A digital copy of the BH24, Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.

1. By Funny Hudzerema
HARARE – Government has
secured $4,2 million for on
lending to the manufacturing
sector during the course of
the year.
The funds are being dis-
bursed through CABS bank.
The $4,2 million is however
slightly lower than the $4,6
million that was available
last year.
Secretary for the Ministry
of Industry and Commerce
Mrs Abigail Shonhiwa said
Government will continue to
mobilise funds for the manu-
facturing sector to grow.
“Government continuous to
mobilise resources for the
manufacturing sector and
some pockets of funding
have been secured under
various schemes.
“The amount that was avail-
able for lending in 2015 is
$4,6 million and projects
worth $4,2 million will be
considered this year,” she
said.
From 2011 to 2015 Govern-
News Update as @ 1530 hours, Tuesday 17 May 2016
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Govt secures $4,2 million for manufacturing sector
Mrs Abigail Shonhiwa

2. ment secured $100 million
that was disbursed to the
manufacturing sector under
the Zimbabwe Economic and
Trade Revival Facility.
“Work is in progress to
resume the facility under
phase 2 this year. This will
help companies to access
loans at concessionary inter-
est rates as compared to the
ones that are being offered
by local financial institu-
tions,” she said.
She said this while officiating
at the inception Industrial
workshop for the review of
the Development Policy (IDP)
2012 to 2016.
“The exercise we are
kick-starting today should
culminate in the crafting of
the IDP which will guide the
industrialisation process from
2017 to 2021.
“The policy was overdue
as we wanted to align our
industrial development
framework to the Zimba-
bwe Agenda for Sustainable
Socio-Economic Transforma-
tion,” she said.
The 2012-2016 IDP sought
to restore the manufactur-
ing sector’s contribution to
GDP from 15 to 30 percent
increase exports from 26 to
50 percent.
“It is difficult to accomplish
the set objectives of the IDP
2012-2016 owing to a myriad
of challenges which include
the liquidity crunch and an
influx of cheap imports and
many other things.
“Even though challenges
have continued to hamper
industrialisation and inte-
gration efforts by both the
public and private sectors,
I want to point out that it is
not all gloom and doom,” she
said.●
2 news

3. BH243

4. BH244

5. BH24 Reporter
HARARE-Government is
planning to amend a number
of laws during the second
100 days of ease of doing
business reforms after com-
pleting the first phase.
The first phase was launched
in September 2015, after
consultations with key
stakeholders involving
Government, private sector,
development partners, civil
society, academic and pro-
fessional bodies.
Information from the Ministry
of Industry and Commerce
indicated that the second
phase is expected to be
completed by the end of this
month.
“The 2nd 100 Days of the
reforms is largely concen-
trating on Legislation. The
following are the pieces of
legislation which will be
forwarded to Parliament once
Cabinet and the Attorney
General’s Office is through
with them the High Court
Act, Estate Administration
Act, Movable Property Secu-
rity Interest Bill, RBZ Act,
Companies Act, Shop Licens-
ing Act, Manpower Devel-
opment Act, NSSA Act, and
Regional Town and Country
Planning Act.
“Going into the 2nd 100 days
it was being envisaged that
the Technical Working Groups
(TWGs) would strengthen the
implementation process by
converting identified weak-
nesses into strengths; and to
achieve set goals,” said the
statement.
The 2nd 100 days rather than
just being a scale up, was
a continuation of the unfin-
ished business of the 1st 100
days, particularly, concen-
trating on Legislation.
The ultimate aim is to
improve Zimbabwe’s rank-
ing in the World Bank Doing
Business Report where it is
now ranked 155th out of 189
economies globally.
During the first 100 days of
the ease of doing business
reforms Government man-
aged to reduce the number
of days taken to start a new
business from 90 days to 30
days and construction per-
mits have been reduced from
448 days to 120 days.
Time taken to pay taxes
reduced from 242 hours
to 160 hours and MoU was
signed to consolidate the
processes of paying taxes at
ZIMRA by ZIMDEF and NSSA
for the adoption of a single
window tax payment sys-
tem.●
5 news
Ease of doing business reforms phase 2 starts

6. BH246

7. BH247

8. HARARE-The CAMPFIRE
Association on Monday urged
Government to explore ways
of compelling players in the
wild life industry in Hwange
district to contribute towards
efforts to reduce human- ani-
mal conflict.
The Zimbabwe government
adopted the Communal Areas
Management Programme
for Indigenous Resources
concept in the early 80's
as a way of encouraging
communities living adjacent
to national parks to live in
harmony with wild animals,
which sometimes attacked
them as well as destroyed
their crops.
Campfire director Charles
Jonga told Parliament
that there serious conflict
between humans and animals
in Hwange with the Rural
District Council the only
stakeholder dealing with the
problem.
“Problem animal control is a
burden for the Hwange Rural
District Council alone, a task
that cannot be successfully
accomplished using income
that is clearly inadequate at
present," he said.
“To this end, government is
being requested to explore
ways of compelling exist-
ing tourism players (private
lodges and hotels) and all
wildlife based Non- Gov-
ernmental Organisations
and Research programmes
in Hwange district that are
benefitting from the same
animals which cause local
people problems to contrib-
ute towards conflict mit-
igation through a levy of
at least 3 percent of their
income,” he said.
Mr Jonga said additional cash
injection would reinforce
positive attitudes towards
wildlife by communities
alongside financial benefits
and community development
projects.
“The net conservation result/
benefit is that fewer animals,
especially elephant and lion,
will get killed in order to
address human and wildlife
conflict,” he said.
Operation of Campfire with-
out donor funding since 2003
has been a defining moment
for the program and has
to some extent impacted
negatively on the country’s
conservation image interna-
tionally.
Mr Jonga said at the
moment, the Campfire Asso-
ciation and the Hwange RDC
had embarked on strength-
ening wildlife management
and tourism in Sidinda
ward (Hwange), as well as
improving human and wildlife
conflict mitigation through-
out the district using donor
funding.
“However presently, CAMP-
FIRE Association is involved
in the EU-funded wildlife
in Livelihood Development
(WILD) programme ($3.5mil-
lion) led by the Sustainable
Agriculture Technology , a
local NGO, which seeks to
pilot some models of com-
munity based wildlife man-
agement and game ranching
in CAMPFIRE areas (Chiredzi,
Chipinge and Nyaminyami
districts) over three years,”
he said adding that the
project had however expe-
rienced delays in its startup
activities since 2012.
The chosen model involved
community game ranching,
which is supported by other
activities such as improved
livestock and crop produc-
tion, in conjunction with the
development of other income
streams and value addi-
tion.-New Ziana
●
8 news
Wild life industry urged to mitigate human-animal conflict

9. BH249

10. HARARE -Engineering firm,
Zeco Holdings again failed
to release its audited results
on time, announcing a $1,3
million loss for the year ended
December last year, down
from $2,1 million in 2014.
The Zimbabwe Stock
Exchange company, which
has hardly known profitabil-
ity in the recent past, failed
to release its audited finan-
cials within the three months
period that the ZSE allows,
only releasing unaudited
financials in May this year.
“Please note that the results
are unaudited, we expect
audited financials to be pub-
lished by 31 May 2016,” board
chairman Phillip Chiyangwa
said.
“I would like to apologise to
our various stakeholders for
the late publication of the
group’s financial results which
was a result of
system challenges.”
According to the unaudited
financials, Zeco’s revenue’s
slid from $500 518 to $489
222.
“In spite of the stringent cost
containment strategies that
were successfully imple-
mented, revenue could not
cover operating costs result-
ing in a negative bottom line
of $1,303 million compared
to the $2,138 million loss
recorded in 2014,” Mr Chi-
yangwa said.
Basic losses per share eased
to -0,28 cents from -0,46
cents.
Mr Chiyangwa said a slump in
infrastructure and construc-
tion projects impacted on
performance of the company’s
key subsidiaries, Delward
Engineering and Crittall Hope.
He said the company was
working on re-opening its
closed subsidiary, ZimPlastics.
In the outlook, Mr Chiyangwa
said activity in the power
generation industry would
likely impact positively on its
subsidiaries.- New Ziana.●
Zeco narrows FY15 loss to $1,3 mln
10 news
Chairman Phillip Chiyangwa

11. HARARE - THE Zimbabwe
Stock Exchange main indus-
trial index was unchanged
with no gainers, but two los-
ers by close of the trading
session.
Fidelity Life Assurance and
Econet Wireless lost 0,96
percent and 0,45 percent
respectively to close the day
at 22,10c and 10,4c respec-
tively.
Volumes trade were 49 per-
cent lower at about 2 mil-
lion shares, but the value of
shares that changed hands
jumped 88 percent to $218
000.
In terms of value traded,
mobile phone operator,
Econet, led the table with
$122 000, followed by Fidel-
ity at $57 300 and BAT at
$11 200. Old Mutual and
Delta each sold $8000 and
$5 700 worth of shares.
Year to date, General Belt-
ings (0,02c) was the big-
gest gainer at 100 percent,
followed by Start Africa
(0,9c) at 50 percent, RioZim
(14,9c) at 44 percent, Art
(1,4c) at 40 percent and
Proplastics (2,8c) at 33,3
percent.
- BH24 Reporter ●
ZSE11
Industrials open week on a low
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12. Movers CHANGE Today Price USc SHAKERS Change TODAY Price USc
Fidelity life
Assurance
-0,96 10,30
Econet -0,36 22,02
Index Previous Today Move Change
Industrial 106.93 106.93 -0.03 points -0.02%
Mining 21.55 23.10 +1.55 points +7.19%
12 zse tables
ZSE
Indices
Stock Exchange
Previous
today

13. 13 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
17 May 2016
Energy
(Megawatts)
Hwange 435 MW
Kariba 598 MW
Harare 30 MW
Munyati 16 MW
Bulawayo 0 MW
Imports 0 - 400 MW
Total 1425 MW
• 18 May - ZB Building Society AGM; Place: 21 Natal Road,
Avondale, Harare; Time: 12:00hrs
• 18 May - The 76th AGM of Astra Industries Limited; Place: Auditorium at Astra Park, Corner Ridgeway North/Northend
Roads, Highlands, Harare; Time: 12:00hrs
• 19 May - The Fifth Annual General Meeting of Padenga Holdings Limited; Place: Royal Harare Golf Club, 5th Street extension,
Harare; Time: 08.15am
• 19 May - NMBZ AGM; Place: Unity Court, Corner 1st Street Kwame Nkrumah Avenue; Time: 10:00am
• 19 May - Turnall Holdings AGM; Place: Jacaranda Room, Rainbow Towers; Time: 12:00
THE BH24 DIARY

14. JOHANNESBURG - THE rand
perked up against the dollar
yesterday morning, moving
away from the two-month
lows it reached on Monday,
as global developments pro-
vided some support.
But sentiment towards the
local currency remained
fragile in the wake of the
Sunday Times’ report, which
has since been denied, that
Finance Minister Pravin
Gordhan faces possible arrest
over espionage charges.
"With the political uncer-
tainty still hogging the
headlines, I think it is safe to
presume that the rand will ...
underperform other emerg-
ing-market currencies,"
Standard Bank trader Warrick
Butler said.
The rand slid to lows of
15,74 to the dollar on Mon-
day before rebounding to its
current levels of 15,56 to the
dollar. Global sentiment was
favourable for the rand on
Tuesday morning, with Asian
equities and commodities
tracking higher. Brent crude
was just shy of $50 a barrel,
its best level so far this year.
At 8.54am‚ the rand was at
15,5563 to the dollar from
15,6656 at previous close.
It was at 17,6275 against
the euro from 17,7364
previously‚ and at 22,5688
against the pound from
22,5636 previously. The
euro was at $1,1331 from
$1,1320.-BDLive●
regioNAL News14
Rand recovers but sentiment remains fragile

15. TOKYO — Oil futures rose
for a second consecutive
session today, with US crude
hitting a six-month high, as
the market focused on supply
disruptions that prompted
long-time bear Goldman
Sachs to issue a bullish
assessment on near-term
prices.
Oil prices have rallied for
most of the past two weeks
due to a combination of
Nigerian, Venezuelan and
other outages, declining US
output and virtually frozen
inflows of Canadian crude
after fires in Alberta’s oil
sands region.
US West Texas Intermediate
(WTI) futures were up 50c
at $48,22 a barrel at 3.06am
GMT. They hit $48,28 earlier
in the session, the highest
since November.
Brent crude futures were up
28c at $49,25 a barrel, near
six-month highs of $49,47
reached on Monday.
"The increasing intensity in
supply-side disruptions in
the oil market should see
prices well supported in the
short term," ANZ said in a
research note.
The disruptions triggered
a U-turn in the outlook for
the oil market from Goldman
Sachs. The US bank, which
had long warned of global
storage hitting capacity and
of another oil price crash to
as low as $20, now sees US
crude trading as high as $50
in the second half of 2016.
A further bullish note was
sounded by the US Energy
Information Administration
(EIA) when it said shale oil
output was expected to drop
in June for an eighth consec-
utive month.
Shale output was expected
to fall by nearly 113,000
barrels a day to 4,85-million
barrels a day, as the nearly
two-year slump in prices
continued to undermine prof-
itability at drillers, the EIA
report released on Monday
showed.
Oil prices were also drawing
support from fires burning
around the Canadian oil
sands hub of Fort McMurray.
The fires were growing and
moving rapidly north late on
Monday, forcing firefight-
ers to shift their focus to
protecting major oil sand
facilities north of the city,
officials said.
A dozen work camps south
of the major projects faced
mandatory evacuation notic-
es.-Reuters●
internatioNAL News15
US crude hits six-month high

16. By Ahmed Cassim
DESPITE the steadfast
growth of the global remit-
tance industry, which is now
estimated to be worth over
$610bn per year, the cost
of sending money to Africa
and within Africa remains
higher than anywhere else in
the world. Funds transferred
by migrants to their home
countries still represent sig-
nificant financial inflows for
many nations, particularly
within sub-Saharan Africa.
According to global industry
bodies the driving impetus
for this ever growing indus-
try is the growing globali-
sation trend, which contin-
ues to accelerate economic
growth owing to the increase
of international migrant pop-
ulations in many developed
countries.
The Remittance Prices
Worldwide (RPW), World
Bank-sponsored database
monitors remittance prices
globally across 300 corridors,
and according to the World
Bank is used as reference in
measuring the progress made
in attaining reductions in
remittance prices.
Hello Paisa, a low cost
international remittance
provider that forms part of
the Hello Group of compa-
nies, acknowledges that a
fair amount of the $610bn in
remittance has filtered into
sub-Saharan Africa. Experts
16 analysis16 analysis
Cost of sending money to Africa still higher than anywhere else

17. 17 analysis17 analysis
estimate this number to be
as high as $30bn, which con-
tributes to the gross domes-
tic product of many of the
countries that fall within this
region.
It is imperative to facilitate
the affordability and sustain-
ability of remittances as it
is the life blood of numerous
communities, enabling peo-
ple to empower themselves
and improve their economic
circumstances. Further, it is
a means for users to meet
their obligations in terms of
providing for their families.
The high cost of remittance
transactions within the Afri-
can continent speaks to a
lack of infrastructure, legacy
technology systems and
resources. Despite this there
has been an increased adop-
tion of smartphone usage
as well as investments in
internet based technologies
coupled with the upskilling of
people.
This is a step in the right
direction towards the devel-
opment of infrastructure and
capabilities within African
countries. However, the lack
of basic services and infra-
structure such as electric-
ity and connectivity have
affected operations within
those countries, hindering
the services operators could
provide to customers and
their ability to scale up their
businesses.
Volatile exchange rates —
especially the rand-dollar
rate — coupled with the
ever increasing cost of doing
business and increasing
compliance requirements,
have further compounded the
high remittance rate issue.
This simply means that, as
an example, a customer
receiving a remittance might
receive 6 percent less than
what they did a week ago.
In specific reference to Hello
Paisa within the South Afri-
can context, the absence of
relevant legislation allowing
migrants to access remit-
tance services has proved
a defining challenge, which
culminated in customers
using illegal or informal
channels to transfer funds.
The role of key institutions
such as the South African
Reserve Bank in realising the
need for remittance ser-
vice providers in the market
prompted the crafting of
legislation.
The greatest challenge for
operators within this industry
is the holistic understanding
of the customer’s needs, and
getting them to trust you.
Knowing customers’ influ-
ences and trends enables
operators such as Hello Paisa
to build and foster trust.
That fact remains that when
migrants move thousands of
kilometres away from home
and have loved ones who
rely on them for support,
they want to know that they
can meet their obligations
which can only be done if
they believe that the com-
pany they are dealing with is
trustworthy.
The successful provision of
remittance services can boil
down to core principles such
as an operator’s ability to
leverage technology so that
it is secure, accessible and,
most critically, affordable.
Countries in Asia such as
China, India and Pakistan are
prime examples of countries
that have developed eco-
systems as well as infra-
structure to facilitate inward
remittances, and African
countries should follow their
example.
It is imperative for operators
to be constantly investing in
people and learning through
the participation of global
industry-related conferences
which provide the latest
developments with regards to
technology, and infrastruc-
ture. This culminates in bet-
ter services being provided
to customers.-BDLive●
• Cassim is MD of interna-
tional remittance provider
Hello Paisa