The document reports on several news stories from Zimbabwe:
1) Stockbrokers in Zimbabwe are undergoing training on an automated trading system (ATS) that will be fully operational within six months, according to the Securities and Exchange Commission of Zimbabwe CEO. Pakistani trainers have started training brokers on how to use the new system.
2) The Rural Electrification Agency's board in Zimbabwe will likely raise rural electrification tariffs after the Energy Minister called for a review of the "low" current rates and expressed concerns over the 6% levy for rural electrification being insufficient.
3) The IMF is appointing its first resident representative in Zimbabwe in 10 years as the country works to mend relations with the international
The document summarizes the key findings of a report on reforming mobile sector taxation in Uzbekistan. It finds that while the mobile sector has expanded rapidly, there is still room for growth in penetration and migration to modern technologies. It also notes that taxes on the mobile sector are high compared to other countries, which may have limited sector growth. The document recommends three options for tax reform: 1) a phased reduction in corporation tax, 2) reducing monthly subscriber fees, and 3) eliminating SIM card fees. It estimates that these reforms could increase mobile broadband penetration, data usage, sector revenues, GDP, and tax receipts in the long run by making services more affordable and incentivizing network investment.
This document provides an overview of Namibia's ICT industry and regulatory framework. It discusses the development of Namibia's ICT sector, telecommunications market, and regulatory body CRAN. It outlines challenges faced by CRAN, including a court case challenging its regulatory powers. Recommendations are made to strengthen CRAN's independence and powers. The conclusion emphasizes the importance of an independent regulator for a properly functioning telecommunications sector.
This presentation is a requirement for a final project for the online course Unlocking Mobile Rural Connectivity by the GSMA. As part of their requirement, we should share our final projects online in an open platform like this one, so that it can be access by anyone. Thank you.
The document discusses several topics:
1. Belgium is providing funding of 1.2 billion Kenyan shillings to connect county government offices through a fibre optic network as part of a partnership between the Kenyan and Belgian governments.
2. So far 4 counties have been connected, with plans to connect the remaining 43. This will help spur local economies by providing communication services.
3. The network will allow integrated service delivery between national and county governments as envisioned in Kenya's Constitution and Vision 2030 development plan.
4. The connectivity is expected to be completed in 2015 and will involve installing equipment and applications in 17 additional counties and 18 national ministry headquarters.
The document discusses strategies for expanding broadband access in rural areas, including:
1) Creating a special purpose vehicle (SPV) to operate and manage broadband infrastructure in a non-discriminatory open access model.
2) Aggregating public sector demand to improve business plans for operators and guarantee demand.
3) Using reverse subsidy auctions to minimize costs of expanding broadband access to underserved areas.
Initial positive effects of the Telecommunications reform in Mexico.Nuricumbo + Partners
I would like to share a translation of the latest article published by Enrique de la Madrid* in Mexico’s El Universal newspaper.
It discusses some initial positive effects of the reform in telecommunications, with some important foreign investment coming into the country in a relatively short period of time, and more competition that should benefit the Mexican consumer in the mid term.
I hope you will find it interesting.
As always, let us know if we can support your business operations in Mexico or Latin America.
* Enrique de la Madrid is the General Director of Bancomext, Mexico's National Export Development Bank.
Pakistan is moving towards becoming a connected society in the age of 3G and mobile broadband. The introduction of next generation mobile services will trigger technological growth and allow companies to capitalize on data revenue. A strong business case exists for next generation services due to Pakistan's young population and increasing smartphone penetration. Supportive regulations aim to develop broadband infrastructure and affordable access across Pakistan through a fair regulatory regime.
This document summarizes the key findings of a report on global mobile tax regimes. The report finds that reducing mobile-specific taxes can substantially increase mobile penetration and usage. A 10% increase in mobile penetration is estimated to lead to a 1.2% increase in annual GDP growth for developing countries. Sixteen countries still levy higher taxes on mobile services than other parts of the economy. The report recommends that governments consider lowering mobile taxes to treat mobile as a basic need rather than a luxury, which could boost economic growth while maintaining tax revenues. Case studies from Kenya suggest reducing mobile taxes there could increase usage, penetration, and operator revenues in the long-run while having a neutral or positive impact on total government tax receipts.
The document summarizes the key findings of a report on reforming mobile sector taxation in Uzbekistan. It finds that while the mobile sector has expanded rapidly, there is still room for growth in penetration and migration to modern technologies. It also notes that taxes on the mobile sector are high compared to other countries, which may have limited sector growth. The document recommends three options for tax reform: 1) a phased reduction in corporation tax, 2) reducing monthly subscriber fees, and 3) eliminating SIM card fees. It estimates that these reforms could increase mobile broadband penetration, data usage, sector revenues, GDP, and tax receipts in the long run by making services more affordable and incentivizing network investment.
This document provides an overview of Namibia's ICT industry and regulatory framework. It discusses the development of Namibia's ICT sector, telecommunications market, and regulatory body CRAN. It outlines challenges faced by CRAN, including a court case challenging its regulatory powers. Recommendations are made to strengthen CRAN's independence and powers. The conclusion emphasizes the importance of an independent regulator for a properly functioning telecommunications sector.
This presentation is a requirement for a final project for the online course Unlocking Mobile Rural Connectivity by the GSMA. As part of their requirement, we should share our final projects online in an open platform like this one, so that it can be access by anyone. Thank you.
The document discusses several topics:
1. Belgium is providing funding of 1.2 billion Kenyan shillings to connect county government offices through a fibre optic network as part of a partnership between the Kenyan and Belgian governments.
2. So far 4 counties have been connected, with plans to connect the remaining 43. This will help spur local economies by providing communication services.
3. The network will allow integrated service delivery between national and county governments as envisioned in Kenya's Constitution and Vision 2030 development plan.
4. The connectivity is expected to be completed in 2015 and will involve installing equipment and applications in 17 additional counties and 18 national ministry headquarters.
The document discusses strategies for expanding broadband access in rural areas, including:
1) Creating a special purpose vehicle (SPV) to operate and manage broadband infrastructure in a non-discriminatory open access model.
2) Aggregating public sector demand to improve business plans for operators and guarantee demand.
3) Using reverse subsidy auctions to minimize costs of expanding broadband access to underserved areas.
Initial positive effects of the Telecommunications reform in Mexico.Nuricumbo + Partners
I would like to share a translation of the latest article published by Enrique de la Madrid* in Mexico’s El Universal newspaper.
It discusses some initial positive effects of the reform in telecommunications, with some important foreign investment coming into the country in a relatively short period of time, and more competition that should benefit the Mexican consumer in the mid term.
I hope you will find it interesting.
As always, let us know if we can support your business operations in Mexico or Latin America.
* Enrique de la Madrid is the General Director of Bancomext, Mexico's National Export Development Bank.
Pakistan is moving towards becoming a connected society in the age of 3G and mobile broadband. The introduction of next generation mobile services will trigger technological growth and allow companies to capitalize on data revenue. A strong business case exists for next generation services due to Pakistan's young population and increasing smartphone penetration. Supportive regulations aim to develop broadband infrastructure and affordable access across Pakistan through a fair regulatory regime.
This document summarizes the key findings of a report on global mobile tax regimes. The report finds that reducing mobile-specific taxes can substantially increase mobile penetration and usage. A 10% increase in mobile penetration is estimated to lead to a 1.2% increase in annual GDP growth for developing countries. Sixteen countries still levy higher taxes on mobile services than other parts of the economy. The report recommends that governments consider lowering mobile taxes to treat mobile as a basic need rather than a luxury, which could boost economic growth while maintaining tax revenues. Case studies from Kenya suggest reducing mobile taxes there could increase usage, penetration, and operator revenues in the long-run while having a neutral or positive impact on total government tax receipts.
1) ASEAN faces two main challenges in developing the digital economy: bridging the digital divide within and between countries, and shifting from an internet economy to a fully digital economy and society.
2) National digital plans alone cannot succeed without interconnectivity between countries to achieve economies of scale, and interoperability of platforms and applications to achieve economies of scope.
3) A successful transition to a digital economy requires building blocks like interconnectivity, interoperability, and developing digital health and education systems that overcome issues of lack of network connection and incompatible systems.
This document outlines a research proposal to review Zambia's excise duty legislation on airtime to assess if it aligns with best practice taxation principles. The objectives are to identify shortcomings in the current law, compare it to other SADC countries, and recommend amendments. The justification is that this will provide insight into issues with the current law and help policymakers address problems to create an efficient regime. The methodology will include literature reviews of laws, reports and studies from Zambia and other jurisdictions.
Day 2 C2C - Avanti - Broadband for Universal AccessMyles Freedman
Avanti connects people around the world through its HYLAS satellite fleet and over 180 partners in 118 countries, providing internet access to 27% of the global population. Avanti has invested $1.2 billion to build a satellite network covering over 1.5 billion people in Europe, Middle East and Africa. Some of Avanti's projects using its high-speed satellite connectivity include iKnowledge, which provides digital education to over 250 schools in Tanzania, and Project iMlango, a partnership delivering improved education to over 150,000 children in Kenya.
This document provides an overview of the telecommunications sector in the Lao PDR. It was submitted to USAID by Nathan Associates Inc. under a contract to analyze trade in telecommunication services in Laos. The document includes sections on the global profile of telecom services, the telecom sector in Laos, current and potential trade obligations, how Laos' legal framework compares to its obligations, and recommendations.
The document provides information about telecommunications in Laos, including:
1) Laos has over 2 million mobile subscribers but fixed line penetration is low at under 100,000 lines. Internet usage is also growing but remains low.
2) The National Authority of Posts and Telecommunications regulates the sector and licenses operators while aiming to increase access and competition.
3) The government sees ICT as important for development and has prioritized expanding infrastructure, developing human resources and applying ICT in various sectors. However, ICT in Laos remains at an early stage.
Treasury directs ZINARA to disburse 70pc of funds for rehabilitationZimpapers Group (1980)
- The Zimbabwean equities market extended gains from the previous day, with the industrial index rising 1.32% to 95.28.
- Major stocks like Delta Beverages, Innscor, Econet, Colcom, CFI and Nampak saw share price increases, helping drive the overall market upward.
- Only Barclays and Old Mutual saw share price declines on the day.
- The mining index remained flat at 26.24 as several mining stocks stayed unchanged from their previous closing prices.
Presentation given by Santanu Sengupta, Board Member, African Centre for Mobile Financial Inclusion on August 1st, 2011 at eWorld Forum (www.eworldforum.net) in the session Telecentres: Effective Approaches and Best Practices
Day 2 C2C - USAASA Engaging Africa's YouthMyles Freedman
Lumko Mtimde, CEO of USAASA, presented on engaging Africa's youth through digital opportunities. The presentation outlined USAASA's legislative mandate to promote universal access and service. It discussed national policies like the NDP, New Growth Path, and SIP 15 that aim to expand ICT infrastructure and access. The presentation noted youth face high unemployment and described how ICTs can create jobs in sectors like agriculture, health, and offshore services. It explained South Africa's SA Connect strategy to improve broadband accessibility and affordability. The presentation concluded by describing USAASA's initiatives to provide digital skills training and integrate ICTs in education to develop youth for employment and entrepreneurship opportunities in the digital economy.
This document provides a summary of key statistics related to Mongolia's information and communication technology sector in 2013. It includes data on mobile and fixed network subscribers, internet service, cable TV and IPTV, and economic factors. Some key figures mentioned are that there were 4.2 million mobile subscribers in 2013, with the top three mobile operators controlling over 88% of the market. There were 210,432 fixed telephone lines in 2013. Internet users numbered 762,200. Cable TV subscribers totaled 277,968. Total revenue from telecommunication services was 630.9 billion tugriks.
The document is the 2016 Performance and Accountability Report of the Communications Regulatory Commission of Mongolia. It provides key statistics on Mongolia's ICT sector in 2016, including over 3.4 million mobile subscribers, over 36,000 km of fiber optic backbone networks, and around 258,000 fixed telephone subscribers. It also outlines national ICT programs and policies and describes the CRC's activities and regulatory work in 2016, such as publishing a legal guide, overseeing the launch of 4G-LTE services, and conducting monitoring and enforcement activities.
Improving the Thai Television Sector in the face of ASEAN Economic CommunityTRPC Pte Ltd
TRPC Director Professor John Ure's presentation at a special seminar and focus group on “Improving Thai Television Sector in the face of ASEAN Economic Community”, held 27 March 2015 at the Office of the National Broadcasting and Telecommunications Commission (NBTC) Bangkok, Thailand.
The document is the Communications Regulatory Commission's 2012 Performance and Accountability Report submitted to the Prime Minister of Mongolia.
It contains an overview of the telecommunications, broadcasting, and postal sectors in Mongolia, as well as a summary of the CRC's regulatory activities in 2012. It also includes the CRC's audited financial statements for 2012.
The report was prepared in accordance with Mongolian law and provides information on infrastructure development, regulatory frameworks, license classifications, consumer protection initiatives, radio frequency regulation, interconnection tariffs, key sector statistics, and the postal sector regulatory environment.
TRPC director Dr. John Ure's presented on "Preparing for tomorrow: Regulation in a data-drive connected world" at Session 2: "The changing rules of the game" at the Inaugural ICT Regulators' Leadership Retreat, that took place in Singapore from 18 to 20 March 2015, organized by the Telecommunication Development Bureau (BDT) and the Infocomm Development Authority of Singapore (IDA).
The document discusses trends in telecommunication reforms and the transition to next-generation networks (NGN). Key points include:
- Telecom sectors are evolving from service-specific networks to advanced IP-based networks capable of providing a full range of services.
- While NGN will be an evolution, not a revolution, the move to all-IP networks is unstoppable.
- Developed countries are more likely to adopt fixed NGN access like fiber, while wireless will remain important for mobility. Regulators aim to balance innovation and competition during the NGN transition.
The document contains questions submitted to Minister Yunus Carrim during an online hangout on the topics of: government efforts to address high cellular costs and monopolies in South Africa; solutions for issues at the SABC; opening competition in sectors like telecoms; the minister's vision for his department; why data is more expensive in South Africa than neighboring countries; interventions to resolve SABC's funding and sustainability problems; and plans to improve broadband accessibility given South Africa's high costs compared globally. Questions were submitted via social media and calls.
•
Malaysia has made significant progress in basic connectivity, but there is an opportunity to expand access to and use of higher quality broadband.
•
Ubiquitous, high quality, affordable broadband will increasingly be a critical foundation of the digital economy. Better connected economies will do better.
•
Malaysia’s ambitions for the digital economy will only be realized, and its investments (DFTZ, Industry 4.0 etc.) pay off, if fixed broadband services become more affordable and their quality is improved.
•
Malaysia can consider a new strategy, with more ambitious targets, to promote competitive markets, accelerate infrastructure deployments, and attract private capitalto increase broadband network roll out and use.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
This document provides an overview of rural ICT policy and development in Mongolia. It discusses Mongolia's ICT sector structure, policies, regulations, funding mechanisms and key rural ICT initiatives. Some of the key points summarized are:
- Mongolia has a population of 2.7 million people across a large land area, with about 40% expected to live rurally. The country has pursued various policies and reforms to develop its ICT sector since the 1990s.
- Rural ICT development has been supported through initiatives like the USO fund, World Bank projects, and the E-Mongolia national program. These have helped expand mobile and internet access in rural areas.
- Key lessons identified
Why should i use a mortgage adviser 240113 wfsalanwynne
This document discusses the benefits of using an independent mortgage adviser. It outlines how an adviser can help determine if you qualify for a mortgage, identify suitable lenders, explain different mortgage rates and repayment options, and advocate on your behalf during the application process. The adviser argues that using a professional saves time and money compared to going it alone, similar to how one would hire experts like mechanics or plumbers for vehicle and home repairs. Contact details are provided to discuss options with no obligation.
Sources diagnostic 12-12 v1 - Produire selon nos besoinsSource(s)
Diagnostic ouvert pour le 3e atelier politique d'intelligence collective organisé par Source(s).
Problématique :
Produire selon nos besoins : les alternatives au modèle économique dominant sont elles crédibles ou souhaitables ?
1) ASEAN faces two main challenges in developing the digital economy: bridging the digital divide within and between countries, and shifting from an internet economy to a fully digital economy and society.
2) National digital plans alone cannot succeed without interconnectivity between countries to achieve economies of scale, and interoperability of platforms and applications to achieve economies of scope.
3) A successful transition to a digital economy requires building blocks like interconnectivity, interoperability, and developing digital health and education systems that overcome issues of lack of network connection and incompatible systems.
This document outlines a research proposal to review Zambia's excise duty legislation on airtime to assess if it aligns with best practice taxation principles. The objectives are to identify shortcomings in the current law, compare it to other SADC countries, and recommend amendments. The justification is that this will provide insight into issues with the current law and help policymakers address problems to create an efficient regime. The methodology will include literature reviews of laws, reports and studies from Zambia and other jurisdictions.
Day 2 C2C - Avanti - Broadband for Universal AccessMyles Freedman
Avanti connects people around the world through its HYLAS satellite fleet and over 180 partners in 118 countries, providing internet access to 27% of the global population. Avanti has invested $1.2 billion to build a satellite network covering over 1.5 billion people in Europe, Middle East and Africa. Some of Avanti's projects using its high-speed satellite connectivity include iKnowledge, which provides digital education to over 250 schools in Tanzania, and Project iMlango, a partnership delivering improved education to over 150,000 children in Kenya.
This document provides an overview of the telecommunications sector in the Lao PDR. It was submitted to USAID by Nathan Associates Inc. under a contract to analyze trade in telecommunication services in Laos. The document includes sections on the global profile of telecom services, the telecom sector in Laos, current and potential trade obligations, how Laos' legal framework compares to its obligations, and recommendations.
The document provides information about telecommunications in Laos, including:
1) Laos has over 2 million mobile subscribers but fixed line penetration is low at under 100,000 lines. Internet usage is also growing but remains low.
2) The National Authority of Posts and Telecommunications regulates the sector and licenses operators while aiming to increase access and competition.
3) The government sees ICT as important for development and has prioritized expanding infrastructure, developing human resources and applying ICT in various sectors. However, ICT in Laos remains at an early stage.
Treasury directs ZINARA to disburse 70pc of funds for rehabilitationZimpapers Group (1980)
- The Zimbabwean equities market extended gains from the previous day, with the industrial index rising 1.32% to 95.28.
- Major stocks like Delta Beverages, Innscor, Econet, Colcom, CFI and Nampak saw share price increases, helping drive the overall market upward.
- Only Barclays and Old Mutual saw share price declines on the day.
- The mining index remained flat at 26.24 as several mining stocks stayed unchanged from their previous closing prices.
Presentation given by Santanu Sengupta, Board Member, African Centre for Mobile Financial Inclusion on August 1st, 2011 at eWorld Forum (www.eworldforum.net) in the session Telecentres: Effective Approaches and Best Practices
Day 2 C2C - USAASA Engaging Africa's YouthMyles Freedman
Lumko Mtimde, CEO of USAASA, presented on engaging Africa's youth through digital opportunities. The presentation outlined USAASA's legislative mandate to promote universal access and service. It discussed national policies like the NDP, New Growth Path, and SIP 15 that aim to expand ICT infrastructure and access. The presentation noted youth face high unemployment and described how ICTs can create jobs in sectors like agriculture, health, and offshore services. It explained South Africa's SA Connect strategy to improve broadband accessibility and affordability. The presentation concluded by describing USAASA's initiatives to provide digital skills training and integrate ICTs in education to develop youth for employment and entrepreneurship opportunities in the digital economy.
This document provides a summary of key statistics related to Mongolia's information and communication technology sector in 2013. It includes data on mobile and fixed network subscribers, internet service, cable TV and IPTV, and economic factors. Some key figures mentioned are that there were 4.2 million mobile subscribers in 2013, with the top three mobile operators controlling over 88% of the market. There were 210,432 fixed telephone lines in 2013. Internet users numbered 762,200. Cable TV subscribers totaled 277,968. Total revenue from telecommunication services was 630.9 billion tugriks.
The document is the 2016 Performance and Accountability Report of the Communications Regulatory Commission of Mongolia. It provides key statistics on Mongolia's ICT sector in 2016, including over 3.4 million mobile subscribers, over 36,000 km of fiber optic backbone networks, and around 258,000 fixed telephone subscribers. It also outlines national ICT programs and policies and describes the CRC's activities and regulatory work in 2016, such as publishing a legal guide, overseeing the launch of 4G-LTE services, and conducting monitoring and enforcement activities.
Improving the Thai Television Sector in the face of ASEAN Economic CommunityTRPC Pte Ltd
TRPC Director Professor John Ure's presentation at a special seminar and focus group on “Improving Thai Television Sector in the face of ASEAN Economic Community”, held 27 March 2015 at the Office of the National Broadcasting and Telecommunications Commission (NBTC) Bangkok, Thailand.
The document is the Communications Regulatory Commission's 2012 Performance and Accountability Report submitted to the Prime Minister of Mongolia.
It contains an overview of the telecommunications, broadcasting, and postal sectors in Mongolia, as well as a summary of the CRC's regulatory activities in 2012. It also includes the CRC's audited financial statements for 2012.
The report was prepared in accordance with Mongolian law and provides information on infrastructure development, regulatory frameworks, license classifications, consumer protection initiatives, radio frequency regulation, interconnection tariffs, key sector statistics, and the postal sector regulatory environment.
TRPC director Dr. John Ure's presented on "Preparing for tomorrow: Regulation in a data-drive connected world" at Session 2: "The changing rules of the game" at the Inaugural ICT Regulators' Leadership Retreat, that took place in Singapore from 18 to 20 March 2015, organized by the Telecommunication Development Bureau (BDT) and the Infocomm Development Authority of Singapore (IDA).
The document discusses trends in telecommunication reforms and the transition to next-generation networks (NGN). Key points include:
- Telecom sectors are evolving from service-specific networks to advanced IP-based networks capable of providing a full range of services.
- While NGN will be an evolution, not a revolution, the move to all-IP networks is unstoppable.
- Developed countries are more likely to adopt fixed NGN access like fiber, while wireless will remain important for mobility. Regulators aim to balance innovation and competition during the NGN transition.
The document contains questions submitted to Minister Yunus Carrim during an online hangout on the topics of: government efforts to address high cellular costs and monopolies in South Africa; solutions for issues at the SABC; opening competition in sectors like telecoms; the minister's vision for his department; why data is more expensive in South Africa than neighboring countries; interventions to resolve SABC's funding and sustainability problems; and plans to improve broadband accessibility given South Africa's high costs compared globally. Questions were submitted via social media and calls.
•
Malaysia has made significant progress in basic connectivity, but there is an opportunity to expand access to and use of higher quality broadband.
•
Ubiquitous, high quality, affordable broadband will increasingly be a critical foundation of the digital economy. Better connected economies will do better.
•
Malaysia’s ambitions for the digital economy will only be realized, and its investments (DFTZ, Industry 4.0 etc.) pay off, if fixed broadband services become more affordable and their quality is improved.
•
Malaysia can consider a new strategy, with more ambitious targets, to promote competitive markets, accelerate infrastructure deployments, and attract private capitalto increase broadband network roll out and use.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
This document provides an overview of rural ICT policy and development in Mongolia. It discusses Mongolia's ICT sector structure, policies, regulations, funding mechanisms and key rural ICT initiatives. Some of the key points summarized are:
- Mongolia has a population of 2.7 million people across a large land area, with about 40% expected to live rurally. The country has pursued various policies and reforms to develop its ICT sector since the 1990s.
- Rural ICT development has been supported through initiatives like the USO fund, World Bank projects, and the E-Mongolia national program. These have helped expand mobile and internet access in rural areas.
- Key lessons identified
Why should i use a mortgage adviser 240113 wfsalanwynne
This document discusses the benefits of using an independent mortgage adviser. It outlines how an adviser can help determine if you qualify for a mortgage, identify suitable lenders, explain different mortgage rates and repayment options, and advocate on your behalf during the application process. The adviser argues that using a professional saves time and money compared to going it alone, similar to how one would hire experts like mechanics or plumbers for vehicle and home repairs. Contact details are provided to discuss options with no obligation.
Sources diagnostic 12-12 v1 - Produire selon nos besoinsSource(s)
Diagnostic ouvert pour le 3e atelier politique d'intelligence collective organisé par Source(s).
Problématique :
Produire selon nos besoins : les alternatives au modèle économique dominant sont elles crédibles ou souhaitables ?
The document is a newsletter about operations security (OPSEC). It discusses the passing of Rear Admiral Donald Showers, who helped develop the core OPSEC process. It provides updates on canceled conferences and regional training events. It encourages family members to be cautious about sharing deployment information online. Finally, it shares some historic OPSEC posters and the origins of the OPSEC program dating back to the Vietnam War.
LMA BD SIG - Hottest Marketing Trends Revolutionizing Law Firm BDMark Power
Gain insight into the hottest marketing technology trends and how these innovations impacting professional services business development. Learn how the wider B2B sectors are evolving their strategies and adopting new technologies for securing, nurturing and building client relationships.
Говорят, что люди не умеют учиться на чужих ошибках, а бывает, что люди не учатся и на своих собственных.
Почему бывает не просто сделать квантовый скачок к успеху и желаемому результату, потому что люди фокусируются на проблемах, на том, где они нужны "здесь и сейчас", а не на том где они хотят быть "завтра".
Можно разорвать этот круг, и выйти на качественно новый уровень в 2016г., вам понравится!
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.
A digital copy of the Business News 24 (11 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news
A digital copy of the Business News 24 (04 August edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Power Sales closes 25 clothing shops amidst heightened Chinese competitionZimpapers Group (1980)
A digital copy of the Business News 24 (23 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (09 September edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (24 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
1. MTN has connected its first customers to fibre-to-the-home broadband in South Africa following successful trials. It plans a demand-driven rollout to other residential areas.
2. A technical error at Airtel Zambia resulted in 28,000 customers losing airtime balances worth over $178,000. The regulator has warned Airtel to resolve the issue.
3. The Western Cape province has the highest percentage of households accessing the internet in South Africa at 54.4%, according to a government survey, followed by Gauteng at 54%.
We are up to date with licence fee payments, says Telecel ZimbabweZimpapers Group (1980)
A digital copy of the Business News 24 (05 May 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (03 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
State-owned mobile operator NetOne expects to pay a dividend to the Zimbabwean government by the end of 2016. This is despite posting a $3 million loss in 2015. The company's acting CEO said ongoing restructuring efforts will improve financial performance going forward. He noted that NetOne has similar network infrastructure to larger competitor Econet but generates much less revenue, indicating room for growth. The CEO said NetOne should capture more market share by better utilizing government customers and expanding its sales and distribution networks.
A digital copy of the Business News 24 (25 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (12 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Industry, Finance ministries working on Zimbabwe tariff order for EPA Zimpapers Group (1980)
The Zimbabwean government is working to establish the necessary legal framework to fully implement an Economic Partnership Agreement (EPA) signed with the European Union in 2009, which establishes a free trade area between the EU and Zimbabwe. The EPA grants duty-free access for trade between the EU and Zimbabwe, and Zimbabwe is expected to progressively liberalize 80% of imports from the EU by 2022. Government officials are working with the Ministry of Finance to gazette a Zimbabwe tariff order to pave the way for implementing the trade agreement.
Local car-makers failing to meet region’s rules of origin requirementsZimpapers Group (1980)
The document discusses challenges facing Zimbabwe's local vehicle manufacturing industry and exports to the COMESA region. It notes that the demise of the local motor vehicle component industry has hindered vehicle manufacturers' ability to meet COMESA's rules of origin requirements, which mandate 25-35% local content for preferential treatment. Zimbabwean vehicle makers are now failing to meet these quotas due to increased imports of components they previously produced locally. This makes their exports to the region uncompetitive without preferential treatment that other industries receive. The managing director of one local manufacturer said they can currently only claim labor, electricity and water as local components, and reviving the local value chain is needed to meet the 25% benchmark and facilitate easier exports to the region.
A digital copy of the Business News 24 (29 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
Similar to IMF to appoint its first country head for Zimbabwe in a decade (20)
Air Namibia is advertising new flight routes from Harare, Zimbabwe to Accra, Ghana and Lagos, Nigeria starting on June 29, 2018. Customers are encouraged to book flights soon to avoid disappointment as seats are selling out. Contact information is provided for booking individual flights or group fares by telephone, email, online, or through a travel agent.
In this edition, you will be enlightened on the cornerstone of international aviation which is the Bilateral Air Service Agreement, commonly referred to as BASA, Africa’s plan for a common airspace and taken on a tour of the Eastern Highlands and the new sky
The article discusses the Zimbabwe Consolidated Diamond Company (ZCDC), which has been operating without a proper legal framework. The permanent secretary in the Ministry of Mines admitted that unlike other state entities, no act of parliament established the ZCDC. It was instead registered as a company under the Companies Act. There are also concerns about the improperly constituted board of the ZCDC and some controversial decisions that have been made. The parliamentary committee questioned the legitimacy of the board's actions in firing employees and replacing them.
The World Bank says Zimbabwe can use the Rapid Results Approach (RRA) to help expedite solutions to its current cash shortage problems. The RRA is a method used to accelerate organizational change through 100-day goal-setting. The government has completed two phases of an RRA program focused on improving ease of doing business. The World Bank country manager says Zimbabwe can transition more quickly to e-commerce by applying the RRA methodology to address cash shortages and encourage electronic payments. The article provides details on Zimbabwe's cash shortage challenges and measures already taken by the central bank to address the problem and incentivize electronic payments and exports.
Nigeria's central bank announced it will abandon its 16-month peg of the naira to the U.S. dollar and move to a "purely market-driven" system of foreign exchange trading starting next week. Economists estimate the naira's fair value under a float would be between 280 to 300 naira per dollar, compared to the current black market rate of around 370, and the change aims to ease severe dollar shortages caused by lower oil revenues. The central bank will still be able to inject dollars and influence the exchange rate within its foreign reserves, but will no longer target a specific
Nigeria's central bank announced it will abandon its 16-month peg of the naira to the U.S. dollar and move to a "purely market-driven" system of foreign exchange trading starting next week. Economists estimate the naira's fair value under a float is between 280 to 300 naira per dollar, compared to the current black market rate of around 370, and the change aims to ease severe dollar shortages caused by low oil prices. The central bank will still be able to inject dollars and influence the exchange rate within reserves, but no longer has an explicit target rate for the
The Credit Reference Bureau of Zimbabwe is set to be fully operational by July 31st, with a Czech firm having made significant progress in setting up the necessary soft infrastructure at a cost of $1.8 million to the Reserve Bank of Zimbabwe. The CRB will enhance borrower verification and help banks assess credit risk and reduce non-performing loans. A number of consultative meetings have been held with banks to define the necessary data to be collected and reports generated by the new system.
The National Railways of Zimbabwe (NRZ) requires $400 million in short-term funding for recapitalization. This funding will go toward acquiring new machinery and rehabilitating existing infrastructure to increase the railway's carrying capacity from the current 3.4 million tonnes to 7.6 million tonnes. The funding will also be used to procure 15 new locomotives and 1000 new wagons, as securing this funding would allow NRZ to improve services, increase revenues, and return to profitability.
SeedCo, a listed seed producer in Zimbabwe, reported a 3% increase in profit after tax for the fiscal year ending March 31, 2016 compared to the previous year, despite challenges from drought, low commodity prices, and reduced government programs. The company's turnover remained unchanged at $96 million year-over-year. SeedCo was able to increase efficiency and offer competitive pricing, which helped increase its gross margin by 7% during the period. The company plans to focus on growing its ultra-early maize seed varieties to meet increasing demand given changing weather patterns.
Zimbabwe's corporate governance weaknesses have contributed to its poor ratings in international surveys, according to an official. Improving corporate governance could significantly boost Zimbabwe's rankings. The official noted that past governance failures have resulted in the current negative perceptions, and that while some methodology reservations exist, the ratings still factor into potential investors' considerations. The government is working to enhance corporate governance in the public sector through various initiatives.
The Confederation of Zimbabwe Industries has urged the government to introduce Local Content Regulation for all sectors of the economy in order to boost local production. The regulation would give preference to local producers over imports for some goods and services. It would also require manufacturers to include a minimum percentage of local inputs in their production. A CZI economist said the regulation could increase competitiveness by promoting local products first and supporting local employment and procurement.
Isabel dos Santos, the billionaire daughter of Angola's President, has been appointed as the new CEO of state energy firm Sonangol and has pledged to overhaul the company to improve efficiency and margins amid low oil prices. She plans to split Sonangol into three units and increase transparency to international standards in order to generate more revenue for Angola, which relies heavily on oil exports. Dos Santos aims to offset the "huge" economic impact of depressed oil prices through the reforms at Sonangol.
The Zimbabwe Flight Crews Association said that the government is not adequately protecting Air Zimbabwe and is instead licensing competitors to service the same routes as Air Zimbabwe, hurting its ability to compete; they argue the national airline should have first right of refusal on routes. Captain Ottis Shonai stated that new airlines have been given licenses to fly the same routes as Air Zimbabwe, which does not happen elsewhere, and that Air Zimbabwe needs route protection from the government as other national airlines receive.
Government has released $500,000 in funding to support the hosting of this year's Sanganai/Hlanganani World Tourism Expo in Bulawayo after the Zimbabwe Tourism Authority faced financial challenges and was contemplating postponing or cancelling the event. The acting ZTA chief executive said the funds will ensure the expo is a success. Over 160 local tourism companies and 28 international exhibitors from countries like Botswana, South Africa and India have registered to participate. International buyers from Europe, Asia, Africa, the Americas and the Middle East are also expected to attend the expo from June 16-18, 2016.
Fastjet Zimbabwe recorded $0.3 million in revenue since commencing operations in October 2015, with an operating loss of $4 million, as the new airline began flights between Harare, Victoria Falls, and Johannesburg. The performance in the first few months of operations was described as "encouraging" by Fastjet, with 91% of flights arriving on time. However, the Zimbabwe operation was not included in Fastjet's key performance indicators for 2015 as it only became operational in October.
- The Beitbridge Hotel in Zimbabwe, owned 40% by the National Social Security Authority (NSSA), has incurred over $2 million in losses since opening in 2014 and has now been closed by majority owner Rainbow Tourism Group.
- An audit before construction found the hotel would be loss-making, but NSSA insisted it proceed anyway. NSSA's investments are under scrutiny as costs for the Beitbridge Hotel ballooned from an initial $3 million budget to over $49 million.
- The closure puts focus again on NSSA's investment strategies that have put pensioners' funds at risk through apparent non-viable projects like the Beitbridge Hotel.
Standard Chartered Bank plans to launch mobile and online banking platforms in 8 African countries including Zimbabwe in the first half of 2016. The bank aims to grow long-term retail banking revenues in Africa 3-4 times faster than regional economic growth. This strategy contrasts with European rivals retreating from Africa due to falling commodity prices and weak currencies. StanChart is expanding its physical presence as well by adding branches in Nigeria, as it seeks to protect and grow its market share on the continent.
Tongaat Hulett's sugar production in Zimbabwe declined 7.4% to 412,000 tonnes for the year ending March 31, 2016. Sales also declined, falling to 403,000 tonnes compared to 491,000 tonnes the previous year. The company reported its Zimbabwe division's financial performance was negatively impacted by lower sugar production and export underperformance. Looking ahead, Tongaat Hulett forecast sugar production could rise up to 12% to 1.15 million tonnes in the new financial year depending on rainfall.
Proplastics, a plastics manufacturer in Zimbabwe, expects to benefit from improved operational efficiencies after commissioning a new plant in the second half of 2016. The new plant is part of the company's broader modernization program, which has already seen a new injection moulding factory and HDPE line commissioned. The CEO said the new plant will improve margins and reduce costs for consumers. For the first four months of 2016, Proplastics' volumes were up 9% and exports contributed 14% to turnover, though overall turnover was flat compared to the prior year due to weaker regional currencies.
The Zimbabwe Mining Development Corporation has commenced efforts to revive the Golden Kopje Mine by seeking a firm to conduct a feasibility study. The study will develop a business plan and work schedule for reopening the mine. Golden Kopje Mine, located in Chinhoyi, stopped operations in 2006 due to financial constraints but reopened in 2009 before shutting down again in 2014 due to operational challenges. Reopening the mine could boost Zimbabwe's gold production, which increased 34% last year.
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IMF to appoint its first country head for Zimbabwe in a decade
1. News Update as @ 1530 hours, Friday 13 June 2014
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
By Lynn Murahwa
Stockbrokers on the Zimbabwe Stock
Exchange are currently undergoing train-
ing on the automated trading system
(ATS),anofficialhassaid.
Securities and Exchange Commission of
Zimbabwe CEO Tafadzwa Chinamo said
today that the training marks further
progress on the setting up of the ATS on
Zimbabwe'scapitalmarketswhichshould
befullyoperationalinsixmonths.
Pakistanitrainerswhoarrivedinthecoun-
try last week have since commenced
training stockbrokers on the operations
of the ATS. Chinamo was speaking at an
Institute for Sustainable Africa (INSAF)
Conference this morning. “The first train-
ingtookplacelastFridayatMandelTrain-
ing Centre and it was well attended. In
termsofthepresentationthosewhowere
there, the brokers and the institutional
investors really found it useful. So that is
thefirststep,whattheyaregoingtodois
theninstallthesystem.
“The guys from Infotech have been here
two weeks now. There are five of them
and they are very senior people and
they take things very seriously. Accord-
ing to their timetable it should take six
months for us to be fully on, but in that
six months they will start with the peo-
ple most affected who interact with the
system most," he said. Earlier in March
this year, the ZSE announced that it had
signed an agreement with Dubai-based
Infotech Middle East for the supply and
installation of an automated trading sys-
tem.ChinamosaidtheATSwillbringcon-
veniencetotradersandinvestorsbecause
ofincreasedsecurityandefficiency.
“It’s a paradigm shift, the fact that you
cantradefromyourofficeisverykey,you
can also see all the trades going through
and the ease of which these trades are
going through is also a big step forward.
The security features are big, with this
platform you will be able to come down
from the seven day ceremony platform
to even three days and our aim is two.
“You can also talk of even administration
of dividends, right now companies do not
knowifthedividendhasgone,checksout
but they might be in someone’s drawer
for a long time so if you put together the
ATS Central Securities Depository (CSD)
youareessentiallytakingthismarkettoa
stage where we should be if we are to be
takenseriously.”hesaid.
Chinamo added that although Zimbabwe
presently does not have a coding system
in corporate governance however plans
are being made to create listing rules in
accordancewiththelaw.
“There has been a lot of talk about cor-
porate governance that we don’t have
coding in this country, it’s true that we
don’thaveacodeinthiscountrybutwith
listingit’salwaysachoicethatacompany
makes. "So we want through the listing
rules to make sure that behavior of com-
panies or what’s regulating these compa-
nies on the exchange is a high standard.
The listing rules are going to become a
structural instrument enforceable by law”
hesaid. •
Automated Trading System to be "fully on" in six months: SEC
Mr Chinamo
2. 2 ENERGY
By Tawanda Musarurwa
The Rural Electrification Tariff is set to
go up after the Minister of Energy and
Power Development called upon the
new Rural Electrification Agency board
to review the current tariff.
While announcing Zesa boards
appointments yesterday, Energy and
Power Development Minister Dzikamai
highlighted his concerns over the 'low'
rural electrification tariff to the new
Rural Electrification Agency board.
"The 6 percent levy for rural electrifi-
cation is not enough, we hope the new
boardthatistakingoverisawareofour
concerns," said the Minister. The new
REA board is constituted by chairman
Willard Chiwewe and board members
including Christinah Moyo, Fungai
Samuel Mbetsa, Christopher Shumba,
Josphat Jaji, Felix Chikwowo, Midard
Khumalo and Cecelia Chitiyo. The chief
executive officer is Joshua Mashamba.
It is however expected that the new
board will face a public backlash in
increasing the rural electricity tariff due
to the inefficiency and duplicity of the
previous board after it had become
involved in loaning activities.
Observers are generally against a tar-
iff hike. "It cannot be the new board's
firsttasktoraisetheruraltariffincrease
before it even justifies that the current
monies being paid in the public are
being utilised the right way," said one
observer. Earlier in February this year,
Minister Mavhaire dissolved the then
REA board and management after they
were embroiled in a $4 million scandal
whereby they extended to themselves
and other connected private citizens
loans amounting to close to $4 million.
Minister Mavhaire yesterday called
upon the new REA board to re-align to
its original mandate. "REA must focus
on its mandate...it must drop some
of its failed integrated or comprehen-
sive development thrusts as it is not a
development agency but a Rural Elec-
trification Agency," he said.
Meanwhile, the Energy Minister has
said the solar energy initiative, which
is being championed by the Zimbabwe
Power Company and REA, is one of the
reasons for an upward increase in the
overal electricity tariff rate.
"Whilst we have very high solar radi-
ation rates, solar power remains very
expensive. The same people that are
demanding solar power are the same
that will denounce us when electricity
tariffs are adjusted on account of using
any significant portion of solar power,"
he said. •
Rural electrification tariff to increase
Minister Mavhaire
3. 3 NEWS
The International Monetary Fund is
appointing a resident representative in
Zimbabwe for the first time in 10 years
as the southern African country seeks
to mend relations with the lender.
Christian Beddies is the IMF’s first
appointment in Zimbabwe since 2004
when the Washington-based lender
closed its office in the country, two
officials with knowledge of the situ-
ation said, declining to be identified
because they aren’t authorised to
speak to media on the matter. Beddies
has arrived in the country, one of the
people said.
The IMF is “finalising the process for
appointing a resident representative
in Harare,” who should be in place in
July, the IMF said, without identifying
the appointee.
Zimbabwe has been in default to the
IMF since 1999, former Finance Min-
ister Tendai Biti said last year. The
government said in March it will make
a “token payment” to the IMF as the
country works on a program to reduce
its debt.
President Robert Mugabe’s govern-
ment is trying to spur the recovery of
the economy, which shrank by 40 per-
cent between 2000 and 2008.
The IMF estimated that the country’s
inflation rate reached 500 billion per-
cent in 2008 after the seizure of white-
owned commercial farms disrupted
exports of crops including tobacco and
roses.
In 2009 the country abandoned its
currency in favor of the dollar and the
South African rand to tame inflation. —
Bloomberg •
IMF to appoint its first country head for Zimbabwe in a decade
Ms Beddies
4. BH24 Reporter
Liquid Telecom has completed building
its East Africa Fibre Ring which con-
nects Kenya, Uganda, Rwanda, Tanza-
nia and back into Kenya.
The creation of this first fully redundant
regional fibre ring, connecting these
countries to each other and the rest
of the world ensures that businesses
acrosstheEastAfricancommunitynow
receive continuity of Internet connec-
tivity and a much more reliable service.
According to Liquid Telecom, the East
Africa Fibre Ring ensures that its cus-
tomersintheregionwillnotbeaffected
by fibre cuts.
"Network outages will no longer cause
long periods of down-time when busi-
nesses cannot connect to the internet.
For the first time, in the event of a fibre
cut, internet traffic is automatically and
instantly re-routed around the ring,
giving consistently high speeds and
continuous uptime for businesses and
their customers, ensuring business
continuity across the region," said the
company in a statement.
Commenting on the development Liq-
uid Telecom Group CEO Nic Rudnick
said:
“This is a historic service improvement
for the people and businesses of east
Africa, especially those in Rwanda,
Democratic Republic of Congo, Burundi
and Uganda, who will not have experi-
enced such reliable internet previously.
"This pioneering achievement will add
value to east African businesses and
enable online trade within the East
African community and globally, with
reliable connectivity comparable to
anywhere else in the world."
Liquid Telecom has so far invested $20
million in the region.
The new fibre ring forms part of Liq-
uid Telecom’s Pan-African fibre net-
work, the largest single fibre network
on the continent, spanning more than
17,000km across country borders and
connecting areas where no fixed net-
work has existed before.
Liquid Telecom is one of the leading
independent data, voice and IP pro-
vider in eastern, central and southern
Africa and has operating entities in
Botswana, DRC, Kenya, Lesotho, Mau-
ritius, Nigeria, Rwanda, South Africa,
Uganda, United Kingdom, Zambia and
Zimbabwe. •
TECHNOLOGY4
Liquid Telecom connects East Africa
5. Bindura Nickel Corporation says it
expects a higher profit in the second
half of its financial year, on the back of
the full functionality of the Trojan Mine.
The Trojan nickel Mine resumed selling
nickel concentrates in April last years,
which pushed BNC to a first half year
profit of $3,3 million in the six months
to 30 September 2013.
That was from a loss of $7,9 million in
the previous year, and the miner now
expects that profits for the latest half-
year period will be higher as it ramped
up production at the Trojan mine dur-
ing the period. "The Board of Bindura
Nickel Corporation Limited advises
shareholders that based on prelimi-
nary unaudited figures, the company’s
taxed profit for the second half of the
financial year ended 31 March 2014 is
expected to be significantly higher than
the first half’s US$3.3 million.
This compares with the loss after tax-
ation of $12,9 million recorded in the
financial year ended 31 March 2013.
Factors contributing to the improve-
ment include the resumption of nickel
production from the Company’s Tro-
jan Mine and ramp-up to full capac-
ity," said company secretary Conrad
Mukanganga. The miner’s full year-end
results will be announced around 30
June 2014.
Earlier this week, regional mining con-
glomerate Mwana Africa which owns
76,3percentofBNC,saidanindepend-
ent study of an accelerated restart plan
for the nickel smelter had been com-
pleted. It said restart of the smelter
will require $26,5 million and can be
completed in the first half of next year.
The restart of the BNC smelter will fur-
ther drive the nickel producer's profits,
with the mining expecting it to start
contributingtocashflowsin2016. •
5 NEWS
BNC expects higher profits in H2
Powerspeed revenues, profits up
BH24 Reporter
Listed electrical engineering and retail
concern Powerspeed Electrical's reve-
nues for the six months ended March
31, 2014 were 9 percent up from the
prior year as profits also bumped.
Revenue for the period was up 9 per-
cent to $16,5 million while earnings
before interest rose sustainably to
$842 000 from $620 000 prior year
comparative. Profit before tax was up
80 percent to $553 000 as interest
declined to $288 000.
"Although borrowing levels fluctu-
ate continuously, there has been an
increase in borrowings to fund stock
in line with the expansion programme.
"This process is carefully managed to
ensure that any increase in borrow-
ings results in a substantial increase in
return on capital," said management in
a statement. In terms of its operations,
the company said trading now consti-
tutes the bulk of the group's business
operations and is now directing most
resources to retail division.
" We have continued to expand the
Electrosales Hardware brand by
increasing the number of branches, the
size of the branches and the range of
products on offer," said Powerspeed.
On the other hand, although Power-
speed's engineering operations con-
tributed to profits during the period
under review, the "contribution has
become even less significant in the
overall picture," said the company.
The Powerspeed board has not
declared a dividend for the half-year
just ended on the basis of the need to
fund the business. •
7. The equities market today went up a
marginal 0.17 percent as trades were
largely depressed.
The industrial index was up 0.31 points
to close at 180.74 points.
There were gains in Natfoods, which
added 5 cents to close at 215 cents,
and giant insurer Old Mutual which
added 1.40 cents to 250.50 cents. Tel-
ecoms giant Econet pushed up 0.59
cents to 72 cents.
Powerspeed was the only loser today,
losing 0.02 cents to settle at 1.50 cents
after the company announced its six
months interims to March 31, 2014.
The company's revenue for the period
was up 9 percent to $16,5 million while
earnings before interest rose sustaina-
bly to $842 000 from $620 000 prior
year comparative. Profit before tax was
up 80 percent to $553 000 as interest
declined to $288 000.
On a week-on-week basis, the indus-
trial index gained 2.16 points (or 1.21
points). The mining index added 0.90
points (2.03 percent) to close at 45.17
points as Bindura maintained a positive
streak, gaining 0.10 cents to trade at
3.30 cents.
Falgold, Hwange and Riozim all main-
tained previous trading levels.
Week on week mining index was up
6.48 points (or 16.75 percent). —
BH24 Reporter •
7 ZSE REVIEW
Equities in marginal gain amidst low trades
8. ZESA's new boards need to hit the
ground running, never mind who con-
stitutes the various boards.
Never mind too, the fact that ZESA
has too many separate units - 10 in all,
including the new Kariba Hydro Power
Company.
Zimbabwe has been facing crippling
power shortages for the better part of
the new millennium - that is, almost a
decade and a half now.
Despite having the same problems for
so many years, there has not been any
improvementinelectricitysupplyinthe
country. And that only points to one
thing: inefficiencies and ineffectiveness
on the part of previous boards.
The new boards must therefore play
their roles much more effectively.
It starts by them having a full appreci-
ation of their key mandates. Basically,
the essential function of each of these
boards is to superintend over a given
enterprise or parastatal. The board
must give the enterprise or parastatal
policy guidance and oversee or super-
vise the implementation of relevant
projects and programmes on a part
time basis.
Two key issues here. First, the new
boards need to give the enterprises the
"right direction". A simple case of mis-
direction was the Rural Electrification
Agency (REA) which had turned itself
into some sort of a lender or develop-
ment bank under the previous board.
Second, the fact of being a board
member is not a full-time job. The
new boards members should not see
themselves as now in positions that
is of benefit to them. Their role is to
make sure that ZESA operates effi-
ciently and effectively for the greater
good of Zimbabwe. The Government
is currently in the process of imple-
menting the country's newest eco-
nomicblueprint-theZimAsset.Andfor
ZimAsset to succeed, there is need for
electricity to drive industry. Energy and
Power Development Minister Dzika-
mai Mavhaire got it succinctly correct
in his address to the members of the
various boards:"Without energy in its
various forms, there can never be any
transfromation.Suchisthecriticallityof
our mandate. In other words, we must
take the lead in availing various energy
services in adequate measures.
"Put differently, we must recover from
our current power deficit situation to a
power surpulus situation in the short-
est possible time. Only then can agri-
culture, industry, commerce, mining,
etcetera, take off," he said.
Basically, all the ZESA units have seri-
ous issues that need to be addressed.
The new ZESA boards need to give
direction. •
8 BH24 COMMENT
New ZESA boards need to hit the ground running
enjoy the CAIO ride!
9. South Africa's rand weakened against
the dollar early on Friday after Fitch
ratings agency changed the outlook
for Africa's most advanced economy to
negative from stable.
Fitch said it was concerned mainly
about poor prospects for economic
growth and rising public debt. The
agency kept its rating at BBB.
Therandfelltoasessionlowof10.7230
to the dollar, while government bonds
gave up 7 basis points to 8.435 percent
on the benchmark 2026 issue and fell
6 basis points to 6.745 percent on the
2015 note. The biggest risk to South
Africa's growth is a crippling five month
strike in the platinum sector, which saw
GDP contract in the first quarter of the
year,althoughtherearesignsthestrike
could soon come to an end.
Standard & Poor's, Fitch and Moody's
all last downgraded Pretoria in the
aftermath of another wave of violent
labour protests in 2012, which culmi-
nated in police shooting dead more
than 30 striking miners.
S&P is due to give its rating review
later on Friday and Barclays believes
the company, which already has South
Africa on negative outlook, will down-
grade the credit rating.
"If South Africa avoids a downgrade,
we expect the rand to head back to
10.30/dollar. On the other hand, the
rand could weaken towards the 11.00/
dollar depending on the severity of the
downgrade." — Reuters •
9 REGIONAL News
South Africa's rand, govt bonds fall after Fitch rating review
Kenya sees 20.6 percent lift to GDP in rebase
Kenya expects the size of its economy
to go up by 20.6 percent when it com-
pletestheprocessofchangingthebase
year for computing output, the finance
ministry said.
The work of rebasing the economy to
2009 from 2001 will be completed by
theendofthisyear,theTreasurysaidin
the prospectus for its debut Eurobond
for up to $2 billion.
"Initial estimates for the revised GDP
estimate for 2009 is 486.6 billion shil-
lings higher than previous estimates,
this represents a 20.6 percent increase
inthelevelofGDPpreviouslyreported,”
the ministry said.
Kenya is marketing its bond to inves-
tors abroad.
Other African nations that have revised
the year they use as a base to calculate
output include Nigeria, which vaulted
to the top of African economies by size
earlier this year after it finished the
exercise.― Reuters
10. 10 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
13 June 2014
Energy
(Megawatts)
Hwange 468 MW
Kariba 750 MW
Harare 45 MW
Munyati 32 MW
Bulawayo 20 MW
Imports 50 MW
Total 1364 MW
13 June 2014 - Securities and Exchange Commission of Zimbabwe 2nd Shareholders Forum &
Responsible Investing in Zimbabwe Conference 2014 Place : Cresta Lodge, Harare, Time : 8am -2pm
26 June - Masimba Holdings Limited Thirty-Ninth Annual General Meeting of Members for the
period ended 31 December 2013, Place: 44 Tilbury Road, Willowvale, Harare, Zimbabwe, Time: 12:00
THE BH24 DIARY
13. 13 AFRICA StockS
Botswana 8,664.65 -11.96 -0.14% 12July
Cote dIvoire 246.37 +2.18 +0.89% 07Mar
Egypt 7,949.60 -75.68 -0.94% 06Mar
Ghana 2,343.98 +9.46 +0.41% 06June
Kenya 4,881.56 +12.30 +0.25% 06June
Malawi 12,662.47 +0.00 +0.00% 07Mar
Mauritius 2,074.51 -3.51 -0.17% 07Mar
Morocco 9,544.10 +21.01 +0.22% 07Mar
Nigeria 41,529.11 -40.98 -0.10% 06June
Rwanda 131.27 +0.00 +0.00% 24Oct
Tanzania 2,018.97 +25.40 +1.27% 07Mar
Tunisia 4,624.39 -39.32 -0.84% 07Mar
Uganda 1,503.90 +0.81 +0.05% 10Sep
Zambia 4,242.74 +14.95 +0.35% 10April
Zimbabwe 178.58 +1.54 +0.87% 06June
African stock round up Commodity Prices
Name Price
Crude Oil 1,300.91 -0.21%
Spot Gold USD/oz 1,292.63 -0.26%
Spot Silver USD/oz 19.38 -0.46%
Spot Platinum USD/oz 1,421.25 -0.33%
Spot Palladium USD/oz 798.50 -0.64%
LME Copper USD/t 6,770 -0.18%
LME Aluminium USD/t 1,780 -1.17%
LME Nickel USD/t 18,230 -1.73%
LME Lead USD/t 2,095 -1.41%
Quote of the day —"The history
of the world is the histo-
ry of a few people who had
faith in themselves." - Swa-
mi Vivekananda
Globalshareholder.com
14. The International Energy Agency said
Friday Iraqi oil supplies aren’t at imme-
diate risk, though the return of oil
exports from the country’s north look
increasingly elusive.
The oil market has been focused on
events in Iraq since Islamist militants
seized control of the northern city
of Mosul Tuesday. Crude prices shot
higher this week, climbing to their
highest level since September as news
emerged that the militants had made
rapid gains across northern Iraq, rais-
ing concerns about oil supply.
Iraqi oil supply is crucial to meet-
ing growing global oil demand in the
coming years, with the IEA predicting
roughly 60% of the growth in oil pro-
duction capacity from the Organization
ofthePetroleumExportingCountriesin
the next decade will come from Iraq.
However, in its closely watched oil mar-
ket report, the IEA said that provided
the conflict in Iraq doesn’t spread fur-
ther, it is unlikely to put additional oil
supplies at risk.
Iraq hasn’t exported any oil from its
north since March due to repeated
attacksonitspipelinetoTurkey,butthe
bulkofitsoilproductionisconcentrated
in the far south of the country and has
been on the rise in recent months.
The turmoil in Iraq adds to the chal-
lenges already facing OPEC as it con-
tends with chronic supply disruptions
in several of its members. Political
unrest in Libya has cut the country’s oil
output to a fraction of its pre-civil war
levels and Iranian output remains con-
strained by western sanctions.
Until now, the supply disruptions have
been offset by record growth in non-
OPEC supply, but the IEA said pressure
on OPEC to pump more oil will ratchet
up in the second half of the year.
The Paris-based energy watchdog
increased its forecast for the demand
for OPEC’s oil in the second half of the
year by 150,000 barrels a day to 30.9
million barrels a day, nearly 1 million
barrels a day more than the oil cartel
produced in May.
In its semi-annual meeting in Vienna
earlier this week, the producer group
elected to keep its oil output quota
unchanged at 30 million barrels a day.
— MarketWatch •
14 INTERNATIONAL NEWS
No immediate risk to Iraq’s oil supplies: IEA
15. The European Union has served notice
that senior bondholders will be in the
firing line for losses when banks go
bust, yet the law’s fine print leaves
room for confusion.
Policy makers from Michel Barnier to
Jeroen Dijsselbloem have heralded
legislation published yesterday as an
iron-clad system for shifting the bur-
den of bank failures from taxpayers to
investors. In time of crisis, the direc-
tive’s exemptions and caveats give
regulators plenty of wiggle room, ana-
lysts say.
“Unfortunately both for the institutions
concerned and the broader needs of
a fully functioning financial system, a
considerable degree of uncertainty will
persist,” Richard Reid, a research fellow
for finance and regulation at the Uni-
versity of Dundee in Scotland, said by
e-mail. “Experience has taught us that
when rules such as these are put to the
test, it is seldom as straightforward as
planned.”
Under the new rules set out in the
Bank Recovery and Resolution Direc-
tive, starting in 2016 authorities will, as
a general rule, require 8 percent of a
struggling bank’s liabilities to be wiped
out before recourse can be made to
industry funds or taxpayer support.
Ordinary shareholders would face
losses first. If that’s not enough, hold-
ers of other instruments that count as
capital, such as preferred shares and
junior bonds, and then senior unse-
cured creditors would be targeted.
‘Toughest’ Rules
Creditors will be protected from suf-
fering losses heavier than those they
would have incurred had the bank
been put through normal insolvency
proceedings. Special arrangements
would apply for bank depositors, with
holdings of as much as 100,000 euros
($136,000) shielded from writedowns.
Barnier,theEU’sfinancialserviceschief,
has said that the BRRD is the corner-
stone of the EU’s response to the 1.5
trillion euros of taxpayer money gov-
ernments made available to prop up
their banks between 2008 and 2012.
15 Analysis
New EU Bank-Creditor Loss Rules Leave Room for Confusion
16. “ThenewEUrulesareoneoftheworld’s
toughest in terms of imposing losses
on banks’ shareholders and creditors,”
Barnier said last month. “This is not
business as usual; this is a new world
of dealing with failing banks.”
The legislation interlocks with other
post-crisis laws published today, includ-
ing a toughening of rules on national
guarantees for bank deposits and
stricter regulation of traders.
The measures also underpin a push by
the euro area to centralize the handling
of failing banks by establishing a cen-
tral resolution authority backed by a
joint industry-financed 55 billion-euro
fund.
Forced Losses
While the message from governments
and regulators is clear-cut, the BRRD
itself is nuanced. For example, the law
allows nations some scope to provide
so-called precautionary aid to banks
withouttriggeringariskofseniorbond-
holder losses.
Such aid could be applied in cases
where a bank is found in a stress test
to need more capital.
Regulators can grant exceptions from
forced losses if they considered that
writing down a class of securities would
do more harm than good.
Limits here would include that exemp-
tions for some creditors shouldn’t
lead to writedowns for others that go
beyond the losses they would have
faced if the bank went through a tradi-
tional bankruptcy procedure.
The European Commission would also
have powers to vet such carve-outs.
When exemptions are used, the EU’s
state-aid rules, which require bail-ins of
junior creditors before public money is
used, would still apply.
‘Explicit Inclusion’
“The risk for senior bondholders
has very much increased,” said Car-
ola Schuler, a managing director for
Moody’s Investors Service in Frankfurt.
“Still, the law is drafted in a way which
means that, within certain parameters,
certain conditions, the governments
could still step in.”
Moody’s said last month that the leg-
islation, with its “explicit inclusion”
of writedowns of senior unsecured
creditors, had prompted it to place 82
European banks on a negative ratings
outlook.
The application of the rules will need to
be kept under review, Moody’s said, as
it left “some latitude for authorities” to
avoid bailing-in senior creditors when
this would threaten financial stability.
“The directive includes several carve-
outs that leave open the possibility to
implement a resolution that includes
support for creditors,” Schuler said.
“We don’t have full clarity yet on what
this means in practice.”
Capital Cushions
The approach to banks in crisis has
varied since the crisis erupted in 2008,
withseniorssparedatnationalizedSNS
Reaal NV in Netherlands and at Irish
banks, while being targeted as part
of the euro area’s bailout of Cyprus in
2013.Seniorsalsotookathitwhentwo
Danish banks failed in 2011 and were
processed under national resolution
rules.
In addition to possible loopholes in the
rules, seniors are also protected by
banks’ growing cushions of capital and
junior debt.
Banks “are issuing less unsecured sen-
ior debt as they focus on increasing
deposits and shrinking balance sheets.
Its importance is waning,” said Steve
Hussey, an analyst at AllianceBernstein
Ltd. in London, which manages about
$445 billion.
“They are also taking big strides to
increase the size of their cushions of
equity capital, Additional Tier 1 instru-
ments like CoCo bonds and subordi-
nated debt that would offer a buffer to
senior creditors from losses in a crisis.”
Since 2009, banks including Barclays
Plc (BARC), Lloyds Banking Group
Plc, and UBS AG have issues CoCos, a
term used to describe bonds that are
specifically designed to convert into
ordinary shares when a bank’s capital,
a measure of the state of its finances,
breaches a pre-agreed level.
“Given these changes, you would need
to have a massive overnight event,
a Kerviel, plus a London Whale, plus
more besides, to get to a point where
senior unsecured debt might be tak-
ing a loss,” Hussey said, in reference
to trading scandals that have hit Soci-
ete Generale SA (GLE) and JPMorgan
Chase and Co. - Bloomberg •
16 Analysis