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By Funny Hudzerema
HARARE – Government says
the technical teams working
on the ease of doing busi-
ness reforms should increase
momentum in order to
attract new investment.
Under the reforms, Govern-
ment is planning to review
policies which stifle the ease
of doing business environ-
ment in order to improve the
country’s rankings on global
competitive indices.
Officially opening the ‘Ease
of Doing Business Sympo-
sium’ which was hosted by
the Office of the President
and Cabinet and The Her-
ald Business, Vice President
Emmerson Mnangagwa said
News Update as @ 1530 hours, Thursday 16 June 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Expedite ease of doing business reforms, says VP Mnangagwa
Vice President Emmerson Mnangagwa
there is need for renewed
speed in carrying out the
reforms.
“What is needed is to
increase the momentum of
the reforms to ensure that
all bottlenecks are removed
for at the end of the day we
should always remember that
capital goes where the envi-
ronment is favorable, so we
need to do everything in our
means to be a destination
of first choice of capital,” he
said.
“As Government therefore,
we will continue to assess
our business operations in
order to identify those areas
that need urgent surgi-
cal therapy to improve our
investment climate, empower
our local entrepreneurs,
and attract Zimbabweans
in the Diaspora and foreign
investors to bring capital to
Zimbabwe.
“Whereas our target is to get
to a respectful top 100, the
goal should not just be chas-
ing rankings but to achieve
correlation between ease
of doing business and an
increased number of foreign
and local investors and those
in Diaspora,” he said.
He added that Government
is also implementing an
e-Government platform in
order to re-engineer and
modernise the public sec-
tor systems and process to
improve access efficiency
and affordable services to
the ICTs.
“It is hoped that such meas-
ures will greatly facilitate
the registration of those
entrepreneurs operating in
the informal sector and we
believe that formalisation
will enable small business to
benefit from loans, access to
tenders and will also enable
payment of tax.
VP Mnangagwa added that it
was critical for us to incor-
porate youths, women and
those outside the formal
economy among other groups
to effectively participate in
the economic growth of the
country.
In his remarks during the
same event Zimpapers board
chairman Mr Delma Lupepe
said Zimpapers is ready to
work with Government min-
istries in spreading the ease
of doing business across the
country.●
2 news
BH243
BH244
By Tawanda Musarurwa
HARARE -Unilever Zimbabwe
says it is in the process of
engaging Government and other
private business to be part of its
“sustainable living plan,” which
last year delivered nearly half
of the consumer goods giant’s
growth in 2015.
Unilever has sales in over 190
countries and generated sales of
53,3 billion euros last year. The
‘sustainable living plan’ is based
on the premise that business
should play a leadership role
disrupting markets in support
of sustainable living — and they
will be rewarded by consumers
who are also seeking responsi-
bility.
Unilever Zimbabwe managing
director Mr Hilary Muzondiwa
told BH24 that the idea is to
promote business models that
limit adverse effects on the
planet’s ecosystem.
“As we Unilever we are facili-
tating the process…it’s really
about mobilizing business
involvement in the whole sus-
tainability agenda. Business is
involved in using up most of the
resources and converting them
for the general population’s use
therefore as businesses we are
positioned very well to actually
drive the sustainability agenda,”
he said.
Mr Muzondiwa was speaking on
the sidelines of an engagement
that was attended by a number
of companies and organisations
including Standard Chartered
Bank, Econet, the Confederation
of Zimbabwe Industries, Lafarge
and the Zimbabwe National
Chamber of Commerce among
others. He added that Unilever
had begun engaging Govern-
ment at a local level.
“We want to look at how we
can partner with business and
Government to drive initiatives
such as this. For example, the
public toilets that we have been
refurbishing with brand Domes-
tos, we have worked with the
City Councils namely the City of
Harare and the City of Bulawayo
and we will be doing the same
with Gweru as well which is all
part of local Government.
“At the moment we quite frag-
mented in our approach, so what
today was about was for the
private to showcase what they
have been doing so that we start
a conversation and we can find
other ways of partnering with
business, with Government and
with the civil society in order to
drive this forward,” he said.
The Unilever Sustainable Living
Plan (USLP) was initiated in
2010, and the group’s fifth
annual report showed that the
company’s “sustainable liv-
ing” brands grew 30 percent
faster than the rest of business.
Locally, Unilever’s “sustaina-
ble brands” include the Dove
and Lifebouy soaps, Knorr, and
Domestos. The MD said locally
the USLP targets were at about
80 percent.
“So far we are on track with
more than 80 percent of our tar-
gets as defined by the Unilever
Sustainable Living Plan.”
The company has since stopped
disposing of its non-hazardous
material in landfills and is also
treating effluent at its Harare
plant.
“When you look at the effluent
treatment plant that we have
at our factory, when you look
at how we are managing our
non-hazardous waste, which as
we said we no longer send it to
the landfill, we are recycling.
It’s an expense to us right now
because we don’t have the
recycling capacity within the
country so we are sending them
outside of the country to be
recycled. But we have chosen to
spend that money to ensure that
it’s recycled rather than having
it dumped in landfills,” said Mr
Muzondiwa.
The Unilever group was ranked
first in its sector the 2015 Dow
Jones Sustainability Index.●
5 news
Unilever Zimbabwe pushes ‘sustainable business model’
BH246
BH247
HARARE –Zimbabwe’s annual
inflation for May stood at
-1,69 percent after shedding 5
percentage points from -1,64
percent in April as the country
battles cash shortages.
Zimbabwe has been in defla-
tion since February last year
and is projected to remain in
the negative territory for the
remainder of the year.
Latest figures from the Zimba-
bwe National Statistics Agency
show persistence in the neg-
ative trend largely influenced
by negative price movements
in the food and non-alcoholic
beverages category.
“This means that prices as
measured by the all items
CPI (Consumer Price Index)
decreased by an average
of -1,69 percentage points
between May 2015 and May
2016,” Zimstat said.
Month-on-month inflation in
May was -0,24 percent shed-
ding 0,02 percentage points
on the April rate of -0,21
percent.
The rate of increase in the
price of goods and services
had remained steady in over
half a decade after the country
adopted use of multiple foreign
currencies, primarily the United
States dollar.
But a slowdown in economic
activity has heavily impacted
on consumer spending power
as most companies struggle to
stay afloat.
Analysts say a failure to stem
cash shortages will further
impact on demand for goods
and services in the economy
. - New Ziana.●
8 news
Zim annual inflation at -1,69 percent in May
BH249
HARARE -Ministers from the
African Union (AU) member
states including Zimbabwe
and the Japanese govern-
ment are expected to meet
in Banjul, the Gambia this
Friday as preparations for
the sixth Tokyo International
Conference on African Devel-
opment (TICAD) to be held
in Kenya in August this year
intensify.
Established in 1993, TICAD,
which has the twin objec-
tives of promoting high-level
political dialogue between
Africa and Japan as well as
mobilizing support in favor of
African development initia-
tives, has for the five times
it has been held, been hosted
in Japan. Kenya plays host to
TICAD VI this August.
“The preparatory ministe-
rial meeting for the TICAD
VI Summit aims to engage
the African and Japanese
ministers to review the work
done in preparation for the
upcoming TICAD VI Sum-
mit, to be held in Nairobi,
Kenya from 27 to 28 August
2016, and more importantly
consider the draft Nairobi
Declaration,” the AU said in a
statement.
A meeting of senior officials
was held in Djibouti in March
this year to consider critical
issues to be discussed at the
conference, paving way for
this week’s Ministerial meet-
ing in Banjul.
The AU said promoting
structural economic trans-
formation through economic
diversification and industri-
alisation, promoting resilient
health systems for quality
of life; and promoting social
stability for shared pros-
perity were among the key
issues identified for discus-
sion.
In addition to government
officials, international organ-
isations, representatives of
partner countries, interna-
tional, regional and sub-re-
gional organisations, African
and Japanese civil society
would also take part at the
Banjul Ministers meeting
- New Ziana●
AU, Japan step up TICAD VI preps
10 news
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BH2411
BH2412
HARARE -The equities
market traded flat as the
mainstream industrial index
remained unchanged at
93.66 in mixed trading.
Beverages giant Delta finally
snapped a string of recent
losses to rise $0,0150 to
close at $0,5200, while giant
insurer Old Mutual advanced
$0,0124 to $2,3125 and CFI
Holdings jumped $0,0074 to
trade at $0,0800.
Also on the upside was ART
Corporation which closed
higher at $0,0201 following a
$0,0033 gain.
On the downside, BAT
eased $0,0287 to close at
$11,8500, while conglomer-
ate Innscor dropped $0,0085
to $0,1700 as Meikles
declined by $0,0060 to settle
at $0,0720.
Telecoms giant Econet traded
$0,0050 lower at $0,2097
while Barclays slipped
$0,0047 to close at $0,0193.
The mining index was flat at
26.24 as Bindura, Falgold,
Hwange and RioZim remained
unchanged on previous price
levels at $0,0120, $0,0050,
$0,0300 and $0,1700 in that
order.
- BH24 Reporter ●
Bourse stalls
13 zse
BH2414
Movers CHANGE Today Price USc SHAKERS Change TODAY Price USc
ART 2.01 Barclays -19.58 1.93
CFI 8.00 Zimpapers -8.33 0.55
Delta 52.00 Meikles -7.69 7.20
Old Mutual 231.25 Innscor -4.76 17.00
Econet -2.32 20.97
BAT -0.24 1,185.00
Index Previous Today Move Change
Industrial 93.66 93.66 +0.00 points +0.00%
Mining 26.24 26.24 +0.00 points +0.00%
15 zse tables
ZSE
Indices
Stock Exchange
Previous
today
16 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
16 June 2016
Energy
(Megawatts)
Hwange 502 MW
Kariba 565 MW
Harare 30 MW
Munyati 12 MW
Bulawayo 27 MW
Imports 0 - 400 MW
Total 1381 MW
22 JUNE 2016 -- Zimre Holdings Limited 18th Annual General Meeting; Place: NICOZDIAMOND Auditorium, 7th Floor Insur-
ance Centre, 30 Samora Machel Avenue, Harare; Time: 1430 hours...
22 JUNE 2016 -- GB Holdings Limited Annual General Meeting; Place: Cernol Chemicals Boardroom, 111 Dagenham Road, Wil-
lowvale, Harare; Time: 11.30 hours...
23 JUNE 2016 -- Zimpapers 89th Annual General Meeting; Place: Zimpapers Ltd Boardroom, Sixth Floor Herald House, Cnr. G.
Silundika/Sam Nujoma Street, Harare; Time: 1200hrs…
24 JUNE 2016 -- Dawn Properties Annual General Meeting; Place: Great Indaba Room, at the Monomotapa Hotel, 54 Parklane,
Harare on Friday; Time: 10:00 hours...
22 JUNE -- Lafarge Cement Zimbabwe Annual General Meeting; Place: Manresa Club, Arcturus Road, Harare; Time: 10:30hrs
30 JUNE -- African Sun Annual General Meeting; Place: Inyangani Room, ground floor at Holiday Inn Harare, Corner 5th
Street and Samora Machel Avenue; Time: 12:00hrs
THE BH24 DIARY
ABUJA - Nigeria's central
bank said on Wednesday it
would begin "purely" mar-
ket-driven foreign currency
trading next week, abandon-
ing its 16-month peg and
setting the stage for the
naira to fall sharply.
Nigeria's central bank pre-
viously pegged the naira
at 197 to the U.S. dollar
but the currency trades
at about half that on the
black market as slump in
oil revenues has hammered
public finances and foreign
currency reserves. The new
trading rules begin on Mon-
day, Central Bank Governor
Godwin Emefiele said.
The change of tack is a
"managed float" and puts
Nigeria in line with most
central banks, including the
Bank of England, a senior
central bank official told
Reuters. Nigeria's central
bank has no target for the
naira, he said.
The latest interbank level
will be posted on the central
bank's website daily from
Monday, the official said,
adding: "The old rate of 197
does not exist anymore."
Following the announce-
ment, three economists esti-
mated the fair value of the
naira between 280 and 300
against the dollar, although
the black market rate is
around 370.
Nigeria, Africa's largest
crude exporter, has resisted
devaluing its currency for
more than a year despite
other major oil producers,
including Russia, Kazakh-
stan and Angola, allowing
currences to fall amid lower
crude prices.
The central bank will still
be able to inject dollars into
the market, giving it some
control over the exchange
rate within the limit of its
foreign reserves which fell
to $26.7 billion in June,
from $42.8 billion in January
2014.
Emefiele hopes opening up
trading will ease severe U.S.
dollar shortages caused by a
slump in oil revenue.
With a likely sharp fall for
the naira, Nigerian products
will become relatively cheap
and imports more expen-
sive, which should stimulate
the domestic economy but
also lift inflation.
"To improve the dynam-
ics of the market, we will
introduce foreign exchange
primary dealers who would
be registered by the CBN
(central bank) to deal
directly with the bank for
large trade sizes on a two-
way quote basis," Emefiele
told reporters.
Nigeria's stock market
gained 3 percent following
the announcement.
"This is a major about-
turn. The central bank has
traditionally favoured a
managed rate and preferred
a strong currency to con-
tain inflation," said Gregory
Kronsten, head of macroe-
conomic and fixed income
research at FBN Capital in
Lagos.
"It seems the CBN is eager
the market captures forex
from remittances (inter-
national money orders) as
well as FDI (Foreign Direct
Investment)," he said -
Reuters●
17
Nigeria to abandon naira peg in favour of open market trading
regioNAL News
The pound dropped toward
a two-month low versus the
dollar as traders awaited the
Bank of England’s final policy
meeting before the U.K.
votes on its membership of
the European Union.
Sterling weakened against 10
of its 16 major peers, drop-
ping to a three-year low ver-
sus the yen. The June 23 ref-
erendum has dominated the
currency market with vola-
tility surging as polls sug-
gested a lead for the “Leave”
campaign this week. Last
month, BOE Governor Mark
Carney said Brexit could lead
to a U.K. recession as the
central bank downgraded its
growth forecasts.
The prospect of Britain
exiting the world’s largest
trading bloc has fueled nerv-
ousness across the globe,
with the Federal Reserve
saying on Wednesday that
the referendum was a fac-
tor in its decision to keep
interest rates on hold. The
Swiss National Bank kept its
rates unchanged Thursday.
Officials there have said
the British referendum has
potential to cause “enormous
stress” in Europe.
While no economists are
forecasting a change in BOE
policy Thursday, markets are
pricing in a more than 50
percent chance of an inter-
est-rate cut before the end
of the year.
Data have been offering a
mixed picture of the U.K.
economy. Reports this week
showed inflation holding
at 0.3 percent, the unem-
ployment rate unexpectedly
falling and wage growth
accelerating. Sterling pared
its decline Thursday as data
showed May retail sales rose
a more-than-predicted 0.9
percent.
‘Negative Environment’
“It’s a nervous and very
negative environment for
the pound,” said Niels
Christensen, chief currency
strategist at Nordea Bank AB
in Copenhagen. “With Brexit
there will be a lot of uncer-
tainty that will hurt activity
and it makes sense for the
market to price in the proba-
bility of a cut.”
The pound fell 0.2 percent to
$1.4182 as of 9:40 a.m. Lon-
don time. It touched $1.4091
on Tuesday, the lowest since
April 14. Sterling weakened
0.2 percent to 79.45 pence
per euro. The U.K. currency
dropped as much as 2.8
percent to 146.40 yen, the
lowest level since April 2013.
A two-week measure of
pound-dollar volatility based
on option prices surged to
the highest level on record
this week as five polls in 24
hours showed more sup-
port for leaving the EU than
remaining.
U.K. government bonds rose,
with the 10-year yield fall-
ing as much as three basis
points, or 0.03 percentage
point, to a record-low 1.089
percent. The 30-year gilt
yield touched an all-time low
of 1.908 percent.
- Bloomberg●
18
Pound approaches two-month low before BOE policy announcement
internatioNAL News
By Nigel Gambanga
After years of criticism and
the creation of an uncom-
fortable situation that was
amplified by the country’s
cash crisis the Reserve Bank
of Zimbabwe announced a
new set of bank charges.
The move is commedable and
even though it’s far from the
financial services charges
utopia that most Zimbabwe-
ans have called for (ATM
withdrawals still cost up to
$2.50), its the first indication
that policy can ease some of
the challenges we face.
It also shows that as the reg-
ulator, the Reserve Bank can
and should also review mobile
money tariffs.
The assumption was that the
as the high cost of elec-
tronic transactions has been
highlighted as a barrier to
a “cashless society”, the
charges for sending, receiving
and cashing out money from
mobile money wallets would
also immediately come under
review. That is yet to happen.
To put the costs into per-
spective, it costs $2.55 for a
$100 cashout and as much as
$4.55 to cash out $500 from a
mobile money wallet – figures
that now exceed the $2.50
ceiling set for ATM withdraw-
als.
Mobile money services have
a wider footprint than tradi-
tional banking services and
a reduction of mobile money
tariffs would impact a larger
segment of the population.
According to a FinScope sur-
vey published in 2015, only
30% of the Zimbabwean adult
population had an active bank
account. Of the 70% of the
market that was unbanked,
74% dismissed a bank
account as being unnecessary
or unaffordable.
This is contrast with mobile
financial services that had
registered over 7,3 million
users by December 2015. All
these users depend on the
ubiquity of mobile money
services to pay for services
as well as send and receive
money from people within the
country and outside it.
A national count of over
33,000 agents also means
that mobile financial services
are the “banks” that most
Zimbabweans are familiar
with and turn to for most of
their transactions – something
also supported by official
figures which show that 88%
of transactions are made
through mobile money.
Understandably these changes
won’t happen at the snap of
a finger. The RBZ still has
to work with mobile money
service providers, who are
predominantly the mobile net-
work operators.
Despite isolated and applaud-
able efforts to lower or scrap
some of their charges, mobile
operators are likely to resiste
any massive reduction on
fees.
As the mobile telecoms reve-
nue model adapt to changes
like falling income from tra-
ditional pillars like voice and
SMS, mobile financial services
have offered a glimmer of
hope with their growth poten-
tial.
All this has been enabled
by investments which have
included network support,
service develeopment, wider
agent networks and service
awareness camapigns which
have made mobile financial
services the success that it is.
Blindly hacking down tariffs
would affect a recovery on
such an investment, so the
RBZ would need to factor that
into its tariff review.
In any case though, these
considerations should have
made already, especially as
the bank charges review was
being intensely debated as a
cash crisis solution.
Mobile money tariffs also need
to be considered, for the sake
of the millions who are paying
them everyday– TechZim●
19 analysis19 analysis
Review of bank charges welcome, now mobile money tariffs should be lowered as well

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Expedite ease of doing business reforms, says VP Mnangagwa

  • 1. By Funny Hudzerema HARARE – Government says the technical teams working on the ease of doing busi- ness reforms should increase momentum in order to attract new investment. Under the reforms, Govern- ment is planning to review policies which stifle the ease of doing business environ- ment in order to improve the country’s rankings on global competitive indices. Officially opening the ‘Ease of Doing Business Sympo- sium’ which was hosted by the Office of the President and Cabinet and The Her- ald Business, Vice President Emmerson Mnangagwa said News Update as @ 1530 hours, Thursday 16 June 2016 Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw Expedite ease of doing business reforms, says VP Mnangagwa Vice President Emmerson Mnangagwa
  • 2. there is need for renewed speed in carrying out the reforms. “What is needed is to increase the momentum of the reforms to ensure that all bottlenecks are removed for at the end of the day we should always remember that capital goes where the envi- ronment is favorable, so we need to do everything in our means to be a destination of first choice of capital,” he said. “As Government therefore, we will continue to assess our business operations in order to identify those areas that need urgent surgi- cal therapy to improve our investment climate, empower our local entrepreneurs, and attract Zimbabweans in the Diaspora and foreign investors to bring capital to Zimbabwe. “Whereas our target is to get to a respectful top 100, the goal should not just be chas- ing rankings but to achieve correlation between ease of doing business and an increased number of foreign and local investors and those in Diaspora,” he said. He added that Government is also implementing an e-Government platform in order to re-engineer and modernise the public sec- tor systems and process to improve access efficiency and affordable services to the ICTs. “It is hoped that such meas- ures will greatly facilitate the registration of those entrepreneurs operating in the informal sector and we believe that formalisation will enable small business to benefit from loans, access to tenders and will also enable payment of tax. VP Mnangagwa added that it was critical for us to incor- porate youths, women and those outside the formal economy among other groups to effectively participate in the economic growth of the country. In his remarks during the same event Zimpapers board chairman Mr Delma Lupepe said Zimpapers is ready to work with Government min- istries in spreading the ease of doing business across the country.● 2 news
  • 5. By Tawanda Musarurwa HARARE -Unilever Zimbabwe says it is in the process of engaging Government and other private business to be part of its “sustainable living plan,” which last year delivered nearly half of the consumer goods giant’s growth in 2015. Unilever has sales in over 190 countries and generated sales of 53,3 billion euros last year. The ‘sustainable living plan’ is based on the premise that business should play a leadership role disrupting markets in support of sustainable living — and they will be rewarded by consumers who are also seeking responsi- bility. Unilever Zimbabwe managing director Mr Hilary Muzondiwa told BH24 that the idea is to promote business models that limit adverse effects on the planet’s ecosystem. “As we Unilever we are facili- tating the process…it’s really about mobilizing business involvement in the whole sus- tainability agenda. Business is involved in using up most of the resources and converting them for the general population’s use therefore as businesses we are positioned very well to actually drive the sustainability agenda,” he said. Mr Muzondiwa was speaking on the sidelines of an engagement that was attended by a number of companies and organisations including Standard Chartered Bank, Econet, the Confederation of Zimbabwe Industries, Lafarge and the Zimbabwe National Chamber of Commerce among others. He added that Unilever had begun engaging Govern- ment at a local level. “We want to look at how we can partner with business and Government to drive initiatives such as this. For example, the public toilets that we have been refurbishing with brand Domes- tos, we have worked with the City Councils namely the City of Harare and the City of Bulawayo and we will be doing the same with Gweru as well which is all part of local Government. “At the moment we quite frag- mented in our approach, so what today was about was for the private to showcase what they have been doing so that we start a conversation and we can find other ways of partnering with business, with Government and with the civil society in order to drive this forward,” he said. The Unilever Sustainable Living Plan (USLP) was initiated in 2010, and the group’s fifth annual report showed that the company’s “sustainable liv- ing” brands grew 30 percent faster than the rest of business. Locally, Unilever’s “sustaina- ble brands” include the Dove and Lifebouy soaps, Knorr, and Domestos. The MD said locally the USLP targets were at about 80 percent. “So far we are on track with more than 80 percent of our tar- gets as defined by the Unilever Sustainable Living Plan.” The company has since stopped disposing of its non-hazardous material in landfills and is also treating effluent at its Harare plant. “When you look at the effluent treatment plant that we have at our factory, when you look at how we are managing our non-hazardous waste, which as we said we no longer send it to the landfill, we are recycling. It’s an expense to us right now because we don’t have the recycling capacity within the country so we are sending them outside of the country to be recycled. But we have chosen to spend that money to ensure that it’s recycled rather than having it dumped in landfills,” said Mr Muzondiwa. The Unilever group was ranked first in its sector the 2015 Dow Jones Sustainability Index.● 5 news Unilever Zimbabwe pushes ‘sustainable business model’
  • 8. HARARE –Zimbabwe’s annual inflation for May stood at -1,69 percent after shedding 5 percentage points from -1,64 percent in April as the country battles cash shortages. Zimbabwe has been in defla- tion since February last year and is projected to remain in the negative territory for the remainder of the year. Latest figures from the Zimba- bwe National Statistics Agency show persistence in the neg- ative trend largely influenced by negative price movements in the food and non-alcoholic beverages category. “This means that prices as measured by the all items CPI (Consumer Price Index) decreased by an average of -1,69 percentage points between May 2015 and May 2016,” Zimstat said. Month-on-month inflation in May was -0,24 percent shed- ding 0,02 percentage points on the April rate of -0,21 percent. The rate of increase in the price of goods and services had remained steady in over half a decade after the country adopted use of multiple foreign currencies, primarily the United States dollar. But a slowdown in economic activity has heavily impacted on consumer spending power as most companies struggle to stay afloat. Analysts say a failure to stem cash shortages will further impact on demand for goods and services in the economy . - New Ziana.● 8 news Zim annual inflation at -1,69 percent in May
  • 10. HARARE -Ministers from the African Union (AU) member states including Zimbabwe and the Japanese govern- ment are expected to meet in Banjul, the Gambia this Friday as preparations for the sixth Tokyo International Conference on African Devel- opment (TICAD) to be held in Kenya in August this year intensify. Established in 1993, TICAD, which has the twin objec- tives of promoting high-level political dialogue between Africa and Japan as well as mobilizing support in favor of African development initia- tives, has for the five times it has been held, been hosted in Japan. Kenya plays host to TICAD VI this August. “The preparatory ministe- rial meeting for the TICAD VI Summit aims to engage the African and Japanese ministers to review the work done in preparation for the upcoming TICAD VI Sum- mit, to be held in Nairobi, Kenya from 27 to 28 August 2016, and more importantly consider the draft Nairobi Declaration,” the AU said in a statement. A meeting of senior officials was held in Djibouti in March this year to consider critical issues to be discussed at the conference, paving way for this week’s Ministerial meet- ing in Banjul. The AU said promoting structural economic trans- formation through economic diversification and industri- alisation, promoting resilient health systems for quality of life; and promoting social stability for shared pros- perity were among the key issues identified for discus- sion. In addition to government officials, international organ- isations, representatives of partner countries, interna- tional, regional and sub-re- gional organisations, African and Japanese civil society would also take part at the Banjul Ministers meeting - New Ziana● AU, Japan step up TICAD VI preps 10 news 02 03 ADD TO CART Save big on selected Products of your choice PAYMENT You can purchase whenever, wherever using: DELIVERY Spend $30 or more on your purchases and get free delivery 01 Hello Convenience www.hammerandtongues.com BIG CONVENIENCE+ BIG SAVINGS+ BIG OPPORTUNITIES = BIG HAPPINESS SHOP ONLINE!!
  • 13. HARARE -The equities market traded flat as the mainstream industrial index remained unchanged at 93.66 in mixed trading. Beverages giant Delta finally snapped a string of recent losses to rise $0,0150 to close at $0,5200, while giant insurer Old Mutual advanced $0,0124 to $2,3125 and CFI Holdings jumped $0,0074 to trade at $0,0800. Also on the upside was ART Corporation which closed higher at $0,0201 following a $0,0033 gain. On the downside, BAT eased $0,0287 to close at $11,8500, while conglomer- ate Innscor dropped $0,0085 to $0,1700 as Meikles declined by $0,0060 to settle at $0,0720. Telecoms giant Econet traded $0,0050 lower at $0,2097 while Barclays slipped $0,0047 to close at $0,0193. The mining index was flat at 26.24 as Bindura, Falgold, Hwange and RioZim remained unchanged on previous price levels at $0,0120, $0,0050, $0,0300 and $0,1700 in that order. - BH24 Reporter ● Bourse stalls 13 zse
  • 15. Movers CHANGE Today Price USc SHAKERS Change TODAY Price USc ART 2.01 Barclays -19.58 1.93 CFI 8.00 Zimpapers -8.33 0.55 Delta 52.00 Meikles -7.69 7.20 Old Mutual 231.25 Innscor -4.76 17.00 Econet -2.32 20.97 BAT -0.24 1,185.00 Index Previous Today Move Change Industrial 93.66 93.66 +0.00 points +0.00% Mining 26.24 26.24 +0.00 points +0.00% 15 zse tables ZSE Indices Stock Exchange Previous today
  • 16. 16 DIARY OF EVENTS The black arrow indicate level of load shedding across the country. POWER GENERATION STATS Gen Station 16 June 2016 Energy (Megawatts) Hwange 502 MW Kariba 565 MW Harare 30 MW Munyati 12 MW Bulawayo 27 MW Imports 0 - 400 MW Total 1381 MW 22 JUNE 2016 -- Zimre Holdings Limited 18th Annual General Meeting; Place: NICOZDIAMOND Auditorium, 7th Floor Insur- ance Centre, 30 Samora Machel Avenue, Harare; Time: 1430 hours... 22 JUNE 2016 -- GB Holdings Limited Annual General Meeting; Place: Cernol Chemicals Boardroom, 111 Dagenham Road, Wil- lowvale, Harare; Time: 11.30 hours... 23 JUNE 2016 -- Zimpapers 89th Annual General Meeting; Place: Zimpapers Ltd Boardroom, Sixth Floor Herald House, Cnr. G. Silundika/Sam Nujoma Street, Harare; Time: 1200hrs… 24 JUNE 2016 -- Dawn Properties Annual General Meeting; Place: Great Indaba Room, at the Monomotapa Hotel, 54 Parklane, Harare on Friday; Time: 10:00 hours... 22 JUNE -- Lafarge Cement Zimbabwe Annual General Meeting; Place: Manresa Club, Arcturus Road, Harare; Time: 10:30hrs 30 JUNE -- African Sun Annual General Meeting; Place: Inyangani Room, ground floor at Holiday Inn Harare, Corner 5th Street and Samora Machel Avenue; Time: 12:00hrs THE BH24 DIARY
  • 17. ABUJA - Nigeria's central bank said on Wednesday it would begin "purely" mar- ket-driven foreign currency trading next week, abandon- ing its 16-month peg and setting the stage for the naira to fall sharply. Nigeria's central bank pre- viously pegged the naira at 197 to the U.S. dollar but the currency trades at about half that on the black market as slump in oil revenues has hammered public finances and foreign currency reserves. The new trading rules begin on Mon- day, Central Bank Governor Godwin Emefiele said. The change of tack is a "managed float" and puts Nigeria in line with most central banks, including the Bank of England, a senior central bank official told Reuters. Nigeria's central bank has no target for the naira, he said. The latest interbank level will be posted on the central bank's website daily from Monday, the official said, adding: "The old rate of 197 does not exist anymore." Following the announce- ment, three economists esti- mated the fair value of the naira between 280 and 300 against the dollar, although the black market rate is around 370. Nigeria, Africa's largest crude exporter, has resisted devaluing its currency for more than a year despite other major oil producers, including Russia, Kazakh- stan and Angola, allowing currences to fall amid lower crude prices. The central bank will still be able to inject dollars into the market, giving it some control over the exchange rate within the limit of its foreign reserves which fell to $26.7 billion in June, from $42.8 billion in January 2014. Emefiele hopes opening up trading will ease severe U.S. dollar shortages caused by a slump in oil revenue. With a likely sharp fall for the naira, Nigerian products will become relatively cheap and imports more expen- sive, which should stimulate the domestic economy but also lift inflation. "To improve the dynam- ics of the market, we will introduce foreign exchange primary dealers who would be registered by the CBN (central bank) to deal directly with the bank for large trade sizes on a two- way quote basis," Emefiele told reporters. Nigeria's stock market gained 3 percent following the announcement. "This is a major about- turn. The central bank has traditionally favoured a managed rate and preferred a strong currency to con- tain inflation," said Gregory Kronsten, head of macroe- conomic and fixed income research at FBN Capital in Lagos. "It seems the CBN is eager the market captures forex from remittances (inter- national money orders) as well as FDI (Foreign Direct Investment)," he said - Reuters● 17 Nigeria to abandon naira peg in favour of open market trading regioNAL News
  • 18. The pound dropped toward a two-month low versus the dollar as traders awaited the Bank of England’s final policy meeting before the U.K. votes on its membership of the European Union. Sterling weakened against 10 of its 16 major peers, drop- ping to a three-year low ver- sus the yen. The June 23 ref- erendum has dominated the currency market with vola- tility surging as polls sug- gested a lead for the “Leave” campaign this week. Last month, BOE Governor Mark Carney said Brexit could lead to a U.K. recession as the central bank downgraded its growth forecasts. The prospect of Britain exiting the world’s largest trading bloc has fueled nerv- ousness across the globe, with the Federal Reserve saying on Wednesday that the referendum was a fac- tor in its decision to keep interest rates on hold. The Swiss National Bank kept its rates unchanged Thursday. Officials there have said the British referendum has potential to cause “enormous stress” in Europe. While no economists are forecasting a change in BOE policy Thursday, markets are pricing in a more than 50 percent chance of an inter- est-rate cut before the end of the year. Data have been offering a mixed picture of the U.K. economy. Reports this week showed inflation holding at 0.3 percent, the unem- ployment rate unexpectedly falling and wage growth accelerating. Sterling pared its decline Thursday as data showed May retail sales rose a more-than-predicted 0.9 percent. ‘Negative Environment’ “It’s a nervous and very negative environment for the pound,” said Niels Christensen, chief currency strategist at Nordea Bank AB in Copenhagen. “With Brexit there will be a lot of uncer- tainty that will hurt activity and it makes sense for the market to price in the proba- bility of a cut.” The pound fell 0.2 percent to $1.4182 as of 9:40 a.m. Lon- don time. It touched $1.4091 on Tuesday, the lowest since April 14. Sterling weakened 0.2 percent to 79.45 pence per euro. The U.K. currency dropped as much as 2.8 percent to 146.40 yen, the lowest level since April 2013. A two-week measure of pound-dollar volatility based on option prices surged to the highest level on record this week as five polls in 24 hours showed more sup- port for leaving the EU than remaining. U.K. government bonds rose, with the 10-year yield fall- ing as much as three basis points, or 0.03 percentage point, to a record-low 1.089 percent. The 30-year gilt yield touched an all-time low of 1.908 percent. - Bloomberg● 18 Pound approaches two-month low before BOE policy announcement internatioNAL News
  • 19. By Nigel Gambanga After years of criticism and the creation of an uncom- fortable situation that was amplified by the country’s cash crisis the Reserve Bank of Zimbabwe announced a new set of bank charges. The move is commedable and even though it’s far from the financial services charges utopia that most Zimbabwe- ans have called for (ATM withdrawals still cost up to $2.50), its the first indication that policy can ease some of the challenges we face. It also shows that as the reg- ulator, the Reserve Bank can and should also review mobile money tariffs. The assumption was that the as the high cost of elec- tronic transactions has been highlighted as a barrier to a “cashless society”, the charges for sending, receiving and cashing out money from mobile money wallets would also immediately come under review. That is yet to happen. To put the costs into per- spective, it costs $2.55 for a $100 cashout and as much as $4.55 to cash out $500 from a mobile money wallet – figures that now exceed the $2.50 ceiling set for ATM withdraw- als. Mobile money services have a wider footprint than tradi- tional banking services and a reduction of mobile money tariffs would impact a larger segment of the population. According to a FinScope sur- vey published in 2015, only 30% of the Zimbabwean adult population had an active bank account. Of the 70% of the market that was unbanked, 74% dismissed a bank account as being unnecessary or unaffordable. This is contrast with mobile financial services that had registered over 7,3 million users by December 2015. All these users depend on the ubiquity of mobile money services to pay for services as well as send and receive money from people within the country and outside it. A national count of over 33,000 agents also means that mobile financial services are the “banks” that most Zimbabweans are familiar with and turn to for most of their transactions – something also supported by official figures which show that 88% of transactions are made through mobile money. Understandably these changes won’t happen at the snap of a finger. The RBZ still has to work with mobile money service providers, who are predominantly the mobile net- work operators. Despite isolated and applaud- able efforts to lower or scrap some of their charges, mobile operators are likely to resiste any massive reduction on fees. As the mobile telecoms reve- nue model adapt to changes like falling income from tra- ditional pillars like voice and SMS, mobile financial services have offered a glimmer of hope with their growth poten- tial. All this has been enabled by investments which have included network support, service develeopment, wider agent networks and service awareness camapigns which have made mobile financial services the success that it is. Blindly hacking down tariffs would affect a recovery on such an investment, so the RBZ would need to factor that into its tariff review. In any case though, these considerations should have made already, especially as the bank charges review was being intensely debated as a cash crisis solution. Mobile money tariffs also need to be considered, for the sake of the millions who are paying them everyday– TechZim● 19 analysis19 analysis Review of bank charges welcome, now mobile money tariffs should be lowered as well