The Money Show with Stephen Croutiz is brought to you by ABSIR Corporate and Investment back Ame APPS is a proud lead sponsor of B twenty South Africa twenty twenty five.
And now The Money Show.
With Stephen credits on seven oh two.
Let's walk this all.
The Money Show with Stephen Curtis has brought to you by ABSOR Corporate and Investment Banking ABSA is a proud lead sponsor of B twenty South Africa twenty twenty five. Good evening, Welcome to the program. Eight minutes after six times. Stephen Curtis is the Friday edition of The Money Show. Plenty to come in the next little while. Freddy Mitchell, he's already in the studio, is the chief economist at a Luma Capital making the trek into sunt in this Friday.
Imagine going against trafficker. I wouldn't know, obviously, but I presume going against traffic to get here. Talking about the situation the Monetary Policy Committee finds itself and you heard that conversation last night to Mintoboule and and Gina Scummann talking about this. We'll just take that on a little bit. There's still a lot more going on the Reserve Bank governor himself speaking about it today, and I got the sense he was trying to calm things down at just
a little bit. Well, let's see, I mean, there's going to be a lot to come in this debate. We'll talk about collateral. I mean, when I think of collateral, I think of my house, I think of someone else's us, I think of some sort of acid. But a suggestion actually that to help small, smaller companies grow, and we know so many of them battle to do just that, that maybe if you sort of rethink the definition of collateral, maybe that would unlock some doors. I mean, every and
I made this point to you before. Every entrepreneur I've ever spoken to has always said capital has been like their biggest problem. So often not the idea is often not the market, it's simply getting a hold of a little bit of money to start There seemed to be a major issue. We're talking lamping as well in Friday File, by which I mean, I don't know if you've done it. You might have seen them, you might have seen pictures of them. They look like it. They don't feel like
a tent. I mean, they looked like an amazing sort of big, kind of often permanent structure. It's not quite my vibe. I'll tell you my vibe a little later when we talk about it. That we'll talk a little bit about that tonight. Looking forward to that conversation then. Also, don't forget the Friday Is Blitz as well. I do think that's going to be important part of tonight's Money Show.
The Money Show with.
Stephen Kruders live on ninety two point seven and one six FM, streaming on the Prime Media Plus NAP.
And DStv channel eight five six.
You may remember last night on The Money Show we were talking about the idea of minimum alcohol pricing is called a price floor. Essentially, you decide as a government you are going to say that to get legally drunk, it's going to cost you this much and it cannot go below that. This idea has been tried with a lot of success part in Scotland and some other countries. But the idea basically is to use price as a sort of disincentive to try and discourage people from drinking alcohol.
And the sab COO made the point this week that that will just encourage the illicit industry. Said the illicited industry is currently around twenty percent of sales. Well, I thought, quite an interesting rapust. I'd like to get the two of them in a room sometime from David Harrison. He runs the Douglas Murray Trust, and he says, well, if the illicit industry is twenty percent of the market, four fifths of the damage is coming from the legalized market.
He's not minsing his words there. His point though, is that there's real damage that's caused by the volume of volcohol. So the point that he makes is that if you buy one liter of a particular type of beer, the amount of olcohol, the volume of volcohol in that one liter of beer is costing you roughly half what it would cost to buy two or three smaller beers. So,
in other words, the alcohols not the drink. The alcohol is much cheaper per liter of volume than it would it be if you could only buy a beer in smaller quantities and had to buy two or three of them to get to the same quantity. It's a really interesting debate. Actually, as I say, I know that it has certainly worked in some places, it hasn't worked everywhere, And we have a huge issue with the illicit economy.
But this Friday night you'll views on a price floor for alcohol on double one double A three seven two two one four four six five six seven. I know you'll have a strong view on voice notes as well tonight on seven two seven oh two one seven o two two.
Stephen is gone x at at Stephen Well.
A comment today by the Reserve Bank Governor Lesecha Haniajo saying the bank is not changing its inflation target, it's merely targeting the lower end of its current target. He told the bank's AGM today that in the past, the bank had just decided the NPC had had basically targeted the midpoint of their inflation target of three to six percent. Now it's going to target the lower end, mainly, as he puts, a because inflation is kind of there already.
And look, that is true. Inflation is there already. As you know, the constitution says the bank does have an obligation to protect the value of the currency. And I suppose we've seen doing what do I call it the Trump tariff turmoil, how difficult that's actually been. Freddie Mitchell is the chief economist at a Lumic Capital in our
studio tonight, Pretty good evening, thanks for joining us. If you look at everything that's going on at the moment, would it be fair to say that the MPC's job of targeting inflation is more complex, harder, perhaps center it's been for quite some time. Yes, so it definitely said that.
In my estimation, the the deal mandate mkes quite difficult because the deal mandate goes hand and hand with your foreign policy as well, and also what's going on in trade now the world receives us doing business with the world, so and in that it becomes quite difficult to say predictive value of durrand and into your price stability in the market.
Why does it affect sort of things like foreign policy? And I mean part of it is that if you have a weaker round or a stronger round, that has an impact in all sorts of different ways.
For the goods that we consume in Soo Africa that is normally imported, so we can excerent rate or around against a dollar, does falter through to the consumers on the floor. And then in economics you speak about we know that prices are sticky down with so basically when prices go up, it doesn't tend to go down very easily, and in certain circumstances it doesn't come down at all. So yes, from an exporting purpose, you can say a
week around is better. But from a consumption perspective with in South Africa, that's quite detrimental if you look at the few costs associated with oil prices and what that have on motorists and also on the let's say logistics South Africa, knowing that rug trate is quite a big part of the South African economy.
In some ways, the real tension hasn't changed in this argument. If interest rates are too high, the economy will suffer. It won't grow, People won't start businesses, they won't be able to borrow money to start businesses. Interest rates are too low, inflation gets out of control, people won't be able to even buy food. So is managing that tension? Has that changed fundamentally in some way and the idea of aiming for a sort of lower inflation is going to have an impact on that tension.
I wouldn't say the tension of really decreased or anything is just I think it's more about now on the forefront, thrust into the main or the public view. More so with the Trump drafts coming in or the trade wars have input it, that's going to come into effect for
most countries that haven't struggled with the US. I guess in my opinion that that will have a big effect about public perception about inflation and your inflation expectations in the market, and where Reserve Bank is going to go with that in terms of let's say, targeting a lower lower number within the band. And there's been lots of speculation and rumors in the market that the Reserve Bank
and National Treasury is basically at log age. There's the Treasury preferring a bit of iron number to give them some leeway within the within the legal frameworks, versus a target point to target which is quite more difficult to each other to attain. And that was going to lead to a let's say a title monetary policy over time.
I mean, it can get a bit technical, but on paper, I think for most of us there isn't much difference between an inflation target of three percent or three and a half percent or four percent. But actually there's a huge amount of difference I view the Monetary Policy Committee. Yes, there's a there's quite a big different world. It's it's if you if you.
Talk about big money in investment, one point five percent on bonds or or let's say created is quite a big amount of you if you're talking billions. So it becomes really a different world when you when when the
money start become a big number. So for the Reserve Bank, two percent will ensure for them price stability and they can have a look at that, and it gives the outside world basically an idea that we on top of our game in terms of inflation targeting and actually trying to predict the domesic economy from inflation appraisers that it's normally associated they'd say worth emerging markets for that sake.
So a big part of this is a phrase you've already mentioned, inflation expectations, and the governor himself made that very clear at the beginning of all of this. He's been talking a lot about inflation expectations. So to put this another way, this is about the reputation, the credibility,
the legitimacy of the Reserve Bank. Whether you can believe that inflation will be three percent now, if the bank is not able to hit this lower target, let's just call it that for the moment, this if it's not able to keep inflation at three percent, that weakens its credibility.
That will affect inflation expectation. And isn't there quite a big gamble here You're going for as things stand, You're going for three percent, which is hard to get, and you put your credibility on the line at the same time. Is that part of this conversation.
I think it's part of the conversation, But I think it's a bit of a bit more than that. If you if you if you look at let's say, when you when you have a range between three and six percent, which is the visual view, it gives you a bit of leeway to be a more a bit more accommodative
within the market given economic circumstances. But when when you look at the targeted approach and you let's say you at three point two percent or three point five percent, it means that you're going to start a typening cycle, and consumers and producers and everyone in the market knows that the let's say a tightening cycle is coming about. So you you affect inflation expectations by by let's say, cranking the gears harder towards getting what you want if you're the bank.
So yes, they're putting it on the line.
But in the other sense is if they start tightening it, it shows that they've got clear intent of keeping it where it is it's supposed.
To be to the way in their view. Do you have any idea on how this is going to play out? And let me say, I have no idea how this is going to play out. I have some suspicions that I suspect. I mean, we put the politics to one side. The real risk, of course, is that we lose the moments when it would be easier to do it, and inflation starts to creep up, and then suddenly it becomes impossible for me. Uh.
I like to look at the exchange rate because we For me, everything everything inches on what our extrage re is in because we import a lot of the stuff that we actually consume and use within the Salt African economy is imported by default.
You get your fuel, you get.
Your extron electronic components, things that make a modern economy tick. So if you if you if you exchange rate go haywire, or you lose quite a bit of value on your aunt or the rounding appreciates, and a better term, it means that your your import costs will will increase and that will have an inflation pressure. So if you can keep the round relatively stable, let's say, like the banks is, we were aiming for a bit more say less couragcy fluctuation or out there they put it protecting the value
of the rand. It means that we're trying to great price stability by let's say, getting the rant to move within a certain range or acceptable range. So producers and consumers consult planning accordingly. We know the few prices have been done because the world price has been coming down from close to eighty dollars to mid sixty five to seventy seventy two, and it has been fluctuating.
So that's quite a nice thing to you know.
It's like world price is done and the round remains stable even with the tariffs coming in. So that for for the next couple of months. If said it was spider whist, let's say, if everything else keeps being constant, that is a good thing for the bank and they can actually maintain credibility with a lower inflation target point and lex table exchange.
Right, So I guess that's that's where we're moving to. Pretty Mitchell, thanks very much, indeed for coming in the chief economist at Allumic Capital in The Money Show's studio tonight.
That's on The Money Show six to eight pm.
Well, last night on the program, you heard how a new survey shows that half of the small companies that were asked believe they might not survive the next year without some kind of intervention. I mean, it shows you how desperate they are. A big part of this, of course, is about getting proper capital, in other words, getting enough money to start and then to grow. Zahir Dindar is
the CEO of the agrifoodfintech company Pumpkin dot Io. As a here, good evening, I think for most of us when we think about borrowing money, when we think of these small businesses in the capital they need now, I think of the word collateral as some kind of asset, usually often a physical asset, not always. You are suggesting that we change our definition of collateral.
Nie, Stephen, thank you for having me on the show. What's an aster of privilege to be in a big
hello to all the folks listening in. Indeed, Stephen, you know, with all the hurdles and you mentioned some of the scary stuff facing SMUs, with all the hurdles facing them, I think for us, the big shift we want to make is, rather than having them bend over to the needs of the traditional data needs of lenders, we kind of have to bend over to the data that's available, the information that's available, and you know, still underwrite them
because they're an acid class that is absolutely worth backing. So yes, collateral needs to be rethought, how we underwrite the data that we use to answer the question about their cred worthiness. All of this needs to rethink, and it's up to lenders and hopefully innovative businesses like ours, to change how we think about it.
Okay, what kind of financial data are you looking at? Are you looking at someone's bank records? Are you looking at something else, maybe a record that's held by you know, a service provider or something.
Yeah, great question. I think there's three categories of information we look at. First, it's just about you know, the k y C KAB, the verification that the business in fact exists. Then outside of that, there's really two questions we have to answer. The first question is can this business afford you know, the capital, can can this business afford paying this capital back? And the other question we have to answer is is this a good payer? And
over time, both of these things can change. So again it's up to us to innovate about how we answer those questions. For us, yes, we look at transaction history, we look at all the k y c KAB stuff, we plug into what the credit bureaus think. A big chunk of how we make these decisions is actually based on in on platform interaction. So even though our interactions with entrepreneurs are very brief, we can actually pick up quite a bit about the propensity to repay just by
Intel acting with us on platforms. So those are the categories of data we used.
Does this have an impact on the interest that you would charge? Some people would have, you know, pristine economic data. You can say they you can see they've never missed the payment. For some maybe they'll be slightly risking your charge more interest. And I keep coming back to all of that's fine, but if it all goes wrong, what do you do? Yeah?
I mean, what makes us a bit differenceven? We are, you know, funding businesses that are credit filesin right? What makes us unique is what we call our funding ladder. So our funding ladder is designed to support businesses as the girls and it's me. We'll start with a small loan. We learn about every payment behavior and improve our ability to forecast the affordability and of a time, we develop a deep understanding of the credit profile. Importantly, larger tickets
are unlocked to improve and on smaller tickets. So this structured loan scaling old room, our funding ladder is what makes us unique. So to go back to your question earlier on on the funding ladder, that's when we don't know a lot about you at all. You know, it's very risky for us, in which case we might price
a little bit higher. But as we get to know you, and as we develop a thick credit file of you, you know, then then interest rates dropped loan teners you know, increase and and the amount of capital we provide can increase as well.
So here, I'm sure I don't need to remind you, as any investment advert will, that past performance is not indicative of future results. I mean, you still don't have anything to take to hold if this goes wrong.
Yeah, there's you're quite right. I mean there's there's a couple of things, right. We've actually come across really interesting data from the Reserve Bank. The data suggests that folks that interact on platform frequently show the discipline that that sort of allows folks to to to do a better to analyze their credit profile in more detailed way. So you quite right past beforeans doesn't always indicate good behavior,
but it's a really solid way. And actually with the tools that we have, the interaction that we have on platform is a brilliant way of testing the operations of making sure that the entrepreneurs sid engaged. So we certainly hope that that is the case with us.
No sure, I mean, Mama LORDI sometimes will win the league again soon, So yeah, it turned out, yeah, thanks very much. Indeed, herend it's the CEO of the agrifoodfintech Pumpkin dot I. I mean, it's fascinating idea. Would you lend money to someone because you know they're good with their money, or would you only lend money to them if they give you something as sort of the old fashioned definition of collateral. I would probably sleep better at
night mowing I had something. But there are people I've come across or have thought, oh I'd lend money to you. I'm definitely going to get that back. I know you'll have a view on O double one double A three oh seven two and two one four four six five six seven, No money show the Mark grand Is portfolio manager Beinguela Global Fund Managers Grant. Good evening. A tough day for Tom Gela. I mean they were down eight percent at one point. They came back a little bit
and there's all from an earnings update. Yeah.
Look, it's a touch trading environment for the coal producers, Steven. The coal price has been drifting lower for well over a year now, and you can see the oil price as well, for energy per ses is under pressure. And they did try and diversify. They brought a Newcastle coal in Australia and they've you know, they've just got some child. There's only so much you can do if the price is coming down. You can you can operate your minds as best you can, but some things are out of
your control. And I think the best I can hope for is are bottoming out in this coal price. Notably, I've seen China's planned coal production. They've got four hundred and fifty new sites of my mind sits earmarked for a new coal production. So you know, there's no short sit of call in the world, and you need a very strong global economy to turn this the demand curve around.
I'm sure you've been watching this sort of inflation target NPC National Treasury debate along like everyone else. I mean, it's the kind of thing that can fundamentally change our economy, but there's likely to be a little bit of pain somewhere along the line.
Yeah, absolutely, I think you know, credit to the reserve banks. They actually have a lot of credibility. They are they are notoriously dubbish, and the fact that it's even a conversation we can have told you what a good job they've done of, you know, establishing credibility around inflation and managing that component of the economy.
I do.
It does concern me though, do we have the patience to wait for that job diven in to come through, for the economy diven in to come through, given how tough things are already, And we also are notoriously restrictive in our monetary policy to achieve this current inflation target, let alone a lower target. So I like the idea. I am just concerned that we may be only walking
one side of the line and not both. If you look at the FED, who walks the economic the employment and the interest rate, you know, the inflation mandate.
I mean, US markets were up last summe. I checked half an hour ago, and that really is because of what they're expecting from the Fed, because of this new sort of inter picked as an interim governor.
Yeah, absolutely, so, you know, we saw the economic data looking backward, the jobs data was soft. The market immediately started pricing in red cuts. And of course now you've got one of the governor Board of Governors resigned and said the Trump as appointed someone. It's only a temporary appointment. But nonetheless, we know there'll be dubbish. We know they'll be on the side of cuts, and it does talk
the balance even more in favor. The markets certainly started to price that in, and that is always historically equity favorable to see a red cuting environment kick off again.
And then gold obviously gold chairs doing nicely, but the gold price again, and I suppose you'd expect twenty four hours after the Trump tariffs came into effect.
Yes, Trump TIFFs, plus you've got lower rates, so they tend to gold as well, when you know interest rates for lower, the cost of carrying is cheaper, and the dollars weakening on the back of the red cut expectations. So all of that it's all a positive, you know, And so there's a lot sorry gold positive and there's just so many reasons to see gold holding and building even further from here.
Thanks very much, indeed, Grant Nader's portfolio manager at Benguela Global Fund Managers.
They show the.
Friday File Friday FI, don't forget, you'll play the Friday there's blitz in a moment, questions to come around, the jac around India, around well, if you've just managed to squeeze a queshion around Albert Einstein of all people, Well, I suppose on Friday File tonight, I should tell you a little something about myself and my family which you may or may not know, which is that one of the things we like to do is to go camping.
You pack your trailer, cold box, some food, you pack a few other families, and if you go to a campsite, you put up your tents. Some people can go hiking if they really want. Others of us more knowledgeable, perhaps sit back and enjoy the scenery and usually the company. There is another way to do this, though, You can get quite a similar experience without all the hassle of the trailer and the tent and all of that. You can go quite a nice word glamping. Manu Bluemik is
the co founder and director of Every Camps boutique Galamping. Manu, good evening, and thanks very much indeed for joining us. I mean when I tell people that I go camping, that I sleep in a tent, they're often horrified. You have something that's a little better than my four steper tent.
Yeah, thanks sir Stephen for having me. Yeah, I suppose there is something for everyone. I mean, if you are become very happy to pitch your own tent, and if that makes you happy, then camping is definitely for you. But there's definitely a way to experience nature but without losing too much of the comfort, and that's definitely glimping.
How would you describe the structure you're going to sleep under. I mean, it's not a house. It's not really a tint in the traditional sense. What is it?
I think you can almost see it as an apartment that is cladded with can first, So it's definitely a tent. You get a tent feel, but you've got a fully equipped kitchen, you've got your bedrooms, you've got the bathroom, so you've got all the amenities from home. But it definitely feels like sleeping in a tent.
How what I mean the key test of this actually is the kind of bed that you have. It's not a blow up mattress. It's a normal bed, right.
HiT's a normal bit. Yeah, so that is I think one of the things that, yeah, that we want to take care of is that that you sleep well. So there's actually quite a good metrice in the tents. So yeah, that's that's one of the ways we try to reference your weight compared to normal camping.
And the structures are permanent? Are there all the time.
That they are actually permanent? Yeah, most of the tents that we build, I mean the oldest stents at the moment is standing already for ten years. So although the structure you can see it as semi permanent, I mean it's a structure with wooden pulls into the ground, but that they are meant to be used as permanent structures.
What kind of material then are you using or using some form of sort of canvas, maybe something of a higher tech.
No, it's exactly, it's a canvas. So we the structure is wooden poles. We basically clad it with canvas and the roof is made out of PPC.
Okay, So where are they because you go camping, I mean, part of it is just to get out of Cape Town, just to get out of joe Burg. Part of it is also about actually going somewhere interesting. So where they are is really important. You need other attractions in the area around them.
Definitely, Yeah, definitely. At the moment, we've got nineteen camps throughout the country and I think by now we've covered most parts of South Africa. But it's definitely how we determine the locations. We want to make sure that, yeah, that the people can see still see the highlights of the country, so we actually look where the tourists already go and we try to find a beautiful property in that area to develop.
Do you find that a lot of people who are your customers, they're South African or they're coming from other places.
Must Funny enough, the majority of our clientele is local. So I think at the moment about sixty five percent is South African and about thirty five percent is from overseas.
Have you seen that sort of change over the years or was that being pretty consistent. I mean a lot of people will, you know, will sort of you know, sometimes a new idea or a new concept. I mean, clumping has been around for a while, but it can take a little while to take hold. You know, people need to get used to the idea first. They need to hear from a friend that, oh, you know, we did this and we quite enjoyed it, and that's sort of how a business like yours would grow exactly.
Yeah, Yeah, I think we've seen a major shift around COVID. So twenty twenty, before COVID, I think it was about fifty to fifty low called versus international COVID COVID actually, uh, you know, international guests were not no longer, Yeah, that they couldn't travel, and for us, the local market completely took over. So I think probably South Africans were also forced to look within their own country to see, you know, where can I have a good holiday, Where can I
spend my holiday? And they've really discovered afrigames and yeah, and since then, the local clientele has always been very strong.
Do you find I mean for some people there must be quite a lot of people who've never who's sleeping in your tense, who've never actually slept outside of a sort of brick structure before they they this is a big first for them.
Definitely, Yeah, definitely, I think a lot of people normal camping can be quite scary. It can be a little bit daunting because you need to erect your own tent. So this takes that that that that fear away from them. But you can still experience the magic of staying in nature. I mean you can still walk outside and you can you can look at the stars, you can emerge in nature.
But you you you don't have all the preparation work, and you don't have to be afraid that that your attend is not standing before the night.
Or more more likely the air mattress goes down. Do you think do they I wonder, I mean I wonder if some people come do it a couple of times to africamp a couple of times, and actually it turns them onto other camping. You know, this is suddenly what they do now because it's fun to be outside and and I must just say, man, I'm a big fan. You know, sleeping outside is different. It is a fun and different thing.
Definitely, Yeah, definitely, I think you're right. I think for a lot of for a lot of people, this is the first introduction to staying in nature. And I think probably for a lot of people, yeah, they want to do more afterwards.
So okay, you sleep in the structure, you wake up, you have breakfast, you've got a kitchen and all the rest. What do people do after that? Do they look at game, do they go to a music festival, Do they go walking or swimming or something?
Definitely, Yeah, definitely. I think what we've seen a lot is that. I mean, nowadays life is extremely fast. We are all glued to the screens, and I think what people often appreciate is that when you go glimping, it slows down a little bit. You know, you have time for each other again, you can reconnect with yourself, you can reconnect with nature. So what a lot of people do is they go hiking, they go you know, explore
the area, They do nice activities. I mean, we've got a lot of camps, for example, on working farms, so we've got camps on wine farms, so they can do wine tasting, so I think a lot of people explore nature.
Very convenient to go wine tasting and go back to your permanent tent afterwards. Is it very seasonal? Does it get quiet over winter? I mean, can you sleep in these things in the middle of winter?
Funily enough, it's not that seasonal.
I mean.
We've been expired inspired by by the glamping from Europe, and in Europe, it's definitely a seasonal thing. So the glimping sites are often only operational for five months per year, but we are open twelve months a year, and we've we made the units suitable for a bit called the weather as well, so we've got a fireplace inside, we've got electric blankets, and all the tents are equipped with a wood fight or terp so it's actually not not too bad to stay in a ten during winter time as well.
Very different to my experience as an attend in winter time. Manu, thanks very much, indeed really appreciated. Man Wu. Blue Mink is the co founder and directed Africamp's boutique Glamping. Taking your call on one one eight three seven time now for the Friday bus Blitz. It is Friday. It is seven minutes to seven. You know the numbers. You just heard them. O double one double eight three seven, O two and two one four four, six, five, six seven. You know how it works. You phone us. If you
get the answer right, we give you a question. If you get the answer right, we move on to the next question. If you get it wrong, we move on to the next call. The first question tonight on the Friday bis Let's Luxury camping, commonly known as glamping, is a portmanteau, in other words, a mixture, a combination of which two words the word glamping. Which two words have been smashed together to form the word glamping? A double one double A three oh seven two two one four four six, five six seven.
The Money Show Friday bus lit.
We only got five minutes until the seven o'clock news. O double one double eight three oh seven oh two O two one four four six oh five six seven. If you get the answer right, we move on to the next question. If you get it wrong, we move on to the next call. A luxury camping known as glamping, is a portmanteau, a mixture, a combination of which two words. Let's start with alec in swiney alec good evening, do you know the answer.
Hi, Stevenya, it's glamorous and camping.
It is, Alec. I don't know if you're glamorous and go camping, but clamping it is glamorous and camping. Okay, here's the second question. Okay, what is the jas's ticker symbol or trading code on the local boss? What is the jas's sticker symbol or trading code on the local boss? Oh?
Wow, I have no idea.
You have no idea. You're gonna You're gonna kick yourself hard, Alec. Just think about it, Okay, Okay, the J code will say yes, yes, it is. Yeah. You didn't think it was, did you. Okay? Yes. We spoke this week to doctor Layla Free, the CEO, about the interim results. Okay, name, here's the third question. Name, name the South Asian country that's been hit with a fifty trade tariffs by the
United States. Which country in South Asia ended up with a tariff of fifty percent and there was a particular reason about it?
Your ah, either maybe South Korea, Taiwan?
Maybe, yeah, South Asian country. I'm afraid I'm sorry. Okay, I've given you too many chances already, so I think that's that's going to be that. I'm afraid o double one double a three seven two two one four four six five six seven. The South Asian country that's been hit by a tariff of fifty percent by the United States. What do you think it is? Maybe you know which it is, and maybe you know the reason why this particular country is now going to hit has now been
hit rather by this fifty trade terriff. Let's say it's funny George Hello, yes, yes, do you know the country? All right?
If I do?
What is it?
It's India? It is India, George, congratulations, Yes, an unexpected target. Trump said that he's punishing India because they've been buying oil from Russia. Okay, next question. Here we go on the Friday bus blitz. Which scientist or physicist is credited with calling compound interest or compounding the eighth wonder of the world. Very well known scientist or physicist.
Oh okay, I'm just gonna take a gift and say tie.
Yes, it's George. Yes, compound interest is the eighth wonder of the world. Look, I mean Google says it's him, so who knows? Okay, here we go, next question, Ned Bank has signed divorce papers from which an African banking group, which Pan African Banking Group has ned Bank decided to sign its divorce papers with a.
Yeah, yeah, yeah, and you know what have you been at some point? But you know what, I will looks behave buddy, but yeah no, no no, I'll get on the trade of this point.
Yeah, George was it was a good ride and unlike most of them, had ran on time. Thank you. Let's sign, Shosan Gouber. Do you know the answer? Net Bank signing divorce papers from which Pan African Bank.
I think it's Time Bank.
It's not Time Bank. Let's se it's a very particular bank. You don't know, eh, all right, let's se.
Bank it is.
Let's SiGe is the winner. Let's sie thank you. On the Fridays blitz tonight, good even thing. It's seven o'clock