A digital copy of the Business News 24 (18 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.
MFIs loaned $187m in 2015, but fell into consumptive lending trap Zimpapers Group (1980)
- Microfinance institutions (MFIs) in Zimbabwe have largely failed to improve small businesses as a large portion of their loans have gone towards consumption rather than productive sectors.
- Statistics from the Reserve Bank of Zimbabwe show that between 2013-2015, MFI loans were dominated by consumptive lending rather than productive sector funding as was expected.
- In 2015, MFIs loaned a total of $187.1 million but only $85.6 million (45.7%) went to productive sectors while the remaining $101.5 million (54.2%) were consumptive loans.
A digital copy of the Business News 24 (07 October 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.
The document summarizes the establishment and operations of the Credit Guarantee Fund of Mongolia (CGFM). It discusses:
1) The legal framework establishing CGFM began in 2004 with pilot programs and was formalized in 2012 with laws establishing CGFM.
2) In 2012-2013, CGFM worked with international organizations to develop effective credit guarantee systems and learned from other countries through knowledge sharing programs.
3) CGFM provides partial credit guarantees of up to 60% for loans to SMEs, with outstanding guarantees growing from $8.7 million in 2014 to $17.4 million in October 2014.
Msm es need grant and collateral free loanM S Siddiqui
This working capital loan package is on the basis of banker-client relationship and against sufficient collateral. During normal period, Banks are hardly finance MSMEs without collateral and the fund allocated by Bangladesh Bank remain idle. The prospect of utilization of these stimulus loan packages may not serve the purposes.
Current Affairs India November (2015) PDF By Daytodaygk.comDaytodayGk
Current Affairs India November (2015) PDF By Daytodaygk.com
D2G Team has prepared a Current Affairs November 2015 Pdf. We have covered all the important events. The Current Affairs November 2015 Pdf is perfectly categorized and the updates are added in a disciplined way.
MFIs loaned $187m in 2015, but fell into consumptive lending trap Zimpapers Group (1980)
- Microfinance institutions (MFIs) in Zimbabwe have largely failed to improve small businesses as a large portion of their loans have gone towards consumption rather than productive sectors.
- Statistics from the Reserve Bank of Zimbabwe show that between 2013-2015, MFI loans were dominated by consumptive lending rather than productive sector funding as was expected.
- In 2015, MFIs loaned a total of $187.1 million but only $85.6 million (45.7%) went to productive sectors while the remaining $101.5 million (54.2%) were consumptive loans.
A digital copy of the Business News 24 (07 October 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.
The document summarizes the establishment and operations of the Credit Guarantee Fund of Mongolia (CGFM). It discusses:
1) The legal framework establishing CGFM began in 2004 with pilot programs and was formalized in 2012 with laws establishing CGFM.
2) In 2012-2013, CGFM worked with international organizations to develop effective credit guarantee systems and learned from other countries through knowledge sharing programs.
3) CGFM provides partial credit guarantees of up to 60% for loans to SMEs, with outstanding guarantees growing from $8.7 million in 2014 to $17.4 million in October 2014.
Msm es need grant and collateral free loanM S Siddiqui
This working capital loan package is on the basis of banker-client relationship and against sufficient collateral. During normal period, Banks are hardly finance MSMEs without collateral and the fund allocated by Bangladesh Bank remain idle. The prospect of utilization of these stimulus loan packages may not serve the purposes.
Current Affairs India November (2015) PDF By Daytodaygk.comDaytodayGk
Current Affairs India November (2015) PDF By Daytodaygk.com
D2G Team has prepared a Current Affairs November 2015 Pdf. We have covered all the important events. The Current Affairs November 2015 Pdf is perfectly categorized and the updates are added in a disciplined way.
A digital copy of the Business News 24 (10 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.
The Credit Wholesaling (CWS) Program is a specialized credit program operated by SME Foundation through banks and non-bank financial institutions. The program aims to provide collateral-free, single-digit interest rate loans to micro and small enterprises (MSMEs) considered the "missing middle," in order to increase access to formal sources of credit. The CWS Program channels funds through partner financial institutions to target sectors like agriculture, manufacturing, and services. It seeks to encourage lending to MSMEs and boost specific sectors through financial support.
Overall of Pioneer insurance company limited (insurance assignment)Niloy Saha
The document summarizes the overall performance of Pioneer Insurance Company Limited in Bangladesh. It provides details on the company's mission, vision, profile, types of insurance offered, premium income, claims payment, reinsurers, brokers, and dealings. Pioneer Insurance was established in 1996 and has grown significantly over the years, with a paid up capital of over 500 million taka and over 525 employees serving customers across 40 branches in Bangladesh.
The Confederation of Zimbabwe Industries (CZI) president said that Zimbabwe's economy needs re-engineering as many local companies' operating models are still based on an obsolete import substitution approach; he noted that the country had historically used this model but it is no longer suitable given changes in the global economy over the past 34 years. The CZI president suggested that improving infrastructure, access to affordable funding, and addressing financial distress issues could help local manufacturing firms become more competitive and realize where they can be competitive.
- The Zimbabwe Stock Exchange registered increases in turnover and volume traded in February, rising 38.4% and 54% respectively from the previous month. However, the market value maintained a downward trend.
- While activity increased on the stock market last month, the ZSE's market capitalization is already down 11.42% for the year. Market watchers forecast the market will recover only 15% this year.
- The change in fortunes on the stock market provides hope that stocks may offer moderate returns after large losses in recent years, though economic challenges remain.
'Financial sector indigenisation measures to spur economic growth'Zimpapers Group (1980)
The Reserve Bank of Zimbabwe announced new financial sector compliance credits that are aligned with guidelines for implementing indigenisation and economic empowerment policies. Under the measures, financial institutions can earn empowerment credits by meeting objectives such as lending 20% of their portfolio to agriculture and energy or lending to small businesses. The credits contribute to the 51% indigenisation threshold required by law. Observers believe the measures will encourage banks to support economic growth sectors in line with indigenisation goals. The alternative is for institutions to pay an empowerment levy, though this is subject to rebates from specified activities.
This document brings together a set
of latest data points and publicly
available information relevant for
Insurance Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
ABC Bank has secured a Euro 7 million loan facility from the European Investment Bank to lend to small and medium enterprises. The long-term loan ranging from 4 to 12 years will enable ABC Bank to lend to SMEs at lower interest rates. A Kenyan cooking gas company, Midland Energy, hopes to expand its operations across East Africa in the next five years after overcoming initial challenges in the industry. The article provides an overview of Midland Energy's growth and challenges since starting its liquefied petroleum gas business in 2008.
Marine Insurance of Pioneer insurance company ltd.Manas Saha
The document provides an overview of insurance in Bangladesh, including:
1) A brief history of insurance in Bangladesh from before independence to the present day, including the nationalization of companies and establishment of private insurers.
2) Details on key insurance legislation and regulations in Bangladesh, including allowing private insurers to operate.
3) An overview of Pioneer Insurance Company, including its founding, leadership, financial details, branches, investments, premium income, claims payments, and types of insurance offered.
Report on phoenix insurance company & insurance industry analysisNizamuddin Alamgir
The document is a letter transmitting a report on an analysis of Phoenix Insurance Company LTD and Bangladesh's non-life insurance industry. It acknowledges conducting an in-depth qualitative study of Phoenix Insurance and its main competitors. The study revealed opportunities for increased profits in the insurance business and fulfilling social responsibility. Several strategies were identified that can provide more benefits to insured customers.
This document provides a confidential summary of information about the Metatron Global Fund LLC. It discusses the fund's structure, board, advisors, investment opportunities in India, Nepal and other Asian countries. The fund aims to generate high returns by investing in distressed assets purchased from banks at discounted prices. Real estate, infrastructure and other projects in cities like Bangalore, Jaipur and Mumbai are mentioned as potential investment opportunities. The document also outlines the fund's target size, management fees, distribution of investor returns and compliance with anti-money laundering regulations.
INDIAN ECONOMY: CHALLENGES AND EXPECTATIONSNeha Sharma
The Reserve Bank of India has recently released a small dose of liquidity by reducing Cash Reserve Ratio (CRR) by 0.5% for the commercial banks. Government borrowings have swallowed significant resources from the banking sector in recent months. The Liquidity with banking sector is still a major issue.
- South Africa posted its biggest trade surplus in 4 years in December 2015, which helped strengthen the rand currency.
- The rand gained against the US dollar to trade below R16 per dollar for the first time since January 7th.
- South Africa's trade surplus in December widened to R8.2 billion from R0.7 billion in November, driven by a 13% drop in imports and 5% fall in exports.
- However, the improvement in trade figures may only be temporary as commodity prices fall and food imports rise due to drought conditions. The current account deficit is also expected to widen.
Green Delta Insurance Company is one of the leading private insurance companies in Bangladesh. It was established in 1985 and has since expanded to over 500 employees with 39 branches across the country. Green Delta offers a wide range of insurance products for individuals and businesses. It prides itself on innovation, such as being the first insurer in Bangladesh to offer a product specifically for women and weather index insurance for farmers. The company aims to maximize shareholder value through excellent customer service and employee commitment.
This document brings together a set of latest data points and publicly available information relevant for Insurance Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
Singapore has a strong banking sector that serves as an international financial center. There are 108 foreign banks and 6 local banks that dominate the banking scene in Singapore. These banks offer various lending products including residential and commercial real estate lending, loans on insurance policies, and consumer loans. Total bank lending in Singapore has been rising in recent years, with increases in lending to businesses, consumers, and sectors like agriculture and mining. However, lending growth rates are expected to slow due to measures to curb the property and car markets, though consumer lending is still expected to increase overall.
Here are the key objectives of Meghna Life Insurance Company Limited:
- To provide maximum financial security to individuals and families through modern life insurance products and services.
- To accumulate people's savings on a large scale and channelize them into nation-building activities.
- To act as a profitable savings institution by paying attractive bonuses to policyholders.
- To introduce innovative and customer-centric life insurance schemes tailored to the needs of Bangladeshi people.
- To be the recognized leader in the life insurance sector of Bangladesh in terms of business growth and quality of services.
- To uphold the highest standards of professionalism, integrity and financial soundness in all business operations.
The document provides information about Wealth Today, a financial planning company based in Australia. It discusses Wealth Today's services and credentials, the current state of household finances and debt in Australia, and introduces the LIFT program which aims to help clients terminate their mortgages while building wealth and securing their financial future and retirement lifestyle. The document promotes the benefits of Wealth Today's holistic advice approach over traditional broker models that focus only on loans and debt.
The document provides an overview of recent economic and business news in Sri Lanka.
1) Sri Lanka's economy grew 3.8% in the first quarter of 2017, with industry growing 6.3% and services growing 3.5% while agriculture shrank 3.2%.
2) Sri Lanka's trade deficit increased in the first quarter as exports grew 1.3% while imports grew 14.9%, driven up by an 81.6% increase in fuel imports.
3) Commercial Bank was named the Best Bank in Sri Lanka for the seventh time by FinanceAsia, based on its financial performance and market position.
El documento clasifica los cambios organizacionales en tres categorías basadas en su grado de cambio y momento de ocurrencia: 1) transformaciones mayores ocurren antes de cambios ambientales y representan cambios sustanciales, 2) ajustes pequeños ocurren después de cambios ambientales y representan cambios menores, 3) combinaciones de cambios en el rediseño organizacional pueden involucrar diferentes grados de cambio dependiendo de factores internos y externos.
In the last fiscal year, Lurie Children's cared for more children than any other pediatric hospital in Illinois. They have almost five times as many pediatric specialists as the next largest system in Chicago. They served children from 49 states and 34 countries. All of Lurie Children's services ranked #1 in pediatric volume in Illinois in 2012, including asthma, allergy/immunology, cardiology, and others.
A digital copy of the Business News 24 (10 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.
The Credit Wholesaling (CWS) Program is a specialized credit program operated by SME Foundation through banks and non-bank financial institutions. The program aims to provide collateral-free, single-digit interest rate loans to micro and small enterprises (MSMEs) considered the "missing middle," in order to increase access to formal sources of credit. The CWS Program channels funds through partner financial institutions to target sectors like agriculture, manufacturing, and services. It seeks to encourage lending to MSMEs and boost specific sectors through financial support.
Overall of Pioneer insurance company limited (insurance assignment)Niloy Saha
The document summarizes the overall performance of Pioneer Insurance Company Limited in Bangladesh. It provides details on the company's mission, vision, profile, types of insurance offered, premium income, claims payment, reinsurers, brokers, and dealings. Pioneer Insurance was established in 1996 and has grown significantly over the years, with a paid up capital of over 500 million taka and over 525 employees serving customers across 40 branches in Bangladesh.
The Confederation of Zimbabwe Industries (CZI) president said that Zimbabwe's economy needs re-engineering as many local companies' operating models are still based on an obsolete import substitution approach; he noted that the country had historically used this model but it is no longer suitable given changes in the global economy over the past 34 years. The CZI president suggested that improving infrastructure, access to affordable funding, and addressing financial distress issues could help local manufacturing firms become more competitive and realize where they can be competitive.
- The Zimbabwe Stock Exchange registered increases in turnover and volume traded in February, rising 38.4% and 54% respectively from the previous month. However, the market value maintained a downward trend.
- While activity increased on the stock market last month, the ZSE's market capitalization is already down 11.42% for the year. Market watchers forecast the market will recover only 15% this year.
- The change in fortunes on the stock market provides hope that stocks may offer moderate returns after large losses in recent years, though economic challenges remain.
'Financial sector indigenisation measures to spur economic growth'Zimpapers Group (1980)
The Reserve Bank of Zimbabwe announced new financial sector compliance credits that are aligned with guidelines for implementing indigenisation and economic empowerment policies. Under the measures, financial institutions can earn empowerment credits by meeting objectives such as lending 20% of their portfolio to agriculture and energy or lending to small businesses. The credits contribute to the 51% indigenisation threshold required by law. Observers believe the measures will encourage banks to support economic growth sectors in line with indigenisation goals. The alternative is for institutions to pay an empowerment levy, though this is subject to rebates from specified activities.
This document brings together a set
of latest data points and publicly
available information relevant for
Insurance Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
ABC Bank has secured a Euro 7 million loan facility from the European Investment Bank to lend to small and medium enterprises. The long-term loan ranging from 4 to 12 years will enable ABC Bank to lend to SMEs at lower interest rates. A Kenyan cooking gas company, Midland Energy, hopes to expand its operations across East Africa in the next five years after overcoming initial challenges in the industry. The article provides an overview of Midland Energy's growth and challenges since starting its liquefied petroleum gas business in 2008.
Marine Insurance of Pioneer insurance company ltd.Manas Saha
The document provides an overview of insurance in Bangladesh, including:
1) A brief history of insurance in Bangladesh from before independence to the present day, including the nationalization of companies and establishment of private insurers.
2) Details on key insurance legislation and regulations in Bangladesh, including allowing private insurers to operate.
3) An overview of Pioneer Insurance Company, including its founding, leadership, financial details, branches, investments, premium income, claims payments, and types of insurance offered.
Report on phoenix insurance company & insurance industry analysisNizamuddin Alamgir
The document is a letter transmitting a report on an analysis of Phoenix Insurance Company LTD and Bangladesh's non-life insurance industry. It acknowledges conducting an in-depth qualitative study of Phoenix Insurance and its main competitors. The study revealed opportunities for increased profits in the insurance business and fulfilling social responsibility. Several strategies were identified that can provide more benefits to insured customers.
This document provides a confidential summary of information about the Metatron Global Fund LLC. It discusses the fund's structure, board, advisors, investment opportunities in India, Nepal and other Asian countries. The fund aims to generate high returns by investing in distressed assets purchased from banks at discounted prices. Real estate, infrastructure and other projects in cities like Bangalore, Jaipur and Mumbai are mentioned as potential investment opportunities. The document also outlines the fund's target size, management fees, distribution of investor returns and compliance with anti-money laundering regulations.
INDIAN ECONOMY: CHALLENGES AND EXPECTATIONSNeha Sharma
The Reserve Bank of India has recently released a small dose of liquidity by reducing Cash Reserve Ratio (CRR) by 0.5% for the commercial banks. Government borrowings have swallowed significant resources from the banking sector in recent months. The Liquidity with banking sector is still a major issue.
- South Africa posted its biggest trade surplus in 4 years in December 2015, which helped strengthen the rand currency.
- The rand gained against the US dollar to trade below R16 per dollar for the first time since January 7th.
- South Africa's trade surplus in December widened to R8.2 billion from R0.7 billion in November, driven by a 13% drop in imports and 5% fall in exports.
- However, the improvement in trade figures may only be temporary as commodity prices fall and food imports rise due to drought conditions. The current account deficit is also expected to widen.
Green Delta Insurance Company is one of the leading private insurance companies in Bangladesh. It was established in 1985 and has since expanded to over 500 employees with 39 branches across the country. Green Delta offers a wide range of insurance products for individuals and businesses. It prides itself on innovation, such as being the first insurer in Bangladesh to offer a product specifically for women and weather index insurance for farmers. The company aims to maximize shareholder value through excellent customer service and employee commitment.
This document brings together a set of latest data points and publicly available information relevant for Insurance Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
Singapore has a strong banking sector that serves as an international financial center. There are 108 foreign banks and 6 local banks that dominate the banking scene in Singapore. These banks offer various lending products including residential and commercial real estate lending, loans on insurance policies, and consumer loans. Total bank lending in Singapore has been rising in recent years, with increases in lending to businesses, consumers, and sectors like agriculture and mining. However, lending growth rates are expected to slow due to measures to curb the property and car markets, though consumer lending is still expected to increase overall.
Here are the key objectives of Meghna Life Insurance Company Limited:
- To provide maximum financial security to individuals and families through modern life insurance products and services.
- To accumulate people's savings on a large scale and channelize them into nation-building activities.
- To act as a profitable savings institution by paying attractive bonuses to policyholders.
- To introduce innovative and customer-centric life insurance schemes tailored to the needs of Bangladeshi people.
- To be the recognized leader in the life insurance sector of Bangladesh in terms of business growth and quality of services.
- To uphold the highest standards of professionalism, integrity and financial soundness in all business operations.
The document provides information about Wealth Today, a financial planning company based in Australia. It discusses Wealth Today's services and credentials, the current state of household finances and debt in Australia, and introduces the LIFT program which aims to help clients terminate their mortgages while building wealth and securing their financial future and retirement lifestyle. The document promotes the benefits of Wealth Today's holistic advice approach over traditional broker models that focus only on loans and debt.
The document provides an overview of recent economic and business news in Sri Lanka.
1) Sri Lanka's economy grew 3.8% in the first quarter of 2017, with industry growing 6.3% and services growing 3.5% while agriculture shrank 3.2%.
2) Sri Lanka's trade deficit increased in the first quarter as exports grew 1.3% while imports grew 14.9%, driven up by an 81.6% increase in fuel imports.
3) Commercial Bank was named the Best Bank in Sri Lanka for the seventh time by FinanceAsia, based on its financial performance and market position.
El documento clasifica los cambios organizacionales en tres categorías basadas en su grado de cambio y momento de ocurrencia: 1) transformaciones mayores ocurren antes de cambios ambientales y representan cambios sustanciales, 2) ajustes pequeños ocurren después de cambios ambientales y representan cambios menores, 3) combinaciones de cambios en el rediseño organizacional pueden involucrar diferentes grados de cambio dependiendo de factores internos y externos.
In the last fiscal year, Lurie Children's cared for more children than any other pediatric hospital in Illinois. They have almost five times as many pediatric specialists as the next largest system in Chicago. They served children from 49 states and 34 countries. All of Lurie Children's services ranked #1 in pediatric volume in Illinois in 2012, including asthma, allergy/immunology, cardiology, and others.
The Tutor Training and Certification Program aims to address academic struggles faced by 30% of elementary students and 25% of high school dropouts through cost-effective tutoring. Since 2002, the program has trained 1,300 tutors who have provided 20,000 free tutoring sessions to over 2,500 students across 30 schools. Tutors are trained in effective tutoring habits and learn about students' personal learning profiles to help those who are academically at risk. Feedback shows 80% of regular students reach academic standards, and tutoring fosters friendships across grades and cultures while improving peers' self-confidence.
LAC2013 Days 04 & 05: Air Resistance Part IIA Jorge Garcia
This document appears to be a log of timestamps from May 22nd and 23rd. It contains 10 entries documenting times between 7:39 AM and 8:21 AM on those dates. The timestamps become more frequent on the 22nd, with gaps of only a few minutes between entries from 8:01 AM to 8:17 AM. The 23rd entries are spaced further apart throughout the morning.
This presentation from Form Virium Helsinki discusses and advocates harnessing the innovative capacities of entire communities to bring forth optimal city management. The focus is on overcoming the traditional challenges between public sector organizations and citizens.
Prest Advisory Group is an opportunity consulting firm founded in 2011 that provides investment and due diligence advisory services and strategies to clients doing business in West Africa. Their mission is to design customized knowledge tools to help clients make informed investment decisions. They offer products like market analysis, due diligence research, training seminars, and information on business events in West Africa.
NMBZ Holdings is close to securing a $20 million loan facility from two European development finance institutions. The loan will target small and medium enterprises in Zimbabwe. NMBZ already has a $20 million facility that it is currently utilizing. The CEO of NMBZ said they will focus on accessing credit lines to support productive sectors of the economy and ease cash shortages. He expects to access the $20 million European facility within the next two months to support SMEs.
A digital copy of the Business News 24 (26 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.
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 (20 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 (22 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.
A digital copy of the Business News 24 (24 March 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.
Transparency in banking comes into spotlightHeba Hashem
The UAE government is taking steps to increase transparency in the banking sector through the establishment of Al Etihad Credit Bureau, which will maintain credit histories for individual and corporate customers. This will allow banks to better assess loan applicants' creditworthiness and reduce defaults. While this will strengthen the financial system over time, initial defaults are expected to rise as over-borrowing is discovered. A Gulf Derivatives Exchange has also been proposed but would require extensive regulation before implementation.
Nestlé Zimbabwe is planning to increase its investment in the Nestlé Dairy Empowerment Scheme (NDES) to boost local milk production. This will help reduce milk imports and support local farmers. The additional investment will help farmers reduce milk production costs by 15% by funding silage production. Nestlé also aims to hire 10 graduates to strengthen its commercial capabilities in Zimbabwe and Malawi. The overall goal is to revive the dairy industry in Zimbabwe and reduce imports of products like Cremora.
The document discusses the future of microfinance in India. It notes that microfinance has expanded rapidly in recent years, with membership in associations growing and loan amounts outstanding increasing significantly from 2001-2004 and 2001-2005 for various microfinance programs and institutions. It also discusses the growing partnership models between banks and MFIs, and innovations in how banks provide funding to MFIs. Going forward, it emphasizes the need for greater financial literacy, product differentiation, and ensuring client empowerment through education on loan terms and conditions.
A digital copy of the BH24 (12 January 2016 edition). 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.
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.
A digital copy of the Business News 24 (25 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.
The document summarizes an evaluation of loan guarantees provided by USAID to Kenya Commercial Bank (KCB) through the Development Credit Authority (DCA) program in 2006 and 2010. The guarantees were intended to encourage KCB to increase lending to small and medium enterprises (SMEs) in underserved areas by covering 50% of the risk. The evaluation found that the guarantees achieved their objectives by enabling KCB to issue over 1,900 loans totaling over $13.5 million to SMEs in sectors like agriculture, tourism, and manufacturing. Borrowers experienced growth in sales, profits, and employment. The guarantees also demonstrated to KCB and other Kenyan banks that lending to SMEs can be profitable.
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 IMF resident representative in Zimbabwe expressed concerns to parliament about the Zimbabwe Asset Management Corporation (ZAMCO) taking on large amounts of debt from insolvent state-owned and private companies. This could potentially become a significant liability for the Zimbabwean state. The IMF representative said they have also raised concerns about rising treasury bill issuance to finance budget deficits and proposed reforms not being implemented. Their views appear to contradict an earlier positive assessment of ZAMCO by the IMF, indicating their position may be shifting ahead of further reviews of Zimbabwe's economic program.
Zimbabwe Rising Conference 2010 London - Ndaba Moyo - Interfin Group - The Zi...countryfactor
This document summarizes the opportunities in Zimbabwe's banking sector. It notes that Zimbabwe historically had a sophisticated banking sector but it declined during the hyperinflation era. Now with increased stability, there is opportunity for growth. The banking sector remains attractive due to the number of undercapitalized banks that could be acquired and the large unbanked population that could be served. Opportunities exist across corporate banking, investment banking, infrastructure finance, and agri-finance as the economy and sectors rebuild.
MUDRA in a short span of about 7 months has been showing impressive performance in terms of statistics revealed. However, the impact on the ground appears to be missing. There are some unanswered questions which this presentation lists out and some suggestions on how and what needs to be done.
Development assistance should come through Vote of Credit: ChinamasaZimpapers Group (1980)
Zimbabwe's Finance Minister Patrick Chinamasa said that all development assistance to Zimbabwe should come through the country's Vote of Credit to prevent double funding of projects and improve accountability; he also noted that using the Vote of Credit would make it easier for the government to allocate funding to uncovered areas and avoid directing funds to areas already covered by donors. The UN resident co-ordinator agreed on the need to strengthen aid coordination to better identify development needs and gaps.
Similar to 5 foreign nations confirm participation at Zimbabwe's Mine Entra (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
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.
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.
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 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.
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.
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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5 foreign nations confirm participation at Zimbabwe's Mine Entra
1. News Update as @ 1530 hours, Wednesday 18 June 2014
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
By Rumbidzayi Zinyuke
Zimre Property Investments Limit-
ed’s performance for the five months
to May 2014 was subdued due to the
severe liquidity challenges that have
adversely affected the property sector.
Giving a trading update at the com-
pany’s annual general meeting, Zimre
managing director Edwin Mavingi said
the liquidity constraints had led to
subdued rent income, rising voids and
debtors, increased lease surrenders as
well as limited debt finance.
“Performance for the first five months
of 2014 was lower than last year but
we remained profitable,” he said.
He said total income for the period
went down 22 percent from last year’s
$3,2 million to $2,5 million while
operating profit was 29 percent lower
at $1 million from $1,4 million in the
prior period. Rental income was also
5 percent lower from $1,6 million in
May 2013 to $1,5 million in the review
period.
“Rental growth has been subdued and
weactuallyhaveagroupofourtenants
that have closed operations. This is not
necessarily a ZPI problem alone but it
is across the board,” he said.
The group’s project sales were 38 per-
cent down from the previous period as
the company limited sales in the first
half of the year due to low recovery
rate. He said the Masvingo and Bul-
awayo development projects were the
most affected by low recovery while
the project in Harare’s Tynwald surbab
was doing well. “The challenge is lack
of recovery of costs incurred. Our
main worry is in time taken to recover
money and realise profit.
"In Masvingo, 47 percent of the 338
stands had been sold to date with a
total cost recovery of 63 percent. But
lowendproductssellasisthecasewith
our Tynwald project. We have already
sold 64 percent of the stands with a 96
percent cost recovery rate,” he said.
Mavinge added that the company will
embark on an extension of Harare’s
Zimre Park residential area set to com-
mence in September this year and be
completedbyAugust2015.Theproject
will see the building of 229 residential
stands measuring 800 square metres
each at a total cost of $5,6 million. •
High voids, debts hurt Zimre Property Investments
2. BH24 Reporter
The deadline for all financial institutions
to submit their comprehensive re-cap-
italisation plans to meet Cabinet-ap-
proved levels is just two weeks away.
Commercial banks were initially
required by the central bank to have
minimum capitalisation of US$100
million by 2014, but this was later
extended to 2020.
The Reserve Bank of Zimbabwe (RBZ)
set June 30, 2014 as the deadline for
all financial institutions to submit their
plans to meet the Cabinet approved
minimum capitalisation levels by 2020.
The $100 million capitalisation dead-
line was extended by six years to 2020
after the RBZ noted that the banking
sector was generally stable in spite of
the various underlying macro-eco-
nomic challenges and institution spe-
cific weaknesses.
A few institutions may fail to submit
acceptable re-capitalisation plans,
having failed to source funding and/
or strategic alliances, with Capital Bank
having relinquished its licence at the
beginning of this month. Other banks
appear better prepared, for instance
Tetrad Holdings Ltd shareholders last
month unanimously approved the
acquisition of a controlling stake in
its banking unit — Tetrad Investment
Bank (TIB) — by a Russian investment
group, Horizon Capital Consortium.
On the other hand Atlas Mara's
much-publicised acquisition of Ban-
cABC, with the deal expected to boost
the bank’s capital position.
The other financial intuitions have been
going about their business quietly.
Earlier this month, the RBZ proposed
plans to increase the threshold for
non-financial institutions in local bank
shareholding from 10 percent to 25
percent.
“Cognizant of the fact that institutional
shareholders, unlike individuals, are
morelikelyabletoinjectadditionalcap-
ital when called upon to do so, propos-
als are being made that shareholding
limits for companies be increased from
the current 10 percent to 25 percent,”
said the Reserve Bank in a statement."
The move will likely be received as a
positive development by most banks
that have turned to cash-rich foreign
investorsthatarenotnecessarilyfinan-
cial institutions.
Across the different types of financial
institutions, the December 31, 2020
capital thresholds are as follows: $100
million for Commercial and Merchant
banks, $80 million for Building Soci-
eties, $60 million for Finance Houses
and Discount Houses, $10 million for
Microfinance Banks and $25 000 for
Microfinance Institutions. •
2 NEWS
$100m banks capitalisation plan submission deadline looms
3. BH24 Reporter
Richard Summers is the new president of
the Institute of Chartered Secretaries and
Administrators in Zimbabwe (ICSAZ).
Summers, a former Cairns Foods dis-
tribution director, was elected president
of ICSAZ at the institute’s recent annual
general meeting. Prior to his appoint-
ment, Summers was vice-president of
ICSAZ for the past year. He is a Fellow
of the Institute of Chartered Secretaries
and Administrators and a registered pub-
lic accountant. He joined Astra Paints as
administrative manager in 1981. He was
appointed financial director of Astra Wild-
life Limited in October 1989.
In April 1990 he was appointed financial
director of Astra Trading and Agricul-
ture, incorporating Astra Wildlife, Astra
Silk, Expeditors and Claver Hill Farm. In
July 1993, Summers was promoted to
the position of financial director of Astra
Industries, incorporating Astra Paints,
Henry Dunn Steel, Astra Engineering and
Panasonic. He was appointed Astra Group
company secretary in July 1996. He held
several other positions within the group.
In February 2000 he became the general
manager and director of Paprika Zim-
babwe and a director of Cairns Foods.
In 2001, Paprika Zimbabwe became a
subsidiary of Cairns Foods, following the
Astra demerger. He took up the position
of Cairns Foods distribution director in
August 2005. He retired in December
2010. He was also the chairman of the
Cairns Holdings Group Accident Review
Committee.
In2009Summerswasappointedamem-
ber of the Marketing and Strategy Com-
mittee and the Investigations Committee
of ICSAZ. He was elected an institute
council member in 2010 and a member
of the institute’s continuous professional
development committee. He was also the
chairman of the Education and Examina-
tion Committee during 2013 to 2014
Meanwhile, the AGM also saw Zimbabwe
Economics Society president Lovemore
KadengeandbusinessconsultantSimbar-
ashe Dziva being elected vice presidents.
3 NEWS
By Lynn Murahwa
The Office of the Minister of State for
Liaising on Psychomotor Activities in
Education has engaged the Confeder-
ation of Zimbabwe Industries to boost
technical skills development.
CZI president Charles Msipa acknowl-
edged that the current educational
system does not benefit the country as
many school leavers and graduates are
left unemployed. “The current system
doesn’t serve the country very well. It
is generating many school leavers and
many people labeled as failures. The
few that manage to get into University
come out and are jobless. “We need to
figure out how we can help people and
how they can be equipped with skills
that they can create opportunities for
themselves," he said.
Speaking at the meeting with repre-
sentatives of industry Minister of State
for Liaising on Psychomotor Activities
in Education Josiah Hungwe said the
implementation of Psychomotor skills
into the education system will improve
job creation as well as remove poverty
in line with ZimAsset and the indigeni-
sationpolicy."Enhancingtheinfusionof
Psychomotor concept into education is
expected to improve the relevance of
education, increase employment crea-
tion and eradicate poverty in line with
the new Government thrust regarding
Indigenization, empowerment, devel-
opment and creation of employment
as outlined in Zim Asset" he said.
According to Minister Hungwe, consul-
tations are currently under way with
the Education Ministries on how to
mainstream the psychomotor concept
into the education system.
"Consultations are ongoing with the
Education Ministries and other relevant
Ministries that constitute the inter-min-
isterial committee on mainstreaming
the psychomotor concept into educa-
tion" he said.
The Office of the Minister of State for
Liaising on Psychomotor Activities was
set up last year to encourage entrepre-
neurship, technical and vocational edu-
cation training. •
Psychomotor Ministry engages industry
Summers is new ICSAZ president
4. 4 NEWS
BH24 Reporter
Insurance firms Old Mutual, Zimnat
and Nyaradzo have partnered Telecel
Zimbabwe for the payment of insur-
ance premiums through its mobile
electronic wallet service Telecash.
In addition to Eagle Insurance and First
Mutual Life, this brings to five the num-
ber of insurance companies that Tele-
cash subscribers are able to make pay-
ments to, said Telecel in a statement.
"As with all Telecash transactions, the
subscriber will be required at some
point in the transaction to enter his
or her Telecash personal identification
number (PIN) to confirm that the per-
son paying the bill is the holder of the
Telecash account linked to the mobile
phone that is being used.
"After selecting the service provider
whose bill is to be paid, the subscriber
is asked to enter his or her account
number with the service provider, that
is with Old Mutual, Nyaradzo or which-
ever company it is whose bill is to be
paid, and the amount to be paid," said
Telecel.
Recently, TelOne and the City of Bula-
wayo also recently signed agreements
with Telecel for the payment of tele-
phone bills and municipal bills with
Telecash.
The list of service providers accepting
payment with Telecash now includes
Cimas, DSTV, City of Harare, City of
Bulawayo, TelOne, Eagle Insurance,
First Mutual Life, which in addition to
insurance also has a medical savings
fund, and now Old Mutual, Zimnat and
Nyaradzo.
Telecash is an electronic wallet into
which money can be deposited and
withdrawn at any Telecash agent and
from which payments can be made for
bills and goods and services. Money
can also be transferred from a Telecash
account to the mobile phone of anyone
else, regardless of network.
Currently there are more than 3 000
Telecash agents, including all Bon
Marche, OK Bazaars and TM Super-
markets and all post offices. •
Old Mutual, Zimnat and Nyaradzo join Telecash
5. 5 NEWS
Zimbabwean startup ZimStocks has
announced an update to its stock per-
formance-monitoring platform, allow-
ing users to discuss the companies
listed on the country’s stock exchange.
HumanIPO reported in March Zim-
Stocks hoped to provide a tool to mon-
itor performance of stocks and educate
current and future investors about the
trading on the country’s exchange.
The company has now launched a
discussion feature, allowing users to
“to create content and participate in
discussions for the Zimbabwe Stock
Exchange companies that [they] care
about”.
Users have the ability to participate in
an already existing discussion or create
a new one from within the ZimStocks
app.
A drop down menu enables the user to
select what he thinks should be done
with the company’s stocks: buy, hold,
sell or do nothing.
The updated platform also has a trend-
ing section showing which top five
companies are currently under discus-
sion.
The company has also recently
launched an iOS app, adding to its
already existing website and Android
app. ― Human IPO •
ZimStocks app adds discussion feature
By Elita Chikwati
The2014fluecuredtobaccosellingseason
will close next week, earlier than the pre-
vious seasons with deliveries expected to
surpass200millionkilogrammes.
Auction floors normally close in July. Due
to the high deliveries being received at
the contract floors, sales will continue until
further notice. Tobacco Industry and Mar-
ketingBoardchiefexecutiveofficerAndrew
Matibiri said this season has been fast.
“Thefluecuredtobaccomarketingseason
willcloseonFridayJune27withfinaldeliv-
eriesacceptedonThursday26June.
“All growers who sell on auction floors are
therefore advised to complete their grad-
ing and baling operations by Wednesday
25 June at the very latest. “Most farmers
have delivered their crop for sale and we
are confident that the tobacco deliveries
will surpass 200 million kgs,” he said. The
fluecuredauctiontobaccocleanupsalefor
the2014marketingseasonwillbeheldon
July15.
Statistics from the TIMB show that 194
million kgs of flue cured tobacco worth
$619millionhasbeensoldsincetheopen-
ingofsellingseasoninFebruary.Thisisan
increase of 32 percent from the 147 mil-
lion kg of tobacco worth $543 million sold
sameperiodlastyear.Lastseason166mil-
lionkgsoftobaccoweresold. •
Contract floors push auction floors early closure
7. International interest in this year’s Min-
ing, Engineering and Transport (Mine
Entra) exhibition is high as five foreign
nations have so far confirmed partici-
pation compared to three countries
that participated at the event last year.
Mine Entra 2014 is set to provide an
ideal marketing forum for mining,
engineering and transport companies
to showcase their latest products, tech-
nology and services applicable to the
fast growing mining sector in Southern
Africa. “The show has so far attracted
over 100 exhibitors with 3,500 square
metres of exhibition space booked.
International interest is high as five for-
eign nations, represented by 21 com-
panies, have so far confirmed partici-
pation. These are Belgium, Botswana,
China, Germany and South Africa,”
said the Zimbabwe International Trade
Fair Company general manager, Noma
Ndlovu, during a press conference
yesterday. She said exhibition space
was still available adding that the ZITF
Company encouraged exhibitors who
have not yet taken up stands to do so
before the early booking discount offer
expires on June 30.
The expo will run from July 23 to 25 at
the Zimbabwe International Exhibition
Centre in Bulawayo under the theme,
“Innovation, Beneficiation, Growth”.
The theme seeks to explore how inno-
vative technologies and ideas can be
used to beneficiate Zimbabwe’s min-
eral resources so as to achieve national
economic growth and prosperity. Being
a sector-specific exhibition, Ndlovu said
amixofmining,engineeringandtrans-
port products and services would be on
display.Theexhibitionwillalsopromote
supporting sectors in order to provide a
total solution to the industry.“Some of
the services on show include banking,
security, insurance, customs, clearing,
medical and chemical supplies. Build-
ing and construction equipment exhib-
its introduced last year will also be a
prominent feature as well as protective
clothing and other safety products,”
she said.
Small scale miners and representa-
tives from Women in Mining have also
shown interest in participating at the
exhibition. Mine Entra 2014 and Joint
Suppliers and Purchasers Conferences
are some of the highlights of the exhi-
bition.
The official opening ceremony of Mine
Entra 2014 will be held on July 24 and
the guest of honour is expected to be
announced in due course. ― Chroni-
cle •
MINING7
5 foreign nations confirm participation at Mine Entra
9. The equities market have returned to
positive trading after dropping a mar-
ginal 0.01 percent yesterday, bumping
0.81 percent in today's trades.
A number of key heavyweights drove
the positive performance as the Indus-
trials Index added 1.47 points to
close at 182.50 points as the gainers
exceeded the losers 9 to 3.
Cement producer PPC gained 9 cents
to 225 cents, while Hippo advanced
2.01 cents to trade at 70.01 cents.
Telecoms giant Econet was up 1.50
cents to 73.50 cents and beverages
producer Delta gained 1.09 cents to
118.10 cents, while Meikles inched up
a cent to 21 cents.
On the downside ZBFH slipped 3 cents
to close at 3 cents. GBH and Medtech
retreated 0.02 cents each to settle at
0.04 cents and 0.05 cents respectively.
The mining index gained 2.50 points
(or 4.80 percent) to close at 54.58
points as Bindura continued in buoyant
mood, gaining 0.21 cents to trade at
4.21 cents. The other mining counters,
Falgold, Hwange, and Riozim all main-
tainedprevioustradinglevels.Turnover
today was significantly higher at $2,4
million compared to less than 41 mil-
lion since the opening of the week.
— BH24 Reporter •
9 ZSE REVIEW
Equities make quick bounce back
10. World postal service has dwindled as
demand has become low. The once-
proud postal services that helped
build modern society are scaling
back operations, risking further
declines.
Zimbabwe has not been spared. The
post office used to make most of its
money from letters but they now
contribute only 20 percent of their
revenues.
What has happened to the remaining
80 percent?
Zimpost was handling 100 million
pieces every year in 2010 but is now
carrying only 14 million. Total rev-
enues have slumped to $20 million
while the employee base has gone
from 3000 to 1169.
And this is only because they cannot
keep shedding more personnel and
cannot close any branches. Opti-
mally, the postal service provider
should be employing 800 employ-
ees.
So what is the strategy to keep the
postal service alive? The value of the
mail goes beyond money in many
places, including rural areas. The
postal carrier serves as a focal point
for the community.
A lot of players are going for a digi-
tal strategy, and fewer are doing the
direct-mail approach,” said Walter
Beyleveldt, managing director for
Asia Pacific region. “Because of that,
the mailbox will get emptier. It will
potentially become an exciting place
to go and look.”
For now, a boom in internet shop-
ping is helping keep alive moribund
postal services across the developed
world.
It was heartening to hear Zimpost
managing director Douglas Zim-
bango saying the future of Zimpost
will be anchored on e-commerce.
This shows that they are not wait-
ing for technology to beat them to
extinction but are maximizing on the
digital revolution.
“As long as other businesses are
surviving, we will tap into them. We
actually encourage the development
of e-commerce because we are there
to do the physical delivery.
If you buy things over the internet,
the internet will not deliver. Zimpost
will be there to deliver so we will lev-
erage on technology.
"With over 70 percent of our reve-
nue coming from agent services,
the company’s future is very bright
because as we do our business with
third parties we also get a share of
their revenue,” he said.
Harnessing technology will get them
more revenues considering that they
have a big workforce to take care of.
But the problem is that internet
shopping has not become that big in
Zimbabwe. People still prefer to do
their shopping physically.
However, if Zimbabweans take up
internet shopping like most devel-
oped countries have done, there will
be an increase in business for our
post offices.
We will never go back to direct mail
but the world will keep improving
with technology.
So if the post office can take advan-
tage of their positioning in the
remotest parts of the country then
they can benefit more from this dig-
ital era. •
10 BH24 COMMENT
Zimpost moving with the times
Programme and Duration Entry Requirements
The Senior Assistant Registrar (Admissions)
University of Zimbabwe
P.O. Box MP 167
Mount Pleasant, HARARE
Email: admissions@admin.uz.ac.zw
Tel: 04 303211 ext 11116/11181/11112
You can also download our application form from
www.uz.ac.zw and enclose the application fee.
Internationals. Only cash will be accepted.
Faculty of Commerce The closing date for receipt of application forms is 20th June,
2014. Late applications will be considered up to 27th June, 2014
Masters in Accountancy (MACC) (3yrs P/T) A first degree in Accounting or upon payment of a late application fee of US$70.related field with a 2.1 or
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related field with a 2.1 or better.
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Applications and further information
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UNIVERSITY OF ZIMBABWE
POSTGRADUATE PROGRAMMES: AUGUST 2014 INTAKE
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Applications are invited for the following programmes commencing in August 2014:
12. South Africa’s inflation rate climbed
to 6.6 percent in May, the highest in
almost five years and exceeding the
central bank’s target for a second
month.
Inflation accelerated from 6.1 per-
cent in April, Pretoria-based Statistics
South Africa said on its website today.
The median estimate of 25 econo-
mists surveyed by Bloomberg was
6.5 percent. Prices rose 0.2 percent
in the month.
The Reserve Bank kept its benchmark
repurchase unchanged at 5.5 percent
last month even as it forecast infla-
tion would stay outside the 3 percent
to 6 percent target band until the sec-
ond quarter of next year.
Africa’s second-biggest economy
is threatened with recession after
a 20-week platinum strike caused
gross domestic product to contract
an annualized 0.6 percent in the first
three months of the year.
The inflation data “will most certainly
continue to highlight the Reserve
Bank’s current dilemma of manag-
ing an uncomfortable domestic infla-
tion environment amid a weakening
economic backdrop,” Jeffrey Schultz,
an economist at BNP Paribas Cadiz
Securities in Johannesburg, said in
an e-mailed note to clients before the
release of the data.
The core inflation rate, which
excludes food, non-alcoholic bever-
ages, gasoline and electricity costs,
was unchanged at 5.5 percent in May.
― Bloomberg •
12 REGIONAL News
South African inflation accelerates to highest in almost 5 years
enjoy the CAIO ride!
13. 13 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
18 June 2014
Energy
(Megawatts)
Hwange 418 MW
Kariba 750 MW
Harare 45 MW
Munyati 29 MW
Bulawayo 21 MW
Imports 170 MW
Total 1433 MW
26 June - Pioneer 44th Annual
General Meeting of Sharehold-
ers, Venue: Pioneer Corporation
Africa Limited Boardroom, Corner
Hood/Hermes Roads, Southerton,
Harare, Time: 10:00 hrs
26 June - Masimba Holdings
Limited Thirty-Ninth Annual
General Meeting of Mem-
bers for the period ended 31
December 2013, Place: 44 Til-
bury Road, Willowvale, Harare,
Zimbabwe, Time: 12:00
30 June - TA Holdings 79th
Annual General Meeting of the
ordinary members Venue: Miti
Room, Sango Conference Centre,
Cresta Lodge, Harare, Time: 1400
hours
30 June - ZIMRE 16th Annual
General Meeting of members,
Venue: NICOZDIAMOND Audito-
rium, 7th Floor Insurance Centre,
30 Samora Machel Avenue, Time:
1230 hours
THE BH24 DIARY
18. The gold industry will discuss changes
to the century-old gold fixing bench-
mark that’s used by mining companies
to central banks to trade and value the
metal.
Banks to refiners to exchanges are
being invited by the World Gold Coun-
cil to meet on July 7 in London to talk
about reforming the rate set daily by
four banks, the industry group said in
ane-mailedstatementtoday.TheU.K’s
Financial Conduct Authority will attend
as an observer.
The gold fix is set twice a day on a
call between Societe Generale SA,
Bank of Nova Scotia, HSBC Holdings
Plc and Barclays Plc. A similar silver
price-setting ritual will end in August
when Deutsche Bank AG quits the
daily meetings, with companies due
to make proposals for an alternative
mechanism this week. The regulatory
focus on financial benchmarks is inten-
sifying after rigging was uncovered
in everything from interbank lending
rates to currencies.
“It is not surprising that it needs
to change to meet today’s market
expectations for enhanced regulation,
transparency and technology,” Natalie
Dempster, managing director, central
banks and public policy, said in the
statement. “Modernisation is impera-
tive in order to maintain trust across
the industry.” A reformed gold fixing
process or alternative method should
be based on executed trades rather
than submitted quotes, tradeable and
not just a reference price, the council
said. Data should be transparent, pub-
lished and subject to audit.
There could be “reform to the fix to
bring it in line with the IOSCO princi-
ples or it could see an alternative price
benchmark emerge,” Dempster said,
referring to the International Organi-
zation of Securities Commissions. ―-
Bloomberg •
Militants have attacked Iraq's largest oil
refinery. The governments of multiple
countries have reported missing citi-
zens and vowed to do everything they
can to protect national interests within
Iraq.
The attack on the refinery by rebels
from the Islamic State of Iraq and the
Levant (ISIS) started at 4 a.m. (0100
UTC) in Baiji, security sources and
employees told news agencies. One
mortar hit a spare-parts warehouse
and smoke billowed from the building,
the sources told the news agency Reu-
ters. Authorities evacuated foreigners
from the refinery Tuesday as forces
braced for the attack. Late Tuesday,
reports had suggested that the com-
pound was still being held by elite gov-
ernment troops, while the nearby town
fell to ISIS fighters.
On Wednesday, Saudi Arabia's foreign
minister warned of potential civil war in
Iraq as Sunni militants pulled within 60
kilometers (40 miles) of Baghdad. The
ISIS insurgents, who launched their
lightning assault on June 9, have since
captured Mosul, a city of more than 2
million inhabitants, and a large area of
land north of the capital.
Soldiers from the Iraqi army and Shiite
militias have joined forces to repel the
ISIS fighters. ― DW •
18 INTERNATIONAL NEWS
ISIS attacks Iraq's Baiji oil refinery
Gold industry to discuss century-old fixing benchmark
19. The Group of 77 (G77) plus China
summit concluded Sunday in the east-
ern Bolivian city of Santa Cruz with the
adoption of a declaration calling for a
new world order that is equitable, sta-
ble and peaceful.
The Santa Cruz declaration underlined
their commitment to reducing poverty
and inequality, fostering sustainable
development, protecting sovereignty
over natural resources and promoting
fair trade.
With the theme of New World Order
for Living Well, the two-day summit
also marks the 50th anniversary of the
establishment of the G77, which has
grown into a coalition of 133 UN devel-
oping member states.
UN secretary-general Ban Ki-moon
said at the summit that the G77 has
enabled the Southern Hemisphere to
speak with a common voice.
"Acting together, member states can
eradicate extreme poverty and pro-
vide opportunity for all within the finite
bounds of our planet's resources," Ban
said. More than 100 delegations of the
G77 block attended the summit, pre-
sided over by Bolivian president Evo
Morales.
Morales said that the G77 will follow
a sustainable development paradigm
that seeks not only balance between
human beings but also balance
between man and nature.
In the Santa Cruz declaration, the G77
also underlined its pledge to strive for a
fair world order that would better meet
the needs of developing countries.
Poverty was another issue on top of the
summit's agenda. The G77 has pro-
posed a new goal to eradicate extreme
poverty within its member states by
2030.
Chen Zhu, a vice chairman of the
Standing Committee of the National
People's Congress of China, attended
the summit as a special envoy of Chi-
na's president Xi Jinping.
ChenpledgedthatChinawillstrengthen
coordination and cooperation with the
G77 to promote common development
and prosperity. At the conclusion of
the summit, Le Hoai Trung, Vietnam's
permanent representative to the UN,
claimed that China operated a drilling
rig "in the exclusive economic zone of
Vietnam" and sent warships to drive
away Vietnamese vessels, which
"infringed on Vietnam's sovereignty
and territorial integrity." The Vietnam-
eseofficialevendemandedhisclaimbe
incorporated into the declaration.
Rebutting Vietnam's accusations, La
Yifan, a deputy director-general of the
Chinese Foreign Ministry's Interna-
tional Organizations and Conferences
Department, said the Xisha (Paracel)
Islands are an integral part of Chinese
territory under the jurisdiction of the
Chinese government.
He emphasized that all the successive
Vietnamesegovernmentspriorto1974
had formally acknowledged the islands
aspartofChina'sterritorysinceancient
times. Participants in the summit
turned down Vietnam's demands. The
G77, the largest intergovernmental
organization of developing countries,
is aimed at promoting collective eco-
nomic interests and gaining leverage
within the international community. ―
Xinhua •
19 Analysis
G77+China summit calls for new world order
UN secretary-general Ban Ki-moon