(8264348440) 🔝 Call Girls In Hauz Khas 🔝 Delhi NCR
NicozDiamond’s FY profitability slides
1. BH24 Reporter
HARARE – Zimbabwe’s
largest short-term insurer,
NicozDiamond’s profitability
for the year ended December
31, 2016 slid to $1 million
from $1,1 million.
The group’s total income
rose to $27,1 million from
$19,2 million in 2014. Gross
Premiums Written (GPW)
grew 38 percent to $39,6
million in the period under
review.
Operating profit for the
period amounted to $1,1 mil-
lion down from $2,3 million
prior year. Profit before tax
amounted to $916 733, down
from $1,1 million last year.
Management attributed it to
increased claims, commission
expense, operating costs and
exchange losses.
“While there was growth of
38 percent in gross premium
written, overall profita-
bility declined by 23 per-
cent mostly as a result of
increased claims, commission
expense, operating costs
and exchange losses,” said
the company in a statement
accompanying the results.
NicozDiamond’s investments
performance for the year just
ended was weighed down by
impairments, and unrealised
losses on the quoted equities
portfolio.
The domestic insurance busi-
ness contributed 131 per-
cent to profit before share
of associate’s profits/losses,
followed by UGI at 58 per-
cent, First Insurance Com-
pany of Uganda (FICO) at
-66 percent and the property
companies which contrib-
uted -23 percent.
The group said although the
share of loss of associates
News Update as @ 1530 hours, Friday 18 March 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
NicozDiamond’s FY profitability slides
2. improved by 61 percent,
their negative performance
had a significant impact on
the profit after tax.
As at year end, the group
had cash resources of $8,4
million , while its consoli-
dated balance sheet grew by
34 percent during the period.
In terms of the regional
operations, UGI reported a
“modest profit” during the
period under review, said
management, while FICO,
DGI and Diamond Seguros all
reported losses.
Basic earnings per share for
the period stood at 0,15 US
cents.
The board did not declare a
dividend for the period on
the “need to build capital.”
.●
2 news
Econet’s Kwese Sports gets EPL free to air broadcasting rights
BH24 Reporter
HARARE -The English Pre-
mier League has announced
that it has awarded the
exclusive rights to broad-
cast Free To Air (FTA) for
the next three seasons to
the Econet Wireless Group
which is launching a satellite
and Internet broadcasting
network this year under the
brand Kwesé TV.
Since the announcement
that it would enter the
media broadcasting industry,
Econet through its sub-
sidiary Econet Media has
been aggressively acquiring
exclusive sports and enter-
tainment rights. Econet
now has access to two of
the most important sports
leagues in soccer; English
Premier League and the
Spanish League, through its
ownership of Copa Del Rey.
Kwesé Sport on the other
hand is able to sub-license
public broadcasters, across
the entire African continent,
to show live games for free
at weekends. This could be
a real 'game changer' for
soccer mad fans who today
have no such access, par-
ticularly in townships and
other low income areas.
Econet has not yet said
when it will launch Kwesé TV
commercially but it is now
clear that this will hap-
pen before the start of the
Premier League season in
August this year.
The company also said it will
soon announce other major
rights that it has acquired in
other major sports such as
rugby, cricket, athletics and
motor sport.
"We now have a huge port-
folio of sports programming
that will only be available
on Kwesé," said an Econet
spokesperson.●
5. 5 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!!
BH24 Reporter
HARARE -Regional gold pro-
ducer Metallon Corporation
will implement a couple of
changes to its board set-up
as two non-executive direc-
tors step down.
Metallon runs gold operations
in Zimbabwe, and has explo-
ration assets in Zimbabwe,
Tanzania and the Democratic
Republic of Congo.
In statement Metallon said
non-exectuive directors
Messrs Nicholas Bonsor and
Robert Robertson will be
retiring at month-end.
“On 31 March 2016, at the
company’s board meeting
at Redwing Mine, Mutare,
Zimbabwe, Sir Nicholas
Bonsor will be retiring from
his position as non-executive
chairman. Sir Nicholas Bon-
sor has served the company
as non-executive chairman
since March 2011.
“Robert Robertson, Non-Ex-
ecutive Director, will also
be retiring from his position
having served since March
2011. Robert Robertson
served as Chairman of the
Audit Committee and will
be replaced by Dr Tomaz
Salomão,” said Metallon.
At the same time, Mr Mzi
Khumalo - currently non-ex-
ecutive deputy chairman -
will become non-executive
chairman of the gold pro-
ducer.
In his new role Mr Khumalo
will “be focused on develop-
ing the corporate strategy
and advising the company
through to its next stage of
growth,” said the company.
Commenting on the develop-
ments Mr Khumalo said:
“On behalf of the Company,
I would like to express our
gratitude to Sir Nicholas
Bonsor and Robert Rob-
ertson for their significant
contribution over the last
five years. In my new role
as non-executive chairman,
I look forward to working
together with the Board and
Management to advance the
business.
“This is an exciting time for
Metallon as we deliver on
our objectives and focus on
growth through our expan-
sion projects in Zimbabwe.”
●
Board changes at Metallon Corporation
8. BH24 Reporter
HARARE– Zimbabwe – albeit in
a deflation – continues to record
the lowest inflation in the Common
Market for Eastern and Southern
Africa (COMESA) region, figures in
the region’s latest Harmonised Con-
sumer Price Index (HCPI) report.
According to the HCPI-COMESA,
Zimbabwe had an annual inflation
rate of -2,4 percent in January
2016, while at the extreme end of
the spectrum Zambia recorded the
highest year on year inflation rate of
27 percent.
There however seems to be a
slight discrepancy between the
HCPI-COMESA and the Zimbabwe
National Statistical Agency (Zim-
Stats) figures of Zimbabwe’s annual
inflation rate.
Recently released figures by Zim-
Stats showed that the country’s
annual inflation closed the month
of February 2016 at -2,22 percent
down 0,03 percentage points from
-2,19 percent in January 2016.
The February inflation figure for
Zimbabwe marks 12 full months
with the country’s inflation in the
negative territory after having slid
into deflation in February last year
due to price adjustments and low
demand for goods.
Meanwhile, the other participating
member states that contribute to
HCPI-COMESA registered the follow-
ing rates of total inflation in January
2016 compared to January 2015:
Burundi (6,0 percent); Democratic
Republic of Congo (0,9 percent);
Egypt (10 percent); Ethiopia (11,9
percent); Kenya (8 percent); Mada-
gascar (6,3 percent); Malawi (25,6
percent); Mauritius (2,7 percent);
Rwanda (3,8 percent); Seychelles
(7,8 percent); Sudan (13,8 per-
cent); Swaziland (5,5 percent); and
Uganda (10,6 percent).
The year on year, inflation rate in
the COMESA region as measured
by the HCPI-COMESA stood at 10,7
percent for the month of January
2016, up from 9,3 percent regis-
tered in December 2015.
A year earlier, the rate was 8,9
percent.
The month on month inflation rate
in the COMESA region as measured
by HCPI-COMESA stood at 0,6 per-
cent for the month of January 2016,
up from 0,2 percent registered in
December 2015.
From a prior comparative period
perspective, it was -0,7 percent in
January 2015. HCPI-COMESA com-
prises of twelve divisions of expend-
iture. These divisions registered the
following average price changes
during the month of January 2016
compared with January 2015.
Food & non-alcoholic beverages
(13,2 percent); alcoholic beverages
and tobacco (12,4 percent); clothing
and footwear (12,3 percent); hous-
ing, water, electricity, gas and other
fuels (5,4 percent); furnishings,
household equipment and routine
household maintenance (10,5
percent); health (11,2 percent);
transport (7,4 percent); communi-
cation (6,2 percent); recreation and
culture (18,1 percent); education
(16,7 percent); restaurants and
hotels (14,3 percent); and miscel-
laneous goods and services (7,8
percent).●
8 news
Deflation keeps Zim inflation lowest in COMESA
· Farms
· Mines
· Businesses
· More!
GET A QUOTE
We won’t let you
down! Delivered in
72hrs, countrywide!
NEED
FUEL?
Blend, Diesel, Paraffin
Tel: 04 852517 / 870580
admin@ramafrica.com
11. BH24 Reporter
HARARE – Payments and
business process outsourc-
ing services provider Payserv
Africa Limited has success-
fully defended a claim by the
minority shareholder in its
subsidiary Tradanet, relating
to the latter’s right to acquire
its 51 percent share in Tra-
danet.
The minority shareholder,
Ottonby Trading (Private)
Limited was claiming that its
right to acquire Payserv's 51
percent share in Tradanet was
allegedly triggered by the
change in control of Cambria
as a result of Ventures Africa
Limited's (VAL) subscription
in April 2015 that resulted in
VAL owning a majority stake
in Cambria.
Payserv, which provides EDI
switching services (Paynet),
'payslip' processing (Auto-
pay), and payroll based
microfinance loan processing
(Tradanet), whose main oper-
ations are domiciled in Zim-
babwe, is one of Zimbabwe
focussed investment company
Cambria’s two remaining
operations, the other is Mill-
chem, a value-added chemi-
cals distributor with a leading
market position in Zimbabwe.
In its results released at the
end of last month Cambria
indicated that the matter had
been referred to the arbitra-
tion process. According to
Cambria following the con-
clusion of the process the
arbitrator granted an award in
favour of Payserv Africa.
“The Company announces
that the arbitration process
has been concluded with the
arbitrator granting an award
in favour of Payserv Africa
and confirming that the VAL
Subscription did not trigger
any right held by the minor-
ity shareholder to acquire
Payserv's 51 percent interest
in Tradanet,” Cambria said.
During the full year ending
August 31, 2015, Payserv
contributed $5,01 million to
Cambria’s total revenue up
from $4,5 million during the
prior period while its profits
shot up 13 percent to $4,7
million from $4,1 million.
In terms of its operations
Paynet that provides Elec-
tronic Data Interchange (EDI)
services to all the banks and
building societies in Zimba-
bwe, as well as to over 1 500
corporates, processed 17,3
million transactions compared
to 16,4 million a year earlier,
representing a 5,5 percent
increase.
Autopay, which provides pay-
roll services to more than 150
customers, processed over
345 000 pay slips compared
to 313 000 a year earlier,
representing a 10 percent
increase.
Tradanet processed approxi-
mately 134 000 loans com-
pared to 121 000 loans during
the period, representing a
value of $176 million against
$154 million for 2014.●
11 news
Payserv wins claim
13. HARARE - The equities mar-
ket gained in today’s trades,
helping the mainstream
industrial index rise 0.05 (or
0,05 percent) on a week-on-
week comparison.
The industrial index edged
forward by 0.07 to settle at
99.86 as conglomerate Inns-
cor gained $0,0025 to trade
at $0,1825, while giant
insurer Old Mutual inched up
$0,0005 to $2,0634.
Brickmaker Willdale rose
up by $0,0003 to close at
$0,0018 and Meikles closed
at $0,0706 after a marginal
gain of $0,0002. There were no trades in
the negative territory and
activity was limited to eight
counters.The mining index
was steady at 19.22 points.
as Bindura, Falgold, Hwange
and RioZim maintained
previous price levels at
$0,0096, $0,0050, $0,0300
and $0,1040 respectively.
The mining index rose 0.08
(or 0,42 percent) compared
to the prior week - BH24
Reporter ●
ZSE13
Industrials rise 0.05pc week-on-week
15. 15 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
17 March 2016
Energy
(Megawatts)
Hwange 308 MW
Kariba 468 MW
Harare 30 MW
Munyati 0 MW
Bulawayo 0 MW
Imports 0 - 400 MW
Total 1020 MW
• Thursday 24 March 2016 - Annual General Meeting of Willdale Limited; Place: Boardroom, Willdale Administration Block,
19.5km peg Lomagundi Road, Mount Hampden; Time: 1100 hours...
• Analyst briefing - Old Mutual Zimbabwe, Steward Room, Meikles Hotel, March 30, 1430hrs
THE BH24 DIARY
16. JOHANNESBURG - South Afri-
ca's rand weakened against the
dollar early on Friday as inves-
tors turned focus to a political
scandal that has jolted President
Jacob Zuma's government and
a potential sovereign ratings
downgrade.
At 0702 GMT, the rand traded at
15,2400 per dollar dollar, 0,46
percent weaker from Thursday's
New York close of 15,1700.
The currency had rallied more
than 3 percent to its strongest
in more than a week on Thurs-
day after the central bank hiked
interest rates.
"Factors to consider are any
news on the political front, over
the long weekend the ANC (Afri-
can National Congress) is holding
its NEC (National Executive Com-
mittee) Lekgotla and we await
any news from Moody's who
are currently in South Africa,"
Nedbank analysts said in a note,
referring to a meeting of the top
brass of the ruling party.
Analysts from Moody's credit rat-
ing agency were due to complete
their three-day visit to South
Africa on Friday after putting its
Baa2 rating on review, according
to the Treasury.
Investors fear further political
uncertainty could hasten a down-
grade, with Fitch and Standard &
Poor's already rating the country
just one step above junk status.
The government has been jolted
this week by suggestions that
a wealthy family with close ties
to Zuma may have been behind
his decision to sack the coun-
try's respected finance minister
Nhlanhla Nene in December.
Zuma, who is due to hold a
three-day meeting with top ANC
officials from Friday, has denied
being influenced by anyone
in the appointment of cabinet
ministers.
On the stock market, the bench-
mark Top-40 index was flat in
early trade, sliding 0,02 percent.
In fixed income, the yield for
the benchmark instrument due
in 2026 down 3 basis points to
9,145 percent
. - Reuters●
regioNAL News16
Rand weakens on Zuma showdown, stocks open flat
JOHANNESBURG - Bot-
swana's economy is pro-
jected to grow by 3,7
percent this year after an
estimated contraction of
0,3 percent in 2015, the
International Monetary
Fund (IMF) said.
"GDP growth is estimated
to have turned slightly
negative in 2015 owing
to a decline in the global
demand for diamonds and
copper," the IMF said in a
statement late on Thurs-
day.
"A gradual economic recov-
ery is projected in the next
three years, based on an
expected gradual increase
in diamond prices and fis-
cal stimulus." - Reuters●
Botswana's 2016
GDP growth esti-
mated at 3,7pc:
IMF
17. Oil held gains near $40
a barrel after the dollar
weakened amid signs cen-
tral banks will continue to
provide stimulus, and as US
output dropped to the lowest
since November 2014.
Futures were little changed
in New York after climbing
4,5 percent Thursday. The
Bloomberg Dollar Spot Index
held near the lowest level
since June after the Federal
Reserve scaled back expecta-
tions for the pace of inter-
est-rate gains. US production
slid through March 11 and
stockpiles expanded by 1,32
million barrels, the smallest
gain in five weeks, accord-
ing to an Energy Information
Administration report on
Wednesday.
“The Fed decision and the US
dollar weakness has helped
commodities as a whole and
oil has benefited from that,”
Angus Nicholson, an analyst
at IG Ltd. in Melbourne, said
by phone. “The EIA report
was very solid with a smaller
than expected gain in crude
inventories and a cutback in
US production. Still, prices
are approaching levels where
a number of swing producers
start becoming profitable
again.”
Oil is set for the longest run
of weekly gains since May
amid speculation stronger
demand and shrinking US
crude production will ease
a global glut. Declines in
shale output are contributing
more to the rise in prices
than talks between major
crude-exporting nations on a
potential production freeze,
according to head of the
International Energy Agency.
US Output
West Texas Intermediate for
April delivery, which expires
Monday, was at $40,23 a
barrel on the New York Mer-
cantile Exchange, up 3 cents,
at 1:49 p.m. Singapore time.
The contract added $1,74
to $40,20 on Thursday, the
highest settlement since
Dec. 3. Total volume traded
was 2,3 percent below the
100-day average. Prices are
4,5 percent higher this week,
heading for the fifth weekly
gain. The more-active May
future was 2 cents higher at
$41,68 a barrel.
Brent for May settlement was
2 cents lower at $41,52 a
barrel on the London-based
ICE Futures Europe
exchange. The contract
climbed $1,21 to $41,54
Thursday, the highest close
since Dec. 4. The global
benchmark crude was at an
12-cent discount to May WTI.
US production dropped by
10 000 barrels a day to 9,07
million last week, according
to the EIA report. Stock-
piles at Cushing, Oklahoma,
the delivery point for WTI,
increased by 545 000 barrels
to a record while nationwide
supplies remain at the high-
est level in more than eight
decades
- Bloomberg●
internatioNAL News17
Oil holds gain near $40 on weaker dollar, falling US output
18. The operationalisation of
the proposed SADC Regional
Development Fund is
expected to provide alterna-
tive financing modalities for
southern Africa to support its
integration agenda.
Ultimately, the fund should
allow the region to take
full control of its regional
integration agenda, which
currently depends on exter-
nal support.
It is estimated that more
than 70 percent of the
Southern African Develop-
ment Community (SADC)
budget comes from Interna-
tional Cooperating Partners
(ICPs) – a situation that
compromises the ownership
and sustainability of regional
programmes.
In this regard, the decision
by the SADC Committee of
Ministers of Finance and
Investment to finalize the
establishment of the SADC
Development Fund is a pos-
itive step towards acceler-
ating regional integration in
southern Africa.
Speaking during a meeting of
the SADC Committee of Min-
isters of Finance and Invest-
ment on 12 March in Gabo-
rone, Botswana, chairperson
of the SADC Council of Minis-
ters, Kenneth Matambo said
it was time the region took
charge of its development
agenda.
“Committing our own
resources to dealing with
these issues is important
while we seek the support of
our International Cooperat-
ing Partners to complement
our limited funds,” Matambo,
who is also the Minister of
Finance and Development
Planning of Botswana said.
SADC Executive Secretary,
Dr Stergomena Lawrence
Tax concurred, saying the
establishment of the fund
will promote development in
the region.
“I believe that the stage has
been set for the region to
move forward and establish
the needed mechanism for
resource mobilisation, and
take its rightful place in the
global arena,” she said.
The SADC Regional Devel-
opment Fund is a financial
mechanism intended to mobi-
lise resources from member
states, the private sector
and development partners
to finance programmes and
projects to deepen regional
integration.
Development of the fund
has been going on for a long
time, albeit with challenges
related to administrative and
logistical issues.
However, a SADC document
released at the 33rd SADC
Summit held in Lilongwe,
Malawi in August 2013, indi-
cated that a lot of ground-
work has been made with
regards to the establishment
of the fund.
At the time there were sug-
gestions that member states
should take up 51 percent
of the shares in the facility,
against 37 percent for the
private sector and 12 percent
for ICPs.
It was also proposed that the
fund will have seed capital
of $1,2 billion, with member
states expected to contribute
$612 million while the pri-
vate sector will take up $444
million of the share capital
and $144 million will come
from ICPs.
Under the proposal, sub-
18 analysis18 analysis
SADC targets sustainability of regional integration agenda
19. 19 analysis19 analysis
scription to shares will be
made over five years in equal
instalments. The first sub-
scription will be due within
the first year of the Fund
coming into force.
Any shares not subscribed to
by the end of the fifth year
will be reallocated to other
member states on the basis
of ability to pay.
The proposal is to have the
first 25 percent of the shares
divided equally among mem-
ber states and members will
be obliged to contribute. The
remaining 26 percent will be
allocated based on economic
ability.
In terms of the administra-
tive structure, the facility
will have a board of gover-
nors comprising ministers
responsible for finance in
member states as well as
a board of directors tasked
with its day-to-day opera-
tions.
The board of governors will
be the highest decision-mak-
ing organ for the Fund and
will have powers to admit
new members; increase or
decrease the share capital;
amend the statutes govern-
ing the facility; as well as
appoint directors.
The fund will have a chief
executive officer who will be
responsible for the daily run-
ning of its operations.
The creation of the facility
comes at a time when there
has been concern about the
slow pace of implementation
of regional programmes and
projects, largely due to lack
of funds and over-reliance on
ICPs for support.
The operationalisation of
the fund is expected to be
done through a two phased
approach, with phase one
focusing on project prepara-
tion and development, and
phase two dealing with the
infrastructure development,
industrial development, inte-
gration and economic adjust-
ment and social development
windows.
Each window will focus on
the following:
• The infrastructure win-
dow will provide financial
support for implementation
of regional infrastructure
projects mainly emanating
from the SADC Regional
Infrastructure Development
Master Plan;
• The integration and eco-
nomic adjustment window
will support and facilitate
efforts by member states to
implement the SADC eco-
nomic integration agenda
• The industrial develop-
ment window will support the
industrialisation process in
the region; and
• The social development
window will support the
human and social aspects
of the regional agenda and
incorporate all other related
funds such as the SADC
Regional HIV and AIDS Fund.
The selection of projects for
consideration under the fund
will, among other things,
ensure that these advance
the goal of promoting sus-
tainable socio-economic
development in the region.
The SADC Committee of
Ministers of Finance and
Investment is one of a series
of meetings held prior to the
SADC Council of Ministers
that took place on 14-15
March.
The SADC Council of Minis-
ters deliberated on a wide
range of issues, including
the approval of the budget
for implementation of the
region’s operational plans.
The Council approved the
SADC budget for the 2016/17
financial year of about $72
million. The budget for the
2015/16 financial year was
$79,4 million.
Southern Africa has identi-
fied priority areas for imple-
mentation during the year.
These include the imple-
mentation of key milestones
on industrialization, trade,
infrastructure development,
as well as peace and secu-
rity. – Sardc.net●