And now The Money Show with Stephen credits on seven oh two.
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The Money Show with Stephen Critis is brought to you by Abster Corporate and Investment Banking. ABSUR is a proud lead sponsor of B twenty South Africa twenty twenty five. Good evening, Welcome to the program. Well it may be a Friday, but a lot going on in our space. This evening has still some interesting questions being asked. I think about Andrew Whitfield and his sacking as Deputy DTRC
Minister by President Sirama Porter. There was a presidential statement on that today, but on the JC I think the big action really in the financial space. List SOAKA technologies are buying Banks zero one point zero nine billion round the price tag extraordinary really because Bank zero was only formed in twenty eighteen. Does just show you how quickly
the fintech space is moving where value comes from. And of course Michael jordanas I under, is still going to play an important role in the sort of new entity or the newly bought entity let me call it that. He's been someone who we've been reporting on for many years. When he was FNB, when he was CEO at FNB, someone who rarely does know how to make things happens very very interesting. Be one of those people that that you'll see books written about in the next couple of years.
Other are, of course, conversations underway at the moment, and the US markets heading for record highs. You heard from Graham Kernel last night. He suspects that, in fact, risk has not been properly factored in if you consider all the variables that we're seeing at the moment. Well, we'll ask as we lack him Gune if he agrees with that in a couple of moments. More to come about rare earths as well. Could hear from you this evening?
Oh double one double A three oh seven O two two one four four six O five six seven and voice notes tonight on seven two seven oh two one seven oh two.
The Lonely Show with Stephen krudis live on ninety two point seven and one oh six FM, streaming on the Prime Media Plus NAP and DStv channel eight five six.
Well confirmation today, Banks zero is being bought by a Lasaka Technologies. Banks zero, famous for offering account on some transactions at no cost. The Psycher Technologies provides fintech services for people it describes as underserved off a gold Stucks, the founder of Worldwide works off a good evening. There's so many interesting features to this. But Banks zero formed just seven years ago, now worth a billion RAN. The sector really is moving very quickly.
Good evening, Stephen, for sure. The acquisition is such a landmark. It's you could call it a rand unicorn, a unicorn being a come here as value or site of this value. That a billion dollars but a billion RAN isn't too shabby, but it's also sign of the times. And when you look at a banquet, no physical branches and a zero fee model, you realize that innovation is not about what's in the building anymore. It's about the technology, but it's also about the data that you're able to put together,
and ultimately it's about trust. And I guess you needed something about Michael. You're dan to create that level of trust would convince people to join the bank.
I mean, there was a time when banking was a bit boring. You just had a couple of accounts. You might have a current account of mortgage, a credit card. Now there's so many more services. I mean, this is one aspect of our lives that has changed within the last twenty years incredibly quickly.
It's astonishing because your county is no longer something at the bank managers. It's stuck an ecosystem almost and your phone is your branch, and it's also your bank manager. It's also your budgeting coach, and ultimately it is also your AI assistant. That sounds going to be playing art in the next few years where your bank account actually tells you what to do with it or how to manage it. So we're going to see banking move from being something that people do to something that adapts to them.
So, I mean, what does the bank of the future look like? Does it look more I mean, Telly Lesaka believes it looks more like banks here than anything else.
Some extent I would tend to agree. But there's certain things that are unique about Bank zero, and one of them is that they were able to leverage their own capital. They didn't have to bring in institutional or private equity, and they didn't pay themselves in terms of the founders of the bank for the eight years of creating and building the bank. So that's the one side. The other
side is that there's no legacy technology. I was actually chatting with Michael earlier today and he says, the legacy business model is something that they were able to escape so they could make banking free yet still become a profitable business. So that's where there are now. But in the next five years, I think you're going to see changes in banking that will make the last ten look slow.
AI is obviously going to play a major role in that, but we're moving into an era of hyper personalized finance, and that means that every single individual will have a different experience of their bank account.
So I mean hyper personalized finance. AI presumably still done on a phone or a device very like it, But I mean I would say, how much more can humans do with money? But golly, probably quite a lot more.
Well. One of the things that well also see changing is a shift in the traditional roles of banks. In the past, the bank competed with the bank, and a lot of people are still making the mistake of thinking that bank zuro is competing with other banks. Are they not? They see a data driven future where they're competing with
anyone who has a lot of customer data. So banks have to understand that they're competing with the retailers, they're competing with telcos with the super upset are now emerging from all the telecoms operators. So for consumers, especially those who have been underserved in the past, this is really a true formation. It means that if you have a phone, you're gain to you have access to financial services and at low cost, as Bank zero is suggesting.
Arthur Godstuck, thanks so much, founder at Worldwide Works.
Stephen's on The Money Show six.
To eight pm.
Confirmation this week that the institutional investment firm Novare is spending money on the development of rare earth. They're raising one hundred million dollars for rare earth processing plants in the US and in Africa with the American firm re Element Technologies. Derek Roper is a co founder of Novara and the managing director. Derek. Good evening to you. I
mean that's quite interesting. Until about two years ago, maybe even a year ago, if you had looked at someone and said to them rare earth, so it would probably have looked at you. Funny. Suddenly they're all the vogue, and I think many people just know that they're used in magnets, but obviously they have a lot of value.
Good evening, Stephen, Yes, you correct, you know. I think it's it's really over the last twelve months that you know, rare earths and critical minerals has been in the news a number of times, you know, and people realized, you know, what important role of and critical minerals play in our
day to day lives. And I think a large part of this has been because of the control of China over the production and the refining of these materials, and due to the geopolitical issues in the world, specifically around tariffs and then specifically about rare earths and supply chains. So, yes, you're correct, it's only you know, in the last twelve months that you know, the global you know, has become aware of our critical this is and what important impact has got on the supply chains.
Are we talking about something with very specific properties? So I use the example of magnetism because that's what some of them are able to do. They're able to have some very interesting properties.
Yes, definitely, you know, so these are very you know, it's actually you know, metal materials that it's in abundance in the global crust and it's critical in use in many aspects of our lives today. The problem with that today is, you know, it's not that it's not abundant around, it's more the refining of that, in the processing of that that is controlled by China.
So you are investing in a processing plant in Indiana in the US, as I understand that the US is dependent has been dependent on China for which presumably means at this stage they don't aren't able to supply many of their own needs. So why the processing plants in the US? What am I missing?
So Stephen, yes, I think what we're really investing into is the technology that re Elements is developed with Purdue University in the US, which is very unique and novel and groundbreaking. So we are investing into the Elements in the US basically to you know, to tie them into the African operations that we are in the process of
developing with re Elements. So our big focus, as Navarry, is really to bring the technology of re Elements to South Africa and Africa to develop these refining and processing facilities in South Africa and other parts of Africa. South Africa has got huge amounts of rare and critical mineral resources. However,
there's no refining or processing in South Africa. So the main purpose of our investment is to bring this technology of elements to South Africa and to develop refining plants in South Africa to be able to produce these materials on home soil.
At this point, do we know where in South Africa they might be where mining operations would be hopefully in the near future.
So Stephen, very interesting that many minds already produce in these materials. As I see to you, it's abundant and a lot of these materials are site products of many mines in South Africa already. So are there already a number of mines in South Africa where these rare elves
are actually mined as part of other mining operations. So we're looking at establishing a plant in how Thing specifically where we will then bring materials or rarefs or other critical minerals from different parts of South Africa or even Southern Africa to this plant and using the re element technology then to do the processing and the refining.
Thank you very much. Indeed, Derek Roper is the co founder of Namara and managing and the managing director there.
The Money Show on seven oas is Monday, till Friday six to APM.
There was confirmation yesterday from the Minister of Electricity and Energy Hosensromacopa that Cabinet has agreed to draw up a plan that will help to keep smelters inside North Africa. Smelter's use an unbelievable amount of electricity. Essentially, it would seem to mean that smelters might have to be subsidized to remain in South Africa. Several have already been closed just this year alone because of the high cost. Cabinet also wants to institute an expert tax on raw chrome.
Chris y Ellen as a managing director at EE Business Intelligence, Chris Good evening, this is such a curious question because from what you've published and what you've said, it seems almost that with subsidizing smelters already, some of them seem to be paying a lot less for electricity than even other industrial users.
Yeah, it's not what I've said.
It's a study by Meridian Economics, a highly respected economics advisory company, who've done an analysis of this subject. Yes, energy is certain very limited number, but certain privileged energy intensive customers like the aluminum smelter Hillside Aluminum smelter South City two get electricity at significantly lower than other similar
industrial companies. Companies like if we're going to saddle or mining companies pay what is known as the megaflex tariff, whereas Hillside, it's been shown by the study by Meridiot, get a price discount of effectively fifty percent. And the question is is this justified? Of course, there are certain benefits that a large user like that provides iscom The question is is the discount realistic or not.
It's a huge but it's a huge percentage. I mean, over the life of Hillside it's sort of fifty percent of the electricity cost, which is there pretty much the most of their cost. Does this mean that they're getting a much better deal than people who are in direct competition with them, or just a much better deal than other people in industry?
Well, look, Hillside Aluminium is the only aluminium smelter in South Africa. So if you're talking about a direct competitor another aluminum smelter, well they are, there are no direct competitor.
But in the alloys business there are you.
Know a number of producers of ferro metals and alloys and some of them receive a special pricing agreement known as NPAs negotiated price agreements with the scrip and they have an advantage.
So, for example, oarsal.
Mittle, to my knowledge, does not ever have a negotiated price agreement. They are a steel producer, but other smelters do, so I suppose yes, in some circumstances there are direct competitors that do not get the subsidy.
Do we know how some got subsidies in some didn't? I mean, I mean, this is a fascinating question, and I'm sorry to be so cynical, but I've learned to be more and more cynical over my years. I mean, do we know? I mean, hasn't always been that? We know? Some people have had agreements like this and some haven't.
Yes, you know, the special pricing agreements or negotiated price agreements that South eighty two has date back decades, you know, to the days of the HP bulletin. You know where they negotiated a special pricing agreement and they had us.
There are other companies, I think Anglo American Scorpion Zinc at one stage has a negotiated price agreement, and in the last few years several more companies have basically approached government or the regulator or ESCAM said listen, if you don't give us a special price less electricity, we're going to close down. And so it's about using one's mettle's weight, lobbying hard and almost holding the country to ransom in the sense that if you don't give us a special
pricing agreement, unfortunately we will not be competitive. We'll close our business. There will be lots of jobs, and we will walk away. So I think the companies that are the most under pressure, you know, have approached the authorities to try to negotiate a special pricing agreement.
So the argument from government is that smelters create jobs that without them, we are de industrializing. And I mean we have been de industrializing that in some way, even if it means government or the rest of us who pay for electricity have to subsidize these smelters, we are subsidizing jobs. I mean, does that work economically? I realize it's a very big question, but that is surely going to be the argument from government.
So I mean, let's just look, for example, at the aluminum smelting industry. They are a huge user of electricity. In fact, they use more than five percent of all of sow The one aluminium smelter a Hillside Aluminium uses about five and a half percent of southern electricity generated in South Africa. They're not a big employer. These are highly automated, you know, energy intensive industries. They are not labor intensive at all. So in my article I mentioned
some figures about how many people they employ. I haven't got it right in front of you, but it's probably less than two thousand people. Two thousand is not a small number, but it's certainly not a big number based on them other the energy that they use. Yes, you know jobs will be impacted. The question is you know
one can subsidize and they is a case. There can be a case for subsidizing particular service or product or industry, but it has to be carefully and rationally and economically evaluated and studied to work out the cost benefit analysis, and that has to be done in a way that is transparent. You know, the public can see that there is a rationale for this. In this particular case, this kind of economic study has not been done. Eskam have
an argument. They say that there is a benefit to Eskim in their is a large user like hillside aluminium it can switch off when needed at short notice and alleviate load shedding for example.
So it acts as as.
A kind of emergency reserve. That that means that ESCAM doesn't have to have generation emergency reserves. It can instead of switching on generators, it can switch off aluminium smelters for a few hours a week and that's quite useful. The question is what is the economic benefit of that, and is the economic benefit commensurate with a fifty percent discount for electricity over you know, ten years that is
effectively subsidizing them by billions and billions of brands. So one's going to look at the economic balance, and the study by Marine Economic shows quite clearly that there are other options.
Besides, you know, the the shedding of load.
From hillside, for example, through battery energy storage systems that could be done at a fraction of the price. So the question is, you know, are we using the most economic way of solving a particular problem. So you've got to look at the economic benefits and the costs and is that the right Is that discount the right discount? Is it fifty percent disc aren't the right discount or not?
Christi Allan, thank you so much, Managing director at EE Business Intelligence. The Money Show. Lakamuni is the chief investment officer at Benguela Global Fund Managers. Welaka Good evening, Bank zero and Lasaka does show you how quickly the space has evolved.
No, certainly, I think we are seeing since moving fairly fast for that Bank zero. I think we will see how these digital banks actually take off in the in the coming months and years. But I think the model of not having branches and moving digital, I think it's quite a significant model.
US markets are moving towards record levels, past record levels actually on some metrics in the US, And we had Graham Kerner speaking in the Slot last night. He said that in his view, and I mean very very intelligent people can argue a lot about this, but he said that he doesn't think the US markets are properly pricing in risk the ways hees the world. It's just not it's just not sort of valid. How do you see it? I mean, do you agree with them?
I'd say, partially agree with him. I think that the big component of that market not passing risk properly is in the tech sector. So if you look at the risk premiums in the tech sector, they're actually negative at the current moment. Compared to some other sectors, they actually positive. And I think if you look the consumer sector and the financials are being valued almost as if things are going to continue conically being strong. But if that doesn't materialize,
I think the risk is there as well. But broadly speaking, the risk is more on the tech sector evaluations.
So in other words, I mean, there are such high multiples right now that they could disappoint just a little bit and there'll be a huge response.
Absolutely. I think that that's the biggest risk for the tech sector, and from an economic perspective, the consumer related stocks and the financials could also be affected by that.
Oil prices, it's been interesting oil prices have been at pretty much the same level for the last three days. After everything that happened in Israel, Iran and the United States. They've gone back to let me just say, kind of normal very quickly and stayed there.
Yeah, I think the war premium is out of the price. I think we touched seventy three and then we put back to between sixty six and sixty seven. I think the bottom line is that with the state of almost been open. I think that that what premium is out of the way, but I think there's still quite a
bit of risk. We could see that the war fled up again between Israel and Iran, so that there could still be risk, but I think the current level is probably going to be a level that can be sustained if there's no war.
So I'm good in thanks very much, indeed, Chief investment Officer, Benguela Global Fund Managers, you have the money show just gone six thirty.
Stephen, that's on the money six to eight pm.
Well, I followed with interest the presidency statement that was released today and it was really explaining well, I'll come to that in a moment, but it was really in response to all of the conversations that you'll have heard and the political comments made particularly by the DA and their leader John Stennaesen, in the reaction to President Sarama Paus's decision to fire Andrew Whitfield, the Deputy Minister of Trade,
Industry and Competition. There are a few things that I still at this point on a Friday evening, still do not understand. The first, of course, is that if the trip that the presidency says was taken without permission, and I don't think there's a dispute about that. But more on that in a moment too. If that happened several months ago, why only fire him now? This is surely the biggest mystery of the whole thing, is that if he was fired for doing X, why wait three months
and then fire him? Why not fire him immediately? What happened on Thursday? That meant he could be fired. That meant he could not have been fed on Wednesday, if you catch my drift. To add to that, if you could tell us on Friday why someone has been fired, why couldn't you tell us on Thursday when they were actually fired? You know, and I understand the Presidency's sort of point that you know, it's not common, it's not normally done for a president to give reasons why the
hire and fire people. Doesn't mean that it's wrong to give reasons. Doesn't mean it's right not to give reasons either, I would suggest underneath all of that, so sort of if you listen to Andrew Whoitfield, and he gave an interview I think he gave one to Mandy weena earlier today, but he also spoke to John Pillman yesterday on seven oh two, and he sort of made the point that he had asked for permission and then followed up every
day for nine days to get no response. Okay, I mean that after nine days kind of strikes me as a bit rude. Maybe it's just me, but there's something else going on here. I don't know what. I have no idea what it could be. I do just still at the age have several questions because some of it just doesn't seem to add up. I still don't get why you'd fire someone now for what they did back in March.
Stephen has gone x at at Stephen.
On your Next Money Show, Zilde Lachranji, the former private secretary to Nelson Mandela, now an international speaker, joins us to tell you how she makes her money. On the Business Books feature, we catch up with Professor David Kinley, a leading global expert on human rights law and corporate accountability. His new book is called In a Rain of Dust, Death and Deceit and the lawyer who bust Bigger be as Bestos. Will also analyze all the top business news of the day.
The Money Show, The Friday File Friday File.
So I don't know if you have pets and where they sleep at night. I think most dogs in South Africa probably sleep outside, maybe on the stoop. Some dogs sleep inside slum, sleep in the main bedroom if they lucky. Some I'm told by some younger people in my family, even sleep on a person. There's been a huge change in the pet market, if I can call it that, over the last few years, and in fact at the moment there's a massive war going on between some of
our major supermarket chains. They've started or simply brought out pet food chains because they sense that people are spending a lot more money on animals. Deon Chang is the founder of Flux Trends. Good Evening, It's actually quite extraordinary. I mean, twenty years ago, a dog was a dog and it was lucky to sleep in a kennel. Now a dog is a fur baby. People actually use that phrase. It's astonishing how much it's changed.
Good Evening, Stephen, thanks for having me.
Yes, the booming pet economy is a thing, and it's been booming for quite some time and it just is not slowing down. They sort of estimate the global pet economy currently to be valued about three hundred billion dollars and by twenty thirty or so, it'll go up to about five hundred billion. So it's it is just growing exponentially, and there's quite a confidence of reasons for this. So
I think a lot of people, especially younger people. You mentioned younger people sort of quite happy to have their pets on the bed, but younger people are not wanting to have kids, or there is a child free movement going around the world. The declining birth rates Africa is anomaly. But all of that money and love is going somewhere, and it's going into this pet economy.
Well, I was going to say, I mean, in so many places people live in single households, in other words, they live on their own. There's also much more of a virtual world going on, so you're not even going into an office necessarily. You want something around you that you can love, and that's a very human emotion. Yeah, and I think that really sort of. I think the pandemic sparked it. There was a huge uptick in pet
adoption during the pandemic. Sadly, there was also a post pandemic a lot of people that gave up their pets as well, But sort of in the interim, things just started going let's be diplomatic a little crazy, So I was.
I've been researching because I'm actually writing a book on this.
There are jet airlines for the poochers who don't turn left on commercial airlines, and there are quite a lot of them. That's a that go on G four, G seven jets to be able to do this. There are luxury hotels that have room service menu for for dogs and Michelin star menus as well, and the services.
And you know, I also follow the money.
So you mentioned the almighty battle between supermarkets and acquisitions. When when that sort of thing starts happening, you start wondering what's going on. And the other indicator was that all the luxury brands have all started independent pet lines. So whether it's dog balls, carriers, poop carriers, you name it, anything from Louis on to Gucci has got a range of pet pet accessories.
So I mean a lot of human beings, and I think this is this very human will try and get their child the very best of what they can afford. In private schools in Jerbig and in Cape Down have been making packets of money out of this for hundreds of years. In some cases, right people want the best. It may not actually be the best for their child or in this case, for their dog, but they're translating
that into pets, aren't they. They're saying, well, this is the thing that I love, and I'm going to get the best for it, whether it's a G seven.
Or a G for.
Yeah, I mean to kind of check the just that all my research was was going on track as well, because I've written this article for for Your Luxure Africa, but this book is building. And I interviewed a pet behaviorist as well just to kind of find out what her take on all of this really really was, and she just said absolutely. She said there are growing clients her client base in South Africa, a lot of first time pet owners who are also saying, outrights, I'm not
having children. This is my fir child, and I will spend everything and anything I need to on on.
My fur baby. And so you're starting to see this thing.
And what was interesting when you sort of started, you know, introducing this to the secret segment. You know, I think maybe a decade ago, it was quite acceptable your dogs were dogs and cats were cats, and.
That that's what they did.
They they were kind of service animals for want of a better word. They were guard dogs, cats kind of chased mice and rats and all of those kind of things, and slowly they've moved moved into the home. And and then with that is this kind of a deep effection, affection and bond that you you're starting to develop with
with your with your pets and your animals. So there's a it's a it's a strange shift within the mindset of of just having that dog that that is, that is there for a service, to being a full on companion.
One of the strange things about this is we don't know of all of this money and the Mitchellin Star menu, which I'm still just dealing with that in my head for a moment actually makes the animal any happier the dogs in my life. But the one is at his happiest as he's bringing the ball back. I mean, nothing makes him happy. He smiles. And the other is just after she's been fed, literally in the ten seconds it takes so and it doesn't really matter what it is.
The point I'm trying to make is that you don't I mean, if you you can spend all the money you like on a special marrow bone, it doesn't rarely mean that your animal is any happier or even any healthier, And that's something you can't really measure. All you have is the well, I'm doing the best, therefore it must be fine. But actually the dog itself is still you know, just the dog.
Yes.
And this is what the behaviorists really clarified for me as well, is you know, if you go to the extremes of of kind of dressing up your pet, so there's there's there's there's a there's a spectrum of pet PA. So it's just like you know, on the one on the low end is just the treats and all of that, the high end of the private jets, but then on the really really extreme end is kind of dressing up your pets and doing things, you know, for that pet.
And you know, she asked a question.
You know you need to ask ask your question, Stulf, are you doing this for the pet or are you doing it for yourself? So one of the things that's really sparked, and I think this is an interesting stat for the listeners as well. That was a genesis of this book as well, is in South Korea where there are really really declining birth rates agent populations and a huge,
huge pet economy there. In twenty twenty three, I stumble over a stat of a they call them baggies, but a pram manufacturer who released their figures for that year, and in twenty twenty three they sold more prams for pets than they did for human babies, which tells you quite a lot.
Sure, there's some countries still on the Michillan menu. By the way, there's some countries. There's some countries where there is a long tradition of actually eating dogs. I realized quite a difficult thing to talk about for a lot of people. Parts of Italy, it was a specialty. Parts of China, South Korea, which is interesting because you just mentioned a different way Nagaland in northern India if I
recall correctly. And maybe the research is not there yet, but are we seeing places where that happened actually now changing and sort of treating dogs in the way that these very rich people are now doing that. What I'm trying to get to is are we seeing a sort of cultural differences in the way this is happening in different places? And now started the segment by pointing out that most dogs in South Africa probably still sleep outside and some will sleep on their owner's beds. Yeah, it's
definitely shifting. So if you look.
At so you mentioned South Korea, so they actually passed a law banning the sale and consumption of dog meat. So it was kind of like an age old practice that's kind of switched itself over. And then if you actually look at place like in China about ten or twelve years ago, this scradule switch happened of being pets as or animals as being serce dogs, so god dogs, all of that kind of thing to companions bringing into
their home. You start layering on the fact that a dog's last span is ten years, possibly twelve to fifteen if you if you're really really lucky. So if a decade ago those puppies were slowly brought into the family, those are now elderly dogs, and that has spawned a different economy within China of elderly pet care and pet fune, which is also a huge thing there as well. So you started to see the shift in every part of the world that's coming here, and South Africa is no different either.
Sure fascinating. Dion Shang, thanks so much, founder of Flux Trends and a reminder that when I get home, I will probably be greeted by someone with the ball.
The Money Show with Stephen crudis live on ninety two point seven and one six FM, streaming on the Prime Media Plus NAP and DStv channel eight five six.
All right, time for the Friday Biz Blitz this Friday. Here we go. You know how it works. We give you a question. If you get it right, we move on to the next question. If you get it wrong, we move on to the next caller. First question on the Friday Biz Blitz, The businessman Michael sh're Dan is the co founder and chair of a digital bank that doesn't charge fees on transactions or accounts. What is the bank called? Michael Jordan is the co founder and chair
of which digital Banks? In the news today? Oh double one double eight three seven two two one four four six five six seven.
Stephen taking your calls on one one eight three seven two.
The businessman Michael shaw Dann the co founder and chair of which digital bank that doesn't charge fees on transactions or accounts? That is the number first question on the Friday bis Blitz this evening. Let's go to Mandla in Rosebank in Joe Burger. I'm guessing, Mandla high Hi bank zero. It is Bank zero, Mindla? Okay, And yesterday Lasaka Technologies has bought it for just over a billion round. Okay. Second question on the Friday bis Blitz, Mandla, Here we go.
After more than three decades shaping global fashion trends, which which which legendary end we start again? Anna Wintour is stepping down from her role as chief content Officer condemn asked and global editorial director of which magazine? When you think of the name the fashion named Anna Wintour, which magazine do you think of? It is Vogue? Mandla? Yes, she's sipping down after being in charge for over thirty years. Okay.
Question three, Mandla, which tech billionaire wedding plans? Which which which tech billionaire wedding plans to former to wed the former news anchor Laurence Sanchez. It caused a massive protest in Venice. So which very rich person is marrying Laurence Sanchez? And that did to protests in Venice? Given, Mandle, you're on a streak here, man, Yes, this is Jeff. There's US. Okay, here we go. What was the code name for the US military operation that deployed massive bunker buster bombs and
Tomahawk missiles to strike Iran's nuclear facilities. What was the name of the operation Midnight? Hansh Mandla. This is incredible. You've been boning up. Did someone I'm just asking, did someone give you the questions? Okay, here we go. Which South African bank? It's a digital bank linked to Patrise Motzepe is considering legal action to stop home affairs from drastically increasing identity verification fees. Oh, Mindler, Okay, yes, the last question. This is the only question I have, the
last one. Okay. The National Association of Securities Dealer's Automated Quotations is commonly known by which name or acronym? National Association of Securities Dealers Automated Quotations. It's a great question. It is the NASTEC. Mindler. Congratulations, Wow, oh Mindler, enjoy your weekend. Congratulations. That was amazing, A clean sweep of the Friday BIS blitz. At seven o'clock,