresilias.

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Speaker 2: Thanks very much, indeed, currency risk specialist and director at

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Speaker 2: Treasury One something to think about. In the drive through

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Speaker 2: tonight twenty one minutes after six.

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Speaker 1: The Money Show with Steepens on seven O two seven.

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Speaker 2: O two more reports today about the problems in the

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Speaker 2: city of joe Burg money web, saying that parts of

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Speaker 2: the joe Burg billing system are not working and in fact,

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Speaker 2: two of the normal challene channels that you could use

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Speaker 2: to pay your bills you won't be able to make

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Speaker 2: a payment. You can't pay through the Customer Services center either.

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Speaker 2: Milani Heleni is a municipal governance expert. Mielani good evening,

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Speaker 2: Good to chat again. I mean that joe Burg councils

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Speaker 2: had so many billing problems throughout the years, or remember

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Speaker 2: all of the problems they had for about a decade

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Speaker 2: ten years ago. Is there a single root cause as

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Speaker 2: to why a metro of this size has this kind

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Speaker 2: of problem? So consistently.

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Speaker 6: Well, good evening, Stiven and good evening to the listeners.

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Speaker 6: And I think it's it's it's a yeah, it's a

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Speaker 6: big issue for a metro. And I think, you know,

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Speaker 6: we look at you know metros, you know, in a

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Speaker 6: different light if you look at particularly the four leading

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Speaker 6: metros to be able to run systems, to be able

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Speaker 6: to be dependable to accept you know, revenue, to run

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Speaker 6: customer services. So if job Back is finding itself in

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Speaker 6: this unfortunate position, I think it's something that you know

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Speaker 6: ought to be looked at, you know very well. But

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Speaker 6: we also understand the history that you know has come through,

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Speaker 6: or we know the history where Johannesburg has come through,

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Speaker 6: where it was a number of different municipalities or councils

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Speaker 6: that had to come together. So it means you must

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Speaker 6: trace back the steps you know, to when they were

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Speaker 6: pulling together every other local council.

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Speaker 2: Into this metro.

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Speaker 6: So if the projects as well as the upgrades thats

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Speaker 6: not gone, well, I think we ought to look at,

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Speaker 6: you know, what are the platforms that are being used

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Speaker 6: and are they actually better ways to define road maps

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Speaker 6: of taking the city of Joback to at least you know,

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Speaker 6: be credible, stable, and be able to serve with customers

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Speaker 6: fully with an integrated system.

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Speaker 2: I mean to try and go back and sort all

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Speaker 2: of those problems out. This happened, you know, twenty six

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Speaker 2: years ago. I mean, it should have been sorted out

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Speaker 2: by now. I mean, the same thing also affects other councils,

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Speaker 2: doesn't it.

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Speaker 6: Well. I think the issue is that, you know, there

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Speaker 6: are other councils that have battled with it. I mean,

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Speaker 6: I'm not going to at least go into because we're

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Speaker 6: talking about the City of joannes Burg. You know others

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Speaker 6: that you know I've had you know nine different you

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Speaker 6: know municipalities or local councils. You can look you know

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Speaker 6: up north as well, different you know problems, and I

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Speaker 6: think the issue of integration. So I think for us

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Speaker 6: it talks about, you know, how the whole issue of

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Speaker 6: digital migrations. You know that we're done previously, but literally

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Speaker 6: in terms of you know, how to bring systems into

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Speaker 6: the age where customers are wanting to be serviced at

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Speaker 6: the snap, you know, off the fingers, you know, to

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Speaker 6: be able to have you know, multiple sources says you know.

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Speaker 6: By what we understand is the issue is the customer

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Speaker 6: services center. What about the other channels you know, And

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Speaker 6: this is where perhaps you know other metros as well

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Speaker 6: as municipalities should be looking to diversify their channels, not

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Speaker 6: just have a dependency which you know allows customers to

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Speaker 6: only walk in, but to allow for different you know

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Speaker 6: platforms that can let the municipality run twenty four hours

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Speaker 6: as opposed to just you know, one platform. But whatever

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Speaker 6: the issues are, we believe that you know, the city

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Speaker 6: of Job must get on top of what the problems

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Speaker 6: are and they must call on for different you know

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Speaker 6: experts because if the problem is you know, bigger than

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Speaker 6: what you know is currently being spoken about, you know,

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Speaker 6: it needs you know, a huddle in terms of you know,

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Speaker 6: different you know experts that can support the city to

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Speaker 6: move into the new age, or to migrate into a

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Speaker 6: platform which is fully integrated with a good master data

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Speaker 6: system that you know, at least you know, has the

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Speaker 6: information of every customer. So and that is what is

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Speaker 6: expected of anyone who's serving customers today. Where that you

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Speaker 6: are in the private sector or whether you're in government,

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Speaker 6: that you know you move you know your systems to

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Speaker 6: a point where they are even more intuitive and be

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Speaker 6: able to to deliver the right information and the right

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Speaker 6: interfaces and the interactions.

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Speaker 2: I mean, if you go online now to book a

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Speaker 2: plane ticket through a South African airline, they are probably

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Speaker 2: six or seven ways that you could pay for that.

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Speaker 2: I mean, it's really quite extraordinary how that's changed. Councils

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Speaker 2: don't seem to have kept up. Is there any particular

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Speaker 2: reason they can't. I mean, private companies, in my experience

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Speaker 2: Millennia are quite good at getting the money.

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Speaker 6: I owe them absolutely, And I think this is one

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Speaker 6: of the different projects that we're working with and Diesel

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Speaker 6: Consulting to be able to have a digital at least

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Speaker 6: road map for different councils to be able to serve

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Speaker 6: customers not just from one platform or one channel, but

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Speaker 6: a multi channel strategy. And this is what you know

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Speaker 6: municipalities or to adopt. And it's not that you know

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Speaker 6: municipalities won't be able to reach those stages because all

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Speaker 6: you need you need a core system which is able

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Speaker 6: to store the information of all the customers and from

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Speaker 6: there on, but that system has to be stable, it

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Speaker 6: has to be credible, it has to have good integrity.

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Speaker 6: But from there on you're able to plug on multiple channels,

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Speaker 6: whether it's through telephony, whether it's through a device, whether

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Speaker 6: it's through an app, and various you know other ways

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Speaker 6: that you know must be done. And I think that's

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Speaker 6: the challenge as we also go through the review of

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Speaker 6: the Local Government white paper to bring municipalities beyond you know,

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Speaker 6: having to be dependent on having warm bodies, because those

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Speaker 6: warm bodies at times, you know, there's inefficiencies that may

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Speaker 6: creep in. There may be you know, vacancies that comes

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Speaker 6: in and so on. So I think the future for

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Speaker 6: municipalities ought to look at, you know, how they adopt

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Speaker 6: technology and much more rapidly because of the various things

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Speaker 6: that you know, we see with whether it's you know,

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Speaker 6: the the various native eachannels, whether it's the retail stores

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Speaker 6: that are coming up. But to adopt you know, technology

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Speaker 6: that takes it into the next level.

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Speaker 2: Melanie Heleni, thanks so much the municipal governance expert really appreciated.

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Speaker 2: Twenty seven after six the money Show, Quena Maloco is

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Speaker 2: equity research, sales and investment banking at absence CRP Aquena

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Speaker 2: Ahi the Fascini Group a statement after trading closed the

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Speaker 2: group their group sales. I think we're up about seven

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Speaker 2: and a half percent. Is that going to be enough?

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Speaker 7: Yeah, Stephen, I mean when you look at it, the

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Speaker 7: headline is seven and a half percent, but if you

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Speaker 7: just take out the white stuff, so it's the UK

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Speaker 7: business that they have, the underlying growth is only two

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Speaker 7: to three percent, right, So no, I don't think it

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Speaker 7: will be enough, but it also shows you it's sort

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Speaker 7: of in line with what we've seen from the other retailers,

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Speaker 7: right so, except for Pepcorn, Mister Price and True, it's

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Speaker 7: also had quite weak updates, which still points to the

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Speaker 7: fact that, you know, on the consumer side of things,

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Speaker 7: a lot of the retailers aren't sort of making the

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Speaker 7: numbers they expected to be. But if you have to

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Speaker 7: look for silver lining in the Fashini numbers, their online platforms.

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Speaker 7: So the Bash business, at least that channel, you're seeing

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Speaker 7: online sales up forty percent. So if I had to

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Speaker 7: find a single word, I'd call it a mixed update

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Speaker 7: for sure.

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Speaker 2: Harmony's production update sort of you know, basically in keeping

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Speaker 2: with forecasts, and obviously they benefit from gold prices.

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Speaker 7: Yes, exactly, So I think the key was how many

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Speaker 7: as well, It's about the grades that their mind have

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Speaker 7: been able to get some really really good grades for

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Speaker 7: the past eighteen months or so, so I think the

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Speaker 7: market was quite comforted that that's still continuing. And like

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Speaker 7: you just mentioned, for the period they're reporting, gold prices

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Speaker 7: are up twenty four percent, so big margins coming through,

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Speaker 7: big cash coming through, and I think that's what you

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Speaker 7: saw as well as the overall recovery in pressures metals today.

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Speaker 2: I mean m parlor in platinum, I mean a huge

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Speaker 2: increase in earnings as we've seen from platinum prices, and

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Speaker 2: obviously that shows you the impact of these higher prices

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Speaker 2: on our companies and hopefully there's a little bit of

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Speaker 2: a benefit for everyone in the industry exactly.

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Speaker 7: I think we're going to see big, big numbers in

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Speaker 7: terms of earnings growth for all the platinum companies. For

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Speaker 7: tera last last few weeks that they were up four

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Speaker 7: hundred percent, and again just on the metal prices. So

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Speaker 7: unless something goes horribly wrong in production, you're probably going

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Speaker 7: to see a lot of the platinum companies announced big numbers.

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Speaker 7: And you're right, we're going to start seeing some negotiations

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Speaker 7: come through in the industry and you'll see them maybe

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Speaker 7: a little bit ahead of CPI, so CE plus type

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Speaker 7: agreements coming through. Look for the investors, they'll always look

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Speaker 7: at costs, but I think at these types of prices

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Speaker 7: that can that can go through quite well.

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Speaker 2: A Supergroup had at an update out today as well,

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Speaker 2: and I was interested in how they've been affected by

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Speaker 2: what's happening in the British automotive industry. I mean here

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Speaker 2: we haven't spoken about it much, but that shutdown at

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Speaker 2: Jaguar Landrover was incredible.

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Speaker 7: Exactly, and look we had come in to this. You're

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Speaker 7: expecting an update for Supergroup because I mean for them,

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Speaker 7: their core business, the strength of their business should have

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Speaker 7: benefited from and the rising vehicle sales numbers we've seen

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Speaker 7: in South Africa. But I think management today is highlighting

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Speaker 7: that they've taken some very strong choices. Like you mentioned

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Speaker 7: the UK business, they're shutting down some of those dealerships

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Speaker 7: and they're mentioning that the environment there is actually quite tepid.

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Speaker 7: As you've seen for some of the retailers that have

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Speaker 7: UK exposure in South Africa, the UK has been a

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Speaker 7: difficult market to navigate for the consumer. They're also looking

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Speaker 7: at their logistics business and they're getting rid of that.

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Speaker 7: So I think what you're seeing today for in the

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Speaker 7: share prices, Investors are probably a bit more comforted that

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Speaker 7: management are taking the hard decisions now so that this

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Speaker 7: business going forward is a lot leaner and is focusing

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Speaker 7: on its core business and that's where the big earnings

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Speaker 7: is coming through.

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Speaker 2: Greena Melocal, thanks so much. Equity Research, sales and investment

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Speaker 2: banking at abscess CIB just gone six thirty.

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Speaker 1: What's an on seven two seven two one seven two.

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Speaker 2: Well, I had to chuckle corression messages and says, what

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Speaker 2: about the promos for Big Max the promotions? Does that

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Speaker 2: affect the Big Mac Index? I literally bought a Big

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Speaker 2: Mac now for sixty rand. I hope you enjoyed Koreshion.

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Speaker 2: The usual price is about twenty rand more. Does that

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Speaker 2: effect the Big Mac index? Is it accurate corression? I imagine? So,

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Speaker 2: I'm sure they looked at the menu price. You're right

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Speaker 2: about promotions. I suppose the thing is that you probably

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Speaker 2: do get promotions in lots of other places too, So

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Speaker 2: maybe they just screened it out and kind of go

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Speaker 2: in the normal way. I'm not really sure. So lots

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Speaker 2: of speculation now that John st and Hazen will announce

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Speaker 2: tomorrow that he will not stand for a third term

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Speaker 2: as leader of the DA. That would seem to, on

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Speaker 2: the face of it, open the door for Jilden hill Lewis,

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Speaker 2: currently the mayor of Cape Town, to become the leader

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Speaker 2: of the DA. It might open the door to a

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Speaker 2: bigger conversation in the DA. Do they stay in the

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Speaker 2: coalition or not? My own senses that probably they will.

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Speaker 2: I say that because I think that if people in

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Speaker 2: the coalition are seen to be involved in growing the

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Speaker 2: economy and providing hope for people, well, then I think

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Speaker 2: that people parties will want to stay in the coalition.

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Speaker 2: And if that is what's going to happen, everyone will

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Speaker 2: want to be a part of it if they can,

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Speaker 2: and so it would help the DA to stay in it.

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Speaker 2: There is an interesting question, though, is that will this

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Speaker 2: allow a proper debate about economic policy in the DA.

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Speaker 2: I mean, if you look at their economic policy, it's

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Speaker 2: not always that different from the economic policies of other people,

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Speaker 2: particularly the A and C. There's probably more kind of

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Speaker 2: difference now than they used to be. But even so,

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Speaker 2: I don't know how different it rarely is, and I

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Speaker 2: wonder if maybe you know, it's quite a fun thing

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Speaker 2: I've enjoyed doing it over the years to ask an

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Speaker 2: A and C politician, how are you going to grow

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Speaker 2: the economy? That maybe should be the question to whoever

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Speaker 2: the candidate for DA leader is or even CNAs and

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Speaker 2: if he does run again, how will you grow the economy?

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00:22:57,080 --> 00:23:00,280
Speaker 2: That would surely be the question your views to seven

437
00:23:00,280 --> 00:23:03,520
Speaker 2: O two one seven two in nineteen minutes now to seven.

438
00:23:04,000 --> 00:23:07,920
Speaker 3: The Lanely Show with Stephen crutis live on ninety two

439
00:23:07,960 --> 00:23:11,080
Speaker 3: point seven and one six f M streaming on the

440
00:23:11,080 --> 00:23:12,200
Speaker 3: Prime Media Plus.

441
00:23:12,000 --> 00:23:14,959
Speaker 1: Now and DStv channel eight five six.

442
00:23:15,880 --> 00:23:18,160
Speaker 2: Well, it's just gone a quarter to seven the time

443
00:23:18,200 --> 00:23:20,560
Speaker 2: and claims from the deciduous fruit industry in the last

444
00:23:20,600 --> 00:23:23,399
Speaker 2: couple of days that the problems that Cape Town Harbor

445
00:23:23,440 --> 00:23:26,760
Speaker 2: have cost them around three hundred and fifteen million round.

446
00:23:26,760 --> 00:23:28,640
Speaker 2: There have been problems there over the last few months.

447
00:23:28,640 --> 00:23:31,240
Speaker 2: You may remember one person telling us that on the

448
00:23:31,280 --> 00:23:34,720
Speaker 2: Money Show, the port windspeed indicator showed a wind speed

449
00:23:34,720 --> 00:23:38,040
Speaker 2: of over one hundred kilometers. Now, can you imagine being

450
00:23:38,160 --> 00:23:40,760
Speaker 2: five stories up in a crane and trying to operate

451
00:23:40,800 --> 00:23:43,880
Speaker 2: that in that kind of wind speed? Job on. Dharky

452
00:23:44,280 --> 00:23:47,440
Speaker 2: is the chief executive of transnit Port terminals Jubble, Good

453
00:23:47,440 --> 00:23:50,280
Speaker 2: evening and thanks for your time tonight. What kind of

454
00:23:50,280 --> 00:23:52,040
Speaker 2: problems have you had at the Port of Cape Town

455
00:23:52,080 --> 00:23:52,960
Speaker 2: over the last few months.

456
00:23:57,480 --> 00:24:01,640
Speaker 8: It's it's been a challenge over the lot a few

457
00:24:01,640 --> 00:24:05,000
Speaker 8: months and weeks. If one way to look at the

458
00:24:06,720 --> 00:24:11,240
Speaker 8: hours that we have lotted due to extreme weather from

459
00:24:11,320 --> 00:24:17,520
Speaker 8: November to Vember to general, we've lost about nine fifteen hours.

460
00:24:17,840 --> 00:24:20,919
Speaker 8: If one were to look at the same held in

461
00:24:20,920 --> 00:24:23,840
Speaker 8: the previous years, we lost about one under ten seventy

462
00:24:23,960 --> 00:24:27,280
Speaker 8: nine hours, So that's in ninety one percent increase in

463
00:24:27,359 --> 00:24:31,800
Speaker 8: terms of the hours that we have lost to win.

464
00:24:32,440 --> 00:24:35,120
Speaker 8: So that makes it impossible for us then at two

465
00:24:35,160 --> 00:24:39,000
Speaker 8: work when they will it is quite high, which have

466
00:24:39,119 --> 00:24:42,440
Speaker 8: then impacted our ability to say this better something.

467
00:24:43,400 --> 00:24:45,439
Speaker 2: Okay, But I mean if when does that much of

468
00:24:45,440 --> 00:24:47,879
Speaker 2: a problem? And it's been windy and capeed on for

469
00:24:47,960 --> 00:24:50,880
Speaker 2: longer than I have been alive, I mean, has it's

470
00:24:50,880 --> 00:24:52,840
Speaker 2: become a bigger problem in the last couple of years.

471
00:24:52,880 --> 00:24:55,160
Speaker 2: I realized some years are do you have more wind

472
00:24:55,200 --> 00:24:59,320
Speaker 2: than others? It was this year extraordinary compared to others.

473
00:25:00,400 --> 00:25:03,159
Speaker 8: That indicate that, I mean, what you're seen in the

474
00:25:03,240 --> 00:25:07,440
Speaker 8: first month because this upset for expertses and stuff around

475
00:25:07,440 --> 00:25:10,679
Speaker 8: about November. You know you had that ninety one persent increase.

476
00:25:11,920 --> 00:25:15,199
Speaker 8: But it's not only the number of hours that we

477
00:25:15,280 --> 00:25:19,200
Speaker 8: are seeing, but if the extent you know how extreme

478
00:25:19,280 --> 00:25:22,480
Speaker 8: it is, Like you've indicated, we are seeing one hundred

479
00:25:22,520 --> 00:25:26,320
Speaker 8: and twenty hours you know of a win speak. So

480
00:25:26,520 --> 00:25:31,320
Speaker 8: if it's quite a high and it makes it impossible

481
00:25:31,359 --> 00:25:34,800
Speaker 8: to continue with the operations, I think just before the

482
00:25:34,960 --> 00:25:38,680
Speaker 8: listeners where they might remember that if the area this

483
00:25:39,119 --> 00:25:42,879
Speaker 8: last year we invested in a new artities that allowed

484
00:25:42,920 --> 00:25:45,560
Speaker 8: us to be able to operate up to the win

485
00:25:45,640 --> 00:25:48,399
Speaker 8: speak of ninety kil and healthy hours. But under the

486
00:25:48,480 --> 00:25:52,040
Speaker 8: conditions that we are experiencing, even those new ar cities

487
00:25:52,080 --> 00:25:55,399
Speaker 8: will not be able to operate due to the extent

488
00:25:55,480 --> 00:25:57,480
Speaker 8: of the daily window that we're experiencing.

489
00:25:58,400 --> 00:26:00,840
Speaker 2: If you have another year like this with so many

490
00:26:00,960 --> 00:26:04,080
Speaker 2: hours lost, I mean, it would surely stop the sport

491
00:26:04,119 --> 00:26:08,240
Speaker 2: from being viable, or certainly it would stop some industries

492
00:26:08,280 --> 00:26:12,080
Speaker 2: at our time sensitive like this particular industry to produce

493
00:26:12,160 --> 00:26:14,200
Speaker 2: fruit from ever being able to use you.

494
00:26:16,400 --> 00:26:19,840
Speaker 8: Look, well, we are working very closely with the industry

495
00:26:20,560 --> 00:26:24,159
Speaker 8: to look for solutions and to coordinate our efforts. We

496
00:26:24,200 --> 00:26:27,239
Speaker 8: also had, you know, the convenient damages that we had

497
00:26:27,280 --> 00:26:30,600
Speaker 8: to put in place to ensure that we are able

498
00:26:30,640 --> 00:26:34,199
Speaker 8: to get their foot out of South Africa. A casing

499
00:26:34,280 --> 00:26:37,919
Speaker 8: point is they have been directions of their themselves to

500
00:26:38,320 --> 00:26:43,199
Speaker 8: our tent cap terminals which is the Continaeminal as their

501
00:26:44,359 --> 00:26:47,679
Speaker 8: ty entity, which is putt a little Containa Teminal that

502
00:26:47,880 --> 00:26:50,960
Speaker 8: has set up quite well. But over and above that,

503
00:26:51,800 --> 00:26:56,119
Speaker 8: we are also looking at our our productivity to ensure

504
00:26:56,160 --> 00:26:59,480
Speaker 8: that on the days that we have a tier, whether

505
00:27:00,119 --> 00:27:03,280
Speaker 8: we are able to ramp up our productivity quite closically

506
00:27:03,320 --> 00:27:05,960
Speaker 8: to make up for the time that is lost and

507
00:27:06,080 --> 00:27:10,679
Speaker 8: some of the initiative. We have a weekly update with

508
00:27:10,760 --> 00:27:14,000
Speaker 8: the inductry. We get the input from them and we

509
00:27:14,080 --> 00:27:18,240
Speaker 8: also share our planth with them. Everywhere we are also

510
00:27:18,320 --> 00:27:22,119
Speaker 8: working at closely. Will do the container use a forum,

511
00:27:22,800 --> 00:27:26,120
Speaker 8: if a new forum that they are representing the container,

512
00:27:26,240 --> 00:27:28,960
Speaker 8: et cetera. It's like we've got other forums that are

513
00:27:29,000 --> 00:27:33,320
Speaker 8: present at different commodities. They are also in the process

514
00:27:33,480 --> 00:27:37,720
Speaker 8: of organizing a workshop or coordinating a workshop. Two together,

515
00:27:37,760 --> 00:27:41,120
Speaker 8: we keep it in not with benchmark the best practices

516
00:27:41,160 --> 00:27:45,160
Speaker 8: globally to how are the terminals that are in a

517
00:27:45,160 --> 00:27:50,440
Speaker 8: similar environment like ours fending the good conditions.

518
00:27:51,119 --> 00:27:54,359
Speaker 2: I don't know much about ports, but doos your port

519
00:27:54,440 --> 00:27:57,199
Speaker 2: twenty four hours if the wind drops and winds and

520
00:27:57,240 --> 00:27:59,840
Speaker 2: coastal cities often sort of goes through a phase early

521
00:27:59,880 --> 00:28:02,040
Speaker 2: in the morning, late at night where it does stop

522
00:28:02,119 --> 00:28:05,679
Speaker 2: briefly because the wind pattern changes. As I understand, it's

523
00:28:05,720 --> 00:28:07,360
Speaker 2: to do with the temperature of the ground, the temperature

524
00:28:07,400 --> 00:28:10,399
Speaker 2: of the sea. Are you able to take advantage of

525
00:28:10,560 --> 00:28:12,560
Speaker 2: lulls in the wind in the middle of the night

526
00:28:12,640 --> 00:28:13,320
Speaker 2: if you need it to.

527
00:28:15,320 --> 00:28:18,399
Speaker 8: No, we are meant to operate a twenty four seven

528
00:28:19,080 --> 00:28:24,520
Speaker 8: so any and the predictability that you will get from

529
00:28:24,560 --> 00:28:29,000
Speaker 8: there a weather sty together and it's here it's quite

530
00:28:29,000 --> 00:28:34,359
Speaker 8: acurat so able to credit what windows you will have

531
00:28:34,560 --> 00:28:37,679
Speaker 8: where we can be able to open uh the camino

532
00:28:37,920 --> 00:28:41,920
Speaker 8: and continue to get operations. And then we got ourselves

533
00:28:42,040 --> 00:28:47,000
Speaker 8: up to operating chilling windows as well.

534
00:28:48,000 --> 00:28:50,040
Speaker 2: Is there anything you're able to do over the course

535
00:28:50,040 --> 00:28:52,560
Speaker 2: of the next year or so to improve your efficiency.

536
00:28:52,560 --> 00:28:55,040
Speaker 2: You'll get more equipment. You can use the cranes up

537
00:28:55,040 --> 00:28:57,600
Speaker 2: to ninety in winds of up to ninety kilometers an

538
00:28:57,600 --> 00:29:00,880
Speaker 2: how I appreciate it's asking too much to humans, frankly

539
00:29:00,920 --> 00:29:03,479
Speaker 2: to go into anything higher than anything higher than that.

540
00:29:04,360 --> 00:29:05,920
Speaker 2: But do you think there will be a day when

541
00:29:05,960 --> 00:29:09,080
Speaker 2: you'll be able to somehow be able to keep operating

542
00:29:09,360 --> 00:29:12,160
Speaker 2: or double Is it going to be better And I

543
00:29:12,200 --> 00:29:13,880
Speaker 2: hate to say this, but is it going to be

544
00:29:13,920 --> 00:29:17,719
Speaker 2: better for TRANSNITTT to spend the money on upgrading ports

545
00:29:17,760 --> 00:29:20,720
Speaker 2: nearby that are not quite as exposed to the wind,

546
00:29:21,360 --> 00:29:24,440
Speaker 2: improving a rail network to that port and doing it

547
00:29:24,440 --> 00:29:27,320
Speaker 2: that way rather than trying to keep making this port

548
00:29:27,360 --> 00:29:29,120
Speaker 2: work because you're always going to have wind there.

549
00:29:31,520 --> 00:29:36,760
Speaker 8: No, we have invested quite in this spot and then

550
00:29:36,800 --> 00:29:40,440
Speaker 8: we do about than the technology that going in in

551
00:29:40,480 --> 00:29:44,840
Speaker 8: the equipment. By doing that and is going to act communicator,

552
00:29:45,720 --> 00:29:48,720
Speaker 8: they win. We are in the process of I mean,

553
00:29:48,760 --> 00:29:51,800
Speaker 8: we've done an investment on the land side and now

554
00:29:51,960 --> 00:29:56,600
Speaker 8: we are anerting the replacement of the creed because of

555
00:29:57,640 --> 00:30:00,600
Speaker 8: why we have a new equipment on and then side

556
00:30:01,240 --> 00:30:05,560
Speaker 8: we still have all the claims on on on the

557
00:30:05,600 --> 00:30:09,200
Speaker 8: water side, so we want to see that astake. Once

558
00:30:09,280 --> 00:30:12,640
Speaker 8: we do have a newer claim, then it makes it

559
00:30:12,760 --> 00:30:16,960
Speaker 8: comfortable to start looking at the remote operation. In other ways,

560
00:30:17,520 --> 00:30:21,320
Speaker 8: we take the operator you know, of the the the

561
00:30:21,600 --> 00:30:26,840
Speaker 8: machine and then we are able to operator remotely, especially

562
00:30:26,840 --> 00:30:31,160
Speaker 8: when it is highway because it can be quite a

563
00:30:31,240 --> 00:30:35,720
Speaker 8: challenging or the operator actually up there under these conditions.

564
00:30:36,240 --> 00:30:39,760
Speaker 2: Jabuon Dharky, thanks so much, Chief executive of transmit Port

565
00:30:39,840 --> 00:30:43,280
Speaker 2: Terminals Tabilla and Kunjas and agricultural economists listening to that

566
00:30:43,320 --> 00:30:45,520
Speaker 2: to be the good evening. I mean, when a port

567
00:30:45,640 --> 00:30:49,200
Speaker 2: is closed for so many hours during a particular export season,

568
00:30:49,520 --> 00:30:53,000
Speaker 2: particularly for desiduous fruit, the clock is sticking. Our farmers

569
00:30:52,920 --> 00:30:53,400
Speaker 2: must lose a.

570
00:30:53,480 --> 00:30:59,200
Speaker 6: Fortune, certainly, Stephen. You know, we in a year where

571
00:30:59,280 --> 00:31:04,040
Speaker 6: there's estimates that there's a lot of demand for some

572
00:31:04,160 --> 00:31:06,520
Speaker 6: of the diigitious foots, of which other affaire is a

573
00:31:06,600 --> 00:31:09,320
Speaker 6: key player for them. So when we are having situations

574
00:31:09,400 --> 00:31:12,480
Speaker 6: like these delays and you know and the challenges the

575
00:31:12,520 --> 00:31:14,760
Speaker 6: parts the key polds that you know, a lot of

576
00:31:14,800 --> 00:31:17,320
Speaker 6: our foods go to the world with, it really does

577
00:31:17,440 --> 00:31:20,600
Speaker 6: pose a sarah threat to the farmers and the other

578
00:31:20,680 --> 00:31:23,920
Speaker 6: businesses that are involved, bious expert us, the logest companies

579
00:31:23,960 --> 00:31:26,960
Speaker 6: and everyone that is involved, you know, the supply chain

580
00:31:27,080 --> 00:31:29,040
Speaker 6: of those foods towards the point and then of course

581
00:31:29,080 --> 00:31:32,239
Speaker 6: to the world. And as we stand now, we are

582
00:31:32,280 --> 00:31:36,400
Speaker 6: really facing some service issues financially for those performers, as

583
00:31:36,440 --> 00:31:39,360
Speaker 6: it has been reported by them key stakeholders, the likes

584
00:31:39,400 --> 00:31:41,840
Speaker 6: of Hort Crow, who have been doing vocal about it

585
00:31:41,880 --> 00:31:46,960
Speaker 6: since you know, last year December to actually last week.

586
00:31:47,120 --> 00:31:49,280
Speaker 6: As now we're still talking about that.

587
00:31:49,920 --> 00:31:52,360
Speaker 2: I mean, I presume the amount they're talking about two

588
00:31:52,400 --> 00:31:54,960
Speaker 2: hundred and fifty million round might be more. I mean

589
00:31:55,000 --> 00:31:57,600
Speaker 2: that's is that higher than the usual amount that we

590
00:31:57,720 --> 00:32:03,479
Speaker 2: lose due to problems getting our produce out of our pots.

591
00:32:03,680 --> 00:32:06,360
Speaker 6: I mean, for for now st it's a continuing thing, right,

592
00:32:06,480 --> 00:32:08,400
Speaker 6: so we cannot really say. But if you are to

593
00:32:08,480 --> 00:32:10,760
Speaker 6: compare to the previous time there was a parrot where

594
00:32:10,760 --> 00:32:13,640
Speaker 6: the sits itself, he is estimated that he has from

595
00:32:13,680 --> 00:32:18,320
Speaker 6: billion on on these delays. So a travel and fifty

596
00:32:18,400 --> 00:32:20,479
Speaker 6: might look small, but I can tell you that that

597
00:32:20,600 --> 00:32:23,000
Speaker 6: number was going to increase given the fact that you know,

598
00:32:23,080 --> 00:32:25,440
Speaker 6: even the adult thing of these products to other parts

599
00:32:25,600 --> 00:32:27,840
Speaker 6: there on its own, it is adding to the cost

600
00:32:28,040 --> 00:32:32,320
Speaker 6: of the transportation costs of itself. So we me when

601
00:32:32,400 --> 00:32:35,400
Speaker 6: when the travel refilt was coming out, it was something

602
00:32:35,440 --> 00:32:37,120
Speaker 6: that was happening then. But I can as show you

603
00:32:37,200 --> 00:32:39,840
Speaker 6: that that number has changed. But to answer a question,

604
00:32:40,400 --> 00:32:42,760
Speaker 6: there has been some cost that I amounted to a

605
00:32:43,080 --> 00:32:46,800
Speaker 6: billion first trust and this is something that even if

606
00:32:46,800 --> 00:32:49,160
Speaker 6: it's not get to be addressed, it can amount to

607
00:32:49,200 --> 00:32:52,320
Speaker 6: that or even more depending on how long it gets

608
00:32:52,360 --> 00:32:56,040
Speaker 6: to be a passisting and then how long do they colleagues,

609
00:32:56,360 --> 00:32:59,320
Speaker 6: you know, try to resolve the situation because it's a

610
00:32:59,320 --> 00:33:03,080
Speaker 6: problem that continues to be you know, impending the industry,

611
00:33:03,840 --> 00:33:05,080
Speaker 6: governments global.

612
00:33:06,120 --> 00:33:10,080
Speaker 2: To the amount of farm produce, the amount of you know,

613
00:33:10,280 --> 00:33:11,760
Speaker 2: crops that we lose every year.

614
00:33:12,280 --> 00:33:12,760
Speaker 4: Uh.

615
00:33:12,800 --> 00:33:14,640
Speaker 2: I'm sure it was made a lot more difficult during

616
00:33:14,640 --> 00:33:16,880
Speaker 2: the load shedding era because it's just so hard to

617
00:33:16,960 --> 00:33:19,440
Speaker 2: keep things cold. Has there been a difference? Has there

618
00:33:19,480 --> 00:33:23,480
Speaker 2: been an improvement? Are we wasting less food since load

619
00:33:23,520 --> 00:33:24,280
Speaker 2: shedding ended?

620
00:33:26,880 --> 00:33:28,920
Speaker 6: You know, you know, that's a an important question which

621
00:33:28,920 --> 00:33:30,320
Speaker 6: can be very complex Stiven.

622
00:33:30,400 --> 00:33:32,640
Speaker 2: Yeah, sure, there's so many factors.

623
00:33:34,080 --> 00:33:36,400
Speaker 6: Yeah, because I mean if you had to look specifically

624
00:33:36,480 --> 00:33:39,400
Speaker 6: to the a literacy, which was a leading effect that

625
00:33:39,520 --> 00:33:42,920
Speaker 6: then there's been some serious improvement into it, especially into

626
00:33:42,920 --> 00:33:45,480
Speaker 6: the you know, the around the areas of the you know,

627
00:33:45,520 --> 00:33:49,160
Speaker 6: the storage is across the you know the country. But

628
00:33:49,200 --> 00:33:52,640
Speaker 6: the reality is it is not really that one fact

629
00:33:52,720 --> 00:33:55,360
Speaker 6: that you know, gets to be that the government sense,

630
00:33:55,360 --> 00:33:58,200
Speaker 6: if you had to take get the products that gets

631
00:33:58,200 --> 00:33:59,480
Speaker 6: to their own in the first four you know what

632
00:33:59,520 --> 00:34:01,600
Speaker 6: I'm saying, there's a lot of money that gets to

633
00:34:01,600 --> 00:34:04,240
Speaker 6: be lost in then. But then again it's a different

634
00:34:04,480 --> 00:34:08,280
Speaker 6: you know, it's different to what the electricity cause would

635
00:34:08,320 --> 00:34:12,800
Speaker 6: be compared to the really sales and the lower demand respectial.

636
00:34:12,840 --> 00:34:14,239
Speaker 6: Some of the those who are talking about first for

637
00:34:14,360 --> 00:34:17,279
Speaker 6: you see stuff that for instance, if we lose you know,

638
00:34:17,400 --> 00:34:20,920
Speaker 6: on you know, their possibility including meat and and softwath.

639
00:34:20,960 --> 00:34:24,719
Speaker 6: But generally I cannot really you know, say now we

640
00:34:24,760 --> 00:34:26,719
Speaker 6: are we know we had a better we're better off.

641
00:34:26,800 --> 00:34:31,239
Speaker 6: But I think the fact that at least the electricity one,

642
00:34:31,680 --> 00:34:34,440
Speaker 6: the issue that was the key one, seems to be

643
00:34:34,480 --> 00:34:36,880
Speaker 6: getting better with time, and we hope things are going

644
00:34:36,920 --> 00:34:40,200
Speaker 6: to get better, but in reality wastedge of food remains

645
00:34:40,239 --> 00:34:43,040
Speaker 6: an issue. And unfortunately that's not something that is unique

646
00:34:43,040 --> 00:34:45,480
Speaker 6: to South Africa, but just that we really to keep

647
00:34:45,560 --> 00:34:47,720
Speaker 6: up with the world in terms of how they're dealing

648
00:34:47,760 --> 00:34:50,440
Speaker 6: with it, and that will really benefit for the Africans,

649
00:34:50,560 --> 00:34:53,480
Speaker 6: of course, the countract that are really in connected with

650
00:34:53,520 --> 00:34:54,520
Speaker 6: the South African you know.

651
00:34:54,800 --> 00:34:57,879
Speaker 2: Cept I mean the thing is at a time when

652
00:34:58,000 --> 00:35:01,840
Speaker 2: we're producing quite nicely, you Learnina, and thank you for farmers.

653
00:35:02,280 --> 00:35:04,680
Speaker 2: You really don't want to waste the moment. You don't

654
00:35:04,680 --> 00:35:05,480
Speaker 2: get the moment back.

655
00:35:06,320 --> 00:35:09,160
Speaker 6: Yeah, certainly, you know, we should be taking advantage of

656
00:35:09,200 --> 00:35:11,600
Speaker 6: those crops to even remember that we are coming from

657
00:35:11,600 --> 00:35:15,240
Speaker 6: some of the draft that really impacted negatively that the farmers.

658
00:35:15,280 --> 00:35:17,759
Speaker 6: So when they year like this, you know it has

659
00:35:17,800 --> 00:35:19,839
Speaker 6: been a recover a kind of a year. So when

660
00:35:19,880 --> 00:35:22,200
Speaker 6: you have more products and we are able to sell them,

661
00:35:22,640 --> 00:35:24,680
Speaker 6: it helps you, you know, as a farmer, to get

662
00:35:24,760 --> 00:35:27,160
Speaker 6: more of what you have you been putting in the

663
00:35:27,160 --> 00:35:30,840
Speaker 6: privacy of recover in a way. So when you have

664
00:35:31,040 --> 00:35:33,319
Speaker 6: issues like you know, the current ones and some things

665
00:35:33,320 --> 00:35:36,200
Speaker 6: that they're talking about the cause delays and so forth,

666
00:35:36,440 --> 00:35:38,839
Speaker 6: it really does, you know, really get into you. Which

667
00:35:38,880 --> 00:35:41,279
Speaker 6: is why you know, I've seen even the you know,

668
00:35:41,320 --> 00:35:44,160
Speaker 6: some organizations they are thinking of alternately the fire is

669
00:35:44,200 --> 00:35:47,560
Speaker 6: going legally because of the the cost that they have

670
00:35:47,719 --> 00:35:50,760
Speaker 6: been in cared. And also remember these are businesses people

671
00:35:50,840 --> 00:35:54,520
Speaker 6: borrow large manners, you know, from the banks to continue

672
00:35:54,640 --> 00:35:58,719
Speaker 6: their business. And when and when these things happen, then

673
00:35:58,800 --> 00:36:01,520
Speaker 6: they really have got us inplications more there.

674
00:36:02,160 --> 00:36:05,040
Speaker 2: Tabila and Kunjab, Thank you so much, Agricultural economist.

675
00:36:06,680 --> 00:36:10,920
Speaker 1: And now The Money Show with Stephen credits on seven

676
00:36:10,960 --> 00:36:12,840
Speaker 1: oh two. Let's walk little.

677
00:36:13,040 --> 00:36:15,160
Speaker 2: The Money Show with Stephen Crutus is brought to you

678
00:36:15,239 --> 00:36:19,120
Speaker 2: by ABS of Corporate and Investment banking, balancing economic growth

679
00:36:19,160 --> 00:36:23,200
Speaker 2: with ecosystems. That's how they're invested in your story. Seven

680
00:36:23,200 --> 00:36:26,480
Speaker 2: minutes after seven plenty to come in the next little

681
00:36:26,480 --> 00:36:29,359
Speaker 2: while all rottend to and Dingrey he's already here. We're

682
00:36:29,400 --> 00:36:32,840
Speaker 2: preparing to update you on what's been happening on our continent.

683
00:36:33,239 --> 00:36:35,319
Speaker 2: We will talk about and I don't know if you've

684
00:36:35,320 --> 00:36:38,600
Speaker 2: come across this, but the kind of stress level of

685
00:36:38,600 --> 00:36:42,640
Speaker 2: being involved in running hotels or hospitality generally, and there's

686
00:36:42,640 --> 00:36:45,920
Speaker 2: a kind of film image of them as kind of stressed,

687
00:36:46,080 --> 00:36:50,000
Speaker 2: kind of doing things quickly, getting stuff done. I think,

688
00:36:50,880 --> 00:36:52,719
Speaker 2: and I can't give you evidence for this, but I

689
00:36:52,800 --> 00:36:57,160
Speaker 2: wonder sometimes if we as South Africans are quite difficult customers.

690
00:36:57,320 --> 00:36:59,719
Speaker 2: Sometimes I think maybe we're not difficulty enough though, because

691
00:36:59,719 --> 00:37:01,920
Speaker 2: sometimes I think maybe we put up with stuff that

692
00:37:02,000 --> 00:37:04,320
Speaker 2: you know, someone else wouldn't put up with. Not really

693
00:37:04,360 --> 00:37:07,840
Speaker 2: shortcut difference from person to person, But where would you

694
00:37:07,920 --> 00:37:10,239
Speaker 2: put the job of being a hotel in terms of

695
00:37:10,239 --> 00:37:13,000
Speaker 2: yours running a hotel in terms of your stress level,

696
00:37:13,440 --> 00:37:16,680
Speaker 2: I would think the complete nutter, face to face with

697
00:37:16,800 --> 00:37:20,640
Speaker 2: customers all the time, that must make it quite difficult.

698
00:37:20,680 --> 00:37:23,600
Speaker 2: And I've arrived at hotels late at night and found

699
00:37:23,640 --> 00:37:28,080
Speaker 2: myself dealing with someone who it's not that they're not equipped,

700
00:37:28,080 --> 00:37:30,000
Speaker 2: it's that they haven't been given the power to deal

701
00:37:30,040 --> 00:37:32,600
Speaker 2: with it. And that's really the problem is. You know,

702
00:37:32,840 --> 00:37:35,440
Speaker 2: you can see that it's very difficult for them to

703
00:37:35,640 --> 00:37:37,640
Speaker 2: phone the manager or whoever. And I always think that's

704
00:37:37,680 --> 00:37:41,200
Speaker 2: the hotel's fault, not theirs. But I wonder just the

705
00:37:41,280 --> 00:37:43,360
Speaker 2: idea of running a hotel. But you'll check in with

706
00:37:43,360 --> 00:37:46,200
Speaker 2: the sort of hotel industry. Anton Gillis is the sea

707
00:37:46,239 --> 00:37:48,759
Speaker 2: of the hospitality asset management company. Looking forward to that.

708
00:37:49,200 --> 00:37:52,360
Speaker 2: And then John Minique from of Mutual is going to

709
00:37:52,360 --> 00:37:54,560
Speaker 2: be with you in personal finance this evening. Instead of

710
00:37:55,000 --> 00:37:58,360
Speaker 2: financial education, they're in for Warren Ingram this evening and

711
00:37:58,480 --> 00:38:01,000
Speaker 2: basically about how to change your habits. I think that's

712
00:38:01,040 --> 00:38:03,360
Speaker 2: going to be an important conversation. Good to have you along.

713
00:38:03,560 --> 00:38:07,040
Speaker 2: It's nine minutes now after seven The Lanly.

714
00:38:06,880 --> 00:38:10,840
Speaker 3: Show with Stephen Krutz Live on ninety two point seven

715
00:38:11,000 --> 00:38:14,200
Speaker 3: and one six FM streaming on the Prime Media.

716
00:38:13,920 --> 00:38:17,600
Speaker 1: Plus NAP and DStv channel eight five six.

717
00:38:17,600 --> 00:38:21,759
Speaker 2: News Today about Southern Sun and one of their partners, Pereto,

718
00:38:21,840 --> 00:38:23,879
Speaker 2: I think is how you pronounce it that they seem

719
00:38:23,920 --> 00:38:27,160
Speaker 2: to be buying into the Santon Convention Center and the

720
00:38:27,200 --> 00:38:29,920
Speaker 2: Santin Towers. They're spending a billion rand that have a

721
00:38:29,960 --> 00:38:34,680
Speaker 2: controlling interest in those two operations, and I don't. I

722
00:38:34,680 --> 00:38:37,920
Speaker 2: haven't been to the strangely, to the Santon Convention Center,

723
00:38:37,960 --> 00:38:40,279
Speaker 2: I think nearly as often as I've been to the

724
00:38:40,280 --> 00:38:42,879
Speaker 2: Cape Town International Convention Center. I couldn't tell you why

725
00:38:42,920 --> 00:38:45,160
Speaker 2: that is. Maybe I get invited to Cape Town more often.

726
00:38:46,000 --> 00:38:49,560
Speaker 2: But I'd sort of like to compare the two convention centers,

727
00:38:49,600 --> 00:38:52,759
Speaker 2: and the first and most obvious point to make is

728
00:38:52,800 --> 00:38:56,160
Speaker 2: the areas around them and Cape Town being right there,

729
00:38:56,280 --> 00:38:58,640
Speaker 2: kind of the tourism meccha, if I can call it that,

730
00:38:59,120 --> 00:39:02,000
Speaker 2: all of those things. It's been made very safe, and

731
00:39:02,040 --> 00:39:04,480
Speaker 2: I think it's an area where people would like to

732
00:39:04,480 --> 00:39:06,320
Speaker 2: come out of a conference and they'll want to spend

733
00:39:06,400 --> 00:39:09,640
Speaker 2: time there, or they'll maybe spend you know, fifty round

734
00:39:09,680 --> 00:39:12,000
Speaker 2: on an uber go and you'll get to the waterfront

735
00:39:12,000 --> 00:39:14,840
Speaker 2: and you're there very very quickly. In Santinai, it's a

736
00:39:14,840 --> 00:39:17,680
Speaker 2: different vibe, especially in the middle of winter where it

737
00:39:17,680 --> 00:39:20,160
Speaker 2: gets dark quite early. I think people come out of

738
00:39:20,160 --> 00:39:22,759
Speaker 2: the convention center and they want to go. And one

739
00:39:22,800 --> 00:39:25,480
Speaker 2: of the things about that is it also means that

740
00:39:25,520 --> 00:39:28,520
Speaker 2: there's no real place to just chill, you know, get

741
00:39:28,560 --> 00:39:31,680
Speaker 2: a coffee, whatever. And I sometimes wonder if maybe the

742
00:39:31,680 --> 00:39:34,920
Speaker 2: Santon Convention Center is missing a trick there. I realize

743
00:39:34,960 --> 00:39:36,840
Speaker 2: you can sort of walk around the block too, in

744
00:39:36,880 --> 00:39:38,920
Speaker 2: the corner, and there are plenty of places if you

745
00:39:38,960 --> 00:39:42,280
Speaker 2: go to that little node around the hard train station

746
00:39:42,400 --> 00:39:45,080
Speaker 2: in Santain. I was actually surprised when someone told me

747
00:39:45,120 --> 00:39:48,959
Speaker 2: the Santon Convention Center, from what I understand, might charge

748
00:39:49,000 --> 00:39:50,839
Speaker 2: a bit more to host an event than the Cape

749
00:39:50,880 --> 00:39:53,120
Speaker 2: Town one. I wasn't sure if that was the case.

750
00:39:53,120 --> 00:39:54,440
Speaker 2: You need to get to the bottom of that and

751
00:39:54,440 --> 00:39:56,799
Speaker 2: find out if that's true. But you might well have

752
00:39:56,880 --> 00:39:59,520
Speaker 2: some insights. Oh seven two seven two one seven two

753
00:39:59,520 --> 00:40:00,920
Speaker 2: eleven minute after Sam.

754
00:40:01,239 --> 00:40:05,920
Speaker 1: The Money Show on seven OS Monday till Friday, fixed

755
00:40:05,920 --> 00:40:06,640
Speaker 1: to APM.

756
00:40:06,880 --> 00:40:09,040
Speaker 2: I must confess I have moments where I sort of

757
00:40:09,160 --> 00:40:11,480
Speaker 2: look at my day and think, oh, that was stressful.

758
00:40:11,960 --> 00:40:14,520
Speaker 2: And then you can go into a hotel or you

759
00:40:14,560 --> 00:40:16,239
Speaker 2: can speak to a manager, then you can see how

760
00:40:16,239 --> 00:40:19,560
Speaker 2: stress their lives must be. I mean, the customer believes

761
00:40:19,560 --> 00:40:22,360
Speaker 2: they're always right, so many different things can go wrong.

762
00:40:22,560 --> 00:40:25,840
Speaker 2: And I wasn't entirely surprised to see the Hospitality Asset

763
00:40:25,880 --> 00:40:29,160
Speaker 2: Management Company saying they've done a big survey. They've done

764
00:40:29,160 --> 00:40:31,719
Speaker 2: a deep dive into our tourne industry. They say they

765
00:40:31,760 --> 00:40:35,200
Speaker 2: found forty two percent of people who manage hotels express

766
00:40:35,360 --> 00:40:39,080
Speaker 2: stress symptoms on a daily basis. And on Gillis is

767
00:40:39,120 --> 00:40:42,040
Speaker 2: the CEO of the Hospitality Asset Management Company, and on

768
00:40:42,080 --> 00:40:44,359
Speaker 2: good evening, good to chat to you. What's making our

769
00:40:44,360 --> 00:40:47,040
Speaker 2: hotel managers so stress? What problems are they facing?

770
00:40:47,280 --> 00:40:47,600
Speaker 4: Steven?

771
00:40:47,640 --> 00:40:49,799
Speaker 9: I wish I knew all the answers for that, But

772
00:40:50,200 --> 00:40:53,320
Speaker 9: I think if you started why you become a hotel manager,

773
00:40:54,000 --> 00:40:57,440
Speaker 9: I think the generation of today's long forgotten what it

774
00:40:57,480 --> 00:41:00,480
Speaker 9: took to rise up the ladder, and they just into

775
00:41:00,560 --> 00:41:01,480
Speaker 9: management position.

776
00:41:02,120 --> 00:41:05,200
Speaker 4: So I default, they've got very little experience to draw

777
00:41:05,239 --> 00:41:05,640
Speaker 4: back on.

778
00:41:06,239 --> 00:41:08,640
Speaker 2: So people moving up the latter too quickly. I mean

779
00:41:09,160 --> 00:41:11,440
Speaker 2: there was a time. There are a few hotel dramas

780
00:41:11,440 --> 00:41:13,200
Speaker 2: I've read there was a movie called there was a

781
00:41:13,239 --> 00:41:15,239
Speaker 2: book called Hotel by Alfa Haiti back in the north

782
00:41:15,239 --> 00:41:17,640
Speaker 2: of the fifties, and the idea was you did work

783
00:41:17,640 --> 00:41:19,319
Speaker 2: your way up. You know, by the time you got

784
00:41:19,360 --> 00:41:21,480
Speaker 2: to become a manager, you would have been a waiter

785
00:41:21,520 --> 00:41:23,960
Speaker 2: in the restaurant, a barman in the bar. You might

786
00:41:24,000 --> 00:41:25,920
Speaker 2: have done some of the cleaning or had a very

787
00:41:25,960 --> 00:41:27,319
Speaker 2: close understanding of it.

788
00:41:28,080 --> 00:41:30,200
Speaker 4: That doesn't happen anymore, unfortunately not.

789
00:41:30,360 --> 00:41:33,719
Speaker 9: Steven our Hamak report went on to show that the

790
00:41:33,760 --> 00:41:36,520
Speaker 9: youth of today are just simply not choosing this industry

791
00:41:36,520 --> 00:41:39,040
Speaker 9: as a vacation. They're choosing it as a means to

792
00:41:39,080 --> 00:41:41,480
Speaker 9: an end or as a stepping stone. We lost a

793
00:41:41,560 --> 00:41:45,440
Speaker 9: fortune of talent, particularly in South Africa during in post COVID,

794
00:41:45,719 --> 00:41:47,960
Speaker 9: and only now are we starting to really feel that

795
00:41:48,840 --> 00:41:51,239
Speaker 9: is that different to other places. I mean, on young

796
00:41:51,280 --> 00:41:54,360
Speaker 9: people the same everywhere, and maybe the difference here is

797
00:41:54,360 --> 00:41:57,279
Speaker 9: that our unemployment levels are so high that people will

798
00:41:57,320 --> 00:41:59,719
Speaker 9: take the job and I can understand why, but if

799
00:41:59,719 --> 00:42:01,520
Speaker 9: something better comes along, they'll go there.

800
00:42:01,880 --> 00:42:02,520
Speaker 2: Very true.

801
00:42:02,719 --> 00:42:05,120
Speaker 9: If I think back to when I started in the industry,

802
00:42:05,360 --> 00:42:08,040
Speaker 9: I wouldn't dream of a promotion until it was given

803
00:42:08,080 --> 00:42:11,480
Speaker 9: to me or surprised upon me. But today it's almost

804
00:42:11,520 --> 00:42:14,680
Speaker 9: the starting point that I'd only join your company if

805
00:42:14,680 --> 00:42:17,759
Speaker 9: I can be a manager. You have the complexity of

806
00:42:17,800 --> 00:42:21,640
Speaker 9: AI entering the workplace, so a lot of mid level

807
00:42:21,680 --> 00:42:24,759
Speaker 9: skills are being replaced very quickly and over time.

808
00:42:24,800 --> 00:42:26,359
Speaker 4: I think this is really going to hurt us.

809
00:42:27,000 --> 00:42:31,160
Speaker 9: We like to think as hospitality as a high touch environment,

810
00:42:31,920 --> 00:42:33,879
Speaker 9: and of course there's also need for high tech.

811
00:42:35,840 --> 00:42:39,359
Speaker 2: Excuse me, I'm sure some people might get in touch

812
00:42:39,400 --> 00:42:42,000
Speaker 2: and say, well, actually, the industry is very demanding. It

813
00:42:42,000 --> 00:42:44,640
Speaker 2: doesn't treat people as well as other industries do. I

814
00:42:44,640 --> 00:42:45,399
Speaker 2: think we will.

815
00:42:45,440 --> 00:42:46,799
Speaker 4: We fight for every rand we earn.

816
00:42:46,840 --> 00:42:51,640
Speaker 9: In the hospitality there's an increase in demand, particularly within

817
00:42:51,680 --> 00:42:55,240
Speaker 9: the South African sector post COVID, but equally a massive

818
00:42:55,280 --> 00:42:59,799
Speaker 9: increase in supply, so room nights are very competitive. Unfortunately,

819
00:42:59,880 --> 00:43:02,080
Speaker 9: the report goes on to show that there hasn't been

820
00:43:02,200 --> 00:43:06,000
Speaker 9: significant rate growth and all of that just compounds operational

821
00:43:06,040 --> 00:43:08,040
Speaker 9: stress on hoteliers.

822
00:43:08,400 --> 00:43:10,879
Speaker 2: Red tape also seems to be a major issue. I mean,

823
00:43:11,080 --> 00:43:13,680
Speaker 2: from time to time I've arrived at a hotel, as

824
00:43:13,680 --> 00:43:16,160
Speaker 2: I say, quite late at night and someone says you

825
00:43:16,200 --> 00:43:18,319
Speaker 2: need to fill in this form for government or we

826
00:43:18,360 --> 00:43:21,160
Speaker 2: need this number, and I'm like, really, I mean, no

827
00:43:21,160 --> 00:43:23,680
Speaker 2: one else wants it. I mean, is that one of

828
00:43:23,680 --> 00:43:25,759
Speaker 2: the problems. Do you find that red tape is a

829
00:43:25,760 --> 00:43:27,360
Speaker 2: bit of an issue, Stephen?

830
00:43:27,440 --> 00:43:31,040
Speaker 9: The Hamak report does cite twenty nine percent increase in

831
00:43:31,080 --> 00:43:34,520
Speaker 9: red tape. Truth be told, there's a lot of technology

832
00:43:34,560 --> 00:43:38,640
Speaker 9: to capture the data and most hotel operating systems do

833
00:43:38,800 --> 00:43:41,680
Speaker 9: cater for that. I think the red tape comes in

834
00:43:41,680 --> 00:43:45,000
Speaker 9: with visa challenges. We still don't have the visa solution

835
00:43:45,160 --> 00:43:48,400
Speaker 9: working within the airports. I left South Africa today the

836
00:43:48,400 --> 00:43:52,000
Speaker 9: eGates weren't working in gay Town, so we're lagging behind

837
00:43:52,040 --> 00:43:54,279
Speaker 9: on fundamental infrastructure with technology.

838
00:43:55,000 --> 00:43:57,479
Speaker 2: I mean, I presume that a lot of that could

839
00:43:57,480 --> 00:44:00,560
Speaker 2: be reduced and that would make a major diference to you.

840
00:44:00,600 --> 00:44:02,880
Speaker 2: I mean, do you think there's any appetite on the

841
00:44:02,880 --> 00:44:03,960
Speaker 2: part of government to do it.

842
00:44:04,360 --> 00:44:07,200
Speaker 9: The press has exploded over the last two weeks of

843
00:44:07,320 --> 00:44:09,600
Speaker 9: something we've known for a while in the industry, and

844
00:44:09,600 --> 00:44:16,120
Speaker 9: that's the total failure of South African tourism fedhaser SATs.

845
00:44:16,480 --> 00:44:19,719
Speaker 9: All our large industry bodies have failed the industry miserably,

846
00:44:20,280 --> 00:44:22,600
Speaker 9: and the private sector is now coming together to try

847
00:44:22,680 --> 00:44:28,080
Speaker 9: salvage what's left, regroup, rethink, and hopefully reframe. I mean

848
00:44:28,480 --> 00:44:30,879
Speaker 9: you made such an interesting point that great growth hasn't grown.

849
00:44:30,920 --> 00:44:35,000
Speaker 9: We saw in November very high occupancy rates in Hoar Tang.

850
00:44:35,120 --> 00:44:37,520
Speaker 9: The reasons for that the B twenty, the G twenty, etc.

851
00:44:38,920 --> 00:44:40,520
Speaker 9: Is there any hope.

852
00:44:40,200 --> 00:44:45,400
Speaker 2: That demand eventually will grow and that will then increase

853
00:44:45,440 --> 00:44:47,560
Speaker 2: the amount that you can change berum and that should

854
00:44:47,600 --> 00:44:49,759
Speaker 2: make so many other things easier In.

855
00:44:49,680 --> 00:44:52,400
Speaker 9: The ideal world, we'd love to welcome back some markets

856
00:44:52,440 --> 00:44:56,520
Speaker 9: that haven't returned post COVID, predominantly the Chinese market, the

857
00:44:56,560 --> 00:45:01,960
Speaker 9: Indian market, the Brazil market, the British market. That all contributes.

858
00:45:02,760 --> 00:45:06,640
Speaker 9: But essentially, if you look at Caton as a city, yes,

859
00:45:06,719 --> 00:45:09,080
Speaker 9: this week is mining in Daba and the rates are

860
00:45:09,120 --> 00:45:12,080
Speaker 9: a bit high, but typically you could stay in Katon

861
00:45:12,120 --> 00:45:14,120
Speaker 9: for about one hundred and fifty dollars a night for

862
00:45:14,239 --> 00:45:18,040
Speaker 9: four star property. That same property in New York or

863
00:45:18,120 --> 00:45:21,160
Speaker 9: London would be north of six hundred US dollars a night.

864
00:45:22,000 --> 00:45:25,400
Speaker 9: The operating costs are much the same, so it's not

865
00:45:25,560 --> 00:45:26,520
Speaker 9: all equal.

866
00:45:28,800 --> 00:45:31,920
Speaker 2: Is there? Nature of how a hotel industry. Obviously the

867
00:45:31,920 --> 00:45:35,520
Speaker 2: costing is different, but is it very different to what

868
00:45:35,600 --> 00:45:38,840
Speaker 2: happens in other places. Is the experience of working in

869
00:45:38,880 --> 00:45:41,360
Speaker 2: a hotel very different to what it would be in

870
00:45:41,440 --> 00:45:43,920
Speaker 2: other places. I mean, yes, the metrics and the currencies

871
00:45:43,920 --> 00:45:47,840
Speaker 2: are different. Are our customers more or less demanding? Is

872
00:45:47,920 --> 00:45:52,320
Speaker 2: anything in specific that makes South Africa maybe a tougher

873
00:45:52,320 --> 00:45:53,680
Speaker 2: place to work than other places?

874
00:45:54,320 --> 00:45:56,000
Speaker 4: No, I don't think so.

875
00:45:57,440 --> 00:46:00,680
Speaker 9: We learn at hotel school guests is not always right,

876
00:46:00,760 --> 00:46:03,680
Speaker 9: but they're always the guest and I think that's universal

877
00:46:03,840 --> 00:46:09,120
Speaker 9: for global countries hotels. I think what it comes down

878
00:46:09,160 --> 00:46:11,799
Speaker 9: to is the room is costing a lot of money

879
00:46:11,840 --> 00:46:15,320
Speaker 9: for the average traveler and they want one hundred percent

880
00:46:15,360 --> 00:46:19,000
Speaker 9: in return for that. Anything less than that is unacceptable

881
00:46:19,719 --> 00:46:21,759
Speaker 9: and rightly so most of the time.

882
00:46:23,000 --> 00:46:25,120
Speaker 2: And John gillis thanks very much, indeed SEO of a

883
00:46:25,160 --> 00:46:31,239
Speaker 2: hospitality asset management company. Yeah, your thoughts on that, I

884
00:46:31,239 --> 00:46:34,720
Speaker 2: mean often I think when we when many people travel

885
00:46:34,719 --> 00:46:36,359
Speaker 2: to a hotel, they're keen to have a good time,

886
00:46:36,400 --> 00:46:39,439
Speaker 2: they're keen to rest. That's very important. I sometimes find

887
00:46:39,520 --> 00:46:41,879
Speaker 2: some hotels just too sort of fancy, they try too hard,

888
00:46:41,880 --> 00:46:44,040
Speaker 2: but that's a deck or issue and I'm no experts

889
00:46:44,080 --> 00:46:48,919
Speaker 2: on that. I don't know if you find that some hotels.

890
00:46:49,239 --> 00:46:51,080
Speaker 2: You can see the staff are actually run off their

891
00:46:51,080 --> 00:46:54,040
Speaker 2: feet and that's not RESTful for you. Any ideas on

892
00:46:54,200 --> 00:46:56,400
Speaker 2: how to change the gearing? Oh seven two seven two

893
00:46:56,480 --> 00:46:57,440
Speaker 2: one seven two.

894
00:46:58,120 --> 00:47:03,160
Speaker 1: Your money show business focus twenty minutes after seven Now

895
00:47:03,200 --> 00:47:06,240
Speaker 1: the time doctor Rutendo and Dingley founding director of Tribe Africa,

896
00:47:06,280 --> 00:47:07,799
Speaker 1: Advisory author of the book.

897
00:47:07,880 --> 00:47:12,480
Speaker 2: Rumble in the Jungle Reloaded Houses. Routendo, Madagascar. This is

898
00:47:12,520 --> 00:47:15,720
Speaker 2: so interesting. There's been I didn't realize this, but there's

899
00:47:15,760 --> 00:47:19,160
Speaker 2: been a ban on mining for sixteen years and that's

900
00:47:19,160 --> 00:47:20,040
Speaker 2: finally being lifted.

901
00:47:20,600 --> 00:47:24,520
Speaker 10: Yeah, sixteen years, Stephen. And the backlog of permits that

902
00:47:24,640 --> 00:47:27,360
Speaker 10: actually have been impacted there's been one thousand, six hundred

903
00:47:27,440 --> 00:47:31,280
Speaker 10: for sixteen years, so it's it's a coincidence of number lines.

904
00:47:31,640 --> 00:47:35,279
Speaker 10: But they've lifted that moraitarium except on gold. And the

905
00:47:35,360 --> 00:47:38,320
Speaker 10: reason why is that they're still a bit concerned with

906
00:47:38,520 --> 00:47:41,439
Speaker 10: the with the with the porous nature of gold. Believe

907
00:47:41,480 --> 00:47:44,480
Speaker 10: it or not, gold mining has only dearly thirteen cages

908
00:47:44,480 --> 00:47:47,359
Speaker 10: of gold over that period of time, so in one year,

909
00:47:47,400 --> 00:47:49,840
Speaker 10: so you can just realize the challenge there. But going

910
00:47:49,880 --> 00:47:52,680
Speaker 10: back on the moraitarium that has been lifted, it allows

911
00:47:52,719 --> 00:47:55,440
Speaker 10: for nickel, cobalt, which obviously are quite key for the

912
00:47:55,480 --> 00:48:01,480
Speaker 10: ev industry. And it's also Madagascar trying to versify its

913
00:48:01,520 --> 00:48:04,719
Speaker 10: partnership and trying to move away just on relying on

914
00:48:04,760 --> 00:48:07,920
Speaker 10: the Western allies. So for a decade long Maraitarium has

915
00:48:07,960 --> 00:48:10,600
Speaker 10: been has limited all of these things, and the main

916
00:48:10,719 --> 00:48:13,160
Speaker 10: drive behind it, obviously the guy who's leading the country

917
00:48:13,200 --> 00:48:15,640
Speaker 10: now is Connel Michael and I always trying to get

918
00:48:15,640 --> 00:48:20,239
Speaker 10: this name right. Randa near Rihanna, who's obviously trying to

919
00:48:20,280 --> 00:48:24,600
Speaker 10: make impactful things. The key investors who want to participate

920
00:48:24,640 --> 00:48:28,040
Speaker 10: with regards to taking advantage of these besides the West

921
00:48:28,320 --> 00:48:32,800
Speaker 10: is Thailand and also the other sectors or minerals that

922
00:48:32,840 --> 00:48:35,719
Speaker 10: have been looked at, Stephen are called titanium and zirconium.

923
00:48:35,800 --> 00:48:38,279
Speaker 4: So on one side a key thing.

924
00:48:38,360 --> 00:48:41,040
Speaker 10: But obviously with the political instability that's still a bit

925
00:48:41,120 --> 00:48:44,320
Speaker 10: fluid because of the could tell that happened in October

926
00:48:44,400 --> 00:48:47,560
Speaker 10: last year, Steven, we still need to watch the horizon.

927
00:48:47,600 --> 00:48:49,800
Speaker 10: Hopefully something was settled in the right direction.

928
00:48:50,080 --> 00:48:52,240
Speaker 2: Why did they have a moratorium in the first place,

929
00:48:52,239 --> 00:48:55,680
Speaker 2: I mean, was an environmental issue where people being abused.

930
00:48:55,680 --> 00:48:57,960
Speaker 2: I mean, Madagascar is a country old of thought could

931
00:48:57,960 --> 00:48:58,600
Speaker 2: do with the income.

932
00:48:58,960 --> 00:49:01,880
Speaker 10: Well, it was in terms of controlling accountability, Stephen, and

933
00:49:01,960 --> 00:49:04,239
Speaker 10: they didn't just the government felt that there was not

934
00:49:04,440 --> 00:49:08,160
Speaker 10: enough the regulatory framework and the controls that were there

935
00:49:08,200 --> 00:49:10,880
Speaker 10: were not allowed to Remember, Madagascar is an island, so

936
00:49:10,960 --> 00:49:12,920
Speaker 10: the end of the day, if you're going to smuggle,

937
00:49:12,920 --> 00:49:15,640
Speaker 10: it's quite easy and things are going to leave the country.

938
00:49:15,640 --> 00:49:19,120
Speaker 10: So it was about control and and accountability. And they

939
00:49:19,160 --> 00:49:22,160
Speaker 10: feel that with the other mineral lines they're able to

940
00:49:22,560 --> 00:49:25,040
Speaker 10: open it up, Stephen. But obviously with gold, as I said,

941
00:49:25,239 --> 00:49:27,800
Speaker 10: I think in a year they've only been eighteen cages

942
00:49:27,840 --> 00:49:30,480
Speaker 10: of gold that has been declared, so kind of somebody

943
00:49:30,520 --> 00:49:32,560
Speaker 10: is making a lot of money from somewhere, especially with

944
00:49:32,640 --> 00:49:34,840
Speaker 10: the stage with the rate of gold at the moment.

945
00:49:35,560 --> 00:49:38,480
Speaker 10: But let's see how it goes. It's a good step

946
00:49:38,520 --> 00:49:41,520
Speaker 10: in the right direction. But again it all depends on

947
00:49:41,560 --> 00:49:44,800
Speaker 10: the political willpower. That is still early days after the

948
00:49:44,880 --> 00:49:46,280
Speaker 10: cold Deiti in October last.

949
00:49:46,200 --> 00:49:48,600
Speaker 2: Year, Madagascar the only movie with his own island.

950
00:49:50,160 --> 00:49:52,680
Speaker 10: Maybe that's why they've lifted up because Alex the Lion

951
00:49:53,040 --> 00:49:54,040
Speaker 10: is taking a key role.

952
00:49:55,080 --> 00:49:55,400
Speaker 2: Children.

953
00:49:57,160 --> 00:50:02,400
Speaker 10: Of course, the children not because of being enjoyed Ivory Coast.

954
00:50:02,480 --> 00:50:05,319
Speaker 2: There's a Coco buy back scheme. So the price of

955
00:50:05,360 --> 00:50:08,719
Speaker 2: coco last year skyrocketed, right, and hasn't it sort of

956
00:50:08,760 --> 00:50:11,960
Speaker 2: fallen by about forty percent this year. Now that's great

957
00:50:12,000 --> 00:50:14,680
Speaker 2: if you like chocolate, and I'm looking around to see

958
00:50:14,719 --> 00:50:18,560
Speaker 2: someone who doesn't. But when that happens, there's a huge

959
00:50:18,600 --> 00:50:19,239
Speaker 2: impact on you.

960
00:50:19,920 --> 00:50:22,279
Speaker 10: So one hundred percent, right, CIVI. So that's one of

961
00:50:22,280 --> 00:50:25,160
Speaker 10: the reasons why this biobig is happening. But there are

962
00:50:25,160 --> 00:50:27,600
Speaker 10: two other key components that has forced the government to

963
00:50:27,600 --> 00:50:29,399
Speaker 10: make this decision, and I think it's quite a key thing,

964
00:50:29,680 --> 00:50:31,560
Speaker 10: especially when you see the quantum of things we shall

965
00:50:31,600 --> 00:50:35,239
Speaker 10: unexplain Stephen. One is, obviously the price of coco has

966
00:50:35,280 --> 00:50:37,880
Speaker 10: gone down. Ivory is a big export of coco. The

967
00:50:37,920 --> 00:50:41,200
Speaker 10: second thing this also led to a liquidity crisis. And

968
00:50:41,239 --> 00:50:43,440
Speaker 10: the other big challenge that is there, Stephen, is that

969
00:50:43,880 --> 00:50:47,200
Speaker 10: from a supply chain perspective, Coco is a product in

970
00:50:47,280 --> 00:50:49,360
Speaker 10: terms of just getting to market as a number of

971
00:50:49,480 --> 00:50:52,959
Speaker 10: challenges because of logistics, ships are not coming on time,

972
00:50:53,040 --> 00:50:56,920
Speaker 10: et cetera, et cetera. So remember most of the farmers

973
00:50:56,920 --> 00:51:00,480
Speaker 10: that produce coco in Ivory Coast, even a small holder farmers,

974
00:51:00,840 --> 00:51:03,640
Speaker 10: and just from an Africa perspective. Just to give you

975
00:51:03,640 --> 00:51:06,560
Speaker 10: the size, the small scale farmers contribute probably about forty

976
00:51:06,600 --> 00:51:10,680
Speaker 10: percent fifty percent of the continent's GDP, so we've got

977
00:51:10,760 --> 00:51:14,319
Speaker 10: a large number of farmers contributing a significant amount. So

978
00:51:14,560 --> 00:51:18,520
Speaker 10: the total estimated buy back value that the Ivory Coast

979
00:51:18,560 --> 00:51:21,200
Speaker 10: government is going to do to get these to put

980
00:51:21,239 --> 00:51:23,760
Speaker 10: money back in terms of the and stop this liquidity

981
00:51:23,800 --> 00:51:26,560
Speaker 10: crisis divin is about five hundred million newest dollars.

982
00:51:26,880 --> 00:51:28,400
Speaker 4: I'm just talking about that if it costs.

983
00:51:28,400 --> 00:51:30,839
Speaker 10: So you can see from a cash flow perspective, from

984
00:51:30,840 --> 00:51:33,759
Speaker 10: a supply chain perspective, the positive impact that would do,

985
00:51:34,400 --> 00:51:36,319
Speaker 10: and it's the right thing to do. But obviously there's

986
00:51:36,320 --> 00:51:40,040
Speaker 10: to be sustainable because paying that money back into the

987
00:51:40,080 --> 00:51:43,279
Speaker 10: supply chain, that's a positive thing. But how sustainable is it.

988
00:51:43,760 --> 00:51:47,480
Speaker 10: The total amount of of of beans that are not

989
00:51:47,600 --> 00:51:50,040
Speaker 10: being exported at the moment Coco beans is one hundred

990
00:51:50,080 --> 00:51:52,160
Speaker 10: thousand tons, So you've still got a problem of you

991
00:51:52,200 --> 00:51:53,880
Speaker 10: need to get these out of the country and bought

992
00:51:54,360 --> 00:51:56,440
Speaker 10: so that will happen with due course, but at the

993
00:51:56,440 --> 00:51:59,360
Speaker 10: moment those three factors are impacting them negatively.

994
00:51:59,400 --> 00:51:59,720
Speaker 3: Steven.

995
00:52:00,080 --> 00:52:01,880
Speaker 2: It is like gold. At the moment the word of

996
00:52:01,880 --> 00:52:03,960
Speaker 2: the moment is volatility. You just don't know what's going

997
00:52:04,000 --> 00:52:05,200
Speaker 2: to happen, and how do you plan for it?

998
00:52:05,280 --> 00:52:06,640
Speaker 10: Yeah, how do you plan for it? And how do

999
00:52:06,640 --> 00:52:08,719
Speaker 10: you strategically position yourself for it? And that's that's a

1000
00:52:08,760 --> 00:52:11,759
Speaker 10: big challenge all over the show, Stephens. So that's what

1001
00:52:11,840 --> 00:52:13,600
Speaker 10: I'm saying from a government perspective, and I think this

1002
00:52:13,680 --> 00:52:15,520
Speaker 10: is what you need governments to do when they see

1003
00:52:15,719 --> 00:52:19,040
Speaker 10: obviously they have not diversified enough as an economy. But

1004
00:52:19,120 --> 00:52:22,200
Speaker 10: still I think to give props to the government, they've

1005
00:52:22,200 --> 00:52:24,160
Speaker 10: seen this challenge, they see the impact it makes on

1006
00:52:24,200 --> 00:52:27,080
Speaker 10: the small scale farmers and they've stepped in and made

1007
00:52:27,120 --> 00:52:30,560
Speaker 10: the significanti injection of cash and for me, that's a

1008
00:52:30,920 --> 00:52:34,799
Speaker 10: positive thing under current globally global macroeconomic situations.

1009
00:52:35,480 --> 00:52:40,480
Speaker 2: Zimbabwe is getting the continent's first lithium sulfate plant. I

1010
00:52:40,520 --> 00:52:43,080
Speaker 2: have no idea what lithium sulfate is is it in myself?

1011
00:52:44,680 --> 00:52:48,240
Speaker 10: Well, it's a big lithium obviously related to the production

1012
00:52:48,320 --> 00:52:51,040
Speaker 10: of lithium which is now called the white gold. Stephen,

1013
00:52:51,920 --> 00:52:55,880
Speaker 10: Zimbabwe one of the biggest deposits on the continent. DearS

1014
00:52:56,080 --> 00:52:58,000
Speaker 10: probably has a bit more, but it's always hard to

1015
00:52:58,040 --> 00:53:00,520
Speaker 10: measure DearS because you've got the whole civil war happening,

1016
00:53:00,840 --> 00:53:04,399
Speaker 10: but Zimbabwe is about eleven million tons. They've teamed up

1017
00:53:04,560 --> 00:53:08,400
Speaker 10: with a Chinese entity who is injected five hundred million

1018
00:53:08,480 --> 00:53:12,200
Speaker 10: US dollars Steven with regards to a lithium a self

1019
00:53:12,239 --> 00:53:15,400
Speaker 10: had manufacturing plant in Pikita, which is in the southern

1020
00:53:15,400 --> 00:53:19,319
Speaker 10: part of Zimbabwe. Obviously, with such an investment, Steven, it's

1021
00:53:19,320 --> 00:53:21,799
Speaker 10: supposed to impact the rest of the ecosystem. We're talking

1022
00:53:21,800 --> 00:53:25,800
Speaker 10: about infrastructure, healthcare and education. But I think the big

1023
00:53:25,840 --> 00:53:29,040
Speaker 10: thing there is that by twenty thirty, thanks to this

1024
00:53:30,320 --> 00:53:33,480
Speaker 10: construction of this manufacturing plant Steven, they expect to hit

1025
00:53:34,080 --> 00:53:36,960
Speaker 10: producing one hundred and sixty thousand tons of lithium. And

1026
00:53:37,040 --> 00:53:39,560
Speaker 10: then the moment, Zimbabwe is year on near grain about

1027
00:53:39,560 --> 00:53:42,200
Speaker 10: thirty percent year on near growth in terms of output

1028
00:53:42,239 --> 00:53:44,600
Speaker 10: on lithium. So when you look at the ev market,

1029
00:53:44,640 --> 00:53:47,880
Speaker 10: where it's going, and obviously this is a key product,

1030
00:53:48,280 --> 00:53:50,279
Speaker 10: it's in the right direction. But again you've got the

1031
00:53:50,360 --> 00:53:52,920
Speaker 10: Chinese involved. It's all going to build down to quality

1032
00:53:52,960 --> 00:53:55,880
Speaker 10: and Zimbabwe's responsibility to ensure that happens.

1033
00:53:56,280 --> 00:54:02,440
Speaker 2: And then kb Lame Lami Lamih, the Senegalese ah right,

1034
00:54:02,600 --> 00:54:05,719
Speaker 2: three billion dollars networth is the claim. Maybe not?

1035
00:54:06,560 --> 00:54:10,160
Speaker 10: Yeah, so Stephen, remember with he made it. He teamed

1036
00:54:10,200 --> 00:54:13,400
Speaker 10: up with rich Sparkle and they did a one billion

1037
00:54:13,480 --> 00:54:16,520
Speaker 10: US dollar deal. One of the concerns that has come up,

1038
00:54:16,560 --> 00:54:19,080
Speaker 10: and this is Forbes who highlighted that because remember the

1039
00:54:19,120 --> 00:54:22,319
Speaker 10: company Rich Sparkle. Because of this deal, their value moved

1040
00:54:22,320 --> 00:54:24,840
Speaker 10: from fifty million US dollars to sixteen point three billion.

1041
00:54:25,239 --> 00:54:27,000
Speaker 10: But one of their big concerns is that when they

1042
00:54:27,120 --> 00:54:32,680
Speaker 10: valued KB in his company, which the people are saying

1043
00:54:32,680 --> 00:54:34,919
Speaker 10: should be about three billion US dollars, they are saying

1044
00:54:34,920 --> 00:54:37,200
Speaker 10: that if you measured this based on stock price, it's

1045
00:54:37,239 --> 00:54:39,480
Speaker 10: one thing, but they said it should be measured based

1046
00:54:39,480 --> 00:54:42,120
Speaker 10: on financials, and if you measured it on financials, it

1047
00:54:42,120 --> 00:54:44,240
Speaker 10: shouldn't be a billion US dollars, it should be less

1048
00:54:44,400 --> 00:54:47,759
Speaker 10: than three billion US dollars. Kblamb has probably got about

1049
00:54:47,800 --> 00:54:50,240
Speaker 10: three undred and sixty million users. We've seen the impact

1050
00:54:50,239 --> 00:54:53,200
Speaker 10: on social media and what it does the evaluation of

1051
00:54:53,239 --> 00:54:55,799
Speaker 10: a company. But the bottom line that's coming out here

1052
00:54:55,920 --> 00:54:58,480
Speaker 10: is that both corporate investors in this day and age,

1053
00:54:58,520 --> 00:55:01,800
Speaker 10: we need value digital companies and the and the social

1054
00:55:01,800 --> 00:55:04,040
Speaker 10: media and the value they bring to companies, the question

1055
00:55:04,239 --> 00:55:06,799
Speaker 10: is how do you valuate properly and how sustainable is it?

1056
00:55:07,000 --> 00:55:09,400
Speaker 10: And that's obviously a kin here. At the end of

1057
00:55:09,440 --> 00:55:11,360
Speaker 10: the day, I think it's a great thing that Kabilem

1058
00:55:11,440 --> 00:55:15,240
Speaker 10: has done, but I think corporate investors and and players

1059
00:55:15,239 --> 00:55:18,319
Speaker 10: are saying, how do you sustainably value companies like this

1060
00:55:18,680 --> 00:55:21,000
Speaker 10: that are based on social media driving We've seen I

1061
00:55:21,040 --> 00:55:24,840
Speaker 10: show Speed recently came and made a lot of money

1062
00:55:24,880 --> 00:55:27,200
Speaker 10: and made a lot of impact. But sometimes it can

1063
00:55:27,239 --> 00:55:28,960
Speaker 10: be a bubble in the air. But is it is

1064
00:55:28,960 --> 00:55:30,799
Speaker 10: it sustainable in the long term? And those are the

1065
00:55:30,840 --> 00:55:33,120
Speaker 10: questions coming up, and it will see how the story

1066
00:55:33,160 --> 00:55:34,280
Speaker 10: and pets go into the future.

1067
00:55:34,360 --> 00:55:36,440
Speaker 2: I mean, the thing about social media is it can

1068
00:55:36,480 --> 00:55:37,680
Speaker 2: all end so quickly.

1069
00:55:37,680 --> 00:55:40,839
Speaker 10: It can it can see then. And but at least

1070
00:55:40,840 --> 00:55:42,680
Speaker 10: I've got a follower in you, Stephen. I just need

1071
00:55:42,719 --> 00:55:45,600
Speaker 10: to value how much you you you make.

1072
00:55:45,640 --> 00:55:47,840
Speaker 2: Watch platform following you.

1073
00:55:48,200 --> 00:55:51,600
Speaker 10: It's called my platform with Stephen dot com and it's

1074
00:55:51,600 --> 00:55:53,000
Speaker 10: working quite nicely at the moment.

1075
00:55:53,360 --> 00:55:59,360
Speaker 2: Excellent. Okay, why doctor the founding director of Dry That

1076
00:55:59,440 --> 00:56:02,000
Speaker 2: Forget Advice, author of the book Rumble in the Jungle.

1077
00:56:02,000 --> 00:56:03,440
Speaker 2: We're so good to see you. Thanks so much for

1078
00:56:03,520 --> 00:56:07,560
Speaker 2: coming in tonight. Don't forget Personal Finance in just a moment,

1079
00:56:07,640 --> 00:56:10,360
Speaker 2: how to change your habits to grow your wealth The.

1080
00:56:10,600 --> 00:56:13,520
Speaker 4: Money Show Personal Finance.

1081
00:56:13,800 --> 00:56:17,680
Speaker 2: Twenty two minutes now to eight the time. The conversation

1082
00:56:17,719 --> 00:56:21,480
Speaker 2: we're having tonight is essentially about your financial future, as

1083
00:56:21,480 --> 00:56:24,040
Speaker 2: it so often is on The Money Show at this time.

1084
00:56:24,080 --> 00:56:27,200
Speaker 2: But the point to make is that your financial future

1085
00:56:27,320 --> 00:56:32,160
Speaker 2: will not change unless you do. Warren Ingram is out

1086
00:56:32,160 --> 00:56:34,960
Speaker 2: this evening. I'm very glad to welcome once again John Monique,

1087
00:56:35,000 --> 00:56:37,839
Speaker 2: they head of financial Education of Mutual John, A good evening,

1088
00:56:37,880 --> 00:56:40,720
Speaker 2: Good to chat to you again. It's such an interesting

1089
00:56:40,760 --> 00:56:44,040
Speaker 2: idea that your financial future is not about your New

1090
00:56:44,120 --> 00:56:46,520
Speaker 2: Year's resolutions when you wake up with a hangover on

1091
00:56:46,600 --> 00:56:51,400
Speaker 2: New Year's Day. It's about consistent behavior, and yet I

1092
00:56:51,440 --> 00:56:54,759
Speaker 2: think so many people find creating those habits quite hard.

1093
00:56:55,480 --> 00:56:57,720
Speaker 4: Absolutely good evening to you, Steve.

1094
00:56:59,520 --> 00:57:04,640
Speaker 11: Great look, I'm one of the people who believe that

1095
00:57:05,280 --> 00:57:10,359
Speaker 11: the so called as harshly as I may call it,

1096
00:57:11,719 --> 00:57:17,040
Speaker 11: New Year's celebration, it's very highly overrated. To be honest,

1097
00:57:17,600 --> 00:57:20,480
Speaker 11: you know, from a financial planning point of view, if

1098
00:57:20,600 --> 00:57:23,720
Speaker 11: nothing has changed in terms of the way you think

1099
00:57:23,760 --> 00:57:25,960
Speaker 11: and the way you do things. If your habits have

1100
00:57:26,040 --> 00:57:31,080
Speaker 11: not changed, we can pop champagne from transfer truck midnight

1101
00:57:31,320 --> 00:57:35,840
Speaker 11: coming into the first of January twenty twenty six. Nothing

1102
00:57:35,920 --> 00:57:38,440
Speaker 11: is going to change in your financial life throughout the year.

1103
00:57:39,320 --> 00:57:42,560
Speaker 11: The reality, Steve is that you know, financial freedom is

1104
00:57:42,600 --> 00:57:45,240
Speaker 11: not triggered by just simply the turning of the page

1105
00:57:45,320 --> 00:57:48,160
Speaker 11: or the calendar. We can tend the pages of the calendar,

1106
00:57:48,200 --> 00:57:51,440
Speaker 11: you will come up with those New Years resolutions. Until

1107
00:57:51,560 --> 00:57:55,080
Speaker 11: you get to a point where you are prepared to

1108
00:57:55,280 --> 00:57:59,640
Speaker 11: think differently, to see things differently, to change your financial habits,

1109
00:58:00,440 --> 00:58:03,440
Speaker 11: your financial trajectory will remain the same. And I think

1110
00:58:03,520 --> 00:58:07,360
Speaker 11: that's the message I'm hoping that our listeners will get.

1111
00:58:07,440 --> 00:58:10,840
Speaker 11: I mean, we can start critically looking at our financial habits.

1112
00:58:10,920 --> 00:58:14,680
Speaker 11: I like what just reminded of the statement by Albert

1113
00:58:14,680 --> 00:58:18,400
Speaker 11: Einsteide that the problems in the world cannot be changed

1114
00:58:18,440 --> 00:58:21,640
Speaker 11: by the same level of thinking that created them. So

1115
00:58:21,920 --> 00:58:25,720
Speaker 11: that's why, if there's no change of anything in you,

1116
00:58:26,720 --> 00:58:30,600
Speaker 11: let's just continue living life and not to expect any

1117
00:58:30,720 --> 00:58:32,600
Speaker 11: miracles in twenty twenty six.

1118
00:58:33,160 --> 00:58:36,960
Speaker 2: So, I mean, many people have the right intention and

1119
00:58:37,000 --> 00:58:39,360
Speaker 2: they start off start of the year or whatever it

1120
00:58:39,400 --> 00:58:41,080
Speaker 2: is by saying I'm going to do it like this

1121
00:58:41,840 --> 00:58:46,680
Speaker 2: and then they don't. Now is the problem that actually

1122
00:58:46,760 --> 00:58:50,160
Speaker 2: is quite hard to do. Is the problem that when

1123
00:58:50,240 --> 00:58:53,840
Speaker 2: it comes to the trade off, so I need to

1124
00:58:53,960 --> 00:58:57,080
Speaker 2: now start saving this to say ten percent more of

1125
00:58:57,120 --> 00:59:02,640
Speaker 2: my income. Oh it's January. It's January. It's either that

1126
00:59:03,000 --> 00:59:07,320
Speaker 2: or new shoes for my office job or whatever it is.

1127
00:59:07,640 --> 00:59:11,320
Speaker 2: And is that where the problem comes that that execution

1128
00:59:11,480 --> 00:59:13,000
Speaker 2: starts become really quite difficult.

1129
00:59:13,400 --> 00:59:16,120
Speaker 11: Yeah, look, yeah, and I like the way do you

1130
00:59:16,200 --> 00:59:20,600
Speaker 11: use the operative way being trade offs? If you want

1131
00:59:20,640 --> 00:59:23,960
Speaker 11: to see changes in your financial life, let's start looking

1132
00:59:24,000 --> 00:59:26,040
Speaker 11: at what are the what are the couple of things

1133
00:59:26,040 --> 00:59:29,280
Speaker 11: that you can change? It actually starts. Yes, we spoke

1134
00:59:29,280 --> 00:59:32,360
Speaker 11: about changing your thinking, but it also includes your circle

1135
00:59:32,400 --> 00:59:32,960
Speaker 11: of friends.

1136
00:59:34,480 --> 00:59:35,800
Speaker 4: You've got friends who.

1137
00:59:35,920 --> 00:59:41,360
Speaker 11: The life revolves around events, parting, fast cars.

1138
00:59:41,840 --> 00:59:47,040
Speaker 4: You don't discuss investments, you don't discuss you know what

1139
00:59:47,080 --> 00:59:47,360
Speaker 4: I mean?

1140
00:59:47,760 --> 00:59:50,120
Speaker 11: And I like the advert that Nando's adverts you play

1141
00:59:50,160 --> 00:59:54,680
Speaker 11: the earlier just before before this chair, and it's said

1142
00:59:54,880 --> 00:59:57,360
Speaker 11: the more things change, the more they stay the same.

1143
00:59:58,360 --> 01:00:00,600
Speaker 11: You know, So you have to look get the circle

1144
01:00:00,640 --> 01:00:03,160
Speaker 11: of friends you have. You need to surround yourself with

1145
01:00:03,200 --> 01:00:06,240
Speaker 11: people will inspire people will think alike. Like they say,

1146
01:00:06,320 --> 01:00:11,080
Speaker 11: birds are the same feathers flop together. You you need

1147
01:00:11,160 --> 01:00:14,000
Speaker 11: to you need to look at some You need to

1148
01:00:14,040 --> 01:00:16,800
Speaker 11: have some kind of a sapotism. If you decide to say,

1149
01:00:16,960 --> 01:00:20,520
Speaker 11: these are the changes I'm going to make, you know,

1150
01:00:20,640 --> 01:00:22,960
Speaker 11: I'm going to start investing more, I'm going to start

1151
01:00:23,920 --> 01:00:29,320
Speaker 11: cutting back on my expenditure or spend less, or pay

1152
01:00:29,360 --> 01:00:32,600
Speaker 11: off my debts, whatever it is. But you also need

1153
01:00:32,720 --> 01:00:39,320
Speaker 11: some kind of a uh a system that will help

1154
01:00:39,360 --> 01:00:42,720
Speaker 11: you to keep you honest. This might be telling somebody

1155
01:00:42,760 --> 01:00:45,560
Speaker 11: about your goals and your ambition. Somebody will keep you honest.

1156
01:00:45,760 --> 01:00:47,920
Speaker 11: But by the way, you said you're going to be

1157
01:00:48,720 --> 01:00:51,240
Speaker 11: enrolling for your masters or PhD, they say how far

1158
01:00:51,240 --> 01:00:51,760
Speaker 11: are you with that?

1159
01:00:51,920 --> 01:00:52,840
Speaker 4: You know and all that?

1160
01:00:52,920 --> 01:00:56,760
Speaker 11: Because sometimes we just top big, but we're actually done

1161
01:00:56,920 --> 01:00:59,880
Speaker 11: follow through. We'll lack that discipline. So let's look at

1162
01:00:59,880 --> 01:01:02,000
Speaker 11: it things that we need to change a because if

1163
01:01:02,040 --> 01:01:06,600
Speaker 11: your motivation level is not above your goals, you're going

1164
01:01:06,600 --> 01:01:09,600
Speaker 11: to have a problem with sustaining these things. That's why

1165
01:01:09,640 --> 01:01:12,720
Speaker 11: these new resolutions just fit away with a couple of weeks.

1166
01:01:12,800 --> 01:01:15,840
Speaker 11: I mean, how many people are donating with these gym companies.

1167
01:01:16,160 --> 01:01:19,400
Speaker 11: When I say, I'm not referring to a sparsic specific brand,

1168
01:01:19,680 --> 01:01:23,240
Speaker 11: but I'm talking about these places that people go to

1169
01:01:23,240 --> 01:01:26,320
Speaker 11: to exercise, you know, unless I be sued by a

1170
01:01:26,320 --> 01:01:27,200
Speaker 11: particular brand.

1171
01:01:28,320 --> 01:01:30,920
Speaker 4: But what I mean is we're donating there, We're saying we.

1172
01:01:30,920 --> 01:01:35,960
Speaker 11: Want to be fit, but we don't actually even visit

1173
01:01:36,280 --> 01:01:37,440
Speaker 11: such places.

1174
01:01:38,280 --> 01:01:40,880
Speaker 2: So I mean it's interesting because people and we're all

1175
01:01:40,880 --> 01:01:43,960
Speaker 2: the same. It's much easier to visualize and to have

1176
01:01:44,000 --> 01:01:45,840
Speaker 2: a conversation about what I'm going to have for lunch,

1177
01:01:45,840 --> 01:01:47,480
Speaker 2: what I'm going to spend on lunch, because that's in

1178
01:01:47,520 --> 01:01:51,520
Speaker 2: an hour's time or in my case, supper, But it's

1179
01:01:51,600 --> 01:01:54,520
Speaker 2: much harder to sort of plan for the future in

1180
01:01:54,560 --> 01:01:56,240
Speaker 2: five to ten years from now. And I mean there's

1181
01:01:56,280 --> 01:01:59,000
Speaker 2: a famous experiment about giving I think it's three year

1182
01:01:59,040 --> 01:02:01,960
Speaker 2: old children a little chocolate and saying you can have

1183
01:02:02,000 --> 01:02:04,600
Speaker 2: one chocolate. Now, if you hold this chocolate for an hour,

1184
01:02:04,960 --> 01:02:07,680
Speaker 2: you can have two chocolates. And you can see which

1185
01:02:07,760 --> 01:02:10,120
Speaker 2: children can do that and which children can't. And the

1186
01:02:10,160 --> 01:02:13,040
Speaker 2: phrase is the therred consumption, and that's pretty much your

1187
01:02:13,240 --> 01:02:17,480
Speaker 2: entire life. John is trying to encourage the third consumption.

1188
01:02:18,240 --> 01:02:20,480
Speaker 2: You know, you don't consume it now, you defer it

1189
01:02:20,520 --> 01:02:23,200
Speaker 2: to have it later, and it's really hard to do.

1190
01:02:23,880 --> 01:02:27,320
Speaker 11: Yeah, it's certainly not an easy thing, Steve, because a

1191
01:02:27,360 --> 01:02:31,040
Speaker 11: lot of people struggle to relate to their future self.

1192
01:02:32,520 --> 01:02:36,640
Speaker 11: We you know, it's easy to think about what what

1193
01:02:36,720 --> 01:02:39,919
Speaker 11: am I going to eat for for dinner because it's

1194
01:02:40,040 --> 01:02:42,440
Speaker 11: just maybe a couple of hours, a couple of minutes

1195
01:02:43,520 --> 01:02:46,680
Speaker 11: before you eat, But you don't think what's going to

1196
01:02:46,760 --> 01:02:50,080
Speaker 11: happen ten fifteen years from now when I retire? Am

1197
01:02:50,120 --> 01:02:55,200
Speaker 11: I going to retire comfortably? Will I have enough to

1198
01:02:55,240 --> 01:02:57,320
Speaker 11: sustain my life? Will I be able to maintain the

1199
01:02:57,320 --> 01:03:00,640
Speaker 11: same startup of living when I retire?

1200
01:03:00,720 --> 01:03:02,520
Speaker 4: What am I going to be doing when I retire?

1201
01:03:02,640 --> 01:03:02,840
Speaker 3: You know?

1202
01:03:03,000 --> 01:03:08,480
Speaker 11: Am I contributing enough towards securing a my retirement? I mean,

1203
01:03:08,560 --> 01:03:12,600
Speaker 11: if your retirement provision is not in check, you're going

1204
01:03:12,640 --> 01:03:16,240
Speaker 11: to have a serious challenges. I just think that we're

1205
01:03:16,280 --> 01:03:18,760
Speaker 11: finding it easy to go for easy things. I mean,

1206
01:03:18,800 --> 01:03:23,720
Speaker 11: we're not ready to sacrifice. And this, by the way,

1207
01:03:23,960 --> 01:03:26,560
Speaker 11: there's a risk of sounding like we're over generalizing.

1208
01:03:26,680 --> 01:03:27,560
Speaker 4: There are exceptions.

1209
01:03:27,600 --> 01:03:30,240
Speaker 11: There are people who are who are role models when

1210
01:03:30,920 --> 01:03:33,320
Speaker 11: it comes to thinking about the future and planning for

1211
01:03:33,360 --> 01:03:36,440
Speaker 11: the future. I mean we see that with quite a

1212
01:03:36,560 --> 01:03:39,880
Speaker 11: number of business people who have built empires and they

1213
01:03:39,960 --> 01:03:44,560
Speaker 11: didn't just land in this success. I mean it was

1214
01:03:44,600 --> 01:03:48,120
Speaker 11: a series of hard work, disciplined execution over time.

1215
01:03:48,640 --> 01:03:51,720
Speaker 4: So you know, these are things that we need to start.

1216
01:03:51,760 --> 01:03:54,200
Speaker 11: We need to start with small steps, you know, having

1217
01:03:54,480 --> 01:03:58,439
Speaker 11: a regular conversation with your financial advisor baitally on where

1218
01:03:58,440 --> 01:04:01,640
Speaker 11: the gaps are in your financial planning and if you're

1219
01:04:01,640 --> 01:04:04,600
Speaker 11: not able to, you know, meet up with some of

1220
01:04:04,640 --> 01:04:07,640
Speaker 11: your or things that you could be doing in terms

1221
01:04:07,640 --> 01:04:10,520
Speaker 11: of ensuring that you've got a proper balance portfolio. But

1222
01:04:10,520 --> 01:04:12,640
Speaker 11: at least you know where the gifts are. You're waking

1223
01:04:12,680 --> 01:04:16,400
Speaker 11: towards something. So I think that's a good place to

1224
01:04:17,240 --> 01:04:21,800
Speaker 11: start to help one to think, to think things forward

1225
01:04:21,840 --> 01:04:25,480
Speaker 11: to to start thinking long term and not living for

1226
01:04:25,600 --> 01:04:28,000
Speaker 11: them now, you know, because we want the soft life,

1227
01:04:28,040 --> 01:04:30,080
Speaker 11: we want things to come easy.

1228
01:04:30,160 --> 01:04:32,680
Speaker 4: We think life.

1229
01:04:34,040 --> 01:04:36,760
Speaker 11: It should be free from struggles, but in reality, it

1230
01:04:36,880 --> 01:04:41,160
Speaker 11: is those struggles. It is those tensions and conflicts that

1231
01:04:41,280 --> 01:04:44,320
Speaker 11: teaches us something. I mean, this is where growth comes from.

1232
01:04:44,720 --> 01:04:47,240
Speaker 11: So we just need to be prepared to deal with

1233
01:04:48,000 --> 01:04:49,800
Speaker 11: those things and not expect the soft life.

1234
01:04:50,320 --> 01:04:54,280
Speaker 2: I completely understand and accept the view that we shouldn't

1235
01:04:54,280 --> 01:04:56,680
Speaker 2: look at New Year's Day or the beginning of the

1236
01:04:56,760 --> 01:05:00,680
Speaker 2: year as a chance to change everything. It's about consistent habits.

1237
01:05:01,200 --> 01:05:04,240
Speaker 2: Where this period in the year is quite useful, especially

1238
01:05:04,240 --> 01:05:06,960
Speaker 2: at the end of January in the text year going

1239
01:05:07,000 --> 01:05:09,960
Speaker 2: into February, is to use this sort of point of

1240
01:05:09,960 --> 01:05:13,000
Speaker 2: the year as a checkpoint. If you're going to do that,

1241
01:05:13,800 --> 01:05:16,720
Speaker 2: what kind of financial areas should you really be focusing

1242
01:05:16,760 --> 01:05:19,440
Speaker 2: on to try and get a good understanding of where

1243
01:05:19,480 --> 01:05:20,760
Speaker 2: you are and where are you going to be in

1244
01:05:20,920 --> 01:05:21,680
Speaker 2: ten years time?

1245
01:05:22,720 --> 01:05:26,520
Speaker 11: Yeah, and that's exactly that steve to be honest. So

1246
01:05:26,600 --> 01:05:30,600
Speaker 11: when we say, or rather when I say that the

1247
01:05:30,720 --> 01:05:33,360
Speaker 11: new year is not just about the turning of the page,

1248
01:05:33,440 --> 01:05:37,120
Speaker 11: it's really about looking at the new years as a checkpoint.

1249
01:05:37,800 --> 01:05:41,960
Speaker 11: It's a checkpoint to say, Okay, I'm here. Now can

1250
01:05:42,000 --> 01:05:44,400
Speaker 11: I look at the past twelve months? What did I

1251
01:05:44,480 --> 01:05:47,000
Speaker 11: have goals? And did I achieve them? Where did I

1252
01:05:47,040 --> 01:05:50,360
Speaker 11: fall shot? Okay, now going into the new year, what

1253
01:05:50,520 --> 01:05:54,600
Speaker 11: about goals? It's time to review your goals? This thing

1254
01:05:54,680 --> 01:05:58,760
Speaker 11: about I need to think myself. Are we really be

1255
01:05:59,040 --> 01:06:02,200
Speaker 11: honest with us? You know, before we we say we

1256
01:06:02,840 --> 01:06:05,880
Speaker 11: are rewarding ourselves so let's look at the new as

1257
01:06:05,920 --> 01:06:08,960
Speaker 11: a checkpoint to say how far have I gone?

1258
01:06:09,240 --> 01:06:11,160
Speaker 4: You know, have I achieved? What else do you I

1259
01:06:11,200 --> 01:06:11,600
Speaker 4: need to do.

1260
01:06:11,760 --> 01:06:17,200
Speaker 11: That's why it's so critical to have these checking with

1261
01:06:17,200 --> 01:06:20,160
Speaker 11: with your financial advisors, so that they can help you

1262
01:06:20,200 --> 01:06:22,160
Speaker 11: keep honest with these things in the same way that

1263
01:06:22,200 --> 01:06:25,280
Speaker 11: you would you would visit your medical doctor regularly. You know,

1264
01:06:25,360 --> 01:06:28,600
Speaker 11: they check blood pressure, they they look at a couple

1265
01:06:28,600 --> 01:06:31,040
Speaker 11: of things of cholesterol, and do the same. When it

1266
01:06:31,040 --> 01:06:34,400
Speaker 11: comes to financial planning, do that check in and check

1267
01:06:34,440 --> 01:06:37,160
Speaker 11: way how far you've gone, what changes you need to make.

1268
01:06:38,040 --> 01:06:40,439
Speaker 2: I mean, I think a lot of people when they

1269
01:06:40,480 --> 01:06:43,520
Speaker 2: start that process just start to feel overwhelmed. You know,

1270
01:06:43,560 --> 01:06:45,320
Speaker 2: you look at how much you own the house and

1271
01:06:45,560 --> 01:06:48,080
Speaker 2: this and the that, and you look at at how

1272
01:06:48,160 --> 01:06:52,880
Speaker 2: much money is coming through you. I mean, are they

1273
01:06:53,000 --> 01:06:57,680
Speaker 2: particular sort of small actions that are maybe more realistic

1274
01:06:58,120 --> 01:07:00,360
Speaker 2: that you can sort of take now that will make

1275
01:07:00,360 --> 01:07:02,280
Speaker 2: the rest of twenty twenty six feel a lot better.

1276
01:07:03,120 --> 01:07:06,760
Speaker 11: No, absolutely, I think you know you don't have to look.

1277
01:07:06,800 --> 01:07:08,480
Speaker 11: I know some people might say, you know, I don't

1278
01:07:08,520 --> 01:07:12,360
Speaker 11: want to tackle big goals and visions circle, but you

1279
01:07:12,400 --> 01:07:16,160
Speaker 11: can start small. You do your own account to say, look,

1280
01:07:16,200 --> 01:07:20,160
Speaker 11: I'm do a list of your debts. If let's say,

1281
01:07:20,200 --> 01:07:23,080
Speaker 11: for argument's sake, you've got five or ten, how many

1282
01:07:23,080 --> 01:07:24,520
Speaker 11: can you kill in twenty twenty six?

1283
01:07:24,560 --> 01:07:25,600
Speaker 4: How many can you reduce?

1284
01:07:27,760 --> 01:07:30,160
Speaker 11: Maybe you want to look at you might still be

1285
01:07:30,360 --> 01:07:33,400
Speaker 11: playing off your car or you're bond. You might want

1286
01:07:33,440 --> 01:07:37,760
Speaker 11: to put a milestone for yourself by during this yale,

1287
01:07:37,960 --> 01:07:40,480
Speaker 11: or by end of the year or in the next

1288
01:07:40,520 --> 01:07:43,400
Speaker 11: three years. I want to have settled this car. I

1289
01:07:43,440 --> 01:07:45,720
Speaker 11: want to have settled this dead. You know, you need

1290
01:07:45,760 --> 01:07:49,120
Speaker 11: to set some goals, and those you need to be realistic,

1291
01:07:49,400 --> 01:07:52,960
Speaker 11: because a danger also setting unrealistic goals, You're going to

1292
01:07:53,000 --> 01:07:55,800
Speaker 11: discourage yourself in the process. So you might want to

1293
01:07:55,840 --> 01:07:58,960
Speaker 11: tackle smaller ones and say, okay, let me start somewhere.

1294
01:07:59,600 --> 01:08:03,040
Speaker 11: You might want to say, well, actually, uh, I need

1295
01:08:03,040 --> 01:08:03,920
Speaker 11: to I don't.

1296
01:08:03,760 --> 01:08:06,320
Speaker 4: Have it will, so let me put a will together.

1297
01:08:06,640 --> 01:08:09,160
Speaker 11: But in that will, what's the point of you know,

1298
01:08:09,240 --> 01:08:11,680
Speaker 11: doing a wall without consulting with your advisor to look

1299
01:08:11,680 --> 01:08:14,840
Speaker 11: at is your portfolio balance enough? I mean, do you

1300
01:08:14,880 --> 01:08:18,800
Speaker 11: understand what it means to uh start reviewing your estate

1301
01:08:19,040 --> 01:08:22,519
Speaker 11: to make sure that your families were looked after in

1302
01:08:22,560 --> 01:08:26,040
Speaker 11: the scheme of that conversation you you'll be able to

1303
01:08:26,880 --> 01:08:31,640
Speaker 11: identify some you know, short term goals, short medium or

1304
01:08:31,640 --> 01:08:34,479
Speaker 11: even long term goals that you can agree with with

1305
01:08:34,560 --> 01:08:37,760
Speaker 11: your financial planner to help you. And then if you

1306
01:08:37,800 --> 01:08:40,160
Speaker 11: can I mean, you know, I like people who talk

1307
01:08:40,200 --> 01:08:43,880
Speaker 11: about vision boards because we are visual beings, you know.

1308
01:08:43,960 --> 01:08:46,400
Speaker 11: So if you start putting things visually and you see

1309
01:08:47,439 --> 01:08:52,000
Speaker 11: and you motivate yourself by checking in and having these checkpoints.

1310
01:08:52,240 --> 01:08:53,639
Speaker 4: For me, that's what I would do.

1311
01:08:54,280 --> 01:08:56,680
Speaker 11: If I've never done something like that, That's what I

1312
01:08:56,720 --> 01:08:57,519
Speaker 11: would do this year.

1313
01:08:58,120 --> 01:09:00,599
Speaker 2: We're speaking to John Monique, the head of financial Education

1314
01:09:00,680 --> 01:09:03,960
Speaker 2: at Old Mutual and Personal Finance, what you can change

1315
01:09:04,000 --> 01:09:08,439
Speaker 2: now to create wealth later nine minutes now to eight

1316
01:09:08,439 --> 01:09:09,599
Speaker 2: o'clock on The Money Show.

1317
01:09:11,600 --> 01:09:14,200
Speaker 12: The Money Show Stephen Cruets is brought to you by

1318
01:09:14,280 --> 01:09:19,400
Speaker 12: Absolve Corporate and Investment Banking, Balancing economic growth with ecosystems.

1319
01:09:19,680 --> 01:09:22,280
Speaker 12: That's how they've invested in your story.

1320
01:09:23,800 --> 01:09:26,240
Speaker 5: The Money Show, Personal Finance.

1321
01:09:26,920 --> 01:09:29,840
Speaker 2: John Monique is the head of financial education at Old

1322
01:09:29,880 --> 01:09:33,439
Speaker 2: Mutual with us on Personal Finance tonight. How your financial

1323
01:09:33,439 --> 01:09:36,160
Speaker 2: future will not change in this you do, John, There's

1324
01:09:36,160 --> 01:09:39,120
Speaker 2: sort of two things that I think we all battle

1325
01:09:39,160 --> 01:09:42,519
Speaker 2: with trying to change our financial behavior. The one is

1326
01:09:42,560 --> 01:09:46,000
Speaker 2: we so often do what we used to. I mean,

1327
01:09:46,040 --> 01:09:47,800
Speaker 2: I have so many of the same brands in my

1328
01:09:47,920 --> 01:09:51,040
Speaker 2: house that I grew up with as an example. And

1329
01:09:51,160 --> 01:09:54,360
Speaker 2: the other is that we try and not always just

1330
01:09:54,479 --> 01:09:57,680
Speaker 2: impress our friends, but want to make sure that we

1331
01:09:57,840 --> 01:10:00,640
Speaker 2: look like we're keeping up with our friends. How do

1332
01:10:00,720 --> 01:10:03,800
Speaker 2: we kind of pull ourselves away from those two things

1333
01:10:03,800 --> 01:10:05,000
Speaker 2: the very strong forces.

1334
01:10:05,360 --> 01:10:08,880
Speaker 11: No, absolutely, And I think this is where a lot

1335
01:10:08,920 --> 01:10:13,000
Speaker 11: of people are trapped, you know, because there are these

1336
01:10:13,280 --> 01:10:17,920
Speaker 11: uh societal pressures and we want to keep up. And

1337
01:10:18,040 --> 01:10:21,280
Speaker 11: unfortunately social media has really not helped a lot of

1338
01:10:21,320 --> 01:10:23,840
Speaker 11: people because that is a platform where a lot of

1339
01:10:23,840 --> 01:10:28,120
Speaker 11: people thrive. And what many people are projecting or social

1340
01:10:28,240 --> 01:10:33,120
Speaker 11: media and what the reality is is are two different things,

1341
01:10:33,200 --> 01:10:35,800
Speaker 11: you know, because we are trying to impress, we're trying

1342
01:10:35,840 --> 01:10:38,360
Speaker 11: to show that we are we are willing. And that's

1343
01:10:38,400 --> 01:10:42,200
Speaker 11: the problem. When you project an image of success, when

1344
01:10:42,240 --> 01:10:45,160
Speaker 11: you know, deep down you know that you are not,

1345
01:10:45,400 --> 01:10:47,760
Speaker 11: that you're not as successful as you're projecting it to be,

1346
01:10:48,560 --> 01:10:51,240
Speaker 11: you could miss opportunity to be helped by people. If

1347
01:10:51,280 --> 01:10:53,559
Speaker 11: there is a good Summartan out there, then might think, ah,

1348
01:10:53,720 --> 01:10:56,439
Speaker 11: this one is doing Okay, So there's no point in

1349
01:10:56,520 --> 01:11:00,240
Speaker 11: trying to project what you're not an image of success

1350
01:11:00,280 --> 01:11:02,920
Speaker 11: when you're not. I know there's some people who say

1351
01:11:02,920 --> 01:11:05,880
Speaker 11: fake it until you make it. Well, if it works

1352
01:11:05,920 --> 01:11:08,760
Speaker 11: for some people, I guess, but I don't believe that

1353
01:11:08,800 --> 01:11:12,960
Speaker 11: you need to be trying to keep up with people

1354
01:11:13,000 --> 01:11:15,840
Speaker 11: you don't know for certain, even the very same people

1355
01:11:15,840 --> 01:11:18,320
Speaker 11: you are comparing yourself with that you're trying to compete

1356
01:11:18,320 --> 01:11:21,720
Speaker 11: with that they indeed they are really successful. Yes they

1357
01:11:21,720 --> 01:11:25,680
Speaker 11: can show these big cars that they drive, but you

1358
01:11:25,720 --> 01:11:27,960
Speaker 11: know what a lot of these cars that we see

1359
01:11:28,000 --> 01:11:28,439
Speaker 11: on the road.

1360
01:11:28,520 --> 01:11:32,720
Speaker 4: I know it might sound that i'm too there's a

1361
01:11:32,760 --> 01:11:34,479
Speaker 4: lot of balloon in there, you know.

1362
01:11:34,560 --> 01:11:39,000
Speaker 11: So you're enving people driving cars they cannot afford themselves,

1363
01:11:39,120 --> 01:11:42,560
Speaker 11: and you're also putting yourself in in, you know, in

1364
01:11:42,880 --> 01:11:45,720
Speaker 11: the firing line by trying to compete. So there's no

1365
01:11:45,760 --> 01:11:48,479
Speaker 11: need I think if you can at least this just say, look,

1366
01:11:48,560 --> 01:11:50,679
Speaker 11: let me stand my lane. I'm not competing. If there's

1367
01:11:50,720 --> 01:11:54,519
Speaker 11: anyone I'm competing with, it myself. I think you will

1368
01:11:54,560 --> 01:11:58,320
Speaker 11: have a lot less pressure living life with having to

1369
01:11:58,360 --> 01:11:59,040
Speaker 11: prove yourself.

1370
01:11:59,520 --> 01:12:02,680
Speaker 2: There's one book for children called, Oh the Places You

1371
01:12:02,720 --> 01:12:05,120
Speaker 2: Will go by Doctor Zeus and one of the great lines,

1372
01:12:05,160 --> 01:12:09,080
Speaker 2: and it says life is long, and then the race

1373
01:12:09,200 --> 01:12:12,000
Speaker 2: is long, and in the end, the only person you're

1374
01:12:12,000 --> 01:12:15,360
Speaker 2: competing with is you. I just love that idea. You're

1375
01:12:15,360 --> 01:12:19,080
Speaker 2: only playing against you, no one else. One of the

1376
01:12:19,120 --> 01:12:21,639
Speaker 2: things that happened, right, I think one of the things

1377
01:12:21,640 --> 01:12:26,680
Speaker 2: that's hard to do is to start saving as your

1378
01:12:26,720 --> 01:12:30,240
Speaker 2: most important thing, so the saving comes first, not everything else.

1379
01:12:30,520 --> 01:12:32,680
Speaker 2: I think most of us go into kind of life.

1380
01:12:32,720 --> 01:12:34,880
Speaker 2: We'll look at our salary slip and think your saving

1381
01:12:34,920 --> 01:12:38,240
Speaker 2: comes last. Saving is kind of whatever's left when actually,

1382
01:12:39,000 --> 01:12:42,400
Speaker 2: particularly for the you of ten years time, you really

1383
01:12:42,439 --> 01:12:43,479
Speaker 2: want to save first.

1384
01:12:43,800 --> 01:12:46,519
Speaker 11: Well, true, Look, it is important to pay yourself first.

1385
01:12:46,560 --> 01:12:48,519
Speaker 11: It's a pity that when it comes to saving, people

1386
01:12:48,560 --> 01:12:51,600
Speaker 11: don't see that as paying themselves first, or.

1387
01:12:51,600 --> 01:12:55,200
Speaker 4: Rather pay other people. That we all, but why not

1388
01:12:55,280 --> 01:12:58,759
Speaker 4: pay yourself as well? You're always You're always to yourself.

1389
01:12:58,760 --> 01:13:02,040
Speaker 11: You're all success true yourself, and one of doing that

1390
01:13:02,200 --> 01:13:05,320
Speaker 11: is to pay yourself as much as you pay others.

1391
01:13:05,439 --> 01:13:08,760
Speaker 11: You know, put some money aside for yourself, you know,

1392
01:13:08,800 --> 01:13:12,360
Speaker 11: because if you prioritize everyone else and say, look, if

1393
01:13:12,360 --> 01:13:14,280
Speaker 11: there are any left of us that I'll start saving

1394
01:13:14,320 --> 01:13:16,960
Speaker 11: it doesn't work, but why not share savings as an

1395
01:13:17,000 --> 01:13:19,479
Speaker 11: expense in the same way that you will be paying

1396
01:13:19,479 --> 01:13:22,800
Speaker 11: a furnisher installment or a car installment. You know, even

1397
01:13:22,800 --> 01:13:25,240
Speaker 11: if it's you start with a small amount. But it's

1398
01:13:25,280 --> 01:13:29,320
Speaker 11: all a lot about mindset and seeing and recognizing the

1399
01:13:29,400 --> 01:13:31,120
Speaker 11: fact that you also need to pay yourself.

1400
01:13:32,320 --> 01:13:35,040
Speaker 2: Is there one, I mean, for anyone listening to this.

1401
01:13:35,120 --> 01:13:37,960
Speaker 2: We're in February now, there's so much of this year

1402
01:13:38,000 --> 01:13:40,840
Speaker 2: to go, There's so much sil to pay for, There's

1403
01:13:40,840 --> 01:13:44,320
Speaker 2: so much silter save for as well. Is there one

1404
01:13:45,040 --> 01:13:49,160
Speaker 2: particular sort of habit, daily habit maybe that has the

1405
01:13:49,160 --> 01:13:52,479
Speaker 2: biggest impact? I mean, is it dropping the cappuccino every morning?

1406
01:13:52,560 --> 01:13:53,360
Speaker 2: Is the something else?

1407
01:13:53,600 --> 01:13:58,040
Speaker 4: Look, we all have us things, if I may call

1408
01:13:58,160 --> 01:13:58,439
Speaker 4: them that.

1409
01:13:58,680 --> 01:14:03,040
Speaker 11: You know, we have our addictions, and we know what addictions.

1410
01:14:03,080 --> 01:14:06,720
Speaker 11: It might be a bottle of that holy water, it

1411
01:14:06,760 --> 01:14:10,040
Speaker 11: could be whatever, you know, whatever way.

1412
01:14:09,920 --> 01:14:11,840
Speaker 4: You know you're spending a lot of money. I know

1413
01:14:11,880 --> 01:14:13,120
Speaker 4: some maybe with.

1414
01:14:13,160 --> 01:14:16,360
Speaker 11: Letties, it might be handbags, it might be doing their head.

1415
01:14:16,400 --> 01:14:21,120
Speaker 11: But it's not about saying cut everything. It's about maybe

1416
01:14:21,240 --> 01:14:25,439
Speaker 11: rejuice where you can try and live within your means.

1417
01:14:25,439 --> 01:14:28,679
Speaker 11: I mean, one of the biggest conceptions Steve about financial

1418
01:14:28,760 --> 01:14:32,360
Speaker 11: change is that you need some dramatic moves or you

1419
01:14:32,439 --> 01:14:35,680
Speaker 11: need perfect conditions. You don't need perfect conditions and realities.

1420
01:14:36,680 --> 01:14:39,040
Speaker 11: You need to start somewhere. You may want to start small,

1421
01:14:39,080 --> 01:14:40,040
Speaker 11: but start somewhere.

1422
01:14:40,520 --> 01:14:42,720
Speaker 2: That's such a good way to start to say it.

1423
01:14:42,760 --> 01:14:45,479
Speaker 2: You've got to start somewhere. John Monika, thank you, really

1424
01:14:45,520 --> 01:14:47,759
Speaker 2: good to talk to you again, Head of financial education

1425
01:14:48,160 --> 01:14:51,200
Speaker 2: at Old Mutual. It's not about so much what you do,

1426
01:14:51,240 --> 01:14:54,040
Speaker 2: but if you've got to start first, just start, you

1427
01:14:54,080 --> 01:14:56,240
Speaker 2: know that really is I think the lesson from it.

1428
01:14:57,840 --> 01:14:59,000
Speaker 4: The money Show is stealing through.

1429
01:14:59,040 --> 01:15:01,559
Speaker 12: It is brought to you you by absolute corporate and

1430
01:15:01,600 --> 01:15:06,840
Speaker 12: investment banking, balancing economic growth with ecosystems. That's how they've

1431
01:15:06,920 --> 01:15:08,519
Speaker 12: invested in your story.

1432
01:15:09,880 --> 01:15:12,600
Speaker 2: Well, US markets down again, does seem that one of

1433
01:15:12,640 --> 01:15:14,559
Speaker 2: the big problems is that there's a big sell off

1434
01:15:14,560 --> 01:15:17,960
Speaker 2: in software in cloud firms. Cloud of course, I'm talking

1435
01:15:18,000 --> 01:15:20,840
Speaker 2: about information in the sky. The Dow Jones is down

1436
01:15:20,920 --> 01:15:24,240
Speaker 2: over half a percent, the Nasdaq down one point seven,

1437
01:15:24,640 --> 01:15:27,559
Speaker 2: the S and P five hundred down nearly a full percent.

1438
01:15:27,720 --> 01:15:31,559
Speaker 2: So lots of drama on US markets tonight. We'll bring

1439
01:15:31,600 --> 01:15:33,920
Speaker 2: you all of the daily drama tomorrow on The Money Show.

1440
01:15:33,960 --> 01:15:35,040
Speaker 2: Good Evening, it's eight o'clock