A digital copy of the BH24 (19 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.
A digital copy of the BH24 (20 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.
A digital copy of the BH24 (21 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.
A digital copy of the BH24 (22 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 document reports on the escalating public row between South Africa's Hawks police unit and Finance Minister Pravin Gordhan, as the Hawks threatened legal action against the minister, causing the South African rand currency to crash through 16 to the US dollar level. The fight between the Hawks and Gordhan erupted after the unit sent him questions about a "rogue" SARS tax agency unit just before the budget, and analysts are concerned that Gordhan's departure could damage the economy as it faces recession risks.
A digital copy of the BH24 (28 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.
A digital copy of the BH24 (29 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.
A digital copy of the BH24 (20 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.
A digital copy of the BH24 (21 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.
A digital copy of the BH24 (22 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 document reports on the escalating public row between South Africa's Hawks police unit and Finance Minister Pravin Gordhan, as the Hawks threatened legal action against the minister, causing the South African rand currency to crash through 16 to the US dollar level. The fight between the Hawks and Gordhan erupted after the unit sent him questions about a "rogue" SARS tax agency unit just before the budget, and analysts are concerned that Gordhan's departure could damage the economy as it faces recession risks.
A digital copy of the BH24 (28 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.
A digital copy of the BH24 (29 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.
- 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.
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.
Mimosa Platinum, a platinum mine in Zimbabwe owned by South African company Aquarius Platinum, increased platinum production by 2% in the first half of 2015 compared to the same period last year, but saw revenues decrease 32% to $99 million due to lower metal prices. While costs decreased slightly, earnings fell sharply due to the large drop in platinum prices. The mine produced 60,214 ounces of platinum group metals in the first half of 2015.
Independent US oil explorers are expected to report almost $14 billion in losses for 2015 due to plunging oil prices, with Hess Corp. predicted to lose $1.6 billion in its worst annual performance in at least 28 years; Oil companies have been squeezed severely by the over 70% drop in crude prices since mid-2014, wiping out more than $300 billion in market value and forcing thousands of layoffs, debt restructurings and abandoned projects to conserve cash; Hess cut its 2016 drilling budget by 40% and may have few assets left to sell if it needs to raise cash due to the difficult market conditions facing oil expl
Rio Tinto named its top copper executive Jean-Sebastien Jacques as its new CEO, replacing Sam Walsh who led the company's iron ore expansion. Jacques oversaw negotiations to expand Rio Tinto's Oyu Tolgoi copper mine in Mongolia and will help the company boost copper production as demand is expected to increase. The appointment of Jacques signals Rio Tinto's increased focus on copper at a time when the mining industry is adjusting to China's economic shift away from heavy industry and commodities like iron ore.
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.
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.
A digital copy of the BH24 (21 December 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.
'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.
The Zimbabwe Revenue Authority (ZIMRA) is targeting a 3.2% growth in revenue for 2016 despite economic challenges, with the target expected to be met through ZIMRA's automation program which will increase transparency in revenue collection. The automation program is being expedited to help meet the revenue target and contribute to economic growth. ZIMRA commissioner Gershem Pasi said that while the 2015 target was not fully met due to the economy underperforming expectations, performance was still considered not too bad.
- Zimbabwe continues to have the lowest inflation rate in the COMESA region at -2.4% in January 2016 according to the HCPI-COMESA. Other member states ranged from 0.9% to 27%.
- Payserv Africa successfully defended a claim by the minority shareholder in its subsidiary Tradanet regarding the shareholder's right to acquire Payserv's 51% stake in Tradanet. An arbitrator ruled in favor of Payserv Africa.
- Metallon Corporation announced changes to its board, with the chairman and one director retiring and a new non-executive chairman being appointed to focus on corporate strategy and growth.
A digital copy of the Business News 24 (07 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.
Govt losing millions on “suspiciously priced products,” claims BATZimpapers Group (1980)
The Zambian government has approved a new sliding scale for mine royalties on copper production that will range from 4-6% depending on copper prices. This aims to keep mines open and prevent further job losses as copper prices remain low. Royalties were previously fixed at 9% for open pit mines and 6% for underground. The new system is intended to balance government revenues with encouraging investment in the mining industry, which is struggling with low prices and high costs.
The summary of the document is:
1) The recovery of loans from the now defunct Allied Bank is facing challenges as many of the loans were transferred to third parties and a significant portion of facilities granted did not have security.
2) The delay in recovering loans will concern Allied Bank's creditors, including government departments.
3) The CEO of the Deposit Protection Corporation said disposal of assets and loan recovery has taken longer than expected due to external factors such as debts being transferred to third parties without security. Most facilities granted to debtors did not have security, impacting recovery rates.
BancABC Zimbabwe's predecessor companies, FMB Holdings Limited, African Banking Corporation Securities Limited and African Banking Corporation Asset Finance Limited, have been removed from Zimbabwe's company register after failing to submit annual returns for more than two years. These companies were non-operational subsidiaries of BancABC Zimbabwe that have now been officially deregistered. BancABC Zimbabwe was originally formed through a series of share swaps in 2000 between various companies including FMB Holdings Limited, and later rebranding FMB Limited as African Banking Corporation of Zimbabwe Limited in 2001.
A digital copy of the Business News 24 (31 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.
This document discusses technology in education and defines learning as the process of gaining knowledge through study, practice, teaching or experience. It then defines technology as the application of scientific knowledge for practical purposes. The document goes on to explain that technology in education involves educating students about technology and how it relates to the human-made world. It provides examples of different technologies used in education, such as online collaboration tools, presentation software, tablets, smartphones, smart boards, projectors, and lecture capture tools. It discusses how these technologies can enhance learning and engagement for students.
- 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.
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.
Mimosa Platinum, a platinum mine in Zimbabwe owned by South African company Aquarius Platinum, increased platinum production by 2% in the first half of 2015 compared to the same period last year, but saw revenues decrease 32% to $99 million due to lower metal prices. While costs decreased slightly, earnings fell sharply due to the large drop in platinum prices. The mine produced 60,214 ounces of platinum group metals in the first half of 2015.
Independent US oil explorers are expected to report almost $14 billion in losses for 2015 due to plunging oil prices, with Hess Corp. predicted to lose $1.6 billion in its worst annual performance in at least 28 years; Oil companies have been squeezed severely by the over 70% drop in crude prices since mid-2014, wiping out more than $300 billion in market value and forcing thousands of layoffs, debt restructurings and abandoned projects to conserve cash; Hess cut its 2016 drilling budget by 40% and may have few assets left to sell if it needs to raise cash due to the difficult market conditions facing oil expl
Rio Tinto named its top copper executive Jean-Sebastien Jacques as its new CEO, replacing Sam Walsh who led the company's iron ore expansion. Jacques oversaw negotiations to expand Rio Tinto's Oyu Tolgoi copper mine in Mongolia and will help the company boost copper production as demand is expected to increase. The appointment of Jacques signals Rio Tinto's increased focus on copper at a time when the mining industry is adjusting to China's economic shift away from heavy industry and commodities like iron ore.
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.
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.
A digital copy of the BH24 (21 December 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.
'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.
The Zimbabwe Revenue Authority (ZIMRA) is targeting a 3.2% growth in revenue for 2016 despite economic challenges, with the target expected to be met through ZIMRA's automation program which will increase transparency in revenue collection. The automation program is being expedited to help meet the revenue target and contribute to economic growth. ZIMRA commissioner Gershem Pasi said that while the 2015 target was not fully met due to the economy underperforming expectations, performance was still considered not too bad.
- Zimbabwe continues to have the lowest inflation rate in the COMESA region at -2.4% in January 2016 according to the HCPI-COMESA. Other member states ranged from 0.9% to 27%.
- Payserv Africa successfully defended a claim by the minority shareholder in its subsidiary Tradanet regarding the shareholder's right to acquire Payserv's 51% stake in Tradanet. An arbitrator ruled in favor of Payserv Africa.
- Metallon Corporation announced changes to its board, with the chairman and one director retiring and a new non-executive chairman being appointed to focus on corporate strategy and growth.
A digital copy of the Business News 24 (07 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.
Govt losing millions on “suspiciously priced products,” claims BATZimpapers Group (1980)
The Zambian government has approved a new sliding scale for mine royalties on copper production that will range from 4-6% depending on copper prices. This aims to keep mines open and prevent further job losses as copper prices remain low. Royalties were previously fixed at 9% for open pit mines and 6% for underground. The new system is intended to balance government revenues with encouraging investment in the mining industry, which is struggling with low prices and high costs.
The summary of the document is:
1) The recovery of loans from the now defunct Allied Bank is facing challenges as many of the loans were transferred to third parties and a significant portion of facilities granted did not have security.
2) The delay in recovering loans will concern Allied Bank's creditors, including government departments.
3) The CEO of the Deposit Protection Corporation said disposal of assets and loan recovery has taken longer than expected due to external factors such as debts being transferred to third parties without security. Most facilities granted to debtors did not have security, impacting recovery rates.
BancABC Zimbabwe's predecessor companies, FMB Holdings Limited, African Banking Corporation Securities Limited and African Banking Corporation Asset Finance Limited, have been removed from Zimbabwe's company register after failing to submit annual returns for more than two years. These companies were non-operational subsidiaries of BancABC Zimbabwe that have now been officially deregistered. BancABC Zimbabwe was originally formed through a series of share swaps in 2000 between various companies including FMB Holdings Limited, and later rebranding FMB Limited as African Banking Corporation of Zimbabwe Limited in 2001.
A digital copy of the Business News 24 (31 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.
This document discusses technology in education and defines learning as the process of gaining knowledge through study, practice, teaching or experience. It then defines technology as the application of scientific knowledge for practical purposes. The document goes on to explain that technology in education involves educating students about technology and how it relates to the human-made world. It provides examples of different technologies used in education, such as online collaboration tools, presentation software, tablets, smartphones, smart boards, projectors, and lecture capture tools. It discusses how these technologies can enhance learning and engagement for students.
The document summarizes research on the benefits of talent engagement in organizations. It finds that talent engagement leads to better financial performance like higher earnings per share, operating income, and net income growth. It also leads to improved customer care, more sales, more innovation, higher profit margins, lower attrition rates, less wastage, and less sick leave. For example, companies with high engagement saw 27.8% EPS growth while low engagement companies saw -11.2% growth. Also, engaged employees were 87% less likely to leave their organization than disengaged employees.
My first 2 years in uni and the beginning of my career as a backpacker.
A lot of my outlook on life and thoughts as an adult were shaped during these period, which marked the end of my teenage years.
It was also the first time I was exposed to the world beyond my own hometown.
La religión griega antigua era politeísta y se basaba en historias y leyendas sobre dioses humanizados como Zeus, Hera, Poseidón y otros. No tenía una estructura formal ni códigos escritos. Los griegos también creían en héroes semidivinos como Perseo, Heracles, Teseo y otros que aparecían en poemas épicos. La mitología griega ha inspirado grandes obras de arte y literatura a lo largo de la historia.
The document discusses corruption in the Philippines and the Catholic Church's response to address it. It notes that the Philippines ranks highly on indices of corruption and some of the most corrupt political leaders have come from the country. While the Church has made statements against corruption and established anticorruption programs, it is also acknowledged as being part of the problem, with corruption existing among clergy and unclear financial management. Addressing corruption requires sincere discernment and decision to confront it within the Church.
Streamlined Permitting for Renewable Energy Transmissiondlbelin
This document summarizes strategies for streamlining the permitting process for renewable energy transmission projects. It discusses the intersection of transmission line permitting with environmental laws at both the state and federal level. Tips are provided for expediting permitting, including early coordination with agencies, developing a complete application, public engagement, and analyzing adequate project alternatives. Completing pre-filing activities and getting all stakeholders involved early are emphasized as ways to facilitate review and receive feedback to help projects move through the process more quickly.
A digital copy of the Business News 24 (23 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.
Greetings,
Attached FYI ( NewBase Special 16 March 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• Saudi ACWA Power’s Bokpoort CSP project in South Africa unveiled
• Qatar:Economic diversification reins in oil impact: Minister
• India Mulls Shutting Oldest Nuclear Plants Amid Mounting Costs
• Senegal: Cairn Energy spuds BEL-1 offshore Senegal
• Tanzania: Aminex announces Kiliwani North update
• US: Obama Bars Atlantic Offshore Oil Drilling in Policy Reversal
• Hydraulic fracturing accounts for about half of current U.S. crude oil production
• Russia: NOVATEK completes deal to sell 9.9% stake in Yamal LNG to China's Silk Road
• Fund Oil prices rise as US producers struggle, focus shifts to inventory
• Oil Leaks and Disruptions Doing the Job That Producers Won't
• Near-Record Cash `Comfort' for Canada Oil Firms Amid Price Rout
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
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.
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.
Access Power MEA has been awarded a contract to develop Uganda's first solar power plant, a 10 MWp facility in Soroti. The $17 million project will provide power for 40,000 households and is expected to be completed by December 2015. It was selected through Uganda's GET FiT program and will sell power at $0.1638/kWh, while end users pay $0.11/kWh. BP plans to invest over $12 billion in Egypt's energy sector in the next 5 years, aiming to double its gas supplies to the domestic market and developing the West Nile Delta project. Egypt also plans to repay $4.9 billion in debts to oil and gas companies within 6 months.
Masdar will fund Oman's first wind power plant, which is expected to begin operations in May 2017. The $200 million project will be located in Harweel and have a capacity of 50MW, making it the first wind power project in Oman and the GCC. Drydocks World won a contract to build the BorWin3 offshore wind converter platform for transmission of electricity from German offshore wind farms. A Russian energy ministry delegation will meet with UAE officials to discuss potential energy deals, including oil concessions for Rosneft in the UAE and gas supply agreements with Gazprom.
The document discusses several topics related to the energy sector:
1) Oman's power sector subsidy is projected to cost $2.7 billion in 2014, a 12% increase from 2013, highlighting the economic costs of supporting the growing electricity and water sector.
2) Siemens has handed over a 1,600 megawatt power plant in Abu Dhabi to begin commercial operations in a partnership with Daewoo.
3) The National Drilling Company in the UAE has inaugurated five new rigs as part of plans to expand its fleet and enhance oil well operations.
Zim to craft arrears clearance plan by Sept/Oct: ChimamasaTawanda Musarurwa
Zimbabwe plans to have an arrears clearance plan ready by the third quarter of 2016 as the IMF board is scheduled to meet in May and receive a positive report on Zimbabwe's Staff Monitoring Program. The IMF meeting in May is expected to pave the way for Zimbabwe to start working on an arrears clearance strategy, with the goal of having a plan ready by September or October. In the interim, Zimbabwe will continue engaging with the IMF, World Bank and AfDB as it works to put together the necessary documentation for an arrears clearance strategy.
- Zimbabwe plans to have an arrears clearance plan ready by the third quarter of this year to present to the IMF.
- The IMF board will meet on May 2nd to review Zimbabwe's Staff Monitoring Program report, which is expected to be positive.
- If the report is received well, it will allow Zimbabwe to begin working on an arrears clearance strategy to present by September/October.
Democratic tensions, economic threats - South Africa 2015 State of the Nation...Brunswick Group
President Jacob Zuma’s eighth State of the Nation Address (SONA) lays out the priorities of government and provides us with a guide as to legislative and policy agenda and the likely general focus of Government. This note seeks to look past the political noise and analyse the implications for business.
For more information please contact our Johannesburg office: http://www.brunswickgroup.com/contact-us/johannesburg/
New base energy news issue 950 dated 17 november 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase 17 November 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• Qatar: Astad signs MoU with Korea Energy Agency
• Egypt to finalise contract with Rosatom to build nuclear plant
• Energy demand set to soar in the Middle East by 2030
• Libya to Nearly Double Oil Output as OPEC’s Task Gets Harder
• US: A $900 Billion Oil Treasure Lies Beneath West Texas Desert
• U.S. oil drilling increasingly focused in Permian Basin
• Oil prices fall on US crude stock build, OPEC remains in focus
• OPEC And Russia Expand Diplomatic Push to Secure Oil-Cuts Deal
• Race for innovation defines new chapter in LNG market
• World Energy Outlook 2016 sees broad transformations in the global energy landscape
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy since 2010
New base 1036 special 30 may 2017 energy newsKhaled Al Awadi
Petrol and diesel prices in the UAE will drop in June 2017, with Super 98 falling to Dh1.96 per litre. Oman's OPWP plans to issue a tender in 2017 for the sale of the Manah power plant after its ownership transfers to the government in 2020. PDO is focusing on low-cost exploration opportunities using new seismic technology to sustain its long-term oil and gas production in Oman.
- The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has moved to quickly purchase all outstanding distributor transformers from Pito Engineering, a company it had awarded a tender to in 2010 but had only purchased 28% of the tender value from over the past five years.
- Pito Engineering's director said ZETDC recently agreed to purchase the remaining $7.3 million balance of transformers by the end of 2016 after being prompted by a parliamentary committee.
- ZETDC was purchasing most transformers from ZESA Enterprises (ZENT), a sister company of ZETDC, rather than from Pito Engineering as awarded in the 2010 tender.
Zambia's Electricity Potential - Seizing the Opportunity_Chilewe SiakasiyaChilewe Siakasiya
Zambia has significant untapped potential for electricity generation from hydro, solar, and wind resources. It is estimated Zambia could generate 6,000 megawatts of hydro power but currently only has 2,209 megawatts installed. The country needs more electricity to power economic growth and meet rising domestic and regional demand, projected to reach 3,000 megawatts by 2020. Developing Zambia's electricity potential through public-private partnerships could cost $10 billion but would create jobs, power businesses, and allow electricity exports that earn foreign revenue to strengthen the economy.
A digital copy of the Business News 24 (07 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.
Microsoft word new base 997 special 07 february 2017 energy newsKhaled Al Awadi
The document discusses several news items related to the oil and gas industry:
- SEWA of the UAE and Larsen & Toubro of India discussed potential cooperation on projects.
- Egypt signed a $1 billion contract to import LNG from Russia, France, and Oman over the next six months.
- Eni named an FPSO vessel for Ghana's OCTP project after former Ghanaian president John Kufuor.
- Aminex announced positive drilling results from its Ntorya-2 appraisal well in Tanzania ahead of expectations.
- The largest nuclear power plants in operation around the world vary in age, number of reactors, and capacity factors.
Gulf countries plan to agree by Q1 2015 to pay for shared energy with other energy instead of cash, enabling greater grid interconnectivity. Currently electricity prices differ due to subsidies. The GCC Interconnection Authority aims to finalize agreements for bilateral energy trading between 2-3 countries by January 2015. Consumption is rising 6-10% annually across the region, faster than global average. Connected grids allow countries to rely on others' reserve power, reducing needed power station building while maintaining reliability.
The document summarizes news from the Business Council of Mongolia newsletter. Key points include:
- The US Export-Import Bank authorized a $500 million loan to support US exports for use at the Oyu Tolgoi copper-gold mine in Mongolia.
- A state commission in Mongolia approved the copper concentrator at the Oyu Tolgoi mine.
- Prophecy Coal Corp. shares surged after announcing a 25-year power tariff agreement for its coal mine mouth power plant project in Mongolia.
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.
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.
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 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.
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.
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20. Design for Six Sigma (DFSS)
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BH24 19 January 2016
1. BH24 Reporters
HARARE -Industry and farmers have
rejected the proposed 49 percent elec-
tricity hike by Zimbabwe Electricity
Transmission and Distribution Company
(ZETDC ), saying the power company
should improve efficiencies.
In a joint press statement by Confedera-
tion of Zimbabwe Industries, Zimbabwe
Farmers Union, Zimbabwe Commercial
Farmers Union, Commercial Farmers
Union and the Chamber of Mines of
Zimbabwe, industry said the ZETDC
should dispense with its banking halls
and reduce headcount in various depart-
ments.
"Significantcostreductioncanberealised
within the utility itself. With prepayment
system now supposedly working , bank-
inghallscanbedispensedof.Head-office
overhead can be significantly reduced.
"Takingdepreciationandreturnonassets
(ROA) out of the revenue required, we
find that payroll costs are 32 percent at
ZPC (Zimbabwe Power Company) and
20 percent at ZETDC which we believe
shouldbereducedlikewhatishappening
in all other sectors of the economy," said
industry. Industry has also called for a
review of the electricity tariff determina-
tion model. "How relevant is the current
model of tariff determination in the cur-
rent circumstance of the Zimbabwean
economy?"
In an earlier study, University of Zim-
babwe economics lecturer Dr Takaw-
ira Mumvuma posited that the power
authority’s current pricing model has
been rendered unworkable in terms
of ensuring future infrastructure refur-
bishment by the extensive debts owed
to it by consumers. This limited finan-
cial capacity has resulted in the power
authority failing to institute significant
levels of infrastructure refurbishment
and upgrades at its power stations.
The national power utility is currently
able to provide around half of Zimba-
bwe's 2 200 megawatt (MW) electricity
requirement. It is currently dependent
on importsfromtheregioninsofarasthe
thermal plant at Hwange is using ageing
equipment, while the Kariba hydro-
power plant is facing a water shortage
challenge. The business community
dismissed the proposed 49 percent elec-
tricity tariff hike, saying both firms and
individuals are currently struggling to
pay the present tariff as evidenced by
the high debt levels.
Various consumers owe the ZETDC
around $1 billion. "We are seriously per-
turbed by the decision that was taken to
bring into the tariff equation, the emer-
gencypowerfromdieselgeneration.This
proposed 200MW emergency power is
coming at a huge cost to the economy.
"The investment by the economy in this
proposed scheme can be better utilised
if deployed to give a permanent solution
tothisenergycrisis,evenifitmeansthat
permanent energy will be realised three
to five years down the line.
"All imported power is coming from util-
ities operating in weak currencies, and
therefore we believe the cost thereof
should be low, not to cause a review of
tariffsupwards,"saidthebusinessrepre-
sentativesbodies.Theyadded:“Regional
competitiveness is under serious threat
with the currency crises in emerging/
regional economies. Strong headwinds
are also facing commodities.
“Withnomonetaryabilitytodevaluecur-
rency, there has to be internal devalua-
tion to remain competitive. This, by defi-
nition, means costs (electricity included)
has to come down”.●
News Update as @ 1530 hours, Tuesday 19 January 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Industry, farmers reject proposed energy tariff hike
2. BH24
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3. By Tawanda Musarurwa
HARARE - The Hwange-based
RHA tungsten mine is set to
be commissioned next month,
with plans to convert it from
open-pit to underground mine
progressing .
Parent company, AIM-listed
Premier African Minerals, said
plans to access the 870 under-
ground level of the mine are
currently on track.
In view of the on-going, Pre-
mier expects to update its
resource estimate at the tung-
sten mine following the com-
pletion of an underground
implementation study.
The study, prepared by RHA
and Whaleside Shaft Sinkers
Zimbabwe, showed that the
company would need $406 000
in capital cost for underground
development.
It also confirmed that the pro-
ject schedule for equipping the
vertical shaft hoist and com-
missioning of operations on
870 level remained on schedule
for next month.
Premier chief executive Mr
George Roach said the move to
expedite the conversion of the
mine had been necessitated by
unpredicted occurrences.
"RHA was always planned,
in the longer term, to be an
underground mine. Unfore-
seen developments during the
initial open-pit operations led
the company to accelerate the
move to underground mining.
“This change in strategy
has resulted in the need to
finance company overheads
for an extended period with-
out recourse to cash flow gen-
erated from the open-pit and
finance substantial additional
debt generated by RHA,” he
said.
Mr Roach said Premier had suc-
cessfully extracted and stock-
piled ore from underground
since late November and now
anticipated RHA to generate
positive operational cash flow
during the course of this year.
According to the company, after
February, the aim is to process
approximately 32 000 tonnes of
run of mine ore at an average
grade of 6,20 kilogramme per
tonne to produce 249 tonnes of
concentrate at 63 percent WO3
over six months.
First production and positive
operating cash flow from RHA
before capital expenditure
and working capital are now
expected later this year.●
3 news
RHA tungsten mine set for February commissioning
5. By Funny Hudzerema
HARARE - Government says it
has stepped up efforts to explore
alternative power generation ave-
nues such as gas and wind to
curb current power shortages that
have hit the country.
Energy and Power Development
Minister Dr Samuel Undenge said
efforts are under way to exploit
gas in different areas across the
country to reduce power short-
ages.
“We have considered the use of
gas which is in Lupane we are
developing strategies to exploit it
for the benefit of the country.
“There is gas which is in Lupane
and as we speak now there is
a company which is carrying
out experimental drilling to see
whether we can fully exploit that
gas for commercial use so that we
can use it to turn the turbines to
generate electricity,” he said.
Zimbabwe discovered billions of
cubic feet of coal bed methane
gas in Lupane and financial and
infrastructure investments are
required to harness the gas.
Estimates say the country is home
to more than 40 trillion cubic feet
of potentially recoverable coal bed
methane gas which is found in the
Lupane - Lubimbi area.
“Work is underway that side and
we are expecting to get results
in some few months concerning
for how long we can use the gas
available in the area.
“Use of gas is part of Govern-
ment’s initiatives to do away with
power shortages in the country in
future.
“As Government we are also call-
ing for partnerships to look for
ways to use wind and solar to sup-
ply power to all the different areas
around the country,” he said.
He added that if these sources of
energy are fully exploited along-
side with other projects which are
underway in the coming five years
we will have enough power in the
country.
The Government is also imple-
menting a number of projects
around the country to boost
power generation projects,
including long-term projects such
as the Batoka Gorge Hydroelec-
tric Power Station, which is being
implemented alongside other
independent power producers.●
5 news
Zim eyes gas, wind as alternative power sources
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7. HARARE – The United Nations
World Tourism Organisation
(UNWTO) has ranked Zimbabwe
as one of the top 30 countries
that have made major efforts to
reduce travel restrictions and
allow free movement of tourists
in the past seven years.
In its 2015 Visa Openness
Report released last week, the
157-member UNWTO, ranked
Zimbabwe number 29 out of
the top 54 member countries
deemed to have made signifi-
cant progress in relaxing tourist
restrictions.
“Overall, 54 destinations sig-
nificantly facilitated travel for
citizens of 30 or more countries
by changing their visa policies
from visa required to eVisa, visa
on arrival, or no visa required,”
the UNWTO said.
“These 54 destinations took
a total of 6 357 individual
measures, presenting 86 per-
cent of all improvements made
between 2010 and 2015. This
demonstrates that destinations,
when reviewing their visa poli-
cies, tend to thoroughly review
and introduce changes.”
According to the report, Zimba-
bwe implemented a total of 117
reforms that made it easy for
tourists to visit the country dur-
ing the period.
At number one was the island
country of Niue with 195
reforms followed by Micronesia,
Palau, Djibouti and the Bud-
dhist kingdom of Bhutan in the
top five.
Mozambique, which was
at number seven with 189
improvements was the top
ranked African country with
Guinea-Bissau, Togo, Cape
Verde, Rwanda, Mali, Maurita-
nia, Uganda, Kenya and Tan-
zania also among top African
reformers.
The UNTWO said the reforms
led to an improvement to the
world’s average openness in the
period.
“Prioritizing travel facilitation
is central to stimulating eco-
nomic growth and job creation
through tourism.
We are pleased to see that a
growing number of govern-
ments around the world think
likewise” said UNWTO Secre-
tary-General, Taleb Rifai.
“UNWTO recommends desti-
nations to focus in particular
in a stronger segmentation of
travellers, in improving visa
application processes and entry
procedures, in making use of
regional integration opportuni-
ties, and last but not least, on
providing precise and accessi-
ble information for tourists.”
The UNWTO hopes that increas-
ing openness will help the
number of international tourist
arrivals grow to around 1.8 bil-
lion annually by 2030.
Zimbabwe’s Tourism and Hospi-
tality Industry Minister, Walter
Mzembi has on several occa-
sions called for the lifting of
visa requirements.
Such a move, he has argued,
would allow the country to
achieve its target of attracting
five million tourists and achiev-
ing a $5 billion income for the
industry by the year 2020.
Last year, the country relaxed
the visa regime for Chinese
tourists who are now allowed to
get visas on arrival instead of
applying for them while in their
homeland.
In advocating scrapping of the
visa, Mzembi quotes the bibli-
cal prophet, Isaiah who encour-
aged nations to keep their gates
open to foreigners if ever they
intend to cash in on the visitors
wealth.Hostile western media
has battered Zimbabwe’s image
over the years, choking efforts
to boost tourist arrivals.
But the industry has largely
been resilient, and is continuing
to defy the odds.
- New Ziana●
7 news
UNWTO ranks Zim among top reformers
10. HARARE -The equities market sus-
tained a downward trend following
today's trades, on the back of prevail-
ingweakmacro-economicfundamen-
tals.
The mainstream industrial index
slipped a further 2.30 (or 2,13 per-
cent) to close at 105.86 as giant bev-
erages producer Delta lost $0,0303
to trade at $0,5803, while conglom-
erate Innscor was down by $0,0300
to $0,2100 after announcing this
morning that pursuant to the group’s
strategy of focusing on core business,
witheffectfrom January1,2016,the
group divested its interest in the six
SPAR Corporate Stores which it oper-
ated in Zimbabwe. Giant retailer OK
Zimbabwe decreased by $0,0080 to
settle at $0,0400 and Proplastics was
$0,0010weakerat$0,0230.
On the upside, Fidelity Life rose
$0,0024tocloseat$0,0974asinsurer
NicozDiamond and banker NMBZ
wereeach$0,0010upto$0,0161and
$0,0360,respectively.
Telecoms giant Econet added a mar-
ginal0,0009tosettleat$0,2010.
The mining index was again
unchanged at 21.74 as Bindura, Fal-
gold, Hwange and RioZim maintained
previous price levels at $0,0128,
$0,0050, $0,0300 and $0,1040,
respectively.
-BH24Reporter●
ZSE10
Industrials bear run continues
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15. 15 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
19 January 2016
Energy
(Megawatts)
Hwange 550 MW
Kariba 285 MW
Harare 16 MW
Munyati 15 MW
Bulawayo 18 MW
Imports 0 - 100 MW
Total 1209 MW
21 January 2016 - CZI/Herald Business Annual Economic Outlook 2016 Half Day Symposium; Venue: Meikles Hotel, Harare; Time:
08:30 to 12:50hrs
10 February 2016 - Nampak Zimbabwe Annual General Meeting: Venue 68 Birmingham Road, Southerton, Harare: Time 12:00
THE BH24 DIARY
17. JOHANNESBURG - South Afri-
ca's rand gained against the
dollar early today and could
continue to benefit from inves-
tors culling their long dollar
positions after a recent heavy
sell-off.
The JSE securities exchange's
Top-40 futures index was up
1.1 percent, suggesting the
local bourse would open more
than 470 points higher at 0700
GMT.
At 0755 GMT the rand was at
16,7400 to the dollar, up 0,65
percent from Tuesday's close
at 16,8500.
"There does seem to be an
overhang of long dollar posi-
tions," Standard Bank trader
Warrick Butler said. "On a
short term basis there is minor
trend line support around
16,6800." The local currency
has fallen more than 8 per-
cent against the dollar this
year, weighed down by con-
cerns over the outlook for the
sickly local economy as well as
slowing growth in China, a key
importer of South African com-
modities.
Despite the lethargy in the
South African economy, trad-
ers and analysts are pricing
in the chance of a 25 or 50
basis point rate hike when the
central bank holds its first pol-
icy meeting of the year next
week, against the backdrop of
rising inflation.
In fixed income, the yield for
the benchmark government
instrument due in 2026 was
down 6 basis points at 9,77
percent in early trade - Reu-
ters●
regioNAL News17
Rand firms as investors trim long dollar positions
19. In a world awash with cheap
oil, buyers in the world’s big-
gest consuming region aren’t
clamoring for an additional
500,000 barrels a day from
Iran.
As international sanctions
against the country are lifted
and Oil Minister Bijan Namdar
Zanganeh looks to make good
on his pledge to regain market
share lost in Asia, he’ll have
to contend with a global glut
that’s dragged down prices
and spawned a buyers’ market
with abundant supplies from
the Americas to Africa and the
Middle East.
While consumers such as
Japan’s Cosmo Energy Hold-
ings Co. and India’s Hindustan
Petroleum Corp. are open to
buying more, they say Iran
will have to provide an incen-
tive. Purchases by some cus-
tomers in Asia dropped about
50 percent after sanctions
were imposed on the Middle
East producer over its nuclear
program.
“We can accommodate more
Iranian crude but it will depend
on what terms and conditions
they offer,” Sanjiv Singh, the
director of refineries at Indian
Oil Corp., the nation’s largest
processor, said by phone Mon-
day. “Refining capacities and
configurations have changed
since the time Iran went under
sanctions, so can’t say if vol-
umes similar to that time will
be bought by refiners.”
Sanctions Effect
In South Korea, shipments
from Iran have tumbled by
more than half since 2011,
according to government data
compiled by Bloomberg. While
Asia’s fourth-biggest oil user
imported a record amount of
crude last year, purchases
from Iran fell about 8 percent
to the lowest in data going
back to 1995.
Iran was the second-biggest
producer in the Organiza-
tion of Petroleum Exporting
Countries before its disputed
nuclear program prompted
the European Union to ban
purchases of its crude in July
2012. Countries including
China, India and Japan had to
get a waiver from the US to
buy limited amounts of Ira-
nian oil or risk losing access
to parts of the global financial
system.
“Until now, refiners had to
annually reduce Iranian crude
imports due to international
sanctions,” South Korea’s Min-
istry of Trade, Industry and
Energy said in an e-mailed
statement on Jan. 17.
“They can now voluntarily
decide their own import lev-
els, considering domestic
demand.”
Brent crude, the benchmark
for more than half the world’s
oil, added 48 cents to $29,03 a
barrel by 1:34 p.m. Singapore
time. Prices fell to $28,55 on
Monday, the lowest close since
December 2003.
Exports Boost
Iran is targeting an immedi-
ate increase in shipments of
500,000 barrels a day, Amir
Hossein Zamaninia, deputy
oil minister for commerce and
international affairs, said Sun-
day in an interview in Tehran.
Iran plans to add another half
million barrels within months.
Japan’s Chief Cabinet Sec-
retary Yoshihide Suga said
Monday the Asian country
“welcomed” that Iran com-
plied with the deal on its
nuclear program. The nation
cut annual crude purchases
from the Middle East producer
nearly half to about 166 000
barrels a day by 2014 from
2011 levels, according to data
from the Ministry of Finance.
Japan’s Cosmo Energy will
decide on an increase in Ira-
nian crude purchases only
if it makes economic sense,
Eita Ushioda, a Tokyo-based
spokesman for the company,
said by phone Monday.
“I hope Iran will consider
better terms for Indian refin-
eries to make their way in
this growing market,” B.K.
Namdeo, director refineries
at India’s state-run Hindu-
stan Petroleum Corp., said by
phone on Monday.
“Better terms could be in the
form of services like more
loading days. Can’t say at
this point whether we will be
able to return to the volumes
before sanctions any time
soon. It will all depend on
prices and other terms.”
- Bloomberg●
internatioNAL News19
Iran's next test is winning back buyers in biggest oil market
20. By Fatima Bhoola
Given that South Africa oper-
ates within a flexible exchange
rate regime, the value of the
rand, like any commodity, is
determined by the market
forces of supply and demand.
The demand for a currency rela-
tive to the supply will determine
its value in relation to another
currency.
Theoretically, the demand for a
floating currency – and hence
its value – changes continually
based on a multitude of factors.
In the case of the rand, its cur-
rent weakness can be attributed
to a myriad of structural prob-
lems facing the local economy.
The main determinants of a cur-
rency’s value include demand
for a country’s goods and ser-
vices. This is closely linked to
the growth and national income
of its main trading partners.
Equally important is the domes-
tic interest rate.
If it is high it is likely to attract
foreign capital, causing the
exchange rate to strengthen.
But high inflation can wipe out
the benefit of high interest
rates to foreign investors. Addi-
tional factors serve to drive the
currency down. These include a
current account deficit.
The current account deficit gets
bigger when a country spends
more on foreign trade than it
is earning and has to borrow
capital from foreign sources to
make up the difference. This
implies that a country requires
more foreign currency than
it is getting through sales of
exports, and it supplies more of
its own currency than foreign-
ers demand for its products.
This excess demand for foreign
currency leads to depreciation
in the value of a currency. Fac-
tors such as political instability
and poor economic performance
can reduce investor confidence.
This inevitably forces foreign
investors to seek out stable
countries with strong economic
performance.
Thus, a country that is per-
ceived to have positive attrib-
utes will attract investment
away from countries perceived
to have more political and eco-
nomic risk. There is a further
complication to currency move-
ments.
The buying and selling of cur-
rencies is no longer driven only
by the need to facilitate trade
but also by the demand for
currencies as financial assets.
This means that currencies are
bought and sold like any other
asset. Decisions by traders –
to buy or sell a currency – can
have a marked effect.
The impact of the turmoil in
China South Africa’s currency
lost 26 percent of its value in
the six months after turmoil
gripped Chinese markets in
June 2015. This was when the
People’s Bank of China sur-
prised markets by executing a 2
percent devaluation of the yuan
and changing the way it traded
its currency. The aim was to
weaken the yuan to boost its
export competitiveness.
20 analysis20 analysis
How currency markets work and why the South African rand is falling
21. 21 analysis21 analysis
This, coupled with slower eco-
nomic growth, has aggravated
the situation for South Africa
as well as other African coun-
tries that rely on oil and min-
eral exports to China. Emerging
markets most exposed to lower
growth prospects and subdued
commodity prices have seen
the sharpest falls.
The rand is expected to remain
under pressure with many ana-
lysts predicting that it will fall
further in 2016. It is not alone.
Many other emerging market
currencies have been dealt the
same fate. But the rand is sub-
stantially weaker than it might
have been.
The sudden reshuffling of the
finance ministry was seen as
weakening one of the country’s
key macroeconomic institutions
and continues to undermine
market confidence. Implications
of the weak rand The weak rand
has a number of implications for
the country’s growth prospect.
Firstly, the weakening currency
carries the risk of pushing up
inflation because imported
goods are more expensive.
This means that the South Afri-
can Reserve Bank faces a diffi-
cult decision. It can keep inter-
est rates low but then faces
even higher inflation.
This will only devalue the rand
further. If the central bank
takes more aggressive action
by raising interest rates, it risks
stifling growth in an economy
that is only growing at 1,5 per-
cent.
The rand’s weakening could not
have come at a worse time for
South Africa. The country is suf-
fering from the worst drought
since 1992 which has increased
food costs and pushed the
farming industry into recession.
The price of white corn, a sta-
ple food in southern Africa,
has more than doubled on the
South African Futures Exchange
in the past year. With large
parts of the economy already in
recession, coupled with wors-
ening debt levels and the threat
of credit-rating downgrades, it
looks like the economy will con-
tract.
This implies that Finance Minis-
ter Pravin Gordhan has limited
room to boost spending. The
weak rand will also see the cost
of imported goods for consum-
ers rise. In addition, while the
rest of the world benefits from
record low oil prices, the coun-
try’s weaker currency means it
will not able to take full advan-
tage of this and may face higher
fuel prices in the near future.
On the flip side, the weaker
rand does have some bene-
fits. It is helping mines stay
afloat. And gold mines could
make profits again as the gold
price has held up more than the
prices of other minerals. There
may also be a boost in tourism.
The weaker rand may also have
short-term benefits for sub-Sa-
haran countries importing sub-
stantial volumes from South
Africa. Finally there may be a
boost for local exporters. But
this could be stifled by the rise
in the price of imported raw
materials which will contribute
to higher costs of production for
manufacturers.
Is the rand over-traded? In
2013 the South African rand
was ranked as the 18th most-
traded currency in the world.
Surprisingly, while South Africa
accounts for only 0,3 percent
of the world’s daily foreign
exchange market turnover, the
rand accounts for 1,1 percent of
worlds daily currency trading.
This difference is largely due to
the daily trade taking place out-
side South Africa by non-resi-
dents.
This is partly a result of vir-
tually no exchange control
restrictions for foreigners trad-
ing the rand but many in place
for South Africans who wish to
trade in foreign currency. This
has been highlighted as a fur-
ther problem faced by the cen-
tral bank in trying to influence
the value of the rand. - Polity.
org ●
*Fatima Bhoola is a lecturer in
Economics at the University of
the Witwatersrand This article
was originally published on The
Conversation.