SA Leads Global Gym Income Numbers

The Economist has reported that South Africa leads the global gym membership craze. Globally there are over 180000 fitness clubs, estimated to have earned over $84 billion from their 145 million members! One in 7 people in the UK have a gym membership, the U.S has 1 in 5. South Africa tops the charts in revenue from gym members with an estimated $931 million made by gyms in this country. Begs the question, if 1 in 5 Americans have a membership and they are still making less than S.A, are we getting raped on membership fees? I think we are!

New Gap Cover Limits Imposed By Govt

Treasury  has gazetted final demarcation regulations ending years of uncertainty on the future of gap cover. Gap cover, which covers clients for co-payments/shortfalls incurred for in-hospital private doctors’ bills, and hospital cash plans, which pay clients a lump sum per day they spend in hospital, will continue to exist, but strict regulations will be enforced. New rules state that hospital cash-back plans are limited to paying their clients a maximum of R3 000 per day, or a total lump sum of R20 000 per year. There were no limits before. Gap cover policies will now be limited to a payout of R150 000 per annum per client. I wonder if the fees will also reduce since there isn’t a limit and these policies therefore cant be abused as much as they used to.

Zim’s Biggest Bank Suspends Use Of Visa Cards

CBZ Holdings, Zimbabwe’s largest bank, suspended the use of Visa cards for local transactions as the country struggles to cope with a cash shortage. The measures takes effect from January 15 although customers will be able to make transactions abroad, with daily limits of $250 at ATMs, $1 000 for point-of-sale business and $500 for payments over the internet. Zim is basically working off the black market and banks are secondary. Its ridiculous!

Further Petrol Price Increase Expected In Feb

As if the massive price hike we saw this month wasn’t enough, another one is coming. According to data released by the Central Energy Fund on Friday, another hefty one can be expected in early February. Currently the underrecovery on petrol is 56c-57c a litre, while that on diesel is 44c-45c and illuminating paraffin 42c. Basically we can expect plus minus those types of increases in Feb if current market conditions continue and the oil price goes up further. All those Vrrrr Phaaaa guys will be making less noise if these numbers come to pass. Yikes!

Rainbow Chicken Cutting Jobs Due To Chicken Imports 

One of South Africa’s biggest chicken producers is selling 15 of its 25 farms in Hammarsdale to stay afloat after fighting years of dumping by importers. Rainbow Chicken is retrenching 1350 workers from the end of the month. About 53 0000 tons of chicken were imported last year – one and a third of what was produced annually by Astral Foods. This is a serious crisis that government is just not doing anything about. Something needs to be done as jobs are being lost. Chickens need chicken feed from farms and other things to stay alive. Imagine how many industries and jobs are being affected all because we let America dump their crappy and poisonous stuff here.

Looting And Protests As Mexico Increases Fuel Price By 20%

Authorities arrested more than 250 people for robbery and acts of vandalism around the country this week. Officials announced in December that they were planning to increase gas prices, in some cases more than 20%. And we think things are bad in S.A!

Trump Admits Taxpayers Will Pay For “The Wall”

Donald Trump said on Friday that he intends for U.S. taxpayers to fund the construction of his proposed wall along the U.S.-Mexico border. That money, Trump tweeted, “will be paid back by Mexico later!” The tweet Trump wrote on Friday morning followed multiple reports detailing how members of his transition team have been working with congressional Republicans to come up with a way to use taxpayer dollars to pay for building the wall. Hahahaha..As if we didn’t see this one coming. You reap what you sew America!

Summary

If you’re not intending on going to the gym, don’t get a membership you don’t need. And if you do go to the gym, it will be cheaper and better for you to walk or jog there if its possible because fuel prices are crazy, ask the Mexicans! Lastly, when youre at the gym having paid out your bum for fuel, consider yourself lucky that you arent in America with Trump as a president. Their next four years is going to be hell on earth! Oh, buy some local chicken on your way back home from the gym. Chicken Licken is quite nice.

Currencies : ZAR/EUR 14,50 – ZAR/USD 13,75 – ZAR/GBP 16,75

 

 

Advertisements

Author: The Turk Report

Simplifying complex money matters

6 thoughts on “SA Leads Global Gym Income Numbers”

  1. I’m struggling to understand how suspending the use of Visa cards for local transactions will help cope with the cash shortage…?

    1. It wont. I also dont understand because money wont be there regardless. Unless they fear credit issue where people purchase with no actual money.. But why not just disable credit facility instead. Bizarre decision

  2. Thanks Turk, lovely stuff.

    I got a glimpse of the gym craze on Xolani’s show. But had to rush to a meeting. I learned a few new things.

    Don’t ditch us!!!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s