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Speaker 1: The money show.

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Speaker 2: The market market is lead specialist investments in trading sales

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Speaker 2: at ABSs cib Marco, Good Evening, votercoma buying Safcom in Kenya.

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Speaker 2: It's now going to court in Kenya. I think it's

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Speaker 2: going to the Chief Justice for some reason. Could that

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Speaker 2: stop the steal.

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Speaker 1: As even no, I don't think so. It does seem

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Speaker 1: like a little bit of political grand standing there. Remember

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Speaker 1: that the stake in Safcom belongs to the Kenyan government

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Speaker 1: and they are selling it down to Votericon. Votcom already

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Speaker 1: owned a significant stake there, so they'll just be upping

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Speaker 1: their stake in getting a little bit more control out

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Speaker 1: of it. But the Kenyan government will still have a

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Speaker 1: pretty significant interest in the stock post this steal. But

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Speaker 1: as you say, yes, gone to the Chief Justice, he

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Speaker 1: will have to appoint a three panel bench to decide

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Speaker 1: whether the interde currently in place is valid or not.

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Speaker 2: In the UK, the Financial Conduct Authority is finally, and

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Speaker 2: I really do hope I can use the word finally

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Speaker 2: here issued a final decision about the amount of money

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Speaker 2: car sellers have to pay out well what's called the

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Speaker 2: mis selling of cost. Basically, the financial products behind them

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Speaker 2: were missold first rand own the Oldermoor Group in the UK,

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Speaker 2: they're exposed. Their sense statement said, we're assessing. I don't

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Speaker 2: know what that means. How bad is it going to be?

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Speaker 1: Well seven? I mean interestingly, today the stock was actually

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Speaker 1: the best performing out of the bank's, up about two

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Speaker 1: point nine percent. And I think this is exactly to

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Speaker 1: your point, people breathing asidh of relief, hoping that this

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Speaker 1: will give us some finality and some clarity. I think

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Speaker 1: the other thing they looked at is it actually looked

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Speaker 1: a little bit better than people might have feared. So,

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Speaker 1: you know, fifteen percent fear of agreements. Total cost of

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Speaker 1: redress coming in at about nine point one billion pounds,

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Speaker 1: but this was from their initial proposed sort of eleven

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Speaker 1: billion pounds, so pretty significant, you know, lower amount there.

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Speaker 1: I guess what the market is still going to grapple

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Speaker 1: with is where the first rund is well enough provided

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Speaker 1: for this. They've provided about two hundred and forty million

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Speaker 1: pounds at this point, and they all said to us, well,

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Speaker 1: we'll tell you next week once we look through it.

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Speaker 2: I mean what this also means is we've seen bank

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Speaker 2: after banks investic also a couple of others all having

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Speaker 2: to say we've made provision. They really did plan, and

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Speaker 2: they planned a long time ago.

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Speaker 1: Absolutely right. I mean, as soon as this sort of

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Speaker 1: came out the case came to the fore in the UK,

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Speaker 1: you'd suc see the very conservative management team at first

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Speaker 1: round taking the provision as they should. But I guess

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Speaker 1: that you know, the point is is what you think

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Speaker 1: your potential liability is versus what the regulators telling you're

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Speaker 1: going to have to pay could be different, you know,

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Speaker 1: and we've seen some of the large banks in the

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Speaker 1: UK take very significant provisions for this.

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Speaker 2: Precious metals up today, gold and platinum actually any particular reason.

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Speaker 2: I mean everyone's sort of optimistic. US markets are up

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Speaker 2: on hopes of a de escalation. I mean, I honestly

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Speaker 2: can't see what they're basing that on.

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Speaker 1: I think everyone's looking for some good news. Stephen. It

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Speaker 1: really feels that way. As you say, gold up over

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Speaker 1: one hundred dollars, platinum up forty dollars, played them up

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Speaker 1: fifty five, so giving our stocks quite a nast boost.

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Speaker 1: We saw Sabunia up nearly five percent, Anglo Gold up

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Speaker 1: about four but along with that you saw weaker dollar

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Speaker 1: and the rand actually post in quite a good day

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Speaker 1: approaching back that seventeen level, which I could also provide

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Speaker 1: a little bit of respite.

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Speaker 2: I mean, it's been one of the talking points of

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Speaker 2: this senior conflict. You'd expect gold to go up, but

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Speaker 2: it had such a run before it actually went down.

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Speaker 2: I saw. I can't remember. It might have been Goldman Sachs,

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Speaker 2: but there was an analyst note out today as suggesting

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Speaker 2: that in fact, gold could sort of settle it around

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Speaker 2: five four hundred later in the air, and that's significantly

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Speaker 2: higher than where it is now, almost one thousand dollars higher.

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Speaker 1: Absolutely. See mean, look, I think history often tells us

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Speaker 1: that at the beginning of these conflicts of uncertainties, people

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Speaker 1: tend to liquidate gold to cover, you know, calls on

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Speaker 1: other investments. You know, it's very liquid, very easy to

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Speaker 1: get hold of, and generally performs well into these events.

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Speaker 1: So you know, what we've generally seen after that is

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Speaker 1: give it a few months and you'll actually see gold

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Speaker 1: starting to creep up again as people go back to

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Speaker 1: that safe haven status.

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Speaker 2: Thanks very much. Indeed, Marcotaff here is the elite specialist

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Speaker 2: for investment and trading sales at Absolute cib