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

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

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

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Speaker 2: by Absters cib Discover the latest trends shaping digital assets

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Speaker 2: across Africa. Download the Abster Africa Digital Assets Insights twenty

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Speaker 2: twenty five. Good evening, I'm Stephen Curtis. Eight minutes after six.

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Speaker 2: Welcome to the program. I do get a sense that

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Speaker 2: just today, I get a sense that, you know, next

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Speaker 2: week is going to be very different, calmer, more relaxed,

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Speaker 2: fewer people around, probably less money being traded on the JCL.

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Speaker 2: Wander if trading volumes will be slightly lower, particularly on Monday,

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Speaker 2: and heading into the kind of final sort of week

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Speaker 2: when everybody's here. The Great South African get Away very

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Speaker 2: much underway today and you can see that people are

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Speaker 2: pouring out of some of the big centers. They'll be

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Speaker 2: off home, be off on holiday as well. Plenty to

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Speaker 2: come in the next little while. An astonishing story was

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Speaker 2: the word that I used earlier, and I think I'm

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Speaker 2: going to stick to that word from Moneyweb today about

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Speaker 2: what happened with Kiro and the Young Milton Foundations Buy

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Speaker 2: out offer and money Web suggesting that in fact, the

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Speaker 2: Financial Standards Conduct Authority or Financial Sector Conduct Authority rather

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Speaker 2: is investigating some trades. They're assessing the complaint. That means

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Speaker 2: that they haven't decided to investigate yet, is how I

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Speaker 2: read that. Rake for Niekek is the editor at Moneyweb.

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Speaker 2: We'll hear from him in a moment. If you looked

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Speaker 2: across the boards today, I mean it was green in

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Speaker 2: most places. The rand is stronger, the dollar is a

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Speaker 2: bit weaker. This is obviously because of the Federal Reserve

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Speaker 2: and they're dropping of interest rates. But gold shooting the

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Speaker 2: lightout lights out once again, taking platinum along with it,

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Speaker 2: and a very strong day on the JSC an appropriate day.

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Speaker 2: I thought to speak to John Bickard. He's the portfolio

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Speaker 2: manager of the ninety one Value Fund, and he's suggesting

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Speaker 2: that next year might actually be stronger than this year

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Speaker 2: is just the beginning, and he's talking about why that is.

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Speaker 2: So we'll get an understanding from him as to why

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Speaker 2: and what is actually driving that. A Friday file to

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Speaker 2: I mean, I love a train trip. I haven't been

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Speaker 2: on a proper train trip in years. I've been on

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Speaker 2: the hard train. Of course, many times, not as often,

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Speaker 2: not much recently, but there was a time I was

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Speaker 2: on it fairly often. But there's been a big sort

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Speaker 2: of a series rail experience in the Western Capon. Well,

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Speaker 2: speak to someone who's been on it and just sort

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Speaker 2: of follow up that process. Do like a train trip.

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Speaker 2: We'll talk about that, and don't forget the Friday bis

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Speaker 2: Blitz on your Money Show Tonight.

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Speaker 3: The Lonely Show with Stephen krutis live on ninety two

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Speaker 3: point seven and one six FM, streaming on the Prime

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Speaker 3: Media Plus.

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Speaker 1: NAP and DStv channel eight five six.

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Speaker 2: Well news today from the bureauful Economic Research about inflation expectations,

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Speaker 2: and when we look back on the year, inflation expectations

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Speaker 2: and the lowering of the Reserve Bank's inflation target is

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Speaker 2: probably the standout story. It's the one big thing that

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Speaker 2: changed this year that I would expect to actually lead

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Speaker 2: to lower prices for generations to come. There's really no

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Speaker 2: other way to describe that. It is a monumental change,

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Speaker 2: and it was done with an absolute bare minimum of fuss.

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Speaker 2: But we saw today the first tangible results of that,

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Speaker 2: and this comes from the view of economic research. They

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Speaker 2: put together inflation expectations they ask different people in different

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Speaker 2: sectors what they think is going to happen. And this

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Speaker 2: matters because inflation expectations then basically lead to what people

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Speaker 2: ask for in their salary negotiations. If you think inflation

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Speaker 2: is going to be five percent, you're going to want

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Speaker 2: five percent or more. But if you think inflation's only

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Speaker 2: going to be three percent, well then you'll be happy

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Speaker 2: with three percent or a little bit more. And inflation

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Speaker 2: expectations are now at their lowest in twenty five years.

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Speaker 2: They're down half a percentage point, which is actually, if

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Speaker 2: you think about it, in the great scheme of things, huge,

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Speaker 2: half a percentage point may not sound like much, but

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Speaker 2: it's a very very significant number in this context. And

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Speaker 2: in fact, for the medium term, inflation expectations are now

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Speaker 2: well below four percent. So for next year, in fflation

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Speaker 2: expectation is three point eight percent, for the year after

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Speaker 2: is three point seven percent, and for the five year

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Speaker 2: period starting from now, it's three point seven percent. Now,

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Speaker 2: consider where inflation was oh four years ago. Obviously you

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Speaker 2: shouldn't really compare it with COVID, the outbreak of Russia's

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Speaker 2: invasion of Ukraine, things like that. All of that said,

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Speaker 2: inflation is down. Are there lots of reasons for this.

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Speaker 2: We've seen how many goods China is exporting, what that's

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Speaker 2: doing to inflation. New car inflation is one point six percent. Now,

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Speaker 2: you don't buy a new car very often, maybe never.

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Speaker 2: I never have, and yet what that means is it

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Speaker 2: still goes into the basket and all of that starts

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Speaker 2: to have a big impact. Food price is also looking

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Speaker 2: quite good at the moment. So on what's been a

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Speaker 2: strong day on the JC. Some good news about inflation expectations.

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Speaker 2: It's good to hear from you tonight. Don't forget oh

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Speaker 2: double one double a three oh seven two two one

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Speaker 2: four four six oh five six seven and voice notes

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Speaker 2: so no seven two seven oh two one seven oh

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Speaker 2: two Stephen gone.

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Speaker 1: X at at Stephen.

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Speaker 2: Well a story on Moneyweb this afternoon, and I must

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Speaker 2: tell you when I first saw it, my eyes actually popped.

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Speaker 2: The Financial Sector Conduct Authority is confirmed it is assessing

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Speaker 2: a complaint. There was insider trading in shares in the

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Speaker 2: Heuro Schools Group in the months just before the Only

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Speaker 2: Milton Foundation said they would spend over seven billion round

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Speaker 2: buying the group. When they made the announcement, As you

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Speaker 2: can imagine hero shares jumped by sixty percent. If you

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Speaker 2: were a shareholder before that, well you would have been

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Speaker 2: very pleased. Rek Vnikek is the editor of Moneyweb and

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Speaker 2: the person who wrote that story. He joins us, Now, Rey,

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Speaker 2: good evening, Good to have you on the Money Show.

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Speaker 2: What do you know about the case that has been lodged?

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Speaker 2: What is the FCA actually assessing?

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Speaker 4: So good afternoon, Stevens. Listen, there's not been any insider

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Speaker 4: trading proven. I just want to put it out there.

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Speaker 4: They were just some suspicious transactions refer to the FSCA

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Speaker 4: for investigation. And that is at this point where it stands.

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Speaker 4: I don't know which transactions have been well have been

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Speaker 4: referred either the thorough analysis of the shareholder registers and

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Speaker 4: I looked at coransactions and I also I found three

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Speaker 4: groups of conceptions which I thought were very suspicious, and

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Speaker 4: that's what I highlighted in the article.

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Speaker 2: I'm going to come back to that in a moment.

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Speaker 2: But first, who did the referral? Who said to the FSSEA,

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Speaker 2: I think you should look at this. Well, I don't know.

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Speaker 4: But it should be one of the regulatory bodies, probably

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Speaker 4: the JSE or even straight. They look at all of

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Speaker 4: the transactions, they you know, compare whether they could have

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Speaker 4: been done in a sensitive period, in a coast period.

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Speaker 4: But they look at those transactions in a lot of detail,

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Speaker 4: and I would suspected one of those.

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Speaker 2: Okay, So the timing is interesting. You say that you've

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Speaker 2: looked at what happened. What do you think was happening?

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Speaker 2: Let me put this another way. Why do the transactions

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Speaker 2: look a little bit suspicious to you at this point?

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Speaker 2: And just to reiterate, nothing's been proven.

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Speaker 4: You see the transactions I highlighted or which I expect

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Speaker 4: or suspect that has been referred with concluded or transacted

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Speaker 4: within six months of this announcement, which led to the

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Speaker 4: ship ice jumping by sixty percent, as you've said, and

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Speaker 4: you know, obviously this is a very complex deal and

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Speaker 4: it would have taken some time to put together. And

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Speaker 4: that is the you know what I thought. You know,

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Speaker 4: if there were inside the information available, it's you know,

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Speaker 4: probably closer to the announcement as possible. And there were

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Speaker 4: six three of those transactions or three parties involved made

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Speaker 4: significant transaction for bought significant number of shares in that

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Speaker 4: six month period.

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Speaker 2: Would they have made a lot of money by doing that.

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Speaker 4: They well you need to see that in context the

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Speaker 4: three parties. Let's start with the foreign one City clients

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Speaker 4: nominees eight. That is a city group, a nominee account.

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Speaker 4: So we don't know who the beneficial owner of those

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Speaker 4: shares are. But you know, in that six month speriit

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Speaker 4: up until July and they bought around seventy five million

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Speaker 4: rand work of shares and they sold it at a

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Speaker 4: profit of city one million rand. The profit of thirty

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Speaker 4: one million, that's pretty decent. The PIC, the Public Investment

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Speaker 4: Corporation also traded in that period. They made a profit

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Speaker 4: of twenty one million. Now that sounds like a lot

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Speaker 4: of money bags for the PIC, who you know manages

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Speaker 4: over three trillion rands worth of assets. I don't think

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Speaker 4: that is significant, So that may have been a normal,

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Speaker 4: you know, type of investment decision. They also confirmed to

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Speaker 4: me the phrase that was just part of the normal rebalancing.

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Speaker 5: And then there's three interesting.

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Speaker 4: Transactions and they come from companies relate to the mcton

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Speaker 4: family and they are Young Maton, the Latins, Pitt Macton,

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Speaker 4: be Latins, and my favorite the Latins, and they refer

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Speaker 4: to the three siblings of Young Matton, the founder and

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Speaker 4: bb CEO and chairman of PSG. But those names are

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Speaker 4: slightly misleading because they are not managed by those individuals.

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Speaker 4: Young Maton, for you know, he is the current CEO

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Speaker 4: or chairman of PSG, and Pitte mcton is involved with

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Speaker 4: the Jany Metton Foundation who actually made the Heiro offer.

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Speaker 4: But those three companies are managed and controlled and owned

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Speaker 4: by the Young Meton family Trust, and that trus has

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Speaker 4: six trustees and those trustees would have made the decision

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Speaker 4: to buy those shares, and those shares were bought between

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Speaker 4: ten April and two May. Remember the announcement was in

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Speaker 4: twenty seven August, so that is within six months of

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Speaker 4: the actual announcement. Now, the question is that they know

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Speaker 4: at that stage that the announcement is coming. They claim no,

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Speaker 4: they didn't and that decision was only taken a few

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Speaker 4: weeks after the last conception at the end of May.

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Speaker 4: That is the position.

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Speaker 2: So you spoke to them and they deny any wrongdoing

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Speaker 2: here and all of the parties as far as you've

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Speaker 2: been able to contact, because there's one you don't know,

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Speaker 2: they say they did nothing wrong.

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Speaker 4: Well, that's definitely the p I C and yeah, that's correct.

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Speaker 4: I spoke to the city group or I contacted them

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Speaker 4: and they said, we're not we don't comment about these things.

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Speaker 2: Rick, there are other factors in this, because this is

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Speaker 2: this is a big deal, as you know that the

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Speaker 2: foundation's purchase of KRO. Just just for the record and

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Speaker 2: I'm relying on your greater knowledge here, none of us

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Speaker 2: stops the transaction, right, it still goes ahead.

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Speaker 4: No, I don't think this will stop the transaction. There

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Speaker 4: may be an investigation from the f c A, but no,

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Speaker 4: I don't think it will stop the conception.

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Speaker 2: Definitely not, Horayk. I really appreciate the time, thank you

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Speaker 2: very much. Indeed, the editor at Moneyweb, as I say,

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Speaker 2: a story that made my eyes pop, will be watching

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Speaker 2: that carefully. I do wonder if the Financial Standards Conduct

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Speaker 2: Authority will issue any kind of statement on this. Just

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Speaker 2: to reiterate there, at the assessment phase, they look at

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Speaker 2: the complaint, they assess is there something to investigate? Only

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Speaker 2: if they say yes to that do they actually investigate.

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Speaker 2: Imagine the only statement we might get as if they

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Speaker 2: decline to investigate, Let's just wait and see what happens here.

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Speaker 2: Nineteen minutes after six.

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Speaker 1: The Money Show explainer.

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Speaker 2: Well, on a day when the rand is much stronger,

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Speaker 2: the gold price much firmer, the JAC up significantly comes

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Speaker 2: quite a strong argument that in fact, what we've seen

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Speaker 2: this year might be just the beginning. It comes from

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Speaker 2: John Bickard. He's portfolio manager at the ninety one Value Fund,

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Speaker 2: and he believes there's a very bullish case for South

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Speaker 2: Africa going into next year. John, good evening, thank you

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Speaker 2: for your time. We've all seen what the JC has

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Speaker 2: done this year. Why do you think we've built up

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Speaker 2: a big head of steam and this will continue?

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Speaker 6: So I think the thing that we see is the

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Speaker 6: big gap between the overall index, which is up more

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Speaker 6: than thirty percent this year, which is all driven by

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Speaker 6: golden platinum and to a less extent thanaspas, and what

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Speaker 6: we call say inc shares, the shares that are dependent

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Speaker 6: on South Africa for their income and their profits. So

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Speaker 6: that's the retailers and the banks and the industrial shares,

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Speaker 6: and so far this year they're massive legg It's they're

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Speaker 6: only up eight percent, which is miles behind the index,

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Speaker 6: and it's opened up this big gap. And so when

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Speaker 6: you're valuing these essay shares, you know you do a

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Speaker 6: discounted cash flow, and in that cash flow, you assume

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Speaker 6: a long term growth number, and you assume a discount rate.

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Speaker 6: And that's really the interesting thing to us is the

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Speaker 6: discount rate has dropped so much for South Africa over

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Speaker 6: this year, and the discount rate the first the first

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Speaker 6: variable that you're plug in for the discount rate is

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Speaker 6: the ten year bond and as you well aware, South

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Speaker 6: African bonds have been world leaders in bonds this year.

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Speaker 6: I think they are up twenty one percent odd in

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Speaker 6: rant and thirty three percent in dollars, so that being

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Speaker 6: the best performing bond market, and the bond yield has

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Speaker 6: fallen from ten percent at the beginning the year to

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Speaker 6: eight and a half percent. And any analyst who's ever

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Speaker 6: built a discounted cash flow model knows that if you

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Speaker 6: cut your discount rate by that amount and you keep

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Speaker 6: your cash flows the same, you get a very different

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Speaker 6: number in terms of what the value of the shares.

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Speaker 6: And just as a rule of thumb, you know, if

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Speaker 6: a low risk, steady cash flow like a South African

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Speaker 6: government bond goes up to twenty one percent, a leveraged

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Speaker 6: equity with a higher discount rate and more risks should

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Speaker 6: go up off the top of our heads, and actually

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Speaker 6: in models not the top of heads. Financial theory says

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Speaker 6: it should go up forty percent, and yet South African

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Speaker 6: shares out eight percent.

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Speaker 2: Why are then, I mean, the question would be why

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Speaker 2: are some of these companies so undervalued? Are you as

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Speaker 2: the market just not caught up? Is there still something

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Speaker 2: that we're not seeing?

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Speaker 6: So when you ask people that the answer will be, well,

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Speaker 6: we're worried about politics, where we're worried about South Africa's

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Speaker 6: relationship with the US. And I would say, as a

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Speaker 6: fund manager has been in the industry a very long time,

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Speaker 6: that the truth is something much more pathetic than that.

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Speaker 6: The truth is that most fund managers went into the

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Speaker 6: year underweight gold and platinum, and gold shares up one

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Speaker 6: hundred and fifty percent and platinums up one hundred percent.

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Speaker 7: And it's absolutely you know, there's not a.

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Speaker 6: Fund manager, including ourselves, who've beaten the index this year.

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Speaker 6: And the simple truth is fund managers protect their jobs

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Speaker 6: and they're behind the index and the golden platinum prices

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Speaker 6: still rising, so they're selling their essay in shares to

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Speaker 6: fund further purchases of platinum and gold to narrow their

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Speaker 6: underweight to their position, which makes no sense at all

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Speaker 6: because the very thing that helps essaying shares is higher

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Speaker 6: platinum gold prices. So if you bullish on platinum gold,

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Speaker 6: you know, precious metals are our biggest export and it's

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Speaker 6: helping our terms of trade and the rant and the

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Speaker 6: discount rate and the economy. You know, it doesn't make

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Speaker 6: any sense to sell these super cheap South African shares

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Speaker 6: as to give you an idea, there's no index that shows.

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Speaker 6: They don't have an index for essaying shares, but we've

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Speaker 6: built our own index which we put in all the

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Speaker 6: representative essaying shares, and basically these shares trade on a

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Speaker 6: ten pe and a five percent of a yield, which

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Speaker 6: suggests that these shares are trading on you know, nine

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Speaker 6: ten percent free cash flow yield when the risk free

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Speaker 6: rate is eight and a half percent. It's completely undervalued.

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Speaker 7: So people will tell you a long story why they're lagging,

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Speaker 7: but the.

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Speaker 6: Simple truth is is they being sold to fund more

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Speaker 6: precious metals, which is a totally illogical trade.

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Speaker 2: It may be illogical, but won't that continue, specially if

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Speaker 2: gold is on track? I mean extraordinary that I've seen

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Speaker 2: some predictions of five thousand dollars at some point, so I.

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Speaker 6: Have to say, I agree, Yeah, I hear you, but

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Speaker 6: I agree gold is going to go to five thousand dollars.

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Speaker 6: But you know, if you think, if you are savvy investor,

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Speaker 6: should you buy you know, the goal shares which are

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Speaker 6: two hundred percent, or should you buy essay Inc.

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Speaker 7: Which is up eight?

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Speaker 6: Should you you know, essay in sheares are direct beneficiaries

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Speaker 6: of the gold price, and eventually it will flow through

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Speaker 6: to the economy and flow through to those sheds. So

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Speaker 6: it's a much lower risk way of playing the gold trade.

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Speaker 6: I mean, if you tell me gold's going to five thousand,

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Speaker 6: I say buy more essaying sheares because if you're wrong

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Speaker 6: on gold, you're going to lose a fortune in gold chas.

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Speaker 6: But you know you protected by that five percent diven

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Speaker 6: and yield on these undervalued essay in sheares, and if

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Speaker 6: you're right on gold, eventually the essay in sheares will

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Speaker 6: catch up. So as far as a risk adjusted trade goes,

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Speaker 6: we think that's the way to play the precious metals

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Speaker 6: is I is to buy essaying shares.

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Speaker 2: So John, there's as you I think correctly ascribe value

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Speaker 2: in other words, these says are undervalued now, but they're

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Speaker 2: only worth investing in if the price is actually going up,

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Speaker 2: going to go up. Do you think that that is

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Speaker 2: what is going to happen next year. I mean, there

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Speaker 2: are plenty of reasons and not just reasons you've spoken about,

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Speaker 2: to suggest that, in fact, South Africa will have a

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Speaker 2: very strong year next year.

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Speaker 7: Yes. So you know that's the thing about value investing.

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Speaker 6: And I've been doing this for twenty five years, and

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Speaker 6: the secret to value investing is not to worry when

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Speaker 6: it's going to happen. It's when you have this big

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Speaker 6: dislocation in the market like there is now, not to

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Speaker 6: say I'm worried it doesn't happen next week, next month,

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Speaker 6: next six months. All you say is these shares are

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Speaker 6: fundamentally undervalued. The prospects for South Africa improving snow. We've

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Speaker 6: spoken about precious metals. We've also got to add in

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Speaker 6: the oil prices down fifteen percent in dollars this year,

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Speaker 6: and that's our biggest import. So terms of trade have

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Speaker 6: massively improved, and that will if you look at history,

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Speaker 6: it's always resulted in improvement in the economy. So what

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Speaker 6: I think is holding people back, apart from the fact

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Speaker 6: that they're selling them to buy precious metal. People are

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Speaker 6: worried about the growth rate in South Africa because we're

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Speaker 6: only growing at one But if you look back in

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Speaker 6: history any time where we've had such a big improvement

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Speaker 6: of terms of trade like we have in the last year,

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Speaker 6: GDP has picked up between two and three percent six

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Speaker 6: twelve months after that. So you know, to those people

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Speaker 6: who say I'm worried about the growth of it, I say,

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Speaker 6: I think essay in South African economy will be growing

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Speaker 6: at two to and a half percent in the year's time,

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Speaker 6: and then people will come by the shes and and

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Speaker 6: obviously a big thing is foreigners.

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Speaker 7: Need to buy.

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Speaker 6: And actually they haven't brought anything. They bought a bit

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Speaker 6: after the election, then they sold again and only in

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Speaker 6: the last month have we started to see them buying.

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Speaker 6: And South Africa is now a bigger part of the

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Speaker 6: index and foreigners are there are a full one third

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Speaker 6: underweight to South Africa in terms of our waiting compared

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Speaker 6: to the index. So the big driver will be when

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Speaker 6: the foreigners come and buy, and the foreigners do like

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Speaker 6: to only buy, and once the GDP growth rate picks up.

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Speaker 6: So but by then, if you wait for that day

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Speaker 6: when you open the paper and it says GDP growth

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Speaker 6: rate is two and a half percent, you've missed it.

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Speaker 7: You have to buy ahead of that. And we think

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Speaker 7: this is the.

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Speaker 2: Time politics because it's still ruin the party.

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Speaker 7: So I think you hit the nail on the air.

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Speaker 6: That is, you know, when people telling the story, they

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Speaker 6: they say, what where can you be wrong? And actually

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Speaker 6: the simple truth is I don't think I can be

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Speaker 6: wrong on any of those above things.

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Speaker 7: But the one wild card is politics.

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Speaker 6: And the first thing I'd say is, if you look

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Speaker 6: at stock markets, politics plays a very small role in

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Speaker 6: future returns. You know, it's really the growth rate in

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Speaker 6: the discount right politics, but kind of politics plays a

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Speaker 6: role only in the very best and the very worst

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Speaker 6: tail risks. So politics plays a big role if you

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Speaker 6: Venezuela or Zimbabwe, but it doesn't really play a big

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Speaker 6: role if you the UK or the US, and at

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Speaker 6: the moment in South Africa. So the wild card that

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Speaker 6: is politics is really in that terrible one percent tail

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Speaker 6: you know, you know, the zoomer kind of outcome which

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Speaker 6: we don't think is going to happen. But that is

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Speaker 6: that is the tail risk you need to worry about.

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Speaker 2: Grant, thank you very much. Indeed, John ready to appreciate it.

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Speaker 2: John Pickard's portfolio manager at the ninety one Value Fund.

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Speaker 2: A very very bolish case. Indeed, the money show the market.

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Speaker 2: Grant Nator's portfolio manager, Benguela Global Fund Managers, Grant, good evening,

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Speaker 2: you would have heard that. Do you agree? I mean

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Speaker 2: it has been one hell of a year for South

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Speaker 2: Africa inc.

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Speaker 5: Yeah, I Achieven to be honest, I do agree. Remember

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Speaker 5: the thing with markets, they look ahead and everything is

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Speaker 5: about incremental improvement. Are things getting better or are things

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Speaker 5: getting worse? And I think there's a strong place to

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Speaker 5: be made for almost all metrics in South Africa to

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Speaker 5: be get better at the margin. You know, we've talked

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Speaker 5: about inflation. You just look at the real wage growth

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Speaker 5: that's coming through as a consequence of the lower inflation.

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Speaker 5: We've had six rate cuts. Now this genu is holding together,

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Speaker 5: bringing accountability to the market, you know, and the oil

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Speaker 5: plance remains low, and we've got commodity tail winds and

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Speaker 5: I think commodity prices can sustain elite elevated levels and

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Speaker 5: in fact probably built from here going into next year,

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Speaker 5: and that is always positive for South Africa. So yeah,

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Speaker 5: I'm in the bull camp for sure.

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Speaker 2: Gold price again stronger today. I'm presuming a little bit

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Speaker 2: of a nudge from the US Federal Reserve, but other

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Speaker 2: factors that play. I mean John Piccott, he's part of

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Speaker 2: the five thousand dollars a nunce camp.

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Speaker 5: Well, I mean, look, five thousand's not that far from

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Speaker 5: where we are anymore. But I mean, I haven't put

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Speaker 5: a number on it, but I think there's a lot

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Speaker 5: of legs supporting the table that gold is standing on.

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Speaker 5: And one of them is lower rates from the FED

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Speaker 5: that's bullish. One of them is a higher inflationary regime

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Speaker 5: that is in placed globally. One of them is a

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Speaker 5: weaker dollar or at least a debasement of global currencies,

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Speaker 5: ongoing fiscal stimulus, and I just deficits happening all over

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Speaker 5: the world, not just in one or two countries, and

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Speaker 5: central bank diversification from away from the dollars. So there's

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Speaker 5: there's many, many reasons to remain fundamentally positive on gold,

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Speaker 5: and I think I think the Sillibull Coast.

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Speaker 2: We made grant Nata thanks so much. Portfolio manager at

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Speaker 2: Benguele Global Fund Managers. You with The Money Show just

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Speaker 2: on six thirty The Money Show.

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Speaker 3: With Stephen crudis live on ninety two point seven and

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

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Speaker 1: NAP and DStv channel eight five six.

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Speaker 2: On the next Money Show, we kick things off with

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Speaker 2: the agricultural economist One Deles Global at South Africa's wine

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Speaker 2: grape industry heads into twenty twenty six with a lot

435
00:22:50,920 --> 00:22:54,280
Speaker 2: of optimism. Then, as festive plans take shape, we unpacked

436
00:22:54,320 --> 00:22:59,120
Speaker 2: the insurance risks of holiday home swaps, Airbnb hosting and

437
00:22:59,200 --> 00:23:02,120
Speaker 2: car loans with Ernest North, the co founder of Naked

438
00:23:02,480 --> 00:23:05,399
Speaker 2: After that, we explore the art of culinary success with

439
00:23:05,440 --> 00:23:07,960
Speaker 2: our How I Make My Money guest Beata Templehoff, the

440
00:23:08,000 --> 00:23:11,879
Speaker 2: award winning chef behind Cape Town's acclaimed fyn and the

441
00:23:11,920 --> 00:23:15,840
Speaker 2: first South African to early prestigious three Knives accolade at

442
00:23:15,840 --> 00:23:19,280
Speaker 2: the Global Best Chef Awards. Ian Mann, Managing director of

443
00:23:19,320 --> 00:23:22,480
Speaker 2: Gateways Business Consultants, shares his pick of the best business

444
00:23:22,480 --> 00:23:25,520
Speaker 2: books of the year, and as always, expert analysis of

445
00:23:25,560 --> 00:23:31,960
Speaker 2: the day's biggest business news is on The Money Show

446
00:23:32,240 --> 00:23:34,760
Speaker 2: six to eight pm. Well you may remember on the

447
00:23:34,800 --> 00:23:37,760
Speaker 2: twenty seventh of November, just a couple of weeks ago,

448
00:23:37,800 --> 00:23:42,000
Speaker 2: selse making their debut on the Johannesburg Stock Exchange, and

449
00:23:42,040 --> 00:23:45,159
Speaker 2: one of the debuts that had been widely anticipated was

450
00:23:45,200 --> 00:23:48,440
Speaker 2: a tremendous achievement for the telco. Shares rose by four

451
00:23:48,480 --> 00:23:51,520
Speaker 2: percent on that very first trading day, and on the

452
00:23:51,640 --> 00:23:55,280
Speaker 2: day of their JZ debut, we're in conversation with CELC

453
00:23:55,480 --> 00:23:58,200
Speaker 2: CEO George Mendez. He had a lot to say about

454
00:23:58,200 --> 00:24:01,080
Speaker 2: why Celca has gone in this direction and why it's

455
00:24:01,200 --> 00:24:03,560
Speaker 2: made this decision. He also told us what it means

456
00:24:03,560 --> 00:24:07,800
Speaker 2: for you as the customer, the shareholders, and the company's future.

457
00:24:08,040 --> 00:24:10,240
Speaker 2: So here's a snippet of that conversation.

458
00:24:11,440 --> 00:24:13,879
Speaker 8: We have seen some contraction by the other two players

459
00:24:13,880 --> 00:24:16,320
Speaker 8: in prepaid from a revenue point of view, we think

460
00:24:16,359 --> 00:24:18,880
Speaker 8: we'll be able to go positive. So we think we've

461
00:24:18,920 --> 00:24:21,640
Speaker 8: got a growth story coming off a lower base. We've

462
00:24:21,640 --> 00:24:26,480
Speaker 8: got exciting opportunities and propositions for a customer centric organization,

463
00:24:26,600 --> 00:24:28,560
Speaker 8: so we think we'll be able to take some share there.

464
00:24:28,960 --> 00:24:31,520
Speaker 8: We also very lean and agile organization. We are only

465
00:24:31,600 --> 00:24:34,360
Speaker 8: nine hundred people, so a strong partnership model on how

466
00:24:34,400 --> 00:24:37,160
Speaker 8: to get to market. So it's compelling and so far

467
00:24:37,200 --> 00:24:39,199
Speaker 8: we see decent results and we think it's at the

468
00:24:39,200 --> 00:24:41,119
Speaker 8: beginning of a nur story.

469
00:24:41,800 --> 00:24:45,439
Speaker 2: George Mendez there, the CEO of seals C. I remember

470
00:24:45,480 --> 00:24:48,000
Speaker 2: that first day very very well. You can listen to

471
00:24:48,040 --> 00:24:51,320
Speaker 2: the full interview on Primedia plus dot com. You can

472
00:24:51,359 --> 00:24:53,560
Speaker 2: read the article about our conversation as well on e

473
00:24:53,760 --> 00:24:55,520
Speaker 2: wn dot co dot z.

474
00:24:57,800 --> 00:25:02,800
Speaker 1: With email him on Stephen at seven o two dot

475
00:25:02,880 --> 00:25:03,720
Speaker 1: co dot ze.

476
00:25:04,240 --> 00:25:06,399
Speaker 2: Well, we'll have Friday file in just a moment for

477
00:25:06,600 --> 00:25:09,640
Speaker 2: you and interesting a release on the government gazette from

478
00:25:09,640 --> 00:25:13,760
Speaker 2: Sali Malazzi, the Communications Minister, and he has now said

479
00:25:13,840 --> 00:25:18,280
Speaker 2: he's issued new regulations for IKASA, the communications regulator, and

480
00:25:18,440 --> 00:25:22,040
Speaker 2: essentially this is about local ownership requirements and you know,

481
00:25:22,080 --> 00:25:25,400
Speaker 2: if you put all of that together, ikarsa local ownership requirements,

482
00:25:25,440 --> 00:25:28,680
Speaker 2: Soli Malatti, this is about Starlink, and what he's essentially

483
00:25:28,800 --> 00:25:32,520
Speaker 2: done is he said that there must be equity equivalents.

484
00:25:33,040 --> 00:25:36,479
Speaker 2: In other words, he's creating a way for IKASA to

485
00:25:36,520 --> 00:25:39,359
Speaker 2: say that Starlink does not have to give up some

486
00:25:39,440 --> 00:25:42,880
Speaker 2: of its shareholding to account for Bee. And we all

487
00:25:42,880 --> 00:25:46,280
Speaker 2: know how Elon Musk feels about beee. So it might

488
00:25:46,320 --> 00:25:48,920
Speaker 2: well be the start of a significant process that sees

489
00:25:48,960 --> 00:25:53,240
Speaker 2: Stalink finally coming to South Africa. I do wonder, though

490
00:25:53,560 --> 00:25:56,800
Speaker 2: so much is changing so quickly in this area. If

491
00:25:56,800 --> 00:25:59,119
Speaker 2: Stalink coud come maybe five years ago, it would be

492
00:25:59,200 --> 00:26:02,119
Speaker 2: all anyone talk about now, A lot more fiber around.

493
00:26:02,560 --> 00:26:05,320
Speaker 2: I don't know, but certainly a very big change coming

494
00:26:05,320 --> 00:26:08,359
Speaker 2: from the communications minster. Sali Malatzi.

495
00:26:09,520 --> 00:26:14,280
Speaker 3: The Money Show on seven Monday till Friday, six to

496
00:26:14,359 --> 00:26:18,040
Speaker 3: a pm, The Money Show, The Friday.

497
00:26:17,600 --> 00:26:19,000
Speaker 1: File, The Friday File.

498
00:26:19,160 --> 00:26:21,320
Speaker 2: Well, I don't know if you know this about me,

499
00:26:21,400 --> 00:26:23,680
Speaker 2: but one of the things I really enjoy is looking

500
00:26:23,680 --> 00:26:26,800
Speaker 2: at trains. I'm not a train spotter, that's something else,

501
00:26:27,359 --> 00:26:29,760
Speaker 2: but I wouldn't mind a long trip and a train,

502
00:26:29,800 --> 00:26:31,879
Speaker 2: And many many years ago I actually went across the

503
00:26:32,000 --> 00:26:35,040
Speaker 2: United States on Amtrak their train service. It's always something

504
00:26:35,080 --> 00:26:37,200
Speaker 2: I've wanted to do here. And the closest I've ever

505
00:26:37,280 --> 00:26:40,639
Speaker 2: come as a student is that trip from Joeberg to Macanda.

506
00:26:40,840 --> 00:26:43,439
Speaker 2: I don't think it operates anymore. The shocial laws are

507
00:26:43,480 --> 00:26:46,320
Speaker 2: mail is kind of on and off. I did thoroughly

508
00:26:46,400 --> 00:26:48,520
Speaker 2: enjoy that. Though I was interested to read this week

509
00:26:48,520 --> 00:26:51,640
Speaker 2: about a train service, it leaves from Cape Town, takes

510
00:26:51,640 --> 00:26:53,080
Speaker 2: you on a train trip for a day. You go

511
00:26:53,119 --> 00:26:55,399
Speaker 2: to the series valley and then you go back and

512
00:26:55,400 --> 00:26:57,240
Speaker 2: one of the people who's been on it is the

513
00:26:57,240 --> 00:27:00,720
Speaker 2: business daid journalist Margie King. She wrote a fascinating account

514
00:27:00,960 --> 00:27:03,159
Speaker 2: of her journey, whyn't you good evening? Thanks for your

515
00:27:03,160 --> 00:27:04,040
Speaker 2: time on the Money Show.

516
00:27:05,040 --> 00:27:06,560
Speaker 5: Hello Stephen, how.

517
00:27:06,440 --> 00:27:08,560
Speaker 2: Does this work? What kind of service is really on

518
00:27:08,600 --> 00:27:09,080
Speaker 2: offer here?

519
00:27:10,320 --> 00:27:17,680
Speaker 9: Oh? It's a very leisurely travel in the various ways

520
00:27:17,720 --> 00:27:23,240
Speaker 9: of being on the train, from open carriages to kupees.

521
00:27:23,840 --> 00:27:27,000
Speaker 9: And it's just a day trip. Takes twelve hours, which

522
00:27:27,040 --> 00:27:28,400
Speaker 9: sounds like a long time, but it.

523
00:27:28,280 --> 00:27:29,400
Speaker 5: Does go very quickly.

524
00:27:30,080 --> 00:27:35,919
Speaker 9: And you go up through the mountains Huttonut Hullans Mountains

525
00:27:36,400 --> 00:27:41,639
Speaker 9: into Elgin and in Elgin there is the most amazing

526
00:27:42,200 --> 00:27:46,760
Speaker 9: market in an old converted fruit fruit warehouse.

527
00:27:47,640 --> 00:27:49,760
Speaker 2: So you go on this train trip, you go through

528
00:27:49,800 --> 00:27:51,439
Speaker 2: and it goes from Cape Town right, so you go

529
00:27:51,520 --> 00:27:53,959
Speaker 2: through the mountains. The scenery, I mean, the lovely thing

530
00:27:54,000 --> 00:27:57,639
Speaker 2: about a train trip, especially in that part of South Africa,

531
00:27:57,720 --> 00:27:58,840
Speaker 2: is that the scenery changes.

532
00:28:00,119 --> 00:28:04,680
Speaker 9: Oh my gosh, yes, yes it is. It is incredible

533
00:28:05,040 --> 00:28:08,119
Speaker 9: to get so close to the same boss, to the

534
00:28:08,160 --> 00:28:10,520
Speaker 9: mountains in a way that you just don't in a car.

535
00:28:11,000 --> 00:28:11,560
Speaker 9: It's lovely.

536
00:28:12,520 --> 00:28:14,840
Speaker 2: How fast are you going? I mean, whenever I'm in

537
00:28:14,880 --> 00:28:16,800
Speaker 2: a car in that part of the world, you're kind

538
00:28:16,800 --> 00:28:20,280
Speaker 2: of rushing, fiddling with the radio and basically, you know,

539
00:28:20,320 --> 00:28:22,119
Speaker 2: going as fast as you can. How fast are you

540
00:28:22,160 --> 00:28:22,800
Speaker 2: going on the train?

541
00:28:24,119 --> 00:28:27,160
Speaker 9: I think it's about forty five kilometers an hour at

542
00:28:27,200 --> 00:28:30,440
Speaker 9: full feet. There's a time in which we run right

543
00:28:30,480 --> 00:28:33,200
Speaker 9: next to the highway and we were being overtaken by

544
00:28:33,240 --> 00:28:35,400
Speaker 9: cars at a failure rapid race.

545
00:28:37,000 --> 00:28:39,720
Speaker 2: So you spoke about the different types of carriages. A coupe,

546
00:28:39,840 --> 00:28:41,720
Speaker 2: if I remember, is a sort of two or three

547
00:28:41,760 --> 00:28:44,600
Speaker 2: person sleeper carriage. What other options are they?

548
00:28:46,320 --> 00:28:50,800
Speaker 9: There's a four person carriage. The value of those two

549
00:28:50,920 --> 00:28:53,480
Speaker 9: would definitely be for people who have a child or

550
00:28:53,560 --> 00:28:57,360
Speaker 9: children who might get a little bit catchy over ten hours.

551
00:28:57,600 --> 00:28:59,880
Speaker 9: It'd be nice to be able to have a bit

552
00:28:59,920 --> 00:29:04,800
Speaker 9: of you know, quiet ton. There's a bar and like

553
00:29:04,840 --> 00:29:08,640
Speaker 9: a lounge and a coffee shop and you can, you know,

554
00:29:09,280 --> 00:29:11,760
Speaker 9: buy your ticket to sit in the lounge. But if

555
00:29:11,760 --> 00:29:13,880
Speaker 9: you sit in the general seating like we were, then

556
00:29:14,200 --> 00:29:16,680
Speaker 9: there are waiters you can pass to check your order,

557
00:29:17,120 --> 00:29:21,120
Speaker 9: or you can brave, going past going going down the

558
00:29:21,160 --> 00:29:23,880
Speaker 9: carriages to the bar, when.

559
00:29:23,800 --> 00:29:25,680
Speaker 2: You go from one carriage to another. I mean, I

560
00:29:25,680 --> 00:29:29,200
Speaker 2: have a childhood memory of you actually went outside the train,

561
00:29:29,320 --> 00:29:31,080
Speaker 2: you know, it was very exciting. And I have a

562
00:29:31,120 --> 00:29:33,680
Speaker 2: memory of actually standing sort of on the joint with

563
00:29:33,720 --> 00:29:36,560
Speaker 2: my dad and my mom asking us, why have you

564
00:29:36,640 --> 00:29:38,360
Speaker 2: taken so long just to go down the train because

565
00:29:38,360 --> 00:29:40,640
Speaker 2: it was fun? Mom? Is that what you do? Are

566
00:29:40,680 --> 00:29:42,160
Speaker 2: you outside the train when you do it?

567
00:29:43,400 --> 00:29:44,000
Speaker 9: Yes, you are.

568
00:29:44,360 --> 00:29:44,600
Speaker 2: Yes.

569
00:29:46,040 --> 00:29:48,600
Speaker 9: If if it makes people nervous, you're definitely going to

570
00:29:48,680 --> 00:29:50,520
Speaker 9: have to use the waiter. I find it.

571
00:29:50,560 --> 00:29:51,040
Speaker 4: I love it.

572
00:29:51,480 --> 00:29:54,400
Speaker 9: I love that old memories like yours.

573
00:29:54,480 --> 00:29:59,200
Speaker 2: Yeah, the benches are the open seating. What are we

574
00:29:59,280 --> 00:30:02,360
Speaker 2: looking at? I mean, it's not a it's not plane seating,

575
00:30:02,440 --> 00:30:04,320
Speaker 2: is it something? It's not like an airplane. It's better

576
00:30:04,360 --> 00:30:04,680
Speaker 2: than that.

577
00:30:06,600 --> 00:30:11,200
Speaker 9: It's like a little such a little a wooden it's

578
00:30:11,240 --> 00:30:14,560
Speaker 9: like a little wooden cabin. That's not quite the right word,

579
00:30:16,000 --> 00:30:20,960
Speaker 9: So I wouldn't lit wood and leather. And you're slightly

580
00:30:21,000 --> 00:30:23,800
Speaker 9: ever societally screened from the next person, from the from

581
00:30:23,840 --> 00:30:27,320
Speaker 9: the people across the across the train. But it's just

582
00:30:27,440 --> 00:30:30,960
Speaker 9: more of a slightly like a little nook.

583
00:30:31,680 --> 00:30:36,440
Speaker 2: And I presume every seat is a window seat pretty much. Yes, yes,

584
00:30:36,720 --> 00:30:39,720
Speaker 2: one of the big benefits of it. So you spoke

585
00:30:39,720 --> 00:30:41,920
Speaker 2: about the lounge, you spoke about the bar. You got

586
00:30:41,920 --> 00:30:43,320
Speaker 2: to have a bar on the trend. You've got to

587
00:30:43,360 --> 00:30:47,440
Speaker 2: make yourself move other things. I mean, I mean, twelve

588
00:30:47,480 --> 00:30:49,080
Speaker 2: hours is quite a long time, and there must be

589
00:30:49,120 --> 00:30:51,880
Speaker 2: lots of ways to take money from unsuspecting clients while

590
00:30:51,880 --> 00:30:52,640
Speaker 2: they're moving like that.

591
00:30:54,360 --> 00:30:58,440
Speaker 9: It's ten there's a two and a half hour layover

592
00:30:58,680 --> 00:31:02,360
Speaker 9: at the Elgin Market, which is quite unlike any market

593
00:31:02,400 --> 00:31:10,920
Speaker 9: I've ever seen. It is pacious and beautiful, lovely, you

594
00:31:10,960 --> 00:31:14,880
Speaker 9: know are We sat and just watched the scenery, chatted

595
00:31:14,920 --> 00:31:17,800
Speaker 9: a little bit, choked with the people next door. Tank

596
00:31:17,880 --> 00:31:21,160
Speaker 9: goes by quite fast, and there is are two women

597
00:31:21,200 --> 00:31:26,160
Speaker 9: who other messes or who often massages, who can help

598
00:31:26,680 --> 00:31:30,160
Speaker 9: pet the time, especially on the way back. Feeling drowsy

599
00:31:30,200 --> 00:31:32,360
Speaker 9: in late afternoon, be very pleasant.

600
00:31:33,600 --> 00:31:37,400
Speaker 2: I mean, I suppose the thing about about something like

601
00:31:37,440 --> 00:31:39,600
Speaker 2: that is you you kind of get into a different mood.

602
00:31:39,680 --> 00:31:42,360
Speaker 2: I mean, do you find yourself speaking to strangers in

603
00:31:42,400 --> 00:31:44,000
Speaker 2: a way that on a plane you don't want to

604
00:31:44,000 --> 00:31:44,640
Speaker 2: sit in the middle?

605
00:31:45,800 --> 00:31:53,160
Speaker 9: Absolutely, yes, absolutely, and and the and the staff. There

606
00:31:53,160 --> 00:31:57,760
Speaker 9: are so many characters there. The the one guy was

607
00:31:58,040 --> 00:32:00,400
Speaker 9: doing a demonstration if you were on a plane, as

608
00:32:00,440 --> 00:32:04,240
Speaker 9: if you were a plane steward and demonstrating it was.

609
00:32:04,680 --> 00:32:06,640
Speaker 9: They just have a lovely sense of humor.

610
00:32:07,680 --> 00:32:10,960
Speaker 2: Very pleasant, do you think, I mean it's a day trip, right,

611
00:32:11,080 --> 00:32:12,880
Speaker 2: So I would think there might be quite a big

612
00:32:12,920 --> 00:32:16,040
Speaker 2: market for this. It's something slightly different if you're a

613
00:32:16,120 --> 00:32:20,320
Speaker 2: bit jaded. Maybe it's something to just sort of reignite,

614
00:32:20,720 --> 00:32:23,320
Speaker 2: you know, a childhood memory or two. I would imagine

615
00:32:23,400 --> 00:32:25,160
Speaker 2: quite a lot of people would be interested in something

616
00:32:25,240 --> 00:32:25,400
Speaker 2: like this.

617
00:32:26,880 --> 00:32:30,960
Speaker 9: Yes, I it was. I had to wait a week

618
00:32:31,400 --> 00:32:32,120
Speaker 9: before I could.

619
00:32:31,920 --> 00:32:32,640
Speaker 5: Get a tick, you know.

620
00:32:32,880 --> 00:32:33,240
Speaker 4: It was.

621
00:32:33,320 --> 00:32:34,880
Speaker 9: It was booked up for the day I wanted to go.

622
00:32:35,000 --> 00:32:36,000
Speaker 4: They had to wait a week.

623
00:32:36,600 --> 00:32:41,040
Speaker 9: And the trend was pretty full kept Christmas times. They

624
00:32:41,120 --> 00:32:45,040
Speaker 9: are running more frequently at the moment until until New Year.

625
00:32:46,080 --> 00:32:48,320
Speaker 2: And what kind of engine? I mean, it's too much

626
00:32:48,360 --> 00:32:49,880
Speaker 2: to ask, but it wasn't a steam engine.

627
00:32:50,000 --> 00:32:53,160
Speaker 9: Was we didn't have a steam engine.

628
00:32:53,200 --> 00:32:54,400
Speaker 5: We had a diesel.

629
00:32:54,600 --> 00:32:57,239
Speaker 9: But I was chatting to one of the staff and

630
00:32:57,280 --> 00:33:02,240
Speaker 9: he said they use used oil to run the diesel,

631
00:33:02,280 --> 00:33:05,680
Speaker 9: which I found quite an interesting thing. What a good

632
00:33:05,680 --> 00:33:07,400
Speaker 9: way to get rid of that problem.

633
00:33:07,760 --> 00:33:08,520
Speaker 7: Yeah.

634
00:33:08,600 --> 00:33:11,000
Speaker 5: Yeah, so the seam trains.

635
00:33:10,720 --> 00:33:12,000
Speaker 9: Were in for repairs.

636
00:33:13,520 --> 00:33:16,520
Speaker 2: This is going to be a very strange question when

637
00:33:16,560 --> 00:33:19,000
Speaker 2: you so you wake up in the morning and off

638
00:33:19,080 --> 00:33:21,000
Speaker 2: you go. I don't know what time you left. I

639
00:33:21,000 --> 00:33:25,240
Speaker 2: imagine sort of seven o'clock or something. You come back

640
00:33:25,280 --> 00:33:28,520
Speaker 2: at seven o'clock, so you're back where you started. Did

641
00:33:28,560 --> 00:33:31,880
Speaker 2: you feel like you'd had a sort of adventure for

642
00:33:31,960 --> 00:33:36,000
Speaker 2: the day, is my question. Because you've done something completely

643
00:33:36,040 --> 00:33:38,800
Speaker 2: different to what you normally do.

644
00:33:38,960 --> 00:33:42,000
Speaker 9: You have absolutely nailed it. That's exactly what it felt like.

645
00:33:43,240 --> 00:33:47,320
Speaker 2: You gone and done something completely different that you know

646
00:33:47,400 --> 00:33:50,480
Speaker 2: other people wouldn't do. You would want to do it again,

647
00:33:50,520 --> 00:33:52,920
Speaker 2: you'd want to take someone on that kind of thing.

648
00:33:53,240 --> 00:33:57,880
Speaker 9: Yes, Yes, In fact, there was one carriage where there

649
00:33:57,920 --> 00:34:00,440
Speaker 9: was a party going. I was literally a birthday party.

650
00:34:01,000 --> 00:34:04,400
Speaker 9: Was crowded and as a what a lovely way to

651
00:34:04,800 --> 00:34:10,239
Speaker 9: have a celebration birthday or whatever. But just on the

652
00:34:11,200 --> 00:34:16,239
Speaker 9: you know, individual level, it dislodges your thinking in a

653
00:34:16,280 --> 00:34:18,840
Speaker 9: way that perhaps flying gus as well, where you just

654
00:34:18,840 --> 00:34:21,400
Speaker 9: get a little bit out of the normal patterns and

655
00:34:21,480 --> 00:34:22,640
Speaker 9: that is very exciting.

656
00:34:22,719 --> 00:34:27,000
Speaker 2: Yeah, the people on the train were most of them

657
00:34:27,040 --> 00:34:29,839
Speaker 2: South African. I mean, I can just imagine how much

658
00:34:29,840 --> 00:34:32,200
Speaker 2: money you can make with a lot more foreign tourists

659
00:34:32,160 --> 00:34:34,720
Speaker 2: in Cape Town at the moment. But were most people

660
00:34:34,840 --> 00:34:36,680
Speaker 2: South african en up for the adventure or did you

661
00:34:36,760 --> 00:34:40,960
Speaker 2: notice there are actually quite a few people from other places, No.

662
00:34:41,239 --> 00:34:45,880
Speaker 9: Very few from outside out of South Africa. Most Emphatrica

663
00:34:45,880 --> 00:34:46,600
Speaker 9: are South African.

664
00:34:46,640 --> 00:34:51,359
Speaker 2: Thing and Margie, you'll do it again? Eh? Oh absolutely,

665
00:34:52,160 --> 00:34:55,279
Speaker 2: Margie King, absolutely, thank you very much. Indeed, Margie King

666
00:34:55,480 --> 00:34:57,759
Speaker 2: is a journalist at Business Day. It sounds like it

667
00:34:57,800 --> 00:35:00,120
Speaker 2: was quite a fun trip. As I say, do you

668
00:35:00,200 --> 00:35:01,920
Speaker 2: have a slight thing for trains? Haven't been on one

669
00:35:01,920 --> 00:35:03,919
Speaker 2: apart from the car train for a very very long

670
00:35:03,960 --> 00:35:07,839
Speaker 2: period of time, and certainly would be a big fan

671
00:35:07,920 --> 00:35:10,160
Speaker 2: of the Shosha laws are mail if that gets sorted out.

672
00:35:10,760 --> 00:35:12,880
Speaker 2: My wife's been un notice for quite some time that

673
00:35:12,960 --> 00:35:15,920
Speaker 2: the moment becomes possible to do a train trip safely

674
00:35:15,960 --> 00:35:18,479
Speaker 2: and easily and sort of on time, which is really

675
00:35:18,520 --> 00:35:20,959
Speaker 2: the big thing. From Joe Big to Cape Town. I'd

676
00:35:20,960 --> 00:35:22,399
Speaker 2: like to book some tickets because I do think it's

677
00:35:22,400 --> 00:35:24,680
Speaker 2: a good way to spend some time. I know plenty

678
00:35:24,680 --> 00:35:27,520
Speaker 2: of people who've done some of the various services. There

679
00:35:27,560 --> 00:35:30,160
Speaker 2: are services that are recovering from prass, so this of

680
00:35:30,200 --> 00:35:32,640
Speaker 2: course has run very differently to that, and it is

681
00:35:32,719 --> 00:35:35,040
Speaker 2: just a day trip. It does sound like something very

682
00:35:35,160 --> 00:35:38,120
Speaker 2: very different. Margie King, I really do appreciate the time.

683
00:35:38,200 --> 00:35:39,799
Speaker 2: Thank you. It's seven minutes now to.

684
00:35:39,960 --> 00:35:46,839
Speaker 1: Seven taking your calls on one one, three seven two.

685
00:35:46,920 --> 00:35:49,719
Speaker 2: Well, time now for the Friday Biz. Let's you know

686
00:35:49,800 --> 00:35:52,040
Speaker 2: how it works. You call us on A double one

687
00:35:52,120 --> 00:35:54,879
Speaker 2: double A three oh seven, O two two one four

688
00:35:54,920 --> 00:35:57,360
Speaker 2: four six five six seven. We give you a question.

689
00:35:57,760 --> 00:35:59,719
Speaker 2: If you get the question right, we move on to

690
00:35:59,760 --> 00:36:02,919
Speaker 2: the question. If you get the question wrong, well, we

691
00:36:02,960 --> 00:36:05,400
Speaker 2: move on to the next caller. So those are the

692
00:36:05,480 --> 00:36:10,000
Speaker 2: numbers to dial. First question tonight on the Friday bis Baltz.

693
00:36:10,400 --> 00:36:14,160
Speaker 2: Which two companies are merging in a deal with fifty

694
00:36:14,360 --> 00:36:17,760
Speaker 2: billion dollars to create one of the world's largest metal

695
00:36:17,800 --> 00:36:23,160
Speaker 2: producers and they're focused on copper. Which two companies are merging.

696
00:36:23,160 --> 00:36:26,080
Speaker 2: It's a fifty billion dollar deal and they'll create one

697
00:36:26,120 --> 00:36:29,480
Speaker 2: of the world's biggest copper producers. It's an easy question.

698
00:36:29,840 --> 00:36:31,960
Speaker 2: We spoke about it at length on The Money Show

699
00:36:32,000 --> 00:36:34,080
Speaker 2: this week. Oh double one double A three oh seven

700
00:36:34,160 --> 00:36:37,640
Speaker 2: oh two two one, four, four, six, five, six seven.

701
00:36:40,239 --> 00:36:42,759
Speaker 10: The Money Show Steven Protest is brought to you by

702
00:36:42,840 --> 00:36:47,760
Speaker 10: abscess cib Discover the latest trends shaping digital assets across Africa.

703
00:36:48,080 --> 00:36:52,240
Speaker 10: Download the ABSO Africa Digital Assets Inside twenty twenty five.

704
00:36:54,200 --> 00:36:56,800
Speaker 1: The Money Show Friday Busines Blitz.

705
00:36:56,920 --> 00:36:59,799
Speaker 2: First question on the Friday Biz Blitz tonight, which two

706
00:37:00,080 --> 00:37:03,000
Speaker 2: companies are merging in a fifty billion dollar deal to

707
00:37:03,080 --> 00:37:06,760
Speaker 2: create one of the world's largest metal producers based on copper.

708
00:37:07,120 --> 00:37:10,799
Speaker 2: It's a conversation that involves South Africa and Canada, and

709
00:37:10,840 --> 00:37:12,600
Speaker 2: I'm sure if you've been listening to The Money Show

710
00:37:12,600 --> 00:37:15,200
Speaker 2: this week you know the answer. We'll also have a

711
00:37:15,280 --> 00:37:19,480
Speaker 2: question around a vegetable band. Questions two around what could

712
00:37:19,480 --> 00:37:23,000
Speaker 2: be embarrassing for bosses Time Magazines. We'll have a question

713
00:37:23,040 --> 00:37:26,960
Speaker 2: from Time magazine and also a supermarket chain that did

714
00:37:27,000 --> 00:37:30,480
Speaker 2: not have a great result this week. But first, our

715
00:37:30,480 --> 00:37:34,880
Speaker 2: first question on the Friday Biz Blitz tonight is which companies?

716
00:37:34,960 --> 00:37:39,520
Speaker 2: Which two companies are merging in that fifty billion dollar

717
00:37:39,800 --> 00:37:43,520
Speaker 2: deal to create one of the world's largest metal producers,

718
00:37:43,880 --> 00:37:46,960
Speaker 2: and it's focused on copper, and seventy percent of it

719
00:37:46,960 --> 00:37:50,080
Speaker 2: in fact, will be based on copper. One of the

720
00:37:50,080 --> 00:37:53,160
Speaker 2: metals of the future, or so we're it told. So

721
00:37:53,200 --> 00:37:56,200
Speaker 2: that's the first question. Oh, double one, double A three

722
00:37:56,920 --> 00:38:01,240
Speaker 2: seven two two one four four six, five sixty seven.

723
00:38:01,640 --> 00:38:05,360
Speaker 2: Which two companies are merging in that deal to create

724
00:38:05,400 --> 00:38:08,920
Speaker 2: one of the world's largest metals producers focused on copper.

725
00:38:08,960 --> 00:38:12,200
Speaker 2: One of the companies, of course, has a very very

726
00:38:12,239 --> 00:38:15,319
Speaker 2: long history here, and one of the companies has a

727
00:38:15,560 --> 00:38:19,680
Speaker 2: very very long history in Canada. They be all sorts

728
00:38:19,719 --> 00:38:23,560
Speaker 2: of conversations around the regulations around this and the histories

729
00:38:23,640 --> 00:38:27,600
Speaker 2: of these two companies. Which two companies, what are they

730
00:38:27,719 --> 00:38:31,520
Speaker 2: names are merging in this fifty billion dollar deal that

731
00:38:31,600 --> 00:38:35,400
Speaker 2: will create this massive, massive company that will be focused

732
00:38:35,480 --> 00:38:38,840
Speaker 2: on copper. That's the first question tonight on the Friday

733
00:38:39,040 --> 00:38:43,439
Speaker 2: biz Blitz. Of course, it's an merger that really has

734
00:38:43,880 --> 00:38:47,520
Speaker 2: got people very very interesting. Let's go to Joseph in Rosebank. Joseph,

735
00:38:47,520 --> 00:38:51,000
Speaker 2: do you know what the two companies are? We have

736
00:38:51,120 --> 00:38:55,799
Speaker 2: a tech Joseph, you are you have one? Indeed, well

737
00:38:55,840 --> 00:38:57,520
Speaker 2: you haven't won, but you've got the first one, right,

738
00:38:57,560 --> 00:39:01,560
Speaker 2: you are correct? Okay. Second question, Joe joh which country

739
00:39:01,760 --> 00:39:05,480
Speaker 2: in the Southern African Customers Union has reinstated a ban

740
00:39:05,600 --> 00:39:09,279
Speaker 2: on vegetable imports from the South Africa. We're talking about

741
00:39:09,280 --> 00:39:11,600
Speaker 2: it with one dele Se flaw board this week. Which

742
00:39:11,640 --> 00:39:19,000
Speaker 2: country has again than the import of our vegetables? Is

743
00:39:19,000 --> 00:39:25,400
Speaker 2: it Botswana? Do you know, Joseph? It is Botswana again

744
00:39:25,520 --> 00:39:30,239
Speaker 2: restricted imports of several vegetables to from South Africa at

745
00:39:30,280 --> 00:39:34,720
Speaker 2: the moment. Okay, Next question on the Friday bus blitz.

746
00:39:35,200 --> 00:39:39,239
Speaker 2: What are companies going to have to publish that might

747
00:39:39,320 --> 00:39:43,040
Speaker 2: be a little embarrassing for their bosses, the people who

748
00:39:43,200 --> 00:39:45,279
Speaker 2: earn the most. What are companies going to have to

749
00:39:45,320 --> 00:39:49,400
Speaker 2: publish that might be a little embarrassing for their bosses.

750
00:39:49,440 --> 00:39:51,680
Speaker 2: It's a change to the Company's act. Joseph, Do you

751
00:39:51,719 --> 00:39:52,280
Speaker 2: know the answer?

752
00:39:53,719 --> 00:39:57,360
Speaker 9: This experenship between the twointellow.

753
00:39:58,160 --> 00:40:03,759
Speaker 2: Joseph, Yes, congratulates, that's amazing. This has changes to the

754
00:40:03,800 --> 00:40:06,920
Speaker 2: Companies Act and it will compel companies to reveal the

755
00:40:06,960 --> 00:40:11,600
Speaker 2: gap between the lowest paid worker and the chief executive. Okay,

756
00:40:11,800 --> 00:40:15,279
Speaker 2: last question on the Friday bus blitz. Which major South

757
00:40:15,280 --> 00:40:19,280
Speaker 2: African supermarket chain reported a loss of five billion rand

758
00:40:19,480 --> 00:40:23,760
Speaker 2: for the last financial year mainly because of what happened

759
00:40:23,800 --> 00:40:31,160
Speaker 2: in Poland and Switzerland. What's the last question tonight? On

760
00:40:31,200 --> 00:40:48,880
Speaker 2: the Friday Busiblitz. Joseph, it is indeed smart. Congratulations Joseph.

761
00:40:48,880 --> 00:40:52,000
Speaker 2: Congratulations Joseph from Ramburg the winner of the Friday Bus

762
00:40:52,080 --> 00:40:53,640
Speaker 2: Blitz this week at seven o'clock