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

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Speaker 1: oh two.

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Speaker 2: Let's walk little.

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Speaker 3: The Money Show with Stephen Curtis is brought to you

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Speaker 3: by Absent Corporate and Investment Banking, a Pan African bank

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Speaker 3: that's invested in your story because your story matters. Nine

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Speaker 3: minutes after six, good evening, Welcome to the program. I'm

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Speaker 3: Stephen Curtis. Well, as you would expect the US President

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Speaker 3: Donald Trump. He's been speaking at Davos, and a kind

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Speaker 3: of typical Trumpian speech, I suppose, a promise not to

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Speaker 3: take Greenland by force. Also goes on to say it's

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Speaker 3: all that he wants. He doesn't want anything else. He

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Speaker 3: consecure the world without it. It's interesting to me that

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Speaker 3: he is so obsessed with Greenland when for so many years,

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Speaker 3: over one hundred years or so, no other American president

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Speaker 3: has been as obsessed by Greenland as he is. And

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Speaker 3: I understand, you know, the world changes, but it does

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Speaker 3: seem to have almost come from nowhere. We'll get some

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Speaker 3: informed views on what the US President has been said

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Speaker 3: saying over the next little while. Will speak to for

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Speaker 3: Rose bar So, the head of Global Emerging Markets at

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Speaker 3: Sudam Investments, and Donovan Williams, the international relations expert, quite

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Speaker 3: a lot to pig through, and as always, you know,

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Speaker 3: parts of it are sort of contradictory. He says, for

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Speaker 3: example that you know, windmills that generate electricity are a

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Speaker 3: bad idea, they destroy land, But then he says he

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Speaker 3: quite likes them. He says China doesn't have any windmills

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Speaker 3: because they know better, but actually they do. I mean,

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Speaker 3: some of it is just very sort of contradictory as always,

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Speaker 3: and yet it is kind of a burning issue and

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Speaker 3: it is going to have an impact on markets and

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Speaker 3: the economy. Once again, I don't know if you have

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Speaker 3: this experience, but I'm kind of at the point where

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Speaker 3: I don't really know where reality is when it comes

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Speaker 3: to prices anymore. And that's because so much of what

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Speaker 3: I buy, if I go into any kind of retail

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Speaker 3: store in ey chain store, is on promotion. You have

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Speaker 3: a card, you get this or whatever. I was amazed

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Speaker 3: to see that nearly half of what's sold it clicks

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Speaker 3: is on promotion in some way, shape or form. Trade

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Speaker 3: Intelligence saying that what's called the fast moving consumer goods

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Speaker 3: price war is actually reaching its limits. They actually can't

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Speaker 3: go much further. I thought that was quite interesting. We'll

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Speaker 3: speak to the Investor Group CEO Fani Tt he's actually

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Speaker 3: at Davos and just get a sense from him of

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Speaker 3: how people at the World Economic Forum are viewing South

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Speaker 3: Africa right now. And there's been so much pushback, so

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Speaker 3: much negative commentary about the decision by the management at

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Speaker 3: Mister Price to buy the Central European retailer NKD. I

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Speaker 3: was not surprised, but surprised hear the Benguela Global Fund managers.

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Speaker 3: They've actually written to the JSE saying this should be

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Speaker 3: classed as a Tier one transaction, shareholders should get to

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Speaker 3: approve it. Basically, they're going as far as they can

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Speaker 3: to try and stop it and want other management of

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Speaker 3: Mister Price. It feels about that. I do think that's

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Speaker 3: a very interesting story. Good to hear from you, tonite

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Speaker 3: O double one doua A three seven two two one four,

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Speaker 3: four six, five six seven, and then voice notes on

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Speaker 3: seven two seven oh two one seven two inflation for

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Speaker 3: the year of twenty twenty five at its lowest in

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Speaker 3: twenty one years. Here's my question. Have you noticed if

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Speaker 3: you eat a lot of beef, you won't have noticed

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Speaker 3: because beef inflation has been so high. If you drink

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Speaker 3: a lot of coffee, he says, not looking in his mirror, well,

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Speaker 3: then you won't have noticed, because coffee inflation has been

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Speaker 3: very high. If you eat a lot of cheese, you

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Speaker 3: will have noticed. If you eat a lot of eggs,

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Speaker 3: you will have noticed. Inflation at its lowest in twenty

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Speaker 3: one years. Have you noticed what for you has been

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Speaker 3: the big impact? Oh seven two seven oh two one

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Speaker 3: seven oh two. Good evening, twelve minutes after six The

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Speaker 3: LNY Show.

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

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

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Speaker 1: and DStv channel eight five six.

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Speaker 3: Well the World Economic Forum at Davos and away the

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Speaker 3: center of the global economy very European dominated, of course.

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Speaker 3: Coming face to face with the US President Donald Trump

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Speaker 3: this afternoon, he says he needs Greenland to keep the

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Speaker 3: world safe. I think by he he does mean the

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Speaker 3: United States.

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Speaker 4: I think.

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Speaker 3: Also says he wouldn't use force to take Greenland. Did

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Speaker 3: hit out at Europe, saying later countries wouldn't defend the

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Speaker 3: US and that more countries around the world should cooperate

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Speaker 3: with the US in the way that Venezuela is now doing.

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Speaker 3: We start with Forro's bars at the head of Global

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Speaker 3: Emerging Markets at Sunda Investments. Foro's Good evening. You know,

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Speaker 3: I always find it quite difficult to know how seriously

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Speaker 3: I can take a promise by Donald Trump. He says

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Speaker 3: he won't use force to take Greenland. Do you think

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Speaker 3: markets are going to believe him?

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Speaker 2: Yes, Good evening, Stephen.

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Speaker 5: I imagine how we feel managing money, having to watch everything

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Speaker 5: he says all the time. I mean the sign is,

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Speaker 5: you know, the goal prices almost at five thousand an ounce,

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Speaker 5: so you know, we never know what to take serious

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Speaker 5: with him. But I think there's always a good indicator

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Speaker 5: for us, and I've picked it up over the last year.

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Speaker 2: You know, he comes out full force.

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Speaker 5: Like for example, now he said Greenland will take it

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Speaker 5: by any means, there's no way back. Those were the

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Speaker 5: Bloomberg comments last week and up until yesterday, and then

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Speaker 5: you get a shot. The US market goes into negative

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Speaker 5: territory and he's at divers today and he says, well,

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Speaker 5: you know, we won't use force.

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Speaker 2: We need it strategically.

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Speaker 5: It's ours, it's it's close to North America, so you know,

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Speaker 5: technically it's ours.

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Speaker 2: We must have it for security purposes. But I think

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Speaker 2: there's always one guiding light.

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Speaker 5: When the stock market falls, Donald Trump reacts, So that's

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Speaker 5: kind of indicator we look at to see whether he's

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Speaker 5: going to sway the one side or the other.

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Speaker 3: So you you you ready do buy the tackle trade.

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Speaker 3: Trump always chickens out.

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Speaker 5: He actually does, but you know, it's it's very dangerous

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Speaker 5: when you when you actually sit and listen to him.

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Speaker 5: Because I was sitting on the way from work listening

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Speaker 5: to him, and you know what he says, and he

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Speaker 5: just he just gives all these numbers. Forget about Greenland.

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Speaker 5: He talks about this wonderful US economy and our inflation

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Speaker 5: is under under control, and you know they're taking so

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Speaker 5: much tariffs in all of these things. You've got to

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Speaker 5: listen to him carefleyn and those number some of those

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Speaker 5: numbers don't make sense.

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Speaker 2: So I really get worried when when he speaks.

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Speaker 3: There's an implicit threat in another of his comments. I mean,

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Speaker 3: there's several depending on what you pick, but he said

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Speaker 3: other countries should cooperate with the US in the way

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Speaker 3: that Venezuela is doing. But that's only because he kidnapped

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Speaker 3: their president.

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Speaker 2: Yes, exactly. So you see that there's a big there's

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Speaker 2: a big global shift now.

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Speaker 5: So you know, there's the Venezuela event opened up the

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Speaker 5: door for for so much geopolitical risk. And that's why

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Speaker 5: the gold price is weed ease, right because remember China

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Speaker 5: has this hold over Taiwan and says it should be

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Speaker 5: part of China. You know, I says Crimea should be ours.

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Speaker 5: There's so many areas around the world, the Somalia land,

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Speaker 5: there's so many issues. So what he did with Venezuela

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Speaker 5: now by abducting the prison and and if it takes Greenland,

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Speaker 5: you know, it kind of kinds of opens these geopolitical

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Speaker 5: risk globally. And that's my biggest fear that if he

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Speaker 5: succeeds or somehow gets it, it will be you know,

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Speaker 5: they'll be huge geopolitical risk globally. I think the one

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Speaker 5: thing that we benefit from is that, you know, it

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Speaker 5: speaks about the best market globally and so many requid eyes,

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Speaker 5: but emerging markets outperform developed markets and the US by

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Speaker 5: thirteen percent last year. And Stephen, even if you look

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Speaker 5: at where the RAND is at, it's at sixteen twenty

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Speaker 5: seven you know, last year at this time we were

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Speaker 5: at eighteen fifty. So the rand is depreciating fast. Commodity

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Speaker 5: prices are going up, geopolitical risk is increasing. So I

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Speaker 5: don't know, isn't displaying in do China, Russia and some

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Speaker 5: of the biggie merging markets.

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Speaker 3: Flavor Mark Connie was in Beijing just last week for

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Speaker 3: Rose Basa, Thanks very much. Indeed, head of Global Emerging

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Speaker 3: Markets at sun Um Investments. Seventeen minutes after six on

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Speaker 3: The Money Show at Donovan Williams is an expert on

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Speaker 3: international relations. Donovan, Good evening. How do we as South

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Speaker 3: Africa navigate this? And I kind of almost don't want

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Speaker 3: to repeat one of the comments that Trump made because

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Speaker 3: it's so inherently racist, but he made a comment about

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Speaker 3: the IQs of people from Somalia. He said that Europe

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Speaker 3: is going in a bad direction. He doesn't recognize it anymore.

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Speaker 3: He's talking there about migration, and it seems to me

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Speaker 3: he's obsessed by race. We are a black country. How

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Speaker 3: do we navigate all of this?

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Speaker 6: Yeah, evening, Stephen, as well as I'm sure in Cape

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Speaker 6: Town it's still bright sunshine at this time of the year. Look,

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Speaker 6: I think the mistake. Comp is racist, it's clear, but

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Speaker 6: that's neither You're not there. There are There are many

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Speaker 6: racist people, and you have to interact with them, and

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Speaker 6: you can't get stuck on that. And he is the

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Speaker 6: president of the United States. But Trump is not necessarily crazy.

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Speaker 6: And I know there's a there's a narrative being created

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Speaker 6: about on him in terms of dementia. Uh, you know,

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Speaker 6: similar to Biden in a way that's been building within

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Speaker 6: some of the media within the United States and the

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Speaker 6: Western media, and a manner speaking, not mainstream necessarily. But

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Speaker 6: he's not crazy and he doesn't have dementia. He does

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Speaker 6: he's careless with these words. And as you heard, he

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Speaker 6: called Greenland Iceland and so forth. You've got to look

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Speaker 6: past that if you're going to analyze him correctly. He

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Speaker 6: is sketching out they manifesto in a manner speaking or

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Speaker 6: election campaign. I think that's better for the midterms. So

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Speaker 6: he's calling it it's fake news versus fake news in

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Speaker 6: a sense, he's saying, economy, it is five point four

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Speaker 6: percent growth, and look at the base of our economy,

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Speaker 6: it's five point four percent growth. He's going to use

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Speaker 6: the money that has come in from tariffs to distribute.

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Speaker 6: He's also saying to Europe, we have been subsidizing your

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Speaker 6: pharmaceutical goods. So the whole thing about you know, the

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Speaker 6: big beautiful bill that took away health benefits, etc. That

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Speaker 6: came from Obamacare, and he lost many supporters who lost

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Speaker 6: they help benefits. He's now saying, but look, we're going

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Speaker 6: to reduce and used the used the figure of ninety percent.

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Speaker 6: He said, I can't say one thousand percent, three thousand percent,

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Speaker 6: but let's use the fake news term ninety percent. That

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Speaker 6: drug pricing is going to come down by ninety percent

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Speaker 6: because we are tariffing Europe on their drug prices. And

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Speaker 6: he quotes Macron in that regard. He says, mccron squeeled

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Speaker 6: about it. I picked up the phone, we spoke and

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Speaker 6: he calls him in man and so forth. So you've

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Speaker 6: got to take this into account to say that, and

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Speaker 6: this is the scenario you better start sketching here in

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Speaker 6: South Africa, is that the Republicans could win the mid

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Speaker 6: term November elections and then what does that do for

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Speaker 6: in terms of Trump and the power he has, and

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Speaker 6: how do you manage that? I think our country has

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Speaker 6: done quite well, but right now in Davos. What he

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Speaker 6: has explained is that the affordability economic question that people

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Speaker 6: have been saying this economy is doing so badly, et cetera.

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Speaker 6: He's saying, I'm pushing I'm going to change the FED chair,

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Speaker 6: I'm going to reduce interest rates.

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Speaker 4: Credit is going to be done.

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Speaker 6: I'm going to save your houses, but I'm not going

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Speaker 6: to do it where I bought them out the property

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Speaker 6: market and so forth. I'm reducing the price of pharmaceuticals.

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Speaker 6: Inflation is better than it's ever been. It's non existent,

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Speaker 6: even says I think he says, we've defeated inflation, so

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Speaker 6: that must bother us. Whilst at the same time and

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Speaker 6: one has said that he even with Venezuela, he doesn't

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Speaker 6: need to put troops on the ground like Iraq and

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Speaker 6: Afghanistan as long as they cooperate. So similarly with Greenland,

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Speaker 6: as long as they don't sell to China in particular

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Speaker 6: and Russia and control the Arctic in that way, so

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Speaker 6: their resources that they have mustn't they must not and

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Speaker 6: allow more than just bases. But you know, policing offer

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Speaker 6: of the seas that they do not sell to China,

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Speaker 6: and if you don't sell to China. I've called it

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Speaker 6: in an article a whips and chains initiative as as

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Speaker 6: opposed to Bolton Road. Then it means Stephen, then it

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Speaker 6: means that what he's doing is essentially choking supply to

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Speaker 6: China on the goods they need to produce stuff. That's

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Speaker 6: what is essentially he's doing, and that's what he was

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Speaker 6: reminding Davas about today.

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Speaker 3: Donovan Williams, thank you, ready to appreciate that, thoughts the

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Speaker 3: expert on international relations on the Money Shows, so much

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Speaker 3: to think about when it comes to the US President

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Speaker 3: Donald Trump. Twenty two minutes after six.

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Speaker 1: The Money Shows with Stephen Skrewitz on seven oh two

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Speaker 1: seven two.

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Speaker 3: Well, there's no fake news when I tell you that.

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Speaker 3: That's they say, confirming today twenty twenty five, so the

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Speaker 3: lowest inflation in over twenty years. Lots of reasons for that.

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Speaker 3: Sometimes wonder how important the competition between all of our

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Speaker 3: retailers is. In Trade Intelligence saying today that the promotions

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Speaker 3: and discounting used by retailers is running out of room.

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Speaker 3: Nicola Allen is a senior analyst at Trade Intelligence. Nicola

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Speaker 3: good evening. We all know how these promotions work, and

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Speaker 3: I say that because you can't walk into a store

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Speaker 3: without seeing them. Why do you think they're running out

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Speaker 3: of room? Have they literally finally found a bottom?

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Speaker 7: Good evening, Stephen, thanks so much for having us on

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Speaker 7: the show. Yeah, what we're seeing is this intensification, if

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Speaker 7: you want, of what we're calling promotional intensity, and that's

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Speaker 7: the percentage of grocery revenue that's coming from discounted products.

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Speaker 7: And yes, we are seeing a point, possibly maybe not

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Speaker 7: this year that's it's going to run the room to

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Speaker 7: discount further because the stores are just blanketed with promotions.

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Speaker 7: We're looking at twenty five to thirty five percent in

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Speaker 7: South Africa. I mean, if there are higher places in

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Speaker 7: Portugal forty to forty five percent. But the real damage

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Speaker 7: is coming in terms of margins and returns on investment

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Speaker 7: for retailers and also for the manufacturers who are ultimately

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Speaker 7: being squeezed to provide those discounts.

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Speaker 3: So I mean there's a cost to increasing your market share,

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Speaker 3: and it must be quite a cost.

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Speaker 7: Absolutely. So we're seeing the retailers or most of the

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Speaker 7: retailers in their list and the reports are reporting lower

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Speaker 7: internal inflation, which means they're absorbing a lot of the

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Speaker 7: price increases that the manufacturers are trying to pass over

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Speaker 7: to them, which is about it. They've also got increasing

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Speaker 7: input costs. You've just obviously been talking about the global

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Speaker 7: mayhem that's going on. It's affecting supply chains, it's affecting crops,

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Speaker 7: affecting input us ultimately, but also when it comes to

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Speaker 7: promotions and discounts, a lot of their pressure is actually

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Speaker 7: pushed straight onto the manufacturer, so there's ultimately probably making

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Speaker 7: a loss. They can't reinvest in quality products, so ultimately

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Speaker 7: it's just not good for the whole vector.

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Speaker 3: They've become so embedded in the kind of the whole

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Speaker 3: ecosystem is the way that these retailers operate. It's all

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Speaker 3: about promotions. But then does that actually work?

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Speaker 4: Now?

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Speaker 3: What it means is that shoppers will shop around. We

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Speaker 3: actually saw during the pandemic people started spending more on

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Speaker 3: food because they weren't able to travel to shop around.

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Speaker 3: So we know that people shop around. There's lots of

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Speaker 3: evidence for that. But if there's so much noise, do

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Speaker 3: you eventually kind of do customers eventually give up and

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Speaker 3: they just buy whatever it is they're going to buy

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Speaker 3: wherever they're going to buy it because everything's on special

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Speaker 3: everywhere all the time. No matter what I do. It

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Speaker 3: reminds me a little bit Niccola of Ai pretty much.

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Speaker 7: Yeah, so there's a lot. There's a lot happen and

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Speaker 7: what you've just said, definitely, there's definite subsegments of the

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Speaker 7: market that is charging around from shop to shop. They're

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Speaker 7: they're collecting all of the retail of flyers. They've got

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Speaker 7: their pen out, they're circling the products. They're going to

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Speaker 7: get coffee here, They're going to get toilet paper there,

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Speaker 7: they're going to get tuna there. I mean, they must

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Speaker 7: be quite exhausting. And then they're the people who you

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Speaker 7: are saying, well, I'm just going to shop wherever I'm

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Speaker 7: going to shop, and I'm going to trust that the

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Speaker 7: prices there are reasonable. And that's actually the approach that

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Speaker 7: Walmart's taking it. I mean, it seems to be working

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Speaker 7: for them overseas. They've just had a cracker year in

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Speaker 7: the States, so we're very interested to see what happens

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Speaker 7: at their local stores in Joeberg that they've just opened

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Speaker 7: up their every day low pricing approach to see maybe

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Speaker 7: shoppers are really just tired of chasing those specials because

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Speaker 7: the loyalty is loyalty is dead. I mean, that's another

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Speaker 7: one of our hobby horses to talk about loyalty programs

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Speaker 7: or reward programs. Everyone's got their reward cards. They might

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Speaker 7: think that they're being loyal to the store because they've

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Speaker 7: got the card, but if that got the card for

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Speaker 7: four or five stores, it's physically impossible for them to

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Speaker 7: be loyal. They're literally just chasing the benefits.

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Speaker 3: If you want loyalty, get a dog, Nicola Allen, really

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Speaker 3: do appreciate it. Thank you so much, senior Analystic Trade Intelligence.

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Speaker 3: A lot to think about. How many store loyalty cards

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Speaker 3: do you have? And how do you have them? I

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Speaker 3: have one, and I have I'm not entirely sure why

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Speaker 3: I have that one, but I have one. I do

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Speaker 3: tend to go to that retailer more than others, that

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Speaker 3: supermarket chain. How many actual cards do you have in

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Speaker 3: your wallet or nowadays of course on your phone, But

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Speaker 3: how many loyalty cards do you have? And was there

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Speaker 3: something specific that made you get it?

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Speaker 4: Oh?

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Speaker 3: Seven two seven two one seven o.

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Speaker 4: Two The Money Show the Market.

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Speaker 3: Chris Stewart is at is at portfolio manager at ninety

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Speaker 3: one Chris, good evening to you. Well, let's start with inflation.

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Speaker 3: A very nice number, well slightly higher than expected three

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Speaker 3: point six percent for the end of last year, but

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Speaker 3: a very nice number for the whole of twenty twenty five.

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Speaker 3: And that leads to questions about whether the spice a

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Speaker 3: lower inflation target, we'll get some cuts.

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Speaker 4: Yeah, good evening, Steven. Yeah.

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Speaker 8: The inflation number, I guess, pretty much in line with

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Speaker 8: the expectations, sticking up slightly this month on a year

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Speaker 8: on year basis, but only slightly, and that's as a

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Speaker 8: result of the rental income category, which was anticipated to

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Speaker 8: come in this month. But as you point out, I mean,

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Speaker 8: the outlook for inflation is reasonably benign. The South African

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Speaker 8: terms of trade very supportive at the moment. The currency

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Speaker 8: strength will certainly assist in managing inflation and indeed managing

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Speaker 8: inflation expectations. So I would say we probably, you know,

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Speaker 8: the door is open for more rate cut this year

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Speaker 8: than had perhaps been anticipated a couple of months ago.

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Speaker 8: Whether they kick off next week or not remains to

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Speaker 8: be seen. The SOB may choose to remain a little

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Speaker 8: bit hawkish for a while longer. They've indicated that they

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Speaker 8: want to get inflation down to the bottom end of

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Speaker 8: the previous range. In other words, three percent is the target,

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Speaker 8: and therefore you want to get inflation expectations down. So

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Speaker 8: possibly not next week. I think next week is a

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Speaker 8: live meeting. It may or may not happen. But if

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Speaker 8: it doesn't happen next week, I think the door is

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Speaker 8: very much open for further rate cuts later this year.

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Speaker 3: Still, retail sales figures three point five percent up year

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Speaker 3: on year in November.

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Speaker 9: Not a terrible figure, no, but not a great figure either,

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Speaker 9: you know, retail and within that, if you look through

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Speaker 9: the detail, some of the underlying categories still pretty weak.

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Speaker 8: And you know we're going to find out. I think

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Speaker 8: from next week onwards we start to see the retailers

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Speaker 8: trading updates for the all important December fest of season quarter.

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Speaker 8: All indications are that the retailers are fairly heavily overstocked.

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Speaker 8: Retail sales haven't been great, and I guess you know

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Speaker 8: what we going to need to look at quite carefully

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Speaker 8: as the extent of discounting that's been taking place and

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Speaker 8: whether retailers have been able to hold margins or whether

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Speaker 8: indeed to try and get sales through the door. They've

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Speaker 8: had to sacrifice margins as well. But I thought quite

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Speaker 8: interesting that a reasonably benign reaction from most of the

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Speaker 8: in fact a fairy positive reaction to most of the

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Speaker 8: clothing retailers today despite a retail sales number that wasn't

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Speaker 8: very good, and maybe that's just because expectations have been

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Speaker 8: managed down over time. Share price performance has been horrendous,

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Speaker 8: and you know, maybe the bad news is in the

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Speaker 8: price and the lack of incremental bad news can start

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Speaker 8: to become good news if you indeed.

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Speaker 3: Quot So the wealth management firm mostly active in the

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Speaker 3: UK as secondary listing here, they seem to have a

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Speaker 3: very strong quarter helped us as you can imagine by

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Speaker 3: developments in the UK.

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Speaker 8: Yeah, well, I mean we've had strong markets, and strong

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Speaker 8: markets obviously assist asset base and that'll help earnings. So

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Speaker 8: you know, the actual assets under management declared for the period,

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Speaker 8: as with most asset and wealth managers reporting currently was

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Speaker 8: reasonably robust, however, from Quilta's perspective, and this distinguishes them

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Speaker 8: from some of the UK retail or the UK wealth

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Speaker 8: management businesses that have indeed reported their quarterly flows recently,

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Speaker 8: reporting pretty positive netflows. In fact, one of the strongest

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Speaker 8: NetFlow numbers we've seen from Quilt, and considerably stronger than

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Speaker 8: the market expected and considerably stronger than peers who over

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Speaker 8: that particular quarter were impacted by fears in the UK

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Speaker 8: around the budget. There's, you know, obviously been massive fears

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Speaker 8: around the fiscal situation in the UK. What's the government

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Speaker 8: going to do to try and raise revenue? And there

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Speaker 8: were a lot of concerns around you know, pension fund

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Speaker 8: taxation in the UK, which did manifest most of their

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Speaker 8: peers seeing negative netflows for the period, but Qulter bucking

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Speaker 8: the trend and being rewarded significantly for that today with

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Speaker 8: the share of over four percent.

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Speaker 3: Chris Stewart, thanks so much, sup Portfolio manager. At nine one,

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Speaker 3: a few seconds after six thirty, what have.

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Speaker 1: Stephen on seven two seven oh two one seven oh two.

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Speaker 3: Twenty minutes to seven the time, Well, as you can imagine,

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Speaker 3: some interesting responses to the conversations we've had about Donald

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Speaker 3: Trump's speech. Someone's saying your guest who says he doesn't

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Speaker 3: have dementias, he a medical professional, Okay, asking also with

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Speaker 3: lower inflation, have you noticed voice notes on seven seven

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Speaker 3: two one seven oh two.

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Speaker 10: Hi, Stephen, I have loyalty cards for every retailer you

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Speaker 10: can imagine. I'm not loyal to any of them. If

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Speaker 10: I see something I need from any one of those stores,

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Speaker 10: whether they have special or whatever, it's just convenient for

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Speaker 10: me to just pop out the loyalty card and get

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Speaker 10: the benefits. So yeah, Tea here.

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Speaker 3: From probostor Tee, thanks very much. I mean, is it

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Speaker 3: a loyalty card if you have more than one, there's

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Speaker 3: a new question. On the other hand, we all know

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Speaker 3: what they really are, which is just a way to

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Speaker 3: save money. Twenty minutes to seven.

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Speaker 4: That's on the Money Show six to eight pm. Just

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Speaker 4: going to call it to seven. Good evening. Well.

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Speaker 3: Obviously, the focus of much of the day at Davos

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Speaker 3: has been around the speech by the US President Donald Trump.

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Speaker 3: But let's just take a moment and see how South

435
00:23:22,680 --> 00:23:25,040
Speaker 3: Africa has been received there. In One of the South

436
00:23:25,040 --> 00:23:28,440
Speaker 3: Africans at Davos for the meeting is the groups, the

437
00:23:28,440 --> 00:23:32,320
Speaker 3: Investe Group CEO Fini tit finny, good evening and thanks

438
00:23:32,320 --> 00:23:34,240
Speaker 3: so much for the time. I know it's a busy week.

439
00:23:35,200 --> 00:23:38,560
Speaker 3: Davos is at the center of tensions around the world.

440
00:23:38,600 --> 00:23:42,119
Speaker 3: At the moment. How are people seeing South Africa in

441
00:23:42,160 --> 00:23:43,800
Speaker 3: the middle of all of this, Do they have time

442
00:23:43,880 --> 00:23:46,399
Speaker 3: to stop by and have a chat? How have you

443
00:23:46,480 --> 00:23:47,440
Speaker 3: been received?

444
00:23:48,600 --> 00:23:51,880
Speaker 11: Yeah, I've been living Stephen. As you say, we had

445
00:23:52,000 --> 00:23:57,480
Speaker 11: a pretty momentous day with President Trump addressing the forum today.

446
00:23:57,840 --> 00:24:00,400
Speaker 11: I must say that we came here as a Fricans

447
00:24:00,440 --> 00:24:05,679
Speaker 11: with a sense of optimism because there has been general

448
00:24:05,680 --> 00:24:10,280
Speaker 11: agreement about the reform programs architecture, and now we just

449
00:24:10,320 --> 00:24:12,920
Speaker 11: have to deliver into it. And we have seen some

450
00:24:13,000 --> 00:24:18,680
Speaker 11: positive progress already. So we brought that message here and

451
00:24:19,440 --> 00:24:22,600
Speaker 11: we are well received. And not only have we come

452
00:24:22,640 --> 00:24:26,040
Speaker 11: here to talk about South Africa and try to get

453
00:24:26,760 --> 00:24:31,400
Speaker 11: investment into the country, we also do promote investment into

454
00:24:31,440 --> 00:24:34,479
Speaker 11: Africa as a continent. If you think about the world today,

455
00:24:35,280 --> 00:24:40,360
Speaker 11: there's a fracturing of the global trading system and blocks

456
00:24:40,560 --> 00:24:43,280
Speaker 11: have developed, and for us first and foremost, I think

457
00:24:43,320 --> 00:24:46,960
Speaker 11: as Africans and the South Africans specifically, we have to

458
00:24:47,000 --> 00:24:51,280
Speaker 11: do more trade with the continent. And that's why the

459
00:24:51,320 --> 00:24:57,040
Speaker 11: African Free Trade Agreement is really important.

460
00:24:57,680 --> 00:24:59,960
Speaker 3: I mean, there's been so much talk about that recently,

461
00:25:00,040 --> 00:25:02,240
Speaker 3: and you talk about the world breaking into sort of

462
00:25:02,280 --> 00:25:05,840
Speaker 3: blocks and I mean it's happening almost day by day,

463
00:25:06,000 --> 00:25:09,240
Speaker 3: minute by minute. Do you get a sense that their

464
00:25:09,400 --> 00:25:13,560
Speaker 3: opportunities for South Africa and Africa within that? I mean,

465
00:25:13,560 --> 00:25:17,400
Speaker 3: I worry sometimes that places like Europe or South America

466
00:25:17,480 --> 00:25:20,639
Speaker 3: will be looking inward to themselves rather than looking to

467
00:25:20,680 --> 00:25:23,120
Speaker 3: trade more with us, which would make both of us

468
00:25:23,119 --> 00:25:23,639
Speaker 3: all richer.

469
00:25:25,680 --> 00:25:26,480
Speaker 7: I mean frustating.

470
00:25:27,040 --> 00:25:29,640
Speaker 11: We have to trade amongst ourselves. There are too many

471
00:25:29,680 --> 00:25:33,280
Speaker 11: barriers on the continent with respect to payments, with respect

472
00:25:33,280 --> 00:25:36,199
Speaker 11: to movement of people in goods, so we've got to

473
00:25:36,240 --> 00:25:39,960
Speaker 11: start there. I think in this structuring world, there remains

474
00:25:40,080 --> 00:25:45,040
Speaker 11: a significant opportunity as a country's and trading blocks look

475
00:25:45,400 --> 00:25:48,960
Speaker 11: for your partners that they can do a business with.

476
00:25:49,119 --> 00:25:52,800
Speaker 11: In fact, if you want to summarize some of the

477
00:25:53,600 --> 00:25:58,080
Speaker 11: key thoughts around geopolitics, you should listen to the speech

478
00:25:58,200 --> 00:26:03,920
Speaker 11: by the Canadian Prime Minister mccannie where he talked about

479
00:26:03,920 --> 00:26:10,600
Speaker 11: a concept of variable geometry, meaning that smaller countries specifically

480
00:26:11,000 --> 00:26:14,760
Speaker 11: need to get into alliances for specific purposes to achieve

481
00:26:14,800 --> 00:26:17,600
Speaker 11: certain goals, as opposed to trying to go it alone.

482
00:26:18,080 --> 00:26:21,000
Speaker 11: For instance, we traded with China and Africa can do

483
00:26:21,080 --> 00:26:23,560
Speaker 11: a lot with China because we do have resources, and

484
00:26:23,640 --> 00:26:26,240
Speaker 11: China is looking for resources.

485
00:26:25,680 --> 00:26:26,959
Speaker 2: With respect to technology.

486
00:26:27,640 --> 00:26:30,960
Speaker 11: We can partner for reasons with Europe, the US and

487
00:26:31,040 --> 00:26:36,159
Speaker 11: many other places. So thinking strategically about which partners we

488
00:26:36,320 --> 00:26:38,440
Speaker 11: need for which areas.

489
00:26:38,520 --> 00:26:39,200
Speaker 4: Of our needs.

490
00:26:39,200 --> 00:26:42,560
Speaker 11: So this idea of variable geometry is one of the

491
00:26:42,600 --> 00:26:46,280
Speaker 11: more important concepts to come out out of Dubles this year.

492
00:26:46,920 --> 00:26:49,639
Speaker 11: I urge you to listen to mccarnie or your listeners

493
00:26:49,720 --> 00:26:51,800
Speaker 11: rather to listen to mccarnie if they.

494
00:26:51,640 --> 00:26:54,000
Speaker 3: Have not very interesting. Thank you for the tip.

495
00:26:54,040 --> 00:26:54,280
Speaker 4: I mean.

496
00:26:54,840 --> 00:26:57,880
Speaker 3: One of the big threats though, is around central banking.

497
00:26:58,040 --> 00:27:01,359
Speaker 3: And we know how important the US Reserve is to

498
00:27:01,440 --> 00:27:04,960
Speaker 3: really the global financial system, what it means for stability,

499
00:27:04,960 --> 00:27:08,680
Speaker 3: what it means for an example, as an independent central bank.

500
00:27:09,520 --> 00:27:12,879
Speaker 3: If Jerome Powell is removed by Trump, if that's independence

501
00:27:12,960 --> 00:27:14,960
Speaker 3: is threatened, I mean, do you think that would have

502
00:27:15,000 --> 00:27:17,280
Speaker 3: an impact on institutions like yours? I mean, if the

503
00:27:17,359 --> 00:27:20,719
Speaker 3: US Federal Reserve is not independent, does it affect banks

504
00:27:20,720 --> 00:27:22,280
Speaker 3: around the world in some way?

505
00:27:24,280 --> 00:27:25,919
Speaker 12: Well, let's just be clear about it.

506
00:27:26,000 --> 00:27:30,080
Speaker 11: Banks central banks have two fundamental roads. The one is

507
00:27:30,080 --> 00:27:35,199
Speaker 11: the monitor policy, which is where you need independence because

508
00:27:35,240 --> 00:27:39,000
Speaker 11: you do need to set interest rates on the basis

509
00:27:39,040 --> 00:27:43,240
Speaker 11: of economic data as opposed to the width of political actors,

510
00:27:43,520 --> 00:27:46,399
Speaker 11: so that is really critically important. On the second part,

511
00:27:46,960 --> 00:27:50,960
Speaker 11: central banks to work with regulation, and by its very nature,

512
00:27:51,040 --> 00:27:54,480
Speaker 11: regulation has a political dimension to it, So it is

513
00:27:54,520 --> 00:27:59,320
Speaker 11: really important that the FED remains independent in terms of SETI,

514
00:27:59,359 --> 00:28:03,679
Speaker 11: monitory pot and from all we can hear from the

515
00:28:03,800 --> 00:28:07,640
Speaker 11: US where they be from Congress, from business people, there

516
00:28:07,680 --> 00:28:11,520
Speaker 11: is a sense that this is one of them the

517
00:28:11,520 --> 00:28:15,320
Speaker 11: fundamental pillers of the American economy, and I think there's

518
00:28:15,359 --> 00:28:20,080
Speaker 11: a lot of a lot of negotiation around this. Better

519
00:28:20,600 --> 00:28:24,560
Speaker 11: we continue to hold that the FED will remain independent. Thankfully,

520
00:28:25,080 --> 00:28:27,919
Speaker 11: for South Africa, we've never had to worry about the

521
00:28:27,960 --> 00:28:32,080
Speaker 11: independence of our central bank, and that obviously in one

522
00:28:32,119 --> 00:28:35,800
Speaker 11: of the strengths of our economy as it emerges from

523
00:28:36,680 --> 00:28:37,720
Speaker 11: the troubles of the past.

524
00:28:38,400 --> 00:28:40,640
Speaker 3: Funny t T thank you so really to appreciate the

525
00:28:40,720 --> 00:28:43,600
Speaker 3: time the Investor Group CEO on the line from Davos

526
00:28:43,920 --> 00:28:47,640
Speaker 3: at the World Economic Forum. Very interesting tip to watch

527
00:28:47,680 --> 00:28:51,080
Speaker 3: the Markani speech. As I understand the World Economic Forum,

528
00:28:51,120 --> 00:28:54,600
Speaker 3: almost everything that happens there is placed on YouTube. You

529
00:28:54,600 --> 00:28:56,520
Speaker 3: should be able to find it there if nowhere else,

530
00:28:56,520 --> 00:28:59,120
Speaker 3: If not on their own Feeds. Nine minutes now to seven.

531
00:29:00,080 --> 00:29:02,680
Speaker 13: The Money Show with Stephen Quotas is brought to you

532
00:29:02,720 --> 00:29:06,239
Speaker 13: by abs as cib a Pan African bank invested in

533
00:29:06,280 --> 00:29:09,720
Speaker 13: your story and the potential it can unlock because your

534
00:29:09,760 --> 00:29:12,920
Speaker 13: story matters as a raised FSP.

535
00:29:13,440 --> 00:29:16,800
Speaker 3: Seven minutes now to seven the Time Well a confirmation

536
00:29:16,920 --> 00:29:20,080
Speaker 3: today that one of the shareholders of Mister Price is

537
00:29:20,080 --> 00:29:23,480
Speaker 3: written to the JS. They say that the JS should

538
00:29:23,520 --> 00:29:26,120
Speaker 3: intervene in the decision by the management at mister Price

539
00:29:26,360 --> 00:29:30,360
Speaker 3: to buy the Central European retail chain NKD. Benguela Global

540
00:29:30,360 --> 00:29:33,440
Speaker 3: Fund Managers says that instead of looking up this transaction

541
00:29:33,920 --> 00:29:37,640
Speaker 3: as just one single transaction, the JS should consider it

542
00:29:37,880 --> 00:29:40,400
Speaker 3: as part of a series of transactions that's changing the

543
00:29:40,400 --> 00:29:43,200
Speaker 3: strategy of mister Price. As a result, goes the argument,

544
00:29:43,840 --> 00:29:46,760
Speaker 3: then shareholders should be able to vote on the issue.

545
00:29:46,920 --> 00:29:50,200
Speaker 3: Victor Ciani is the head of research at Benguelo Global

546
00:29:50,200 --> 00:29:54,680
Speaker 3: Fund Managers. Victor, good Evening, why are you so opposed

547
00:29:54,680 --> 00:29:57,360
Speaker 3: to the move by mister Price to buy NKD? Why

548
00:29:57,360 --> 00:29:58,840
Speaker 3: does it make no sense to you?

549
00:30:00,920 --> 00:30:03,560
Speaker 12: Good Evening, Steven, thank you for having me on your show.

550
00:30:03,560 --> 00:30:05,400
Speaker 12: It's and honored to be here. I've been a listener

551
00:30:05,440 --> 00:30:11,400
Speaker 12: for twenty years. So I think, if I may, I'd

552
00:30:11,400 --> 00:30:15,280
Speaker 12: like to start with making analogy of a business owner.

553
00:30:16,200 --> 00:30:21,160
Speaker 12: Let's say you own a clothing store, highly profitable, it's

554
00:30:21,200 --> 00:30:24,440
Speaker 12: earning a return on your investment of about twenty thirty

555
00:30:24,800 --> 00:30:28,080
Speaker 12: thirty percent every year, and you appointing manager to run

556
00:30:28,120 --> 00:30:32,320
Speaker 12: that store. The manager then decides to appoint a committee

557
00:30:32,720 --> 00:30:37,120
Speaker 12: to decide on how his bonus will be paid. So

558
00:30:37,240 --> 00:30:41,120
Speaker 12: his long term andtional term incentives will comprise about eighty

559
00:30:41,200 --> 00:30:45,560
Speaker 12: two percent of his total annual compensation. And what he

560
00:30:45,640 --> 00:30:49,480
Speaker 12: does is he the main the biggest factor driving that

561
00:30:50,080 --> 00:30:54,640
Speaker 12: bonus is simply growth in revenue, growth and profit. And

562
00:30:54,680 --> 00:30:57,680
Speaker 12: so what he does is he takes the hardened money

563
00:30:57,720 --> 00:31:01,200
Speaker 12: from the highly profitable store and then goes and buys

564
00:31:01,240 --> 00:31:06,400
Speaker 12: another business. And so what that does in financial engineering terms,

565
00:31:06,440 --> 00:31:11,080
Speaker 12: it immediately grows the revenue of the total enterprise and

566
00:31:11,760 --> 00:31:15,360
Speaker 12: the profit. And purely based on just that transaction, he's

567
00:31:15,400 --> 00:31:20,360
Speaker 12: able to earn a significant bonus. However, the business he

568
00:31:20,400 --> 00:31:24,200
Speaker 12: buys is very poor. The return he's getting on that

569
00:31:24,280 --> 00:31:29,320
Speaker 12: business on day one is about three percent. But at

570
00:31:29,360 --> 00:31:31,360
Speaker 12: the same time he's paying so much for that bonus

571
00:31:31,640 --> 00:31:35,680
Speaker 12: for that new business that he borrows six times as

572
00:31:35,760 --> 00:31:39,800
Speaker 12: much cash as your business already has. And the return

573
00:31:39,840 --> 00:31:41,760
Speaker 12: on this new business on day one, as I said,

574
00:31:41,880 --> 00:31:44,680
Speaker 12: is about three percent, whereas you could have earned about

575
00:31:44,720 --> 00:31:49,800
Speaker 12: six percent hostitecs in the bank. And so that is

576
00:31:49,840 --> 00:31:52,640
Speaker 12: exactly the problem that we have here at mister Price.

577
00:31:52,720 --> 00:31:57,840
Speaker 12: It's the age old agent principal problem, where shareholders the

578
00:31:57,920 --> 00:32:03,479
Speaker 12: principles appoint an agent management team to look after their interest.

579
00:32:03,640 --> 00:32:09,719
Speaker 12: However the management appears to instead prioritize their own personal goals,

580
00:32:10,000 --> 00:32:12,200
Speaker 12: in this case earning large bonuses.

581
00:32:13,080 --> 00:32:16,760
Speaker 3: So so, Victor, just to make sure that I get

582
00:32:16,800 --> 00:32:20,520
Speaker 3: this correctly, you're basically accusing the CEO, Mark Blair of

583
00:32:20,560 --> 00:32:21,880
Speaker 3: doing this to get a big bonus.

584
00:32:24,040 --> 00:32:28,320
Speaker 12: This is what we think is happening at that, mister Price,

585
00:32:28,720 --> 00:32:34,280
Speaker 12: because the metrics, all the metrics of this transaction look

586
00:32:34,640 --> 00:32:38,560
Speaker 12: very unattractive. We can talk through the actual metrics of

587
00:32:38,600 --> 00:32:42,440
Speaker 12: this business. It's a very poor business. But poor, I

588
00:32:42,520 --> 00:32:47,120
Speaker 12: mean it earns very low returns on its capital. It

589
00:32:47,600 --> 00:32:50,720
Speaker 12: grows at a very very low rate when compared to

590
00:32:51,480 --> 00:32:54,920
Speaker 12: its peers in its European market. If I take seven

591
00:32:54,920 --> 00:32:58,280
Speaker 12: of its peers, it has the lowest revenue growth rate

592
00:32:58,360 --> 00:32:59,239
Speaker 12: over the past two year.

593
00:32:59,760 --> 00:33:02,080
Speaker 3: Okay, Victor, you you've convinced me on that. Well, I

594
00:33:02,080 --> 00:33:03,440
Speaker 3: accept your argument, I do.

595
00:33:03,560 --> 00:33:03,760
Speaker 4: I do.

596
00:33:03,760 --> 00:33:06,680
Speaker 3: You just need to ask, you say, the JAC should

597
00:33:06,800 --> 00:33:10,680
Speaker 3: consider this as a Category one scheme, so shareholders, including you,

598
00:33:11,040 --> 00:33:13,640
Speaker 3: we get to approve the transaction. But that only works

599
00:33:13,680 --> 00:33:17,320
Speaker 3: for you if enough shareholders agree with you. Do you

600
00:33:17,360 --> 00:33:18,480
Speaker 3: think that's the case.

601
00:33:20,000 --> 00:33:20,240
Speaker 14: All?

602
00:33:20,640 --> 00:33:20,800
Speaker 7: Uh?

603
00:33:21,360 --> 00:33:25,360
Speaker 12: The j C categorizing this transaction as a Cat one. Uh,

604
00:33:25,560 --> 00:33:30,480
Speaker 12: that can really only happen if the JAC decides that, uh,

605
00:33:30,960 --> 00:33:34,720
Speaker 12: that should be the case. Uh, on this specific matter,

606
00:33:34,840 --> 00:33:39,800
Speaker 12: the categorization, Uh, the remainder of the price of shareholders

607
00:33:40,160 --> 00:33:42,720
Speaker 12: don't have to say in that particular decision. And so

608
00:33:42,840 --> 00:33:47,840
Speaker 12: what we've done is the JAC has not supported our request,

609
00:33:48,240 --> 00:33:51,720
Speaker 12: and we've now taken that matter further to the regulator

610
00:33:51,760 --> 00:33:55,280
Speaker 12: of the JAC to reconsider the joc's decision.

611
00:33:55,680 --> 00:33:58,400
Speaker 3: Sure, okay, but you're convinced that share enough you'd need

612
00:33:58,400 --> 00:34:00,160
Speaker 3: a lot of shareholders to agree with you, and you

613
00:34:00,200 --> 00:34:00,880
Speaker 3: think they do.

614
00:34:02,880 --> 00:34:05,800
Speaker 12: On the categorization. We don't think any shareholders agree with

615
00:34:05,880 --> 00:34:06,880
Speaker 12: us regid No, sure.

616
00:34:06,720 --> 00:34:09,600
Speaker 4: But I mean on the overall point on the on

617
00:34:09,239 --> 00:34:09,799
Speaker 4: the O.

618
00:34:10,440 --> 00:34:13,520
Speaker 12: Yeah, yeah, I do. If we're talking about the court

619
00:34:13,560 --> 00:34:16,560
Speaker 12: of public opinion, I would say yes, I would have

620
00:34:17,120 --> 00:34:20,600
Speaker 12: other shareholders to agree with me. Okay, But one thing

621
00:34:20,640 --> 00:34:23,560
Speaker 12: I can say is that, uh, I would say the

622
00:34:23,680 --> 00:34:27,359
Speaker 12: vast majority of other shareholders agree with us that this

623
00:34:27,520 --> 00:34:30,719
Speaker 12: is a very bad transaction and it's just highly likely

624
00:34:30,800 --> 00:34:32,720
Speaker 12: to destroy significant shareholder value.

625
00:34:33,040 --> 00:34:35,840
Speaker 3: Look, I haven't heard anyone disagree with you who doesn't

626
00:34:35,880 --> 00:34:39,040
Speaker 3: work in the top management of mister Brice. Has this

627
00:34:39,239 --> 00:34:42,759
Speaker 3: ever happened before where the JAC has reclassified a transaction

628
00:34:43,360 --> 00:34:45,719
Speaker 3: on the basis or as you explain to us now,

629
00:34:45,719 --> 00:34:47,480
Speaker 3: where the regulator has forced them to.

630
00:34:49,800 --> 00:34:53,040
Speaker 12: I don't. I don't think so, But I appreciate you

631
00:34:53,080 --> 00:34:58,400
Speaker 12: asking me a question about history, because if history is

632
00:34:58,440 --> 00:35:05,120
Speaker 12: any indication, this transaction has a year zero probability of

633
00:35:05,440 --> 00:35:08,480
Speaker 12: being successful. You as you are aware, if we look

634
00:35:08,520 --> 00:35:12,080
Speaker 12: at the history of South African companies acquiring apparel retailers

635
00:35:12,120 --> 00:35:16,120
Speaker 12: in developed markets, the success rate is close to zero.

636
00:35:16,440 --> 00:35:19,040
Speaker 12: You start in the mid twenty tens, were great who

637
00:35:18,960 --> 00:35:21,799
Speaker 12: bought new Look in UK? Who went to bought David

638
00:35:21,880 --> 00:35:25,239
Speaker 12: Jones in Australia, true to a bought Office in the

639
00:35:25,320 --> 00:35:28,920
Speaker 12: UK for Schini buying Phase eight and then you have

640
00:35:29,360 --> 00:35:33,120
Speaker 12: famous brands Okay, it's not apparel, but it's instructive. They

641
00:35:33,160 --> 00:35:36,319
Speaker 12: bought Gormet Burger Kitchen in the UK as well. In

642
00:35:36,480 --> 00:35:42,279
Speaker 12: every case the entire investment was written off, so shareholders

643
00:35:42,440 --> 00:35:44,799
Speaker 12: lost all their money. In that case. If you add

644
00:35:44,800 --> 00:35:49,040
Speaker 12: that up, that's about forty five billion Rand. And we

645
00:35:49,120 --> 00:35:53,479
Speaker 12: know that mister Price's acquisition price tag is roughly nine

646
00:35:53,520 --> 00:35:59,000
Speaker 12: to ten billion brand and the number numbers just look

647
00:35:59,080 --> 00:36:02,920
Speaker 12: worse than those other businesses that were bought. This business

648
00:36:02,960 --> 00:36:05,239
Speaker 12: has lower margins than all those businesses that were bought

649
00:36:05,280 --> 00:36:08,640
Speaker 12: in the past that I just mentioned. And the price

650
00:36:08,680 --> 00:36:13,320
Speaker 12: earnings multiple that mister Price is paying is significantly higher

651
00:36:13,360 --> 00:36:17,840
Speaker 12: than those acquisitions that I mentioned. It's studied four roughly,

652
00:36:18,680 --> 00:36:23,520
Speaker 12: whereas those were between sixty and twenty five. The truants

653
00:36:23,560 --> 00:36:30,600
Speaker 12: paid thirty four times. And okay, one last comparison, mister

654
00:36:30,680 --> 00:36:33,560
Speaker 12: Price for business. Oh another thing, the business that mister

655
00:36:33,600 --> 00:36:36,080
Speaker 12: Price is buying has only made money based on the

656
00:36:36,200 --> 00:36:38,920
Speaker 12: information we have, has made a profit one out of

657
00:36:38,920 --> 00:36:43,440
Speaker 12: the past four years, and it's paying thirty four times

658
00:36:43,640 --> 00:36:49,040
Speaker 12: those profits For NKD the best retailers in the world.

659
00:36:49,480 --> 00:36:53,040
Speaker 12: The average historic price earnings multiples are far lower than that.

660
00:36:53,560 --> 00:36:55,200
Speaker 12: The best in the world. You can say in the

661
00:36:55,239 --> 00:36:58,080
Speaker 12: text that own Zara has a multiple of twenty six,

662
00:36:58,480 --> 00:37:00,000
Speaker 12: and you can go down to truths it has more

663
00:37:00,040 --> 00:37:04,479
Speaker 12: multiple historic of ten. So it's in essence they're buying

664
00:37:04,480 --> 00:37:06,480
Speaker 12: a poor business and they're over paying for it.

665
00:37:07,040 --> 00:37:09,839
Speaker 3: Victor s Annie, thanks very much, indeed very enlightening head

666
00:37:09,840 --> 00:37:12,560
Speaker 3: of research. Have been Guela Global Fund Managers. Just after

667
00:37:12,600 --> 00:37:13,600
Speaker 3: seven o'clock.

668
00:37:14,520 --> 00:37:18,760
Speaker 1: And now The Money Show with Stephen Kredits on seven

669
00:37:18,840 --> 00:37:20,640
Speaker 1: oh two next walk Little.

670
00:37:20,840 --> 00:37:22,800
Speaker 3: The Money Show with Stephen Curtiz has brought to you

671
00:37:22,880 --> 00:37:25,400
Speaker 3: by AMS the Corporate and Investment Banking, a Pan African

672
00:37:25,440 --> 00:37:30,439
Speaker 3: bank that's invested in your story because your story matters well.

673
00:37:30,800 --> 00:37:32,840
Speaker 3: A lot going on at the moment, and we'll unpack

674
00:37:32,920 --> 00:37:35,680
Speaker 3: some of that with Graham Codrington, the futurist and partner

675
00:37:35,960 --> 00:37:40,080
Speaker 3: at Tomorrow Today in Business Unusual. Looking forward to that conversation.

676
00:37:40,080 --> 00:37:41,719
Speaker 3: I think it's going to be quite important and just

677
00:37:41,760 --> 00:37:43,960
Speaker 3: try and get a steer, you know, all of these

678
00:37:44,000 --> 00:37:47,160
Speaker 3: things that have been going on over the last couple

679
00:37:47,239 --> 00:37:49,680
Speaker 3: of weeks and just how it's really had a big

680
00:37:49,719 --> 00:37:52,640
Speaker 3: impact I think on so many people, and you sort

681
00:37:52,640 --> 00:37:56,120
Speaker 3: of wonder what is coming next Wendy Nola, you'll consume

682
00:37:56,160 --> 00:37:59,879
Speaker 3: a ninja. She's been looking into garage cards, remember them

683
00:38:00,000 --> 00:38:02,719
Speaker 3: in particular Bank Standard Bank. In fact, I know she's

684
00:38:02,760 --> 00:38:04,600
Speaker 3: been one at them for a while, but it seems

685
00:38:04,640 --> 00:38:08,399
Speaker 3: now that she finally has a response and then one

686
00:38:08,440 --> 00:38:10,560
Speaker 3: of the sort of chains that's had a big impact

687
00:38:10,560 --> 00:38:12,760
Speaker 3: I think on a part of joe Burg. I'm talking

688
00:38:12,760 --> 00:38:17,200
Speaker 3: about Marble Hospitality. They run the Marble restaurant, they run

689
00:38:17,239 --> 00:38:20,160
Speaker 3: the pantry. I'm please to tell you sitting right behind me,

690
00:38:21,040 --> 00:38:24,880
Speaker 3: Gary Kiraso, he is the CEO of that company and

691
00:38:24,880 --> 00:38:26,640
Speaker 3: he's your shape shift of this evening. I'm waving to

692
00:38:26,680 --> 00:38:29,759
Speaker 3: him at the moment, he's waving back and looking forward

693
00:38:29,760 --> 00:38:33,160
Speaker 3: to that conversation in around twenty minutes or so from now.

694
00:38:33,360 --> 00:38:36,080
Speaker 3: I mean, who would have thought that a really expensive

695
00:38:36,120 --> 00:38:38,920
Speaker 3: petrol station shop would take off? And now I think

696
00:38:38,920 --> 00:38:41,200
Speaker 3: there are many people who couldn't really imagine joe Burg

697
00:38:41,280 --> 00:38:44,480
Speaker 3: without it. There's something to it that. There's all sorts

698
00:38:44,520 --> 00:38:46,560
Speaker 3: of other things. I mean, it is about the quality

699
00:38:46,719 --> 00:38:48,440
Speaker 3: of what you're selling. That's a big part of it.

700
00:38:48,960 --> 00:38:52,640
Speaker 3: The service and the market. The market is clearly there.

701
00:38:52,840 --> 00:38:54,600
Speaker 3: Good to hear from you as well on a double

702
00:38:54,600 --> 00:38:57,239
Speaker 3: ONEAA three oh seven two two one four four six

703
00:38:57,680 --> 00:39:00,280
Speaker 3: five six seven, and of course voice notes on seven

704
00:39:00,560 --> 00:39:03,879
Speaker 3: seven oh two one seven o two. The Money Show

705
00:39:04,120 --> 00:39:07,880
Speaker 3: with Stephen krudis live on ninety two point seven and

706
00:39:08,000 --> 00:39:09,360
Speaker 3: one six FM.

707
00:39:09,320 --> 00:39:11,160
Speaker 4: Streaming on the Prime Media Plus.

708
00:39:11,040 --> 00:39:13,920
Speaker 1: NAVE and TSTV channel eight five six.

709
00:39:14,080 --> 00:39:17,520
Speaker 3: Interesting comment today from the Reserve Bank Governor Etc. Janajo.

710
00:39:17,680 --> 00:39:20,080
Speaker 3: He's at Davos and he was saying that he thinks

711
00:39:20,120 --> 00:39:23,000
Speaker 3: we could just remove prime. It wouldn't really mean anything.

712
00:39:23,239 --> 00:39:25,680
Speaker 3: I keep coming back to the question around what is

713
00:39:25,719 --> 00:39:30,040
Speaker 3: the Competition Commission investigating. They say they've been investigating the

714
00:39:30,160 --> 00:39:34,080
Speaker 3: idea of prime for some time, and I think it's

715
00:39:34,120 --> 00:39:37,600
Speaker 3: important to remember this. When you go to a bank

716
00:39:37,640 --> 00:39:39,200
Speaker 3: and ask for a loan to buy a car or

717
00:39:39,239 --> 00:39:42,080
Speaker 3: a house or something, and they say prime minus one,

718
00:39:42,080 --> 00:39:46,600
Speaker 3: what they're rarely saying is the repo rate plus. However,

719
00:39:46,600 --> 00:39:50,920
Speaker 3: they decide to assess you and your case and in

720
00:39:51,000 --> 00:39:53,799
Speaker 3: terms of risk. So I just don't get what it

721
00:39:53,840 --> 00:39:56,160
Speaker 3: is that the Competition Commission is going to be investigating.

722
00:39:56,200 --> 00:39:59,000
Speaker 3: We've asked for interviews on this, we've been told this

723
00:39:59,040 --> 00:40:02,000
Speaker 3: isn't quite the right moment. So I look forward to

724
00:40:02,040 --> 00:40:05,520
Speaker 3: seeing what kind of report we get from the Competition Commission.

725
00:40:05,560 --> 00:40:08,040
Speaker 3: I hope it comes soon because we don't need any uncertainty.

726
00:40:08,239 --> 00:40:10,040
Speaker 3: But I think the whole concept of prime, which is

727
00:40:10,040 --> 00:40:14,920
Speaker 3: really a sort of imaginary rate, is slowly just disappearing.

728
00:40:14,960 --> 00:40:17,440
Speaker 3: I think it'll just sort of dissolve in a way.

729
00:40:17,600 --> 00:40:19,200
Speaker 3: Eleven minutes after seven.

730
00:40:19,640 --> 00:40:22,719
Speaker 2: The Money Show, Business Unusual.

731
00:40:22,360 --> 00:40:26,160
Speaker 3: Well, Graham Codrington from the firm tomorrow today joining us

732
00:40:26,200 --> 00:40:30,040
Speaker 3: now the futurist with Business Unusual and just trying to

733
00:40:30,040 --> 00:40:32,600
Speaker 3: get a steer on what this year is actually going

734
00:40:32,680 --> 00:40:34,960
Speaker 3: to be like. There's been so much hype about things

735
00:40:35,000 --> 00:40:38,200
Speaker 3: like AI for example, is this year when we finally

736
00:40:38,440 --> 00:40:40,839
Speaker 3: see it? Or Graham, good evening. I don't even really

737
00:40:40,880 --> 00:40:43,560
Speaker 3: know whether to start with the year. It's the twenty first,

738
00:40:44,080 --> 00:40:47,239
Speaker 3: and so much has already happened. I'm finding it quite

739
00:40:47,320 --> 00:40:49,600
Speaker 3: difficult to keep up geopolitically speaking.

740
00:40:51,080 --> 00:40:53,600
Speaker 15: Stephen, Yeah, that's the first time we're chatting this year.

741
00:40:53,640 --> 00:40:56,200
Speaker 15: I hope it's a good one for you. But it

742
00:40:56,239 --> 00:40:58,560
Speaker 15: does feel as if a whole year has already gone by,

743
00:40:59,080 --> 00:41:02,319
Speaker 15: and that every day we wake up there is some

744
00:41:02,800 --> 00:41:06,160
Speaker 15: news that maybe in previous years might have been a

745
00:41:06,200 --> 00:41:08,600
Speaker 15: month's worth of a news cycle and it seems to

746
00:41:08,640 --> 00:41:13,640
Speaker 15: just disappear by sunset. And that makes the job that I.

747
00:41:13,680 --> 00:41:16,680
Speaker 2: Do, which is trying to not predict the future.

748
00:41:16,680 --> 00:41:18,680
Speaker 15: I don't think anybody can do that, but at least

749
00:41:18,880 --> 00:41:21,759
Speaker 15: make a little bit of sense of what the foreseeable

750
00:41:21,840 --> 00:41:24,399
Speaker 15: future might look like. And when people ask me what

751
00:41:24,440 --> 00:41:29,239
Speaker 15: twenty twenty six holds, I think my answer and I'm

752
00:41:29,280 --> 00:41:32,319
Speaker 15: not trying to duck the question, but I really do

753
00:41:32,440 --> 00:41:35,680
Speaker 15: think that this is the year when we're going to

754
00:41:35,760 --> 00:41:40,359
Speaker 15: have to stop getting breathless and stop being overwhelmed by

755
00:41:40,360 --> 00:41:44,360
Speaker 15: the change and just accept that that is the new reality.

756
00:41:44,680 --> 00:41:47,040
Speaker 15: And it's a you know, when the hype cycle meets

757
00:41:47,080 --> 00:41:50,960
Speaker 15: reality if you want a catch flow praise when smart leaders,

758
00:41:50,960 --> 00:41:54,279
Speaker 15: I think are going to ignore the noise and all

759
00:41:54,320 --> 00:41:57,880
Speaker 15: of the bluster and focus on doing what gets the

760
00:41:57,920 --> 00:42:03,239
Speaker 15: main job done for them and for me. I think geopolitics, technology,

761
00:42:03,400 --> 00:42:06,440
Speaker 15: given issues like climate change all fit into this category.

762
00:42:06,680 --> 00:42:09,359
Speaker 15: We know what the big forces are, we know there's

763
00:42:09,440 --> 00:42:14,920
Speaker 15: chaos and change, but what does the actual reality look like.

764
00:42:16,200 --> 00:42:18,799
Speaker 3: I mean, it's so interesting to kind of know that,

765
00:42:19,560 --> 00:42:21,480
Speaker 3: and it can be quite hard to know. I mean,

766
00:42:21,640 --> 00:42:23,840
Speaker 3: so many people have been talking about AI there's a

767
00:42:23,880 --> 00:42:26,760
Speaker 3: sort of AI hype cycle. I call it. Someone actually

768
00:42:26,760 --> 00:42:29,040
Speaker 3: wrote it. I think it was Michael Avery. He said,

769
00:42:29,640 --> 00:42:33,440
Speaker 3: because there's so much sort of content around, it's taken

770
00:42:33,520 --> 00:42:37,279
Speaker 3: the strained the color from the world, because everything you

771
00:42:37,320 --> 00:42:39,239
Speaker 3: see online is kind of the same thing. I thought

772
00:42:39,280 --> 00:42:42,080
Speaker 3: that was such a nice way to put it, and

773
00:42:42,239 --> 00:42:44,000
Speaker 3: I would have to say that if you asked me

774
00:42:44,560 --> 00:42:47,840
Speaker 3: at this point, is AI made your life better or worse?

775
00:42:49,360 --> 00:42:53,600
Speaker 3: Maybe not worse, but certainly no better. It's destroyed social

776
00:42:53,640 --> 00:42:55,839
Speaker 3: media in some ways, so maybe that makes it better.

777
00:42:57,840 --> 00:42:58,000
Speaker 4: Well.

778
00:42:58,040 --> 00:43:00,799
Speaker 15: I think there's two things to say on this one.

779
00:43:00,840 --> 00:43:03,359
Speaker 15: The one is I agree with you. We absolutely are

780
00:43:03,400 --> 00:43:05,880
Speaker 15: going to have to be thinking about how it impacts

781
00:43:05,960 --> 00:43:09,800
Speaker 15: us personally and those of you like your job and

782
00:43:10,239 --> 00:43:12,719
Speaker 15: the rest of the team at seven h two, whose

783
00:43:12,800 --> 00:43:15,719
Speaker 15: job it is to try and work out what is

784
00:43:15,760 --> 00:43:18,040
Speaker 15: true and what isn't, and what's real and what's not

785
00:43:18,200 --> 00:43:19,400
Speaker 15: and what's.

786
00:43:19,160 --> 00:43:21,800
Speaker 2: Fake news and what's a fact.

787
00:43:23,320 --> 00:43:25,520
Speaker 15: I think you've got a bigger job than you've ever had,

788
00:43:25,560 --> 00:43:29,719
Speaker 15: and certainly we as the consumers of facts and information,

789
00:43:30,239 --> 00:43:32,680
Speaker 15: I have to do that. Just a few days ago,

790
00:43:32,719 --> 00:43:37,680
Speaker 15: there's this massive storm in Russia, you know, record breaking

791
00:43:38,080 --> 00:43:40,880
Speaker 15: storms and you see this that actually it can be

792
00:43:40,880 --> 00:43:43,320
Speaker 15: a little bit of fun for a while where people

793
00:43:43,360 --> 00:43:46,759
Speaker 15: are jumping out of fifth and sixth story windows and

794
00:43:46,920 --> 00:43:49,080
Speaker 15: bob sledding down the side of their buildings.

795
00:43:49,560 --> 00:43:51,279
Speaker 4: And then you realize, at least.

796
00:43:51,120 --> 00:43:53,640
Speaker 15: Half of the movies I've watched, half of the videos

797
00:43:53,640 --> 00:43:56,800
Speaker 15: I've watched on Instagram and TikTok are actually AI fax.

798
00:43:57,239 --> 00:43:59,280
Speaker 15: So there is a real news story, there is something

799
00:43:59,360 --> 00:44:03,440
Speaker 15: actually happening, and then suddenly we're overwhelmed with a bunch

800
00:44:03,480 --> 00:44:06,239
Speaker 15: of fakes. And it really is going to be the

801
00:44:06,320 --> 00:44:09,880
Speaker 15: year when, as consumers of news, and this is a

802
00:44:10,000 --> 00:44:12,959
Speaker 15: scary thing to say, we're just going to accept that

803
00:44:13,640 --> 00:44:17,840
Speaker 15: unless we trust the source we are getting the information from,

804
00:44:18,080 --> 00:44:22,120
Speaker 15: we actually can't trust our ears and our eyes. And

805
00:44:22,480 --> 00:44:24,920
Speaker 15: I think that's going to be a big adjustment for people.

806
00:44:25,000 --> 00:44:28,239
Speaker 15: Is no more hype about you know, AI can make

807
00:44:28,280 --> 00:44:31,480
Speaker 15: all these wonderful videos, lots of thinking about what does

808
00:44:31,480 --> 00:44:34,840
Speaker 15: it actually mean? And then from a business perspective, I

809
00:44:34,920 --> 00:44:37,720
Speaker 15: think AI is a great example of what I'm talking about.

810
00:44:38,120 --> 00:44:41,600
Speaker 15: A gardener released a survey just last week that said

811
00:44:41,840 --> 00:44:46,879
Speaker 15: only one percent of layoffs in twenty twenty five were

812
00:44:47,000 --> 00:44:51,080
Speaker 15: due to actual productivity increases from AI. So there was

813
00:44:51,200 --> 00:44:54,560
Speaker 15: lots of news Microsoft laid of thirteen thousand people, lots

814
00:44:54,560 --> 00:44:58,560
Speaker 15: of companies announcing that because of their AI investment, they've

815
00:44:59,320 --> 00:45:01,920
Speaker 15: you know, people being laid off. But actually the actual

816
00:45:01,920 --> 00:45:06,879
Speaker 15: reality is that, yes, AI can help you upgrade your

817
00:45:07,000 --> 00:45:09,479
Speaker 15: writing of an email. Yes there are some really cool

818
00:45:09,480 --> 00:45:13,279
Speaker 15: things data AI can do with data analytics and so on.

819
00:45:13,880 --> 00:45:17,920
Speaker 15: But is it really giving us that productivity bump that

820
00:45:18,040 --> 00:45:21,720
Speaker 15: will make a massive bottom line difference to the average

821
00:45:21,719 --> 00:45:25,120
Speaker 15: mid and large sized company. The answer is absolutely not,

822
00:45:25,719 --> 00:45:30,600
Speaker 15: and CEOs who are desperate in January to impress their

823
00:45:30,640 --> 00:45:34,719
Speaker 15: shareholders and get a nice big bump in profits are

824
00:45:34,800 --> 00:45:37,360
Speaker 15: going to have to admit that there's a lot of

825
00:45:37,440 --> 00:45:40,600
Speaker 15: hype and not a lot of reality about AI, and

826
00:45:40,600 --> 00:45:44,200
Speaker 15: that's going to mean much, I think, sharper decision making

827
00:45:44,800 --> 00:45:47,600
Speaker 15: from business leaders about AI in twenty twenty six.

828
00:45:47,840 --> 00:45:50,160
Speaker 3: Yeah, I know, that's so interesting, and I mean, you know,

829
00:45:50,800 --> 00:45:52,080
Speaker 3: it's going to be very interesting to see how it

830
00:45:52,120 --> 00:45:55,200
Speaker 3: sort of develops. You talked about the record breaking snow

831
00:45:55,200 --> 00:45:58,319
Speaker 3: in Russia. We've had wildfires in chill Air, We've had

832
00:45:58,480 --> 00:46:02,680
Speaker 3: a terrible flooding in Lampork, Puma Langa in the Western Cape,

833
00:46:02,719 --> 00:46:07,000
Speaker 3: it's very dry n Eisner. In particular the risk report

834
00:46:07,400 --> 00:46:09,920
Speaker 3: put out by the World Economic Forum ahead of the

835
00:46:10,000 --> 00:46:13,799
Speaker 3: Davos meeting, talking about weather is still a very real risk.

836
00:46:13,880 --> 00:46:16,440
Speaker 3: We just don't talk about it nearly as much, simply

837
00:46:16,440 --> 00:46:19,279
Speaker 3: because of everything else that's going on. We need to

838
00:46:19,480 --> 00:46:23,320
Speaker 3: really be quite careful about the weather, about climate change,

839
00:46:23,320 --> 00:46:26,000
Speaker 3: about all of those things in the next twelve months.

840
00:46:27,360 --> 00:46:29,480
Speaker 15: Yeah, And I think every time you mentioned this, you're

841
00:46:29,520 --> 00:46:32,000
Speaker 15: going to get a flurry of people in the comments

842
00:46:32,040 --> 00:46:36,120
Speaker 15: section who might disagree with even the label of climate change.

843
00:46:36,280 --> 00:46:40,239
Speaker 15: I think possibly a better label is extreme weather. And

844
00:46:40,480 --> 00:46:43,080
Speaker 15: I just don't know how you argue the fact anymore

845
00:46:43,120 --> 00:46:46,320
Speaker 15: that this is happening. We may or may not be

846
00:46:46,400 --> 00:46:48,640
Speaker 15: able to have a conversation about who's causing it and

847
00:46:48,680 --> 00:46:51,480
Speaker 15: what to do about it, but certainly it's happening, and

848
00:46:51,560 --> 00:46:54,920
Speaker 15: certainly there are real world implications that kind of brings

849
00:46:55,000 --> 00:46:58,560
Speaker 15: us full loop again to the geopolitics, which I mean,

850
00:46:58,600 --> 00:47:01,960
Speaker 15: we don't even have to say. Politics is crazy and

851
00:47:02,160 --> 00:47:04,880
Speaker 15: at the moment driven by so many different factors. But

852
00:47:05,400 --> 00:47:08,799
Speaker 15: you know, somebody else from the American administration yesterday, not

853
00:47:09,120 --> 00:47:13,080
Speaker 15: Donald Trump, gave a speech about climate change and basically

854
00:47:13,080 --> 00:47:15,319
Speaker 15: be rated everybody in Europe and said you guys are

855
00:47:15,360 --> 00:47:18,719
Speaker 15: idiots or for taking climate change seriously and trying to

856
00:47:18,760 --> 00:47:21,839
Speaker 15: get near during That's literally shocked faces on the rest

857
00:47:21,880 --> 00:47:25,040
Speaker 15: of the panel for the European delegates to say, how

858
00:47:25,120 --> 00:47:28,960
Speaker 15: is it possible somebody's saying this? And again, Stephen, for me,

859
00:47:29,080 --> 00:47:32,040
Speaker 15: this is the point of I think twenty twenty six.

860
00:47:32,640 --> 00:47:34,520
Speaker 15: There are lots of let's call them elephants in the

861
00:47:34,600 --> 00:47:37,720
Speaker 15: room right. There are lots of trainings forces we know exist,

862
00:47:38,000 --> 00:47:42,200
Speaker 15: they're happening. There's the realignment of geopolitical power. We know that,

863
00:47:42,280 --> 00:47:46,759
Speaker 15: there's technology shifts coming, there's extreme weather happening everywhere. I

864
00:47:46,800 --> 00:47:49,080
Speaker 15: think the real question for each of us in twenty

865
00:47:49,160 --> 00:47:53,680
Speaker 15: twenty six is okay, so what are you actually going

866
00:47:53,719 --> 00:47:56,160
Speaker 15: to do about it? And I'm going to be watching

867
00:47:56,200 --> 00:48:01,040
Speaker 15: closely for the CEOs, the business leaders who who come

868
00:48:01,080 --> 00:48:05,440
Speaker 15: out with real announcements. In South Africa, I'm expecting to

869
00:48:05,480 --> 00:48:10,000
Speaker 15: see a rush of water solutions in arms like we

870
00:48:10,080 --> 00:48:12,719
Speaker 15: had the solar solution three or four years ago, that

871
00:48:12,800 --> 00:48:14,799
Speaker 15: massive boom, I think we'll have the same with that

872
00:48:15,239 --> 00:48:18,160
Speaker 15: in water. There are opportunities. These are not just threats.

873
00:48:18,400 --> 00:48:22,000
Speaker 15: Huge opportunities in twenty twenty six. But the opportunity is

874
00:48:22,040 --> 00:48:25,040
Speaker 15: to get off of the hyper train and get into

875
00:48:25,280 --> 00:48:27,600
Speaker 15: real world value and I think the people who do

876
00:48:27,680 --> 00:48:29,160
Speaker 15: that will have the best years.

877
00:48:29,760 --> 00:48:32,040
Speaker 3: Graham Codrington, thank you so much. Lots to think about,

878
00:48:32,239 --> 00:48:36,280
Speaker 3: futurists and partner at tomorrow today nineteen minutes after seven

879
00:48:36,880 --> 00:48:41,120
Speaker 3: The Money Show, Consumer Ninja Wendy Noler. Of course you Consumer,

880
00:48:41,239 --> 00:48:46,480
Speaker 3: Ninja Wendy. Good evening. You're talking tonight about garage cards,

881
00:48:46,480 --> 00:48:48,840
Speaker 3: and I remember you mentioned this to me once or twice.

882
00:48:48,880 --> 00:48:51,360
Speaker 3: You've been speaking to Standard Bank about it for quite

883
00:48:51,360 --> 00:48:56,040
Speaker 3: a long time. Finally there's been something done about it,

884
00:48:56,080 --> 00:48:58,440
Speaker 3: and it's cost people money. You can have to remind

885
00:48:58,440 --> 00:49:00,640
Speaker 3: me what it's about, because I remember having a work

886
00:49:00,680 --> 00:49:02,840
Speaker 3: garage card at some point, or there was one in

887
00:49:02,880 --> 00:49:06,239
Speaker 3: every EWN car a long time ago, but gosh, I

888
00:49:06,280 --> 00:49:08,200
Speaker 3: don't think i've seen one in ten years.

889
00:49:09,600 --> 00:49:10,359
Speaker 16: Hi, Steven Yard.

890
00:49:10,400 --> 00:49:12,000
Speaker 4: That's sort of the point of the whole story.

891
00:49:12,080 --> 00:49:15,440
Speaker 16: So back in the day, being before two thousand and nine,

892
00:49:15,560 --> 00:49:19,200
Speaker 16: you needed a special garage card a fuel card to

893
00:49:19,280 --> 00:49:23,399
Speaker 16: buy fuel on credit. And then after that, after two

894
00:49:23,400 --> 00:49:25,719
Speaker 16: thousand and nine, any debit or credit card worked at

895
00:49:25,719 --> 00:49:28,120
Speaker 16: the pumps, so loads of people stopped using them, but

896
00:49:28,200 --> 00:49:30,480
Speaker 16: he has the thing. Many of them, I ventured to say,

897
00:49:30,520 --> 00:49:34,520
Speaker 16: most of them didn't cancel. And I'm talking specifically here

898
00:49:34,560 --> 00:49:38,080
Speaker 16: about Sanate Bank garage cards. At that time, there was

899
00:49:38,120 --> 00:49:40,920
Speaker 16: no extra fee for the garage card. But in twenty fifteen,

900
00:49:41,200 --> 00:49:44,080
Speaker 16: at a time when very you know, far less people

901
00:49:44,080 --> 00:49:46,680
Speaker 16: were actually using them, Standard Bank began charging a fee

902
00:49:46,719 --> 00:49:49,839
Speaker 16: for secondary credit cards, so garage cards as well as

903
00:49:49,840 --> 00:49:51,560
Speaker 16: supplementary cards people got.

904
00:49:51,440 --> 00:49:53,919
Speaker 4: For their spases and whatever, to cover, as.

905
00:49:53,840 --> 00:49:56,120
Speaker 16: They put it, the cost of providing and administrating and

906
00:49:56,160 --> 00:49:59,600
Speaker 16: maintaining all the value added services and features associated with

907
00:49:59,640 --> 00:50:02,280
Speaker 16: the car. Bear in mind, as I said, many thousands

908
00:50:02,280 --> 00:50:04,319
Speaker 16: of them were no longer being used at all. I'm

909
00:50:04,320 --> 00:50:10,120
Speaker 16: talking specifically about garage cards, and since twenty fifteen, the

910
00:50:10,160 --> 00:50:15,160
Speaker 16: garage card feed has escalated. It went from sixty rand

911
00:50:15,520 --> 00:50:18,239
Speaker 16: in twenty twenty two to ninety rand the following year,

912
00:50:18,280 --> 00:50:20,560
Speaker 16: and then to one hundred rand I think that was

913
00:50:20,600 --> 00:50:25,319
Speaker 16: twenty twenty four, And that's equivalent to the monthly fee

914
00:50:25,400 --> 00:50:29,760
Speaker 16: levied on the bank's top credit card, which is Titanium.

915
00:50:29,800 --> 00:50:33,760
Speaker 3: Sure, okay, but then you would know there was a charge.

916
00:50:34,880 --> 00:50:38,000
Speaker 3: And then at some point, you know the card would

917
00:50:38,000 --> 00:50:40,080
Speaker 3: expire and you would get a new one. Wouldn't the

918
00:50:40,080 --> 00:50:41,799
Speaker 3: bank sort of tell you you're getting a new one?

919
00:50:43,120 --> 00:50:44,719
Speaker 16: Well, you think so, because that's what happened with your

920
00:50:44,800 --> 00:50:47,120
Speaker 16: ordinary credit card, because they they want to tell you

921
00:50:47,200 --> 00:50:51,200
Speaker 16: how to get your replacement after five years, because your

922
00:50:51,200 --> 00:50:53,000
Speaker 16: old one is now expiring, because they want you to

923
00:50:53,080 --> 00:50:56,480
Speaker 16: keep spending, right, But in the case of the garage card,

924
00:50:57,000 --> 00:51:00,680
Speaker 16: they never said a word. They told me that they

925
00:51:00,760 --> 00:51:05,440
Speaker 16: don't inform card holders about renewals. If the card has

926
00:51:05,480 --> 00:51:07,960
Speaker 16: been inactive for three months, it's on the customer to

927
00:51:08,000 --> 00:51:11,040
Speaker 16: request renewal, I was told, which many people didn't do

928
00:51:11,480 --> 00:51:14,799
Speaker 16: because they'd long forgotten all about them. They weren't the

929
00:51:14,800 --> 00:51:18,000
Speaker 16: pieces of plastic point in their wallets and pursues anymore.

930
00:51:18,160 --> 00:51:20,200
Speaker 16: And yes, the thing, Stephen, this is what I've been

931
00:51:20,200 --> 00:51:26,000
Speaker 16: on about with them. On the credit card statement, on

932
00:51:26,000 --> 00:51:28,120
Speaker 16: your normal standard bank credit card statement, it will just

933
00:51:28,160 --> 00:51:30,480
Speaker 16: say service fee and that one hundred rand was bundled

934
00:51:30,480 --> 00:51:34,399
Speaker 16: in with the fee for the ordinary credit card, right,

935
00:51:34,600 --> 00:51:39,760
Speaker 16: which is no, there was no no line that said

936
00:51:39,760 --> 00:51:43,160
Speaker 16: garage card one hundred rand. And I was like, okay,

937
00:51:43,200 --> 00:51:47,080
Speaker 16: if you're not going to stop, if you're not going

938
00:51:47,120 --> 00:51:48,880
Speaker 16: to phone people and say, hey, you we see you

939
00:51:48,920 --> 00:51:52,200
Speaker 16: haven't used your card for ten years. At least put

940
00:51:52,239 --> 00:51:54,839
Speaker 16: it on the statement that they're paying one hundred rand

941
00:51:54,840 --> 00:51:57,600
Speaker 16: for the piece of plastic that they're not using. And

942
00:51:57,640 --> 00:51:59,520
Speaker 16: they were like that was August twenty four was the

943
00:51:59,560 --> 00:52:04,520
Speaker 16: first time I asked them. And then they said, oh, yes, no,

944
00:52:04,640 --> 00:52:07,120
Speaker 16: we'll get to that. And then I asked them four

945
00:52:07,160 --> 00:52:10,279
Speaker 16: months later. It was oh, it's quite complicated. Actually a

946
00:52:10,320 --> 00:52:12,560
Speaker 16: lot of hoops to jump through. We'll do it at

947
00:52:12,600 --> 00:52:15,080
Speaker 16: the end of quarter one five. And then I went

948
00:52:15,120 --> 00:52:16,680
Speaker 16: back to them and I was like, oh, it's actually

949
00:52:16,719 --> 00:52:22,680
Speaker 16: quite a technological challenge. And so it went and and

950
00:52:22,719 --> 00:52:26,520
Speaker 16: I kept people, you know, kept writing to me. Not

951
00:52:26,560 --> 00:52:30,040
Speaker 16: a huge deluge, but you know, steady stream of people

952
00:52:30,040 --> 00:52:32,239
Speaker 16: writing to say, oh, I found out by accident when

953
00:52:32,320 --> 00:52:35,200
Speaker 16: whatever I saw your story and wow, I've been paying

954
00:52:35,239 --> 00:52:40,680
Speaker 16: thousands for years, And then they would get maybe fifty

955
00:52:40,680 --> 00:52:44,440
Speaker 16: percent of three years fees and told okay, there you go,

956
00:52:44,480 --> 00:52:46,480
Speaker 16: if you go, we'll pay you this.

957
00:52:47,320 --> 00:52:51,560
Speaker 3: So yeah, sure, it looks frankly deliberate. It looks like

958
00:52:51,600 --> 00:52:53,839
Speaker 3: a cover up in a way. So what's happened now?

959
00:52:55,600 --> 00:52:56,479
Speaker 4: Okay, so.

960
00:52:57,960 --> 00:53:02,439
Speaker 16: Our last wrote a story about this and decend I'd

961
00:53:02,440 --> 00:53:06,000
Speaker 16: got I've seen another complaint from Marius and Portaval. His

962
00:53:06,160 --> 00:53:08,799
Speaker 16: wife discovered they were paying two hundred both of them

963
00:53:08,800 --> 00:53:11,879
Speaker 16: met carriage cards, Stephen. So they're paying two hundred rand

964
00:53:11,880 --> 00:53:15,359
Speaker 16: between them for cards unused since twenty twelve, so I'm

965
00:53:15,400 --> 00:53:18,680
Speaker 16: talking thirteen years. And they were refunded not thousands, but

966
00:53:18,800 --> 00:53:21,400
Speaker 16: seven hundred rand because they were told queries must be

967
00:53:21,520 --> 00:53:25,000
Speaker 16: within thirty days of the statement. Okay, so what's changed

968
00:53:25,200 --> 00:53:28,839
Speaker 16: is I wrote the normal story saying in December saying

969
00:53:28,920 --> 00:53:31,640
Speaker 16: we still no answer. They're still saying it's a technical issue.

970
00:53:31,800 --> 00:53:34,640
Speaker 16: What on earth do they need technical help?

971
00:53:36,040 --> 00:53:36,319
Speaker 3: Are they?

972
00:53:36,440 --> 00:53:40,359
Speaker 16: This is deliberate? Anyway, last week the bank had one

973
00:53:40,400 --> 00:53:43,799
Speaker 16: of those let's chat moments and they said, actually, in

974
00:53:43,880 --> 00:53:46,479
Speaker 16: early twenty twenty five, a few months that is, after

975
00:53:46,480 --> 00:53:48,600
Speaker 16: I started bad remember about the issue, they decided to

976
00:53:48,640 --> 00:53:52,440
Speaker 16: prioritize stopping fees on unused garage cards. In May, they

977
00:53:52,520 --> 00:53:55,359
Speaker 16: acted and by September of twenty twenty five, fees were

978
00:53:55,400 --> 00:53:58,520
Speaker 16: stopped for ninety percent of customers in the cases where

979
00:53:58,520 --> 00:54:01,000
Speaker 16: they hadn't used their cards for over each Yeah, they

980
00:54:01,080 --> 00:54:02,600
Speaker 16: reviewed the legacy products.

981
00:54:02,680 --> 00:54:04,600
Speaker 4: They told me and they.

982
00:54:04,600 --> 00:54:07,000
Speaker 16: Saw that most weren't using it, something that I could

983
00:54:07,000 --> 00:54:09,760
Speaker 16: have told them, and so then they acted in customer's

984
00:54:09,840 --> 00:54:12,640
Speaker 16: best interests, even though the contracts were still valid because

985
00:54:12,640 --> 00:54:15,320
Speaker 16: these people hadn't actually canceled them. So there's ten percent

986
00:54:15,440 --> 00:54:17,680
Speaker 16: left and they either have balances that they need to

987
00:54:17,719 --> 00:54:20,520
Speaker 16: pay or they actually are still using the cards.

988
00:54:23,800 --> 00:54:23,960
Speaker 2: No.

989
00:54:24,000 --> 00:54:25,719
Speaker 16: Well, I said to them, well, why didn't you tell

990
00:54:25,719 --> 00:54:27,440
Speaker 16: me this? If you told me this in December, that

991
00:54:27,440 --> 00:54:30,040
Speaker 16: column would have looked a bit different. And they said, well,

992
00:54:30,560 --> 00:54:33,560
Speaker 16: you know, time of year there were standings, didn't I

993
00:54:33,600 --> 00:54:36,080
Speaker 16: was asking about you know, why aren't you putting this

994
00:54:36,160 --> 00:54:38,359
Speaker 16: on the statements, which incidentally they said they're still going

995
00:54:38,400 --> 00:54:42,160
Speaker 16: to do whether they didn't see the big picture picture

996
00:54:42,200 --> 00:54:45,760
Speaker 16: and say well, actually, you know we've done something better.

997
00:54:45,880 --> 00:54:48,000
Speaker 16: We've actually stopped. No one thought to tell me that.

998
00:54:48,080 --> 00:54:52,000
Speaker 16: But anyway, the main thing is it's happened. And there

999
00:54:52,120 --> 00:54:56,719
Speaker 16: was millions every month in and you know, fees that

1000
00:54:56,880 --> 00:55:00,000
Speaker 16: were for nothing. So for me, it's a pretty big

1001
00:55:00,280 --> 00:55:02,160
Speaker 16: and I'm really happy that it's finally happened.

1002
00:55:02,440 --> 00:55:04,239
Speaker 3: Okay, so balance me here. I just want to make

1003
00:55:04,280 --> 00:55:07,880
Speaker 3: sure I have this right. People stopped using garage cards right,

1004
00:55:07,880 --> 00:55:10,640
Speaker 3: and now, remember that when that happened and everybody could

1005
00:55:10,680 --> 00:55:15,000
Speaker 3: use their credit card, Standard Bank kept charging people one

1006
00:55:15,080 --> 00:55:19,720
Speaker 3: hundred rand for a month for cards they could see

1007
00:55:19,840 --> 00:55:23,280
Speaker 3: were not being used, and then they failed to remind

1008
00:55:23,360 --> 00:55:26,040
Speaker 3: those people that they had them at the time they

1009
00:55:26,040 --> 00:55:29,520
Speaker 3: would have normally reminded them in the past. I mean,

1010
00:55:29,920 --> 00:55:32,319
Speaker 3: I hate to be this guy, but that really does

1011
00:55:32,360 --> 00:55:33,480
Speaker 3: look like a cover up to me.

1012
00:55:33,520 --> 00:55:36,040
Speaker 4: And they made a fortune in the process.

1013
00:55:36,480 --> 00:55:36,919
Speaker 3: They did.

1014
00:55:37,200 --> 00:55:41,000
Speaker 16: They did your words, but yes, and I couldn't believe

1015
00:55:41,760 --> 00:55:43,799
Speaker 16: how they kept kicking the can down the road and

1016
00:55:43,840 --> 00:55:45,520
Speaker 16: saying it was so difficult to put it on the state.

1017
00:55:45,560 --> 00:55:46,359
Speaker 4: But maybe it was.

1018
00:55:46,640 --> 00:55:48,759
Speaker 16: And it would have been lovely if they'd said to

1019
00:55:48,800 --> 00:55:54,000
Speaker 16: me sometime last week when they decided, maybe we should

1020
00:55:54,000 --> 00:55:56,960
Speaker 16: look at this, maybe this isn't okay. They didn't tell

1021
00:55:57,000 --> 00:56:00,560
Speaker 16: me until last week that that's what had happened. Anyway,

1022
00:56:00,960 --> 00:56:04,600
Speaker 16: it's now stopped. But yeah, it was not a good loquet.

1023
00:56:04,960 --> 00:56:08,399
Speaker 3: No, you're being belked, Wendy Noley, you consumer, ninja, Thanks

1024
00:56:08,400 --> 00:56:08,799
Speaker 3: so much.

1025
00:56:09,560 --> 00:56:12,440
Speaker 2: The Money Show shape shift is twenty.

1026
00:56:12,160 --> 00:56:14,400
Speaker 3: Three minutes now to eight the time. I don't know

1027
00:56:14,400 --> 00:56:16,759
Speaker 3: how well you know Joe Berg and different parts of

1028
00:56:16,840 --> 00:56:19,640
Speaker 3: Joe Berg and you know, different parts are better than

1029
00:56:19,680 --> 00:56:22,160
Speaker 3: you know others, but very few businesses kind of claimed

1030
00:56:22,200 --> 00:56:25,600
Speaker 3: to really change the look and feel of a particular area.

1031
00:56:25,600 --> 00:56:28,640
Speaker 3: But I think one that you could say has is

1032
00:56:28,640 --> 00:56:32,160
Speaker 3: the group, the Marble group that started with the restaurant Marble,

1033
00:56:32,280 --> 00:56:35,680
Speaker 3: then the pantry, which in a way, if you haven't

1034
00:56:35,760 --> 00:56:39,279
Speaker 3: driven past it many thousands of people have, you will

1035
00:56:39,280 --> 00:56:43,080
Speaker 3: probably described as well a sort of deli with a

1036
00:56:43,080 --> 00:56:45,120
Speaker 3: petrol forecourt or what do you call it a petrol

1037
00:56:45,160 --> 00:56:48,560
Speaker 3: station with a really high quality shop next to it,

1038
00:56:48,680 --> 00:56:50,279
Speaker 3: or what do you call it? A supermarket that just

1039
00:56:50,280 --> 00:56:52,839
Speaker 3: happens that petrol pumps in the front. But it's also

1040
00:56:52,960 --> 00:56:55,640
Speaker 3: the group now also includes Saint and Zoo. They also

1041
00:56:55,640 --> 00:56:59,480
Speaker 3: have an outlet in Cape Town. The business brains behind

1042
00:56:59,520 --> 00:57:02,439
Speaker 3: it is Scary Cara Cow and he's with me now, Gary,

1043
00:57:02,480 --> 00:57:02,839
Speaker 3: Good evening.

1044
00:57:02,840 --> 00:57:04,479
Speaker 4: It's wonderful to meet you. Thanks for coming in.

1045
00:57:04,440 --> 00:57:06,879
Speaker 14: Good Evening seven, Thanks for having me on the show,

1046
00:57:06,960 --> 00:57:09,800
Speaker 14: and I'd really appreciate that just to be here today

1047
00:57:09,880 --> 00:57:11,320
Speaker 14: is quite a special.

1048
00:57:11,320 --> 00:57:11,560
Speaker 4: First.

1049
00:57:11,560 --> 00:57:14,040
Speaker 3: Thank you, no, well, thank you for coming in the concept.

1050
00:57:14,080 --> 00:57:16,280
Speaker 3: I mean it started with Marble, so it's a restaurant.

1051
00:57:16,280 --> 00:57:19,080
Speaker 3: I have been there once or twice when someone else

1052
00:57:19,160 --> 00:57:23,320
Speaker 3: is paying, and there's a particular concept to it. You've

1053
00:57:23,320 --> 00:57:25,760
Speaker 3: got sort of open flame. You see it being cooked

1054
00:57:25,800 --> 00:57:29,160
Speaker 3: right in front of you. There's a particular level of service.

1055
00:57:29,600 --> 00:57:32,120
Speaker 3: It's not like anything else I'd ever been to in

1056
00:57:32,240 --> 00:57:35,720
Speaker 3: Johannesburg before. Where did the whole idea come from?

1057
00:57:35,920 --> 00:57:39,200
Speaker 14: Well about twelve years ago. You know, through my travels

1058
00:57:40,560 --> 00:57:42,320
Speaker 14: there was something missing in Joe Book. I mean, we

1059
00:57:42,440 --> 00:57:47,240
Speaker 14: just had our standard restaurants, small formats, no sense of arrival.

1060
00:57:48,440 --> 00:57:50,880
Speaker 14: Always said, you know that there's nowhere for women to

1061
00:57:50,920 --> 00:57:53,480
Speaker 14: go to, you know, to get dressed up and experience

1062
00:57:53,560 --> 00:57:58,480
Speaker 14: something different, you know, at bar, something elegant. And I

1063
00:57:58,520 --> 00:58:00,880
Speaker 14: came back to South Africa. I've got the concept right

1064
00:58:01,360 --> 00:58:04,960
Speaker 14: Marbile was born. But I needed a partner to bring

1065
00:58:04,960 --> 00:58:08,760
Speaker 14: this to life. And one day I went to David Higgs,

1066
00:58:08,760 --> 00:58:11,160
Speaker 14: my business partner. I walked into the Saxon there and

1067
00:58:11,200 --> 00:58:15,200
Speaker 14: I said, David, I have this crazy idea. A large

1068
00:58:15,200 --> 00:58:18,280
Speaker 14: format restaurant, a thousand square meters are on board.

1069
00:58:18,640 --> 00:58:21,080
Speaker 4: He didn't even flinch. This say what I mean, and

1070
00:58:21,120 --> 00:58:21,960
Speaker 4: the rest is history.

1071
00:58:21,960 --> 00:58:30,120
Speaker 14: We just created this amazing space that's for everyone, celebrations, birthdays, anniversaries, business, travelers,

1072
00:58:30,960 --> 00:58:33,440
Speaker 14: and you know, we were blessed this year. Were ten

1073
00:58:33,520 --> 00:58:36,880
Speaker 14: years down the line as Marble Hospitality and Marbile that

1074
00:58:36,920 --> 00:58:40,080
Speaker 14: will we started, and you know, we've we've we've adapted

1075
00:58:40,120 --> 00:58:44,680
Speaker 14: and we've we've grown into different avenues of hospitality. We

1076
00:58:44,800 --> 00:58:49,040
Speaker 14: opened Saints two years later, then Zoo, and then the

1077
00:58:49,120 --> 00:58:53,560
Speaker 14: crazy thing happened called COVID that made us rethink hospitality

1078
00:58:54,400 --> 00:58:57,439
Speaker 14: and that's where the pantry was born. You know, it

1079
00:58:57,560 --> 00:59:00,480
Speaker 14: was through COVID we got such a right that we

1080
00:59:00,520 --> 00:59:04,600
Speaker 14: said we were left in the doll drums of nothingness

1081
00:59:04,640 --> 00:59:08,000
Speaker 14: basically as as hospitality. People couldn't come to our restaurants.

1082
00:59:09,000 --> 00:59:12,480
Speaker 14: So we thought, like, let's bring hospitality to a different

1083
00:59:13,960 --> 00:59:17,760
Speaker 14: sect of the market. And you know, the the garage

1084
00:59:17,800 --> 00:59:20,919
Speaker 14: downstairs closed down because it wasn't working, and we thought,

1085
00:59:20,920 --> 00:59:25,880
Speaker 14: looks rets reinvent what convenience is and we thought backwards.

1086
00:59:26,160 --> 00:59:29,320
Speaker 14: We thought, you know, let's open a convenience store that

1087
00:59:29,440 --> 00:59:31,160
Speaker 14: sells petrol, not the other way around.

1088
00:59:31,800 --> 00:59:33,080
Speaker 4: And that was us philosophy.

1089
00:59:33,120 --> 00:59:37,040
Speaker 14: And four years down the line, we've got basically four puntries.

1090
00:59:37,080 --> 00:59:41,360
Speaker 14: Now we're opening out our fourth store tomorrow in Personia,

1091
00:59:41,400 --> 00:59:43,720
Speaker 14: so you know, we we're moving.

1092
00:59:43,520 --> 00:59:46,600
Speaker 3: Along so I mean, I mean, I've always thought that

1093
00:59:46,680 --> 00:59:49,240
Speaker 3: it's interesting because joe Burg, you know, the idea of

1094
00:59:49,280 --> 00:59:52,200
Speaker 3: a twenty four hour city, and joe Burg isn't that,

1095
00:59:52,400 --> 00:59:55,840
Speaker 3: not yet, but but but a big step towards that

1096
00:59:56,160 --> 00:59:57,760
Speaker 3: are things like the pantry.

1097
00:59:57,880 --> 01:00:02,280
Speaker 14: You'll be surprised our our customers that come through at

1098
01:00:02,280 --> 01:00:04,120
Speaker 14: two o'clock in the morning, and I notice that just

1099
01:00:04,280 --> 01:00:08,800
Speaker 14: the party people, yeah, the doctors, the people coming from airports,

1100
01:00:09,120 --> 01:00:11,840
Speaker 14: the guys that are going home from late shifts.

1101
01:00:12,400 --> 01:00:14,880
Speaker 4: I mean, the city never sleeps. You know. We think

1102
01:00:14,960 --> 01:00:16,160
Speaker 4: it sleeps because we're sleeping.

1103
01:00:16,240 --> 01:00:19,320
Speaker 14: Yeah, you know, but you know when I drive past

1104
01:00:19,320 --> 01:00:20,680
Speaker 14: at two o'clock in the morning just to have a

1105
01:00:20,720 --> 01:00:24,720
Speaker 14: look and see what's happening. That's humming in Rosebank, and

1106
01:00:24,760 --> 01:00:26,360
Speaker 14: sometimes I wonder where do people come from?

1107
01:00:26,480 --> 01:00:27,920
Speaker 4: But the city is alive.

1108
01:00:28,920 --> 01:00:30,760
Speaker 3: I've always thought a business like that at twenty four

1109
01:00:30,760 --> 01:00:32,320
Speaker 3: our business, and I've worked in a twenty for our

1110
01:00:32,360 --> 01:00:35,360
Speaker 3: business my whole professional life. And there's certain sort of

1111
01:00:35,440 --> 01:00:37,840
Speaker 3: challenges that it brings. You have to have staff all

1112
01:00:37,920 --> 01:00:41,680
Speaker 3: the time for you. It brings I thought two interesting

1113
01:00:41,760 --> 01:00:43,240
Speaker 3: challenges for me. The one is that you have to

1114
01:00:43,240 --> 01:00:45,000
Speaker 3: have the same level of service no matter what time

1115
01:00:45,000 --> 01:00:46,920
Speaker 3: of day it is, you probably can't have an air

1116
01:00:46,920 --> 01:00:47,800
Speaker 3: shift in the B shift.

1117
01:00:47,880 --> 01:00:49,480
Speaker 4: It has to be no that we've got air shifts.

1118
01:00:49,640 --> 01:00:52,880
Speaker 3: Yes, yeah, And you need to make sure that everything

1119
01:00:52,920 --> 01:00:55,320
Speaker 3: that you sell is there all the time, at the

1120
01:00:55,360 --> 01:00:56,360
Speaker 3: right quality.

1121
01:00:56,040 --> 01:00:56,680
Speaker 4: And every time.

1122
01:00:56,720 --> 01:00:58,800
Speaker 14: I mean if you walk at the pantry two o'clock

1123
01:00:58,840 --> 01:01:00,480
Speaker 14: in the morning or four o'clock in the morning, you

1124
01:01:00,520 --> 01:01:03,640
Speaker 14: will get served. And you know, we have chefs that

1125
01:01:03,840 --> 01:01:07,360
Speaker 14: work nightshifts, we have managers that have nightchifts that rotate,

1126
01:01:07,920 --> 01:01:09,880
Speaker 14: so there's always someone there looking after you.

1127
01:01:10,080 --> 01:01:11,960
Speaker 4: And I mean that's where hospitality comes.

1128
01:01:12,520 --> 01:01:15,320
Speaker 14: And people have forgotten that no matter what you do,

1129
01:01:15,360 --> 01:01:20,439
Speaker 14: you need a sense of service and hospitality to greet

1130
01:01:20,440 --> 01:01:22,640
Speaker 14: your customers, you know, coming into the stores at that

1131
01:01:22,680 --> 01:01:23,360
Speaker 14: time of the morning.

1132
01:01:24,120 --> 01:01:25,920
Speaker 3: One of the interesting things about it is there's a

1133
01:01:25,960 --> 01:01:28,960
Speaker 3: sort of premium. Now if you look at, for example,

1134
01:01:28,960 --> 01:01:32,440
Speaker 3: what happens in the supermarket sector, Willworths has I'm going

1135
01:01:32,480 --> 01:01:35,640
Speaker 3: to get very boring for a moment, but they sort

1136
01:01:35,640 --> 01:01:38,760
Speaker 3: of internal shop inflation is about five six percent, shop

1137
01:01:38,840 --> 01:01:42,080
Speaker 3: right is about one and one point two, sometimes below

1138
01:01:42,120 --> 01:01:44,560
Speaker 3: two percent. People go back to will Work because they

1139
01:01:44,600 --> 01:01:47,320
Speaker 3: know what they're going to get. Never forget WhatsApp. We

1140
01:01:47,400 --> 01:01:50,000
Speaker 3: received by someone saying, yes, I can buy two others

1141
01:01:50,040 --> 01:01:52,120
Speaker 3: for the checkers for the price of one at Willie's.

1142
01:01:52,320 --> 01:01:53,800
Speaker 3: But the one at Willies I know will be ripe

1143
01:01:53,840 --> 01:01:56,320
Speaker 3: and I can eat it. And what you're talking about

1144
01:01:56,480 --> 01:01:59,840
Speaker 3: is what people are prepared to pay for quality and

1145
01:02:00,080 --> 01:02:03,840
Speaker 3: knowing it's a certainty that and you would think, well,

1146
01:02:03,840 --> 01:02:06,240
Speaker 3: maybe Joe Brick doesn't have a market for a ripe

1147
01:02:06,240 --> 01:02:08,800
Speaker 3: ever two thirty in the morning. If you've got the

1148
01:02:08,840 --> 01:02:10,880
Speaker 3: right quality, Kelly, that market is there.

1149
01:02:11,080 --> 01:02:13,960
Speaker 4: The market's huge. I mean we you know, Joebik's aspirational.

1150
01:02:14,000 --> 01:02:16,560
Speaker 14: You know, we've changed, you know, we live we live

1151
01:02:16,560 --> 01:02:20,480
Speaker 14: in the cloud Instagram and I thank you which l

1152
01:02:20,600 --> 01:02:22,520
Speaker 14: sion you come from? You always want to be at

1153
01:02:22,520 --> 01:02:25,480
Speaker 14: the one better? Yeah, so you always want to improve yourself.

1154
01:02:25,520 --> 01:02:27,240
Speaker 14: So you know that's what the Pantry is. You know

1155
01:02:27,280 --> 01:02:30,040
Speaker 14: we we we so be fancy, but we easy. So

1156
01:02:30,080 --> 01:02:32,920
Speaker 14: we're trying to take that sense of marble and just

1157
01:02:32,960 --> 01:02:35,360
Speaker 14: give it to everyone, you know, So we want to

1158
01:02:35,360 --> 01:02:37,040
Speaker 14: get that class and that you know, when you're walking

1159
01:02:37,080 --> 01:02:38,840
Speaker 14: you wont to be proud and you want to be private.

1160
01:02:38,840 --> 01:02:41,480
Speaker 14: You're from Joebick and Pantry is from Joe Big. So

1161
01:02:41,760 --> 01:02:44,640
Speaker 14: you know it's it's it's Pentry's hours. Yeah, and that's

1162
01:02:44,680 --> 01:02:47,080
Speaker 14: what people feel like, John Nathan, I hope you're listening.

1163
01:02:48,400 --> 01:02:51,320
Speaker 3: There's some other things you did before all of this,

1164
01:02:51,680 --> 01:02:56,560
Speaker 3: and you you actually ran several SPA supermarkets, and that's connected.

1165
01:02:56,600 --> 01:02:58,720
Speaker 14: That was at the time connected to your family. Is

1166
01:02:58,760 --> 01:03:02,960
Speaker 14: that right, Yes, that's right. In the nineties and two thousands,

1167
01:03:03,040 --> 01:03:07,520
Speaker 14: we were retailers. To be honest, I got bored of that.

1168
01:03:07,840 --> 01:03:11,760
Speaker 14: There was no innovation in that sector and I just

1169
01:03:11,800 --> 01:03:15,240
Speaker 14: moved on. I just went into printing and advertising and

1170
01:03:15,280 --> 01:03:17,040
Speaker 14: I did so many things before I got back into

1171
01:03:17,040 --> 01:03:20,600
Speaker 14: hospitality in retail again. But I think it taught me

1172
01:03:20,640 --> 01:03:23,400
Speaker 14: a lot on how to be a retailer and how

1173
01:03:23,440 --> 01:03:27,320
Speaker 14: much retail has changed. And I think as an entrepreneur,

1174
01:03:27,400 --> 01:03:29,560
Speaker 14: you learn along and you learn your skill and you

1175
01:03:29,560 --> 01:03:33,479
Speaker 14: will hone your skills through different businesses. And that's how

1176
01:03:33,720 --> 01:03:38,920
Speaker 14: Marbile became and came about. It's just the life experiences

1177
01:03:38,920 --> 01:03:39,920
Speaker 14: of being in business.

1178
01:03:40,480 --> 01:03:44,760
Speaker 3: Your heritage is Cypriot I think you said, is there,

1179
01:03:44,840 --> 01:03:47,480
Speaker 3: and I mean here, and I can think of examples

1180
01:03:47,480 --> 01:03:50,240
Speaker 3: in other places too. There's a strong sort of heritage

1181
01:03:50,240 --> 01:03:53,920
Speaker 3: of entrepreneurship in some families from that island. Is it

1182
01:03:54,000 --> 01:03:56,080
Speaker 3: the same for you? Exactly the same.

1183
01:03:56,160 --> 01:03:58,840
Speaker 14: I mean my parents or immigrants that came to South

1184
01:03:58,880 --> 01:04:02,320
Speaker 14: Africa years ago, and then you got you got no choice.

1185
01:04:02,320 --> 01:04:03,760
Speaker 4: Then you just become a entrepreneur.

1186
01:04:03,840 --> 01:04:07,920
Speaker 14: And as kids of immigrant parents, you just learn that

1187
01:04:07,920 --> 01:04:09,200
Speaker 14: that's the only choice you have.

1188
01:04:09,400 --> 01:04:10,400
Speaker 4: There is no other choice.

1189
01:04:10,400 --> 01:04:12,400
Speaker 14: You either go and you become a doctor or a lawyer,

1190
01:04:13,160 --> 01:04:15,720
Speaker 14: or you study a bigcommon you go into business and

1191
01:04:15,840 --> 01:04:19,800
Speaker 14: that's your path in life. And I suppose sometimes it works,

1192
01:04:20,080 --> 01:04:23,040
Speaker 14: you know, and it is hard being entrepreneur. You know,

1193
01:04:23,120 --> 01:04:26,320
Speaker 14: there's there's no there's no rule book when you when

1194
01:04:26,320 --> 01:04:29,200
Speaker 14: you start like that, you know you have to be

1195
01:04:29,320 --> 01:04:31,840
Speaker 14: out in the big world of business and and and

1196
01:04:31,920 --> 01:04:32,440
Speaker 14: work it out.

1197
01:04:33,880 --> 01:04:36,000
Speaker 3: When you were at school, was that what you were

1198
01:04:36,080 --> 01:04:38,680
Speaker 3: you know, was entrepreneurship something you were going to do.

1199
01:04:38,720 --> 01:04:41,680
Speaker 3: I call it entrepreneurship, but you know, running your own

1200
01:04:41,680 --> 01:04:42,880
Speaker 3: businesses it was it was.

1201
01:04:42,880 --> 01:04:43,600
Speaker 4: In the blood, you know.

1202
01:04:43,640 --> 01:04:46,800
Speaker 14: You you grew up and you join your dad's business

1203
01:04:47,040 --> 01:04:49,640
Speaker 14: and you go and try something.

1204
01:04:49,840 --> 01:04:51,960
Speaker 4: That was how we were brought up.

1205
01:04:52,040 --> 01:04:56,040
Speaker 14: There was no go work for someone and hope for

1206
01:04:56,080 --> 01:04:56,880
Speaker 14: the best.

1207
01:04:58,120 --> 01:05:00,800
Speaker 3: Several I mean we we We've spoken to several people

1208
01:05:00,840 --> 01:05:03,160
Speaker 3: who started businesses and you know who are sitting in

1209
01:05:03,200 --> 01:05:05,560
Speaker 3: the chair you're sitting in now. And some of them

1210
01:05:05,880 --> 01:05:09,040
Speaker 3: kind of went the university route, did the becom and

1211
01:05:09,080 --> 01:05:12,400
Speaker 3: then worked and then had a flash of insight and

1212
01:05:12,480 --> 01:05:15,240
Speaker 3: they thought, I'm going to do this. Some of them

1213
01:05:15,920 --> 01:05:18,640
Speaker 3: actually have their first business before they even left school.

1214
01:05:19,240 --> 01:05:20,800
Speaker 3: Which category do you fit into?

1215
01:05:20,920 --> 01:05:24,000
Speaker 4: I mean, were you I was selling computers at school,

1216
01:05:24,040 --> 01:05:24,760
Speaker 4: you know, so.

1217
01:05:26,240 --> 01:05:28,040
Speaker 14: I was trying to do something, you know, and selling

1218
01:05:28,600 --> 01:05:32,240
Speaker 14: hard drives and repairing computers and in standard six.

1219
01:05:32,960 --> 01:05:35,240
Speaker 4: But you you you just want to go there.

1220
01:05:35,240 --> 01:05:37,600
Speaker 14: You got the itch insiders to go and and and

1221
01:05:37,600 --> 01:05:40,200
Speaker 14: create and do and as in my mom has always

1222
01:05:40,200 --> 01:05:42,680
Speaker 14: been to have fun what I do and if I'm

1223
01:05:42,720 --> 01:05:45,400
Speaker 14: not having fun, and you know, Supermarkets was when I

1224
01:05:45,520 --> 01:05:47,720
Speaker 14: decided that this is not this is not for me.

1225
01:05:48,520 --> 01:05:50,760
Speaker 14: And we were sold out and we left it. And

1226
01:05:51,440 --> 01:05:53,160
Speaker 14: it took me a few years to just settle and

1227
01:05:53,200 --> 01:05:54,120
Speaker 14: see what we're going to do.

1228
01:05:54,240 --> 01:05:57,400
Speaker 4: And I'm enjoying myself now in hospitality.

1229
01:05:57,520 --> 01:05:58,920
Speaker 14: You know, I just want to have some fun and

1230
01:05:59,080 --> 01:06:03,080
Speaker 14: and and it you know, it is nice giving back

1231
01:06:03,320 --> 01:06:03,960
Speaker 14: in that field.

1232
01:06:04,280 --> 01:06:07,920
Speaker 3: Yeah, No, I can imagine. I read somewhere that you.

1233
01:06:08,200 --> 01:06:09,840
Speaker 3: I think you mentioned briefly that you were in the

1234
01:06:09,840 --> 01:06:13,440
Speaker 3: property business at some point and did that lead in

1235
01:06:13,520 --> 01:06:15,320
Speaker 3: some way to you meeting David Higgs.

1236
01:06:15,480 --> 01:06:20,800
Speaker 14: Yes, so I was involved with Century twenty one South Africa,

1237
01:06:20,920 --> 01:06:26,240
Speaker 14: was a shareholder there and we sold his house, of

1238
01:06:26,280 --> 01:06:31,640
Speaker 14: course through the agency and I called one of the

1239
01:06:31,680 --> 01:06:34,160
Speaker 14: agents and I got David's number and I said, can

1240
01:06:34,320 --> 01:06:36,360
Speaker 14: do you have his number on file?

1241
01:06:36,920 --> 01:06:37,560
Speaker 4: I need it?

1242
01:06:38,640 --> 01:06:40,160
Speaker 14: So I don't know that we don't have the popy

1243
01:06:40,160 --> 01:06:42,520
Speaker 14: act then, so I could do that. So I got

1244
01:06:42,520 --> 01:06:45,080
Speaker 14: his number and I called him and and it was

1245
01:06:45,960 --> 01:06:49,640
Speaker 14: a five minute conversation about marble and he was my

1246
01:06:49,720 --> 01:06:51,560
Speaker 14: partner in a business partner.

1247
01:06:51,480 --> 01:06:53,520
Speaker 4: So cold caught him out of the blue. Out of

1248
01:06:53,560 --> 01:06:55,640
Speaker 4: the blue. I just said, I just need someone.

1249
01:06:55,840 --> 01:06:58,120
Speaker 14: And you know, just by speaking to someone you get

1250
01:06:58,320 --> 01:07:02,880
Speaker 14: a sense of who that person is. And when I

1251
01:07:02,920 --> 01:07:04,680
Speaker 14: went to the Saxon and I said and I opened

1252
01:07:04,720 --> 01:07:06,400
Speaker 14: my laptop and I said, David, this.

1253
01:07:06,320 --> 01:07:08,520
Speaker 4: Is the concept I want to do.

1254
01:07:09,040 --> 01:07:12,080
Speaker 14: And he said, well, I mean we shook hands and

1255
01:07:12,080 --> 01:07:13,720
Speaker 14: I walked to Art and that how was That's how

1256
01:07:13,760 --> 01:07:15,680
Speaker 14: the deal was done in cheap five minutes.

1257
01:07:15,840 --> 01:07:18,720
Speaker 3: It's quite something. Do you still follow property. I mean,

1258
01:07:18,920 --> 01:07:21,160
Speaker 3: I think some people I know are fascinated about property,

1259
01:07:21,160 --> 01:07:22,800
Speaker 3: and once they're in it, they never stopped thinking about it.

1260
01:07:22,880 --> 01:07:23,600
Speaker 4: I still do.

1261
01:07:23,720 --> 01:07:26,720
Speaker 14: We've still got I'm still involved in Century twenty one

1262
01:07:26,760 --> 01:07:27,520
Speaker 14: in Santin.

1263
01:07:27,720 --> 01:07:29,320
Speaker 4: You know that's as a shareholder.

1264
01:07:29,840 --> 01:07:33,840
Speaker 14: I've got some property around in a commercial property.

1265
01:07:34,080 --> 01:07:37,040
Speaker 4: But you know, you know, as investments, but not really like.

1266
01:07:38,760 --> 01:07:40,680
Speaker 14: I mean when we had the spas then we used

1267
01:07:40,720 --> 01:07:43,400
Speaker 14: to do the developments and own the shopping centers as well.

1268
01:07:44,120 --> 01:07:47,120
Speaker 14: So you know, I've done everything, you know, So it's

1269
01:07:47,160 --> 01:07:49,440
Speaker 14: been in business and you know, just moving along.

1270
01:07:50,480 --> 01:07:54,040
Speaker 3: Were you speaking to Gary Kiriako, He's the business brains

1271
01:07:54,120 --> 01:07:57,400
Speaker 3: behind the Marble Group. He's your shape shift to tonight

1272
01:07:57,440 --> 01:07:59,880
Speaker 3: you with the Money Show. It's eleven minutes, Nate.

1273
01:08:01,120 --> 01:08:03,840
Speaker 13: The Money Show with Stephen Quete is brought to you

1274
01:08:03,880 --> 01:08:07,360
Speaker 13: by abs A cib A Pan African bank invested in

1275
01:08:07,440 --> 01:08:10,480
Speaker 13: your story and the potential it can unlock it because

1276
01:08:10,640 --> 01:08:13,960
Speaker 13: your story matters, does the Rester f sp.

1277
01:08:15,400 --> 01:08:19,680
Speaker 3: The Money Show shape shifters Gary Curioko.

1278
01:08:19,240 --> 01:08:22,000
Speaker 4: The brains behind Marble, the Marble.

1279
01:08:21,720 --> 01:08:25,840
Speaker 3: Group here as your shape shifter, Gary, I mean one

1280
01:08:25,920 --> 01:08:29,240
Speaker 3: of the things that that clearly you have as an

1281
01:08:29,400 --> 01:08:32,120
Speaker 3: entrepreneur is a sense of ambition. A lot of people

1282
01:08:32,200 --> 01:08:34,880
Speaker 3: might have started their first restaurant is kind of a

1283
01:08:35,000 --> 01:08:38,040
Speaker 3: smallish thing, a thousand square meters. That's a big room.

1284
01:08:38,160 --> 01:08:40,800
Speaker 3: I mean, I've been inside. It is a very big room.

1285
01:08:41,479 --> 01:08:43,160
Speaker 3: You have to fill it. You have to make you

1286
01:08:43,200 --> 01:08:45,200
Speaker 3: have to get you know, turnover, you have to get

1287
01:08:45,200 --> 01:08:50,080
Speaker 3: people going. You have quite a large staff compliment. Those

1288
01:08:50,200 --> 01:08:53,599
Speaker 3: early days were they easy. It was as simple as

1289
01:08:53,960 --> 01:08:56,120
Speaker 3: everybody rushing in. It was a bit more complicated than that,

1290
01:08:56,200 --> 01:08:58,759
Speaker 3: a little bit more complicated because it was so big.

1291
01:08:59,640 --> 01:09:02,120
Speaker 3: I mean, the market consensus was what are you doing?

1292
01:09:02,800 --> 01:09:07,280
Speaker 3: There's a standard formula and restaurants stick to it. Banks

1293
01:09:07,360 --> 01:09:08,880
Speaker 3: used to say when I went for a loan there,

1294
01:09:08,920 --> 01:09:11,880
Speaker 3: they said, no, you know, whoever starts a restaurant, you know,

1295
01:09:12,080 --> 01:09:16,160
Speaker 3: the biggest risk and red flag in our lending criteria.

1296
01:09:16,880 --> 01:09:18,320
Speaker 4: So there were a lot of negatives.

1297
01:09:18,400 --> 01:09:21,759
Speaker 14: But you know, when you travel and you've been in business,

1298
01:09:21,760 --> 01:09:23,559
Speaker 14: you get this gut instinct that says, you know what

1299
01:09:23,600 --> 01:09:25,280
Speaker 14: it feels right, I want to do it.

1300
01:09:25,360 --> 01:09:27,439
Speaker 4: I want to prove that we can do it.

1301
01:09:27,520 --> 01:09:33,080
Speaker 14: And South Africa was right for changing the restaurant landscape.

1302
01:09:33,120 --> 01:09:34,240
Speaker 4: And I think through Marble.

1303
01:09:34,920 --> 01:09:40,200
Speaker 14: A lot of our fellow restaurant tears have changed their

1304
01:09:40,200 --> 01:09:42,519
Speaker 14: way of thinking of how they open restaurants.

1305
01:09:42,520 --> 01:09:45,720
Speaker 4: So we've we've elevated the market as well. So we

1306
01:09:45,840 --> 01:09:47,200
Speaker 4: all work together and we've.

1307
01:09:47,000 --> 01:09:52,280
Speaker 14: Improved hospitality and tourism in South Africa. You know, our

1308
01:09:52,400 --> 01:09:57,280
Speaker 14: clientele at Marble is international and Cape Town and you

1309
01:09:57,320 --> 01:10:00,400
Speaker 14: know they will compliment us how well and how we

1310
01:10:00,520 --> 01:10:01,800
Speaker 14: are to the rest of the world.

1311
01:10:01,880 --> 01:10:04,880
Speaker 4: You know. They they was telling us please open.

1312
01:10:04,600 --> 01:10:06,960
Speaker 14: The Marble in London or Dubai, and we said no,

1313
01:10:07,000 --> 01:10:08,519
Speaker 14: we had right, We're happy, we are thank you.

1314
01:10:09,040 --> 01:10:09,519
Speaker 4: Don't do it.

1315
01:10:09,520 --> 01:10:12,120
Speaker 3: The record of the track record of South African companies

1316
01:10:12,160 --> 01:10:14,599
Speaker 3: in London is not great, unless, of course your Nando's.

1317
01:10:14,640 --> 01:10:17,479
Speaker 3: But that's not your vibe at all. What is it

1318
01:10:17,520 --> 01:10:19,600
Speaker 3: about hospitality that's so attractive?

1319
01:10:22,160 --> 01:10:25,360
Speaker 14: It's really fun, you know what I mean. It's really rewarding,

1320
01:10:26,479 --> 01:10:29,719
Speaker 14: you know, just working with all the all the creative

1321
01:10:29,760 --> 01:10:34,040
Speaker 14: people out there. Seeing smiles you know, on kids' faces

1322
01:10:34,200 --> 01:10:36,960
Speaker 14: at the pantry at when they're having an ice cream,

1323
01:10:37,520 --> 01:10:42,280
Speaker 14: it's really rewarding. It's it's it's it's not a boring industry. Yeah,

1324
01:10:42,400 --> 01:10:45,400
Speaker 14: you know, sometimes people say it's a boring industry, it's finance,

1325
01:10:45,439 --> 01:10:48,439
Speaker 14: or it's this, this is really exciting. You can create,

1326
01:10:48,520 --> 01:10:51,080
Speaker 14: you can do, you can change, so you know, we

1327
01:10:51,160 --> 01:10:54,360
Speaker 14: we're very dynamic. So you know, it's it's like a helicopter,

1328
01:10:54,439 --> 01:10:59,240
Speaker 14: guys in in all directions. And then that's what hospitality is.

1329
01:10:59,240 --> 01:11:01,360
Speaker 3: Is there a people element to it that attracts you.

1330
01:11:01,479 --> 01:11:05,040
Speaker 14: Yes, I mean you're dealing with with all our staff,

1331
01:11:05,040 --> 01:11:09,200
Speaker 14: all the guests that come in. You know, like, I'm

1332
01:11:09,280 --> 01:11:13,519
Speaker 14: quite privileged that I don't have to report to shoholders. Yeah,

1333
01:11:13,520 --> 01:11:16,799
Speaker 14: I'm the sheholder and David's shelder and mother partner, Dinner's shoulder.

1334
01:11:17,240 --> 01:11:19,479
Speaker 14: So we just have to impress our guests and our

1335
01:11:19,520 --> 01:11:22,000
Speaker 14: staff to make things happen, you know.

1336
01:11:22,080 --> 01:11:22,760
Speaker 4: So it makes it.

1337
01:11:22,720 --> 01:11:26,280
Speaker 14: Easier for us just to focus our energy on those two.

1338
01:11:27,160 --> 01:11:30,479
Speaker 3: You're expanding, you've expanded very quickly in ten years, and

1339
01:11:30,520 --> 01:11:33,840
Speaker 3: you're expanding further, and you talk about the size of

1340
01:11:33,840 --> 01:11:35,800
Speaker 3: the market. I mean, do you have any idea of

1341
01:11:36,200 --> 01:11:38,880
Speaker 3: what the potential might be? Do you you know, do

1342
01:11:38,960 --> 01:11:41,479
Speaker 3: you go ten puntries, do you go twenty in jerbig?

1343
01:11:41,520 --> 01:11:44,000
Speaker 3: At some point you would probably hit to sort of

1344
01:11:44,240 --> 01:11:44,679
Speaker 3: no more.

1345
01:11:45,680 --> 01:11:51,240
Speaker 14: You know, our targets one hundred nation nationwide from yeah,

1346
01:11:51,360 --> 01:11:53,000
Speaker 14: you know, and then we can see from there, you know,

1347
01:11:53,080 --> 01:11:56,760
Speaker 14: maybe smaller and you know, we we're quite flexible on

1348
01:11:56,800 --> 01:11:58,000
Speaker 14: how we see things.

1349
01:11:58,040 --> 01:11:58,920
Speaker 4: You know, we have.

1350
01:12:00,439 --> 01:12:02,920
Speaker 14: We have board meetings which is the three of us,

1351
01:12:03,160 --> 01:12:05,080
Speaker 14: and we decide what we're.

1352
01:12:04,920 --> 01:12:05,280
Speaker 4: Going to do.

1353
01:12:05,360 --> 01:12:08,559
Speaker 14: You know, we get feedback from clients and guests and staff.

1354
01:12:09,240 --> 01:12:12,400
Speaker 4: But the market's big and it's aspirational there.

1355
01:12:13,240 --> 01:12:18,160
Speaker 14: We've taken Marble's hospitality and put it into platform where

1356
01:12:19,160 --> 01:12:23,120
Speaker 14: more of the market can can can have a button,

1357
01:12:23,400 --> 01:12:26,280
Speaker 14: you know. So you know, we were in in in

1358
01:12:26,280 --> 01:12:28,680
Speaker 14: in rose Bank. You know, it's a garage, so you

1359
01:12:28,760 --> 01:12:32,000
Speaker 14: get all walks of life coming into a beautiful space

1360
01:12:32,160 --> 01:12:35,360
Speaker 14: and people love it. So we I think it's it's

1361
01:12:35,400 --> 01:12:39,280
Speaker 14: it's the years of markets analyzing and seeing what people

1362
01:12:39,280 --> 01:12:42,680
Speaker 14: want in rose Bank and we're just continually evolving and

1363
01:12:43,120 --> 01:12:43,599
Speaker 14: carrying on.

1364
01:12:44,400 --> 01:12:46,040
Speaker 3: It's so interesting to see how it all sort of

1365
01:12:46,520 --> 01:12:49,479
Speaker 3: how it all sort of plays out. And you don't

1366
01:12:49,479 --> 01:12:51,360
Speaker 3: always need a petrol station for something like.

1367
01:12:51,320 --> 01:12:53,360
Speaker 4: This, No you don't. But we're still in discussions.

1368
01:12:53,360 --> 01:12:55,200
Speaker 14: We're still going to open a few more with petrol

1369
01:12:55,240 --> 01:12:59,000
Speaker 14: stations because people like that that get togetherness. I don't know,

1370
01:12:59,080 --> 01:13:00,400
Speaker 14: they love petrol stations, and.

1371
01:13:00,479 --> 01:13:06,680
Speaker 4: It's still we're still gonna we don't know.

1372
01:13:06,880 --> 01:13:09,080
Speaker 14: We've got a few sights that we're working on to

1373
01:13:09,160 --> 01:13:13,639
Speaker 14: open a few more with petrol, and we're also focusing

1374
01:13:13,680 --> 01:13:17,320
Speaker 14: on the standalone pantries and that's our main focus right now,

1375
01:13:17,400 --> 01:13:21,960
Speaker 14: and we're opening another three this first six months of

1376
01:13:22,000 --> 01:13:25,960
Speaker 14: the year. So yeah, we we've forced him ahead on

1377
01:13:26,520 --> 01:13:27,120
Speaker 14: what we're doing.

1378
01:13:28,439 --> 01:13:31,800
Speaker 3: Gary. One of the things that strikes me about you,

1379
01:13:31,960 --> 01:13:35,640
Speaker 3: just having met you thirty minutes ago, is that you

1380
01:13:35,680 --> 01:13:37,720
Speaker 3: clearly enjoy what you're doing, and I can see that

1381
01:13:37,800 --> 01:13:41,320
Speaker 3: passion coming through. So I'm a bit nervous about my

1382
01:13:41,360 --> 01:13:43,240
Speaker 3: next question, which is what do you do for fun?

1383
01:13:44,120 --> 01:13:46,160
Speaker 3: You're not allowed to say you have a board meeting

1384
01:13:46,200 --> 01:13:48,000
Speaker 3: with you, you know, David.

1385
01:13:47,800 --> 01:13:51,800
Speaker 14: I love traveling, and I love a good party and

1386
01:13:52,200 --> 01:13:55,920
Speaker 14: meeting friends and playing poke on a Thursday night with

1387
01:13:56,880 --> 01:14:00,080
Speaker 14: my friends. And I do love traveling. I love exploring

1388
01:14:00,120 --> 01:14:05,880
Speaker 14: and seeing. I'm a helicopter pup pilot really fly once

1389
01:14:05,920 --> 01:14:08,400
Speaker 14: a year if I've got time, so I try and

1390
01:14:08,479 --> 01:14:11,240
Speaker 14: keep myself active and you know, just travel a lot.

1391
01:14:11,400 --> 01:14:14,040
Speaker 14: I think and learning while I travel and bringing it

1392
01:14:14,080 --> 01:14:17,000
Speaker 14: back to South Africa and and seeing that that this

1393
01:14:17,080 --> 01:14:19,439
Speaker 14: country's got a lot of talents and and a lot

1394
01:14:19,439 --> 01:14:22,360
Speaker 14: of potential, and yeah, it inspires me and know people,

1395
01:14:22,360 --> 01:14:24,120
Speaker 14: so don't you opening dubias and you know what, We've

1396
01:14:24,160 --> 01:14:25,639
Speaker 14: got so much happening in this country.

1397
01:14:25,680 --> 01:14:27,280
Speaker 4: So that makes me happy.

1398
01:14:28,160 --> 01:14:30,200
Speaker 3: Is there on the particular places you've been to that

1399
01:14:30,240 --> 01:14:33,000
Speaker 3: have really given you a sense of inspiration here or

1400
01:14:33,120 --> 01:14:33,639
Speaker 3: or abroad?

1401
01:14:33,960 --> 01:14:36,000
Speaker 14: I think you know every you know, if I travel,

1402
01:14:36,080 --> 01:14:38,280
Speaker 14: let's at to a country and I pick up one

1403
01:14:39,800 --> 01:14:41,880
Speaker 14: thing that I can bring back and implement in our

1404
01:14:41,960 --> 01:14:44,280
Speaker 14: in our business, that's more than enough for me.

1405
01:14:44,520 --> 01:14:44,720
Speaker 4: You know.

1406
01:14:44,760 --> 01:14:47,479
Speaker 14: It's it's like just as I'll find tweaks in a

1407
01:14:47,560 --> 01:14:49,200
Speaker 14: business that you pick up and you say, oh, I

1408
01:14:49,280 --> 01:14:49,880
Speaker 14: like that idea.

1409
01:14:49,960 --> 01:14:51,519
Speaker 4: You know it's really good, let me.

1410
01:14:51,960 --> 01:14:55,960
Speaker 14: Let me bring it back, or walking into I mean

1411
01:14:57,360 --> 01:15:01,600
Speaker 14: a restaurant and I love how they survey something. And

1412
01:15:01,680 --> 01:15:03,800
Speaker 14: it's just those small little tweaks that you go and

1413
01:15:03,840 --> 01:15:05,479
Speaker 14: you travel and you bring back home.

1414
01:15:06,040 --> 01:15:06,280
Speaker 4: Yeah.

1415
01:15:06,640 --> 01:15:09,120
Speaker 3: Gary, I really enjoyed talking to you for the last halfning.

1416
01:15:09,160 --> 01:15:12,639
Speaker 3: Thanks so much for coming on the show. Gary Kiriako

1417
01:15:13,040 --> 01:15:16,639
Speaker 3: is the business brains behind the Marble Group, and you'll

1418
01:15:16,640 --> 01:15:19,680
Speaker 3: have seen the extraordinary rise of this group over the

1419
01:15:19,720 --> 01:15:22,519
Speaker 3: last few years and obviously very ambitious plans for the

1420
01:15:22,560 --> 01:15:23,559
Speaker 3: future as well.

1421
01:15:24,280 --> 01:15:27,000
Speaker 13: The Money Show with Stephen Quetez is brought to you

1422
01:15:27,040 --> 01:15:30,519
Speaker 13: by ABS as cib a Pan African bank invested in

1423
01:15:30,600 --> 01:15:34,000
Speaker 13: your story and the potential it can unlock because your

1424
01:15:34,080 --> 01:15:36,960
Speaker 13: story matters that do a ristered fsp.

1425
01:15:37,960 --> 01:15:41,519
Speaker 3: Well, it's been very much, sort of quite a frantic

1426
01:15:41,600 --> 01:15:45,880
Speaker 3: day in the US. Marcus were down sharply yesterday because

1427
01:15:45,880 --> 01:15:49,679
Speaker 3: of the issues around Greenland. Today the US President Donald Trump,

1428
01:15:50,160 --> 01:15:52,759
Speaker 3: speaking of course at VOS at the World Economic Forum,

1429
01:15:52,800 --> 01:15:55,840
Speaker 3: saying he won't use force to take Greenland, but he

1430
01:15:55,880 --> 01:15:57,840
Speaker 3: does still want it and he can't make sure the

1431
01:15:57,880 --> 01:16:00,839
Speaker 3: world is safe if he doesn't have it. As a result,

1432
01:16:01,080 --> 01:16:03,360
Speaker 3: a little bit of a jump in markets. Wall Street

1433
01:16:03,439 --> 01:16:06,400
Speaker 3: was up by a percentage point, now come down. The

1434
01:16:06,479 --> 01:16:09,200
Speaker 3: Dow joneses up point four to six, NASDAK is flat

1435
01:16:09,280 --> 01:16:11,639
Speaker 3: now point zero two, the is and P five hundred

1436
01:16:11,760 --> 01:16:15,080
Speaker 3: up point two eight. Of course, as always so difficult

1437
01:16:15,120 --> 01:16:19,600
Speaker 3: to really understand what President Trump was saying, or more importantly,

1438
01:16:19,640 --> 01:16:21,799
Speaker 3: what he meant, or whether he'll still mean it tomorrow.

1439
01:16:22,280 --> 01:16:23,960
Speaker 3: And those I think are going to be some of

1440
01:16:24,000 --> 01:16:25,840
Speaker 3: the issues, and I suspect there'll be a lot more

1441
01:16:25,840 --> 01:16:28,760
Speaker 3: discussion about what he said. Doesn't help, of course, that

1442
01:16:29,320 --> 01:16:34,000
Speaker 3: he seemed to use the name Iceland interchangeably with Greenland.

1443
01:16:34,439 --> 01:16:37,559
Speaker 3: It's not really sure how the Icelandics are going to

1444
01:16:37,600 --> 01:16:41,320
Speaker 3: be feeling about that today, but I suspect that that

1445
01:16:41,600 --> 01:16:43,600
Speaker 3: is going to be one of the issues that we

1446
01:16:43,640 --> 01:16:45,280
Speaker 3: will be looking at. But that certainly is going to

1447
01:16:45,320 --> 01:16:48,680
Speaker 3: be what's driving US markets for a while and may

1448
01:16:48,760 --> 01:16:51,439
Speaker 3: well have an impact on the gold price, which again

1449
01:16:51,680 --> 01:16:54,880
Speaker 3: hitting record highs today, going past four thousand, eight hundred

1450
01:16:54,880 --> 01:16:58,080
Speaker 3: dollars announced and we keep saying it'll hit five thousand soon.

1451
01:16:58,360 --> 01:17:02,200
Speaker 3: May not be over Greece, Greenland, Iceland, may be about

1452
01:17:02,200 --> 01:17:04,240
Speaker 3: something else entirely by the time we get there, but

1453
01:17:04,280 --> 01:17:07,000
Speaker 3: I suspect Trump will still be a major factor. We'll

1454
01:17:07,000 --> 01:17:08,599
Speaker 3: have more on that for you tomorrow. Good evening, it's

1455
01:17:08,640 --> 01:17:09,000
Speaker 3: eight o'clock