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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. The Money Show with Stephen Curtis is

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Speaker 2: brought to you by ABSIT Corporate and Investment Banking, proud

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

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Speaker 2: Summer twenty twenty six. Abst It's a registered FSP. Good evening,

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Speaker 2: Welcome to the Friday edition of The Money Show. I'm

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Speaker 2: Stephen Curtis. Ten minutes after six the time, Well, we'll

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Speaker 2: here in a moment if government has responded to the

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Speaker 2: deadline that was set by glen Core they need a

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Speaker 2: lower electricity tariff for their smelters. We'll speak to RP.

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Speaker 2: Full Od, the CEO at Glencore Alloways about that, and

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Speaker 2: just a moment, let's just see if government has responded.

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Speaker 2: Tomorrow is the deadline today, the last working day. Workers

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Speaker 2: do need to know what's happened. You heard last night

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Speaker 2: about the number of view of new cars on the

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Speaker 2: roads and what that's doing to traffic patterns, but then

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Speaker 2: the sales of used cars going up dramatically. To George

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Speaker 2: mini Is, the CEO at Auto Trader, you'll hear that

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Speaker 2: and about five minutes time lots of talk at the

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Speaker 2: moment about Cape Town their rates policies. It looks like

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Speaker 2: though Cape Town is also now trying to increase rates

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Speaker 2: for people selling out their properties or using their properties

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Speaker 2: on Airbnb. And don't forget before seven o'clock we will

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Speaker 2: speak to Professor Peter Law. He is running fair Nocht.

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Speaker 2: The new operation in the West and Cape Rareley is

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Speaker 2: quite an extraordinary setup that they've got going there. Don't

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Speaker 2: forget the Friday bis Blitz as well. Tonight The Ly

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Speaker 2: Show with Stephen krudis live on ninety two point seven

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Speaker 2: and one six FM, streaming on the Prime Media.

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Speaker 3: Plus NAP and DStv channel eight five six.

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Speaker 2: Well that tomorrow the deadline runs out for government to

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Speaker 2: give glen Coll written confirmation it will be able to

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Speaker 2: implement a cheaper electricity tariff to run at smelters. At

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Speaker 2: the moment there's an interim tariff of eighty seven cent secular.

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Speaker 2: What hour that allows too smelters to compete rarely, I

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Speaker 2: suppose against China. Glen Core says it needs a tariff

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Speaker 2: of sixty two cents. Government then would have to make

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Speaker 2: up the shortfall to eskim RP Full art is the

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Speaker 2: CEO at Glencore Alloys. Yuppy, good evening, Thanks for the time.

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Speaker 2: I know this can't be an easy time for you.

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Speaker 2: Time is running out, business hours are over for the day.

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Speaker 2: Have you heard anything from government yet?

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Speaker 4: Yes, Stephen, A good afternoon or I'm not sure if

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Speaker 4: you know, but the minister had a media briefing at

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Speaker 4: three o'clock this afternoon, him and also Dan who's the

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Speaker 4: CEO of ESCOM, and they made it public that we

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Speaker 4: are going to get the sixty two cents. So that's

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Speaker 4: really great news for us as drink Or and also MARAF.

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Speaker 4: Obviously it's definitely for the fero chrome industry and so

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Speaker 4: in principle the sexty two sense is definitely approved, conditionally

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Speaker 4: towards the terms and conditions. So what that means is

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Speaker 4: that within the next month ors we will have to

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Speaker 4: get to a commercial terms and and you know conditions.

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Speaker 4: But for now, the sixty two cents, particularly what our

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Speaker 4: is definitely approved.

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Speaker 2: Yes, I mean, obviously the teas and c is to

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Speaker 2: sort out. But you must be incredibly relieved. You had

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Speaker 2: one five hundred trenchman letters on your desk at one point.

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Speaker 4: Yeah, I know, Steve and I can tell you it's

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Speaker 4: been it's been a tough year for all, you know,

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Speaker 4: for the whole of you know, the PSV kelen comar Afi.

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Speaker 4: We've been under tremendous pressure. I mean for the last

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Speaker 4: six months we kept on paying people and we didn't

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Speaker 4: produce one ton of you know, ferrochrome. So you can

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Speaker 4: just imagine the burden that that placed on us as

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Speaker 4: a company as well. So very very relieved, but also

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Speaker 4: very important. Also note that we still need to find

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Speaker 4: that final commercial terms and conditions. But I can tell

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Speaker 4: you the minister and also then they made a fantastic

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Speaker 4: presentation today.

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Speaker 3: So really relieved.

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Speaker 2: Yes, I mean, look, there are still things to talk about.

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Speaker 2: There's the duration of the tariff, there are other conditions

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Speaker 2: minimum take or pay levels and things. Are you worried

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Speaker 2: that any of that could upset the apple cart at

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Speaker 2: this late stage. I mean a lot of rides on

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Speaker 2: the VRP, as you know better than I do.

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Speaker 4: Yeah, No, I can tell you that after the three

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Speaker 4: o'clock media briefing, I can tell you this that ourselves

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Speaker 4: in Escorm will really add of our first meeting talking

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Speaker 4: through the terms on conditions. Everybody knows that we need

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Speaker 4: to get to the solution very very quickly, because you

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Speaker 4: know that we are going to now suspend or not suspend.

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Speaker 4: We are going to move out our Section one ninety

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Speaker 4: nine process another month. So that's really good news. But

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Speaker 4: there's still a lot of work to be done.

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Speaker 2: Yes, I mean in a way, and this is kind

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Speaker 2: of not your problem. But government has to find or

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Speaker 2: ESCAM has to find ten billion rand or so. That's

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Speaker 2: what it's probably going to cost, and it might be

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Speaker 2: less than that. There'll be things to account. It keeps

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Speaker 2: your workers employed. It stimulates the economy. I'm sure I

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Speaker 2: know what you're going to say, Yuppi, but you see

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Speaker 2: this as a good investment for the economy of the country.

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Speaker 2: It has all sorts of knock on implications.

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Speaker 4: No, and at per sent I mean, like I also

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Speaker 4: also spoke to you previously. I mean, beneficiation has got

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Speaker 4: a five times multiplier, so that means that from a

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Speaker 4: revenue perspective, it's crucial upstream downstream that we do beneficiate

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Speaker 4: in South Africa. So I can tell you this is

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Speaker 4: this is a real breakthrough I think for the whole country.

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Speaker 4: And if we can make this work, all the other

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Speaker 4: industries can also latch onto this and we can really

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Speaker 4: become again, you know, quite a big player again.

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Speaker 2: Yuppy, thank you very much, indeed, and can leave you

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Speaker 2: to I think enjoy your Friday. Think you've earned it.

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Speaker 2: The CEO at glen Or Alloys Uppy full art, thank you. Okay,

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Speaker 2: So good news. There five hundred workers and their families

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Speaker 2: and all sorts of other people breathing a sigh of

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Speaker 2: relief on this one tonight a quarter past six.

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Speaker 1: The Money Show explainer.

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Speaker 2: Well, you heard last night how there's been a huge

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Speaker 2: increase in the number of new cars on the roads,

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Speaker 2: the impact on traffic. But news today that the number

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Speaker 2: of used cars being sold is also up dramatically. Actually,

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Speaker 2: used car sales are up eleven percent in January year on. Yeah,

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Speaker 2: George Meni is the CEO at Auto Trader. Essay, George,

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Speaker 2: good evening. I mean, by any measure, this is a

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Speaker 2: big increase eleven percent year on. Here have you? I mean,

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Speaker 2: do you see increases like this very often?

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Speaker 5: Hi, Stephen, and really good to be on your show again. Yes,

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Speaker 5: we do from time to time. I think there is

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Speaker 5: this shift in the consumer market to consumer pragmatism, and

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Speaker 5: we can see it in the types of vehicles that

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Speaker 5: they're buying.

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Speaker 6: So eleven percent is.

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Speaker 5: Higher than normal, normal being kind of what we saw

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Speaker 5: last year in single digit territory. But we also got

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Speaker 5: a juxtapose that against January. January is for many years

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Speaker 5: already beam the highest month on Auto Traders platform in

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Speaker 5: terms of search inquiries and sales.

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Speaker 2: So I mean we know that they're higher than usual

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Speaker 2: levels of new cars being sold. I'm presuming most people

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Speaker 2: buying a new car, even if it's a cheapish new

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Speaker 2: car that's not their first car, they're selling a secondhand

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Speaker 2: car along the way. I mean, one thing is leading

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Speaker 2: to another, right, If we see an increase in new

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Speaker 2: car sales, you would kind of expect used car sales

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Speaker 2: to go up.

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Speaker 5: Too, Yes, I mean for every new car, well, I

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Speaker 5: wouldn't say for every new car that is bought or

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Speaker 5: sold by a seller, there is a used car being

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Speaker 5: traded in. I'd say that that is probably you know,

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Speaker 5: eighty percent of stats on that up on the spot,

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Speaker 5: and I'd say eighty percent of cars are traded for

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Speaker 5: a car that's being sold. So I think you're absolutely right.

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Speaker 5: But in the greater principle that is that is accurate

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Speaker 5: you know, there are new entrant center the market, people

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Speaker 5: coming out of universities, first jobs, et cetera. You know,

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Speaker 5: and as the employment pool grows in the country, so

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Speaker 5: that kind of creates opportunity for first time buyers as well.

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Speaker 5: But I think your spot on that in the vast

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Speaker 5: majority of cases, there is a car being traded every

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Speaker 5: time a car is bought.

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Speaker 2: Cheaper in Chinese and Indian cars are dominating the new

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Speaker 2: car market. Who's dominating the used car market doesn't seem

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Speaker 2: to have changed that much.

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Speaker 5: No, so the Chinese secondhand vehicle market has not yet

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Speaker 5: established itself. I'd say that'll take maybe the balance of

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Speaker 5: this year for all of those new Chinese vehicles that

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Speaker 5: have come through the new car channels to get to

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Speaker 5: the secondhand market, and then we'll see some buoyant seeing

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Speaker 5: Chinese vehicles set in the secondhand market. But at the moment,

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Speaker 5: the traditional Suzuki Swift's VW Polos, BMW three series, Ford Ranger,

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Speaker 5: Toyoda like those are still in the top ten used

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Speaker 5: vehicles traded.

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Speaker 2: I mean, it's so interesting because there'll be plenty of

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Speaker 2: people who have had secondhand cast before they'll be toying

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Speaker 2: with the idea of do I buy a new car

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Speaker 2: many people have never thought I'd buy a new car

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Speaker 2: in my life. I'm going to go and buy one

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Speaker 2: now because I can afford it. Or do you buy

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Speaker 2: a more established brand, I mean, bluntly, do you buy

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Speaker 2: a newer Chinese brand which is new Do you buy

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Speaker 2: an older Toyota, which I know dominated sales? Again, how

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Speaker 2: do you see that kind of choice playing out in

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Speaker 2: the market. Lots of people be having this conversation over

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Speaker 2: a Brye.

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Speaker 5: Absolutely, But the numbers speak for themselves. So approximately one

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Speaker 5: point five to two times the number of used cars

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Speaker 5: are traded versus new you know, and that fluctuates anywhere

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Speaker 5: between one point five and two point five depending on

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Speaker 5: where the economy is. But the used car market is

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Speaker 5: a lot more buoyant, and there's a lot more vehicles

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Speaker 5: traded in the used car market than there are in

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Speaker 5: the new car markets. And we see that around the

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Speaker 5: world in all you know, first world countries, in Europe,

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Speaker 5: in the UK, and in America, a used car usually

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Speaker 5: trumps new car by a factor of anywhere between one

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Speaker 5: point five and sometimes three, depending on where the economy is.

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Speaker 5: I mean, what we're seeing at the moment is that

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Speaker 5: there's a there's an easing and interest rates. You know,

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Speaker 5: fuel costs have to remain low in order for you know,

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Speaker 5: people to drive cars, obviously, but any of these are

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Speaker 5: are showing their their strength and they might particularly the

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Speaker 5: Yoda Corolla Cross so so used cars are always more

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Speaker 5: dominant in terms of sales and volumes than new cars are.

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Speaker 2: George Minnie, thanks very much, indeed, the CEO at Auto

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Speaker 2: Trader SA. Twenty minutes after six The Money Show with

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Speaker 2: Stephen seven O two seven O two. You heard earlier

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Speaker 2: in the week new changes to the way the city

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Speaker 2: of Cape Town is managing rates for properties, causing some

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Speaker 2: people's build to go a dramatically big outcry about it.

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Speaker 2: Also a change coming through that would mean if you're

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Speaker 2: using your property as a rental property and rarely a

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Speaker 2: short stay property through Airbnb or a platform like that,

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Speaker 2: you'll be charged commercial rates rather than residential ones. Richard

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Speaker 2: Marshall is the founder of Knox Cape Town. They work

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Speaker 2: in the space. Richard good evening, how big is the

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Speaker 2: difference then? I mean people will be used to in

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Speaker 2: many cases paying residential rates to the city for their

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Speaker 2: property that they're now renting out how big would the

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Speaker 2: increase be if you go from residential to now commercial.

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Speaker 1: Well, thanks, thanks very much for having me, Stephen. Very

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Speaker 1: much depends on the value of your property. So essentially,

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Speaker 1: the commercial rates standard is one hundred and thirty five

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Speaker 1: percent more than the residential rate. So your average your

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Speaker 1: average home owner who's letting out their property on a

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Speaker 1: full time basis or essentially on a professional basis, is

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Speaker 1: going to be levied with commercial rates, and those are

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Speaker 1: one hundred and thirty five percent more than your residential rates.

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Speaker 1: But it's slightly more complicated than that, in that there

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Speaker 1: is a residential property exclusion for properties that are valued

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Speaker 1: at under eight million in the new rates scheme, and

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Speaker 1: that is that the first five hundred thousand rands of

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Speaker 1: your property value is not taxed. So for properties over

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Speaker 1: eight million rands in value, it's very simple. Their rates

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Speaker 1: are going to increase by one hundred and thirty five percent,

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Speaker 1: and that works out at approximately nine thousand rands per

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Speaker 1: per one million in property value. So a properly worth

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Speaker 1: ten million rands is going to be levied with approximately

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Speaker 1: ninety thousand rands per anim extra. But for the smaller

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Speaker 1: properties and there were less valuable properties, they're going to

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Speaker 1: see a more adverse effect. So, for instance, a two

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Speaker 1: million run property, the residential rates would have been valued

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Speaker 1: at one point five million due to the five hundred

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Speaker 1: thousand round the exclusion, and that would would mean that

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Speaker 1: that would be paying a rate in order of my

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Speaker 1: I think I've done the calculations here, but it would

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Speaker 1: be fairly reasonable. A two million around property would have

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Speaker 1: been rated at abarton ten thousand per annum, eight per month.

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Speaker 1: Under the new commercial rating, they would not get any exclusion,

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Speaker 1: so they'd be valued on the full two million, and

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Speaker 1: their rate would then be increased by one hundred and

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Speaker 1: thirty five percent, So in effect they would be moving

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Speaker 1: to fifty thousand rands per annum, so more than tripling

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Speaker 1: the tax load property.

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Speaker 2: I mean that's a huge number, Richard, but I mean

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Speaker 2: for the city of Cape Town, it makes sense. We

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Speaker 2: keep hearing about how many people are making so much

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Speaker 2: money renting their houses out to European survice. I mean,

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Speaker 2: the city is probably thinking they're onto something.

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Speaker 1: I can understand the city's position, and I do understand

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Speaker 1: their position in saying that they want a level playing

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Speaker 1: field between the hotels and the airbnb market. I mean,

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Speaker 1: I think the perception that landlords are ranking in millions

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Speaker 1: is not a true perception. I think, like all markets,

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Speaker 1: it's an efficient marketplace and there are not enormous excess

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Speaker 1: profits to be harvested. And I think what we'll see

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Speaker 1: from this rights increases that it pushes a decent portion

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Speaker 1: of the market from a viable investment or or an investment

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Speaker 1: that justifies the additional risk and effort of short term

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Speaker 1: letting and has a lot of investors questioning whether they're

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Speaker 1: getting the returns to justify it and potentially look at

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Speaker 1: moving into long term rentals or potentially getting rid of

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Speaker 1: the ACCID entirely.

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Speaker 2: One of the things I don't get is how the

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Speaker 2: city is going to know the house is currently the

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Speaker 2: class is residential and you start to rent it out.

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Speaker 2: I mean, you're not going to put a big sign

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Speaker 2: on the door and say come here with the southern sun.

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Speaker 2: So how are they going to know? They're going to

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Speaker 2: go from house to house to check. Are they going

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Speaker 2: to rely on you know, neighborhood WhatsApp groups to out people?

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Speaker 2: I mean it's quite interesting.

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Speaker 1: Well, look, I think that they're not stupid. They certainly

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Speaker 1: have a strategy. They are encouraging people to self register,

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Speaker 1: and I believe that there will be a new by

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Speaker 1: law past and there may be some form of obligation

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Speaker 1: for people to to register. But essentially, although none of

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Speaker 1: the details have been fully disclosed yet, my understanding is

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Speaker 1: that they will be working with the gatekeepers and Airbnb

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Speaker 1: as obviously the primary one in the space, but also

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Speaker 1: potentially people like booking dot Com and the other large

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Speaker 1: online tour operators, and they intend to force those platforms

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Speaker 1: to have a registration number of some sort supplied by

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Speaker 1: the City of Captain, or at least I'm I'm not

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Speaker 1: saying that I don't believe that that's been published by

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Speaker 1: I believe that the intention is that it will be

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Speaker 1: controlled through those distribution channels, and in order to register

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Speaker 1: your property on one of those platforms, you will need

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Speaker 1: to provide some form of registration number. And if that

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Speaker 1: is the case, it will certainly be a good way

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Speaker 1: of ensuring that illustrations happened.

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Speaker 2: Now that would certainly work. Richard Marshall, thank you, founder

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Speaker 2: of Knox Cape Town The Money Show, the Intia Soliman's

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Speaker 2: portfolio manager at Sentio Capital. Intias, good evening, Good to

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Speaker 2: have you tonight, Kilee. Spending what's at three hundred and

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Speaker 2: eighteen million round on that mall in Madrid seems to

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Speaker 2: be a good idea. They've done very well there already.

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Speaker 3: Yeah, good evening, Stephen. I think what Fukill has done

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Speaker 3: very well in South Africa, and I'm sure is recycle

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Speaker 3: the efforts what they've done in this period while I

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Speaker 3: sell some of the retail parks and that's the entry

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Speaker 3: point that they chose in terms of entering Spain and Portugal,

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Speaker 3: and now they're moving sort of up the curve into

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Speaker 3: high end moles. They do see Spain as a very

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Speaker 3: attractive geography to expand into, and they had some cash

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Speaker 3: on the balance sheet which they raised cash last year

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Speaker 3: through a book bolt and they are now deploying that

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Speaker 3: into the small in the in Spain.

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Speaker 2: Essentially, it's a very interesting market and as I said,

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Speaker 2: they've done well there. SASO today were up sixteen percent.

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Speaker 2: I know oil prices are higher, I mean, is that

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Speaker 2: the main fact? It seemed difficult to understand what was

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Speaker 2: really happening.

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Speaker 3: Yeah. I think SASO reported their results on Monday of

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Speaker 3: this week and it had quite a volatile week, so

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Speaker 3: if you look at it throughout the period, it's only

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Speaker 3: up three percent. It was down seven percent yesterday, but

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Speaker 3: today certainly was a big bounce, and I think a

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Speaker 3: lot of that was due to a higher oil price, weakerrent,

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Speaker 3: and maybe some positioning as a hedge against any tensions

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Speaker 3: in the Middle East. Worth regards to the US and

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Speaker 3: Iran and Cecil is one of the few oil plays

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Speaker 3: that you have on the JC that gives you that

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Speaker 3: hedge exposure. Should tensions fly up an oil price spike

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Speaker 3: in due course.

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Speaker 2: Heating must be it. I mean, I have no idea

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Speaker 2: what the Trump administration's planning there, but it's such a

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Speaker 2: big build up of military equipment. Northern Platinum, I mean,

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Speaker 2: such a long line of platinum miners that have done

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Speaker 2: so well recently. But even by those standards, Northern's profits

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Speaker 2: jumps dramatically.

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Speaker 3: Yeah, I mean it was like up one thousand percent,

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Speaker 3: and this is essentially on the back of higher PGM prices,

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Speaker 3: and we've seen production quite stable. There was our three

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Speaker 3: point seven percent, but really the big driver has been

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Speaker 3: the higher metal prices, and we've seen the same trend

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Speaker 3: for gold and the platinum counts continue new very leveraged

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Speaker 3: to a higher price environment, costs essentially well managed, and

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Speaker 3: on the back of that, you had a good dividend

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Speaker 3: coming out of Northern, which essentially shows that they've got

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Speaker 3: a very strong balance sheet. That debt is essentially zero

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Speaker 3: point two times, which is very low. So they do

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Speaker 3: have the excess cash on the balance sheet which allows

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Speaker 3: them to pay very good dividends. And we've seen, you know,

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Speaker 3: the share price also react quite positively to this positive

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Speaker 3: PGM space that we find ourselves in.

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Speaker 2: True has put out a statement laid yesterday, but then

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Speaker 2: they had a much fuller briefing today. We're getting a

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Speaker 2: sense of why they seem to be battling to increase sales.

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Speaker 2: They're not the only ones, I.

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Speaker 3: Think what we've seen in South Africa, and you know

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Speaker 3: also throughout the world is a very competitive retail environment.

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Speaker 3: True it is a credit lad model in South Africa,

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Speaker 3: and their price points are a bit higher than some

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Speaker 3: of the value places like a Papcore for example, So

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Speaker 3: you know, the demand for their product wasn't that great.

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Speaker 3: They do have a challenge in terms of trying to

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Speaker 3: grow that top line. They produce very good, good returns

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Speaker 3: on equity, very good margins. But essentially you need the

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Speaker 3: top line to grow because your fixed costs are escalating

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Speaker 3: at around seven to eight percent, and if you don't

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Speaker 3: meet that expectation, you know earnings are going to struggle.

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Speaker 3: What did help them in this period was the UK operation,

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Speaker 3: which is office that grew by six and a half

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Speaker 3: percent in pounds, and you know office has become quite

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Speaker 3: substantial in their lives and if it wasn't for office,

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Speaker 3: you whatever had earnings going backwards.

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Speaker 2: For Truths, Silimon, thanks so much. Portfolio Portfolio Capital at

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Speaker 2: Sentio Capital, Portfolio manager there, Intios. Thanks just come sects.

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Speaker 1: What appeven on.

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Speaker 6: Seven two seven two one seven o two.

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Speaker 2: We've been talking about the situation with smelters Tonight've been

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Speaker 2: talking about used cars tonight. In fact, someone you might

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Speaker 2: know got in touch.

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Speaker 3: How's it?

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Speaker 7: Stephen Jacob Muschall Quaha from five to six seven Cape Talk.

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Speaker 7: I think this information of used cars being more popular

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Speaker 7: is definitely accurate, and that's because heritage brands are still

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Speaker 7: trumping the new Chinese brands that we see here on

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Speaker 7: the market. And it says a lot that the big

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Speaker 7: names like Toyota, VW and BMW are still the popular option.

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Speaker 1: As well.

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Speaker 7: I think this trend is going to continue and there'll

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Speaker 7: be more used car sales in the near future for sure,

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Speaker 7: versus the Chinese cars. Well, we'll break this conversation down

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Speaker 7: a little further with George Meeni on my show, which

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Speaker 7: is of course Car Talk, and that's between eight o'clock

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Speaker 7: and nine pm on Cape Talk. Yeah, make sure you

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Speaker 7: give it a listen.

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Speaker 2: Thanks a lot, Steven, Thanks for that. Jacob, you are interesting.

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Speaker 2: I mean, that's so many more things I was thinking

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Speaker 2: of asking George Minnie, which I know Jacob will ask.

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Speaker 2: How you'll be able to listen to that in Cape

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Speaker 2: Talk this evening. I don't think it's the last conversation

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Speaker 2: you're going to hear about cars on The Money Show too,

400
00:22:10,400 --> 00:22:13,640
Speaker 2: because there's so many financial implications. You know, you sent

401
00:22:13,840 --> 00:22:16,320
Speaker 2: sort of after a house. Carus the thing you spend

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Speaker 2: the most on and that's why we end up talking

403
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Speaker 2: about them all the time. And there's such structural changes,

404
00:22:21,200 --> 00:22:23,400
Speaker 2: the kind of thing you only see once every sort

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Speaker 2: of fifteen twenty years going on at the moment, nineteen

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Speaker 2: minutes to seven for The Money Show, The Friday File,

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Speaker 2: The Friday File fourteen minutes to seven, the time We're

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Speaker 2: one of the strongest segments of our tourism sector over

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Speaker 2: the years, and particularly at the moment seems to be

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Speaker 2: the wine route out of Cape Town in the Western Cape.

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Speaker 2: And you can imagine that after all of these years

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Speaker 2: of this product, it might be difficult to do something

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Speaker 2: that is genuinely new, but a group of people led

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Speaker 2: by Professor Peter Liu, believe they're doing something very new

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Speaker 2: at the New Fairnuch Liu. Peter, good evening and thanks

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Speaker 2: so much for joining us. It's good to talk to you.

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Speaker 2: What kind of experience are you trying to create? What

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Speaker 2: are you trying to do well?

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Speaker 6: We are coming from a different business angle. We are

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Speaker 6: not so much look, we started not so much looking

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Speaker 6: on the wine business, but more on the heriage side

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Speaker 6: of South Africa. So in two thousand and nine we

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Speaker 6: identified the very old winery in near Sellenbush from the

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Speaker 6: year dating back from the year sixteen ninety six, and

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Speaker 6: we tried to recreate the sensation that people had in

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Speaker 6: the past. So this still is a modern winery now

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Speaker 6: and we refurbished everything, but it should give people the

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Speaker 6: look and the feel as if they would be maybe

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Speaker 6: two hundred years ago living.

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Speaker 2: I mean that's a very long time ago. Is it

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Speaker 2: a very different experience? I mean, does it go down

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Speaker 2: to the glasses you drink out of the tables you

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Speaker 2: see things like that?

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Speaker 6: Well, well, yes, we do. Well, the manor house is

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Speaker 6: from seventeen twenty thirty something like that, and we used

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Speaker 6: all the old furniture we found and were replaced it

437
00:24:15,000 --> 00:24:19,840
Speaker 6: by old furniture. But it doesn't start to stop at

438
00:24:19,880 --> 00:24:24,200
Speaker 6: the manor house. We tried to follow old principles all

439
00:24:24,240 --> 00:24:27,440
Speaker 6: over the farm. So, for example, we discovered in an

440
00:24:27,480 --> 00:24:31,439
Speaker 6: old book old plants that had been growing on the

441
00:24:31,480 --> 00:24:35,199
Speaker 6: farm two hundred years ago, and now we have built

442
00:24:35,240 --> 00:24:38,280
Speaker 6: a garden where we're looking all over the world because

443
00:24:38,320 --> 00:24:41,800
Speaker 6: we found out that these plants had been extinct, so

444
00:24:42,000 --> 00:24:47,320
Speaker 6: not more existing anymore, and we try to recreate them.

445
00:24:47,440 --> 00:24:50,040
Speaker 6: So some of them are very rare, so we had

446
00:24:50,240 --> 00:24:54,960
Speaker 6: the chance to acquire them, somehow complicately, and others we

447
00:24:55,040 --> 00:24:58,919
Speaker 6: try to found partner plants that are very near to it.

448
00:24:59,359 --> 00:25:02,080
Speaker 6: And the plan and for the future is to replant

449
00:25:02,119 --> 00:25:06,520
Speaker 6: them on our premises, so to give the visitors the

450
00:25:06,600 --> 00:25:09,359
Speaker 6: feeling what the botanic at that time was.

451
00:25:10,480 --> 00:25:14,080
Speaker 2: Do you know most of the facts that you need

452
00:25:14,119 --> 00:25:17,160
Speaker 2: to know about the history of the farm. I mean,

453
00:25:17,200 --> 00:25:21,119
Speaker 2: heritage in South Africa very contested, as you know, for

454
00:25:21,119 --> 00:25:24,040
Speaker 2: all sorts of important reasons. I mean, do you have

455
00:25:24,160 --> 00:25:26,919
Speaker 2: the all of the facts about you know, what happened,

456
00:25:26,920 --> 00:25:29,320
Speaker 2: who was in charge, when, what it did, how the

457
00:25:29,359 --> 00:25:32,000
Speaker 2: winery did then that kind of thing. I mean, if

458
00:25:32,040 --> 00:25:32,840
Speaker 2: you did, that would help.

459
00:25:33,840 --> 00:25:39,840
Speaker 6: No. No, we hired scientists and historians and they made

460
00:25:39,920 --> 00:25:43,399
Speaker 6: a big research on all activities of the farm that

461
00:25:43,560 --> 00:25:46,399
Speaker 6: now went into a book and everybody can buy that,

462
00:25:46,960 --> 00:25:49,720
Speaker 6: so you can even if you are interested in the

463
00:25:49,800 --> 00:25:53,520
Speaker 6: history of the farm, you can find out. What we

464
00:25:53,640 --> 00:25:59,040
Speaker 6: saw is that the ownership in the beginning was changing

465
00:25:59,240 --> 00:26:04,119
Speaker 6: very often, and even one German compatriot in seventy eighty

466
00:26:04,400 --> 00:26:08,680
Speaker 6: was for twenty years the owner of the farm here.

467
00:26:09,160 --> 00:26:13,400
Speaker 6: But then in eighteen twenty a South African family took

468
00:26:13,480 --> 00:26:18,840
Speaker 6: over the Fury family and they kept it in their

469
00:26:18,960 --> 00:26:24,720
Speaker 6: family line until I acquired it, or our initiative acquired

470
00:26:24,800 --> 00:26:27,919
Speaker 6: it in two thousand and fifteen.

471
00:26:28,880 --> 00:26:32,080
Speaker 2: Sure, that's a long time. You're trying to do this

472
00:26:32,160 --> 00:26:34,639
Speaker 2: in a sustainable way. So you have a farm, you

473
00:26:34,720 --> 00:26:39,760
Speaker 2: have a restaurant, how do you make it more sustainable? Obviously,

474
00:26:40,040 --> 00:26:42,320
Speaker 2: that's a a big thing at the moment.

475
00:26:43,480 --> 00:26:46,439
Speaker 6: Well, you see, this farm has a lot of advantages.

476
00:26:46,520 --> 00:26:50,280
Speaker 6: One is that we have one hundred eighty hector so

477
00:26:50,320 --> 00:26:56,920
Speaker 6: it's sufficiently large enough to build a sustainable economy here

478
00:26:57,000 --> 00:27:04,199
Speaker 6: or that sustainable farming. We try to produce everything on

479
00:27:04,240 --> 00:27:07,720
Speaker 6: the farm. Now everybody is telling that, but we really

480
00:27:07,760 --> 00:27:10,800
Speaker 6: do so. For example, we have our own cattles, so

481
00:27:11,720 --> 00:27:16,439
Speaker 6: we have dexta kettles and the stock is going up

482
00:27:16,480 --> 00:27:20,159
Speaker 6: to one at eighty. We have our own sheeps, we

483
00:27:20,240 --> 00:27:23,840
Speaker 6: have our own chicken and so forth, and we have

484
00:27:24,400 --> 00:27:28,359
Speaker 6: gardens where we plant our own vegetables and so forth.

485
00:27:28,720 --> 00:27:32,600
Speaker 6: So apart from the winery, we use I would say

486
00:27:33,080 --> 00:27:37,200
Speaker 6: like forty to fifty sixty hectors only for other things

487
00:27:37,240 --> 00:27:42,080
Speaker 6: to get into the sustainable sustainability and I think we

488
00:27:42,160 --> 00:27:45,439
Speaker 6: have achieved it more or less. So somethings things are

489
00:27:45,480 --> 00:27:49,720
Speaker 6: still missing, but in the next year we should probably

490
00:27:49,760 --> 00:27:53,560
Speaker 6: get that. And even the electricity is produced on the farm.

491
00:27:53,960 --> 00:27:58,159
Speaker 2: So yeah, well, quite a thing to do. There's a

492
00:27:58,280 --> 00:28:01,919
Speaker 2: huge restaurant industry in that area around Stellenbosh. You have

493
00:28:02,000 --> 00:28:05,920
Speaker 2: lots of competition. It's competitive. How do you send out

494
00:28:05,960 --> 00:28:09,480
Speaker 2: from what I can see you found an amazing chef

495
00:28:09,560 --> 00:28:10,520
Speaker 2: to start.

496
00:28:11,680 --> 00:28:15,600
Speaker 6: Right, missus Barron, I think she is an amazing chef,

497
00:28:15,920 --> 00:28:19,240
Speaker 6: but she is not the only highly highly qualified person.

498
00:28:19,240 --> 00:28:20,960
Speaker 6: Now we have the on board, I think we have

499
00:28:21,160 --> 00:28:27,320
Speaker 6: really a great stuff. This morning was the harvest celebrations,

500
00:28:27,600 --> 00:28:30,439
Speaker 6: so the blessing of the harvest, where all the people

501
00:28:30,480 --> 00:28:34,480
Speaker 6: working on the farm came together, and that gave to

502
00:28:34,600 --> 00:28:38,240
Speaker 6: everybody the feeling to belong to a large family. But

503
00:28:40,480 --> 00:28:43,800
Speaker 6: you must see, this is not so much a commercial side.

504
00:28:43,840 --> 00:28:47,960
Speaker 6: We don't want to maximize profits or something well, or

505
00:28:48,040 --> 00:28:51,240
Speaker 6: to get high returns on investments. This for us is

506
00:28:52,040 --> 00:28:58,320
Speaker 6: more a cultural initiative and therefore we are not looking

507
00:28:58,440 --> 00:29:02,480
Speaker 6: to get the last penny out of everything. So so

508
00:29:02,640 --> 00:29:11,040
Speaker 6: here we can with a with a certain farm farm tranquility,

509
00:29:11,720 --> 00:29:15,160
Speaker 6: work with our people and this reflects on the life

510
00:29:15,200 --> 00:29:17,640
Speaker 6: of the farm as well. So when you come here

511
00:29:17,680 --> 00:29:21,120
Speaker 6: and enter the farm, you will see immediately that you

512
00:29:21,160 --> 00:29:25,920
Speaker 6: are leaving all this business world and and you're going

513
00:29:26,000 --> 00:29:30,000
Speaker 6: in in a in the thought of tranquility, and it's

514
00:29:30,040 --> 00:29:32,959
Speaker 6: a little paradise. So that makes it very different.

515
00:29:33,880 --> 00:29:36,280
Speaker 2: There are different segments of the market to aim for

516
00:29:36,320 --> 00:29:38,760
Speaker 2: their their foreigners. So I think as South Africans. We

517
00:29:38,800 --> 00:29:41,880
Speaker 2: see it is very rich. They're Joe Burgers who are

518
00:29:41,920 --> 00:29:44,320
Speaker 2: once very rich. There are people who live in Cape Town.

519
00:29:44,920 --> 00:29:47,320
Speaker 2: You I mean for everybody. I mean it's a particular market.

520
00:29:48,880 --> 00:29:54,400
Speaker 6: Well somehow it's a particular particular market. Because we are leaving.

521
00:29:54,760 --> 00:29:58,080
Speaker 6: We are looking more for people who are really loving

522
00:29:59,200 --> 00:30:04,840
Speaker 6: nature and and loving heritage because this farms tells the

523
00:30:04,880 --> 00:30:08,440
Speaker 6: history of South Africa or over now we are celebrating

524
00:30:08,520 --> 00:30:11,760
Speaker 6: this near three hundred and thirty years of existence, so

525
00:30:11,800 --> 00:30:13,840
Speaker 6: that it's really a long time and you can really

526
00:30:13,880 --> 00:30:18,440
Speaker 6: feeling because we have a lot of relics from all times,

527
00:30:19,040 --> 00:30:22,880
Speaker 6: like three hundred, two hundred, one hundred years ago, and

528
00:30:23,040 --> 00:30:25,640
Speaker 6: we are looking for people who do have a feeling

529
00:30:25,720 --> 00:30:28,800
Speaker 6: for that, who who who are not so much keen

530
00:30:29,240 --> 00:30:33,480
Speaker 6: to go into the most fans and most modern restaurant

531
00:30:33,720 --> 00:30:42,520
Speaker 6: and then to have a look on squares and concrete

532
00:30:42,600 --> 00:30:45,720
Speaker 6: walls and support, but to look on the things how

533
00:30:45,760 --> 00:30:49,880
Speaker 6: they have become older over the time. And we see

534
00:30:49,880 --> 00:30:53,840
Speaker 6: it by now because we have a steep increasing number

535
00:30:53,920 --> 00:30:58,320
Speaker 6: of guests coming to our premises who highly respect them.

536
00:30:59,600 --> 00:31:01,080
Speaker 2: Thank you are much, so good to talk to you.

537
00:31:01,120 --> 00:31:04,840
Speaker 2: Professor b to Leeu is the head of fair Renacht

538
00:31:04,960 --> 00:31:13,160
Speaker 2: Lou very interesting concept. Taking your calls on one, one, three, seven, two,

539
00:31:13,440 --> 00:31:15,560
Speaker 2: five minutes and aunt to seven. Time for the Friday

540
00:31:15,680 --> 00:31:19,160
Speaker 2: biz Blitz on the Money Show tonight. You know how

541
00:31:19,200 --> 00:31:21,560
Speaker 2: this works? You call us on O double one double A,

542
00:31:21,640 --> 00:31:24,200
Speaker 2: three oh seven oh two or two to one four

543
00:31:24,320 --> 00:31:26,880
Speaker 2: four six, five six seven. We give you a question.

544
00:31:27,240 --> 00:31:28,880
Speaker 2: If you get it right, we move on to the

545
00:31:28,880 --> 00:31:31,520
Speaker 2: next question. If you get it wrong, we move on

546
00:31:31,600 --> 00:31:33,680
Speaker 2: to the next call up. You know the numbers. First

547
00:31:33,800 --> 00:31:37,720
Speaker 2: question on the Friday bis Blitz. Who was at the

548
00:31:37,760 --> 00:31:41,680
Speaker 2: budget but won't be at the next one because they

549
00:31:41,680 --> 00:31:44,800
Speaker 2: will no longer be the head of sars? Who was

550
00:31:44,840 --> 00:31:48,320
Speaker 2: at the budget but will no longer be at the

551
00:31:48,360 --> 00:31:50,880
Speaker 2: next one? Won't be at the next one because they

552
00:31:50,880 --> 00:31:53,440
Speaker 2: will no longer be the head of SARS. Who am

553
00:31:53,480 --> 00:31:54,240
Speaker 2: I talking about?

554
00:31:54,320 --> 00:31:54,440
Speaker 3: Oh?

555
00:31:54,480 --> 00:31:56,960
Speaker 2: Double one double A, three oh seven oh two, O

556
00:31:57,160 --> 00:31:59,360
Speaker 2: two to one, four four six O five six seven.

557
00:32:00,560 --> 00:32:02,640
Speaker 2: The Money Show with Stephen Crotus is brought to you

558
00:32:02,760 --> 00:32:05,760
Speaker 2: by ABSENT Corporate and Investment Banking for Out, sponsor of

559
00:32:05,800 --> 00:32:09,640
Speaker 2: the LMA ICMA Loan and Capital Markets Africa Summer twenty

560
00:32:09,760 --> 00:32:14,400
Speaker 2: twenty six. Absent is a registered FSP no Money Show,

561
00:32:14,840 --> 00:32:18,280
Speaker 2: Friday Bus Blitz. First question on the Friday busb Let's

562
00:32:18,320 --> 00:32:20,680
Speaker 2: Oh double one double A three oh seven O two

563
00:32:20,680 --> 00:32:23,360
Speaker 2: two one four four six O five six seven? Who

564
00:32:23,480 --> 00:32:25,720
Speaker 2: was at the budget but won't be at the next

565
00:32:25,760 --> 00:32:28,920
Speaker 2: one because they'll no longer be the head of SARS.

566
00:32:29,000 --> 00:32:31,479
Speaker 2: Let's go to to me and joe Burg to me? Hi,

567
00:32:31,560 --> 00:32:32,400
Speaker 2: do you know the answer?

568
00:32:34,640 --> 00:32:38,800
Speaker 1: Hi, Steve ben I think I do? Is the answer?

569
00:32:39,840 --> 00:32:40,400
Speaker 6: It works?

570
00:32:40,520 --> 00:32:42,800
Speaker 3: Keith Letter to me.

571
00:32:43,680 --> 00:32:48,080
Speaker 2: Indeed, the answer is Edward kiss Vetter. Okay. Next question

572
00:32:48,240 --> 00:32:51,000
Speaker 2: on the Friday busb Let's here we go. The number

573
00:32:51,040 --> 00:32:54,040
Speaker 2: of cars going into joe Burg on the N one

574
00:32:54,120 --> 00:32:56,960
Speaker 2: from the Clue to Ravonia in the Traffic in the

575
00:32:57,000 --> 00:33:00,840
Speaker 2: morning has increased on an annual basis beween, twenty twenty

576
00:33:00,840 --> 00:33:03,880
Speaker 2: four and twenty twenty five. By which number is it

577
00:33:03,960 --> 00:33:08,720
Speaker 2: two percent, four point eight percent or fifteen percent? I

578
00:33:08,720 --> 00:33:10,480
Speaker 2: don't know if you were listening last night to me,

579
00:33:10,800 --> 00:33:13,800
Speaker 2: traffic increases in tobid two percent, four point eight percent

580
00:33:13,880 --> 00:33:14,840
Speaker 2: or fifteen percent.

581
00:33:16,920 --> 00:33:19,640
Speaker 6: I did not listen yesterday, but I am.

582
00:33:20,920 --> 00:33:23,800
Speaker 5: I'm gonna go with four point two percent.

583
00:33:26,280 --> 00:33:29,720
Speaker 2: It was four point eight but I'm going to give

584
00:33:29,720 --> 00:33:30,080
Speaker 2: it to you.

585
00:33:30,880 --> 00:33:31,600
Speaker 3: Ah thank you.

586
00:33:32,040 --> 00:33:32,800
Speaker 4: That's what I mean.

587
00:33:33,760 --> 00:33:38,200
Speaker 2: Right, Okay, next question, here we go. Can you name

588
00:33:38,480 --> 00:33:42,240
Speaker 2: the CEO of a leading retail group who announced that

589
00:33:42,360 --> 00:33:45,240
Speaker 2: they'll be stepping down at the end of February, which

590
00:33:45,280 --> 00:33:48,480
Speaker 2: is tomorrow. They announced last Friday? Can you tell me

591
00:33:48,520 --> 00:33:50,560
Speaker 2: who it was? It's a tough question this week.

592
00:33:50,600 --> 00:33:54,120
Speaker 7: To me, I don't know the answer.

593
00:33:54,200 --> 00:34:00,000
Speaker 2: Stevenh to me, let's go to Bosco, Bosco and Santa

594
00:34:00,080 --> 00:34:03,160
Speaker 2: and how's it who announced they will be resigning at

595
00:34:03,160 --> 00:34:05,720
Speaker 2: the end of February. That's tomorrow. They announced last week.

596
00:34:05,960 --> 00:34:13,520
Speaker 2: They lead a retail group. Oh, Bosco, you don't want

597
00:34:13,520 --> 00:34:14,200
Speaker 2: to guess?

598
00:34:15,239 --> 00:34:16,600
Speaker 1: No, I.

599
00:34:18,320 --> 00:34:24,640
Speaker 2: Okay, Bosco? Okay, Well, I suppose I'm going to have

600
00:34:24,680 --> 00:34:28,120
Speaker 2: to tell you. The name of the CEO who's resigning

601
00:34:28,400 --> 00:34:31,960
Speaker 2: is Angelo Swartz, and he's the CEO at SPA. You

602
00:34:32,080 --> 00:34:33,600
Speaker 2: with the Money show. It's seven o'clock