Fuel suppliers tighten deliveries amid supply worries & SA to host Africa’s first LIV Golf event

And now, the money show with Stephen Curtis on 7.02.

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Good evening, nine minutes after six.

Welcome to the program.

I'm Stephen Curtis.

You know those moments where you'll be around a table of briar and a tavernier somewhere.

And someone says, so what if this happens and what if that happens, what would be like

the worst thing that can happen?

And I'm sure not the only one who's been thinking, well, oil prices, this Iran, that

straight of them was this, what is the worst thing that can happen?

And for a moment, you think to yourself, well, okay, the worst thing that can happen is

not actually fuel prices just going through the roof.

And I'm sorry to say, but that is going to happen.

The worst thing that can happen is that we actually don't have enough fuel, but actually

the worst, worst thing that can happen is we don't have enough fuel for, you know, to

move food around for essential services to get kids to school.

That kind of thing.

I mean, maybe some more people can walk to work.

I mean, I don't think so if you look at our urban geography, frankly, but that would probably

be the worst.

And then I remember, do you know those moments where you sort of go, oh, wait, hold on,

it can never get to that point.

The reason I can't get to that point, and I thought, you know, I felt comforted when

I reminded myself, so maybe I should remind you, is that Cecil produces 30% of the fuel

that we use from coal, and just can't be touched by what's going on in the Middle East.

It just can't.

And I say that because Cecil's share price went up 11% today.

And I think what that tells you is that investors are seeing that.

I think everyone is suddenly seeing whatever the worst is.

We will always have enough fuel to move that kind of stuff around.

So no matter how alarmist people are, we will always have that.

And that actually, strangely, I found comforting.

But I do get a sense that the way in which we understand Cecil and what that does, that

fuel comes from coal and that it's our coal and that it's mined here, suddenly underpins

that huge increase.

Because I think clearly now we need to make as much pieces we can with the fact that

this conflict in Iran is going to last a long time.

I mean, astonishing reports on Reuters, it would seem that in fact some of the top officials

in the Trump administration never believed that the Iranians would block the strait of

humours.

I mean, obviously they would.

I mean, of course they would.

I mean, I would.

So very strange thing to sort of say.

Anyway, I was interested in that.

The courier guy, by the way, the latest company to increase their prices because of aviation

fuel increases, which are already in effect.

And then the Randall, not quite at 17 to the dollar, but kind of hitting that way.

We'll talk more about this in a moment with the CEO of the Fuel Industry Association

of South Africa, about Fani, Tufa Laoro.

There's a lot of data around what I'd call well off retirees.

So people who should be fine, who should be financially well, but it would seem they're

actually borrowing money to survive.

And so that's one of the issues we were talking to Andrew Fulton at 80-20 about that in

about 10 minutes.

And then we will also speak about the live golf Richard Glover.

I don't know if you know him.

I've followed his career.

He and I were actually at University together, which is how I've been able to do that.

And he ran Tennessee, say for a while, he's now, he now runs the Southern Guards Golf

Club.

This is the team that represents us at the live golf and we'll speak to him probably

the last one of the last times we get to speak to him ahead of us because he's going

to be so busy next week.

But I'll also ask him how important, finally, for our team to have a live golf event here.

Good to hear from you.

A double one, double eight, three, oh, seven, oh, two, one, four, four, six, oh, five,

six, seven, and voice notes.

One, oh, seven, two, seven, oh, two, one, seven, oh, two, 13, after six.

The Mali Show.

With Steven Krugger's live on 92.7 and 106 FM streaming on the Prime Media Plus

app and DSTV channel 856.

Well as international oil prices still hover around a hundred dollars a barrel.

The fuel industry association now telling larger users petroleum companies are only going

to supply the volumes that they've already agreed to contractually.

In other words, if you're a big user of fuel, you can't buy more now than you had previously

agreed to.

You can't just buy it on an ad hoc basis, but funny to falaro is the CEO of the fuel industry

association of South Africa, but funny good evening.

Does this suggest that suppliers are actually worried about a possible shortage of fuel?

I mean, are they doing this just as a sort of precautionary measure?

What's they thinking behind it?

Good evening, Steven.

So I think the suppliers have to be proactive in as far as managing the current supply

I mean situation, fuel supply situation.

And there's no sort of I mean, agreed way of how to go about that.

So individual suppliers, they will decide in terms of how they go about it.

Because each supplier will be in a very different position, I mean, Steven.

Just for example, if I'm based at the coast, I mean vis-à-vis somebody in the inland,

and vis-à-vis somebody who's a manufacturer, those people are managing the situation very

differently.

So that's not common approach to say people are rationing, so it depends to individual

supplier.

Should our response be more coordinated?

I mean government, the Ministry of Natural and Petroleum Resources put out a statement

earlier this week saying nothing really to worry about to get most of our fuel from Nigeria,

etc.

But should they be coordinating this a bit more?

I think that's the happening, Steven.

We are working very closely with government.

I think I mean, this week a lot, I mean, we have had several meetings, but what we cannot

do is to dictate to like companies what to do because these like arrangement are governed by

supply agreements.

I mean, there are contracts in place in terms of how they large customers are supplied by

companies.

So they interest, I mean, for government and the industry at large is to make sure that

the country as a whole is not like I'm in running dry and where there are issues, where

there's necessary intervention that's required at industry level, government will work closely

with the industry.

Of course, the industry will be the implementer, as these are the people who are manufacturing

and also importing them in products into the country.

So in a way, the details of this are important.

As I see it, suppliers are not saying you can't have the fuel, you normally get what they're

saying is you can't get more than you normally get.

And if I were they, I would be thinking and looking at my customers and thinking a lot

of those customers, and if I were the customers, this is what I would be thinking, I'll be

thinking, let me just get a little bit more.

If I have an extra fuel tank, let me just fill that up.

I mean, I'm sure that people now who are thinking, oh, let me fill up the spare car or whatever

ahead of the increase that will come or just in case.

But when you do that, we've seen this with toilet paper of all things, but when you do that,

you create an artificial shortage.

There's no reason for a shortage now.

But if everybody goes and buys just another 5, 10% more just in case, we will have a shortage.

I think you are spot on there, Stephen.

That's precisely that like the suppliers are trying to manage, because the moment people they

want to buy more than what they are contracted to, you are going to create an artificial

like a short, I mean, in the market.

And while we know very well that, I mean, yes, there is no shortage.

Yes, we are operating a tight environment.

What we know, because everybody can see is transparent, it's published on daily basis.

I mean, we can see like what is their under recovery?

We can see potentially what is going to be the price adjustment next month.

That is known.

But what we can assure the public and the motorists is that there is no shortage of farming fuel

in the country right now.

And if there is any change to that, I mean, position, I'm sure government together with the industry,

they will take country into confidence and communicate as such.

So, I mean, I've been trying to think this through, right?

And you'll know more than I do about it.

So, let me just sort of ask you for help in this.

The way I see it is that, yes, we get as government says, most of our fuel from Nigeria,

we get the 30% from Cecil.

The 30% from Cecil won't be touched.

That's ours, it comes from coal, nothing will happen to that.

Cool, okay.

So, essential services, transporting food like that, we don't need to worry.

That's always going to happen.

But Asia is desperate for oil.

I mean, desperate for it.

And that makes me worry that even they could go and buy what we're getting from Nigeria.

From what you're saying, that's not a realistic fear at this moment.

You're quite correct, Steven, because the things that

with I'm in fear, it's not like a staple food.

I mean, it's a global commodity, which is required by all nations across the globe.

So, the reason why you see that the prices are increasing the way it is,

is because with the blockage of the products,

the refined products that come from the Middle East and the crude oil.

So, suddenly, people across the globe, they have to rearrange themselves in terms of where they

get, I mean, sure.

So, we will all go where it is available.

And that is going to create, I mean, the demand that, like, now it has to be

matched by higher fuel prices.

So, yeah, you're quite correct.

I mean, like, wherever is available, we are not the only ones.

And there are people who are prepared to pay a lot of money to ensure

Secretary of State supply, not all countries have got the same capability.

Some of us, we're poorer than other countries.

Okay, so, I mean, I think several things are probably going to happen at this point.

We see that the international energy agencies coordinating the more supplies coming on.

I mean, that's not sustainable in any way.

But it probably will keep prices down slightly a little bit.

We had one Indian tanker that went through the state of almost safely today,

by no means to, I think, it'll necessarily be followed by a lot.

Others, they're simply too big.

The move too slowly.

They're such easy targets.

There's just no way for a while.

What I'm talking about is we're probably going to have this huge period of volatility.

I mean, someone asked me the other day, who benefits from this?

I think the oil traders are going to be in for a very interesting stretch.

Not all traders, I mean, generally, are not the refiners.

Yes, nowadays, you get to see some of them investing into that part of value chain.

But the owners of the refiners, those who are especially sitting in the areas where they are

very, they are not the important crude oil.

It's a natural resources that appears in the country.

Those are generally people who are going to benefit a lot.

The higher prices, it means the final margins are also good.

And the traders, yes, because the price is going to increase significantly,

like what we have seen.

I mean, with a $30 USD per bottle, which translates to a higher increase in the

countries like South Africa, it means traders, at that particular point in time,

they will get a much better margin compared to what they were getting before the war.

But the person who's going to benefit most is going to be the owner of the

product. They're the finalists that are manufacturing this product or export market.

It makes a lot of sense.

Aberfani, thanks. I really do appreciate the clarity on the so many questions to ask about it.

Aberfani Javalaro is the CEO at the Fuel Industry Association of South Africa, 21 after six.

What's some interesting numbers coming out about debt?

And in fact, you might look at people that you think, well, they've retired quite comfortably.

Look at where they're having lunch. Look at, you know, the golf shirt. Look at what they're

driving. And in fact, it seems many of the people in that bracket are spending quite a lot of

money on loans and repaying those loans. Andrew Fulton is the director at 80-20 putting some of

these numbers together. Andrew, good evening. I mean, I think many of us can look at people older

than us and think, well, this person clearly has retired well. I wonder what that's like.

But from your numbers, quite a few of them are actually using loans to get by.

Yeah, good evening. Thanks for having us on the show, Stephen.

Yeah, so every quarter we release a credit stress report. I'm just looking at the impact of

economic forces on South African consumers, focusing particularly on credit. And we try to do a deep

dive into an interesting segment or an interesting topic. And we looked at seniors this quarter.

Primarily because of, we also look at demographic movements and the number of South African

seniors is growing and accelerating, you know, growing at 43% compared to 19% overall population.

So it's an interesting segment to look at, but we certainly did notice that a lot of

people, a lot of seniors are taking out loans in order to bridge the gap between their

retirement income and the cost of living. I mean, the problem is that sometimes if you're working

and you need to pay back alone, you can maybe take an extra shift if there's one for you

or you can do another hustle or something. But if you're retired, you have, I mean,

yes, a stable income is a good thing, but it's a stable income. It only, it doesn't change.

So you don't have that option. Absolutely. Yeah. And it's not just that. I mean,

if you look at the other challenges, seniors are facing, they've got low financial resilience,

because of that, you know, they, they, they're at the end of their careers. Digital exclusion is

a huge one. There's, there's no kind of innovative digital programs or services for,

for older people in this country. They live on fixed limited incomes. And then you let's be honest,

age discrimination in the workforce in lending. I mean, it's, that that's a reality.

The other thing that's interesting about the way households have developed is they're probably

also supporting some dependent, perhaps unemployed family members who are still living in their houses.

So, so there's a lot backed up against them. Absolutely. Could that be one of the reasons why there's

so much debt in this in this group is actually they're looking after other people. I mean,

probably paying for the education of a child of a grandchild.

For sure. Yeah, absolutely. I mean, like the one unique characteristic of African households is

they've got this extended household structure. So, even if it isn't your kids, it's family members,

aunts, uncles, cousins, et cetera. But what we do, we've created a segmentation that the

divides up African to eight segments. We call it the ENS. And we, you really need to look at

seniors in terms of the two segments, because there's the humble elders who are quite large,

pretty poor million people, financially vulnerable, primarily living on staff,

so all the person grants. And then the comfortable retirees, which are two million who really,

you know, they benefited from good jobs during a part time. They're able to put money away into

a time and buy property, have better jobs. So, we look at those as two separate groups for

the analysis. No, that, I mean, that makes a lot of sense. And I mean, we are nowhere

able to have this conversation yet. There's not enough time as pass, but there's a very large

number of people who have had a pension. There's the introduction of the two-part pension system.

And what we see is a very large proportion of people with pensions. So, these are people

are sometimes often the only income owner in their family who are taking out, you know,

one third of that pension every tax year. I mean, the implications of that, we don't yet know.

Absolutely, yeah, only time will tell, but as you mentioned, there's certainly a lot of money

that's being withdrawn from that system. And in terms of those two segments that we

describe, what's interesting with the wealthier segment, those comfortable retirees,

even with them, we're noticing that they're scaling back on their secured credit exposure,

once again, in response to retainer pressures and commitments, and concentrating a bit more

on personal loans and credit cards in order to just keep up with consumption needs.

Sure, Andrew Fulton. Thanks very much indeed, director. It's 80-20. Yeah, your experience of

that, please, are very tricky. On verse 7-2, 7-0-2, 1-7-0-2, 26 minutes now, after 6 o'clock.

The money show. The markets.

Kia ora, Bill Whitton, Onyana, is VIP clients manager at Prime XBT. How's it?

Kia, thanks for your time. I mean, Cecil, wow, really got the motor going today.

Yeah, you know, the Cecil was the ball, really, on the balls, when you saw calamity across

different sectors. Cecil finished the day as the top mover in the top mover of the mega-caps,

and that's just on the back of the fact that we've seen sustained price of oil near the $100 mark,

and that just is really good for margins for them. They go into a hedging strategy where they have

a floor of $59 and a cap at 86. And right now, with a cap above 86 and the

Brent Group price trading above that, they've seen that they're taking advantage of that oil

price gain, and you're seeing it in the share price right now. Yeah, I mean, it's also, I mean,

in a way, this, I mean, Cecil is the big beneficiary of this, and it could go on for quite some time.

I mean, this will really give, it's a big fill-up for their share price for a long time,

because this conflict will go on, and because of their fuel process.

Yeah, and I mean, I was looking at even just chemical prices, and Cecil makes 50% of its revenue,

and about 15 to 20% of EBITDA contribution from the chemical business. And what is the differentiators

that they feed stock as coal? And currently, right now, coal is one of the assets which we have

readily available, even though the price of coal right now at the port is increasing due to the fact

that it's a substitute for liquid natural gas in Europe. What we still seeing is that Cecil has,

Cecil has advantage of the fact that it feeds the feedstocks directly from South Africa,

and it's not going to be affected by any supply chain, supply chain disruptions due to this

high oil price. Rimgrove had an earnings update out today. The results coming out soon. They're

expecting quite a vague increase, what's it between nearly 40%.

Yeah, at the top end, it's about 41%. And I mean, you just need to look at some of the elisted

assets such as first-round, which really came out with earnings recently, and it was at the top

of the top of guidance with return on equities closer to 20%. And maybe like I said,

who's the CEO has really directed that should quite well. Outurance also came out and really

showed growth in headline earnings and growth in dividends as well. I mean, some of the elisted

assets will be good to see how non-listed assets will be good to see how they perform the

likes of maybe clinic and Heineken. But overall, I just think it's just a, it's Johan Rupert

laughing straight to the bank comment. Yeah. And then in the US, I mean, their numbers

consider their indices today, certainly considering higher oil prices. They started slightly

positive. They've had quite a bit of personal data there. I mean, domestic data is what I mean to say.

Yeah, so revised GDP numbers showing a slowdown in the economy. I'm not necessarily

recession, but just a slowdown in the revised GDP data is coming out at 0.7%. And personal

consumption expenditure coming in line with expectation at 2.8%. One is very positive. One is

very negative. PCE coming in at 2.8% is where the Fed needs inflation to go. And it is

one of the gauges that they use to see what personal income is. And they look at as well as

growth in consumption. And it came in line with expectation. It's just these revised GDP numbers.

Where we look at Q3 growth of 4.4% to go to a revised number of 0.7 in Q4 tells you that the

belly of that economy is really not doing well. And that really is going to cause a conundrum

at the next straight meeting. Indeed, Keel Biller, Nonyana. Thanks so much. We are the clients manager

at Prime XBT. Really appreciate it. Just gone 6.30. What's up Steven? On 0.7.2. 7.02.

1.7.02. 24 minutes now to seven the time. I've been watching pictures all day of soldiers

the president yesterday talking about the USA and DF being deployed. There was the visual

statement from the presidency telling, presumed telling parliament the cost of it, 800 million

ran. And look, I am sure I am absolutely certain in fact that if you were living in so many

areas of the areas that are already ravaged by violent crime, if you're one of those people

who's had to grab your young children and sort of hide in the bath while guns are being fired

outside, you welcome the soldiers. And I'm completely with you on that. I just worry that we think

the soldiers are going to be better than the police. Now, look at the leadership of the police,

right? We've seen in the commissions. Look at, I mean, you had the head of organized crime,

Richard Jaburi, basically saying it was fine for him to take money from someone who had been

convicted. I mean, just the most astonishing sort of things. I mean, he lied at the commission

yet to admit it, do it, et cetera, et cetera, et cetera. And I could go on. And I'm sorry to say

this, but the leadership of the USA and DF, I don't know if there's any better. You've got the

commander-in-chief, oh, we've got the top general, Britsolima Ponya, who is paying for the legal

defense of 12 members of a special unit who are accused of shooting data hawks investigator.

Now, let me be clear, if I were charged with murder, I wouldn't expect my employer to pay for

my legal defense. So then why is the USA and DF doing that? There's a story the other day about

generals who are using defense force foundation money that's for soldiers for their personal credit

cards. We have so many stories about this. And if the leadership is like that, well, how are the

soldiers now? We know the soldiers don't always have enough food. So I hear the president when he

says this is going to be money well spent. I'm sure if you live in Westbury, you agree. And there

is an argument for that. When he says the USA and DF has been well-capacitated, how so? What's

changed since what happened in Gorma in the DRC? I mean, nothing that I can see. It wasn't that long

ago, after all. So I'm sorry to say this, but I'm a little cynical would be, I don't know if

cynical's the right word. I'm sadly cynical about it. How's that? 21 minutes now to 7.

Well, 18 minutes now to 7 the time next. This time next week, I think most of Joe Bergen

factor large part of the country will have a bit of golfing fever, not something I've ever had.

Next weekend is the first live golf South Africa tournament being hosted at Stain City in

Gerberg. I'm pleased to tell you we've actually got the general manager of the team that represents

us, the Southern Guards Golf Club. His name is Richard Glover. He's been around professional

sport for many years. Richard, good evening. Great to talk to you again. Thanks for taking the time

to chat. Hi Steven, great to chat to you again. Big, so I mean, for the first time really for us,

a home game for live golf, it's going to be massive next week. Yeah, I think it's the hottest

ticket in town at the moment. I mean, my phone is ringing off the hook in terms of people wanting

tickets. I think we're over 90,000 tickets sold over the four days and the number keeps on climbing.

So it's an exciting time, not just for live golf, but also for Southern Guards as well.

I'm going to come to them in a sec, but I mean, often when we talk about seeing golfers in South

Africa, we're really talking about Sun City. To see them in Gerberg in a space where people actually

live, I mean, it's Stain City, but still in Gerberg. I mean, I think that's huge. It's really about

sort of bringing golf and the golfers, the people representing us much closer to us.

Yeah, and that's really what live golf is about. It's really about trying to democratize

golf and really bring golf to the people in a more accessible way. And I think the South African

public, they sort of intrinsically understand what live golf is about. It's really a sports lifestyle

experience. It's about what happens on the course, but also what happens off the course as well.

And I think people are really excited to see some great names in terms of some of the biggest

names in world golf playing at Stain City next weekend, but they're equally excited about some of

the stuff that's happening off the course in terms of some of the concerts and some of the activities

that are happening with the Luxor Black coffee playing on the Friday night and a global superstar

DJ and Calvin Harris playing on the Saturday night. So yeah, it's really exciting.

No, it's really, I mean, it's really going to be quite something. I mean, you talk about

innovation in golf and it does have I'm afraid to say a reputation of being a bit stuffy,

a bit old-fashioned. I mean, my family loves watching the movie Happy Gilmore, which is all about

classism in golf and America really. I mean, it's a silly movie, but it's fun. And I mean,

to go about changing that, there are all sorts of things that you can do. Social media,

change some of the rules. Do you think it's working? I mean, golf does seem to have a little bit more

momentum now. Yeah, I think so. I mean, I can only speak on behalf of live golf in terms of what

live golf does. And from a product perspective, the live golf product is really trying to operate

with what we call the intersection of sports, music and culture. And because of that, it seems

to be resonating globally with a younger audience, like just to share some data with you. So,

globally, 30% of people who come to a live golf event have never been to a golf event in their

life. And as a result, the audience use younger, like over half over 50% of the audience is aged

under 34 and also skews more female than traditional golf as well. So we rarely see it as

opening up a sport and making it more exciting to people who wouldn't necessarily ever consider

following a watching golf or even playing golf. The other thing about that, and this is a very

sort of South African comment to me, that if someone gave me money and said, go ahead and criticize

the sport of golf, I would start with the fact that it's very European and North American. We finally

have it here. Absolutely. So I think live golf positions itself as the global golf league, but

to be a global league of any kind, you have to be in as many continents as possible. I think

live is all over the world, Australia, Hong Kong, South Korea, Europe, the USA, but now we can

truly call ourselves a global golf league because of the fact we are coming to South Africa.

And I think if you look at South Africa from a value proposition, it really takes a lot of boxes.

I mean, we've got a strong history of golf in this country. We've got passionate sport fans

who love watching big, big time international sports. We've got some great golf courses,

and thankfully we've had great government support in terms of bringing this event here.

Thanks to the Minister of Sport, Arts and Culture, Gates and McKenzie, but also corporate South Africa's

really got behind us, your sponsorship perspective as well. So our team, the team that you're

managing, I mean Louis Verst Hayes and obviously the captain and we've got Brandon Grayson, Dean

Burmister and Charles Schwartz. So I mean, these are all names that are household names, even

among the millions of us who have never been to a golf event. I mean, to manage them firstly,

I just need to ask, I mean, you know this because I know you've worked in professional sport for

a long time, but at home ground, to have a home crowd cheering you on, even in a sport like golf,

that must matter. It certainly does and I think that the boys are really proud to represent South

Africa on the global stage. If you look very closely at their colours and they're back of the

colours when they play in Hong Kong or Australia or Singapore or the US, they play with the

sun, South African flag on their colours. And that's because they feel like they are representing

the country. So for them to come back and to play in front of home crowds, I can tell you,

I spoke to them earlier this week and they're really excited about playing in front of home crowds,

but they're also feeling a bit nervous as well. I think they're feeling the weight of expectations.

But overall, I think the excitement levels amongst those four are really, really high.

It means a lot to them to be able to play in front of their home crowd.

And it's not like we're underdogs. I mean, so many of our players, as you say, have been world class

over the years. Yeah, I mean, as a golfing nation, we punch above our weights. I mean,

I think a lot of your listeners will know the pride history of South African golf going back

many, many years. And the four players who represent the Southern Guards team are four of the most

recognizable golfers from a South African perspective, but they also are competing very successfully

on the live golf tour. So last year, the team had had individual and team success in Chicago

at the team championships, which is at the end of the year. We finished third as well. So

we're a very competitive team and I think we're going to do South Africa pride next week.

So you've got a vibe, you've got a crowd. You've clearly got people coming,

if you're first bringing up the hook in the way that it is. To make this successful requires

a lot of organization, as you say, government's been a big part of it. I mean, there are lots of

people to make all of this work. 90,000 people is a lot to manage in a venue like that.

Yeah, because this is the first year, it's a degree we stepping into the unknown because we,

I mean, there's lots of unknown variables and you can plan and plan and plan, but there'll be

there'll obviously be things that happen that you don't necessarily plan for. But I must say,

I did a site tour earlier today and I was just so impressed with the setup and the infrastructure

and the care and attention that's gone into this. I think as a South African, I mean, as you said

early, I'm a grizzled veteran of the South African sports industry, but as a South African,

I was just really proud what I saw today like. It's an all South African team delivering this and

they really are doing the country pride and they are delivering a world-class sporting events

and it's something that we should all be proud of. And I mean, obviously, we wanted to come back,

we wanted to be one of the best events on the tour. There's certain things we can do to do that.

Obviously, we need to make sure everything works for a start and the facilities are the

base where you're doing it or are big help to that. Yeah, absolutely. I think Stan City was selected

for a number of reasons. I mean, there obviously needs all the criteria in terms of what we needed,

but one of the biggest things was actually space because to deliver a live golf event is not just

about the golf course. It's about putting in place a huge fan village, cater to every whim that a

fan can want. It's about putting in place a concert venue for upwards of 30,000 people and

Stan City were able to do that. So yeah, it's been a pleasure to work with them and they've been

great. They've been great partners in this project. The way forward for golf, I mean, you do

want to get, and this is not, I mean, it's not really an event. I'll necessarily take my kids to,

maybe, maybe in a couple of years, but not now, but you do need to get younger people watching it.

You need to, you know, and by which I mean people at school, and I mean, there are plenty of

school kids inside Africa who know about golf, watch golf, some of them play it. But it's very

important to keep that going. Yeah, absolutely. And I think the live product has really been

designed with younger generation in mind. So there's a lot going on. There's a lot of music on

the course. Music's a really important part of the value proposition. So there's always music

and also the product's been designed in a way, not to be a six or seven or eight hour event. It's a

44 and a half hour event and it's a shotgun start. So you've got players on every hole at every

moment of play. So it's really been, as I said, designed and developed for a younger generation.

And it's resonating in terms of some of those stats and data that I shared earlier.

It's really delivering a younger audience to golf. Now, I think from our perspective,

we don't see ourselves as being competitors to what I call traditional golf. We actually see

ourselves as being complimentary. We think we can really open up golf to a completely different

generation. And as I said earlier, democratized golf in a way that hasn't necessarily been seen in

South Africa before. I mean, there's a fascinating thing happening in the world of sport around

this because you see it, you know, Formula 1's a good example. They had the sort of Netflix

reality show that did very well. That brought in new people with cricket. You've gone from,

you know, one day international to T20s. And then with live golf, you have also where you have

the sort of traditional golf. But then you have what you have here, shotgun starts and things like that.

I mean, it's an amazing period of sporting innovation. What golf also has to do, though,

is mind the competition because, as you can see, they're obviously not the only ones who are

innovating so strong here at the moment. Yeah, I mean, I think traditional sports rights holders

need to almost break away from that traditional model where you see yourself as a right holder being

in competition with other sports because you're not ultimately you're in competition with every

form of entertainment going out there. And so you have to really look at your product and look at

your brand and look at your everything that you're delivering to the public in that lens.

It's not just about the sport now. It's about everything around the sports as well. Be it the

content strategy, be it the social media side of things. It's, yeah, I mean, it has to be a 360

degree product that you're delivering. And you have to keep going all the time. There has to

sort of be an event and there has to be a slight offseason at some point so that people sort of

miss it and you have to manage all of those things. The global nature of a sport like this, I mean,

it comes with huge advantages. You do have to manage time zones, which I know can be very, very

difficult. I mean, that's why you end up with having a Las Vegas Ron pre at midnight and things

like that. But the sport itself must be fascinating from the inside. I mean, just doing what you're

doing at the moment, you must see so many interesting things. Yeah, I mean, I was, I so I joined

Liverpool arts maybe 14, 15 months ago. And I was I actually worked in tennis. So I was in a very

stable job in tennis. And when the level opportunity came up, I didn't hesitate because for me,

this is very much a once-in-a-lifetime sporting opportunity. I mean, live is a is an amazing

disruptor in global sports. And what you're seeing in the global sports of golf on the back of

live is you're seeing more innovation in golf now in the last four or five years and you've

probably seen in the previous 30 years of golf. And that's being driven by competition and

disruption and a variety of product and offer that live, but also traditional golf offers as well.

Richard, great to talk again. Thank you very much indeed. And good luck for next weekend.

We're going to be watching. We're going to be cheering. Even if we're not there in person,

just know that we'll be the ones cheering. Next, Stephen, great chat. Good to chat again. Richard

Glover is the general manager of Southern Guards Golf Club. This is the team that will be representing

us at the live golf. Those names again, just in case you've forgotten the captain, Louis,

Tason, Brandon, Grace, Dean, Vermeister and Charles Schwarzel. As I say, even if you haven't been

watching golf, you will absolutely know those names. And I think after next weekend,

we may know them a little bit more six minutes now to seven. Stephen Curtis,

taking your calls on 11883 0702. Time now for the Friday blizz blizz blizz. You know how it works.

You call us on a double one W three 0702 0214 4 4 6 0 5 6 7. We put out a question. If you get

it right, we move on to the next question. If you get it wrong, we move on to the next caller.

It's very, very simple. First question tonight on the Friday blizz blizz. And we thought this

would be fun. What is the retirement age at standard bank? What is the retirement age at standard

bank? Is it 70 60 or 63 or double one W three 0 7 0 2 0 2 1 4 4 6 0 5 6 7. What is the retirement

age at standard bank? Is it 70 60 or 63? The money show Stephen Curtis is brought to you by

apps are corporate and investment banking proud sponsors of GTR Africa 2026 enabling trade flows

for growth after the rigid FSP. The money show Friday blizz blizz. Three minutes to seven.

Okay, you know how it works. You get the answer right. We move on to the next question.

You get it wrong. We move on to the next caller. O double one W three 0702 0214 4 6 0 5 6 7. What

is the retirement age at standard bank? Is it 70 60 or 63? Julian in Centurion high.

63. Oh Centurion. Oh Julian, don't be so boring. Of course you're right.

I hope you just can't have the day. Okay, we've got a different question for you. Let's see how long

you've been listening to the radio today. We've spent the week talking about oil prices and the

strait of Hormuz. Three nation states border the strait. They are Iran, the United Arab Emirates

and which other country which is the third country that borders the straits of Hormuz. Julian,

do you know? Yes, oh man. Now Julian, that's being very boring. Yes, did you know before this oil

crisis or only after? No, no, you before. Okay, all right. Eskim says that it has the starter

process to switch off 14 municipalities around the country which is the only metro that has the

honor of being on that list. I'm going to take a gear. The only problem. No, the only metro that

has the honor of being on the list of Eskim's municipalities at once to switch off.

I would say what's the job of metro? Well, the job of metro would be the city of

Jobig, I suppose. Yeah, city of Jobig. Julian, you're suddenly very interesting, but no, I'm afraid

it's not. Selma, on the line from Rudaput. Yes, I think it's a Gourolini. Selma, you are right.

It is a Gourolini, yes. Thank you. Okay, here we go. President Sarah Amapurza wants to see a lot

more labor inspectors working for the labor department. How many new labor inspectors has he promised?

Is it 1,500, 10,000 or 20,000? I'm sorry, Selma, you are wrong. I'm afraid. Sorry about that.

The president, he wants to see many more labor inspectors working for the labor department. How many

does he want? 1,510,000 or 20,000? It's Rumolengen Boxberg. I... 10,000, if you do me a

link in Boxberg. The Rumolengen Boxberg, you are, sir. Correct. Okay, last question, are you ready?

Here we go. 3 South African Airlines have said they're increasing prices because of high fuel

prices, right? SAA and FlySafe are two of them. What's the name of the third one?

Lift your lens. Oh, it's Rumolengen. I'm sorry, it's not.

Jamassani, the third airline that says they're going to raise fuel ticket prices, SAA and FlySafe

are the other two, which is the third. I'm sorry, Jamassani, I said that we know that they have.

Sorry, Rumassani. Let's see if we have time before the news to get one more. Let's just see if

we're able to do it. I think we'll be able to squeeze one more in and let Lai in Sorsan Guve

high. What is it? It's a South African ever way. Oh, let Lai, it's not. I'm afraid that's in the clue.

So the third airline you were looking for is Eirlink, it's 7 o'clock.