Podcasts about r400

Several listeners from the fishing, school, and Hartbeespoort communities asked Good Morning Angels to assist the Blom family after seven-year-old Johandré lost his arm in a crocodile attack. With the help of all our amazing sponsors, we managed to raise R400,000 to assist the young boy and his family. On the morning that Johandré's dad visited Jacaranda FM, he also received the amazing news that his son had woken up from his coma—and it has been uphill from there. Breakfast with Martin Bester caught up with the family to find out how life has been since the terrifying attack.

‘In the first seven days of April [clients] deposited R400 million ... So the old adage that retail runs away from a fight or from a storm is just not true': Purple Group CEO Charles Savage.

We're coming back to Barcelona for one of the biggest trade shows for the AV industry. Integrated Systems Europe 2025 comes to the Fira from February 4-7 in Spain, and we're on the path to see what innovative solutions we can expect to see.We talk to Ampetronic's Head of Business Development Sam Burkinshaw about what Ampetronic and Listen Technologies will have at stand R400 in Hall 3. We also discuss the regional details that come with broadcast audio-based solutions for assistive listening.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stephen Grootes speaks to Daniel Strauss, Partner at Stocks & Strauss Fund Manage , about the launch of the University Technology Fund II, a R400 million fund aimed at commercializing groundbreaking research and intellectual property from South African universities.See omnystudio.com/listener for privacy information.

In this week's episode of the #MoneyMagic Podcast, Vangile talks to Phemelo Sello, a healer and entrepreneur. Phemelo shares his personal journey with money, which began with negative experiences in his family, including financial instability and the emotional impact of money-related issues on family dynamics.    These early experiences shaped his initial negative beliefs about money, but through his spiritual and personal growth, he has transformed his understanding and relationship with money.   In this podcast he shares his healing journey in Wealthy Money's Money Magic course, which involved deep inner work, including meditations focused on ancestral healing, such as the womb meditation, which he found transformative despite being a cis man. He explains that spiritual labor, though undervalued, is crucial for aligning mental and physical efforts with one's true purpose and guidance.    By engaging in spiritual labor, he experienced significant improvements in his personal relationships and business success, growing his revenue from R400,000 (US$22,000) per annum to R6 million (US$331,000) per annum,  emphasizing the importance of healing in community and the interconnectedness of spiritual, mental, and physical labor. This is another insightful episode.    Tune in!   During this episode, you will learn about:   [03:07] Introduction to Phemelo    [06:19] What is money   [08:26] Unpacking family dynamics around money and ancestral money wisdom   [11:30] The reinforcement that money tears families apart   [15:57] People pleasing to maintain the calm and finding value in performing   [17:52] Doing womb meditation as a cis man to heal the female linaeage   [22:29] Exploring different types of labor   [26:36] Healing our families by healing ourselves   [32:07] Valuing physical and mental labor over spiritual labor   [36:55] Making more money by working less time   [45:21] Instead of following your purpose, do things on purpose   [50:37] Why we value physical labor   [52:44] Contacting Phemelo  Notable Quotes    “Money is the thing that we can consistently rely on to work with each other, to build with each other.” “So instead of follow your purpose, do things on purpose. So do things intentionally. Do things because There's conviction behind why you're doing them.” "Spiritual labour is the core, it's the seed of what informs whether your mental labour or your physical labour is going to result in the thing that you want." "I stopped working 8 hours or 12 hours, and I cut down my actual time sitting doing work on the business or for the business to four hours a day and to four days of the week." “Even with the work that I was doing with the divine feminine, my relationship with my dad got better."   Additional money trauma resources:   One on One Coaching: https://www.wealthy-money.com/coaching  Money Magic course: https://www.wealthy-money.com/moneymagic  7 Day Tapping into Ancestral Money Wisdom Training: https://wealthy-money.com/training Let's connect on Instagram: https://www.instagram.com/vangilemakwakwa/ 

Let's get to the meat of this high stakes story!  Eyewitness News can reveal that at least 20 Portuguese butchery owners and staff were kidnapped in the province since January last year - with one victim murdered.Last week, within the space of 72 hours, three butchery owners were kidnapped.Just one of the three victims has been found or released.In most cases, ransom demands for the safe release of the victims range from R400,000 to R3.5 million, while in at least nine of these cases, ransom demands started from R10 million.While it may or may not be a coincidence, all the victims are originally from the region of Madeira in Portugal - some being third or fourth generation South Africans.What's the story behind the story? EWN reporter Orrin Singh shares more now See omnystudio.com/listener for privacy information.

The decision by the South African National Botanical Institute - Sanbi - to increase entrance fees to the Kirstenbosch National Botanical Garden has left many people up in arms saying the new tariffs are unaffordable for most South Africans. The garden, was last year named the best botanical garden in Africa. According to the Botanical Society, who are opposed to the fee increases, South African and SADC citizens will now pay R100 per adult and R40 per child under 18 per visit. They say a family of four who would have paid approximately R1,124 per year for unlimited free garden entry, will now pay around R280 per visit. Sanbi on the other hand has called the  proposed fees reasonable and accessible and meant to expand the diversity of people who visit botanical gardens. Sanbi says from 1st April 2024 adult membership will be R800 per annum. Membership for verified students is pegged at R600 per year while children (aged six to 17) pay R400 per annum. Sebenzile Nkambule spoke to  Sanbi's marketing and communications director, Ntsiki Mpulo...

ペンを1本しか持たないミニマリストが、新たにペリカンのスーベレーン・ローラーボールを手に入れました。今回、書くことについて考えながら、これまで使用していたLAMYサファリとジェットストリームを交えつつ、その魅力に迫ります。字が汚くてすみません。 00:00 イントロ 01:05 LAMYサファリ 01:53 デジタルとアナログにおける制作 03:40 スーベレーン R400 04:40 水性ローラーボールを使う理由 06:20 スーベレーン試し書き 07:48 リフィルについて 12:30 OHTOリフィルの悩ましいところ 14:01 リフィルテスト（ペリカン、ラミー、ジェットストリーム、OHTO） 16:42 カラー比較 17:37 まとめ ペリカン　スーベレーンR400 https://amzn.to/3IwQDn2 動画版はこちら https://youtu.be/vXt2DZJOxV0

Nhlanhl Sehume speaks to the CEO of Curro Holdings, Cobus Loubser about the company's results. The group, established in 1998, reported that net cash generated from operating activities climbed 9% to R875 million in its year to end-December, when pupil numbers picked up an average 2% to about 72 000. Tuition fees rose about 12%, with the company passing on average fee increases of about inflation (6%) plus 2%, while it also benefited from a change in pupil mix. Its operating margin picked up to 17.8% from 15.5%, but profit still slumped 86% to R32 million. Finance costs increased by about a quarter, while impairments more than doubled to almost R400 million.See omnystudio.com/listener for privacy information.

Household consumption in South Africa is expected to pick up slightly in 2024 after likely growing at its weakest pace in three decades last year, outside of the global financial crisis and Covid-19 lockdown, according to a HSBC Global Research study. Growth in consumer spending is expected to be below trend at 1.1% this year, compared with 0.7% estimated for 2023, analysts led by David Faulkner said in the report. "The outlook for the consumer remains challenging, but having struggled so much last year we think there is room for stronger household finances as 2024 progresses," the analysts wrote. Household consumption has been constrained by sticky inflation, elevated interest rates, and a fragile labour market recovery, amid weak economic growth, they said. Policymakers at the South African Reserve Bank have been reluctant to cut rates that they held at 8.25% at their meeting last week and said they won't act until they see convincing evidence price pressures are heading sustainably to target. The HSBC analysts don't expect this scenario to change anytime soon. They forecast inflation to average 5.3% this year, compared with 5.9% in 2023 and 5.1% in 2025, and poorer households again facing higher price growth due to food. "Against this backdrop of sticky price growth and elevated inflation expectations, we see little scope for significant policy easing this year, with the SARB likely to remain cautious until there is a sustainable trend of disinflation towards the preferred 4.5% midpoint of the target range," they said. "This will limit the relief for debt service costs, which increased to an annualised R400-billion in the third quarter, equal to 9% of disposable income" and could rise by about R30-billion this year. Due to these pressures, the analysts anticipate that the central bank will start cutting its benchmark policy rate only in September. Still, they expect a recent extension of a monthly R350 stipend for poorer households, which was introduced during the coronavirus pandemic and will now run until March 2025, continuing "to support household spending at the bottom end of the income distribution, with the possibility that it is made more generous ahead of national elections." South Africa holds elections this year and Finance Minister Enoch Godongwana will be closely watched for signs of pre-voting generosity when he delivers the annual budget statement in Cape Town on February 21. He has said the nation needs to live within its means, but faces pressure from other parts of the government to loosen the public purse at time when polls show the ruling African Nation Congress at risk of losing its majority for the first time since the end of minority-White rule in 1994. "Election related uncertainties may also curb the scope for stronger sentiment as consumers weigh political risks," the analysts cautioned.

South African startup Eagle Eye Defence has developed an in-vehicle security system that uses fingerprint verification to start the power train. Cofounder Iviwe Mosana describes Eagle Eye Defence as a "tech-enabled asset security company, which looks at the provision of preventative, detective and corrective measures to ensure ultimate asset protection". "Our current device is a multi-faceted authenticator for assets (mainly vehicles), which provides a complete usage block until a valid biometric measure is presented, in addition to having the correct vehicle key." Mosana is from Mdantsane in the Eastern Cape. He is an accountant by profession, and holds a BCom Financial Accounting (CA Stream) degree, as well as a postgraduate diploma in accounting from UCT. He has more than seven years' experience in the retail and security industry. Eagle Eye's other cofounder, Naadir Vorajee, is from Ladysmith in KwaZulu-Natal. Vorajee is an engineer by profession, and has a BSc degree in mechatronics, as well as a master's degree with a focus on electrical components. Mosana says the spark for what would become Eagle Eye Defence arrived in 2016, as he witnessed his younger brother's heartbreak as he lost two of his friends, both minors, in an accident where they used their parents' vehicle without consent. "This made us aware of the weakened control environment within the asset environment," says Mosana. "When addressing control, Naadir and I came to the understanding that we should not only look at the ability to direct the use of an asset, but that it should also encompass the ability to hinder movement." The system "verifies that the correct, authorised individual is about to make use of the vehicle", says Mosana. "Without an approved biometric, the system does not allow for the use of the key. "We have conducted several tests, in controlled environments, on several vehicles, without limitation, so we can safely say that installation can happen in any vehicle as it stands. "Once available, the tech will be available for installation with our partner companies, which will be announced prior to our intended launch date in June," says Mosana. "We are currently working on the system's cosmetic features and further efficiency improvements, prior to our final approval application with the Independent Communications Authority of South Africa (Icasa)," he adds. "We have a provisional type approval with Icasa, which has allowed us to install our units in a controlled environment for testing, research and demonstration purposes." Eagle Eye's biometric system is an aftermarket installation, and the team aims to secure a spot on the approved list of vehicle manufacturers' aftermarket parts. "The cost is estimated to be anywhere between R400 to R580 a month on a subscription model," says Mosana. "This cost could potentially be absorbed by some key potential partners, such as insurance companies, given the reasonable assurance it provides." Mosana says while the system currently employs fingerprint verification, Eagle Eye is investigating the introduction of other biometric options. "The technology is also linked to a web-app to allow for access to additional functionality, such as remote disabling, the tracking of vehicles and driver allocations." Mosana says he and Vorajee believe their technology will set a new security standard within the insurance, rental and leasing, fleet management, public transportation and e-hailing sectors. "E-Squared has been working closely with us throughout the development of our device and we remain eternally grateful to them," he adds.

South African startup Eagle Eye Defence has developed an in-vehicle security system that uses fingerprint verification to start the power train. Cofounder Iviwe Mosana describes Eagle Eye Defence as a "tech-enabled asset security company, which looks at the provision of preventative, detective and corrective measures to ensure ultimate asset protection". "Our current device is a multi-faceted authenticator for assets (mainly vehicles), which provides a complete usage block until a valid biometric measure is presented, in addition to having the correct vehicle key." Mosana is from Mdantsane in the Eastern Cape. He is an accountant by profession, and holds a BCom Financial Accounting (CA Stream) degree, as well as a postgraduate diploma in accounting from UCT. He has more than seven years' experience in the retail and security industry. Eagle Eye's other cofounder, Naadir Vorajee, is from Ladysmith in KwaZulu-Natal. Vorajee is an engineer by profession, and has a BSc degree in mechatronics, as well as a master's degree with a focus on electrical components. Mosana says the spark for what would become Eagle Eye Defence arrived in 2016, as he witnessed his younger brother's heartbreak as he lost two of his friends, both minors, in an accident where they used their parents' vehicle without consent. "This made us aware of the weakened control environment within the asset environment," says Mosana. "When addressing control, Naadir and I came to the understanding that we should not only look at the ability to direct the use of an asset, but that it should also encompass the ability to hinder movement." The system "verifies that the correct, authorised individual is about to make use of the vehicle", says Mosana. "Without an approved biometric, the system does not allow for the use of the key. "We have conducted several tests, in controlled environments, on several vehicles, without limitation, so we can safely say that installation can happen in any vehicle as it stands. "Once available, the tech will be available for installation with our partner companies, which will be announced prior to our intended launch date in June," says Mosana. "We are currently working on the system's cosmetic features and further efficiency improvements, prior to our final approval application with the Independent Communications Authority of South Africa (Icasa)," he adds. "We have a provisional type approval with Icasa, which has allowed us to install our units in a controlled environment for testing, research and demonstration purposes." Eagle Eye's biometric system is an aftermarket installation, and the team aims to secure a spot on the approved list of vehicle manufacturers' aftermarket parts. "The cost is estimated to be anywhere between R400 to R580 a month on a subscription model," says Mosana. "This cost could potentially be absorbed by some key potential partners, such as insurance companies, given the reasonable assurance it provides." Mosana says while the system currently employs fingerprint verification, Eagle Eye is investigating the introduction of other biometric options. "The technology is also linked to a web-app to allow for access to additional functionality, such as remote disabling, the tracking of vehicles and driver allocations." Mosana says he and Vorajee believe their technology will set a new security standard within the insurance, rental and leasing, fleet management, public transportation and e-hailing sectors. "E-Squared has been working closely with us throughout the development of our device and we remain eternally grateful to them," he adds.

Clover's Brand Group Manager, Jani Menikou on the outcomes of the "Pink for Purpose" campaign in partnership with PinkDrive which raised a commendable amount of R400 000.00 during the month of October, which will aide in the fight against breast cancer and supporting PinkDrive's efforts to conduct screenings for early detection of breast cancer.See omnystudio.com/listener for privacy information.

The problem with telcos I have long said that telcos such as MTN (JSE code: MTN) and Vodacom (JSE code: VOD) is that they are essentially utilities and should be priced as such. But actually that statement is wrong. Sure voice (who still calls using voice?) and data are utilities like water and electricity. BUT the telcos have a problem, capex. Yes we're using more and more data but prices keep coming down, I recently bought an effective 80 GB for little over R400. And all that while capex is increasing. They're busy rolling out 5G but as soon as that's done it'll be tine for 6G. It's a never ending tread mill. Simon Shares Brent oil is weak and telling us a story about global growth Clicks (JSE code: CLS) vs. Dis-Chem (JSE code: DCP) results contrats. REITs unloved and cheap, time to buy? Simon Brown

The need for sand to make bricks has resulted in Limpopo entrepreneur stumbling upon a gold prospect for which a prospecting licence application has been acknowledged by the Department of Mineral Resources and Energy (DMRE). Kaputeni Mining head Tsholofelo Shipalanah, a 34-year-old mother who is making 3 000 bricks a day and generating R200 000 to R400 000 a year, intends using some of the revenue to also fund a gold search. (Also watch attached Creamer Media video.) In wanting to put an end to procuring river sand for brickmaking mined by others, Kaputeni applied to the DMRE for the right to mine sand – and discovered that the sand area sought has a gold-mining history. As a consequence, in addition to applying for the sand mining licence, Kaputeni now also wants a gold prospecting licence, with aspirations of becoming a gold miner in the area of Burgersdorp, a village outside of Tzaneen, where Shipalanah proudly declares being “born and bred”. DMRE has already let Kaputeni know that no other application has been submitted for the area in question. Mining Weekly: It's good to have a business going which is generating cash that you can then use to prospect. Is that the idea? Shipalanah: That is the idea. On how Kaputeni goes about selling its bricks, Shipalanah said: ”We sell them to the surrounding communities and we've started talks with BuildIt so that we can be their supplier. We're in the process of finalising the contract with BuildIt. What will happen is BuildIt will buy from me in bulk and then they will sell to their customers.” Shipalanah initially pursued a career in the sciences, having earned a Bachelor of Science Honours degree from the University of Limpopo in 2011. With aspirations of becoming a scientist, she secured her first job as a technician at the national blood service. However, in the midst of all that, watching her father running his own construction company inspired her to pursue entrepreneurship. “Every time I looked at him, I would think ‘no man, this is something that I want to try'”, which she did, and her father is now a 20% shareholder of Kaputeni, which has 16 permanent employees. Earlier this year, Kaputeni invested in a generator to shield itself from the disruptive downtime caused by loadshedding, but amid the high price of diesel, Shipalanah is now intent on, at some time in the future, transitioning to renewable energy. Since embarking on her entrepreneurial path in 2018, Shipalanah's business has experienced growth with the help of Fetola and the SAB Foundation's Tholoana Enterprise Programme. Fetola means ‘change' in Sesotho and the Fetola team describes itself as being inspired by United Nations Goal 17 to foster partnerships that are a force for good. On assistance received, Shipalanah highlighted how the programme provides a mentor to enable prospective entrepreneurs to establish a business structure. “It's very, very helpful,” she enthused – and interestingly, she is continuing to study – this time project management through Unisa.

Prime is a new international sports drink that is now available on the South African market. It has gone viral on social media due to the involvement of YouTube celebrities KSI and Logan Paul. It has also been doing the rounds with celebrities and ordinary folk like us. Prime energy drink goes for R400 right here in uMhlanga

Beurtkrag se impak op selfoonopvangs kos landbou reeds R400 miljoen. 'n Nooddienswerker vertel van die verwoesting wat Sikloon Freddy in Malawi gesaai het. Die inflasiekoers styg tot 7%.

Finance Minister, Enoch Godongwna was expected to table his 2023  budget speech in a short while. Civic organisation, Budget Justice Coalition (BJC) says it hopes that the Minister will not use the social budget to fund the current crises caused by the government's bad spending habits. It cautions that the allocation of funds and reduction in spending to address the R400 billion Eskom debt, must not be implemented to the detriment of other rights found within the Constitution. For more we are now joined on the line by Motlatsi Komote , Chairperson of the Budget Justice Coalition

Integrated poultry producer Astral Foods has advised that its poultry division has experienced severe operational disruptions through the first quarter of its 2023 financial year, mainly as a result of loadshedding, leading to abnormal additional costs and substantial production cutbacks. The company says it has to cut back on at least 12-million broiler placements for the six months ending March 31, and is reasonably certain that its earnings per share (EPS) will decrease by about 90%, or by 142c, compared with the EPS of R14.56 posted for the six months ended March 31, 2022. The abnormal costs relate to a backlog in the broiler slaughter programme, which has resulted in older and heavier birds consuming higher levels of feed. Additionally, excessive processing costs are being incurred, as additional shifts are being implemented to try and address the substantial backlog in the group's integrated broiler supply chain. “The larger bird size and continued loadshedding disruptions have compromised the group's poultry product offering. As such, a substantial poultry selling price increase would be required to recover the high feed input costs and the impact of loadshedding. “However, Astral has been unable to implement the selling price increase required and, as a result, continues to rather subsidise the increased cost of production to its customer base and the consumer,” CEO Chris Schutte states. He adds that, based on prevailing market and operational conditions, the cost to produce chicken exceeds the selling price by at least R2/kg. Accordingly, the poultry division is expected to incur significant losses for the first half of the financial year. The poultry division's feed input costs make up about 70% of the cost of producing a live broiler. On the other hand, Schutte explains that the feed division has successfully managed to limit the impact of loadshedding by using available spare capacity among its various feed mills, however, this has come at an additional cost. Future capital expenditure (capex) for this division has been committed to negate further risk. The higher internal feed volumes will positively impact the feed division's financial performance for the six months ending March 31. Owing to prolonged loadshedding, as well as the general decay of municipal infrastructure, Astral has had to embark on numerous capital projects, including installing diesel generators and additional water storage at its facilities, while putting other capex projects on hold while the adverse market conditions persist. The projected cost of loadshedding for the group for the first half of the 2023 financial year will be about R400-million. With chicken becoming ever more expensive to produce in South Africa, it sets back the industry, which is already experiencing trying times with record high input costs for both feed and energy sources. “The shameless demise of a number of State-owned entities that are responsible for supplying essential services and maintaining general infrastructure, is impacting business sentiment and reinvestment decisions for growth, which directly threatens food security into the future,” Schutte laments. He points out, however, that the group's balance sheet remains healthy, with good levels of liquidity in place, following a superb performance in the financial year ended September 30, 2022. “For the first time in South Africa, food security is now under threat owing to the agriculture sector's reliance on basic infrastructure and services, which are failing. Moreover, the increasing cost of the food basket, which includes poultry as a staple protein, will place the consumer under extreme stress owing to financial hardship. “If prevailing market and operational conditions owing to loadshedding continue, it could lead to Astral resizing its business in the short term, resulting in job losses throughout the supply chain,” Schutte concludes.

President Cyril Ramaphosa has indicated that there is no intention of overhauling the Energy Action Plan he unveiled in July last year, even while acknowledging that “many of the measures in the plan will not be felt in the immediate term” and that loadshedding will, thus, continue. Writing in his weekly newsletter following a week of consultative meetings on the electricity crisis with various social partners and the National Energy Crisis Committee (NECOM), which he chairs, the President said he had used the meetings to underline “the importance of staying the course, instead of coming up with unsustainable short-term solutions”. “Six months ago I announced a national Energy Action Plan to improve the performance of Eskom's power stations and add new generation capacity as quickly as possible. “This plan was the result of extensive consultation and was endorsed by energy experts as the most realistic path towards ending loadshedding,” the President writes. Many of the measures, would not be felt in the immediate term, however. “We must be realistic about our challenges and about what it is going to take to fix them. While we all desperately want to, we cannot end loadshedding overnight.” He made no reference in the newsletter to his reported request to Eskom to halt the implementation of the 18.65% tariff increase, which was recently sanctioned by the National Energy Regulator of South Africa. Such an intervention, while popular, would further weaken Eskom's financial ability to respond to the crisis, including to implement the Energy Action Plan's goal of recovering the performance of the under-maintained coal fleet, as well as to beef up security around Eskom's assets, which have become hotbeds of corruption and crime, including sabotage. Speaking on Radio 702, Eskom chairperson Mpho Makwana denied the President had requested Eskom to halt the hike, but had rather requested the utility to assess ways to “absorb the impact of the 18.65%”. "We have indicated that we have a number of brilliant minds on our board that will look at all means possible to ease the pain. We are sympathetic to South Africans," Makwana said, adding that it would report back to NECOM on possible mechanisms to limit the impact of the tariff increase. Should the increase, which is due for implementation on April 1, be moderated, it is possible that Eskom may need to approach the National Treasury for support over-and-above the regular injections already being received to sustain the State-owned company as a going concern. Finance Minister Enoch Godongwana has already rebuffed the utility's attempt to secure money to purchase additional diesel, but is expected to announce details of a debt-relief package in his February Budget. Godongwana indicated in October that between one-third and two-thirds of Eskom's near R400-billion debt could be transferred from Eskom to the National Treasury. In his newsletter, meanwhile, Ramaphosa says he is aware that “everyone is fed up” with loadshedding, but insists that, by implementing the Energy Action Plan, loadshedding will steadily become less severe. “That is why we are using every means at our disposal, calling on every resource we have, to get power onto the grid as a matter of extreme urgency.” There is a big focus, he indicates, on improving plant performance, particularly at the six underperforming power stations of Kendal, Matla, Majuba, Duvha, Tutuka and Kusile. The day before the newsletter was published, Eskom released details of a board- and shareholder-approved generation recovery plan to deliver more than 6 000 MW of Eskom generation over the coming two years. The maintenance-led initiative aims to recover Eskom's energy availability factor (EAF) from an average for the current financial year of 58% to a nominal 60% by the end of March. The goal is then to progressively increase the average EAF to 65% by the end of March 2024 and to 70% by the end of March 2025. Engineering consultant WSP Africa hav...

 If I win the Cell C Ten Thousand Rand Pop Quiz, I will use the money to make my daughter's Encanto themed birthday party dream a reality and pay off my doctor's fees. Wish me luck Joburg!”See omnystudio.com/listener for privacy information.

Many South Africans opted to not partake in this year's shopping extravaganza, while other's spent up to R400,000 on a spree. Stacey and J Sbu get the exclusive scoop on how shoppers in KZN felt:

South Africa's request for a $497-million (about R9-billion) to decommission and repower the Komati coal-fired power plant using renewables and batteries has been approved by the World Bank Group board of executive directors. The last Komati unit was shut at midday on October 31, signalling what Eskom said would be the start of a repowering and repurposing of the site into a renewables, storage, manufacturing and training hub. In a statement the bank said that the ‘Komati Just Energy Transition Project' would be financed jointly through a $439.5-million World Bank loan, a $47.5-million concessional loan from the Canadian Clean Energy and Forest Climate Facility, and a $10-million grant from the Energy Sector Management Assistance Program. The repowering of the plant will involve the installation of 220 MW of clean energy solutions, including 150 MW of solar photovoltaic and 70 MW of wind, supported by 150 MW of batteries. The World Bank said the project would also create opportunities for affected workers and communities, with Eskom having already established a containerised micro-grid assembly factory at Komati and having recently signed a partnership agreement with the South African Renewable Energy Technology Centre of the Cape Peninsula University of Technology, and the Global Energy Alliance for People and Planet to develop a Komati Training Facility. The financing announcement follows closely on the release of the ‘South Africa Country Climate and Development Report' by the World Bank, which estimates that South Africa's transition to net-zero will require total incremental financing of R8.5-trillion to 2050 and that the funding gap could be closed only with the support of external resources. The report also reiterated that renewable energy represented the quickest and cheapest pathway out of South Africa's long-running electricity crisis and that two to three more jobs would be created by pursuing such a pathway when compared with the 300 000 jobs that are likely to be shed in high-emitting sectors. It did warn of a timing and spatial mismatch in the labour market, however, and indicated that government interventions would be required to assist vulnerable workers. The financing package also follows a statement by Finance Minister Enoch Godongwana reaffirming his commitment to the government's Just Energy Transition framework, after having made comments earlier in the week that were interpreted as being pro-coal, gas and nuclear. He denied that the National Treasury's plan to take over a portion of Eskom's debt would be conditional on the utility investing in such technologies. Details of the debt transfer, which will involve between one-third and two-thirds of Eskom's R400-billion debt, would be announced in the February Budget. The finance package was also announced only days ahead of the start of the COP27 climate talks scheduled to take place in Egypt and where South Africa is expecting to unveil a Just Energy Transition Investment Plan, or JET-IP, which could help unlock $8.5-billion in climate financing, primarily in the form of concessional loans as well as some grants, from France, Germany, the US, the UK and the European Union. The World Bank stressed that the Komati project was aligned with the country's Just Transition Framework, which aimed to minimise the socioeconomic impacts of the climate transition, improve the livelihoods of those most vulnerable, and embrace the opportunities stemming from the transition. GLOBAL REFERENCE It added that the repowering and repurposing of the Komati coal-fired plant was a demonstration project that could serve as a reference on how to transition fossil-fuel assets for future projects in South Africa and around the world. The project, the bank said, would provide learning experiences through a cycle of piloting, monitoring, assessing, documenting, and information sharing. “Reducing greenhouse gas emissions is a difficult challenge worldwide, and particularly in South Af...

10 questions, 60 seconds and R10 000! Mildred "If I win the Cell C Ten Thousand Rand Pop Quiz,  Nolundi "I will use the money to buy stock for my new mobile kitchen business"See omnystudio.com/listener for privacy information.

Midtier Africa-focused gold producer Pan African Resources is effectively building a new internally-funded underground gold mine on two levels of the Evander underground gold mine in Mpumalanga, CEO Cobus Loots said on Wednesday when the company reported record production for the 12 months to June 30 and distributed more than R400-million in dividends. A video flighted at the results presentation described Evander as possibly one of the world's largest unexploited gold orebodies. The addition of 24 level, and now 25 level and 26 level, has given Evander Mines a life-of-mine of 14 years, with increased expected gold production. The 25/26 level project will be funded by internal cash flows assuming a reasonable gold price environment. “The Evander underground has been a real success story for Pan African in recent years and we look forward to ramping up this operation further in the years ahead,” Loots told Mining Weekly in a Zoom interview. (Also watch attached Creamer Media video.) The underground team, which also delivered an excellent safety performance, produced almost 50 000 oz at the low all-in sustaining cost of $1 100/oz. The 25 and 26 levels project will require two years of fairly elevated capital to execute and then have the benefit of the expenditure for more than ten years. The current low-cost Evander 8 Shaft operation is focused on the mining of the shaft pillar, from which high-grade ounces are extracted. Pan African's use of underground support packs allows for extraction of the shaft pillar while providing permanent support for the shaft. This allows mining to continue at the lower 24, 25 and 26 levels. This provides access to more than 500 000 oz of gold using infrastructure that is already in place, which allows the company to reap the benefits of sunk capital spent over a decade of mining. Experience gained and the many upgrades already completed at Evander underground have laid the groundwork for further quick-payback life extensions, which is good news for its investors, the surrounding communities and supply-chain companies dependent on the mine. The 24/25 levels project is not only on track to deliver its first production on schedule in 2023 but is paving the way for the provision of 65 000 oz of gold a year for more than eight years – and significantly extends the life of the operation. “What we're doing at Evander underground is very exciting. Evander underground is certainly not without a checkered past. In 2018, we had to press the reset button and basically put the underground on care and maintenance, and we looked at the options and we then commenced with pillar mining on a shaft pillar at 8 Shaft, and that's been a fantastic success for Pan African. “It's safe, it's generated great cash flows, and it also has allowed us the opportunity of relooking at the design for 24 to 26 level, and [to] come up with development and execution plans, so that's what we're busy with now,” Loots told Mining Weekly. “Two weeks ago, I visited the new fridge plant on 24 level. The F line is ready to be mined on 24 level, and there are a number of improvements. We've changed the layout to an on-reef development layout for 25/26, which means that there'll be very limited waste. “We're equipping a ventilation shaft that runs up to 17 level to do hoisting, which means you cut out a massive number of conveyors, so that improves your mine call factor and your ability to produce. “You have a new fridge plant and new infrastructure close to the face and then a number of other improvements also in terms of ore storage etc. This will be a great operation for us in the years to come. It's a world class reserve that we have there. “To top it all off, we obviously have our first solar plant up and running at Elikhulu. It's been a great success for us and we'll expand that solar footprint to also take care of a lot of the underground energy requirements and that's going to also bring down the cost of production,” said Loots. In...

Engineering and contracting group Murray & Roberts (M&R) says its Southern Africa-focused business platform, which has shrunk materially and has been lossmaking for a number of years, is at the point of a “breakthrough”, underpinned by South African renewables and transmission activities that are starting to gain momentum. Known as the power, industrial and water platform, the unit is the smallest of the JSE-listed group's three platforms by far and is also the only one leveraged entirely to project activity in M&R's home market of South Africa and to the Southern Africa region. The platform's order book of only R400-million is dwarfed by the R37.2-billion backlog of M&R's energy, resources and infrastructure platform, which operates under the Australian Clough brand. It is also insignificant relative to the mining platform, which has a R21.9-billion order book. M&R has faced persistent questions about the platform's ongoing relevance, particularly as it struggled in recent years to replenish its order book as construction activities at Eskom's Medupi and Kusile coal projects tapered, and losses began mounting. However, CEO Henry Laas is optimistic that the platform, which reported a R155-million loss in 2022, could finally return to profitability during the 2023 financial year, particularly if projects associated with South Africa's disrupted and delayed renewables procurement programme reach financial close. M&R has secured several contracts related to Bid Window Five of the Renewable Energy Independent Power Producer Procurement Programme, which were initially scheduled to reach financial close in April, but which had the deadline postponed after preferred bidders experienced delays in receiving grid connection budget quotes from Eskom. Platform CEO Steve Harrison says there is an expectation that at least some of the 25 preferred bidders will reach financial close during September and reports that the company has already started with early works for three wind farms and at a substation linked to the programme. The contracts are not yet reflected in the platform's order book but are represented in what it describes as near orders worth R1.9-billion. Harrison reports that it is also receiving enquiries weekly with regards to distributed renewables projects, interest in which has increased significantly after President Cyril Ramaphosa lifted the licence-exemption cap. The cap was initially raised from 1 MW to 100 MW, but has since been lifted entirely. He also expects orders to begin to flow in light of the increasingly urgent need to strengthen the Eskom transmission grid, particularly in the Cape provinces where South Africa's best wind and solar resources can be found. The platform is also eyeing a major public-private partnership in the area of water treatment, a market where significant pent-up demand has also developed. Overall, however, the group's prospects are leveraged primarily to the fortunes of its mining and its energy, resources and infrastructure platforms, whose activities are focused mostly in markets outside of Southern Africa. In fact, only 17% of M&R's R59.5-billion order book is located in Southern Africa, with all of the energy, resources and infrastructure platform's R37-billion backlog located in international markets. In addition, most of its revenue and earnings will continue to arise from outside Southern Africa. In 2022, the group's revenue increased to R29.9-billion, from R21.9-billion, and Laas said it would continue to rise and that he expected revenue to increase to about R40-billion. Nevertheless, Laas described the investments in developing utility scale renewables as an opportunity in South Africa “which we haven't had for a long period of time”.

Engineering and contracting group Murray & Roberts (M&R) says its Southern Africa-focused business platform, which has shrunk materially and has been lossmaking for a number of years, is at the point of a “breakthrough”, underpinned by South African renewables and transmission activities that are starting to gain momentum. Known as the power, industrial and water platform, the unit is the smallest of the JSE-listed group's three platforms by far and is also the only one leveraged entirely to project activity in M&R's home market of South Africa and to the Southern Africa region. The platform's order book of only R400-million is dwarfed by the R37.2-billion backlog of M&R's energy, resources and infrastructure platform, which operates under the Australian Clough brand. It is also insignificant relative to the mining platform, which has a R21.9-billion order book. M&R has faced persistent questions about the platform's ongoing relevance, particularly as it struggled in recent years to replenish its order book as construction activities at Eskom's Medupi and Kusile coal projects tapered, and losses began mounting. However, CEO Henry Laas is optimistic that the platform, which reported a R155-million loss in 2022, could finally return to profitability during the 2023 financial year, particularly if projects associated with South Africa's disrupted and delayed renewables procurement programme reach financial close. M&R has secured several contracts related to Bid Window Five of the Renewable Energy Independent Power Producer Procurement Programme, which were initially scheduled to reach financial close in April, but which had the deadline postponed after preferred bidders experienced delays in receiving grid connection budget quotes from Eskom. Platform CEO Steve Harrison says there is an expectation that at least some of the 25 preferred bidders will reach financial close during September and reports that the company has already started with early works for three wind farms and at a substation linked to the programme. The contracts are not yet reflected in the platform's order book but are represented in what it describes as near orders worth R1.9-billion. Harrison reports that it is also receiving enquiries weekly with regards to distributed renewables projects, interest in which has increased significantly after President Cyril Ramaphosa lifted the licence-exemption cap. The cap was initially raised from 1 MW to 100 MW, but has since been lifted entirely. He also expects orders to begin to flow in light of the increasingly urgent need to strengthen the Eskom transmission grid, particularly in the Cape provinces where South Africa's best wind and solar resources can be found. The platform is also eyeing a major public-private partnership in the area of water treatment, a market where significant pent-up demand has also developed. Overall, however, the group's prospects are leveraged primarily to the fortunes of its mining and its energy, resources and infrastructure platforms, whose activities are focused mostly in markets outside of Southern Africa. In fact, only 17% of M&R's R59.5-billion order book is located in Southern Africa, with all of the energy, resources and infrastructure platform's R37-billion backlog located in international markets. In addition, most of its revenue and earnings will continue to arise from outside Southern Africa. In 2022, the group's revenue increased to R29.9-billion, from R21.9-billion, and Laas said it would continue to rise and that he expected revenue to increase to about R40-billion. Nevertheless, Laas described the investments in developing utility scale renewables as an opportunity in South Africa “which we haven't had for a long period of time”.

Coal mining and exporting company Thungela, which generated R8.9-billion free cash in the first six months to June 30, is sharing R500-million of it with employees and communities, is setting out to plant a million trees to purify water, is putting in solar power to reduce its carbon footprint as it charts a pathway to net zero, has introduced a programme to uplift small enterprises, is opening a new replacement colliery, and is going out of its way to ensure that Mpumalanga is not left behind when the province transitions out of coal. Taking into account the latest interim dividend as well as the R137-million Thungela distributed earlier this year, every one of the company's 4 500 qualifying employees will get about R100 000 each while the community trust works on how to best use the nigh-R400-million contributed to it to ensure that the trust outlives the mines. The Johannesburg- and London-listed company is trialling water management technologies involving phytoremediation and taking environmental protection steps under its environmental, social and governance (ESG) commitments. Twenty thousand trees have already been planted, of a kind that are able to lock up the sulphates and heavy minerals in the mine contaminated water so that cleaner water can be discharged. A 4 MW solar photovoltaic plant is going up at Thungela's Zibulo mine and the upcoming Elders mine, a replacement mine, will be solar powered as well. The Department of Water and Sanitation (DWS) has approved its remediation plan to restore the river system that was polluted by a spill into the Kromdraaispruit and Wilge river, and the former Kleinkopje mine is being held up as an example of how mine land can be returned to sustainable use. Seen as encouraging by the company are recognition by the Intergovernmental Panel on Climate Change (IPCC) that carbon removal technologies, such as carbon capture, storage and use (CCSU), will have to play a role in helping to meet global climate change mitigation targets, as well as the work being done by the US'Environmental Protection Agency (EPA) to find more uses for carbon dioxide (CO2) once it has been captured. These and many more points were made by Thungela CEO July Ndlovu in a Teams interview with Mining Weekly. (Also watch attached Creamer Media video.) Mining Weekly: How is the R500-million being distributed to workers and community members? There are two trusts, and each one is going to get R250-million. The Employee Partnership Plan involves roughly 4 500 qualifying employees, and if you take what we distributed in respect of 2021, and this dividend, it equates to roughly R100 000 per qualifying employee. The other trust, the Nkulo Community Partnership Trust, has got its own rules, and they are working on how to use almost R400-million made in the first year to begin to build a trust that can outlive the life of our mines. What is your new Thuthukani programme doing to uplift enterprises in Mpumalanga? Thuthukani is another intervention that we have put in place to ensure that we not only incubate small- to medium enterprises, but also give them the skills, as well as access to lending, because that is usually one of the more difficult things. Over and above that, we want to ensure that they've got access to opportunities. That's what that incubation and supply development programme is meant to do. What is Thungela doing to improve the environment under its ESG commitments? We said we will, in the first instance, think broader in terms of ESG, beyond what everyone usually does, which is talk to a subset of ‘E', which is only the emissions rather than the environment. We think about it holistically. Having said that, strategically we have also said that we want to spike on the ‘S' - our employees, communities, and the small-to-medium enterprises in the areas where we operate. Equally, spiking on ‘S' talks to what I spoke to first in our results, which is our commitment to run a fatality-free business, and I'm ...

Guest: Brendan Fogarty The Bishops Diocesan College school community raised over R400 000 in aid of VUSA Rugby & Learning Academy in Langa during a 24-hour cycle challenge this past weekend. More than 175 people in 23 teams rode their hearts out from 3pm on Saturday until 3pm Sunday.See omnystudio.com/listener for privacy information.

Three men have appeared in the Athlone Magistrate's Court today in connection with a R400-million cocaine bust.  Senior Expert at the Global Initiative Against Transnational Organized Crime, Jason Eligh joins John to discuss. See omnystudio.com/listener for privacy information.

Guest: Ronald Masinda | Reporter at EWNSee omnystudio.com/listener for privacy information.

The Hawks have made a massive drugs bust, seizing a large consignment of cocaine worth more than R400 million in the Western Cape.

Guest: Matthew Cruise | Energy expert at Hohm Energy See omnystudio.com/listener for privacy information.

Guest:  Carol Paton joins John from Fin 24 to bring the details of her News 24 Excusive on the credible solution that Treasury is working on to solve Eskom's R400 bn debt. See omnystudio.com/listener for privacy information.

Die hotelbedryf trek steeds swaar in die nadraai van die pandemie. SANCA sê die misbruik van dagga onder jong mense neem toe. Afrika het meer as R400-miljard per jaar nodig om elektrisiteit aan almal te verskaf.

Umgeni Water is hoping to recoup as much as it can, from around R400 million wasted through alleged tender irregularity and corruption

Deputy Ombudsman for Long-term Insurance, Denise Gabriels, speaks to John Maytham about their annual report, which states that close to R400 million has been paid to people who lodged claims with the ombuds for Long-Term and Short-Term Insurance in the last financial year. See omnystudio.com/listener for privacy information.

Every single morning on 947, you can stand a chance to win in the R10 000 Pop Quiz. See omnystudio.com/listener for privacy information.

In this episode: Kickstarter's most successful campaign ever raises almost R400 million for some fantasy novels Watch the United Launch Alliance's Atlas V GOES-T launch highlights in under two minutes A wordle that speaks to you Tech Byte airs daily from Monday to Friday. For the latest tech news, be sure to follow Stuff on Twitter, Facebook and Instagram or head on over to our website.

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While Eskom has done everything on its side to achieve the legal separation of its transmission entity by December 2021, the matter also depends on getting legislative amendments and regulatory decisions timeously, according to CEO André De Ruyter. The group chief executive made the remarks during a pre-recorded interview with Enlit Africa, which was published on Tuesday. De Ruyter was highlighting some progress points of the power utility's five-point plan. Among these was the legal separation of the generation, distribution and transmission entities. The divisional boards of each of the three entities has been established - as well as their functional separation. Eskom previously told Parliament the separation would cost R500-million. The separation of the transmission entity is first in line and is subject to approval for a transmission licence from the National Energy Regulator of South Africa (Nersa), as well as lenders, Fin24 previously reported. De Ruyter said that Eskom has made progress with the legal separation for transmission. "We have done everything we can to meet the target date of legally separating transmission by December 2021," he said. But the legislative amendments and regulatory decisions that are required will depend on "choreography" between different departments such as Nersa, the Department of Mineral Resources and Energy, the Department of Public Enterprises, National Treasury and Eskom itself, De Ruyter explained. "From our perspective, we are driving the process. But the date can be at risk if we do not get the regulatory interventions in time for us to achieve the legal separation," he said. De Ruyter added that it will be "regrettable" if it is not achieved. Eskom's other prioritises include reducing its some R400-billion debt burden to a more manageable range of between R150-billion and R200-billion. While Eskom has been a beneficiary of equity injections from National Treasury, there is still more work to be done, he said. There is not a single silver bullet to solve the debt problem, he added. Eskom is considering multiple interventions such as optimising its working capital, addressing municipal debt levels, or converting some debt to equity. Finding a debt solution has been "slower" than Eskom would have liked, he said. Eskom is also making headway in terms of encouraging a "high performance" culture. "We are holding people accountable," said De Ruyter. Eskom has made leadership changes at power stations including coal-fired Tutuka, which was in a "shocking state" following years of neglected maintenance, according to Eskom executives who briefed the media on the state of the system on Monday. A number of key people at the station have been suspended and arrests will be made. De Ruyter added that people have been caught for engaging in corrupt activities. "Have we won the war as yet? No, but more and more the signal is getting out to those miscreants who are seeking to enrich themselves at the expense of South Africa and Eskom that crime does not pay and we will get them in the end," he said. De Ruyter added that Eskom would like to see greater support from law enforcement authorities to see more people in "orange overalls". So far Eskom has been pursuing civil cases to recover monies. Last year the power utility managed to recover R1.56-billion from contractor ABB South Africa. This was linked to overpayments to the contractor for the construction of Kusile power station.

10 Questions. 60 Seconds. R10,000 is up for grabs! Play the R10,000 Pop Quiz brought to you by Standard Bank Group's MyMo Plus Account on #AneleAndTheClubOn947 every weekday morning. Enter TODAY >> https://buff.ly/3Dqmlif#GoldenMoments#ItCanBe See omnystudio.com/listener for privacy information.

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*South Africa's finance minister urged investors not to be deterred by what he termed “isolated” incidents of criminality, and assured them that improving safety and security is one of the government's top priorities. “I would argue that people must invest in South Africa,” Enoch Godongwana said in an online panel discussion on Sunday. “We cannot let an isolated incident, which is not a feature of our society, be a reason for lack of investment.” The latest police statistics show there were 5,760 murders in South Africa in the three months through June, an average of 62 a day. *Eskom has started court proceedings to review the regulator's rejection of a price plan into 2025 that outlines how much the utility can charge electricity consumers. The National Energy Regulator of South Africa on Sept. 30 called for a pricing methodology review and discarded the so-called MYPD 5 revenue application of Eskom, which is unprofitable and struggles under about R400 billion of debt. “This is impossible both from a legal process and timing point of view,” the utility had said. *The spectacle of two South African cabinet ministers being held hostage by military veterans demanding an audience with the president has embarrassed the government and highlighted security concerns ahead of next month's municipal elections. Defense Minister Thandi Modise, herself a former combatant in the fight against White-minority rule, her deputy Thabang Makwetla and Minister in the Presidency Mondli Gungubele were prevented from leaving a hotel near the capital, Pretoria, on Thursday after talks with the veterans collapsed. The stand-off lasted less than an hour before special forces stormed the venue, firing teargas and arresting 56 people who now face kidnapping charges. No one was hurt. “We were there against our will, but it was not a violent situation,” Gungubele later told reporters.

10 Questions. 60 Seconds. R10,000 is up for grabs! Play the R10,000 Pop Quiz brought to you by Standard Bank Group's MyMo Plus Account on #AneleAndTheClubOn947 every weekday morning. Enter TODAY >> https://buff.ly/3Dqmlif#GoldenMoments#ItCanBe See omnystudio.com/listener for privacy information.

Deputy Finance Minister David Masondo has reportedly suggested that foreign investors scrap Eskom's R164 Billion debt so the money can be used by the company to reach climate targets. Masondo says Eskom needs to borrow R400 billion in order to transition from coal to renewable energy supply. He says in exchange for the forgiveness South Africa would pledge an equivalent amount as an equity injection into Eskom with condition it closes down coal-fired plants

Dr. Don Wilton 28:31 noThe Daily Encouraging WordThe Daily Encouraging Word with Dr. Don Wiltonfbs,spartanburg,genesis,baptist,don,wilton,thez,encouraging,word,celebr

Discovery General Manager for Mass Markets, Khethang Malefane asked LA Health brokers to help influence the scheme's board of trustees elections to protect R400 million a year business for Discovery. The Council for Medical Schemes is now investigating the company for tampering with the independence of the LA Health medical aid.

So, you're a pop culture genius and keen to win some cash? Every day, Anele and the Club will put someone in the hot seat to play the Pop Quiz live on the show – if you want that person to be you, you need to prove yourself by playing the game online first! Once you've aced the Pop Quiz online game, make sure you enter your details in the online form when prompted and submit your entry. Your quiz score will be saved with your entry, so if you want to improve your chance of being picked to play on-air, keep on playing until you're acing it every time! Anele and the Club will choose an entry from the online game, and if it's yours, you'll be given the chance to show off your genius live on radio. Start playing below now! The Pop Quiz with Dis-Chem. Exclusive to 947. See omnystudio.com/listener for privacy information.

So, you’re a pop culture genius and keen to win some cash? Every day, Anele and the Club will put someone in the hot seat to play the Pop Quiz live on the show – if you want that person to be you, you need to prove yourself by playing the game online first! Once you’ve aced the Pop Quiz online game, make sure you enter your details in the online form when prompted and submit your entry. Your quiz score will be saved with your entry, so if you want to improve your chance of being picked to play on-air, keep on playing until you’re acing it every time! Anele and the Club will choose an entry from the online game, and if it’s yours, you’ll be given the chance to show off your genius live on radio. Start playing below now! The Pop Quiz with Dis-Chem. Exclusive to 947. See omnystudio.com/listener for privacy information.

So, you’re a pop culture genius and keen to win some cash? Every day, Anele and the Club will put someone in the hot seat to play the Pop Quiz live on the show – if you want that person to be you, you need to prove yourself by playing the game online first! Once you’ve aced the Pop Quiz online game, make sure you enter your details in the online form when prompted and submit your entry. Your quiz score will be saved with your entry, so if you want to improve your chance of being picked to play on-air, keep on playing until you’re acing it every time! Anele and the Club will choose an entry from the online game, and if it’s yours, you’ll be given the chance to show off your genius live on radio. Start playing below now! The Pop Quiz with Dis-Chem. Exclusive to 947. See omnystudio.com/listener for privacy information.

So, you’re a pop culture genius and keen to win some cash? Every day, Anele and the Club will put someone in the hot seat to play the Pop Quiz live on the show – if you want that person to be you, you need to prove yourself by playing the game online first! Once you’ve aced the Pop Quiz online game, make sure you enter your details in the online form when prompted and submit your entry. Your quiz score will be saved with your entry, so if you want to improve your chance of being picked to play on-air, keep on playing until you’re acing it every time! Anele and the Club will choose an entry from the online game, and if it’s yours, you’ll be given the chance to show off your genius live on radio. Start playing below now! The Pop Quiz with Dis-Chem. Exclusive to 947. See omnystudio.com/listener for privacy information.

So, you’re a pop culture genius and keen to win some cash? Every day, Anele and the Club will put someone in the hot seat to play the Pop Quiz live on the show – if you want that person to be you, you need to prove yourself by playing the game online first! Once you’ve aced the Pop Quiz online game, make sure you enter your details in the online form when prompted and submit your entry. Your quiz score will be saved with your entry, so if you want to improve your chance of being picked to play on-air, keep on playing until you’re acing it every time! Anele and the Club will choose an entry from the online game, and if it’s yours, you’ll be given the chance to show off your genius live on radio. Start playing below now! The Pop Quiz with Dis-Chem. Exclusive to 947. See omnystudio.com/listener for privacy information.

Driving to Clarens recently Michael Avery was struck by the varied condition of the roads he drove on. From the excellently maintained but tolled N3 to the potholed death traps of the rural Free State there is a clear and growing disconnect between roads under different government authorities, and how they are funded and maintained. It almost goes without saying that the South African transport network plays a major role in the economy of the country and the well-being of society. This requires an integrated transport planning framework that meets clear strategic objectives for industrial development with links to distribution zones, promoting transport corridors for passengers and freight as well as promoting tourism. However, in 2014, the road maintenance backlog was reported as being R197-billion. Recent studies estimate it to be over R400-billion. To talk about where rubber hits when it comes to the state of the country’s road stock and how to improve it Avery was joined by Basil Jonsson, operations director, SA Road Federation, Saied Solomons, CEO, Southern African Bitumen Association, and Wayne Duvenage the CEO of the Organisation Undoing Tax Abuse.​

In this week's episode of the #MoneyMagic series, I sit down to chat with one of my private clients, Phumla Ngema about paying off all her debt in 4 months.   Phumla is South African, but she lives and works as a paramedic in Abu Dhabi, the UAE.   In this episode she shares how she started working at 17 and started supporting her family when she was making R250 (less than US$20) a month because growing up she'd seen her mom support 30 people on her teacher's salary, so she just followed in her mom's footsteps.    She shares how she first suspected that her relationship with money was about more than just money and budgeting when she was working in the military and was paid R400,000 (US$25,800) lump sum for being stationed outside South Africa.   She tried to save the money but ended up using it all up, despite her best efforts. When this happened again to her when she got a R300,000 lumpsum, she realized there was more to money than what she thought.   She started following Instagram coaches and along the way bumped into the work I teach at Wealthy Money; she downloaded the free eBook and started doing the exercises, signed up for the Bank Account Challenge at the beginning of 2020 and in May 2020 became a private client.   In this interview she shares her journey to being debt-free and how she managed to pay off R360,000 in debt in the space of 4 months and how as she started to heal her own trauma she was able to set financial boundaries with her family and how that has led to incredible financial shifts for her siblings, cousins and her mom.    Her mom has even bought herself her own dream car, her brother and cousins got jobs, all within 4 months!   This is another awesome episode, that reminds us that when we heal our money trauma and change our approach to money within our family from a non-wounded space (because sometimes we do make changes but we do it from a wounded space that does more damage than good), everyone gets permission to expand.   GRAB YOUR CUP OF TEA AND YOUR JOURNAL, CLICK PLAY ON THE VIDEO BELOW AND DIG IN, YOU ARE IN FOR A TREAT.   If this resonated with you and you are done working hard but not seeing the financial results of your work, then I invite you to check out and register for the Money Magic course. Click here to register/ sign up for the wait list for the Money Magic Course.   You can also download the free eBook here:  weathy-money.com/workbook

In this week's podcast episode, we talk to Ekow Quagraine, the founder and CEO of Begrand Holdings, a company that specializes in property investment, management, sales, rental and student accommodation.   Ekow is a former banker and is now a full-time real estate investor.   In this episode, he tells us how he got started in real estate and investing from a young age. Ekow bought his first property a few years after graduating university, in 2008, when the market was crashing, he bought a 3 bedroom duplex for R400,000 (US$27,400) and started house hacking.   He lived in the property and rented out the other 2 bedrooms to his friends for R3000 (US$205) per month per room, they also shared utilities, food and petrol (gas) because they all worked at the same company.   He then used that money he got from the property to show affordability and was able to use a variety of strategies to buy 13 properties in 1 year without putting any of his own money in and was able to start building his real estate empire.   This is another great episode, get your pen and paper, click play and listen.   We are also on iTunes and Spotify, so feel free to subscribe and listen to the podcast on there and please leave us a rating and review on iTunes.

This prank is kind of messed up, but so hilarious! Darren "Whackhead" Simpson teams up with the recently engaged Hein. He proposed to his girlfriend with a diamond and white gold engagement ring which went to the jewellers for resizing. Whackhead calls Bianca and casually slips that her beloved ring is in fact made of "c-grade" silver and glass. He goes on to tell her that it's mass-produced in China and worth less-than R400! See omnystudio.com/listener for privacy information.

This prank is kind of messed up, but so hilarious! Darren "Whackhead" Simpson teams up with the recently engaged Hein. He proposed to his girlfriend with a diamond and white gold engagement ring which went to the jewellers for resizing. Whackhead calls Bianca and casually slips that her beloved ring is in fact made of "c-grade" silver and glass. He goes on to tell her that it's mass-produced in China and worth less-than R400! See omnystudio.com/listener for privacy information. See omnystudio.com/listener for privacy information.

Is South Africa is in the midst of a ginger shortage, prices for the popular root have certainly more than doubled. Before covid-19, it was retailing at around R70 per kilogram, now it is around R400. AgriManzi farmer, Stefan Veldsman talks about what affect this surge in demand has had on its growers. See omnystudio.com/listener for privacy information.

South African state arms firm Denel said on Wednesday it faced a funding gap of around R2.75-billion over the next five years for key capabilities. Denel, which makes military equipment for South Africa's armed forces and export, is in the grips of a liquidity crisis aggravated by the coronavirus crisis. It is one of a handful of struggling state firms the government has been keeping afloat with bailouts. Interim Chief Executive Talib Sadik told a parliamentary committee that Denel had asked the defence ministry to provide R683-million in the current 2020/21 financial year to cover the funding gap for "sovereign and strategic capabilities". Those capabilities are ones that if lost could threaten South Africa's ability to defend itself. A presentation to the committee showed funding gaps of R635-million, R600-million, R431-million and R400-million in the subsequent four years for sovereign and strategic capabilities. Sadik added Denel was taking steps to cut costs, reduce debts and dispose of non-core assets. But he said difficulties paying full salaries this year had led some important technical staff to leave. Denel board chairperson Monhla Hlahla said: "I believe that Denel can be saved if we just do it fast."

I find it odd that so many people fear the stock market and then get lured into financial scams. Inspired by James, who is trying to keep his clan from being conned, we help you figure out when something is just not right.  Here are some tips to get you going: Find out if the company or product is registered with the Financial Services Conduct Authority (FSCA). This is not foolproof, but it takes a diligent kind of con artist to steal money in this way. It does filter out a lot of the scum. Run the opportunity through the Just One Lap five concepts filter: At the end of this experience, will you own an asset?  Will you earn income on that asset and will that income compound?  Will the returns beat inflation?  Compared to what your index of choice did over the same investment period, do the returns seem too good to be true? The promised returns are a huge red flag. If you're new to financial matters, it's hard to know what's a lot and what's a little. As a rule of thumb, when an “investment opportunity” offers monthly returns, be very suspicious. It's industry practice to quote returns for a year.  Google not just the company or product (that's usually fairly easy to control), but also every individual's name associated with the product. Scammers love getting away with scams, so they tend to circle back. If you find media articles about the legitimacy of the product and the person you're dealing with tells you they're taking legal action against the media house, be very suspicious. This is an old trick to put potential investors at ease. Remember, you don't have to be in the right to bring legal action. We also spend a little time on helping you think about alternative, unlisted investments and the place they should have in your portfolio. Subscribe to our RSS feed here. Subscribe or rate us in iTunes. James How do you know you are investing with a fraud? More importantly, how do you convince your friends or family that they are going to get fucked? A friend of mine invited me to listen to a guy that is willing to invest your money through his company.  The returns are absolutely amazing!  77.64% for the year in 2017!  To the untrained ear, this guy sounds lekker.  He explained that they move the money to America and use a computer program (that his son developed) to predict the market.  The level of risk is then adjusted by the amount of gold (held at the bank of England) in a portfolio. They do all of this at a fee of 1%.  I asked him a few questions about custodian accounts, insurance, brokerage, total investment cost, TAX and all kinds of clever shit you and Simon spoke about on the show.  I could see this guy has no idea what I am talking about and then he referred to an ETF as an "Electronic Traded Fund" then I knew this is a fucking keeper!  He told me that he is not here to convince or force anyone to invest with him. But there he was, trying to convince people to invest with him.   I am convinced this guy is a fraud, but my friends are not and eating up every word this guy is saying.  My friends have family invested with him and have seen returns so now they are true believers. What do I do? Win of the week: Martie I enjoy your writing and podcasts. Think the fact that you do not come with a background in finances makes it easier for the ordinary person to relate to you. And the fact that you have learned so much about finances gives us hope that we can do it too. Definitely an inspiration.  You and Simon are a mean team and I am really glad I discovered you.  Ani I have an option to take a pension backed loan. Each month, the payment will be deducted from my salary. Should I default, they will take the money from my pension.  The interest rate for the loan is prime minus 1%, and there are no registration costs (which would be a minimum of R35000 according to the bank should I apply for a 2nd bond). We are expecting the renovations to cost between R300,000 and R400,000, worst case scenario. We are also planning to move overseas within 5 years. We don't want to overcapitalise. Houses similar to ours in our area are in the market for between R2.2 and R2.4 million. We are trying to ensure our house is the most attractive house on the block. If we run into financial trouble, and we need to rent out the house, we shouldn't have a problem finding tenants. If we want to sell, we offer a better house for a similar price to the "outydse" one down the road. If we don't move out of the country, we will stay in this house.  Is the pension-backed loan worth it, or should we take the R35,000 out of our emergency/insurance money(for registration costs) and rather take out a second bond? The Ts and C's indicate that should you leave the retirement fund, you can settle it in cash, or they take it from your pension (thinking about tax implications etc, that's the last thing I want to do). Or should we live with shitty floors and cupboards (and increased spending on sinus meds along with cracked heels) until next year March when we have more certainty on whether there will be salary cuts etc?  Ndida How do I use this cost per use on a running shoe bought for R3,000. Do I use the 12 months I have used the shoe or the kilometers I have done?  I am under debt review working my way to be debt free. I entered debt review in April 2019. In 2016 I bought timeshares with LPA under the impression that I was investing in property. The contract is for seven years until I have paid them in full, plus the annual management fees which are quite steep. I still have five more years to pay. Since I am occupying the place only once per year I am a loser ito cost per use. I am not sure how to untangle myself from this. I am paying a monthly installment of R1,700 and each year there is a seven percent increase. Wesley I have a bog standard TFSA with Standard bank that I've been contributing to for 3 years now. I only recently discovered your site and the opportunity to take this long-term investment and use it to buy ETFs to give me a better interest rate than the minor 3.5% I'm getting from Standard Bank. I want to make this money work harder for me and I don't plan on using it for at least 10 years, probably longer. Is it possible to transfer this TFSA from SB to a place like EasyEquities and start using it to buy ETFs? Is there any tutorial/how to on this process outlining what I need to do at the bank as well as with EE? Chris  I would like to offer the staff some resources to help them with their personal finances, I can offer some help in my personal capacity from what I've learnt from you guys, but can you give some resources/tips on how to deal with reduced income? The school has applied to TERS from day 1, but those F%^&* have paid us diddly squat, and won't tell us why…

JSE-listed engineering and construction group Murray & Roberts (M&R) is “holding on” to its South African-aligned business unit that focuses on power, industrial and water despite the fact that its contribution to the group’s R54.2-billion order book has slumped to less than one percent, or only R400-million. By contrast, M&R’s energy, resources and infrastructure platform, which is headquartered in Australia, but also has global activities, reported a record order book of R34.4-billion at the end of June, which helped lift M&R’s overall order book to its highest level in 15 years. The group’s mining platform, meanwhile, had a backlog of nearly R19.4-billion, down from the R22.8-billion backlog reported in June last year. The sub-Saharan Africa portion of the group’s mining order book helped lift the region’s overall contribution to 24%, with the balance of the backlog associated with projects in Australasia, North America, Europe and Asia-Pacific. Orders attributable to the power, industrial and water platform, meanwhile, have been shrinking as work related to the giant Medupi and Kusile coal power stations has tapered in recent years. CEO Henry Laas says questions continue to be asked as to why the group, which has been restructured into a specialised, multinational engineering and construction group and which sold its South African building and construction unit in 2018, continues to retain its power, industrial and water platform, which operates exclusively in the Southern African market. “My standard answer is that we will hold on to this business for as long as it doesn’t cost us too much money, purely because of the opportunity that we believe exists in South Africa if we can get to a point that there is investment happening again.” Laas believes there is particular opportunity in the water sector, where billions of rand needs to be spent to repair and expand the country’s water infrastructure. Likewise, large investments are required across generation, transmission and distribution to address the country’s power crisis. “In the short-term, however, the only real opportunity that we see is in the overland transmission and distribution sector and you will recall that we have acquired, in the past year, a company called Optipower, which provides this type of service. “There is quite a big value of work that is out on tender from Eskom that hasn’t been adjudicated yet, but we believe we are well positioned to secure a sizeable portion of that.” In the medium term, M&R is also positioning itself to participate in the liquefied natural gas (LNG) developments unfolding in northern Mozambique. Despite serious security concerns, a Total-led consortium is moving ahead with a $20-billion project to develop the Golfinho and Atum gasfields and to build a two-train liquefaction plant with a yearly capacity of 13.1-million tons of LNG. The project is scheduled to enter production by 2024. “The work we are positioning ourselves for is not going to impact our business before our 2022 financial year,” Laas reports. M&R estimates its near-term project pipeline in South Africa at R9.8-billion, which remains modest relative to pipelines of R66.4-billion and R45.1-billion across its energy, resources and infrastructure and its mining platforms respectively. “Nevertheless, we are hopeful that the decision by government to invest in infrastructure as a means of reigniting the South African economy will materialise and that that will present opportunity for this platform,” Laas says. “Unfortunately, there is limited investment happening in South Africa as we speak, so we do expect that there will be a bit of a dry season maybe for the next 6 to 12 months due to a lack of project opportunity. “That is reflected in the platform’s order book which declined to R400-million from R900-million in 2019. When you compare that to the other two platforms, it really is just a drop in the ocean.”

Former eThekwini mayor Zandile Gumede has been sworn in as an ANC MPL in the KwaZulu-Natal provincial legislature in Pietermaritzburg despite her ongoing corruption case. This comes months after she was demoted to be an ordinary councillor in eThekwini. Her appointment comes after the corruption case against her and several co-accused was postponed to September. She appeared in the Durban Commercial Crimes Court on charges linked to tender irregularities, valued at R400 million dating back to 2016. Gumede is accused of using her political status to influence the appointment of senior eThekwini personnel responsible for supply chain management, as well as legal matters and human resources. We spoke to Nhlakanipho Ntombela ANC's KZN spokesperson

The South African Nuclear Energy Corporation (Necsa) expects to formally initiate a year-long rationalisation of the State-owned enterprise in September, while warning of a likely R331-million loss for the current financial year. Addressing lawmakers on Tuesday chairperson David Nicholls confirmed the board’s support for a rationalisation of the group into a single operating company and reported that a streamlined governance structure had already been put in place, with the collapsing of the NTP and Pelchem boards into the Necsa board. Pelchem manufactures fluorochemicals, while NTP is a leading global supplier of radioisotopes, used in nuclear medicine. A corporate and recovery plan had also been delivered to the Department of Mineral Resources and Energy over the past few weeks and a “restructuring board subcommittee” established to oversee the alignment of the group’s structure with the new corporate strategy. The process will involve rationalisation and repurposing of Necsa from its “current incoherent quasi-holding operating model, dependent on a government grant, to a fully-fledged new Necsa business”. The terms of reference for the appointment of an external independent service provider to manage the restructuring process had been approved on July 22 and Nicholls reported that the appointment process was currently under way. The Necsa board was expected to provide its approval for a rationalisation feasibility study in September, with consultation with stakeholders, including organised labour, to begin in October. By November, the board expected to approve a new business and operating model, which would be based on the revised corporate and recovery plan. A board submission would then be made in February next year for Ministerial and Cabinet approval, whereafter the new business and operating model would be implemented with the intention of completing the process in August 2021. “It is estimated that this rationalisation process will take approximately12 months and will be finalised in the 2021/22 financial year,” Nicholls said. The financial outlook for the current financial year, however, was bleak with Nicholls revealing that Necsa would report a loss of R331-million, as opposed to the R239-million loss forecast by the previous board, which was replaced in February. “We believe that Covid-19 has resulted in income losses of close to R400-million [and while] we were hoping, prior to the pandemic, to bring the company into profit this year, we are now looking at a loss of R331-million.” He said that under the revised corporate plan, the board expected that Necsa would report a “slight profit” in the following financial year. Asked by members of the Parliamentary Committee on Mineral Resources and Energy what financial benefits would flow from the rationalisation, acting CEO Ayanda Myoli said the potential savings would be material. The rationalisation, Myoli asserted, would seek to address duplication between Necsa and its subsidiaries, and extract synergies from the rationalisation of functions such as human resources and information technology. He was also convinced that there were savings to be extracted from the group salary bill, which he described as “high”. “As we have developed a long-term turnaround strategy for Necsa, we have to look at the structure that will best deliver on that strategy. We are looking at a new operating model and a new business model that strengthens our business focus across the group,” Myoli said.

JOHANNESBURG (miningweekly.com) – Astron Energy’s oil refinery in Cape Town, where a fire broke out last month killing two people and injuring seven others, remains closed while a full investigation into the incident is carried out. The former Chevron 100 000 bbl/d Milnerton refinery – which with the Caltex brand now fall under Astron Energy, a Glencore group company – was restarting after a planned maintenance shutdown when the fire broke out in the early hours of July 2. In response to Mining Weekly during last week’s media conference that followed Glencore’s presentation of half-year results, Glencore CEO Ivan Glasenberg said: “It’s under investigation, so we're waiting to see when it reopens, and then there will have to be repairs to the plant. We’re uncertain of exactly when the plant will come back on stream at the moment.” The London- and Johannesburg-listed Glencore last year partnered black economic empowerment (BEE) consortium Off The Shelf Investments in the $1-billion acquisition of Chevron South Africa by Astron, which now has a number of years to transition away from the Caltex retail branding. The transaction, which involved Astron investing about R6-billion into the refinery over five years, includes a lubricants manufacturing plant in Durban with a total blend capacity of 60-million litres, as well as the network of 850 Caltex branded service stations. As Mining Weekly reported in February, the Milnerton refinery, which produces petrol, diesel, jet fuel, liquid petroleum gas, bitumen gas and other speciality products, had been supplying ships docking in Cape Town harbour with low sulphur fuel oil that meets stringent new International Maritime Organisation (IMO) regulations. This followed Astron investing R400-million to facilitate the production of very low sulphur fuel oil (VLSFO) at Milnerton. The production of VLSFO fuel, which has a sulphur content of 0.5% compared with the previous level of 3.5%, met the IMO’s January 1 global deadline. Astron’s VLSFO is also available at Richard’s Bay harbour. Astron CEO Jonathan Molapo said at the time that meeting the new IMO regulations with VLSFO was vital for Astron and the ports. Glasenberg in February described Astron’s acquisition of the oil refinery and fuel distribution station business in South Africa as “a nice short to have for the trading business”. Glencore’s trading business was its star half-year performer in delivering record half-yearly adjusted earnings before interest and tax of $2-billion, which allowed the company to raise its full-year guidance to the top end of its long-term range of $2.2-billion to $3.2-billion. In addition to South Africa, Glencore’s oil division has fuel outlets in Mexico and Brazil, which benefit on the trading side of the business. “It’s something we like in the oil trading division. We can supply crude into the refinery and then distribute from there. So, it’s a nice short to have for the trading business and it fits our portfolio,” Mining Weekly quoted Glasenberg as saying earlier this year. “We’ve also got a large amount of distribution stations in Brazil. That’s a business that our oil department has developed slowly and we’ll see how it goes and that’s how it operates in South Africa,” Glasenberg said. In 2018, Glencore Energy signed an agreement to acquire 78% of Ale Combustíveis, Brazil’s fourth-largest fuel distributor, which has a network of 1 500 stations in 22 states and about 260 convenience stores. This followed investment in the Mexican downstream sector through G500. In April 2019, Glencore South Africa Oil Investments consummated its acquisition of 75% of Astron and 100% of Astron Botswana, the two businesses previously owned and operated by Chevron. Glencore’s work with Astron drives growth in the businesses as well as increasing the BEE ownership and localisation of the fuel business in South Africa. In March, Molapo told the African Refiners & Distributors Association (AR...

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So, you’re a pop culture genius and keen to win some cash? Every day, Anele and The 947 Breakfast Club will put someone in the hot seat to play Pop Quiz live on the show – if you want that person to be you, you need to prove yourself by playing the game online first! Once you’ve aced the Pop Quiz online game below, make sure you enter your details in the online form when prompted and submit your entry. Your quiz score will be saved with your entry, so if you want to improve your chance of being picked to play on-air, keep on playing until you’re acing it every time! The 947 Breakfast Club team will choose an entry from the online game, and they’ll be given the chance to show off their smarts live on radio. Start playing below now! The Clicks R10 000 Pop Quiz. Exclusive to 947. Enter now!

Boy, did AJ open a can of worms this week! We fall down a preservation fund rabbit hole that's perhaps long overdue. Here are some of the key things you should know.  When you leave a company's pension or provident fund because you leave the company, you have three options when transferring those funds: You can move it to your new company's pension or provident fund. You can buy a retirement annuity (RA) in your private capacity. You can put that money into a pension preservation or provident preservation fund. Both pension and provident funds are Regulation 28-compliant products offered by employers. They differ in one important way: with a provident fund, you can withdraw the full amount in cash at retirement. If you hold a pension fund at retirement, you can only withdraw one-third in cash. The rest has to be reinvested in a living or life annuity.  A pension preservation or provident preservation fund is designed to hold on to the money you saved when you were employed with your company. It's also a Regulation 28-compliant product, but once you move your retirement money into a preservation fund, you can no longer contribute to that fund.  If you have a pension preservation fund and your new company has a pension fund, you can move that preservation fund to your new company's pension fund. If you have a provident preservation fund and your new company has a provident fund, you can move your preservation fund to your new company.  All this complicated moving around of money makes one wonder why you wouldn't just transfer your money into a retirement annuity (RA), right?  It turns out, by law you can make one full or partial withdrawal from your preservation fund before retirement. The first R25,000 is tax-free. After that you are taxed according to the table below.  At this point you might be wondering why AJ is under the impression that his first R500,000 would be tax-free when he is retrenched. In this idea he is right and wrong. If he got a new job, contributed to his new employer's pension or provident fund and got retrenched, he would be able to retire out of the new fund upon retrenchment using the R500,000 tax-free withdrawal he would have received upon retirement.  He can only withdraw from the fund to which he was contributing with his new employer, so if he didn't transfer his preservation fund to his new employer, he'd be taxed on that withdrawal. The other snag is that it affects the tax-free amount he can take upon retirement. If he withdrew R100,000 tax-free upon retrenchment, he'd only have R400,000 tax-free money left when he retired. Subscribe to our RSS feed here. Subscribe or rate us in iTunes. Win of the week: Alexis When you financially emigrate SARS makes you pay CGT on all your investments worldwide as if you had sold them on that day. Ok, fine, but I haven't actually sold them, and one day, when living in my new country I will want to sell them.  But then the new country is going to want tax on the profits, presumably calculated from the actual base cost. I'm not sure how to avoid paying tax twice in this situation. Unless I actually sell the investment when financially emigrating, and buy it again at a new base cost after this process is done, which seems like a waste because of fees, spread and spending some time out of the market. We asked our Head Elf De Wet about this. He has good news. Typically the country to which you are emigrating has legislation (if their tax system is advanced enough as is the case with South Africa) that will deem the base cost in the new country to be the re-acquired base cost (not the original) and it should therefore not result in double taxation. It can in very few circumstances result in double taxation, but the chances are very slim. AJ  After I resigned from my previous employer, I moved my Provident Fund money to a Sygnia Preservation Fund. I chose this option to follow the ‘'Tax rules''. I no longer save additional money, as I have moved abroad. I've gone quite aggressive with my allocation on Sygnia (Top40, Property, Offshore, Rhodium & Palladium and no cash, no bonds) minimum fees 0.62%. On my return to SA and if I find employment where there is an umbrella fund available, I can transfer my preservation fund to their Fund. This means I start at my new company with a lump sum available from day one.  I'm not a big RA, regulation 28 type of guy. My main benefit would be if I am retrenched and my retirement value is close to R500,000 at retrenchment I could benefit and effectively take this tax free.  Secondly, I could take this money with a huge tax implication if I am in some sort of emergency where I need cash all before the age of 55.  I am putting myself in the position that at worst case, if a retrenchment happens I at least benefit in some way. The maximum benefit would be around R500,000 in retirement money.  This tax free withdrawal can only be done once per person. If you have used your R25,000 tax-free portion, the max benefit you would be able to take is R500,000 less R25,000 (R475,000).  Francois I am 28 and recently started to take control of my financial life. So far: - I started a budget via 22Seven - Paid off my car loan - Maxed my TFSA (100% Satrix global MSCI- Single ETF lowest cost- great article by Stealthy Wealthy comparing global ETF's. Single ETF strategy for the win)  - In the process of moving my RA from "Unnamed Life insurance company" (My EAC was 6.61%) to Sygnia skeleton balanced 70 fund    I am currently stuck. I am looking to increase my global portfolio.  I currently earn in USD and receive this money in a USD call account. Would it be better investing in USD directly in an ETF (example Vanguard S&P 500) or use ZAR to invest in a global ETF (example Satrix MSCI global/Ashburton 1200)?  I will only be earning USD for the next two years and will then have to convert rand to USD to continue my dollar cost averaging amount monthly if I have a USD-based account. What is the benefit of having a USD account vs investing in Rands via a global ETFs. Yakoob  Can a South African citizen buy shares in Aramco? It's  a Saudi Arabian oil company that listed in November on their local stock exchange. Mbasa When buying property the bank will show how much interest you would pay over 20 or 30 year home loan period. When you rent the property out the deficit will be reduced and eventually become a surplus that can be used to quickly pay off the loan. Example: A R 850k mortgage will amount to R 2 000 000 in total instalments over 20 years (R8369 * 240 months).  Baring in mind that this is paid for by the bank and the tenant. Is it advisable to then save (ETF, shares, unit trust ) to reach that R 2m goal or borrow from the bank and rent out. I did a quick calc and about R2.5k per month at 10% pa over 20 years reaches the R 2m goal. Sam I am 34, I have a 9 month old daughter and would like to save for her education. Time horizon is 13-14 years. We hope to cover primary school from salaries or a separate investment. I don't want to do a TFSA in her name as we will withdraw it all and then "rob" her of some or all of her Tax Free lifetime allocation. Would TFSAs split between my wife and I be a good idea considering we would draw down on a large chunk of our lifetime allocation long before retirement? If not then what would you suggest? (Regardless of the vehicle, ETFs will likely be the underlying investment, thanks to you guys) Boitumelo In 2019 I tightened my budget a bit, moved my Pension Preservation to a low-cost provider and fully funded my emergency fund for 6-8 months. Because of my work in Botswana I do not pay tax and can thus not get the tax benefit from the RA. I am now channelling those contributions and excess into my discretionary investments after maxing the TFSA. I receive my salary in USD into a dollar account in Botswana.  I transfer some cash for basic living expenses here and some to my expenses in SA (i.e. bond, donations, investments etc..).  I then leave some USD inside this account at 0% interest. Should I perhaps build up some USD in my account here transfer every few thousand dollars to  a USD Account to buy some Vanguard US Total Stock? Would that be a good idea and better use of the USDs instead of keeping it in this normal cheque account?  In my TFSA I buy the Satrix World and the CS Prop. In my discretionary account, I buy the Ashburton 1200 and The Satrix Top 40. Given that I am already buying the 'World' in both accounts, will buying the US Total Stock in USD mean I will be too US concentrated and therefore at risk? I am just looking for better value and better use of the USDs while I am able to.  Lusani  In 2014 I bought a house, paid extra monthly and when I was left with 13% to go I opted for a second property as an investment. The worst move I made was applying for a re-advance on my residential bond and then paying for the rental property cash. The whole transaction incurred transfer and bond registration fees.  Things were looking rosey until tax time. My tax consultant told me I could not deduct the bond interest since the property address on the bond statement does not correspond with the address of the rented apartment.  I missed out on that deduction and as a result my income is higher. My worry is that when we get our annual increase (6%) in April, this rental income will to push me to the next bracket. I have decided to register a bond on the investment property. Based on my calculations, I will not pay any tax from the rent for at least 3-4 years. I will be deducting a whole chunk of interest, levies and rates, still taking in consideration the yearly increase of at least 5%. I want to retain my tenant and not scare them away with 10%. Must the bond be on that property? Some people say it is possible to deduct the bond interest even if property B is not bonded, but as long as you can prove where the money comes from. If I use this money towards buying stocks on EE, I will still pay tax. Registering my bond now seems dumb or was it a clever move? I only joined recently. Must I move it elsewhere, or cancel it? The thought of paying those fees kills me. Until my RA issues fees issues are sorted out I will not increase my contribution to the allowable 27.5% using this money. Tafadzwa What are the risks of trading in ETFs in an illiquid market to a retail investor? Also, how can one use small and mid cap ETFs to enhance returns? 

The financial world is filled with dreadful products. Avoiding them all is a tempting strategy, but not feasible for most people. In our first full episode of the year, Simon and I dedicate some time to help you spot a bad product. Below is a checklist of red flags you should watch out for before investing in these products/ Debt Interest Balloon payments Revolving loans Fees Savings TFSA in cash Disclosure - 13% compound vs simple Fees Products that are tied to other products Insurance and medical aid Requirements Complexity Investments Promises of above-market reruns Non-diversified/concentration risk Fees Lock-ins Is it tied to an insurance product Derivative products Subscribe to our RSS feed here. Subscribe or rate us in iTunes. Win of the week: Tafadzwa I stay in Namibia. Last month I discovered your show. I've been teaching myself FI by reading various blogs for 3 to 4 years. I recently turned 41 and your podcast was just the kick up the behind I needed to DO something about my finances. I am restructuring my life from top to bottom (or vice versa). I reduced my bank charges from 450 to 213 just because I went and raised hell. Guess what, there was a bundled package which suited me to a t. Thanks guys for the proverbial butt kick.  I am working on reducing my debt. Bye-bye to my clothing account in 5 months. Good riddance. My car loan is much more difficult. The prime rate was reduced from 10.75% +1 to 10.25%+1 in April this year. My installment was not reduced appropriately as was implied in the contract with the bank. I have 18 months left to clear the loan. Is the debt set in stone or can it be reduced through setting early? I need a hack please.  I decided to start investing in ETFs on the NSX. Satrix listed the MSCI World, Nasdaq, Emerging Markets, S&P 500 on the NSX in April 2019. Previously, only commodity ETFs where listed.  There seems to be little awareness about ETFs and possibly very little liquidity in that sector. I am aware that these are global ETFs. Will the lack of liquidity affect me in any way? Easy Equities implied that I can open a USD account. Is it a good option?  I am learning financial literacy with my wife and kids via YouTube and this podcast etc. Am working on my emergency fund (been start - stop) for years.  How viable is it for a contract worker to invest long term for retirement if there is no access to pension, RAs, tax breaks etc. Jon-Luke Many moons ago I bought some Choppies shares and some time later I sold with a bit of profit. But I did not sell everything a decided to hold a few thousand shares (they were dirt cheap) on the off chance that the company might turn around. Now with the company having been suspended for over a year I'm wondering what will happen if it gets delisted. What will the process be? If they delist do they have to pay share holders a nominal amount or do the shares “disappear” and does the value disappear too I saw a SENS for Choppies saying that they were possibly accepting a sale of all the South African operations... What does this mean for shareholders? Wouldn't the shareholders usually be asked to vote on a decision like this even if the shares are suspended? (They are not delisted yet). Or is that perhaps the next step in the process? Stephnie What if the very nice family member gave the very lucky family member R500K immediately as an interest free loan (payable in full at the end of - say - 5 years, with no monthly payment required), and then every year for the next 5 years reduced the outstanding loan amount by the R100K tax-free 'gift/donation' threshold. This would allow for the immediate transfer of R500K with no tax implication for either party. The risk of course is if the very nice family member passes away in the next five years, the outstanding loan amount would be owed to the deceased estate. Tax Elf De Wet responds:  SARS would view this as a simulated loan (i.e. actual donation) on the day the loan is made and would levy donations tax on the remaining R400,000.

This prank is kind of messed up, but so hilarious! Darren "Whackhead" Simpson teams up with the recently engaged Hein. He proposed to his girlfriend with a diamond and white gold engagement ring which went to the jewellers for resizing. Whackhead calls Bianca and casually slips that her beloved ring is in fact made of "c-grade" silver and glass. He goes on to tell her that it's mass-produced in China and worth less-than R400!

Business Day TV — Alex Duys from Umthombo Wealth chose Tencent Holdings Ltd as his stock pick of the day and Joseph Busha from JM Busha Investments Group chose Anglo American PlcDuys said: "Tencent is reporting their Q3 results on the 13th of November and looking at the share price relative to the sentiment or their results we are expecting it to be relatively weaker than usual. I think there will be positive developments specifically on the mobile gaming side and a consolidation of Supercell. This will remind the investors that gaming is still growing aggressively for Tencent. At the same time you have your fin-tech which is as strong as ever and I think this is a good buying opportunity."Busha said: "Anglo American thinks that they are going to have a cash cow in copper outside of South Africa. The momentum has certainly excited investors. I think there's a bit of momentum for for them in the next three to possibly six months. It could still touch R400 so we've got our target price."

Business Day TV — Waldo du Plessis from Nitrogen Fund Managers chose Remgro Ltd (REM) as his stock pick of the day and Gerbrand Smit from N-e-F-G Fund Managers chose Aspen Pharmacare Hldgs Ltd. du Plessis said: "I'm going with Remgro, one that I have chosen recently. It is a typical old school holding company, they use capital and invest in other listed and private business that they hope to bring to market. Their biggest investment RMH is around 30% of the net asset value, just last week there was a 6/7% dispersion in the share price and if you think about it, you've got one asset where thirty percent of its value is determined by something that went up six percent and it went down one or two, it looks pretty cheap to me." Smith said: "I'm going Aspen, we are all very worried about their debt problems etc. They certainly sold some of their businesses still Steven Saad never sold one of his shares that he's been owning. Most people back this company at a 35 and a 40 PE at R400 a share two/three years back. It's now trading at R85 a share, sitting at a six/seven pe multiple. They are deleveraging the balance sheet at the moment so they know what the problems are. They are tackling it and I they had lots of headwinds over the last two years, so I think you're probably picking up a bargain here and and you need to believe that Steven Saad and his management will do a good job going forward."​

Passenger Rail Agency of SA (Prasa) boss Dr Nkosinathi Sishi is allegedly on the verge of signing a controversial multi billion dollar deal. This according to a Daily maverick article. Sishi allegedly unilaterally and secretly negotiated a multi billion rand deal agreement that allows the Development Bank of Southern Africa (DBSA) to extract management fees in excess of R400-million for proposing and developing infrastructure projects for Prasa.

For two years we've had to live with the shame of the Listener Love Index. The wisdom of the crowd is not quite so wise when it comes to stock selection. Let that be a lesson next time a friend offers a hot stock tip. This week we finally replace that horror show with our new index - the Fat Wallet Price-Weighted Index (FWPWI). The methodology is one step dumber than that of indices weighted by market capitalisation. Market-cap indices multiply the number of shares in issue by the share price. We ignore the shares in issue and focus on nothing but the price. You'll find JSE-listed companies within the R80 to R250 price range at the start date.  I'm curious about how this index will fare against our benchmark, the Satrix 40. In essence we've stripped the outliers - at the top we're talking Naspers and a bunch of commodity stocks. At the bottom, property.  We end up with a fairly defensive index. You'll find a number of consumer staples and retailers - those businesses we can't do without during tough times. The index is heavy banks, which could turn out to be disastrous if that dreaded downgrade finally comes. Here's hoping Dario is right about that. Here is a video of how we put together the index. In the podcast we discuss why understanding this matters to beginner investors (and everybody else). The coolest part about this index is that you can easily replicate it for your portfolio. You simply add the average price you paid for your holdings and divide by your number of holdings. That will give you a DIY bird's eye view of your overall wealth. Subscribe to our RSS feed here. Subscribe or rate us in iTunes. Steyn I've started to realise that property might not be a very good investment. As I understand it, there are two factors that make a property a poor investment: On average it only grows at around 7% - just a fraction above inflation CGT doesn't care about inflation I ran the numbers and it became clear that the CGT you will pay after 20 years almost strips your growth entirely.  If you buy a property for R1m and it grows at 7% per year, it will be worth R3.95m after 20 years.  In today's money it would be worth R1.23m. So in real terms, your property only grew by R230,000. If you want to sell it, CGT will be calculated on the total growth of the property and not the inflation adjusted value. CGT will therefore amount to R210 000. After 20 years you only made R20,000 profit. This is sad. This has not been the case with our two properties. We've been very fortunate with both of them: We bought a rental property in a new development three years ago. They only finished and transferred last year October.  Over the past three years, the property has grown tremendously and in the meanwhile new phases were added which made the development quite sought-after.  The developer kept some units in our block and is now selling them for R1.5m. If I can sell it now I will make a nice profit, but I can't since there's a clause that restricts me from selling before five years unless I'm willing to pay a penalty. This is to keep speculators from tanking the prices. We also bought another house which is our primary residence at about R400,000 under market value.  Is my rationale correct that by cashing in on this equity and putting it into ETFs or an RA, would be better over the long run?  I'm considering putting the two bonds in a structured facility at FNB. This might give us a better interest rate (currently 9.5 and 9.6% respectively). Do you know anything about structured facilities and is there anything I need to look out for? Lastly, I'd like to share a property hack: I have a 55 day interest free period on my credit card. So each month I put my whole salary minus debit orders in our bond. For the next 55 days we live off the credit card's interest free period. We clear the credit card after this period and restart this cycle. If we continue to do this over the next 20 years, we will save about R260 000 in interest and take 18 months off the term without using any of our own money.  Dario SP has kept our credit rating below investment grade....for now. I can't say I agree with Ramaphosa in all things, but I do recognise that he has the potential to steer this country into a better direction. I am a firm believer that he will at least get SP & Fitch to upgrade us up to investment grade. I think we have some time to prepare for this. I don't think 2019 is the turning point just yet. How do we best position ourselves and how much upside is there? I currently hold some STX40 in my TFSA but I think investment grade affects bonds the most considering our JSE is largely offshore?  Gregg You have my school-going son investing R300 a month of his pocket money into a Global ETF – how's that for awesomeness! I'd much rather he do that than blow his money on what typical teenagers get up to now a days. Well done guys!  If I buy a house worth R1.5m, but I take out an access bond for R2m, it means I have automatically created an emergency fund of R500K. I don't pay interest on what I don't utilise, so I would only be paying interest on what I spent, in this case the R1.5m.  I totally get it that this is not the same, nor as good as buying a house for R1.5m,  then putting R500,000 into the bond thus reducing it to R1m, but still being able to access that R500,000, all the while it is “saving” me interest. This is ideal.  But in the first instance, if one does not have a big enough emergency fund, is this not a good way to kick-start one? Rudolph wants to know if raising taxes does the same thing to the market as raising interest rates does in terms of inflation, economic growth, investments, corporate profits, government revenues, etc? Ben wants to know if it's dumb to sell his old EW40s for ASHEQs in a TFSA.

I grew up with the idea that you can lose “all your money” in the stock market. I'm sure many people did. Movies about the stock market don't do much to put us at ease - if it doesn't end with someone losing their last penny, it's not very entertaining. This week, Nadia got us thinking about what it really means for your portfolio when there's a stock market crash. Her anxiety was provoked by Rich Dad, Poor Dad author Robert Kiyosaki, who stated in a recent interview that all money is fake and we should all buy gold and silver. Fat Wallet veterans can guess how we take this news. We talk about what we actually mean by a stock market crash and the different ways that could affect your portfolio. We also share some gems from our Twitter community. Subscribe to our RSS feed here. Subscribe or rate us in iTunes. Nadia  I was wondering if you guys could help ease my mind a little.  I've been wanting to do a lump sum deposit into my TFSA and split it between the Satrix top 40 and the Satrix MSCI world. I have most of my TFSA in the Coreshares equally weighted but I think I've given up hope for that ETF and I'd like to cut it out once it's back in the green (if that happens).  When I was about to do my lump sum, I came across this article "Rich Dad Poor Dad' author warns South Africans of 'biggest financial bubble' ahead". This made me a little nervous and got me thinking about a market crash. I don't know if I understand exactly what happens to all your investments when the market crashes. What will happen to my TFSA investments, my RA, Unit trust etc if the day comes where the markets crash.  What do you do in that situation? Do you just wait a few years for it to restore itself? Should you buy while the price is low and hope for it to climb up the ladder again? For example, if I had 50k in a Top 40 ETF, does this mean I could potentially lose that 50k if all those top 40 companies fall flat? Could this happen in a market crash or would it only be a few companies who take the plunge?  I think having a better grasp on what situations could unfold in the future would help me feel more confident about where I'd like to put my money and it'd help me understand what to do or how to handle things if shit hits the fan. Thanks again for the amazing work you guys do. Honestly, I'd be completely lost without you. From Twitter @SammyJoeD Lol I don't know but I'd like to think it's a closed system (don't ask me to elaborate, it makes sense to me that way), the money goes into someone else's pocket, say someone who has placed a bet on the option that the market will crash.

I've only ever known debt as the wrathful destroyer of wealth and happiness. Lately, however, I've come to realise debt can be a powerful tool in your financial arsenal - if you treat it with respect. Someone recently explained the logic behind maxing out his child's tax-free account instead of saving for her education. If a single year's tax-free contribution can cover much of your child's living expenses in retirement, imagine what 15 years' worth can do. Giving a tax-free account time to grow will have greater benefits in the long run than if she started contributing when she started working. Instead, she can use her starter salary to pay back low-interest study debt with her retirement taken care of. It's genius. This conversation got me wondering whether I'm making the most of the debt I have available. My home loan is currently the dumping ground for all my savings. This brings down my repayment period and guarantees a higher interest rate on cash savings than any bank can offer me. In this episode we discuss how low interest debt instruments like student loans and home loans can be used to inch us forward financially. We discuss why cars and clothing accounts won't form part of this strategy and try to figure out when a credit card can help. Subscribe to our RSS feed here. Subscribe or rate us in iTunes. Alexander My studies are financed by my parents' home loan that has an interest rate of 9%. This interest rate is still currently better than student loan interest rates I could obtain (10%+). The idea is that I'll start to repay my parents as soon as I start working. I calculated that I'd most likely graduate with R350,000 to R400,000 student debt owed to my parents. Should I use the very little free cash I have from my monthly allowance, vacation work and mentoring remuneration to: Contribute to my all-ETF TFSA at EasyEquities? or Contribute to my savings account with TymeBank (at a 10% interest rate) to pay off my student debts sooner when I graduate? I know the amounts I'm investing/saving now might be insignificant relative to the massive amount of student debt. But I'd still like to know what is better: investing in your TFSA or attacking student loan debt as soon as possible? Clarke My wife and I are in the process of finalising plans to build our dream home. We've saved up about 50% of the funds required, which is sitting in a money market account. We hope to get close to 90% building loan from the bank which would enable us to use very little of our own cash in the initial stages of the build. Hopefully we can pour that money into the loan as required in order to keep interest payments to a minimum while having access to the bond if required. I'm currently working on an exact schedule of cash flows, but I would require to draw down our investment periodically over the next 7-9 months in order to keep the loan amount to a minimum. Which investment would you advise I could look into apart from money market accounts or fixed deposits that might yield greater returns without substantial additional risk? Siphathisile When I did my articles 2017-2019, I went to the SARS website and answered questions to see if I need to file a tax return. The website said I didn't need to, I'm guessing because I earned too little. Now that I am a qualified professional I know I will have to and I have no clue where to begin...stories about long queues at the SARS offices make me keep procrastinating on going there. My company offered to pay half my medical aid. Should this affect my PAYE tax amount? Am I paying tax on my gross amount or on my (Gross plus medical benefits) ? I asking because the difference in the amount is nearly R500 and that hurts. Am I liable to pay UIF since I am not a permanent resident and I am not a citizen of south africa? Will I be able to claim if I was ever unemployed in South Africa? Shaunton Do you think it would be more beneficial to add more contributions to my RA or do you think I must open an easy equities ETF account if I want to save more over and above my TFSA and RA? Steve shared an excellent article. Reduce your tax bill in the current tax year Reduce your tax bill in the next tax year or in future tax years (any unused portion carries over indefinitely) Reduce your tax bill when you withdraw or retire from a retirement fund Help you to get tax back from SARS on your living annuity income when you file your tax return Reduce the tax bill on cash your beneficiaries may choose to take from your retirement fund or living annuity on your death Francois has an idea for a calculator to work out how much money you have left until you die. It should show you how your savings grow on a daily basis! So what must it do? You tell it how old you are and when is your birthday. You tell it to what age more or less you intend living. 8, 90,100 You tell it what your balance is of all your money and assets. It then works out how many days are left from your current day to that age and it calculates how much money you can spend per day up to that age. If you don't spend any money today, tomorrow your daily spend automatically increases since you did not spend anything today or you received interest overnight or whatever. You see your balance grow NOT monthly, but daily! Later you add on expenditures and it automatically calculates your new daily balance and so on. MacGyver I have a TFSA through FNB. I max it out every year, it's the first money I put away. However, it sits in cash in this FNB TSFA. How do I go about transferring this to Easy Equities Tax Free account so that I may invest in ETFs instead of it simply sitting in cash in my FNB account? Register here to attend Stealthy Wealth's meet-ups.

MultimediaLIVE — The Sunday Times Politics Weekly team discusses allegations of "cash for votes" or voter buying laid against the ANC recently. ANC secretary-general Ace Magashule’s cash handout to a woman with an empty fridge could land him in hot water with the electoral court. Magashule was filmed giving R400 to a woman in Philippi, Cape Town, while visiting her home during door-to-door campaigning. The DA has since laid a complaint with the Independent Electoral Commission (IEC), calling it a case of "cash for votes", which would contravene the Electoral Act. Mosotho Moepya, a commissioner at the IEC, said that for a politician to offer a voter cash could violate the law. The team further discusses the cost of state infrastructure upgrades, voter apathy, the controversial state of Alexandra township, and alternative options for voters.

Simon Shares No Brexit deal with 8 days to go. A mess of epic proportions. Load shedding is in full force (well only force 4 with more stages to go) and it's bad. Seems we can expect a 'stable' electrical grid sometime towards the end of the year, albeit stable may still include stage 1 load shedding according to experts I have spoken to. The reasons we know and frankly don't matter. It also doesn't matter who wins on 8 May, this is not a problem that goes away over night. For us individually it s a hassle, a real hassle. For business it is a major issue. Our expected modest GDP growth for 2019 is going to be even more modest while Moodys eyes us for junk status. Most exposed will be retail (extra costs) and property(lost sales and extra costs) while mining has largely managed to get off grid. Metrofile* (JSE code: MFL) results were a horror show with the tax rate hitting 40%, up from 24%. Seems the two now fired CFOs messed up the Kenyan deal so that interest was not deductible as an expense. They out, new CFO will be able to fix and get the tax rate back to normal. Debt should be easy enough to pay off in 5-7 years. That all said it is currently my worst performing share in my portfolio and I continue to hold. Sure the pain has been plentiful, but the business model still stands, some issues (re tax rate) should be easy to fix and I wonder if a take over may not be on the cards? Up coming events; 11 April ~ JSE Power Hour: Know your fees with Nerina Visser  * I hold ungeared positions. Avoiding the next Steinhoff Up front let me state you're unlikely to be an investor in individual stocks and over a life time of investing never invest in what turns out to be a fraud. So far I have been lucky in that my only fraud was way back in the mid 90's (I can't even remember the name of the company) when the CEO suddenly rushed off to Australia and my loss was fairly modest (as I was poor), albeit I did make the horrid mistake of doubling up when the price had halved. Back to Steinhoff, the PWC report is finally out. Three thousand pages and four thousand attachments, albeit we only got a ten page summary that detailed over R100billion in fraud over the 2009-2017 period. Profits for this period were only some R60billion and while the fraud number may include some double counting, it basically means Steinhoff (JSE code: SNH) was a ponzi from day one. So how do we avoid being suckered into a ponzi scheme? Avoid the cult of the personality. Far too many people said that they didn't fully understand the business, but were happy to follow (and trust) Markus Jooste. Big mistake. I remember somebody on twitter saying if accounting was an olympic sport Markus Jooste would be a gold medal winner every time. To which I responded that hopefully he wasn't a drug cheat - turns out he was. I am not saying that every great person is a crook, but being great is not an investment case. Sure management is important, but we need more. Other red flags on the cult of personality is when they attack critics. Sell reports on Steinhoff were meet with rage from Markus Jooste and demands that they be retracted and the person involved be fired. Remember the recent Investec report on the Tongaat (JSE code: TON) CEO that got the company all upset and complaining to the Investec bosses? That was in June 2018, the share was over 8000c, now under 2000c. Avoid complexity. As humans we believe in complexity. We think complex is great, complex is best. It's not. In large part we believe in complexity because it is easier to do so. It helps explain why our portfolio growth is modest, why we're not hitting it out of the park with our trading. Truth is luck plays more of a role than complexity (read Fooled by Randomness by Nassim Taleb). The other issue with complexity is that it is easy to hide the fraud and diss naysayers. The reason I avoided Steinhoff is because I couldn't get the balance sheet to balance nor the debt to reconcile to the balance sheet. I am no CA nor a rocket scientist, so I go for the easy and these two should be easy. But I couldn't get them working so I just walked away. (Disclaimer, I did trade Steinhoff a few times, mostly in my momentum portfolio and can't remember if I made money or not). As an aside, I hold a complex stock ~ Discovery (JSE code: DSY) and when Viceroy was threatening to come after a second JSE stock last year, I ran my eye down my list of stocks and figured Discovery was a potential candidate. Point is I hold the stock knowing it is complex. Knowing its accounts are beyond my ability. Knowing that maybe it'll all collapse one day. I have built this understanding into my risk tolerance in that to is the only complex stock I hold and I cap the percentage weighting. Debt, always watch debt especially when paying top dollar for assets, such as the 100% premium offered for Mattress Firm. As Buffett said, debt is like Russian roulette. It's fine until it's not and then it is fatal. Know the debt ratios, watch them and compare to previous periods and their peers. Watch governance. Independent execs, are they really independent? Do we have a strongman CEO who has been there forever? Again a double edge sword, some such as Gore and Saad are important to the business. But so was Asher Bohbot to EOH, and now he's gone. They're great till they're not. What we then need is a strong, diverse and truly independent board. Can a non-exec really be independent after ten years on the board? Denial is another issue that we should largely ignore. We've had two execs at parliament saying, no not us. Yet both are named in the report. Ask yourself, how many guilty people confess when first accused? How many ever confess even when finally convicted? Remember the chairman, Christo Wiese on the radio flatly denying concerns. Now he claims he didn't know (and he is not named in the report), but then why the flat denial? Another aside. Why did the so smart Wiese sell his Pepkor holdings into the ponzi scheme in return for Steinhoff shares? Maybe as a rushed and easy way to offshore his money? Avoid falling darlings. We have lots of examples locally of once high flying darling stocks under severe price pressure. We missed them on the way up but now that they're lower we're buying, but they keep on falling. EOH R180 to under 2000c. Aspen (JSE code: APN) was over R400 now under R100. This is tough because sometimes the sell off does offer a great entry, but we need to be extra sure that the sell off is not the start of a collapse. Best way to do this is on a valuation and full understanding of the business. Aspen is maturing so the +30 PE levels were not reasonable and the price needed to come down while EOH was always built on using script as currency and that uravels as the price falls. So what next? Well Steinhoff is bust, 100% bust. Sue they have some assets (such as c70% in Pepkor and Conforama and bankrupt Mattress Firm in the US) but the claims against the company are in excess of R200billion and current shareholders are last in line. The process will take a while, maybe a decade, and by the end there is nothing left for shareholders. If you're holding or buying Steinhoff, understand you're trading because you can't invest in a share that's going to zero. Subscriber to our feed here Subscribe or review us in iTunes JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Sorting out money between partners can be fraught, but it's a walk in the park compared to parents and siblings. We spend our formative years trying to secure the love and acceptance of the very people who we now have to say "no" to, which is why we are Money Enemy Number One. Your best chance at success is substituting emotions for numbers. If you are the person your family looks to for financial support (and you have no moral objections to helping out), the first number you should care about is what you can afford. This doesn't mean how much you have left over, but how much you are willing to give. You also have the option of paying directly for fixed expenses and letting them figure out the rest. Alternatively you can offer a cash amount, walk away and fight every urge in your body to give more if they run out. You don't have to say no to your family if you don't want to, but you are allowed to have boundaries. If all else fails, ask yourself what you would do if your kid made the same request. Devon's mom told him he'll have to take care of her his whole life. After paying off her debts, renovating her home and countless budget discussions, he's losing hope. I have had endless budget sit downs and fiscal meetings with my mother to try reign in her expenses, but after a few months the old habits come back. She's very good at convincing herself whatever she buys is absolutely necessary. I listened to your podcast about talking to your partner, but I find having a talk with my mother far more difficult and emotional. Her house is paid off (just levy, water, electricity, medical aid and living expenses are needed) but she spends over R10,000 on groceries on just her and my sister at home plus clothes and other non-essentials, plus having a domestic worker twice a week and a gardener for a small garden and a pack of 5 dogs which obviously need to be fed (I tried everything to stop her at just having 3 max). How would you suggest approaching this firmly enough that it actually does stick with her and leads her to actually taking action to cut expenses? In essence how do you get this message across to someone doing their utmost to stay dependent on others to avoid the responsibility of their own financial position. I feel like I have tried absolutely everything and have spent so much energy and effort that I am at my breaking point. Emile Market commentators will say they would only buy a stock at a particular price level. For example, stock A is expensive at R100 but fair value at R80. Is this merely a reflection of the rand value of the P/E at different levels i.e. R100=P/E of 20 and R80=P/E of 16? Subscribe to our RSS feed here. Subscribe or rate us in iTunes.   Wim Taxpayers get a R23k interest deduction. Wouldn't it be better to first max out this benefit, before going to TFSAs, because it's already tax free! What is TFSAs offer the best returns? Can I expect more than e.g. a 32 day notice deposit or a 24 month fixed deposit somewhere? As far as I remember, the TFSAs have a lot of red-tape w.r.t. what to invest in and how much risk these funds may take on. Will this not mean lower returns?   Marina's twin sister introduced her to the show. She has a question about ETFs. Stealthy mentioned that the smart beta indices try to outperform the market and rarely do so, and that is why he sticks with vanilla indices. She also read a Moneyweb article about the SPIVA report. Some are of the opinion that active funds rarely outperform the market but passive trackers can? What is your opinion on the matter? If active funds with competitive fees were to become available in the future, would you buy them? Lars Kroijer Investing Demystified series: https://www.youtube.com/playlist?list=PLXy71rkGuCjXLg9N8zowwUpXCYfBcMJFK Frank sent a link to a podcast called How It Began, where they discuss the stock market after episode 123. https://itunes.apple.com/za/podcast/how-it-began-a-history-of-the-modern-world/id1221558103?mt=2&i=1000389611474 Mpilo wants to know what listed property is. They also want to know what a mutual property fund is. Psychedelic Nerd wants to double-check that they understand CGT: If I invested R5,000,000 into the market, and now it is worth R10,000,000 . I decide to withdraw R400,000 (i.e. a 4% drawdown rate) to live on for the year. Half of this (R200,000) is capital gains. So, after the R40,000 CGT allowance, I am due to pay CGT on 40% of R160,000, which is R64,000. I have the 2018 income tax free allowance of R75,750, which leaves me with no taxable income! So I keep the full R400,000. In this scenario, the CGT mentioned here is the only income for the year. Does this scenario sound right to you or am I getting some steps wrong? (If this is correct, over time I guess it will change as the percentage of the annual drawdown that is capital gains will probably become higher.) They also want to know what I mean by “cash” savings and if it's a good idea to have an emergency fund in a money market account. Ivan made Kay a spreadsheet to calculate her tax liability in a year. Download the tax calculator here Kiril has a hella fancy car. He wants to know if he should speed up his repayments. I currently have an emergency fund, maxed out my TFSA for the year, contribute to a provident fund through work, and have zero debt except my fancy car. Whether owning a fancy car is a good idea is not part of this question. My designated installment is R7600, which I've upped to R8000. Should I increase this to R8600, and put in some sizeable lumps sums, eg. My tax refund? My interest rate is 10.5%, but Tito's jitters indicate this might rise in the coming year. Please, I'd really appreciate your advice. Promise wants to know who we prefer for TFSAs. Pierre If I sell out of a fund and incur a 360k capital gain which I will be taxed on, can I invest 360k straight into an RA and thus pay no CGT? No - but you can contribute 27.5% of your profit to your RA for the tax break. First point RISK = REWARD, pretty basic if you take more risk your return can be higher (or lower), take a small risk and you make a small return. Bonds have a very little risk so you get a small return BUT you are very sure you don't lose your investment. This is called the investment risk pyramid. Cash (no risk) Money on deposit in a bank which as a guarantee if a bank goes bust Bonds (low risk) 1)US treasury bonds 2)Developed markets 3)Emerging Markets Within each of these 3 sectors you get municipal and corporate debt too ETFs / Unit trust (medium risk) The more diversified the ETF/fund lower your risk should be, ie if you buy an ETF with only 30 shares and they are all banks it is less risky than buying one bank share but riskier than buying an ETF with 1200 shares in it across many sectors. Shares Within the share universe you get more and less "volatile" shares. Volatility means how a share price moves day to day around its average price over time in laymen terms. So a stock that is speculative like saying your Blue Label group moves in massive swings, something like a property stock which is run by a well managed reputable outfit which owns shopping centres and hard assets and receives their rental income from these properties every month will have a stable income and below volatility. Worst comes to worst the assets (buildings) are sold on their own and the shareholders in the stock can get their cash back. The assets are easy to value. Stocks are theoretically priced by their earnings, how much we are willing to pay for those earnings is called the price-earnings ratio, higher PE the more willing people are to pay for its earnings. Sometimes stock prices make very little sense. Example - Tesla, we all love Elon Musk, he is trying to change the world, he has very big ideas, he has shown potential BUT his company is not making that much money yet. People believe his dream and keep buying Tesla shares thus it has a very high PE. Very low earnings and high PE. Every sector has its own go to PE. Banks in SA generally below 12. Leverage / Speculative Funds/Small business/Bitcoin Risky stuff, could lose everything or double your money, need a lot of research and gut feel to know what's what. Not for the amateurs, no matter how good the tip was your buddy gave you or you ever heard at the gym. Ok so that how risk is priced in instruments next layer of risk is the country risk, it is generally expected that: US least risky (now) Developed markets (UK, Japan, Germany etc) Emerging markets (South Africa, Turkey, Russia etc) Junk Markets (Zim, Venezuela etc) Each of these countries has their own risk profile and within each you can buy a bond (least risky for that country) or you can buy a share (risky for that country) . If you buy a bond in say South Africa you might expect the same return as a medium risky share in a big developed market. Theoretically speaking, my idea to get the concept across. The risk is everything, the risk is priced in return, for a stock that return is measured in its earnings for a bond/cash in its return. So back to your story, why did my ETFs in SA do nothing but when the market fell I still fell along with it, should I have been hedged through my diversification? There are 2 parts to the answer. 1) Naspers makes up roughly a quarter of our Top40, Naspers is basically a company holding a share called Tencent, Tencent is basically the google plus facebook of China. It's gone up in a straight line for last 5 years. Dragging our TOP40 with it. If you take out Naspers/Tencent our markets has done sub9% maybe less... Why is that you might ask, unemployment, bad ANC policies, international investment firms selling South Africa as a brand, the land appropriation bill is a massive massive issue, firstly our banks are being sold off more intensely than I have ever seen in my 15 year career, you can get a big 4 bank stock now at a PE of 8 (side note at this rate it will be more tax efficient to buy a bank stock and get a better dividend yield on your money than the bank can offer you on the interest rate and the div yield is tax free!!). Banks own the bonds on the properties the ANC want to appropriate thus banks go to zero, the market has decided to rerate the risk on banks and the price went down, more risk bigger move in this case down.   Tech stocks have rerated after an incredible run the last few years, Tencent halved and with that the price of Naspers and thus the TOP40 or JSE and your ETFs. Buying the Top40 or DTOP is not a good diversification. I'll say that again, buying the TOP40 is not a good diversification. 2) The second part to the answer is more interesting, think of all the capital in the world flowing around like water freely. When there is a lot of capital it sloshes around the world, builds up at the riskiest places and even forms bubbles, think bitcoin. When is capital cheap? When interest rates are low, because anyone can borrow a lot and do with all that money what they want to. When was capital cheap, since the 08 crash, the Fed and other central banks took interest rates to ZERO percent, all that cash has been sloshing around the world and found new homes in the riskier assets and countries like you know who SOUTH AFRICA. For the last year or so the Fed has been slowly increasing its lending rate to try and normalize markets (or their market among things). The effect is like a giant sponge in America sucking up all the excess money they were out there in riskier assets. Starting at the riskiest and going down the pyramid to the least risky. So in our case, we are an emerging market check, we have are buyers of an ETF that's listed over equity check, we have bad economic policies check, there is talk of taking away peoples assets which banks have bonds overcheck. And there you are, your ETFs have rerated in risk to the new reality. I don't want to make you feel worse but that return you lose you have is in Rands, as we discussed above, a South African Rand bank account is riskier than a USA bank account, thus the rand is also being sold and more people are buying dollars. (if you can earn 3% risk-free in the US why buy an SA bank account and only make say 6% with all our inherent risk too). I have been a holder of 4 "hedge" funds over around 10 years. Over a decade plus they have been the standouts and I managed to get in quite early and trusted each of those outfits as I work in the industry and am well aware of what they do. That being said, you pay through your ears for this good return these guys get, there are also down times. I decided at the beginning of the year to start liquidating investments in these funds down to 25% and buying ETFs listed on the JSE but in foreign exchange and international markets. I like and have moved into Ashburton world bond index in USD, NASDAQ listed by Satrx, GLODIV dividend aristocrats international, SYG500 SP 500. All of these ETFs hedge me against any South African and Rand risk. My thinking is, I live in South Africa, I own my house in South Africa, I earn Rands in South Africa. South Africa is a tiny country on the tip of Africa, do you think if you approached someone in Japan or America and tell them you think it is a good diversification to buy TOP40 index ETF in a tiny country on the South tip of Africa. No ways! Buying SA listed ETFs like TOP40 ect is not being diversified, you are actually taking on a lot of risks, we now have the freedom and products to buy cheap, international ETFs on the JSE which gets you out of local currency, buy them and buy as many as you can. I wrote about how I plan to approach the maintenance to my new house in last week's newsletter. I said I'll probably under-budget. Dave had a great point about that. Your new project/s made me think of one of my favourite Project Management lecture points - don't stress the accuracy, stress the completeness.  If you budget R100 and it runs to R110 you are 10% out, but if you don't even put the item in the budget then you are in trouble. Quinton wants to run his ETF strategy past us. These are ETFs he's buying in addition to his RA and TFSA. I don't want to be to active as an investor, I'd like to select shares, then contribute monthly from now until retirement. He's looking at Satrix Top 40, Satrix S&P500 and the Ashburton Global 1200 My idea is to buy each monthly. I am a minimalist and like keeping things simple, but also don't want to invest in the wrong portfolios, or be too diversified. If you think this is a good strategy, would you invest equal amounts into each or spread it more offshore (E.g. Satrix S&P500 and Ashburton 1200 = say 80%) and Satrix top 40 = 20%? I have received dividends in my TFSA account now, and was thinking on using those dividends to apply the same logic. What are your thoughts on the Satrix Emerging Markets, Nasdaq 100, or MSCI World index. Should one be considering any of these?

Subscribe to our RSS feed here. Subscribe or rate us in iTunes. It seems having enough money to retire is only half the battle. There are so many decisions to be made post-retirement. This is true for old school retirement and financial independence, as Alistair Hennessey's question illustrates this week. He and his wife have sold everything to live their somewhat odd dream of following winter around. (We strongly discourage this abnormal behaviour.) They're both in their 30s and lucky enough to have jobs they can do anywhere in the world. Having accumulated enough assets over the years to make this possible and still earning enough money to continue investing, how would one even begin to untangle all the possibilities? Luckily we have access to our financially independent friend Patrick Mckay, who has been thinking about his options for a while. In this episode he helps think through the Hennesseys' options and talks about the wonders of tax-free investments. My wife and I have sold our apartment and all our shit and are moving to Lisbon. We'll be living in AirBNB across Portugal, Europe and back in Cape Town, probably following the winter around. After selling everything, they have: Cash: R2,9m RAs: R700,000 I think we'll still contribute the minimum monthly amount to keep them active (about R400 each). TFSAs: R66 000 between NFEMOM, PTXTEN, CSEW40, STX40 Currently with ABSA but soon to be moved to Easy Equities. Going forward we will just buy STX40 and/or possibly the Satrix MSCI Emerging Markets ETF STXEMG. ETFs: $22 000 between Vanguard FTSE Developed Markets (VEA), Vanguard S&P 500 (VOO) and Vanguard Total Market Index (VTI). I only found out after buying these ETFs that they are domiciled in the US, which means the US tries to steal quite a bit if I die. Although this might only be when it's worth more the $60 000. I'll be getting new wills done as soon as we get to Portugal. Debt: 0 The plan We'll put aside cash for six months' expenses in EUR. Since selling the house we have dropped our monthly expenses by about 50%. I still want to transfer R66 000 into our TFSA each year. If we have a ton of extra cash we might top up our RAs, but there is no tax saving with us being in Portugal, so I'm not sure it makes much sense. He has between EUR 1,000 and 2,000 to contribute to ETFs every month. For the ETFs, the plan would be to take the bulk offshore and buy the Vanguard FTSE All-World ETF.  To be honest, I don't actually know where we will be living in 10 or 20 years so I was thinking of investing mainly in EUR. The Vanguard FTSE All-World ETFs is domiciled in Ireland, which means that everything can happily pass to my wife without too much fuss when I die. Portugal also has some great tax savings around offshore dividends.   But this ETF has an expense ratio of 0.25% (The Vanguard ones have 0.04% and 0.07%) Assuming my maths is right, on a 200 000 EUR portfolio the annual costs would be: 0.25% TER is 500 EUR 0.04% TER is 80 EUR So over 10 years, Vanguard all-world needs to do 12.5% annual return to keep track with the S&P 500 ETF just doing a 10% return. Over 20 years the all-world (VWRL) needs to do 14.5% annual return and the S&P 500 (VOO) just 10% to get to the same place. In summary: 6 months worth of expenses in EUR for an emergency fund Rest of the cash into either: VWRL (EUR) and VWRD (USD), Leaving what's currently in VEA, VOO & VTI Keep adding to VOO and VEA (and not die before my wife) Every year add 33k ZAR each to our TSFAs STX40 & maybe STXEMG leaving what's currently in NFEMOM, PTXTEN, CSEW40, STX40 Leaving RAs intact (sigh) Our friend Jo wrote in for the first time in a long time! My TFSA is in cash. And has been since it started. Let me lay out my logic for you. When TFSA came out, I decided markets 'felt' expensive. I know, super subjective, but TFSA has quite a long horizon. At R30,000 a year it just didn't feel amazing me to me. I think you'll do okay with a TFSA, but it won't make you insanely wealthy. As it turns out I've made about the same return in cash as I would have buying DBXWD or a some local top 40. Which wasn't guaranteed. Markets could have done amazingly and I would have had to eat my words. Theoretically it could have also gone the other way. I'm keeping my TFSA in cash for the time being. I'll add  my emergency fund to that and wait for the next big sale/market correction. That might not happen for a while, or it could happen next week, but at some point it will happen. For example, the PTXTEN 25% down? I took my daughters TFSA and I bought a great big chunk of that particular fire sale. Thank you. You could argue I'm trying to time the market, but this is all still ancillary to my other normal investing - you know, dutifully plugging away into my ETFs every month. I see my TFSA as a kinda hedge bet and am happy to play a little loose with it. Not for everyone. But you know, just thought I'd posit an alternative. Paul has a question for Patrick. Would you please ask Patrick what he buys in his TFSA account? I know he's a one etf guy, but I believe he buys a local equity only etf in his TFSA to avoid foreign tax.

A few weeks ago I attended a 10X event in Johannesburg. Being a low-cost retirement annuity (RA)  provider, obviously much of the discussion centred around fees. Steven Nathan, who runs 10X, did an analysis of a statement sent by an old-school retirement product provider. He used the real example to illustrate how impossible it can be to figure out what we're actually paying for our investments. Listener Jenny Pigeon (a nom de plume, if you will) had the same experience this month. She's been investing with Allan Gray for 16 years but never thought to check her fees until she discovered The Fat Wallet Show. She sent her statements on to me, hoping I could help her figure them out. Since I'm of the new school (0% platform fee, 0.25% brokerage, 0.1% TER), I couldn't. Simon had brushed up against these sort of products and still has an Allan Gray product. He couldn't do it either. It took two weeks before Jenny, Simon and I got to some sort of answer, which wasn't too bad, actually. In this episode we talk about the process, why successful investing means you'll inevitably pay more than you contribute and how little we like the percentage of assets business model. We also decided to include my preparation notes to try to make the topics more searchable. It's not as great a solution as a transcription. However, it's a free solution. And some (us, mostly) would say that's the best solution. Kris Christoff Gouws sent a link about the P/E Ratio of the S&P 500. http://www.multpl.com/shiller-pe/ It is a great way to guage the “value” within the whole S&P500 (for example when planning on buying some more ETFs tracking this index).  As you know, when evaluating single stocks, any P/E ratio above 20 is considered “overvalued” or “expensive”. To this, an interesting thought is the current “overvalued price” of the whole S&P500, since the Shiller P/E Ratio currently stands at 32.38!  More market-correction (as was seen in the last few weeks) is needed I guess! Win of the week: Me, for figuring out this thing about total return ETFs. A total return ETF reinvests dividends instead of paying them out to you. The idea is that you save on the brokerage, because there's no charge. This only works if you want to use your dividends to buy the same ETF. However, you do get taxed on the dividends before they're reinvested. What I learned: Once you get taxed, they don't actually buy more ETF units. They simply add the value of the dividends to the NAV of the ETF. When you sell the ETF at a profit, your CGT is calculated based on the sell price minus the buy price. But your sell price now includes dividends you already paid tax on. We need a spreadsheet ninja to work out when your CGT becomes more than your brokerage. We also need to work out if this applies to bond ETFs. I also wanted to send a shout-out to Warren. He says: Today is both a happy and a sad day. Happy/ relieved that I have FINALLY finished listening to ALL the fat wallet show podcasts, including all bonus episodes, Christmas and the like and a sad day as now I have to wait for the new ones to come out (I don't even know when these are released as I would download them as I go, on free office WiFi of course). I would just like to say thank you both for putting this together. I am a 26yr old Investment Analyst (so not as cool as your engineer or doctor friends haha) and currently also studying towards my CFA charter. Its refreshing listening to this podcast as its takes all the complicated things I deal with on a daily basis and states them in a nicer simpler way. The links to the IG and other webinars are also great. We inspired Jenny Pigeon to confront her investment fees for the first time. I am in my early 60's and would like to retire fairly soon. I am self-employed and instead of taking out a retirement annuity I have "paid my self first”  and paid regularly into Allan Gray. Since my new addiction of listening to you and Simon on The Fat Wallet Show, I have decided, for the first time ever, to read my Allan Gray Quarterly Statement. There are about 20+ different funds on my platform. I have asked Allan Gray to send me the total fees for the quarter in rands, as I find the maths a bit complicated with so many different funds with different fees. My fear is that my annual contribution (R240,000) could in fact be less than my annual management fees. I would love to make significant changes to reduce costs and therefore improve my investment performance. She does have another problem. She's become friends with her advisor, so I want to try to help her understand and simplify her fees without burning bridges. She sent a statement. And then some more statements with the rand amount for the period. Then there was a Twitter storm. In the end, I managed to work out: She pays more in fees than their monthly contribution of R20,000. Based on the latest info, fee is 0.78%. Paying more than your contribution in fees isn't impossible. If you contributed R1500 to an ETF and ended up with R1m, at a TER of 0.15% your contribution would match your fees. In one account she's invested in nearly 30 different funds, including one that "reduced the minimum fee from 0.70% to 0.60%, the maximum fee from 2.10% to 2.00% and the fee at benchmark from 0.85% to 0.75%." Only 8 have an investment management fee under 1%. 11 have investment management fees over 1.5%. Average investment management fee cost over funds, 1.5%. Excludes platform admin of 0.23%. This fee excludes Annual Administration Fees, Annual Financial adviser fees and Initial financial adviser fees. She also has a second account, which includes five more Allan Gray funds - some of them feeder funds, some UTs. The investment management fee for all of those comes to 1.98%. “Some annual administration fees are deducted within the unit trust and are included in the investment management fee.” Some feedback that I got from Twitter. Let's start with, when was the investment made or moved to the AG LISP? Looks like you are trying to stir up some attention here.

In a previous episode of The Fat Wallet Show we discussed how to compile your own ETF portfolio. In theory, once you know which factors to consider and understand all the information, you can make informed choices about your investments. However, putting together an ETF investment is child's play compared to choosing a retirement annuity. Unless you're an outlier, your retirement annuity is the most important financial decision you'll make. It's not only the largest sum of money you'll ever invest, but it's also the investment decision with the least room for error. I don't mean to overstate this, but it's the decision that's going to determine how the second half of your life pans out. If you're lucky enough to die somewhere between 80 and 90. Live to 130 and you're on your own. This week, we try to unpack some of the factors you should consider when choosing an RA. We talk about moving existing pensions and annuities and completely fail to distinguish between them. You'll be unsurprised to learn that fees play a major role in our decision-making process. We asked 10X to help us think through some of the factors to consider when it comes to RAs. They identified five parameters by way of very helpful questions. They are: Is it a traditional, policy-based RA offered by a life insurance company or is it an investment-based RA offered by an asset management company? Are you forced to use an advisor or another intermediary? How much are you paying in fees? Are you taking on the appropriate amount of risk? Is your service provider honest about the impact of these factors? I also decided on a whim to make listener Jaco Marais rich. If you are planning on signing up for Stash next year, use Jaco's promo code. He gets R10 every time someone new signs up. Code: JAC8747 We also share the story of a man who found R400 000 he didn't know he had. Kris

We’ve seemingly heard it all before – you know, that classic rags to riches story of an entrepreneur who despite all the odds has built a business that has stood the test of time. Well, here’s the thing. For me, these stories are becoming rarer to get ahold of. It is becoming harder to build big businesses from scratch – especially for aspiring entrepreneurs who haven’t acquired what seasoned entrepreneurs often refer to the MBE or Masters in Business Experience. It’s for this reason that when stories of entrepreneurs who have succeeded are shared with other entrepreneurs – lessons and insights are invariably and ultimately, this can make the difference in your business succeeding or failing. One of these stories is the one of Robin Olivier who launched his first business with two partners and just R5 000 between them and a dream – fast forward to today, and Digicapeis a R240-million business with highly engaged and empowered employees, and the goal is to hit R400 million by 2020. This is the story of how Robin and his partners have built an entirely self- funded business that’s heading for the half a billion mark.

Inkunzi wealth group, an assest manager in South Africa, black is listing the first purely student housing portfolio on the Johannesburg Stock Exchange. A successful listing of the Inkunzi Student Accommodation Fund (ISAF), with a R2.25 billion property portfolio, would make it the first purely student housing fund on the JSE’s more than R400 billion real estate sector. Owen Nkomo, ISAF’s co-founder and chief investment officer joined Nqobani on Business Today in Africa to speak about this, he said its property portfolio comprises of approximately 6 500 beds across SA, which are already occupied by students from universities and private tertiary institutions. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Reviewing results Simon Shares Feedback on making sense of SENS AVI (JSE code: AVI) results show good numbers in a tough market. People tend to look to Pioneer (JSE code: PFG) or TigerBrands (JSE code: TBS) but this is the real gem in the space with a dividend yield of 4%. Holdsport (JSE code: HSP) trading update shows increased comparable sales growth, but after inflation they're going backwards. I never been a fan of this business albeit the share is up some 100% in the last five years, around 15% a year which is nice, but average? But then add a chunky dividend that currently yields 5%, can they hold the dividend or even increase it? I suspect they can but I still not interested. Clover (JSE code: CLR) were good considering the tough times with drought yet they had an over supply of milk? I used to own this stock but they weren't growing and expanding as I had expected so I exited. Sasol (JSE code: SOL) results came in as expected albeit with help from translations gains (FX moving in their favour) and a tax issue in Nigeria together adding almost R2.7billion. Point is they make a profit even at the low point of the cycle, that's impressive. Lake Charles remains their massive deal. I continue to hold Sasol and below R400 it is cheap but I am not buying more until Lake Charles is completed and we see if starting to make money rather than cost money. Richemont (JSE code: CFR) update is ugly, sales down across the board with operating profit for the six months ending September expected to be down 45%! Some of this is restructuring but sales are weak. I hold the stock and continue to hold but it not fun right now. Adding to this is the SENS on the AGM voting, no real disclosure just "all other matters on the agenda were also approved by the shareholders by an overwhelming majority.". Not good enough. Burger King, owned by Grand Parade (JSE code: GPL) saw average monthly sales per store decline 20% to R800k / month. That is a massive drop. They also have the brand rights to Dunkin' Donuts and Baskin-Robbins, neither of which excites me. The leader in this space remains Famous brands and that's the one I own. Last week Wealth Creation 101 video is online. Go watch it. Next Tuesday, 20th, we have our third Trading Master Class with IG focusing on reversal patterns. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Tshepo Matlala of SAIBPP says black owned property companies have a 2 percent share of the R400 billion property sector. He says that 4 of the companies blacklisted were created through government opportunities. Matlala also says the sector has been very slow to transform due to a lack of support from financial institutions. He says an aggressive empowerment drive by government is needed.

The SABC's annual financial report tabled in parliament last week drew strong criticisms from a host of political organisations in the country. Many questioned the wisdom of a pay rise of R1million to the broadcaster's COO, while the Corporation had incurred a R400 million loss in the last financial year. On the Forum@8 we speak to the SABC Chief Operations Officer, Hlaudi Motsoeneng the Chief Financial Officer James Aguma and SABC's Commercial Adviser Anton Heinus

O que levo para minhas palestras? Eu tento levar vários itens importantes para ter a segurança de uma boa palestra. Veja abaixo alguns pontos que acho importante sobre o assunto. Qual o Notebook ou computador ideal para palestras e apresentações? O ideal que você leve um notebook que tenha um bom processador e uma boa placa de vídeo. Outro ponto importante é você ter um notebook LEVE! O meu computador (Juliano Kimura) que nunca me deixou na mão é um Lenovo ThinkPad i7 Twist. É leve potente e seguro. Outras experiências positivas foram os Notebooks da série Rf511 da samsung com processador i7 e placa de vídeo da Nvidia. O ponto negativo é que ele é bem mais pesado que o thinkpad da lenovo. Qual o melhor passador de slides para suas palestras e apresentações em reuniões? Na minha opinião fico entre o Kensington é a minha escolha, mas muitos recomendam o R800 da Logitech. É um pouco complicado encontrar o Kensington aqui no Brasil e muito mais fácil encontrar o R800. Na minha opinião o R800 é caríssimo e nada que um R400 da logitech não resolva! Dica: Um cabo extensor de USB pode ajudar você quando o computador onde está passando os slides estiver muito longe do palco! Itens que não podem faltar para palestrantes profissionais Passador de slides Pilhas de reserva para o passador Adaptadores de vídeo de todos os tipos para seu computador Cabo de USB prolongador (extensão) Pendrive Microfone Shure (Esse pode faltar por causa do preço) Bala de gengibre pra voz Notebook leve e potente (de preferência com um bom processador e placa de vídeo desejável) Como tornar sua palestra uma experiência de alto nível? Microfone no estilo HeadSet para deixar o movimento das mãos livres Um headset do tipo show da madona da marca Shure pode ser a melhor experiência para quem trabalha com eventos e palestras profissionais. Porém, os headsets que deixam as mãos livres algumas vezes falham o sinal. Tela de retorno para o palestrante Isso é só produção de evento pra lá de foda e profissional faz. Colocar telas de retorno para que o palestrante veja se o slide está correto na tela. Isso é algo excelente que melhora muito a qualidade das apresentações e ajuda muito quem está se apresentando. Nada de uma tela na frente do palco não resolva! Para quem trabalha com eventos profissionais ou com palestras de alto nível é ESSENCIAL

Tientalle inwoners van Sedibeng in Gauteng beweer daar is grootskaalse korrupsie in die Emfuleni-munisipaliteit. Dit volg nadat meer as 60 mense van regoor die land glo meer as R400,000 aan 'n senior werknemer by die munisipaliteit oorhandig het in ruil vir die belofte van werk. Jacques Steenkamp doen verslag.

NUUS Getuies onder beskerming gedreig en vermoor Onderwyseres eis R400 000 van onderwysdepartement Man eis skade vir rubberkoeel ager oog Oud polisieman getuig in Kebble moordsaak Selebi appelleer Polisie se huurkontrak op ys Hospitaalsusters gewaarsku oor babas na Wasteman Kan die VSA WikiLeaks stop? JURIESAAK Aan wie moet die tender toegeken word? ANDER SAAK Selfmoordbrief testament weer oorweeg deur Appelhof

NUUS Getuies onder beskerming gedreig en vermoor Onderwyseres eis R400 000 van onderwysdepartement Man eis skade vir rubberkoeel ager oog Oud polisieman getuig in Kebble moordsaak Selebi appelleer Polisie se huurkontrak op ys Hospitaalsusters gewaarsku oor babas na Wasteman Kan die VSA WikiLeaks stop? JURIESAAK Aan wie moet die tender toegeken word? ANDER SAAK Selfmoordbrief testament weer oorweeg deur Appelhof