A digital copy of the Business News 24 (24 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
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.
A digital copy of the Business News 24 (25 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
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 Finance Minister of Zimbabwe says that the country will determine a moderate indigenisation levy for foreign firms when discussions on the levy begin. This is to balance the need to empower indigenous Zimbabweans through ownership transfers while also maintaining the viability of businesses. The Youth Minister had previously proposed a levy of 10% of company gross turnover, but the Finance Minister wants to take economic challenges into account and set the levy at a level that does not overly burden firms. No levy has been set yet as discussions are still to take place.
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 Finance Minister read out the longest ever budget speech. By the end of it she was too exhausted to even complete the speech. This pretty much explains the state of affairs.
Like a caged canary aspiring to fly in the blue sky, the finance minister very enthusiastically read out the vision for new modern India. However, after two hours of aspirational efforts, it was evidently clear that she does not have enough strength to break the shackles and release herself. In the end, she was settled in the cage, totally exhausted and her wings ruffled.
The positive take away from the budget statement is that the aspirations are really high and the vision of new modern India very clear. The government for the first time made an unambiguous admission that the way forward is a progressive socio-economic structure that is egalitarian but encourages and supports private enterprise. It is a major achievement to officially abandon the socialist legacy that focused on curbing demand rather than enhancing supply and hindered the seamless integration of Indian economy in the global economy.
Ahmed, V., Amin, S., Bakhtiar, U., Javed, A. (2021) ‘Government Pension and Fiscal Sustainability in Khyber Pakhtunkhwa,’ Sustainable Energy and Economic Development (SEED) Programme:
Islamabad.
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.
A digital copy of the Business News 24 (25 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
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 Finance Minister of Zimbabwe says that the country will determine a moderate indigenisation levy for foreign firms when discussions on the levy begin. This is to balance the need to empower indigenous Zimbabweans through ownership transfers while also maintaining the viability of businesses. The Youth Minister had previously proposed a levy of 10% of company gross turnover, but the Finance Minister wants to take economic challenges into account and set the levy at a level that does not overly burden firms. No levy has been set yet as discussions are still to take place.
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 Finance Minister read out the longest ever budget speech. By the end of it she was too exhausted to even complete the speech. This pretty much explains the state of affairs.
Like a caged canary aspiring to fly in the blue sky, the finance minister very enthusiastically read out the vision for new modern India. However, after two hours of aspirational efforts, it was evidently clear that she does not have enough strength to break the shackles and release herself. In the end, she was settled in the cage, totally exhausted and her wings ruffled.
The positive take away from the budget statement is that the aspirations are really high and the vision of new modern India very clear. The government for the first time made an unambiguous admission that the way forward is a progressive socio-economic structure that is egalitarian but encourages and supports private enterprise. It is a major achievement to officially abandon the socialist legacy that focused on curbing demand rather than enhancing supply and hindered the seamless integration of Indian economy in the global economy.
Ahmed, V., Amin, S., Bakhtiar, U., Javed, A. (2021) ‘Government Pension and Fiscal Sustainability in Khyber Pakhtunkhwa,’ Sustainable Energy and Economic Development (SEED) Programme:
Islamabad.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
The document discusses Botswana's strategies for building capacity and promoting economic development. It describes how the government invested heavily in education and job training to develop skills in the public sector. Institutions like BIAC, IDM and UB received funding to provide training. The government also secured scholarships for overseas education. This helped Botswana build an effective public service and experience rapid economic growth in the 1980s. The government implemented national development plans and provided loans and grants to encourage citizens to start businesses. Major sources of government revenue included taxes, diamond mining, beef exports, and tourism.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
The document summarizes the key findings of a report on reforming mobile sector taxation in Uzbekistan. It finds that while the mobile sector has expanded rapidly, there is still room for growth in penetration and migration to modern technologies. It also notes that taxes on the mobile sector are high compared to other countries, which may have limited sector growth. The document recommends three options for tax reform: 1) a phased reduction in corporation tax, 2) reducing monthly subscriber fees, and 3) eliminating SIM card fees. It estimates that these reforms could increase mobile broadband penetration, data usage, sector revenues, GDP, and tax receipts in the long run by making services more affordable and incentivizing network investment.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
This document is the transcript of the 2021 Budget Speech delivered by South African Minister of Finance Tito Mboweni to Parliament on February 24, 2021. In the speech, Mboweni outlines South Africa's fiscal framework for 2021-2023, including projections for revenue, spending, debt levels, and the economic outlook. He highlights progress being made on structural economic reforms and the government's plans to support job creation, economic transformation, and social development programs over the medium term.
The Kenya Budget Statement for the Fiscal Year 2016/2017
was presented to Rev. Mutava Musyimi, the Chairman of the
Budget and Appropriation Committee of the National Assembly,
by Mr. Henry K. Rotich, Cabinet Secretary for Finance on
8th June 2016 under the theme “Consolidating Gains for a
prosperous Kenya.”
The document summarizes key aspects of the Union Budget of India for fiscal year 2010-2011. It highlights an increase in the government's net borrowing to Rs. 3,45,010 crore and additional tax deductions of Rs. 20,000 for long-term infrastructure bonds. It also notes a raised allocation to the National Rural Employment Guarantee Act to Rs. 41,000 crore and expectations of Rs. 40,000 crore being raised through disinvestment of government-owned companies.
The document summarizes the incentives offered by the Singapore government during COVID-19, including two stimulus packages totaling $52.4 billion. The Unity Budget provided $4 billion in short-term support for businesses, including wage subsidies, tax rebates, and SME loans. The larger Resilience Budget provided $48.4 billion, including expanded loan programs, support for aviation, tourism, and F&B sectors, cash payments for lower-income individuals, and training subsidies for self-employed workers. It also outlined tax deferrals and property tax rebates for businesses.
The editorial summarizes the April 2021 issue of the monthly newsletter, which covers key concerns about the market's reaction to rising COVID cases. It highlights featured articles on volatility management and a case story that will inspire readers. The issue aims to help readers understand the market pulse during the COVID crisis and provides strategies to ride out volatility.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
This document summarizes the Union Budget 2022 presented by Finance Minister Nirmala Sitharaman. Some key highlights include increased focus on infrastructure development through initiatives like the PM Gati Shakti master plan, emphasis on sectors like banking, manufacturing and renewable energy, and exemptions provided on certain COVID-19 related receipts from tax. The budget aims to boost growth through higher capital expenditure on public infrastructure and initiatives that can generate employment. It also provides opportunities for long-term investors in sectors like IT, banking, infrastructure, and manufacturing.
The Union Budget 2009-10 was presented by Finance Minister Pranab Mukherjee and aimed to lead the economy back to high GDP growth, promote inclusive development, and improve government delivery. Key measures included increased infrastructure spending, rural employment guarantees, and debt relief for farmers. The budget estimated revenues of Rs. 10.2 trillion and expenditures of Rs. 10.2 trillion, with a fiscal deficit of 6.8% of GDP.
The document analyzes India's 2009-2010 budget. It discusses changes to income tax rates and excise duties on automobiles and other goods. Key highlights included increasing the income tax exemption limit, reducing excise duties on buses, small cars, hybrid cars, and two/three-wheelers, and providing loan waivers and subsidies for farmers. The budget aimed to stimulate various sectors of the economy through these measures but faced challenges in balancing growth objectives with fiscal prudence. Experts provided mixed views, with some praising stimulus efforts but others noting weaknesses in agricultural spending and lack of public sector reforms.
Update of recent developments in zimbabwes extractive and mining sectorZELA2013
The document provides an update and analysis of developments in Zimbabwe's extractive sector from January to August 2011. Key developments include the outcomes of a Kimberley Process meeting on Marange diamonds, regulations requiring mining companies to dispose of 51% shares to locals, and the suspension of licenses issued to local diamond manufacturers. The Kimberley Process meeting failed to resolve issues around Marange diamond exports. The indigenization regulations aim to benefit local communities but could be abused and do not ensure transparency. Suspending diamond manufacturer licenses lacks transparency around the reasons for non-compliance.
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss.For real time update Visit our social media handle.Read First India NewsPaper in your morning replace.Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Analysis of mines and minerals amendment bill 2007 versionZELA2013
The document discusses improving Zimbabwe's legislative framework for governing mining. It summarizes key issues in the draft bill, including license and contract awards. While the bill improves the process, it could be strengthened by introducing checks on executive power and specifying technical/financial qualifications. Adopting a standard model contract and single licensing authority would promote transparency and prevent abuse. Overall, developing a national mining policy would help define a shared vision and ensure coherent sector management.
The 2019 general budget did not include any major announcements to boost economic growth as expected. The government plans to reduce the fiscal deficit to 3% of GDP by 2021-2022 to strengthen the economy. The finance minister also proposed raising external sovereign debt denominated in foreign currencies to diversify debt and lower borrowing costs for companies. Infrastructure investment was emphasized to reach the $5 trillion GDP goal over the next five years. Overall the budget focused on fiscal prudence and continued existing economic measures rather than new initiatives.
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 document discusses expectations from the upcoming Union Budget 2020-21 in India. It is expected that the finance minister will pursue an expansionary fiscal policy to stimulate economic growth through higher government expenditure. Key expectations include increased allocations for infrastructure development, welfare schemes, incentives for startups and privatization initiatives in the railways sector. The budget may also provide tax relief measures and aim to boost savings, investments and financial markets.
Zambia expects its maize production to increase this year, pushing stocks into a surplus and reversing earlier warnings of an import need due to drought. Higher crop yields are projected to boost production to 2.87 million metric tonnes from 2.62 million tonnes last year, despite less cultivated land area. This projected surplus of 635,000 tonnes exceeds domestic consumption needs for the 2016-17 marketing season. The agriculture minister provided the updated production outlook to legislators, in contrast to concerns raised as recently as March about a shrinking harvest due to erratic rains.
A digital copy of the Business News 24 (11 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
The document discusses Botswana's strategies for building capacity and promoting economic development. It describes how the government invested heavily in education and job training to develop skills in the public sector. Institutions like BIAC, IDM and UB received funding to provide training. The government also secured scholarships for overseas education. This helped Botswana build an effective public service and experience rapid economic growth in the 1980s. The government implemented national development plans and provided loans and grants to encourage citizens to start businesses. Major sources of government revenue included taxes, diamond mining, beef exports, and tourism.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
The document summarizes the key findings of a report on reforming mobile sector taxation in Uzbekistan. It finds that while the mobile sector has expanded rapidly, there is still room for growth in penetration and migration to modern technologies. It also notes that taxes on the mobile sector are high compared to other countries, which may have limited sector growth. The document recommends three options for tax reform: 1) a phased reduction in corporation tax, 2) reducing monthly subscriber fees, and 3) eliminating SIM card fees. It estimates that these reforms could increase mobile broadband penetration, data usage, sector revenues, GDP, and tax receipts in the long run by making services more affordable and incentivizing network investment.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
This document is the transcript of the 2021 Budget Speech delivered by South African Minister of Finance Tito Mboweni to Parliament on February 24, 2021. In the speech, Mboweni outlines South Africa's fiscal framework for 2021-2023, including projections for revenue, spending, debt levels, and the economic outlook. He highlights progress being made on structural economic reforms and the government's plans to support job creation, economic transformation, and social development programs over the medium term.
The Kenya Budget Statement for the Fiscal Year 2016/2017
was presented to Rev. Mutava Musyimi, the Chairman of the
Budget and Appropriation Committee of the National Assembly,
by Mr. Henry K. Rotich, Cabinet Secretary for Finance on
8th June 2016 under the theme “Consolidating Gains for a
prosperous Kenya.”
The document summarizes key aspects of the Union Budget of India for fiscal year 2010-2011. It highlights an increase in the government's net borrowing to Rs. 3,45,010 crore and additional tax deductions of Rs. 20,000 for long-term infrastructure bonds. It also notes a raised allocation to the National Rural Employment Guarantee Act to Rs. 41,000 crore and expectations of Rs. 40,000 crore being raised through disinvestment of government-owned companies.
The document summarizes the incentives offered by the Singapore government during COVID-19, including two stimulus packages totaling $52.4 billion. The Unity Budget provided $4 billion in short-term support for businesses, including wage subsidies, tax rebates, and SME loans. The larger Resilience Budget provided $48.4 billion, including expanded loan programs, support for aviation, tourism, and F&B sectors, cash payments for lower-income individuals, and training subsidies for self-employed workers. It also outlined tax deferrals and property tax rebates for businesses.
The editorial summarizes the April 2021 issue of the monthly newsletter, which covers key concerns about the market's reaction to rising COVID cases. It highlights featured articles on volatility management and a case story that will inspire readers. The issue aims to help readers understand the market pulse during the COVID crisis and provides strategies to ride out volatility.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
This document summarizes the Union Budget 2022 presented by Finance Minister Nirmala Sitharaman. Some key highlights include increased focus on infrastructure development through initiatives like the PM Gati Shakti master plan, emphasis on sectors like banking, manufacturing and renewable energy, and exemptions provided on certain COVID-19 related receipts from tax. The budget aims to boost growth through higher capital expenditure on public infrastructure and initiatives that can generate employment. It also provides opportunities for long-term investors in sectors like IT, banking, infrastructure, and manufacturing.
The Union Budget 2009-10 was presented by Finance Minister Pranab Mukherjee and aimed to lead the economy back to high GDP growth, promote inclusive development, and improve government delivery. Key measures included increased infrastructure spending, rural employment guarantees, and debt relief for farmers. The budget estimated revenues of Rs. 10.2 trillion and expenditures of Rs. 10.2 trillion, with a fiscal deficit of 6.8% of GDP.
The document analyzes India's 2009-2010 budget. It discusses changes to income tax rates and excise duties on automobiles and other goods. Key highlights included increasing the income tax exemption limit, reducing excise duties on buses, small cars, hybrid cars, and two/three-wheelers, and providing loan waivers and subsidies for farmers. The budget aimed to stimulate various sectors of the economy through these measures but faced challenges in balancing growth objectives with fiscal prudence. Experts provided mixed views, with some praising stimulus efforts but others noting weaknesses in agricultural spending and lack of public sector reforms.
Update of recent developments in zimbabwes extractive and mining sectorZELA2013
The document provides an update and analysis of developments in Zimbabwe's extractive sector from January to August 2011. Key developments include the outcomes of a Kimberley Process meeting on Marange diamonds, regulations requiring mining companies to dispose of 51% shares to locals, and the suspension of licenses issued to local diamond manufacturers. The Kimberley Process meeting failed to resolve issues around Marange diamond exports. The indigenization regulations aim to benefit local communities but could be abused and do not ensure transparency. Suspending diamond manufacturer licenses lacks transparency around the reasons for non-compliance.
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss.For real time update Visit our social media handle.Read First India NewsPaper in your morning replace.Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Analysis of mines and minerals amendment bill 2007 versionZELA2013
The document discusses improving Zimbabwe's legislative framework for governing mining. It summarizes key issues in the draft bill, including license and contract awards. While the bill improves the process, it could be strengthened by introducing checks on executive power and specifying technical/financial qualifications. Adopting a standard model contract and single licensing authority would promote transparency and prevent abuse. Overall, developing a national mining policy would help define a shared vision and ensure coherent sector management.
The 2019 general budget did not include any major announcements to boost economic growth as expected. The government plans to reduce the fiscal deficit to 3% of GDP by 2021-2022 to strengthen the economy. The finance minister also proposed raising external sovereign debt denominated in foreign currencies to diversify debt and lower borrowing costs for companies. Infrastructure investment was emphasized to reach the $5 trillion GDP goal over the next five years. Overall the budget focused on fiscal prudence and continued existing economic measures rather than new initiatives.
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 document discusses expectations from the upcoming Union Budget 2020-21 in India. It is expected that the finance minister will pursue an expansionary fiscal policy to stimulate economic growth through higher government expenditure. Key expectations include increased allocations for infrastructure development, welfare schemes, incentives for startups and privatization initiatives in the railways sector. The budget may also provide tax relief measures and aim to boost savings, investments and financial markets.
Zambia expects its maize production to increase this year, pushing stocks into a surplus and reversing earlier warnings of an import need due to drought. Higher crop yields are projected to boost production to 2.87 million metric tonnes from 2.62 million tonnes last year, despite less cultivated land area. This projected surplus of 635,000 tonnes exceeds domestic consumption needs for the 2016-17 marketing season. The agriculture minister provided the updated production outlook to legislators, in contrast to concerns raised as recently as March about a shrinking harvest due to erratic rains.
A digital copy of the Business News 24 (11 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news
State-owned mobile operator NetOne expects to pay a dividend to the Zimbabwean government by the end of 2016. This is despite posting a $3 million loss in 2015. The company's acting CEO said ongoing restructuring efforts will improve financial performance going forward. He noted that NetOne has similar network infrastructure to larger competitor Econet but generates much less revenue, indicating room for growth. The CEO said NetOne should capture more market share by better utilizing government customers and expanding its sales and distribution networks.
The document discusses the Dutch ambassador to Zimbabwe stating that the Netherlands is heavily involved with the Zimbabwe Investment Authority and ZimTrade to boost investment and trade ties between the two countries. The ambassador notes that the Netherlands is focusing on areas like agriculture, tourism, and water services that can provide opportunities for Dutch companies to partner with Zimbabwean firms. The ambassador hopes this will lead to more direct investment from Dutch companies in Zimbabwe.
The document reports on several news stories from Zimbabwe:
1) Stockbrokers in Zimbabwe are undergoing training on an automated trading system (ATS) that will be fully operational within six months, according to the Securities and Exchange Commission of Zimbabwe CEO. Pakistani trainers have started training brokers on how to use the new system.
2) The Rural Electrification Agency's board in Zimbabwe will likely raise rural electrification tariffs after the Energy Minister called for a review of the "low" current rates and expressed concerns over the 6% levy for rural electrification being insufficient.
3) The IMF is appointing its first resident representative in Zimbabwe in 10 years as the country works to mend relations with the international
Econet Wireless is working to enhance its tap and go payment system to allow for electronic airtime vending by June, in preparation for an upcoming ban on airtime vouchers. The CEO of Econet said they are working on strategies like improving the tap and go system to ensure their 25,000 airtime vendors are not left stranded by the ban. They aim to have all vendors able to dispense electronic vouchers by June.
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.
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 BH24 (30 November 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.
Meikles Hospitality Limited invested $9 million to refurbish its flagship Harare hotel in Zimbabwe but is facing challenges filling rooms due to the weakening South African rand, which has weakened the key source market for visitors; occupancy rates are around 30-34% compared to expectations of over 50%. The commercial director said that while they took out a loan for renovations, the returns have not met expectations due to the rand's depreciation hurting the number of South African visitors.
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.
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.
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.
The document summarizes budgets from Lesotho, Namibia, and Swaziland. Key points:
- Lesotho's budget projects government expenditure to increase 7.6% to M15.4 billion, with M10.4 billion for recurrent spending and M5 billion for capital projects. It aims to reduce reliance on volatile SACU revenue and improve the investment climate.
- Namibia's budget forecasts the deficit to narrow to 5.4% of GDP and GDP growth to average 5%. Government expenditure is set to rise 26.7% to N$60.28 billion, with 79.6% for operational costs.
- The budgets overall aim to diversify revenues amid uncertainty over
The document discusses private equity investment in Africa. It notes that private equity firms seeking exposure to sub-Saharan Africa's high growth markets have been one of the key drivers of M&A activity on the continent over the past five years. According to reports, sub-Saharan Africa attracted $3.2 billion in private equity investment in 2013, up from $1.6 billion in 2012, making Africa the most popular investment destination globally for private equity firms ahead of Brazil, Russia, India and China. The trend of increasing private equity investment flows into Africa is expected to continue gaining momentum in the medium to long term.
A digital copy of the Business News 24 (17 February 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 (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.
Similar to Zimbabwe to wait until 2015 for 11th EDF approval (20)
Air Namibia is advertising new flight routes from Harare, Zimbabwe to Accra, Ghana and Lagos, Nigeria starting on June 29, 2018. Customers are encouraged to book flights soon to avoid disappointment as seats are selling out. Contact information is provided for booking individual flights or group fares by telephone, email, online, or through a travel agent.
In this edition, you will be enlightened on the cornerstone of international aviation which is the Bilateral Air Service Agreement, commonly referred to as BASA, Africa’s plan for a common airspace and taken on a tour of the Eastern Highlands and the new sky
The 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 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.
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.
Tongaat Hulett's sugar production in Zimbabwe declined 7.4% to 412,000 tonnes for the year ending March 31, 2016. Sales also declined, falling to 403,000 tonnes compared to 491,000 tonnes the previous year. The company reported its Zimbabwe division's financial performance was negatively impacted by lower sugar production and export underperformance. Looking ahead, Tongaat Hulett forecast sugar production could rise up to 12% to 1.15 million tonnes in the new financial year depending on rainfall.
Proplastics, a plastics manufacturer in Zimbabwe, expects to benefit from improved operational efficiencies after commissioning a new plant in the second half of 2016. The new plant is part of the company's broader modernization program, which has already seen a new injection moulding factory and HDPE line commissioned. The CEO said the new plant will improve margins and reduce costs for consumers. For the first four months of 2016, Proplastics' volumes were up 9% and exports contributed 14% to turnover, though overall turnover was flat compared to the prior year due to weaker regional currencies.
The Zimbabwe Mining Development Corporation has commenced efforts to revive the Golden Kopje Mine by seeking a firm to conduct a feasibility study. The study will develop a business plan and work schedule for reopening the mine. Golden Kopje Mine, located in Chinhoyi, stopped operations in 2006 due to financial constraints but reopened in 2009 before shutting down again in 2014 due to operational challenges. Reopening the mine could boost Zimbabwe's gold production, which increased 34% last year.
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.
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.
Dairibord Holdings plans to increase production capacity for its Maheu and cartonised Chimombe products by the second half of 2022. The company's CEO said they will focus on growing volumes of key products and reducing costs. He noted they will double capacity for Maheu and begin internal production of cartonised milk in Zimbabwe rather than having it toll manufactured in South Africa. This is aimed at increasing volumes to meet market demand.
A digital copy of the BH24, Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
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This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
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INCLUDED FRAMEWORKS/MODELS:
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2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
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14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
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Best practices for project execution and deliveryCLIVE MINCHIN
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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Innovative Uses of Revit in Urban Planning and Design
Zimbabwe to wait until 2015 for 11th EDF approval
1. News Update as @ 1530 hours, Tuesday 24 June 2014
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
By Tawanda Musarurwa
Zimbabwe is not in the first batch of
ACP countries to receive EU support
under the 11th European Development
Fund (EDF). Zimbabwe has missed out
the last two EDFs due to the sanctions
the EU imposed on the country.
Imposition of the sanctions meant that
Zimbabwe could not benefit from the
EU's financing of budgetary support
and support for projects, and was
suspended from the 9th EDF National
Indicative Programme.
But Zimbabwe is likely to be part of the
11th EDF as the EU has been gradually
easing the sanctions since 2012, and
their complete elimination (which is
possible this year) will help revive capi-
tal flow in the country.
Although Zimbabwe has come up with
its National Indicative Programme
(NIP) for the 11th EDF - which will see
the country receiving over €200 million
for the three sectors of health, agricul-
ture-based economic development and
governance & institution building - it is
yet to be approved by the EU.
The NIPs outline the strategies and
priorities of how EU aid will be applied
in a country, and is a result of close
collaboration between the EU and the
partner country to reflect the Govern-
ment’s own policies and needs, as well
as ensuring support for national prior-
ities where the EU has a value added.
Last month Finance Minister Patrick
Chinamasa said Zimbabwe's NIP "was
in line with ZimAsset." It will therefore
be one key source of funding for pro-
jects outlined under the country's eco-
nomic blueprint. However, with the first
batch of ACP countries having had their
NIPs approved during the ACP-EU Joint
Council of Ministers held last week in
Kenya,Zimbabwewillhavetowaituntil
early next year to see if its NIP will be
approved. The NIPs for the remaining
ACPstatesarescheduledtobefinalised
and signed by early 2015.
The financial allocation available for
ACP countries under the 11th EDF
(covering 2014-2020) amounts to
more than €31.5 billion.
The first batch consists of 16 countries,
with a total of more than €4.6 billion of
EU support having committed towards
national development strategies in 16
ACP countries.
In a statement ACP said ministers from
15 African states (Botswana, Côte
d'Ivoire, Djibouti, Ethiopia, Gabon,
Ghana, Kenya, Mauritania, Niger, Sao
Tome & Principe, Sierra Leone, Soma-
lia, Swaziland, and Tanzania) and one
Caribbean (Suriname) co-signed the
first National Indicative Programmes
(NIPs) under the 11th European Devel-
opment Fund for the period 2014-
2020, with European Commissioner for
Development Andris Piebalgs. •
Zim to wait until 2015 for 11th EDF approval
Minister Chinamasa
2. 2 TECHNOLOGY
By Rumbidzayi Zinyuke
Econet Wireless is working expanding
its 3G and 4G services to pave way for
the introduction of an entirely Internet
Protocol (IP) network which will ena-
ble the transmission of information
between devices and individuals with
speed and ease.
Speaking at the launch of Econet’s Plat-
inum Suite in Borrowdale this morning,
chief executive Douglas Mboweni said
the network would allow them to cater
for customers’ needs as technology
evolves.
“The kind of network we have to build
is what is known as the 20-20 network.
It is an entirely IP network that is smart
and enables communication between
devices,” he said.
Econet launched its 4G service last
year in preparation for the UNWTO
general assembly co-hosted with Zam-
bia, becoming the seventh network in
Africa to introduce the product.
Mboweni said the company would
invest an undisclosed amount in
expanding both its 3G and 4G services
while awaiting the roll out of the 5G
service by other players.
“Wearelivinginanagewhereconveni-
ence, speed and security are key. 4G is
already operational and we are looking
at expanding it to other areas as part
of the investment we are working on.
There is still a lot of work that needs to
be done in 3G and 4G but 5G is a tech-
nologyalreadybeinglookedatbyother
players and we are watching it closely.
As soon as we find that it is ready for
roll out then we will go for it because
our issue is to make sure that our cus-
tomers continue to enjoy speed on
their devices,” he said.
He said Zimbabwe is lagging behind in
e-commerce and the new IP network
will encourage internet buying which is
faster and more convenient than going
to the shop physically.
“We continue to invest in infrastructure
for high speed access so that if you
want to do a transaction from home it
is done fast, securely and conveniently.
Why should l visit a shop to buy a shirt
when the shirt can come to me? Our
network will enable that connectivity,”
he added.
Mboweni added that Econet would
soon launch a tracking system which
can be used on cars and other devices.
“Your vehicle has so many components
which can communicate a message
and the network which we are building
will enable the transmission of these
messages to you.
This means your car can communicate
with you wherever you are. That is why
we are talking 4G and eventually 5G,”
he said.
Going into the future, Mboweni said
investment will be driven by the needs
of particular markets. •
Econet to introduce an entirely IP network
Mr Mboweni
3. 3 NEWS
'IMF report consistent with reality'
By Tawanda Musarurwa
Economic observers say the IMF report
on Zimbabwe released yesterday is
consistent with what is transpiring on
the ground.
The IMF report highlighted several
issues that are causing an economic
slowdown, notably revenue underper-
formance, structural bottlenecks and a
fragile global financial environment.
Economist Joseph Mverecha told BH24
that the concerns raised by the IMF
were mainly related to a tight liquidity
situation. "The IMF Report following
the recent Article IV is fairly consist-
ent with conditions observable on the
ground. Tight liquidity conditions per-
sist, against the background of declin-
ing domestic aggregate demand and
weakening external sector fundamen-
tals.
"Financial intermediation – necessary
for recovery and growth is hampered
by both liquidity constraints and bank-
ing sector vulnerabilities. Accordingly
distress conditions have widened
across key industry sectors, with cor-
responding loss of fiscal revenues,
aggravated by high local costs of doing
business. This means that there are
demand and supply structural issues
underpinning the current decline in
economic activity," he said. In one of
its key recommendations, the IMF
said enhancing financial sector stability
remains a priority and recommended
continued vigilance in monitoring weak
banks and a proactive approach to
ensure "an orderly resolution of insol-
vent non-systemic banks."
The international financier also said
restructuring and re-capitalising the
Reserve Bank of Zimbabwe would
help mitigate vulnerabilities. Mverecha,
however, maintained that Zimbabwean
authorities are fully aware of the struc-
tural issues affecting the country and
are in the process of handling them.
"The most important thing to remem-
ber though is that both the Minister of
Finance and Economic Development
Patrick Chinamasa and RBZ governor
John Mangudya have already identi-
fied these structural issues and most
importantly have articulated what
needs to be done going forward.
"The minister has stated that, we need
to engage our international devel-
opment partners and international
financial institutions and continue on
the SMP as an integral aspect of an
external arrears clearance programme
so that Zimbabwe can again access
concessional bilateral and multilateral
financing," he said.
"Significantly, a number of proac-
tive measures are still pending, but it
seems to me that we are in the right
direction. Much more still needs to be
done.Thejourneytorecoveryandsus-
tainable growth is long, but not impos-
sible."
The IMF also acknowledged Gov-
ernment's commitment to continue
implementing the policies and reforms
agreed with the Fund under the Staff
Monitored Programme (SMP) and to
stay engaged with the international
financial institutions. •
5. By Lynn Murahwa
The Agricultural Marketing Authority
(AMA) has urged cotton farmers to
negotiate favourable prices on an indi-
vidual basis with buyers rather than
wait for a price to be announced.
This is despite the fact that AMA
recently set a price guide for the 2014
cotton marketing season at between
40 to 50 cents per kg depending on
grade.
In an interview with BH24, AMA chief
executive Rockie Mutenha said the
country’s cotton farmers should not
wait for prices to be announced but
should take it upon themselves to
negotiate prices with their buyers.
“Cotton farmers should not wait for
us to announce a price. They should
go and negotiate with their buyers
and look for opportunities for the best
prices,” he said
He said due to farmers requesting a
platform to negotiate prices last year,
this year they have been given that
opportunity. He added that AMA is,
however, releasing prices weekly in
The Sunday Mail but farmers should
still seek to negotiate.
“Lastyearfarmersaskedfortheoppor-
tunity to be able to negotiate prices for
their cotton so this year we have given
them that platform. We have been
releasing weekly prices in The Sunday
Mail but we encourage the farmers to
go out and seek negotiable prices for
their crop,” said Mutenha.
Mutenha said AMA does not know
why some farmers are waiting to hear
prices being announced and that it was
decided that this year farmers should
negotiate towards the prices they hope
for.
“I don’t understand why farmers would
wait to hear of a set price when it was
agreed that this year they have been
given the chance to negotiate for
favourable prices with their buyers,”
he said.
Mutenha's sentiments were backed by
agronomist Zivanayi Zigwadi who said
that negotiating on a personal basis
will give the farmers a greater chance
of survival. “Cotton farmers definitely
need to negotiate in order to survive,
otherwise you will not survive,” he said.
He added that farmers need to engage
the buyers before growing to get better
prices because the prices during last
year’s season were very low.
“The problem is that farmers need to
engage with the buyers before growing
the crop so as to agree on a set price.
We hope that through negotiations we
get better prices than the low ones
offered last year” he said. •
5 AGRICULTURE
Negotiate prices for yourselves, cotton farmers told
7. Mobile phone company, NetOne is close
to securing a $218 million loan from
China, which will be used to finance its
migration from 3G broadband to 4G, an
official said on Tuesday.
NetOne chief executive officer Reward
Kangai said most details of the loan
had been thrashed out. “The loan has
been approved in China and we are now
waiting for it to be signed. From what I
gather, they are now asking for a num-
ber of things for example we need to
set up an escrow account so that when
the re-payments are due that escrow
accountwillbeabletopayourdues,” he
said.
“Therewerenegotiationstwoweeksago
and perhaps what is now needed is a
high level delegation to go to China to
finalise the deal.” The loan, an agree-
ment between the Zimbabwean and the
Chinese government, will be processed
through the China Exim Bank. Kangai
said despite the progress made, some
competitors in the industry had allegedly
been pulling strings to derail the loan
deal.
He said this was because when the deal
sailed through it would result in NetOne
offeringstiffercompetitiontoitscompeti-
tors,whoforlong haveenjoyedanedge
over the state owned company due to
limited finances.
“Therewereissueswithourcompetitors,
theyweretryingtokillthis project.There
was a big fight and up to now they have
not given up.
Muguti argued that the awarding of the
contract had been flawed as Huawei
had not gone through the tender pro-
cess. The lawsuit, which was withdrawn
this year, had stalled negotiations for
the $218 million Chinese loan.― New
Ziana •
7 TECHNOLOGY
Netone close to securing loan from China
Econet partners with Apple
BH24Reporter
*As the mobile company launches
newpremiumcustomers’shop
Econet Wireless has entered a partner-
ship with multinational mobile phone
manufacturer Apple and is now an
exclusive provider of its products in Zim-
babwe. The company has other part-
nerships with Huawei, ZTE and Ericson
amongothers.Speakingatthelaunchof
Econet’s third premium customers’ shop
in Borrowdale today, chief commercial
and customer services officer Stanley
Henning said this was a milestone in
offering customers a great selection of
smart devices at reasonable prices.
“It has taken us a long time to get here
but it has finally happened. We are now
the official exclusive provider of Apple
productsinthecountry,”hesaid.Hesaid
representatives from Apple were in the
country to finalise some aspects of the
deal. Apple is one of the largest phone
manufacturers with Samsung and Hua-
wei and offers a range of high end prod-
ucts such as smart phones and tablets.
Speakingontheplatinumsuite,Econet’s
high value customers’ general manager
Fungai Mandiveyi said platinum custom-
ers would be able to access top class
service and products from the shops.
“Our customers can get products like
Sumsung, Apple and others with ease.
We also have partnerships with Steward
Bank, African Sun, Edgars, Avis, Zimoco
among others,” he said. He said the
shops would also ensure convenience to
customers and comes with a number of
benefits that include access to top class
service, flexible payment plans for hand-
sets and devices.
The company already has outlets in
Avondale and Bradfield in Bulawayo and
another in South Africa. Mandiveyi also
said through their new look platinum
suite, they were not segregating their
customers. •
9. The equities market today bumped a
significant 1.21 percent, lifted by gains
in selected heavyweight stocks.
The industrial index expanded by 2.28
points to close at 190.31 points. Cig-
arette manufacturer BAT gained 50
cents to trade firmer at 1 300 cents,
while Natfoods added 5 cents to close
at 215 cents.
Another heavyweight Delta went up 4
cents to 129 cents and ZBFH increased
by a cent to trade at 4 cents.
Dairibord and Edgars both added 0.80
cents to close at 10 cents and 13 cents
respectively. A couple of heavyweights
also traded in the negative, but this
was not enough to offset the gains.
Telecoms giant Econet traded in nega-
tive territory, retreating a cent to trade
at 73 cents, while OK Zimbabwe eased
0.30 cents to 18 cents.
Padenga shed 0.10 cents to 8.90 cents
and Astra lost 0.50 cents to close at 4
cents, Bindura bounced back to push
the mining index up 3.93 percent as it
gained 2.32 points to close at 61.32
points.Binduraincreasedby0.19cents
to 4.8 cents, and minings were also
bouyed by Hwange which moved up
2.99 cents to trade at 7.50 cents.
Falgold and Riozim maintained previ-
ous trading levels. — BH24 Reporter
•
9 ZSE REVIEW
Equities in significant gains
10. Zimbabwe has lost out unfairly as
a result of the anti-asbestos lobby.
Especially so, when the chrysot-
ile asbestos that the country pro-
duces is not the amphibole type
that is considered unsafe and has
been banned by several bodies.
It is a positive development that
the Government has come up with
specific position on our chrysotile
asbestos.
Government fully appreciates
importance of chrysotile asbes-
tos to the country, as Industry
and Commerce Minister's state-
ments at a Turnall event yesterday
shows:
"Government will strive to cre-
ate a conducive environment for
businesses to be sustainable in
their various operations in order
to produce quality and affordable
products and create employment
for our growing nation. Testimony
to this is the recent launch of the
Zimbabwe Chrysolite Asbestos
Position Paper.
The position paper reflects the
Government's position regarding
production, trading and safe use
of chrysotile asbestos and related
products."
The position gives direction to both
primary producers and manufac-
turers who have traditionally been
dependent on the mineral.
In terms of chrysotile asbestos'
economic importance to Zimba-
bwe, at their peak the two chrys-
olite asbestos mines in Zimbabwe
employed around 5 000 workers
directly.
According to the new 'Zimbabwe
Chrysolite Asbestos Position Paper'
that was released by Government
last month, the same mines eco-
nomically sustained more than 20
000 people, predominantly in and
around the two mining towns of
Zvishavane and Mashava.
There are also numerous down-
stream benefits.
This clearly shows the value of
chrysotile asbestos to the econ-
omy of the country.
That value, however, has certainly
been decimated by the anti-asbes-
tos lobby, which seems to have
generalised - deliberately or not -
all asbestos as harmful.
Studies have shown that chrysot-
ile asbestos is not at all harmful,
and Zimbabwe needs to come out
and make this message heard both
locally and abroad.
Zimbabwe needs to get this mes-
sage "out there" because - along
with Russia - the country is a key
chrysolite asbestos producer.
The world has been misled about
the safety (or apparent lack
thereof) of asbestos produced by
Zimbabwe.
We need to recover lost ground.
Reviving the chrysolite asbestos
exports will certainly provide a
boon for the Shabanie Mashava
Mines, which are set for revival.
Greater downstream benefits will
also accrue to companies such Tur-
nall, which is a principal processor
of chrysotile products, and to the
economy as a whole. •
10 BH24 COMMENT
Need for clarification campaign on chrysotile asbestos
12. South Africa's rand remained firm on
Tuesday after hitting two-week highs
in the previous session as relief swept
the market after the country's longest
strike ended.
The local unit was trading at 10.57
rand per dollar at 0715 GMT, slightly
stronger than its New York close of
10.59. On Monday it had gained 1
percent, breaking through 10.56 to
the dollar at one point for the first
time in a fortnight.
The five-month stoppage in the plat-
inum sector dragged Africa's most
advanced economy into contraction
in the first quarter, costing the world's
top three producers of the preci-
sious metal almost 24 billion rand
($2.25 billion) in lost revenue. [ID:
L6N0P420A]
The reprieve may be short-lived as
metal workers' union NUMSA looks
set to go on strike next week in the
key auto sector.
"The good news is that the strike has
ended," said Carmen Nel of Rand
Merchant Bank in a morning market
note.
"An additional concern is that the
increased activity in the platinum
sector will add to the existing strain in
the power grid, with Eskom recently
warning of tight supply," she added.
Government bond yields were steady
to slighty firmer, with the yield for the
bond maturing next year slipping 1.5
basis to 6.620 percent while the 2026
issue was down 2.5 basis points to
8.285 percent. ― Reuters •
12 REGIONAL News
Rand holds gains as South Africa platinum strike ends
enjoy the CAIO ride!
14. 14 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
23 June 2014
Energy
(Megawatts)
Hwange 485 MW
Kariba 750 MW
Harare 45 MW
Munyati 27 MW
Bulawayo -- MW
Imports 55 MW
Total 1362 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
19. The government of India is likely to
raise the number of drugs deemed
essential and subject to price caps,
people directly involved in the process
said.
A panel formed by India's health min-
istry is meeting for the first time on
Tuesdaytoconsideraddingmoredrugs
to the list of essential medicines, all of
which would then come under price
caps, one of the people said. The move
would make the drugs more affordable
in a country where 70 percent of the
people live on less than $2 a day.
Making more drugs subject to price
caps will draw the ire of global drug-
makers like Pfizer Inc (PFE.N), Glax-
oSmithkline Plc (GSK.L) and Abbott
Laboratories (ABT.N), all of which have
a large presence in India's $15 billion
pharmaceutical industry.
The global drugmakers have already
been hit by wide-ranging govern-
ment-imposed price reductions and a
legal system with a history of disallow-
ing patent protection in recent years
in an emerging market that is a vital
growth driver for the firms.
Bringing more drugs under price con-
trols would dash hopes for an easing
of the populist drug policies of the pre-
vious federal government under new,
business-friendlyPrimeMinisterNaren-
dra Modi, industry analysts said.
"It is surprising that yet another com-
mittee is being formed (on price con-
trol)," a top executive at the Indian
unit of a large global pharmaceutical
company said, declining to be named
due to sensitivity of the issue. "This
(is) quite the antithesis of what is the
purported philosophy of the new gov-
ernment."
India last year raised the number of
drugs that are subject to price controls
to 348 from 74 earlier, covering up to
30 percent of the total drugs sold in the
country, according to industry officials.
India's pharmaceutical sector sub-in-
dex extended its loss after Reuters
reported the committee's formation,
trading down 0.2 percent at 0656 GMT,
while the main Mumbai market index
.BSESN was trading up 1.1 percent.
Shares of GlaxoSmithKline Pharma-
ceuticals Ltd (GLAX.NS), the India unit
of GlaxoSmithKline Plc, reversed their
gains to fall 0.1 percent. Lupin Ltd
(LUPN.NS), India's fourth-largest drug-
maker by revenue, was trading down
0.4 percent. ― Reuters •
19 INTERNATIONAL NEWS
India likely to extend price caps to more drugs - sources
20. By Victor Mukandatsama
A must-be-gleeful NetOne was granted
an unexpected boost ahead of its com-
petitors in the Zesa prepaid electricity
retailing facility. They are the only MNO
awarded the opportunity to sell prepaid
electricity tokens.
No surprises there if you have both-
ered to read a bit of Zimasset. I warn
NetOne not to celebrate prematurely
though. I have seen how they are
going about capitalising this opportu-
nityandIamdrivenbynomalicewhen
I say Pride goeth…
To pay for Zesa via OneWallet you need
to swap your 32k SIM for the 128k
SIM for free or buy a Netone SIM pack.
Once activated, you then need to reg-
ister (partially via your own phone and
fully via an agent) for One Wallet.
Once setup, a Netone services app
appearsonyourlistofapplicationsfrom
which you can conduct e-wallet trans-
actions. I suppose this is better than
directUSSDaswithEconetandTelecel.
You then need to apply to register your
meter number by dialing *120*8#. If
your registration is approved by One-
Wallet, you will receive a text mes-
sage advice and an extra menu item
for Zesa Prepaid. Anyone following the
process will realise two things. Firstly
their system requires pre-registering
biller details (account number etc.) the
derivative of which one can then pay
for the bill. In other words you don’t
just pay for any bills you want to any
biller you wish. Which is why you hav-
en’t seen any posters with biller codes.
Well also because they only have one
major biller; Zesa. Which brings me to
the second observation.
Other than Zesa, their system does
not seem to be very scalable (I may be
wrong). Either that, or their transaction
ideology is uncommon to the market.
This is unlike the EcoCash and Tele-
Cash system in which liberalisation of
the transactions and the transactions
origination exists. It’s a system where
agents, billers and merchants are
equally critical and solicit and consume
at will.
The One Wallet system follows a
bureaucratic mountain top approach.
Everything depends on an approval
process from OneWallet somehow.
Approval to register to pay Zesa?
Really? Thirdly, NetOne are seeking to
get maximum mileage in subscription
numbers making sure they sign on as
many users onto OneWallet as pos-
sible. Personally, I think this is where
they are getting it wrong. Rather than
sell the efficiency of the system to get
your bills done and set off a snow ball,
they are proving it to be riddled with so
many spanners.
As an example, it is not possible to
register more than two Zesa pre-
paid meters. Translated: You are not
allowed to buy prepaid electricity other
than for a maximum of two preregis-
tered meters because if you do, the
other beneficiaries won’t bother to join
Netone. If you want to pay Zesa from
your phone, then join OneWallet.
The fall….
NetOne is ranked third out of three
playersasfarassubscriberbase.Some
criticsarguetheawardingofthislicence
to sell prepaid electricity to NetOne and
not the rest of the networks, especially
EcoCash, is a true inconvenience. If the
Government were to change its policy
for whatever reason, Netone could be
the least prepared of the three in as far
as convenience, and that will be their
fall. ― TechZim •
20 Analysis
The Netone-ZESA marriage- Pride goeth before a fall