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.
A digital copy of the BH24 (1 February 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.
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containing the latest energy news of the our area MENA and related world wide to help to in touch to what is hipping in the energy world around you
A digital copy of the BH24 (1 February 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.
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New base energy news 18 sep 2018 no 1200 by khaled al awadi-cpdfKhaled Al Awadi
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containing the latest energy news of the our area MENA and related world wide to help to in touch to what is hipping in the energy world around you
How to do business in qatar v2 @risman biznetRisman BizNet
How to do Business in Qatar &What Sectors Are Worth Tapping Presentation to Indonesian Businessman in Qatar by UHY Ammo & Co Qatar. Event Organized by Indonesian Embassy Doha Qatar
A digital copy of the BH24 (3 February 2016 edition). Zimbabwe's premier online business platform 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 West Africa-America Chamber of Commerce & Industries presents: David Lary
The West Africa-America Chamber of Commerce & Industries presents: Doing Business in Nigeria: Creating Wealth from
Opportunities in Africa’s Largest Market
This presentation discusses about the impacts of resource nationalism on mining companies and the protective strategies adopted by mining companies to minimize the effects of resource nationalism, which in turn would benefit the host nation’s economy while ensuring sufficient returns to the Mining companies.
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The CIT briefing on investment opportunities in Saudi Arabia was presented by CIT Secretary General Omar Bahlaiwa at the Opportunity Arabia 10 symposium in Manchester, England on October 4, 2013. For more information visit www.SaudiBrit.com
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How to do business in qatar v2 @risman biznetRisman BizNet
How to do Business in Qatar &What Sectors Are Worth Tapping Presentation to Indonesian Businessman in Qatar by UHY Ammo & Co Qatar. Event Organized by Indonesian Embassy Doha Qatar
A digital copy of the BH24 (3 February 2016 edition). Zimbabwe's premier online business platform 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 West Africa-America Chamber of Commerce & Industries presents: David Lary
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Opportunities in Africa’s Largest Market
This presentation discusses about the impacts of resource nationalism on mining companies and the protective strategies adopted by mining companies to minimize the effects of resource nationalism, which in turn would benefit the host nation’s economy while ensuring sufficient returns to the Mining companies.
Saudi Arabia: Gateway to Mideast Investment OpportunitiesSBRIS
The CIT briefing on investment opportunities in Saudi Arabia was presented by CIT Secretary General Omar Bahlaiwa at the Opportunity Arabia 10 symposium in Manchester, England on October 4, 2013. For more information visit www.SaudiBrit.com
Panel discussion: Ownership - presentation by National Union of Mine Workers Regional Co-ordinator Madoda Sambatha at the 2013 Mining Lekgotla. 28 August 2013
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.
A digital copy of the BH24 (27 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.
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A digital copy of the BH24 (04 January 2016 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 (04 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.
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.
A digital copy of the BH24 (08 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 Business News 24 (29 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (04 August edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (02 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.
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CZI calls for local content quota legislation
1. By Funny Hudzerema
HARARE –Industry represent-
ative body, the Confederation
of Zimbabwe Industries (CZI)
has urged Government to
introduce Local Content Regu-
lation (LCR) for all the sectors
of the economy in order to
boost the production.
The LCR will ensure that
some goods and services are
provided by local producers,
ahead of any imports. The
regulation also mandates
prescribed entities (manufac-
turers) to include a minimum
local content of inputs in their
production.
CZI economist Mr Kupakwashe
Midzi said the regulation will
increase competitiveness of
News Update as @ 1530 hours, Wednesday 08 June 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
CZI calls for local content quota legislation
2. the country through promot-
ing local products first before
opting for imports.
“Government should intro-
duce LCR to all sectors of the
country like other countries
which are benefiting from the
regulation. The LCR should
promote employment of locals
by foreign firms by ensuring
certain jobs are done by locals
if skills are available and
promote local procurement to
support local businesses with
demand,” he said.
He added that the regulation
should target sectors such
as the mining, parastatals,
manufacturing, retail, energy,
transport, motor trade and
assembly, construction, ser-
vices, health and tourism.
“The Act should cover that
where capabilities are low
or are not available then the
affected procuring entities
should participate in “sup-
plier development programs”
where they assist suppliers to
develop capabilities through
information sharing and other
support such as off-take
agreements when suppliers
need to seek funding.
“Compliance by the arms of
Government will be through
the tender processes where
tender documents should state
minimum content thresholds
to be achieved to qualify for
supply. SAZ can be used to
audit compliance by arms of
government in the same way
it is done in South Africa by
SABS,” he said.
He added that specific thresh-
olds levels would need to be
set for the various subsectors
such as mining among others
to enforce private sector min-
imum local content thresholds
compliance.
“SAZ can be used to audit
compliance by arms of gov-
ernment in the same way it is
done in South Africa by SABS.
“The retail sector could be
mandated to stock at least 50
percent of local products on
shelves and this should apply
to all types of retail food,
grocery, furniture, hardware,
electrical, clothing, motor
spares, cosmetics and fast
food among others,” he said.
Countries like Nigeria have
limited the purchase of
imported goods per volume
or value of imported goods as
part of its LCR while Brazil,
Zambia, Ghana, Mozambique
and Nigeria require investors
to give preference to local
suppliers.●
2 news
5. HARARE - Caledonia Min-
ing Corporation, the parent
company of Gwanda based
Blanket Mine, says it does not
envisage entering into further
hedge agreements, following
the recovery of gold prices on
international markets.
A hedge is a trading strategy
designed to reduce the risk of
adverse price movements in
an asset.
In February this year, Cale-
donia announced a six month
hedge arrangement with a
financial counter-party for 15
000 ounces of gold.
The arrangement, which set
Caledonia’s gold at between
$1 050 and $1 080 per ounce,
would give the miner greater
clarity over cash-flows until
July 2016 when production at
Blanket mine was expected to
increase.
“This small hedge was unu-
sual for Caledonia, which is
traditionally unhedged, but
was a prudent measure as
an insurance against volatil-
ity during this critical year of
capital expenditure and with
a desire not to have to try
and fund any of the expansion
externally,” Caledonia said in
a statement.
“With the gold price recov-
ery since the beginning of
2016 we do not anticipate
that Caledonia will return to
any further hedging activities
and will not require external
funding.”
Caledonia is currently imple-
menting a six-year invest-
ment programme under
which it intends to invest $70
million from 2015 to 2021
to increase production to
approximately 80 000 ounces
of gold annually by 2021.
Caledonia said it was debt
free and would continue
paying dividends and impor-
tantly was able to fund any
cost overruns on its expansion
plan.
“Production will double from
the current +40 000 ounces
per annum to 80 000 ounces
annually becoming a producer
of scale. By the end of the
year we expect Caledonia’s
cash position to improve
measurably and see strong
(and increasing) cash genera-
tion as the new Central Shaft
is completed,” the company
said.
Caledonia, a Canadian firm,
owns 49 percent of Blanket
mine, with the remainder
held by locals.
- New Ziana●
Caledonia not keen on furthering hedge agreement
5 news
8. BH24 Reporter
HARARE – Zimbabwe has to
date earned $253,6 million
from the exports of 45,1
million kilogrammes of its
Virginia tobacco product
since the beginning of the
year, latest figures from the
Tobacco Industry and Market-
ing Board (TIMB) show.
Tobacco is one of Zimbabwe’s
key export products along-
side minerals such as gold,
platinum and diamonds. The
45,1 million kg were sold at
an average price of $5,62
per kg sold so far, which is
an improvement (in terms
of mass) from the 42, 3
million kilogrammes at an
average price of $5,82 per
kg exported over the same
period in 2015.
China continues to be the
biggest purchaser of Zimba-
bwean tobacco. The coun-
try has so far imported 20
million kg of tobacco at an
average price of $8,11 per kg
worth $164 million.
South Africa is the second
largest buyer and has so far
bought 9 million kgs worth
$26 million, at an average
price of $2,90 per kg.
Indonesia is in third hav-
ing imported 2,2 million kg
of locally-produced Virginia
tobacco worth $11 million
at an average price of $5,21
per kg. As at the end of last
year, Zimbabwe had accrued
over $700 million in export
receipts from its tobacco
alone.
Meanwhile, in respect of the
upcoming planting season
TIMB has said a total of 80
272 growers have regis-
tered while 10 015 are new
growers. Tobacco has become
one of the country’s major
foreign currency earners,
with close to 92 000 farmers
having grown the crop in the
last season. ●
8 news
Virginia tobacco exports gross $253m
11. HARARE - The Postal and
Telecommunications Regula-
tory Authority of Zimbabwe
(POTRAZ) on Tuesday denied
allegations of favouratism
leveled against it by Econet
Wireless.
Econet Zimbabwe chief
executive Douglas Mboweni
recently said POTRAZ had
created an “uneven playing
field” in the mobile phone
sector by allegedly exempt-
ing one player from paying
licence renewal fees.
But POTRAZ said in a press
statement, that no telecom-
munication operator had
been exempted from paying
licence renewal fees, insist-
ing this was a matter of due
process.
“That the quantum of licence
fees is a matter of law and
public knowledge given that
they are expressly laid out
in the licensing regulations.
Members of the public should
therefore not be misguided
by the false statements that
have appeared in the print
media on different occa-
sions,” POTRAZ said.
The telecoms regulatory
authority said two mobile
operators were using
licences that were yet to
expire, and therefore did
not have to pay licence
renewal licences. In Janu-
ary, Econet also sued the
regulator for $132 million
citing losses incurred owing
to a mandatory reduction in
tariff charges in 2014.-New
Ziana●
11 news
POTRAZ slams media reports of unfair practices
02 03
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12. HARARE - The equities mar-
ket added to previous loses
with a further 0.47 drop for
the mainstream industrial
index to settle at 102.86.
Beverages giant Delta led the
losers after it eased $0,0100
to close at $0, 6700, while
SeedCo lost $0,0032 to
$0,5500 and conglomerate
Innscor dropped $0,0025 to
trade at $0,2000.
Trading in the black was
Afdis which added $0,0122
to $0,4500 and giant insurer
Old Mutual which was up
$0,0088 to settle at $2,2513
while Hippo inched up
$0,0005 to trade at $0,2005.
The mining index was flat at
26.24 as Bindura, Falgold,
Hwange and RioZim were
unchanged on previous price
levels at $0,0120, $0,0050,
$0,0300 and $0,1700,
respectively
BH24 Reporter ●
Equities negative run continues
12 zse
14. 14 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
08 June 2016
Energy
(Megawatts)
Hwange 575 MW
Kariba 546 MW
Harare 20 MW
Munyati 19 MW
Bulawayo 24 MW
Imports 0 - 400 MW
Total 1560 MW
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Silundika/Sam Nujoma Street, Harare; Time: 1200hrs…
THE BH24 DIARY
15. JOHANNESBURG - The rand
pulled back from the pre-
vious session's four-week
highs against the dollar
on Wednesday and traders
said South African GDP data
expected to show a small
contraction in the first quar-
ter could add pressure on the
currency.
The rand has gained as much
as 5 percent against the
dollar since Friday, reach-
ing 14,7995 on Tuesday in
a relief rally prompted by
S&P's decision to maintain
South Africa's investment
grade BBB- rating.
The currency however gave
back some of those gains
on Wednesday to trade at
14,9175/dollar by 0650 GMT,
down 0,1 percent from the
previous session's close.
Traders saw a risk to the
currency from Statistics
South Africa's GDP data
due out at 0930 GMT, with
economists polled by Reuters
expecting the economy to
have shrunk 0,1 percent on
a quarter-on-quarter annu-
alised basis in the first three
months of the year.
"If this is indeed the case
there is not much chance the
rand will be able to continue
its journey lower (firmer),"
Standard Bank trader War-
rick Butler said in a note to
clients.
Another rand-moving head-
line could be a review from
Fitch, which is also expected
to retain its own BBB- rating
on Africa's most industrial-
ised economy, although it
could change the outlook to
negative from stable.
Fitch has not set a date for
its announcement, but the
Treasury has said it expects
it on June 8. - Reuters●
15
NUM union to decide whether to return
to work at Northam
Rand halts rally, GDP data, Fitch review
keep market wary
regioNAL News
JOHANNESBURG -Members
of South Africa's National
Union of Mineworkers (NUM)
will decide on Wednesday if
they will return to work at
Northam Platinum's Zon-
dereinde mine, which was
shut on Monday after violent
clashes between NUM and a
rival union.
Northam made the initial
decision to close opera-
tions at the mine but on
Tuesday asked the workers
to return, saying calm had
been restored. But NUM, the
majority union at the mine,
and arch rival the Associa-
tion of Mineworkers and Con-
struction Union (AMCU) have
both said their members will
not go back until they feel it
is safe to do so.
NUM spokesman Livhuwani
Mammburu said the union's
members would hold a mass
meeting at midday to decide
if they would go back under-
ground.
"It is up to the members to
decide," he said.
AMCU officials could not
immediately be reached
for comment. A Northam
spokeswoman confirmed the
mine remained closed for a
third day. Monday's flare-up
was sparked by the mur-
der of an NUM member and
Northam employee on Sun-
day. Another miner, whom
AMCU said was affiliated to
it, was fatally stabbed in
Monday's scuffle.
NUM says that Sunday's kill-
ing brings to six the number
of its members who have
been murdered, including
five last year. The clashes
have heightened concern
over a potential repeat of
periodic outbreaks of union
violence that have resulted
in deaths and operational
stoppages across the sector.
The Zondereinde mine pro-
duces about 300 000 ounces
of platinum a year, according
to Northam's website, and
accounts for about 70 per-
cent of the mid-tier produc-
er's revenue
- Reuters●
16. Oil traded near the high-
est close in more than
10 months as weekly US
industry data showed crude
stockpiles declined, trimming
a glut.
Bottom of Form
Futures were little changed
in New York after advancing
3,6 percent the previous two
sessions to close above $50
a barrel Tuesday for the first
time since July. Inventories
fell by 3,57 million barrels
last week, the American
Petroleum Institute was said
to report. Government data
Wednesday are forecast
to show supplies dropped.
Repair work on a key Nige-
rian oil pipeline operated
by Royal Dutch Shell Plc
is underway, according to
a person familiar with the
operations.
Oil has surged more than 90
percent from a 12-year low
in February amid unplanned
disruptions and a steady
slide in US output, which
is under pressure from the
Organisation of Petroleum
Exporting Countries’ policy
of pumping without limits.
US gasoline consumption is
set to climb to a record this
summer as the lowest retail
prices in more than a decade
encourage people to take to
the roads, according to gov-
ernment data.
“The risk for prices remains
on the upside as new highs
attract more buyers who
don’t want to miss the train,”
Michael Poulsen, an analyst
at Global Risk Management
Ltd., said by e-mail. “Con-
tinued supply disruptions
in Nigeria as well as a draw
in US crude inventories are
supporting the market.”
West Texas Intermediate for
July delivery was at $50,57
a barrel on the New York
Mercantile Exchange, up 21
cents, at 9:40 a.m. London
time. The contract gained
67 cents, or 1,4 percent,
to $50,36 on Tuesday. Total
volume traded was about 39
percent below the 100-day
average.
US Stockpiles
Brent for August settle-
ment was 27 cents higher
at $51,71 a barrel on the
London-based ICE Futures
Europe exchange. The con-
tract rose 89 cents, or 1,8
percent, to $51,44 on Tues-
day. The global benchmark
traded at a premium of 56
cents to WTI for August.
Crude supplies at Cushing,
Oklahoma, the delivery point
for WTI and the biggest US
oil-storage hub, fell by 1,31
million barrels last week, the
API said Tuesday, according
to people familiar with the
figures. Nationwide invento-
ries slid by 3 million barrels,
according to the median esti-
mate in a Bloomberg survey
before an Energy Informa-
tion Administration report
Wednesday. - Bloomberg●
16
Oil trades near 10-month high as falling US supplies trim glut
internatioNAL News
17. By Olusegun Obasanjo
Every year, thousands of young
Africans join an exodus from
their families’ small, often
struggling, farms in the coun-
tryside.
Their dream — sometimes
fulfilled, often not — is to find a
more rewarding and stimulating
life in the continent’s rapidly
growing cities. Few return, but
even fewer ever completely
sever their ties.
It’s a complicated connection
and one I deeply understand.
My own exodus to the city as a
young man opened up a lifetime
of opportunity that culminated
with serving as president of
Nigeria, Africa’s largest econ-
omy.
But not only did I retain my
ties to agriculture, I have now
returned to my roots. I’m a
farmer again — at Obasanjo
Farms Limited — and I’ve never
been happier. Working the land
once more has given me a
better perspective on two of the
biggest challenges facing Africa
today: how do we provide
employment opportunities to
the millions of young Africans,
who are the world’s largest
population of people under 25
years of age so they can stay in
the village and farm? And how
do we put an end to the seem-
ingly endless cycles of food
crises that are, as I write, play-
ing out again with dismaying
familiarity in parts of eastern
17 analysis17 analysis
Africa needs best and brightest to embrace agriculture as a career
18. 18 analysis18 analysis
and southern Africa?
Fortunately, more and more
Africans like myself are seeing
these issues as intertwined.
We see agribusiness as Africa’s
biggest opportunity to not only
end hunger and malnutrition,
but also as Africa’s best hope
for generating income and
employment, particularly in
rural regions.
The World Bank estimates that
by 2030, demand for food in
our rapidly growing urban areas
will create a market for food
products worth $1 trillion.
This market needs to be
owned and operated by African
farmers, African agriculture
businesses and African food
companies.
But one thing is clear to me as
I return to farming: to achieve
its potential, African agriculture
needs a fresh infusion of inno-
vation and talent. I have many
fond memories of my childhood
in a small farming settlement
near Abeokuta, the capital of
Nigeria´s Ogun State.
By the age of five, I was
accompanying my papa to the
fields where we grew cassava,
maize, plantain, oil palm and
other crops. A proud Yoruba
man, my father was considered
the most successful farmer in
our village. While living with
few modern amenities, we grew
plenty of food, and we enjoyed
the cultural wealth of our
Yoruba traditions and history.
Ultimately, this way of life was
unable to withstand pressures
that would soon intensify —
population growth, political
turmoil, land scarcity and soil
degradation. Today, African
farmers need several things
that my father lacked but which
farmers elsewhere in the world
take for granted.
We need improved crop varie-
ties developed to resist disease
and tolerate drought. We need
access to modern inputs, like
fertilisers.
We need markets where farm-
ers can profit from their labour
and thus justify investments in
improved production. We need
affordable credit that all small
businesses require and exten-
sion services that help us keep
abreast of sustainable farming
practices.
But ultimately we need people.
Specifically, we need Africa’s
best and brightest to embrace
agriculture as a calling and a
career. Recently, I agreed to
chair the selection committee
for the new Africa Food Prize,
an award that aims to recognise
outstanding individuals or insti-
tutions taking control of Africa’s
agriculture agenda. It started
out in 2005 as the Yara Prize.
But moving it to Africa in 2016
and rechristening it the Africa
Food Prize has given the award
a distinctive African home,
African identity and African
ownership. It is also a substan-
tial award: $100 000 for the
winner.
The hope is that the prize itself
and its cadre of winners will
signal to the world that agricul-
ture is a priority for Africa that
all should embrace. It can call
attention to the individuals who
are inspiring and driving inno-
vations that can be replicated
across the continent.
I sometimes portray my return
to farming as coming full circle.
But in reality, while I cherish
my childhood memories, I don’t
want to return to the past.
I want to be part of the future,
where farming in Africa is a
lucrative, exciting entrepre-
neurial pursuit and young
people aspire to be farmers
because they see talented
men and women building a
rewarding career in farming and
farm-related work.
I hope that the Africa Food
Prize quickly becomes a symbol
of all that agriculture in Africa
can offer and that one day
soon, we will see a shift, when
young people in urban areas
will look longingly to country-
side and think: there lies the
land of opportunity. – BDLive●
*Obasanjo is a former presi-
dent of Nigeria