1 00:00:01,200 --> 00:00:05,480 Speaker 1: And now The Money Show with Stephen credits on seven 2 00:00:05,519 --> 00:00:05,920 Speaker 1: oh two. 3 00:00:06,440 --> 00:00:07,360 Speaker 2: Let's walk at all. 4 00:00:07,640 --> 00:00:09,880 Speaker 3: The Money Show with Stephen Curtis is brought to you 5 00:00:09,920 --> 00:00:13,319 Speaker 3: by ABSURDE Corporate and Investment Banking. Refined performance is a 6 00:00:13,320 --> 00:00:16,880 Speaker 3: measure of discipline. That's how we're invested in your story 7 00:00:17,000 --> 00:00:19,439 Speaker 3: as it is a registered FSP. Good evening, Welcome to 8 00:00:19,480 --> 00:00:22,319 Speaker 3: the program. The dare I say, Friday edition of The 9 00:00:22,360 --> 00:00:25,239 Speaker 3: Money Show. Tonight plenty going on. I mean, oil price 10 00:00:25,320 --> 00:00:28,320 Speaker 3: is hitting ninety dollars announced and I always sort of remember, 11 00:00:28,560 --> 00:00:30,920 Speaker 3: you know, right at the beginning of the year, we 12 00:00:30,960 --> 00:00:33,160 Speaker 3: were looking at oil prices because of what the US 13 00:00:33,200 --> 00:00:36,120 Speaker 3: had done in Venezuela, and there was sort of sixty 14 00:00:36,120 --> 00:00:37,839 Speaker 3: two that went to seventy two, they went back to 15 00:00:37,840 --> 00:00:40,479 Speaker 3: the low sixties, and he thought, okay, fine, nothing to 16 00:00:40,520 --> 00:00:44,280 Speaker 3: see here. We're in a sort of era of oversupply. 17 00:00:44,800 --> 00:00:48,320 Speaker 3: Suddenly today ninety dollars a barrel, and the impact almost 18 00:00:48,400 --> 00:00:51,519 Speaker 3: immediate on world markets, affecting the JAC I think to 19 00:00:51,600 --> 00:00:55,120 Speaker 3: a large extent, does just tell you how we really 20 00:00:55,160 --> 00:00:56,880 Speaker 3: don't know how this is going to end and how 21 00:00:56,880 --> 00:00:58,480 Speaker 3: long all of this is going to go on for. 22 00:00:58,720 --> 00:01:00,800 Speaker 3: And it's the length of time. I think that's such 23 00:01:00,800 --> 00:01:02,720 Speaker 3: a big part of it. That really is such a 24 00:01:02,720 --> 00:01:04,880 Speaker 3: big part of what is going to be happening and 25 00:01:04,920 --> 00:01:08,000 Speaker 3: the longer term consequences as we go. Well, of course, 26 00:01:08,000 --> 00:01:09,920 Speaker 3: we will explore them a little later when we speak 27 00:01:09,959 --> 00:01:13,000 Speaker 3: to our market commentator Grant and ned at Benguela as 28 00:01:13,040 --> 00:01:17,120 Speaker 3: the managers. In a short while as well, after the 29 00:01:17,160 --> 00:01:20,480 Speaker 3: market's closed, quite a big announcement from African Bank, and 30 00:01:20,480 --> 00:01:23,279 Speaker 3: you'll hear from the chair Doubled Lotty in a moment 31 00:01:23,680 --> 00:01:27,440 Speaker 3: now Kennedy Bongani the CEO leaving and very very suddenly, 32 00:01:27,480 --> 00:01:29,560 Speaker 3: I mean sort of let me just make this point 33 00:01:29,600 --> 00:01:32,120 Speaker 3: about banks generally, and as you know, not an expert 34 00:01:32,160 --> 00:01:35,759 Speaker 3: on banks, but generally when CEOs change, there's a sort 35 00:01:35,800 --> 00:01:39,680 Speaker 3: of long interim period, you know, in advance, the successor 36 00:01:39,959 --> 00:01:42,240 Speaker 3: is sort of announced and groomed and all the rest 37 00:01:42,480 --> 00:01:46,440 Speaker 3: hasn't happened in this case, although the interim CEO is 38 00:01:46,480 --> 00:01:48,640 Speaker 3: someone who's been at the bank for a very long time. 39 00:01:48,720 --> 00:01:51,840 Speaker 3: Sourly Miniati has sort of been really the facto deputy. 40 00:01:51,880 --> 00:01:54,880 Speaker 3: I suppose. Well, we're here, Tubled Lotty talk in just 41 00:01:55,040 --> 00:01:58,760 Speaker 3: a moment. The situation around that I found this fascinating. 42 00:01:59,320 --> 00:02:02,120 Speaker 3: And I don't know if the longer term consequences of 43 00:02:02,120 --> 00:02:05,360 Speaker 3: this have been considered yet, but by removing from the 44 00:02:05,400 --> 00:02:08,760 Speaker 3: Finance minister the power to unilaterally change the VAT rate 45 00:02:09,200 --> 00:02:12,920 Speaker 3: opens the door to political parties demanding a say in 46 00:02:13,000 --> 00:02:16,120 Speaker 3: what the that rate is. And that's when things start 47 00:02:16,160 --> 00:02:17,880 Speaker 3: to get very interesting. I mean, can you imagine a 48 00:02:17,960 --> 00:02:21,440 Speaker 3: vote in Parliament on the that rate. I just can't 49 00:02:21,440 --> 00:02:22,959 Speaker 3: see it being constructive. And this is one of the 50 00:02:22,960 --> 00:02:26,080 Speaker 3: problems with tax is that tax is not something you 51 00:02:26,120 --> 00:02:28,960 Speaker 3: do democratically because you know no one wants to pay it. 52 00:02:29,600 --> 00:02:32,480 Speaker 3: So I think this could be very, very interesting looking. 53 00:02:32,560 --> 00:02:35,520 Speaker 3: We'll speak to MICHAELA. Pascini in a moment, an expert 54 00:02:35,560 --> 00:02:38,800 Speaker 3: on tax, about that tax ruling. I think it is fascinating. 55 00:02:39,080 --> 00:02:42,200 Speaker 3: Friday File tonight. Then I've noticed this. I haven't been 56 00:02:42,280 --> 00:02:45,040 Speaker 3: to one of these lodges really, but you get these 57 00:02:45,080 --> 00:02:47,200 Speaker 3: sort of game lodges that have gone from kind of 58 00:02:47,200 --> 00:02:49,760 Speaker 3: a lodge to kind of really super duper luxury. I'm 59 00:02:49,760 --> 00:02:53,400 Speaker 3: talking about botanical infusions. I don't know what that is, 60 00:02:53,480 --> 00:02:56,880 Speaker 3: but you know, you're talking about kind of wellness and luxury, 61 00:02:57,280 --> 00:03:00,840 Speaker 3: and I think also stillness. I think that is something 62 00:03:00,880 --> 00:03:04,680 Speaker 3: that's so interesting, the sort of silence. I kind of 63 00:03:04,720 --> 00:03:06,800 Speaker 3: want something. If I'm going with the family, I want 64 00:03:06,880 --> 00:03:11,600 Speaker 3: something that'll take all our phones away. I just want that. 65 00:03:12,360 --> 00:03:14,200 Speaker 3: Wi Fi is not something that I want. When I 66 00:03:14,240 --> 00:03:16,200 Speaker 3: go on one of these holidays, we'll talk about how 67 00:03:16,200 --> 00:03:18,880 Speaker 3: that business is changing in a moment. Oh double ONEA 68 00:03:18,960 --> 00:03:20,639 Speaker 3: A three oh seven oh two O two one four 69 00:03:20,680 --> 00:03:23,000 Speaker 3: for six O five six seven and voice notes tonight 70 00:03:23,080 --> 00:03:26,399 Speaker 3: on seven two seven oh two one seven oh two 71 00:03:27,320 --> 00:03:31,200 Speaker 3: The Lney Show with Stephen Kruders Live on ninety two 72 00:03:31,280 --> 00:03:33,119 Speaker 3: point seven and one six. 73 00:03:33,040 --> 00:03:36,640 Speaker 2: FM, streaming on the Prime Media Plus NAP and DStv 74 00:03:36,920 --> 00:03:38,240 Speaker 2: channel eight five six. 75 00:03:38,400 --> 00:03:41,320 Speaker 3: Well an announcement after the JS had closed, the African 76 00:03:41,360 --> 00:03:44,760 Speaker 3: Bank CEO Kennedy Bungani leaving the bank. He's being replaced 77 00:03:44,760 --> 00:03:47,440 Speaker 3: by his William and Yati. He'll be the interim CEO. 78 00:03:48,600 --> 00:03:50,640 Speaker 3: A few moments ago we were able to grab a 79 00:03:50,720 --> 00:03:54,520 Speaker 3: very brief conversation to the group chaired African Bank doubled 80 00:03:54,560 --> 00:03:56,840 Speaker 3: Lauty and asked him where Kennedy. What was happening to 81 00:03:56,880 --> 00:03:57,720 Speaker 3: Kennedy Bongani? 82 00:03:58,000 --> 00:03:58,280 Speaker 4: Thank you. 83 00:03:58,520 --> 00:04:01,440 Speaker 5: A bigger question is where we are in the phase 84 00:04:01,520 --> 00:04:05,320 Speaker 5: as African Then We have gone through an expansionary phase 85 00:04:05,400 --> 00:04:08,440 Speaker 5: where we have our crop ischines. We'll build a product 86 00:04:08,480 --> 00:04:12,080 Speaker 5: business which really suited the data that Kennedy was. He 87 00:04:12,200 --> 00:04:14,480 Speaker 5: brought a lot of entusiers and a lot of energy 88 00:04:14,520 --> 00:04:18,120 Speaker 5: into dry that query. We are now moving into the consolidation. 89 00:04:18,279 --> 00:04:22,200 Speaker 5: Say this is that a different approach. We bat down 90 00:04:22,320 --> 00:04:25,000 Speaker 5: all the acquisitions we have made. I'm sure that we 91 00:04:25,120 --> 00:04:28,960 Speaker 5: drive efficiencies form the businesses that we have now in 92 00:04:29,080 --> 00:04:31,960 Speaker 5: place and improved composition to our custom and the board. 93 00:04:32,000 --> 00:04:35,880 Speaker 5: We feel that that requires leader and with different strength 94 00:04:36,160 --> 00:04:37,680 Speaker 5: to carry us through the space. 95 00:04:38,040 --> 00:04:40,360 Speaker 3: It sounds listening to you that you asked them to 96 00:04:40,400 --> 00:04:40,920 Speaker 3: step down. 97 00:04:41,320 --> 00:04:45,080 Speaker 5: We focused really on to f course be who we 98 00:04:45,160 --> 00:04:47,560 Speaker 5: needed and we still at the state we do need to. 99 00:04:47,520 --> 00:04:52,200 Speaker 3: Really okay, so is there a payout? Are there particular 100 00:04:52,320 --> 00:04:54,839 Speaker 3: terms associated with us? 101 00:04:55,160 --> 00:04:59,000 Speaker 5: Look in parting of ways of this nature we are 102 00:04:59,040 --> 00:05:02,800 Speaker 5: obviously we're work with Kennedy for five years. This is 103 00:05:03,279 --> 00:05:07,400 Speaker 5: partying off ways that is supposed parties that we are 104 00:05:07,440 --> 00:05:12,800 Speaker 5: making sure that it parts a good note for the 105 00:05:12,880 --> 00:05:15,520 Speaker 5: good work he has done. We continue on a good 106 00:05:15,560 --> 00:05:19,359 Speaker 5: note where the two years build experience worthy double dolrty. 107 00:05:19,520 --> 00:05:21,800 Speaker 3: There the chaired African bank, and I must just point 108 00:05:21,839 --> 00:05:25,479 Speaker 3: out that conversation unfortunately cut short by connection issues are 109 00:05:25,480 --> 00:05:28,000 Speaker 3: there are many other longer term questions to ask about 110 00:05:28,000 --> 00:05:30,640 Speaker 3: the sort of longer term strategy of the bank where 111 00:05:30,680 --> 00:05:33,400 Speaker 3: it is going from here. I do think this is 112 00:05:33,440 --> 00:05:36,280 Speaker 3: a sort of, you know, just in the sort of 113 00:05:36,320 --> 00:05:39,520 Speaker 3: opening moments of this decision, does seem to me to 114 00:05:39,600 --> 00:05:42,160 Speaker 3: be an announcement that might take the market by surprise. 115 00:05:42,200 --> 00:05:45,159 Speaker 3: I don't know if there are any indications of this coming. 116 00:05:45,520 --> 00:05:47,720 Speaker 3: And as we know, Kennedy Bongani havn't been there for 117 00:05:47,720 --> 00:05:50,320 Speaker 3: five years, but as Double Latty says, they're left on 118 00:05:50,400 --> 00:05:52,520 Speaker 3: a good note. So interesting. I don't know if you 119 00:05:52,520 --> 00:05:55,120 Speaker 3: have a view on what's been happening there seven two 120 00:05:55,200 --> 00:05:59,839 Speaker 3: seven two one seven two The Money Show with Stephen 121 00:06:00,240 --> 00:06:03,400 Speaker 3: it is on seven o two seven two fourteen after 122 00:06:03,440 --> 00:06:06,279 Speaker 3: six or the ruling yesterday. The Finance Minister cannot just 123 00:06:06,520 --> 00:06:10,480 Speaker 3: unilaterally change the rate of that. It has so many implications. 124 00:06:10,520 --> 00:06:13,159 Speaker 3: I think I'm not sure if everyone's sort of sat 125 00:06:13,240 --> 00:06:16,200 Speaker 3: down and worked out how just perhaps this could make 126 00:06:16,240 --> 00:06:18,159 Speaker 3: that a political issue in a way that we haven't 127 00:06:18,279 --> 00:06:21,200 Speaker 3: seen before. Well, let's get a legal understanding of what 128 00:06:21,240 --> 00:06:25,239 Speaker 3: happened yesterday. MICHAELA Pasaccini is the team lead at Tax 129 00:06:25,360 --> 00:06:29,320 Speaker 3: Consulting SA MICHAELA Good evening already to appreciate the time. 130 00:06:29,400 --> 00:06:32,279 Speaker 3: So this is all about the decision by enocot Iguana 131 00:06:32,360 --> 00:06:34,920 Speaker 3: to increase that he did this last year. He then 132 00:06:34,960 --> 00:06:38,000 Speaker 3: withdrew it. He had argued that Parliament would have had 133 00:06:38,040 --> 00:06:41,440 Speaker 3: the power to sort of overrule him at a later point. 134 00:06:41,880 --> 00:06:44,440 Speaker 3: What are the judges saying about this power that up 135 00:06:44,480 --> 00:06:47,280 Speaker 3: until now the Finance Minister has had to change the 136 00:06:47,360 --> 00:06:47,839 Speaker 3: that rate. 137 00:06:49,400 --> 00:06:52,200 Speaker 4: Good Evening, Steven is lovely to be joined the leading 138 00:06:52,920 --> 00:06:56,640 Speaker 4: I'm so gazed. As we know. Last year, following the 139 00:06:57,000 --> 00:07:00,359 Speaker 4: whole of that saga and the proposed increase to that, 140 00:07:01,000 --> 00:07:05,479 Speaker 4: the DA took on and challenged this section seven four 141 00:07:05,560 --> 00:07:10,760 Speaker 4: of the BATS Act, alleging it is unconstitutional. And following 142 00:07:10,920 --> 00:07:14,160 Speaker 4: yesterday's judgment we know that the High Court has found 143 00:07:14,200 --> 00:07:17,200 Speaker 4: that section seven four of the BAT Act is in 144 00:07:17,240 --> 00:07:21,240 Speaker 4: fact unconstitutional. And perhaps just for a bit of context, 145 00:07:21,360 --> 00:07:24,480 Speaker 4: what section seven four does in its current form at 146 00:07:24,600 --> 00:07:28,720 Speaker 4: least is it empowers the Minister of Finance to change 147 00:07:28,760 --> 00:07:31,720 Speaker 4: the back rate by simply announcing it in the budget 148 00:07:31,760 --> 00:07:35,800 Speaker 4: speech and then Parliament has a period of twelve months 149 00:07:35,840 --> 00:07:40,440 Speaker 4: to confirm that power of legislation. And that's sort of 150 00:07:40,440 --> 00:07:44,840 Speaker 4: the mechanism that the court found to be unconstitutional, in 151 00:07:44,960 --> 00:07:48,520 Speaker 4: that their preference would be that Parliament in fact makes 152 00:07:48,560 --> 00:07:50,600 Speaker 4: such important decisions. 153 00:07:51,080 --> 00:07:54,720 Speaker 3: We've seen finance ministers raising that before me. Lucy Gigaba 154 00:07:54,760 --> 00:07:57,960 Speaker 3: did it when he was Finance Minister in twenty eighteen. 155 00:07:58,600 --> 00:08:03,640 Speaker 3: I mean, does that make the current that rate illegal? 156 00:08:04,360 --> 00:08:06,680 Speaker 3: And I suppose the courts have been quite careful to say, look, 157 00:08:06,720 --> 00:08:08,440 Speaker 3: you've got a period to sort this out. So it's 158 00:08:08,520 --> 00:08:12,000 Speaker 3: not technically illegal now as a result of the court ruling, 159 00:08:12,080 --> 00:08:13,720 Speaker 3: but I suppose it could have been otherwise. 160 00:08:15,040 --> 00:08:18,960 Speaker 4: You're look, you're very right, it is not technically illegal. 161 00:08:19,280 --> 00:08:21,960 Speaker 4: But what they found was it does not accord with 162 00:08:22,040 --> 00:08:25,800 Speaker 4: our constitutional principles. And what I mean by that is 163 00:08:26,640 --> 00:08:30,440 Speaker 4: the core legal issue here was whether this Section seventy 164 00:08:30,520 --> 00:08:34,719 Speaker 4: four accords with the democratic principle summarized as there can 165 00:08:34,960 --> 00:08:40,040 Speaker 4: be no taxation without representation. And practically what this means is, 166 00:08:40,080 --> 00:08:43,800 Speaker 4: because tax is so important, it might be imposed by 167 00:08:43,840 --> 00:08:46,800 Speaker 4: those who we are elected to represent us in Parliament. 168 00:08:47,280 --> 00:08:51,079 Speaker 4: So it's really about the mechanism empowering a that grade 169 00:08:51,200 --> 00:08:54,839 Speaker 4: change as opposed to know the that grade change itself. 170 00:08:57,280 --> 00:08:58,800 Speaker 3: I mean, it gets to the heart of a very 171 00:08:58,840 --> 00:09:01,719 Speaker 3: interesting issue. So how much power should one person or 172 00:09:01,760 --> 00:09:04,560 Speaker 3: one department have to raise the level of taxation, as 173 00:09:04,600 --> 00:09:09,280 Speaker 3: you say, I would presume in most democracies, While it 174 00:09:09,320 --> 00:09:12,120 Speaker 3: can be a political issue, in the end it actually 175 00:09:12,200 --> 00:09:16,079 Speaker 3: probably is a power that's quite tightly held I would presume, 176 00:09:16,520 --> 00:09:20,880 Speaker 3: often through through the person of whoever the finance minister is. 177 00:09:22,200 --> 00:09:26,480 Speaker 4: It's certainly a very good point. But ultimately, because and 178 00:09:26,640 --> 00:09:30,640 Speaker 4: especially when it comes to that, because that affects each 179 00:09:30,720 --> 00:09:33,600 Speaker 4: and every one of us in this country, it is 180 00:09:33,840 --> 00:09:36,640 Speaker 4: very important, or at least the Court is of the 181 00:09:36,760 --> 00:09:39,439 Speaker 4: view that it is very important that it follows the 182 00:09:39,559 --> 00:09:44,000 Speaker 4: legislative process. So there's a level of conversation in parliament, 183 00:09:44,120 --> 00:09:47,800 Speaker 4: the debate, you know, is this something that should be passed? 184 00:09:48,400 --> 00:09:51,720 Speaker 4: Because yes, although the Minister of Finance has these duties 185 00:09:51,720 --> 00:09:55,760 Speaker 4: and responsibilities, to give a minister a blanket ability to 186 00:09:56,360 --> 00:09:58,839 Speaker 4: and I'm speaking in arpacilicals now, but change is a 187 00:09:58,960 --> 00:10:03,319 Speaker 4: trade two one hundred percent as an example, by mere announcement, 188 00:10:03,559 --> 00:10:05,920 Speaker 4: it's a bit untenable. 189 00:10:06,120 --> 00:10:10,480 Speaker 3: From this judgment, how wide does the consultation need to be? 190 00:10:10,559 --> 00:10:15,760 Speaker 3: So I presume parliament, and Mikayla, frankly, I worry a 191 00:10:15,760 --> 00:10:18,160 Speaker 3: little bit about that, because I agree we need to 192 00:10:18,200 --> 00:10:21,760 Speaker 3: have democracy. I can't fault the judgment's sort of major 193 00:10:21,800 --> 00:10:25,199 Speaker 3: principle that you can't have taxation without representation. As any 194 00:10:25,240 --> 00:10:27,800 Speaker 3: American will tell you that that can lead to revolutions, 195 00:10:28,240 --> 00:10:32,680 Speaker 3: but it can also be an incredibly destructive argument because 196 00:10:32,800 --> 00:10:34,920 Speaker 3: very few people are going to vote for a tax. 197 00:10:34,679 --> 00:10:40,240 Speaker 4: Increase, definitely, And actually, to your point, one of government's 198 00:10:40,280 --> 00:10:43,679 Speaker 4: submissions during the earning of this court case was that 199 00:10:43,760 --> 00:10:48,920 Speaker 4: if that great change to undergo a normal legislative cycle, 200 00:10:49,000 --> 00:10:53,040 Speaker 4: it could take very long. We wouldn't have predictive, predictable 201 00:10:53,200 --> 00:10:59,520 Speaker 4: so revenue drivers and the like. But ultimately something like 202 00:10:59,679 --> 00:11:04,160 Speaker 4: that does need to perhaps have an additional level of 203 00:11:04,240 --> 00:11:08,000 Speaker 4: other sight. So whether that's the normal parliamentary process or 204 00:11:08,080 --> 00:11:11,760 Speaker 4: some sort of a hybrid mechanism, I'm not sure, but 205 00:11:12,000 --> 00:11:15,200 Speaker 4: we do believe that when we consider that ray Tyke, 206 00:11:15,360 --> 00:11:18,920 Speaker 4: that decision needs to be taken very carefully, especially in 207 00:11:19,000 --> 00:11:21,760 Speaker 4: an already strained economy. 208 00:11:22,720 --> 00:11:25,320 Speaker 3: There's now a principle in our law from this judgment 209 00:11:25,720 --> 00:11:30,360 Speaker 3: that says Parliament must have a say in raising or 210 00:11:30,400 --> 00:11:35,040 Speaker 3: lowering that rate. Is there any reason why this could 211 00:11:35,120 --> 00:11:38,520 Speaker 3: not be used as a precedent for Stephen to go 212 00:11:38,600 --> 00:11:42,560 Speaker 3: to court to say Parliament must also have a say 213 00:11:42,880 --> 00:11:44,920 Speaker 3: in raising the rate of income tax. 214 00:11:46,400 --> 00:11:49,760 Speaker 4: That's also I mean, that's a very good question. Ultimately, 215 00:11:49,920 --> 00:11:54,760 Speaker 4: this court specifically looks at Section seven four though, and 216 00:11:54,840 --> 00:11:58,360 Speaker 4: does not apply to other sorts of taxes. We did 217 00:11:58,440 --> 00:12:01,120 Speaker 4: see from the case of Site said in the judgment 218 00:12:01,240 --> 00:12:05,560 Speaker 4: that there are instances where it might be permissible for 219 00:12:05,600 --> 00:12:12,439 Speaker 4: them for that authority to be delegated to another person 220 00:12:12,480 --> 00:12:16,800 Speaker 4: as opposed to the legislature. But ultimately this case does 221 00:12:17,000 --> 00:12:21,240 Speaker 4: set the presidential that and only about at this stage there's. 222 00:12:21,080 --> 00:12:23,240 Speaker 3: Such a I keep coming back to the sort of 223 00:12:23,280 --> 00:12:26,720 Speaker 3: central number of this argument, which is do you allow 224 00:12:27,040 --> 00:12:29,960 Speaker 3: tax rates to be set by professionals? So the Finance 225 00:12:30,000 --> 00:12:32,760 Speaker 3: minster who is himself democratically elected, it should be said, 226 00:12:34,200 --> 00:12:37,520 Speaker 3: I suppose technically you could have a finance minister who's 227 00:12:37,520 --> 00:12:40,160 Speaker 3: not a member of Parliament, but generally speaking, the current 228 00:12:40,200 --> 00:12:45,079 Speaker 3: Finance Minister is I remember correctly, and therefore is democratically elected. 229 00:12:45,640 --> 00:12:48,440 Speaker 3: But you also have the idea that tax does need 230 00:12:48,480 --> 00:12:51,160 Speaker 3: to be sorted out by experts, and on the other side, 231 00:12:51,320 --> 00:12:54,320 Speaker 3: you want democracy, and I don't think democracy rarely sets 232 00:12:54,480 --> 00:12:57,480 Speaker 3: very you know too much, democracy would set very good 233 00:12:58,000 --> 00:12:59,959 Speaker 3: tax policy. I mean, the owners has sort of moved 234 00:13:00,120 --> 00:13:04,600 Speaker 3: here towards democracy and away from experts, hasn't it. 235 00:13:04,800 --> 00:13:07,160 Speaker 4: In a sense it's a very good observation that you 236 00:13:07,280 --> 00:13:11,120 Speaker 4: have made. Ultimately, at the at the heart of the 237 00:13:11,240 --> 00:13:14,600 Speaker 4: issue is when you make such an important decision such 238 00:13:14,640 --> 00:13:18,000 Speaker 4: as a VAT rate change, are we as a people 239 00:13:18,280 --> 00:13:21,439 Speaker 4: having a say in that. I fully agree in the 240 00:13:21,600 --> 00:13:25,120 Speaker 4: sense that the Minister should at least have have significant 241 00:13:25,200 --> 00:13:28,960 Speaker 4: oversight on that and sort of drives the policy reforms 242 00:13:29,000 --> 00:13:33,840 Speaker 4: around that and their enforcement thereof. But I do believe 243 00:13:33,920 --> 00:13:39,120 Speaker 4: the judgment is ultimately welcomed. It's just it obviously depends 244 00:13:39,120 --> 00:13:42,400 Speaker 4: on how they choose to change the legislation to now 245 00:13:42,440 --> 00:13:43,920 Speaker 4: accommodate this judgment. 246 00:13:44,440 --> 00:13:47,400 Speaker 3: MICHAELA. Pustinia, Thanks so much, such an interesting conversation. A 247 00:13:47,559 --> 00:13:50,760 Speaker 3: team leader text consulting essay. Who should set the that rate? 248 00:13:51,440 --> 00:13:53,640 Speaker 3: Should it be Parliament? Should be the finance mins there? 249 00:13:53,679 --> 00:13:57,280 Speaker 3: Should it be you? Seven o two one seven o 250 00:13:57,400 --> 00:14:03,240 Speaker 3: two The money show the Standard Bank trade barometer suggesting 251 00:14:03,280 --> 00:14:06,240 Speaker 3: this week there's been an improvement in infrastructure across ten 252 00:14:06,280 --> 00:14:08,840 Speaker 3: of the major markets in Africa that seems to be 253 00:14:08,880 --> 00:14:11,520 Speaker 3: helping business confidence. I suppose the next question is is 254 00:14:11,559 --> 00:14:15,679 Speaker 3: it actually helping businesses and economies to grow. Fillip my 255 00:14:15,760 --> 00:14:17,520 Speaker 3: Burg is the group head of Trade for Business and 256 00:14:17,520 --> 00:14:21,040 Speaker 3: Commercial Banking at Standard Bank. Butlip, good Evening, you've been 257 00:14:21,040 --> 00:14:24,160 Speaker 3: publishing this barometer for some time. You say you're seeing 258 00:14:24,160 --> 00:14:27,800 Speaker 3: a real change in the infrastructure indicators. What seems to 259 00:14:27,800 --> 00:14:28,320 Speaker 3: be happening. 260 00:14:29,720 --> 00:14:31,960 Speaker 2: Good evening, Steven, get to be with you and your listeners. 261 00:14:32,040 --> 00:14:35,600 Speaker 6: Yes, very excited about these results because they are actually 262 00:14:36,160 --> 00:14:38,920 Speaker 6: quite positive as you as you alluded, is the fifth 263 00:14:39,040 --> 00:14:42,160 Speaker 6: edition that we're bringing out, so we've got some fantastic 264 00:14:42,240 --> 00:14:47,480 Speaker 6: trends to start looking at and comparing to the confidence 265 00:14:47,560 --> 00:14:50,240 Speaker 6: seems from infrastructure and a couple of other things you've 266 00:14:50,280 --> 00:14:51,479 Speaker 6: alluded to infrastructure. 267 00:14:51,560 --> 00:14:54,920 Speaker 2: All ten markets that we surveyed over. 268 00:14:56,840 --> 00:15:00,480 Speaker 6: And eighteen odd businesses seventy one percent of them being SME, 269 00:15:00,600 --> 00:15:02,440 Speaker 6: so it really gives you a good feel of what 270 00:15:02,520 --> 00:15:05,600 Speaker 6: the small businesses on the continent are saying. In all 271 00:15:05,680 --> 00:15:10,240 Speaker 6: ten markets, the perception around infrastructure has improved across all 272 00:15:10,520 --> 00:15:16,040 Speaker 6: types of infrastructure airports, roads, rails, ports, power, telecoms, water, 273 00:15:16,800 --> 00:15:19,200 Speaker 6: all up year on here for the first time since 274 00:15:19,240 --> 00:15:24,600 Speaker 6: we've done this barometer, and then that translates into business confidence. 275 00:15:24,600 --> 00:15:27,880 Speaker 6: We're seeing the confidence index specifically rise from fifty nine 276 00:15:27,920 --> 00:15:31,280 Speaker 6: to sixty five. And there's a couple of other elements 277 00:15:31,320 --> 00:15:35,720 Speaker 6: to government support, you know, digitization and a couple of 278 00:15:35,800 --> 00:15:38,560 Speaker 6: other things supporting that improved confidence. 279 00:15:39,520 --> 00:15:42,560 Speaker 3: If you have changes in one market in terms of infrastructure, 280 00:15:42,560 --> 00:15:45,200 Speaker 3: does it impact another market? I mean, if someone's ports 281 00:15:45,240 --> 00:15:47,600 Speaker 3: starts working better, does someone else spend more money on 282 00:15:47,600 --> 00:15:49,440 Speaker 3: their railways? I suppose it would be the example. 283 00:15:50,440 --> 00:15:54,720 Speaker 6: Absolutely absolutely, and we're seeing that in a number of context, 284 00:15:55,480 --> 00:15:59,080 Speaker 6: especially in the example that you now used around ports. 285 00:15:59,120 --> 00:16:03,240 Speaker 6: If I mean we've got landlocked markets like Zambia being 286 00:16:03,240 --> 00:16:08,720 Speaker 6: a great example. If the port infrastructure from Mozambique, South 287 00:16:08,760 --> 00:16:15,720 Speaker 6: Africa Namobia starts improving, immediately it becomes easier for traders 288 00:16:15,720 --> 00:16:19,160 Speaker 6: in Zambia to trade, for businesses in Southern Africa to 289 00:16:19,920 --> 00:16:22,400 Speaker 6: move their goods into the rest of Africa. 290 00:16:22,680 --> 00:16:25,840 Speaker 2: All of these things are connected, and we're. 291 00:16:25,680 --> 00:16:30,280 Speaker 6: Seeing that translate into the barometer, where where you know, 292 00:16:30,400 --> 00:16:33,160 Speaker 6: all the elements that that sort of translate into how 293 00:16:33,320 --> 00:16:37,080 Speaker 6: easy it is to do business ultimately stems from things 294 00:16:37,160 --> 00:16:39,720 Speaker 6: like infrastructure. We know that infrastructure is one of the 295 00:16:39,760 --> 00:16:43,440 Speaker 6: biggest non tariff barriers to trade on the continent, and 296 00:16:43,480 --> 00:16:45,920 Speaker 6: that's why you know, the positive sentiments is time to 297 00:16:45,960 --> 00:16:46,440 Speaker 6: shine through. 298 00:16:47,240 --> 00:16:51,920 Speaker 3: So the positive sentiment, positive infrastructure, positive confidence, positive growth. 299 00:16:51,960 --> 00:16:56,360 Speaker 3: As a result automatically for the PIE says optimistically yes. 300 00:16:56,440 --> 00:16:59,720 Speaker 6: So obviously the growth metric that that's been used is 301 00:16:59,720 --> 00:17:00,760 Speaker 6: a oracle figures. 302 00:17:00,760 --> 00:17:02,240 Speaker 2: You know, we look at things like GDP. 303 00:17:02,720 --> 00:17:05,560 Speaker 6: The ten markets that we track in subs are and 304 00:17:05,600 --> 00:17:10,360 Speaker 6: Africa represents seventy percent of subs ARE and Africa is GDP, 305 00:17:10,680 --> 00:17:13,560 Speaker 6: so it's a fairly good metric. Those markets have average 306 00:17:13,600 --> 00:17:17,280 Speaker 6: four percent growth in GDP over the last four odd years. 307 00:17:17,320 --> 00:17:20,040 Speaker 6: That's compared to a global average of three percent. So 308 00:17:20,359 --> 00:17:23,440 Speaker 6: you know, comparing historic trains, four percent is obviously good. 309 00:17:23,880 --> 00:17:26,640 Speaker 2: But you know, who knows what's going to happen going. 310 00:17:26,480 --> 00:17:29,879 Speaker 6: Forward from from a GW perspective with as it relates 311 00:17:29,880 --> 00:17:33,920 Speaker 6: to sort of the immediate risks that we see. Obviously, 312 00:17:33,920 --> 00:17:36,680 Speaker 6: this barometer was done before the conflict in the Middle 313 00:17:36,680 --> 00:17:40,160 Speaker 6: East broke out. You know, if the old price goes 314 00:17:40,200 --> 00:17:43,000 Speaker 6: above one hundred dollars, that will have significant impact in 315 00:17:43,080 --> 00:17:45,160 Speaker 6: the short term on many of these economies. 316 00:17:46,359 --> 00:17:48,080 Speaker 2: You know, take inflation as an example. 317 00:17:48,160 --> 00:17:50,720 Speaker 6: Last year, seven out of these ten markets inflation came 318 00:17:50,760 --> 00:17:53,639 Speaker 6: down and one could argue that, you know, we'll have 319 00:17:53,720 --> 00:17:57,280 Speaker 6: a different picture in the near term following the conflict 320 00:17:57,320 --> 00:18:00,399 Speaker 6: in the Middle East. But the point really are is 321 00:18:00,440 --> 00:18:03,760 Speaker 6: that the positive sentiments are driven by structural changes. So 322 00:18:03,840 --> 00:18:06,040 Speaker 6: whatever happens in the short term as it relates to, 323 00:18:06,040 --> 00:18:10,120 Speaker 6: for instance, the Middle East impact, the structural changes are happening, 324 00:18:10,440 --> 00:18:14,639 Speaker 6: whether it's the infrastructure that we mentioned, but also government's 325 00:18:14,720 --> 00:18:18,960 Speaker 6: response rates are becoming faster, their agility. Businesses in Africa 326 00:18:19,359 --> 00:18:23,240 Speaker 6: are saying statistically through this survey are saying government is 327 00:18:23,680 --> 00:18:28,439 Speaker 6: becoming better at supporting trade through the policies and that 328 00:18:28,520 --> 00:18:31,680 Speaker 6: they're put in place and you know the investment that's 329 00:18:31,720 --> 00:18:35,520 Speaker 6: required for it, and that's structural of course and will 330 00:18:35,720 --> 00:18:37,359 Speaker 6: will support longer term growth. 331 00:18:37,560 --> 00:18:40,200 Speaker 3: Philip my Berg, thanks so much. Good Positive Story Group, 332 00:18:40,640 --> 00:18:43,879 Speaker 3: the head of the group, Head of Trade for Business 333 00:18:43,920 --> 00:18:45,480 Speaker 3: and Commercial Banking at Standard Bank. 334 00:18:46,359 --> 00:18:47,200 Speaker 7: The Money Show. 335 00:18:48,520 --> 00:18:51,879 Speaker 3: Grant Natives, portfolio manager of Benguela Global Fund Managers, Grant 336 00:18:51,920 --> 00:18:54,880 Speaker 3: good evening, I mean and after trading statement on sense 337 00:18:54,920 --> 00:18:58,359 Speaker 3: from African Bank and Ady Bongani is leaving as CEO. 338 00:18:59,080 --> 00:19:00,960 Speaker 3: You would have heard the very ief interview we did 339 00:19:01,000 --> 00:19:03,960 Speaker 3: with doubled Lawty the chair. What do you make of 340 00:19:04,000 --> 00:19:04,240 Speaker 3: it all? 341 00:19:05,440 --> 00:19:07,679 Speaker 8: Yeah, it's a petty that we didn't get all the answers. 342 00:19:07,680 --> 00:19:08,040 Speaker 3: Steven. 343 00:19:08,080 --> 00:19:10,680 Speaker 8: I mean, you raise the point, and it's a very 344 00:19:10,720 --> 00:19:13,639 Speaker 8: valid one. With banks, you don't want to see sudden movement. 345 00:19:13,680 --> 00:19:16,800 Speaker 8: You want to see gentle, slow transitions, well advertised, et cetera. 346 00:19:16,960 --> 00:19:20,880 Speaker 8: So when you see an almost immediate resignation, it does 347 00:19:20,920 --> 00:19:24,240 Speaker 8: talk to some fundamental disagreement, whether it's of a strategy 348 00:19:24,320 --> 00:19:27,679 Speaker 8: or something else between them. And I think it's a 349 00:19:27,680 --> 00:19:29,960 Speaker 8: real shame because you know, he's been at the home 350 00:19:29,960 --> 00:19:31,800 Speaker 8: for five odd years now and I think he's done 351 00:19:31,800 --> 00:19:35,280 Speaker 8: a great job of transforming the business, diversifying the business. 352 00:19:35,920 --> 00:19:37,480 Speaker 8: And I think there were still plans. You know, they 353 00:19:37,480 --> 00:19:41,600 Speaker 8: haven't listed yet, the listing plans were delayed. It feels 354 00:19:41,600 --> 00:19:44,160 Speaker 8: to me like it's a big loss. He's very well 355 00:19:44,200 --> 00:19:47,280 Speaker 8: connected in the industry, he's got a strong personal brand 356 00:19:47,880 --> 00:19:51,280 Speaker 8: and you know, we were chatting about it earlier and 357 00:19:52,240 --> 00:19:55,080 Speaker 8: I think there's a chance he might end up at ABSA, 358 00:19:55,840 --> 00:19:59,359 Speaker 8: you know, just speculation, our own personal speculation. Given that 359 00:19:59,440 --> 00:20:01,960 Speaker 8: he has work for Kenny Fietler in the past, and 360 00:20:02,640 --> 00:20:05,800 Speaker 8: he's such a highly credentialed gentleman. So we'll see where 361 00:20:05,840 --> 00:20:06,359 Speaker 8: this goes. 362 00:20:07,160 --> 00:20:09,400 Speaker 3: Yeah, I mean I'm sort of interested in the longer 363 00:20:09,480 --> 00:20:12,359 Speaker 3: term strategy as well, and what that means. I mean, 364 00:20:12,640 --> 00:20:16,080 Speaker 3: you know, obviously they're not changing direction. They have been busy. 365 00:20:16,520 --> 00:20:18,320 Speaker 3: Maybe they do need a moment of consolidation. 366 00:20:19,640 --> 00:20:22,480 Speaker 8: Yeah, I mean, true, they've done a lot, and sometimes 367 00:20:22,520 --> 00:20:24,920 Speaker 8: you can't just keep pushing. You've got to bed down everything, 368 00:20:25,760 --> 00:20:28,680 Speaker 8: you know. Mister Zwilli Bunsi is taking over. He's been 369 00:20:28,680 --> 00:20:31,280 Speaker 8: there since twenty twenty two. He's had a very senior 370 00:20:31,359 --> 00:20:32,840 Speaker 8: role there as well, so I think he's a safe 371 00:20:32,840 --> 00:20:37,879 Speaker 8: pair of hands and probably more aligned to consolidating what 372 00:20:37,920 --> 00:20:41,159 Speaker 8: they've done rather than expanding the vision and building up 373 00:20:41,240 --> 00:20:43,760 Speaker 8: from here. So yeah, I think that may be exactly 374 00:20:43,800 --> 00:20:45,680 Speaker 8: what plays out over the next couple of years. 375 00:20:46,080 --> 00:20:48,919 Speaker 3: African Rainbow Minerals and almost everyone who's reported on the 376 00:20:48,920 --> 00:20:52,040 Speaker 3: African Rainbow Minerals presentation today has started with the fact 377 00:20:52,040 --> 00:20:55,240 Speaker 3: that Patrie Manspa is not running for president or leader 378 00:20:55,280 --> 00:20:57,639 Speaker 3: of the ANC. I suppose I should say I couldn't 379 00:20:57,640 --> 00:21:01,000 Speaker 3: resist myself, but I mean, obviously PATNA prices helping them. 380 00:21:01,040 --> 00:21:02,840 Speaker 3: I did feel a bit sorry looking at their share 381 00:21:02,880 --> 00:21:03,760 Speaker 3: price later though. 382 00:21:05,400 --> 00:21:09,119 Speaker 8: Look, I think the share price performance was bundled in 383 00:21:09,160 --> 00:21:11,640 Speaker 8: with all the other resource counters, so you can't read 384 00:21:11,640 --> 00:21:14,040 Speaker 8: too much into it. It wasn't a bad results, strong 385 00:21:14,080 --> 00:21:17,920 Speaker 8: revenue growth, platinums kicked, you know, beautifully, they shut the 386 00:21:18,000 --> 00:21:20,840 Speaker 8: lights out, as they should in this environment. But I'd 387 00:21:20,840 --> 00:21:23,920 Speaker 8: say a little bit disappointing from the fairest metals manganese 388 00:21:23,960 --> 00:21:27,120 Speaker 8: and iron ore. Really just a little disappointing on production 389 00:21:27,240 --> 00:21:31,360 Speaker 8: and sales there, and those are actually the bigger part 390 00:21:31,359 --> 00:21:34,479 Speaker 8: of the business. But with PGMs where there are, and 391 00:21:34,560 --> 00:21:36,680 Speaker 8: let's hope they can stay there, you know, at least 392 00:21:36,680 --> 00:21:40,240 Speaker 8: it's a nice contribution to earnings. I think costs seem 393 00:21:40,280 --> 00:21:41,800 Speaker 8: to be a challenge, as it is for many of 394 00:21:41,800 --> 00:21:44,480 Speaker 8: the miners, and you know, you're not seeing the operating 395 00:21:44,560 --> 00:21:46,760 Speaker 8: leverage to the extent that you would have wanted to. 396 00:21:47,640 --> 00:21:50,679 Speaker 8: But still not a bad number. Good cash generation. You know, 397 00:21:50,720 --> 00:21:53,199 Speaker 8: they added nearly two billion in cash over the six months, 398 00:21:53,600 --> 00:21:57,080 Speaker 8: so I think they're in a good position using the 399 00:21:57,119 --> 00:21:59,040 Speaker 8: PGM prices to build the balance sheet. 400 00:22:00,320 --> 00:22:03,000 Speaker 3: We've got twenty seconds left grant, but oil prices ninety 401 00:22:03,080 --> 00:22:05,080 Speaker 3: dollars a barrel. I mean, it's the sort of worst fear, 402 00:22:05,080 --> 00:22:07,359 Speaker 3: and you worry what could happen come Monday. 403 00:22:08,480 --> 00:22:10,520 Speaker 8: It is a problem. We've got the rand week about 404 00:22:10,520 --> 00:22:12,959 Speaker 8: five percent, We've got oil up over twenty five percent. 405 00:22:13,240 --> 00:22:15,960 Speaker 8: So this does not look good for South Africa. This 406 00:22:16,359 --> 00:22:19,439 Speaker 8: is this last even a couple of months. The fundamental 407 00:22:19,480 --> 00:22:25,000 Speaker 8: growth story, the self helped fatting rates, inflation target. Everything 408 00:22:25,040 --> 00:22:27,879 Speaker 8: starts to be reassessed and so this is not a 409 00:22:27,880 --> 00:22:29,879 Speaker 8: good scenario. I think you start playing out in the 410 00:22:29,880 --> 00:22:32,480 Speaker 8: banks today and it's going to feed through into the 411 00:22:32,480 --> 00:22:36,520 Speaker 8: broader economy. Not yet, but it will come. And we 412 00:22:36,640 --> 00:22:38,240 Speaker 8: just have to hope that this is short lived. 413 00:22:39,000 --> 00:22:41,520 Speaker 3: All right, thanks very much, indeed, ready to appreciate a grant. 414 00:22:41,600 --> 00:22:45,320 Speaker 3: Nada is the portfolio manager at Benguele Global Fund Managers. 415 00:22:45,760 --> 00:22:47,639 Speaker 3: And yeah, so many interesting things to look at. I'm 416 00:22:47,640 --> 00:22:50,080 Speaker 3: afraid over the situation them at least just gone six thirty. 417 00:22:50,440 --> 00:22:54,760 Speaker 7: What's up to Stephen on seventy two seven two one 418 00:22:55,040 --> 00:22:55,760 Speaker 7: seven oh two. 419 00:22:55,800 --> 00:22:59,760 Speaker 3: Well, interesting conversations tonight. You heard doubled Lorty from Santa Bank, 420 00:23:00,200 --> 00:23:03,479 Speaker 3: from Standard Bank, Stephen from African Bank the chair at 421 00:23:03,520 --> 00:23:05,720 Speaker 3: African Bank a little while ago. Also, of course that 422 00:23:05,800 --> 00:23:10,600 Speaker 3: conversation around that I sort of as you could hear, 423 00:23:10,640 --> 00:23:12,720 Speaker 3: I think in the conversation we're having. But on the 424 00:23:13,040 --> 00:23:15,280 Speaker 3: on the on the events on this one, I'm not 425 00:23:15,359 --> 00:23:18,560 Speaker 3: convinced that sort of giving Parliament the right to the 426 00:23:18,640 --> 00:23:20,679 Speaker 3: power to sort of change that is going to end 427 00:23:20,760 --> 00:23:23,840 Speaker 3: very well. Just because of the nature of tax you 428 00:23:23,920 --> 00:23:27,360 Speaker 3: can't necessarily do it democratically. But voice notes coming through 429 00:23:27,359 --> 00:23:29,760 Speaker 3: on seven two seven two one seven two about that. 430 00:23:30,480 --> 00:23:33,000 Speaker 2: I still, be honest, don't want to find out the 431 00:23:33,119 --> 00:23:33,639 Speaker 2: vet issue. 432 00:23:33,680 --> 00:23:35,560 Speaker 9: Is it going to wake up the same way in 433 00:23:35,600 --> 00:23:39,280 Speaker 9: the USA way now people after the judgment of tariffs 434 00:23:40,000 --> 00:23:43,200 Speaker 9: at demanding refund people also going to keep the fund 435 00:23:43,240 --> 00:23:45,840 Speaker 9: for scenario what do we have the vet issue? 436 00:23:46,000 --> 00:23:48,120 Speaker 3: Thank you, thank you. It's such a great ques, such 437 00:23:48,160 --> 00:23:52,720 Speaker 3: a wonderful question. My understanding is no, because in our system, 438 00:23:53,160 --> 00:23:54,880 Speaker 3: I mean, judges don't have to do this, but they 439 00:23:54,880 --> 00:23:57,200 Speaker 3: have done this often and they did it here they 440 00:23:57,440 --> 00:24:00,880 Speaker 3: I think the legal phrase is even I think it's 441 00:24:00,920 --> 00:24:04,840 Speaker 3: called the suspension of invalidity, and what that means is 442 00:24:05,000 --> 00:24:08,600 Speaker 3: the law has been declared evalid, has been declared invalid. 443 00:24:09,320 --> 00:24:12,960 Speaker 3: But The period if you like, at which it becomes 444 00:24:13,119 --> 00:24:17,280 Speaker 3: legally invalid is not only lawyers could do. This is 445 00:24:17,400 --> 00:24:20,080 Speaker 3: not on the date of the judgment, but is for 446 00:24:20,160 --> 00:24:23,680 Speaker 3: however long the period of invalidity has been suspended, or 447 00:24:23,680 --> 00:24:26,680 Speaker 3: the suspension of invalidity last. So if it lasts two years, 448 00:24:27,440 --> 00:24:30,400 Speaker 3: Parliament's got two years to fix it and there's no refund. 449 00:24:30,720 --> 00:24:32,879 Speaker 3: If it goes beyond that, well that's when you have trouble. 450 00:24:32,920 --> 00:24:35,960 Speaker 3: And you've actually had cases where government has gone to 451 00:24:36,040 --> 00:24:37,640 Speaker 3: a court and other people have gone to a court 452 00:24:37,680 --> 00:24:39,720 Speaker 3: and said, you gave us two years to fix this, 453 00:24:39,760 --> 00:24:41,080 Speaker 3: we haven't been able to do it. Can we have 454 00:24:41,080 --> 00:24:43,800 Speaker 3: an extension please? And now you really are in sort 455 00:24:43,840 --> 00:24:46,920 Speaker 3: of never never land because you're asking for something that's 456 00:24:46,920 --> 00:24:49,560 Speaker 3: been declared illegal to be allowed for a lot longer. 457 00:24:49,880 --> 00:24:51,480 Speaker 3: And that is a problem. I think it actually happened 458 00:24:51,480 --> 00:24:54,280 Speaker 3: with social grants if I remember, in the payment system. 459 00:24:54,359 --> 00:24:56,359 Speaker 3: Just to say so, the art the short answer is no. 460 00:24:57,000 --> 00:25:02,520 Speaker 3: The legal phrase I think the suspension of invalidity, which really, 461 00:25:02,560 --> 00:25:04,440 Speaker 3: if it's not a bad name, should be twenty minutes 462 00:25:04,480 --> 00:25:09,040 Speaker 3: to seven seven O two email. 463 00:25:08,760 --> 00:25:13,040 Speaker 7: Him on Stephen at seven two dot co dotz. 464 00:25:13,160 --> 00:25:16,479 Speaker 3: Seventeen minutes to seven. Don't forget the Friday BIS blitz 465 00:25:16,520 --> 00:25:19,239 Speaker 3: in just a moment, some very interesting questions coming through. 466 00:25:19,240 --> 00:25:20,919 Speaker 3: You had quite a lot of fun as sort of 467 00:25:20,920 --> 00:25:24,720 Speaker 3: preparing them a little earlier. Something happening today on the 468 00:25:24,800 --> 00:25:27,920 Speaker 3: JC you don't see very often a public rebuke by 469 00:25:28,000 --> 00:25:30,800 Speaker 3: the JS. So by the JC itself published on the 470 00:25:30,800 --> 00:25:35,400 Speaker 3: sock Exchange news service for Montango Mining, and essentially it's 471 00:25:35,440 --> 00:25:38,359 Speaker 3: quite a lengthy document worth going through if you're interested 472 00:25:38,359 --> 00:25:40,960 Speaker 3: in these things, and I suppose I kind of am. 473 00:25:41,200 --> 00:25:44,840 Speaker 3: They say that some of the management at Montango Mining 474 00:25:45,119 --> 00:25:48,480 Speaker 3: were involved in a negotiation to buy another company, no 475 00:25:48,560 --> 00:25:52,600 Speaker 3: problem with that. They then became aware that the information, 476 00:25:52,640 --> 00:25:56,879 Speaker 3: which was confidential, had leaked to a third party, and 477 00:25:56,920 --> 00:25:59,240 Speaker 3: they say this is where the problem came in. This 478 00:25:59,280 --> 00:26:03,480 Speaker 3: can happen. Of what they should have done, says the JC, 479 00:26:04,080 --> 00:26:08,399 Speaker 3: is Montangu Mining should have told should have issued a 480 00:26:08,400 --> 00:26:13,080 Speaker 3: statement on sense telling every shareholder that this negotiation was underweight. 481 00:26:13,119 --> 00:26:15,440 Speaker 3: They did this later that they didn't do it when 482 00:26:15,440 --> 00:26:17,800 Speaker 3: they first realized that the information had leaked. So as 483 00:26:17,840 --> 00:26:21,960 Speaker 3: I understand the problem, they're saying they knew some investors 484 00:26:22,400 --> 00:26:26,000 Speaker 3: knew that this negotiation was happening and others didn't and that, 485 00:26:26,160 --> 00:26:28,840 Speaker 3: as you know, is not allowed. It's naughty on the 486 00:26:28,840 --> 00:26:32,639 Speaker 3: stock exchange. And therefore they're now issuing this public rebuke 487 00:26:32,680 --> 00:26:35,680 Speaker 3: because the management knew and should have told the JAC, 488 00:26:35,800 --> 00:26:38,600 Speaker 3: should have told Sens and basically all the shareholders. It's 489 00:26:38,680 --> 00:26:41,520 Speaker 3: very interesting the relationship between Montenku Mining and the JAC, 490 00:26:41,760 --> 00:26:44,600 Speaker 3: very difficult. We've had the CEO of montangu Mining on 491 00:26:44,920 --> 00:26:47,520 Speaker 3: Peter Miller I think is his name, if I recall correctly, 492 00:26:48,400 --> 00:26:50,600 Speaker 3: on the Money Show before and just talking a bit 493 00:26:50,640 --> 00:26:54,040 Speaker 3: about that relationship. So I mean, I'm not convinced the 494 00:26:54,080 --> 00:26:56,560 Speaker 3: story is sort of finished yet, because there does seem 495 00:26:56,560 --> 00:26:59,000 Speaker 3: to be some unresolved engine there. You might know a 496 00:26:59,000 --> 00:27:01,119 Speaker 3: bit more about it would be good to hear from you. 497 00:27:01,160 --> 00:27:03,000 Speaker 3: On seven two seven two one seven. 498 00:27:02,840 --> 00:27:07,080 Speaker 2: O two they show the Friday File. The Friday File. 499 00:27:07,440 --> 00:27:09,879 Speaker 3: Well, as you sort of head, I hope to a 500 00:27:09,920 --> 00:27:12,920 Speaker 3: little bit of peace and quiet over the weekend. One 501 00:27:12,920 --> 00:27:15,320 Speaker 3: of the real changes we've sort of noticed in the 502 00:27:15,320 --> 00:27:20,399 Speaker 3: holiday market is around uh traffic, around travel, lodgers, around 503 00:27:20,440 --> 00:27:23,840 Speaker 3: wildlife lodges, about places, around places you go for a 504 00:27:23,840 --> 00:27:27,000 Speaker 3: bit of peace and quiet. I suppose you would say 505 00:27:27,000 --> 00:27:28,760 Speaker 3: it's a sort of commune with nature, to get out 506 00:27:28,800 --> 00:27:33,800 Speaker 3: of the big smoke, to be with something that's much older, 507 00:27:33,960 --> 00:27:38,160 Speaker 3: much more connected to us. And yes, you probably immediately 508 00:27:38,160 --> 00:27:40,320 Speaker 3: think of the Kruger National Park, but I'm actually talking 509 00:27:40,320 --> 00:27:43,720 Speaker 3: about something very different. I'm talking about luxury lodges. In 510 00:27:43,760 --> 00:27:48,320 Speaker 3: this business seems to be changing. Jonathan Lehmann is the 511 00:27:48,480 --> 00:27:52,680 Speaker 3: director of Travel Africa of Travel Republic Africa right for 512 00:27:52,920 --> 00:27:56,040 Speaker 3: Luxury Dot Africa as well. Jonathan, good evening, Good to 513 00:27:56,040 --> 00:27:59,159 Speaker 3: talk to you. It does seem to me that this 514 00:27:59,320 --> 00:28:03,840 Speaker 3: market is changing and is offering a slightly different product 515 00:28:03,920 --> 00:28:05,639 Speaker 3: to say, what it was doing ten years ago. 516 00:28:07,200 --> 00:28:11,800 Speaker 7: Yes, absolutely, I mean people are one thing something different. 517 00:28:11,880 --> 00:28:15,239 Speaker 7: I think people are just tired of doom scrolling and 518 00:28:15,280 --> 00:28:18,359 Speaker 7: they're just stressed with life. So they're looking for a 519 00:28:18,560 --> 00:28:23,560 Speaker 7: new experience to calm their minds, breathe, relax and just 520 00:28:23,960 --> 00:28:28,600 Speaker 7: experience something different. Where the other landscape can offen. Indigenal 521 00:28:28,640 --> 00:28:29,640 Speaker 7: cultures can also help. 522 00:28:30,680 --> 00:28:32,760 Speaker 3: It can be quite difficult to not be connected. I'm 523 00:28:32,760 --> 00:28:34,080 Speaker 3: going to come back to that in a sec But 524 00:28:34,760 --> 00:28:38,479 Speaker 3: how do they go about providing that moment? I suppose 525 00:28:38,480 --> 00:28:43,000 Speaker 3: they're two things. Actually, there's the moment of quiet, yes, 526 00:28:43,280 --> 00:28:46,640 Speaker 3: and then there's the moment of connection. Now, the moment 527 00:28:46,680 --> 00:28:50,480 Speaker 3: of connection, you know instinctively, I kind of think, you know, 528 00:28:51,440 --> 00:28:53,520 Speaker 3: people I know have come back from one of these 529 00:28:53,560 --> 00:28:55,920 Speaker 3: places and their moment of connection is that they saw 530 00:28:55,960 --> 00:28:58,280 Speaker 3: a leopard. You don't see that every day. But a 531 00:28:58,320 --> 00:29:04,080 Speaker 3: moment of connection could also be having the coffee as 532 00:29:04,120 --> 00:29:06,800 Speaker 3: the sun rises over a particular burg or mountain. 533 00:29:08,760 --> 00:29:11,960 Speaker 7: Yes, I mean when you're having a coffee over looking 534 00:29:12,000 --> 00:29:16,920 Speaker 7: over like the plateaus, the sunrise, the sunsets. It's honestly like, 535 00:29:16,960 --> 00:29:20,520 Speaker 7: it calms you, It relaxes you. It's scientific provement. 536 00:29:20,560 --> 00:29:21,160 Speaker 3: It reckses you. 537 00:29:21,160 --> 00:29:24,600 Speaker 7: You feel calm, and that's what people love. People want that. 538 00:29:25,320 --> 00:29:29,400 Speaker 7: And yeah, I just feel like people want that constantly. 539 00:29:29,440 --> 00:29:32,440 Speaker 7: And it's not scheduled. It's there. It's in the moments, 540 00:29:32,640 --> 00:29:35,960 Speaker 7: you know, it's I would say mindfulness in motion. That's 541 00:29:35,960 --> 00:29:37,480 Speaker 7: why I say mindfulness emotion. 542 00:29:38,160 --> 00:29:41,320 Speaker 3: It's interesting that because the place in which you do 543 00:29:41,360 --> 00:29:44,320 Speaker 3: it is so vitally important. I mean, these are places 544 00:29:44,400 --> 00:29:47,320 Speaker 3: literally that don't succeed if they don't have a view. 545 00:29:48,680 --> 00:29:51,960 Speaker 7: Absolutely. I mean, well that's why, and that's why there's 546 00:29:52,000 --> 00:29:53,680 Speaker 7: these luxury logis that are offered that you know, and 547 00:29:53,720 --> 00:29:56,360 Speaker 7: you have to you pay the price, but you also 548 00:29:56,440 --> 00:30:05,080 Speaker 7: experience the amounts of you know, views, you know, the animals, 549 00:30:05,120 --> 00:30:10,120 Speaker 7: you know, the the yoga, the breathwork, the herbs and 550 00:30:10,240 --> 00:30:12,840 Speaker 7: like all these products that are being used by the 551 00:30:12,840 --> 00:30:15,520 Speaker 7: indigenous people that are given to you to use. So 552 00:30:15,800 --> 00:30:19,920 Speaker 7: it's it's it's it's something that you know you need 553 00:30:20,000 --> 00:30:24,680 Speaker 7: to go to this amazing part of Africa. I say, 554 00:30:24,920 --> 00:30:28,200 Speaker 7: which I specialize to see the views and to experience 555 00:30:28,240 --> 00:30:30,760 Speaker 7: this the stillness, I'd say mindfulness emotions. 556 00:30:32,800 --> 00:30:35,680 Speaker 3: One of the things, obviously, is the sort of I'm 557 00:30:35,680 --> 00:30:37,400 Speaker 3: just going to call it a game game drive for 558 00:30:37,480 --> 00:30:39,479 Speaker 3: want of a better phrase, but but it could be 559 00:30:39,680 --> 00:30:42,480 Speaker 3: a game work. I personally think that that more and 560 00:30:42,520 --> 00:30:44,600 Speaker 3: more we're going to see game kind of mountain biking, 561 00:30:44,600 --> 00:30:46,120 Speaker 3: by which I mean you stay in a place, you 562 00:30:46,120 --> 00:30:48,200 Speaker 3: go for a twenty k cycle. I mean there are 563 00:30:48,200 --> 00:30:50,200 Speaker 3: plenty of places in South Africa, you know an now 564 00:30:50,320 --> 00:30:53,880 Speaker 3: from Joebig you'll see to raff on a bicycle. But 565 00:30:54,080 --> 00:30:58,080 Speaker 3: the mode of transport, how important does that? No one needs? 566 00:30:58,120 --> 00:31:01,040 Speaker 3: You know, you like cue coffee and you like your 567 00:31:01,440 --> 00:31:03,640 Speaker 3: your mountain, but nobody likes the smell of diesel in 568 00:31:03,680 --> 00:31:04,080 Speaker 3: the morning. 569 00:31:05,040 --> 00:31:08,280 Speaker 7: Yes, well, there's I mean there's various you know, it 570 00:31:08,320 --> 00:31:10,120 Speaker 7: depends on which lodge you go to. But you know, 571 00:31:10,160 --> 00:31:12,320 Speaker 7: you can do the mountain biking, which is you can 572 00:31:12,400 --> 00:31:15,840 Speaker 7: do bush bushwalks or bush biking obviously with a safe 573 00:31:16,560 --> 00:31:18,960 Speaker 7: a Safari guide with you, you know, but there are 574 00:31:19,200 --> 00:31:22,840 Speaker 7: how does the eco friendly game vehicles that are utilized, 575 00:31:22,920 --> 00:31:26,400 Speaker 7: you know, that's it's very eco conscious that are utilized 576 00:31:26,400 --> 00:31:32,080 Speaker 7: in some Safari lodgers around Africa. But bushwalks, bush bikes 577 00:31:33,440 --> 00:31:37,000 Speaker 7: and also stegways. You know, stegways also big thing right now. 578 00:31:37,040 --> 00:31:40,080 Speaker 7: So that's uh, those are the options you can have. 579 00:31:40,680 --> 00:31:43,520 Speaker 3: For a long time. What these places would offer rarely 580 00:31:44,760 --> 00:31:48,640 Speaker 3: is access to animals, and that that was it was 581 00:31:48,680 --> 00:31:51,360 Speaker 3: a very important part of it. Views to calm years. 582 00:31:51,760 --> 00:31:55,400 Speaker 3: It seems to kind of wellness, the therapies, the it's 583 00:31:55,400 --> 00:31:58,240 Speaker 3: it called a botanical infusion. I'm a bit nervous about 584 00:31:58,280 --> 00:32:02,440 Speaker 3: googling that, Jonathan, but you know, these these are things 585 00:32:02,440 --> 00:32:03,920 Speaker 3: that you didn't used to get before. 586 00:32:05,320 --> 00:32:07,200 Speaker 7: No, but I think people are very scared to you. 587 00:32:07,560 --> 00:32:10,240 Speaker 7: So I think it's like, you know, science has proven 588 00:32:10,280 --> 00:32:15,240 Speaker 7: that these you know, herbs work. It's the botanical infusion works. 589 00:32:15,280 --> 00:32:17,360 Speaker 7: You know, from the local communities. You know, utilizes and 590 00:32:17,400 --> 00:32:22,360 Speaker 7: skin products. So people come to these lodgers to experience authenticness, 591 00:32:23,040 --> 00:32:26,440 Speaker 7: how effective it works, and also giving back to the community, 592 00:32:26,520 --> 00:32:31,600 Speaker 7: you know, social responsible, being social responsible. So for me, 593 00:32:31,680 --> 00:32:33,280 Speaker 7: it works. I use a lot of products that you 594 00:32:33,280 --> 00:32:36,640 Speaker 7: know work, you know, very bad royboards, Elvira, Alopex, you know, 595 00:32:36,680 --> 00:32:39,800 Speaker 7: all those products are scientifically proven that works. 596 00:32:40,920 --> 00:32:46,360 Speaker 3: So it's interesting that lodges are almost competing on that 597 00:32:46,440 --> 00:32:49,200 Speaker 3: kind of level too, so that the wellness is on 598 00:32:49,280 --> 00:32:51,200 Speaker 3: top of everything else that they used to do. The 599 00:32:51,240 --> 00:32:54,360 Speaker 3: wellness seems to be a slightly new kind of thing 600 00:32:54,400 --> 00:32:55,080 Speaker 3: in this market. 601 00:32:56,440 --> 00:32:58,360 Speaker 7: Yeah, I mean, I mean people people don't want their 602 00:32:58,440 --> 00:33:01,720 Speaker 7: day's planned to the men it so they they need 603 00:33:01,800 --> 00:33:04,440 Speaker 7: they know that they need to go and escape. So 604 00:33:04,640 --> 00:33:06,960 Speaker 7: lodgers are competing and they need to you know, think 605 00:33:07,000 --> 00:33:11,360 Speaker 7: of great better like ideas, creative ideas or proven ideas 606 00:33:11,400 --> 00:33:16,000 Speaker 7: to attract all these clients coming into the bush and 607 00:33:16,040 --> 00:33:20,080 Speaker 7: to the African bush. So, I mean there's different experiences. 608 00:33:20,200 --> 00:33:23,720 Speaker 7: I could saying in Sunship where they do binotherapy where 609 00:33:23,720 --> 00:33:27,280 Speaker 7: they utilize the grapes, and then you can you know, 610 00:33:27,280 --> 00:33:30,880 Speaker 7: have the skin mask coming in facial with grapes, you know, 611 00:33:31,280 --> 00:33:34,440 Speaker 7: the grapeskins or lie on the bath with grape juice, 612 00:33:34,480 --> 00:33:36,719 Speaker 7: you know, from the from the grapes or something like that. 613 00:33:36,760 --> 00:33:38,920 Speaker 7: It's something experienced that people want to try it out. 614 00:33:39,480 --> 00:33:43,400 Speaker 7: And that's also in the competitive nature offering something unique 615 00:33:44,400 --> 00:33:45,760 Speaker 7: such as that to vinotherapy. 616 00:33:46,480 --> 00:33:49,080 Speaker 3: No sure, and I mean I suppose. I mean if 617 00:33:49,120 --> 00:33:51,400 Speaker 3: you think, I mean, we've had a lot of tourists 618 00:33:51,400 --> 00:33:53,520 Speaker 3: over the last sort of towards the end of last year. 619 00:33:53,800 --> 00:33:55,960 Speaker 3: And if you think these are people who can come here, 620 00:33:56,000 --> 00:33:58,960 Speaker 3: they can go to Kenya, they can go to lots 621 00:33:58,960 --> 00:34:01,120 Speaker 3: of other places that office some of the things we 622 00:34:01,240 --> 00:34:03,680 Speaker 3: need to offer something on top of that. And you've 623 00:34:03,720 --> 00:34:06,800 Speaker 3: got someone who's never been to Africa, doesn't know very 624 00:34:06,880 --> 00:34:10,440 Speaker 3: much about us, sort of surfing the web somewhere or 625 00:34:10,480 --> 00:34:12,439 Speaker 3: talking to a friend. You've got to look for something 626 00:34:12,480 --> 00:34:14,080 Speaker 3: that really competes on every level. 627 00:34:15,760 --> 00:34:20,960 Speaker 7: Yeah, I mean, that's every every place offered the unique experience. 628 00:34:21,000 --> 00:34:25,200 Speaker 7: You know, like in Kenya they have the plateaus where 629 00:34:25,200 --> 00:34:28,840 Speaker 7: it's obviously the valleys are quite big and beautiful. Like 630 00:34:29,239 --> 00:34:32,439 Speaker 7: how do I say, what's the Kenya Lodge? The Kenya 631 00:34:32,520 --> 00:34:36,799 Speaker 7: experience would be a sigera where the like the like 632 00:34:36,920 --> 00:34:39,560 Speaker 7: Hypia Mountain range. It's something you need and. 633 00:34:39,560 --> 00:34:42,480 Speaker 3: The Serengetti is you know, immediately comes to my mind. 634 00:34:42,920 --> 00:34:44,880 Speaker 7: Yeah, the Serengetti. I mean the Serengetti. Yes, I mean, 635 00:34:44,880 --> 00:34:48,080 Speaker 7: obviously people go for the migration. The lodgers are obviously unique, 636 00:34:48,160 --> 00:34:52,200 Speaker 7: and they're obviously the five star lodges are quite you know, 637 00:34:52,600 --> 00:34:55,880 Speaker 7: very expensive but also luxurious. But people come for the 638 00:34:55,920 --> 00:34:58,800 Speaker 7: migration and obviously it's beautiful and it's the sound, and 639 00:34:58,840 --> 00:35:01,840 Speaker 7: that's how people get how therapeutic it is just to see, 640 00:35:02,200 --> 00:35:05,040 Speaker 7: you know, in the northern Serengetti at the Mara crossing. 641 00:35:05,120 --> 00:35:07,120 Speaker 7: I mean, that's that's the most therapeutic thing you can do, 642 00:35:07,440 --> 00:35:10,400 Speaker 7: is watch the whole migration crossing rivers and that's what 643 00:35:10,440 --> 00:35:12,279 Speaker 7: people do. Then it just calms them. 644 00:35:12,800 --> 00:35:15,000 Speaker 3: So, Jonathan, I think for a lot of us, you 645 00:35:15,040 --> 00:35:17,759 Speaker 3: can go through something really quite special and the moment 646 00:35:17,800 --> 00:35:20,840 Speaker 3: you come back to earth, the moment it ends in 647 00:35:20,880 --> 00:35:24,920 Speaker 3: the moment your mood, your your face, your mind darkens. 648 00:35:26,120 --> 00:35:30,000 Speaker 3: Is the moment you look at your phone. And I 649 00:35:30,040 --> 00:35:33,040 Speaker 3: can't help but think that the lodge that finds a 650 00:35:33,040 --> 00:35:37,200 Speaker 3: way to both keep us connected to our lives in 651 00:35:37,280 --> 00:35:40,239 Speaker 3: ways that we need to be and protects us from 652 00:35:40,239 --> 00:35:42,200 Speaker 3: our mobile phone is going to be the one. I 653 00:35:42,280 --> 00:35:44,839 Speaker 3: A don't know how you do that well. 654 00:35:44,880 --> 00:35:48,239 Speaker 7: I mean I was recently. I was in Hwangi National Parking, 655 00:35:48,320 --> 00:35:50,360 Speaker 7: Zimbabwe and I was by the watering hole with a 656 00:35:50,480 --> 00:35:53,880 Speaker 7: torch and you know, we call it bush TV just 657 00:35:53,920 --> 00:35:56,480 Speaker 7: to watch, you know, animals come at night time with 658 00:35:56,560 --> 00:35:58,960 Speaker 7: a torch and just walking across the drinking water, the 659 00:35:59,040 --> 00:36:02,440 Speaker 7: lions like the buffalo's And I mean, if you want 660 00:36:02,480 --> 00:36:04,160 Speaker 7: to be on the phone when you have that, and 661 00:36:04,160 --> 00:36:07,879 Speaker 7: it's just it's it's like the dopamine or rush you get, 662 00:36:07,960 --> 00:36:11,520 Speaker 7: you know from watching them in real life. It just 663 00:36:11,600 --> 00:36:13,759 Speaker 7: gives you. It just gives you good months and you 664 00:36:13,800 --> 00:36:15,600 Speaker 7: just get so excited to have the right. 665 00:36:15,560 --> 00:36:16,080 Speaker 4: In front of you. 666 00:36:16,239 --> 00:36:18,759 Speaker 7: So I know, I'm never on my phone, maybe just 667 00:36:18,800 --> 00:36:20,839 Speaker 7: to take some pictures, yes, but like to have that 668 00:36:21,200 --> 00:36:25,799 Speaker 7: and sit there for two hours straight watching animals at 669 00:36:25,800 --> 00:36:28,959 Speaker 7: a warning hole at night, seeing what is going to happen, 670 00:36:28,960 --> 00:36:30,160 Speaker 7: What if there's going to be a hunt, you know 671 00:36:30,160 --> 00:36:33,239 Speaker 7: what it's going to be, you know, And and there 672 00:36:33,280 --> 00:36:34,720 Speaker 7: was some a lot of exciting things happening. 673 00:36:34,760 --> 00:36:34,880 Speaker 6: You know. 674 00:36:34,880 --> 00:36:38,960 Speaker 7: Then you dad, you're running around the field while the 675 00:36:38,960 --> 00:36:41,279 Speaker 7: warding hole, you know, the line trying to catch them. 676 00:36:41,280 --> 00:36:43,520 Speaker 7: You know it's just like you know, it's it's you 677 00:36:43,600 --> 00:36:44,520 Speaker 7: can't compare. 678 00:36:45,080 --> 00:36:49,080 Speaker 3: So quite something, Jonathan. Thank you, Jonathan Leftman. I think 679 00:36:49,120 --> 00:36:51,560 Speaker 3: you might have inspired a few holidays. Director of Travel 680 00:36:51,640 --> 00:36:55,600 Speaker 3: Republic Africa Right for Luxury South Africa on your fire. 681 00:36:55,600 --> 00:36:57,440 Speaker 3: I file on The Money Show tonight. 682 00:37:00,360 --> 00:37:03,759 Speaker 2: On one one three seven two. 683 00:37:04,000 --> 00:37:06,879 Speaker 3: Time for the Friday biz Blitz on The Money Show 684 00:37:06,880 --> 00:37:09,480 Speaker 3: at five minutes now to seven. Okay, you know how 685 00:37:09,520 --> 00:37:12,160 Speaker 3: this works. We put out a question. You call us 686 00:37:12,160 --> 00:37:14,080 Speaker 3: on a double one double a three oh seven two 687 00:37:14,360 --> 00:37:16,840 Speaker 3: two one four four six five six seven. If you 688 00:37:16,840 --> 00:37:19,160 Speaker 3: get it right, we move on to the next question. 689 00:37:19,239 --> 00:37:22,360 Speaker 3: If you get it wrong, we move on to the next. 690 00:37:22,400 --> 00:37:25,719 Speaker 3: Call it first question on the Friday biz Blitz. Which 691 00:37:25,760 --> 00:37:29,440 Speaker 3: South African billionaire is still winning on the football pitch, 692 00:37:29,960 --> 00:37:33,560 Speaker 3: which refuses to play on the political pitch? Which South 693 00:37:33,600 --> 00:37:36,960 Speaker 3: African billionaire is still winning on the football pitch, which 694 00:37:37,000 --> 00:37:40,560 Speaker 3: refuses to play on the political pitch? Easy question to start, 695 00:37:40,920 --> 00:37:43,640 Speaker 3: Oh double one double a three seven two two one 696 00:37:43,640 --> 00:37:47,320 Speaker 3: four four six five six seven. 697 00:37:48,400 --> 00:37:50,719 Speaker 1: The Money Show with Stephen Achutzez is brought to you 698 00:37:50,920 --> 00:37:54,719 Speaker 1: by Apps of Corporate and Investment backing. Refined performance is 699 00:37:54,760 --> 00:37:59,040 Speaker 1: a measure of discipline. That's how we're invested in your story. 700 00:37:59,239 --> 00:38:00,200 Speaker 3: APPS is a rated The. 701 00:38:03,040 --> 00:38:06,080 Speaker 2: Money Show Friday BUSLTZ. 702 00:38:05,719 --> 00:38:07,719 Speaker 3: Double one double A three oh seven O two two 703 00:38:07,800 --> 00:38:10,560 Speaker 3: one four four six O five sixty seven, which billionaire 704 00:38:11,200 --> 00:38:13,719 Speaker 3: is still winning on the football pitch but refuses to 705 00:38:13,760 --> 00:38:17,600 Speaker 3: play on the political pitch. Tayche in Boksburg High. 706 00:38:18,760 --> 00:38:21,560 Speaker 8: Hi, Stephen, that's touchristmas Cippe. 707 00:38:22,200 --> 00:38:27,200 Speaker 3: Do you know Taychaw? Of course, you're right, Okay, second question, 708 00:38:27,280 --> 00:38:30,920 Speaker 3: here we go. Are you ready Show Max? Show Max 709 00:38:31,040 --> 00:38:34,279 Speaker 3: is being shut down? Who has taken the decision to 710 00:38:34,440 --> 00:38:35,200 Speaker 3: switch it off? 711 00:38:37,760 --> 00:38:39,280 Speaker 8: Oh? That's French company. 712 00:38:40,360 --> 00:38:44,200 Speaker 3: I'm gonna need a next I'm sorry to yet, I'm 713 00:38:44,200 --> 00:38:44,800 Speaker 3: not gonna. 714 00:38:44,600 --> 00:38:45,120 Speaker 5: Give you that. 715 00:38:45,760 --> 00:38:52,720 Speaker 3: Let's try Como in Springs Comochello. Hi, Who's who owns 716 00:38:52,760 --> 00:38:54,480 Speaker 3: Show Max and decided to switch it off? 717 00:38:56,480 --> 00:38:58,080 Speaker 2: The not multi choice? 718 00:38:58,719 --> 00:39:01,799 Speaker 3: I'm not gonna accept multi choy. I'm afraid sorry, I'm 719 00:39:01,800 --> 00:39:04,440 Speaker 3: a fellow Gina and Pretoria high. 720 00:39:05,440 --> 00:39:05,600 Speaker 5: Hi? 721 00:39:05,680 --> 00:39:06,120 Speaker 2: How are you? 722 00:39:06,320 --> 00:39:08,279 Speaker 3: I'm well go for it and. 723 00:39:08,320 --> 00:39:09,160 Speaker 8: Well thank you? 724 00:39:10,400 --> 00:39:12,200 Speaker 4: Is this not the NBC Universal? 725 00:39:13,800 --> 00:39:18,440 Speaker 3: No, I'm afraid that's a different deal. Let's try Selma 726 00:39:18,440 --> 00:39:21,160 Speaker 3: in Rude Selma, the owner of show. 727 00:39:20,920 --> 00:39:26,920 Speaker 8: Matell Ye each canal plus the thing got ahead of you. 728 00:39:27,000 --> 00:39:31,880 Speaker 3: Selma, Yes, congratulations, you're right. Okay, here we go. Third 729 00:39:32,000 --> 00:39:37,759 Speaker 3: third question, are you ready? Shop Right has shipping containers 730 00:39:37,800 --> 00:39:40,440 Speaker 3: stuck in the sewers canal as a result of the 731 00:39:40,560 --> 00:39:44,359 Speaker 3: US and is rady war with Iran? How many are 732 00:39:44,520 --> 00:39:50,759 Speaker 3: stuck there? Okay? Is the answer two? One hundred and 733 00:39:50,800 --> 00:39:55,400 Speaker 3: sixty two or three hundred? How many containers belonging to 734 00:39:55,480 --> 00:39:57,040 Speaker 3: Shopwright are stuck in the sewers? 735 00:39:59,280 --> 00:40:01,439 Speaker 8: I'll take a f and sixty two. 736 00:40:02,120 --> 00:40:04,160 Speaker 3: Do you know, Selma? You are right? It is one 737 00:40:04,239 --> 00:40:10,480 Speaker 3: hundred and sixty two. Okay, world kid, okay. Last question 738 00:40:10,640 --> 00:40:13,440 Speaker 3: on the Friday visit, Let's here we go. A High 739 00:40:13,440 --> 00:40:18,640 Speaker 3: court ruling. After the High Court ruling yesterday, which tax 740 00:40:19,160 --> 00:40:23,800 Speaker 3: can the finance minster no longer change on their own? 741 00:40:24,560 --> 00:40:28,000 Speaker 3: Is a corporate tax? Is it the field levee? Or 742 00:40:28,080 --> 00:40:31,640 Speaker 3: is it value added tax? Which of those taxes can 743 00:40:31,680 --> 00:40:34,320 Speaker 3: the financements turn no longer change on their own? 744 00:40:35,560 --> 00:40:38,240 Speaker 4: Value added text that Selma. 745 00:40:39,040 --> 00:40:53,920 Speaker 3: Congratulations Sma from Roulebert, thanks so much you at the 746 00:40:53,920 --> 00:40:55,000 Speaker 3: Money Show at seven o'clock