Rio Tinto named its top copper executive Jean-Sebastien Jacques as its new CEO, replacing Sam Walsh who led the company's iron ore expansion. Jacques oversaw negotiations to expand Rio Tinto's Oyu Tolgoi copper mine in Mongolia and will help the company boost copper production as demand is expected to increase. The appointment of Jacques signals Rio Tinto's increased focus on copper at a time when the mining industry is adjusting to China's economic shift away from heavy industry and commodities like iron ore.
- Zimbabwe continues to have the lowest inflation rate in the COMESA region at -2.4% in January 2016 according to the HCPI-COMESA. Other member states ranged from 0.9% to 27%.
- Payserv Africa successfully defended a claim by the minority shareholder in its subsidiary Tradanet regarding the shareholder's right to acquire Payserv's 51% stake in Tradanet. An arbitrator ruled in favor of Payserv Africa.
- Metallon Corporation announced changes to its board, with the chairman and one director retiring and a new non-executive chairman being appointed to focus on corporate strategy and growth.
The document reports on the escalating public row between South Africa's Hawks police unit and Finance Minister Pravin Gordhan, as the Hawks threatened legal action against the minister, causing the South African rand currency to crash through 16 to the US dollar level. The fight between the Hawks and Gordhan erupted after the unit sent him questions about a "rogue" SARS tax agency unit just before the budget, and analysts are concerned that Gordhan's departure could damage the economy as it faces recession risks.
Govt losing millions on “suspiciously priced products,” claims BATZimpapers Group (1980)
The Zambian government has approved a new sliding scale for mine royalties on copper production that will range from 4-6% depending on copper prices. This aims to keep mines open and prevent further job losses as copper prices remain low. Royalties were previously fixed at 9% for open pit mines and 6% for underground. The new system is intended to balance government revenues with encouraging investment in the mining industry, which is struggling with low prices and high costs.
SeedCo, a listed seed producer in Zimbabwe, reported a 3% increase in profit after tax for the fiscal year ending March 31, 2016 compared to the previous year, despite challenges from drought, low commodity prices, and reduced government programs. The company's turnover remained unchanged at $96 million year-over-year. SeedCo was able to increase efficiency and offer competitive pricing, which helped increase its gross margin by 7% during the period. The company plans to focus on growing its ultra-early maize seed varieties to meet increasing demand given changing weather patterns.
A digital copy of the BH24 (19 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (20 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
- Zimbabwe continues to have the lowest inflation rate in the COMESA region at -2.4% in January 2016 according to the HCPI-COMESA. Other member states ranged from 0.9% to 27%.
- Payserv Africa successfully defended a claim by the minority shareholder in its subsidiary Tradanet regarding the shareholder's right to acquire Payserv's 51% stake in Tradanet. An arbitrator ruled in favor of Payserv Africa.
- Metallon Corporation announced changes to its board, with the chairman and one director retiring and a new non-executive chairman being appointed to focus on corporate strategy and growth.
The document reports on the escalating public row between South Africa's Hawks police unit and Finance Minister Pravin Gordhan, as the Hawks threatened legal action against the minister, causing the South African rand currency to crash through 16 to the US dollar level. The fight between the Hawks and Gordhan erupted after the unit sent him questions about a "rogue" SARS tax agency unit just before the budget, and analysts are concerned that Gordhan's departure could damage the economy as it faces recession risks.
Govt losing millions on “suspiciously priced products,” claims BATZimpapers Group (1980)
The Zambian government has approved a new sliding scale for mine royalties on copper production that will range from 4-6% depending on copper prices. This aims to keep mines open and prevent further job losses as copper prices remain low. Royalties were previously fixed at 9% for open pit mines and 6% for underground. The new system is intended to balance government revenues with encouraging investment in the mining industry, which is struggling with low prices and high costs.
SeedCo, a listed seed producer in Zimbabwe, reported a 3% increase in profit after tax for the fiscal year ending March 31, 2016 compared to the previous year, despite challenges from drought, low commodity prices, and reduced government programs. The company's turnover remained unchanged at $96 million year-over-year. SeedCo was able to increase efficiency and offer competitive pricing, which helped increase its gross margin by 7% during the period. The company plans to focus on growing its ultra-early maize seed varieties to meet increasing demand given changing weather patterns.
A digital copy of the BH24 (19 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (20 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
Mimosa Platinum, a platinum mine in Zimbabwe owned by South African company Aquarius Platinum, increased platinum production by 2% in the first half of 2015 compared to the same period last year, but saw revenues decrease 32% to $99 million due to lower metal prices. While costs decreased slightly, earnings fell sharply due to the large drop in platinum prices. The mine produced 60,214 ounces of platinum group metals in the first half of 2015.
The National Bakers Association of Zimbabwe (NBAZ) has lobbied the Ministry of Finance and Ministry of Industry and Commerce for better terms on the second phase of the Distressed Marginalized Areas Fund (DIMAF 2), specifically an interest rate lower than 10% and a loan term of at least 5 years. NBAZ president Mr. Givemore Mesoemvura said that many bakeries defaulted on loans from the initial DIMAF due to the high interest rates and short terms. He is requesting a 7% interest rate and 5 year term for bakeries accessing DIMAF 2 funds.
A digital copy of the BH24 (22 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
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.
Hwange Colliery Company reported a substantial loss of $115 million for the 2015 fiscal year, much higher than the $37.8 million loss in the previous year. The large loss was mainly due to recognizing a $69.1 million liability to the Zimbabwe Revenue Authority (ZIMRA) covering the past six years. Administrative costs also increased substantially, in part due to adjusting for the ZIMRA liability. Going forward, the company expects a $7.5 million coal pre-financing facility to help implement a new business plan and increase monthly coal production targets.
A digital copy of the Business News 24 (25 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
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 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.
Alltel achieved double-digit growth in revenues and net income in the fourth quarter and full year 2005, driven by strong performance in its wireless business. Key highlights included adding 147,000 net wireless customers in the fourth quarter, and over 2 million for the full year through acquisitions. Alltel also increased wireless average revenue per user and closed the year with over 10 million wireless customers. For 2006, Alltel will separate its wireless and wireline businesses through a spin-off and merger of the wireline division.
- South Africa posted its biggest trade surplus in 4 years in December 2015, which helped strengthen the rand currency.
- The rand gained against the US dollar to trade below R16 per dollar for the first time since January 7th.
- South Africa's trade surplus in December widened to R8.2 billion from R0.7 billion in November, driven by a 13% drop in imports and 5% fall in exports.
- However, the improvement in trade figures may only be temporary as commodity prices fall and food imports rise due to drought conditions. The current account deficit is also expected to widen.
Local car-makers failing to meet region’s rules of origin requirementsZimpapers Group (1980)
The document discusses challenges facing Zimbabwe's local vehicle manufacturing industry and exports to the COMESA region. It notes that the demise of the local motor vehicle component industry has hindered vehicle manufacturers' ability to meet COMESA's rules of origin requirements, which mandate 25-35% local content for preferential treatment. Zimbabwean vehicle makers are now failing to meet these quotas due to increased imports of components they previously produced locally. This makes their exports to the region uncompetitive without preferential treatment that other industries receive. The managing director of one local manufacturer said they can currently only claim labor, electricity and water as local components, and reviving the local value chain is needed to meet the 25% benchmark and facilitate easier exports to the region.
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.
Alltel achieved double-digit growth in revenues and net income in the fourth quarter and full year 2005, driven by its expanding wireless business. Key highlights included adding 147,000 net new wireless customers in the fourth quarter, wireless revenue growth of 33% year-over-year, and average revenue per user increasing 6% to $52.13. For the full year, Alltel added over 2 million new wireless customers totaling more than 10 million, wireless revenue grew 24%, and average revenue per user increased 7% to $51.44. Alltel also grew its wireline broadband customer base by 38,000 in the fourth quarter and 154,000 for the full year.
Paul Pulsinelli is seeking a supervisory or sales position in central Ohio. He has 30 years of experience in banking and sales, including opening successful offices and expanding companies. His background includes doubling sales at a mortgage origination company and building a vacuum cleaner business to $2.5 million in sales within 4 years through telemarketing. He has a proven track record of exceeding sales goals and a strong network of over 100 business contacts from previous roles.
El efecto invernadero retiene parte de la energía emitida por la superficie planetaria calentada por la radiación estelar, evitando que escape al espacio y creando un efecto similar al de un invernadero. Los gases de efecto invernadero como el vapor de agua, dióxido de carbono, metano y óxidos de nitrógeno están causando un cambio climático global inesperado al aumentar la temperatura media 0.7°C en los últimos 100 años. Para adaptarse a este cambio brusco se necesita reducir drásticamente
Mimosa Platinum, a platinum mine in Zimbabwe owned by South African company Aquarius Platinum, increased platinum production by 2% in the first half of 2015 compared to the same period last year, but saw revenues decrease 32% to $99 million due to lower metal prices. While costs decreased slightly, earnings fell sharply due to the large drop in platinum prices. The mine produced 60,214 ounces of platinum group metals in the first half of 2015.
The National Bakers Association of Zimbabwe (NBAZ) has lobbied the Ministry of Finance and Ministry of Industry and Commerce for better terms on the second phase of the Distressed Marginalized Areas Fund (DIMAF 2), specifically an interest rate lower than 10% and a loan term of at least 5 years. NBAZ president Mr. Givemore Mesoemvura said that many bakeries defaulted on loans from the initial DIMAF due to the high interest rates and short terms. He is requesting a 7% interest rate and 5 year term for bakeries accessing DIMAF 2 funds.
A digital copy of the BH24 (22 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
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.
Hwange Colliery Company reported a substantial loss of $115 million for the 2015 fiscal year, much higher than the $37.8 million loss in the previous year. The large loss was mainly due to recognizing a $69.1 million liability to the Zimbabwe Revenue Authority (ZIMRA) covering the past six years. Administrative costs also increased substantially, in part due to adjusting for the ZIMRA liability. Going forward, the company expects a $7.5 million coal pre-financing facility to help implement a new business plan and increase monthly coal production targets.
A digital copy of the Business News 24 (25 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
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 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.
Alltel achieved double-digit growth in revenues and net income in the fourth quarter and full year 2005, driven by strong performance in its wireless business. Key highlights included adding 147,000 net wireless customers in the fourth quarter, and over 2 million for the full year through acquisitions. Alltel also increased wireless average revenue per user and closed the year with over 10 million wireless customers. For 2006, Alltel will separate its wireless and wireline businesses through a spin-off and merger of the wireline division.
- South Africa posted its biggest trade surplus in 4 years in December 2015, which helped strengthen the rand currency.
- The rand gained against the US dollar to trade below R16 per dollar for the first time since January 7th.
- South Africa's trade surplus in December widened to R8.2 billion from R0.7 billion in November, driven by a 13% drop in imports and 5% fall in exports.
- However, the improvement in trade figures may only be temporary as commodity prices fall and food imports rise due to drought conditions. The current account deficit is also expected to widen.
Local car-makers failing to meet region’s rules of origin requirementsZimpapers Group (1980)
The document discusses challenges facing Zimbabwe's local vehicle manufacturing industry and exports to the COMESA region. It notes that the demise of the local motor vehicle component industry has hindered vehicle manufacturers' ability to meet COMESA's rules of origin requirements, which mandate 25-35% local content for preferential treatment. Zimbabwean vehicle makers are now failing to meet these quotas due to increased imports of components they previously produced locally. This makes their exports to the region uncompetitive without preferential treatment that other industries receive. The managing director of one local manufacturer said they can currently only claim labor, electricity and water as local components, and reviving the local value chain is needed to meet the 25% benchmark and facilitate easier exports to the region.
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.
Alltel achieved double-digit growth in revenues and net income in the fourth quarter and full year 2005, driven by its expanding wireless business. Key highlights included adding 147,000 net new wireless customers in the fourth quarter, wireless revenue growth of 33% year-over-year, and average revenue per user increasing 6% to $52.13. For the full year, Alltel added over 2 million new wireless customers totaling more than 10 million, wireless revenue grew 24%, and average revenue per user increased 7% to $51.44. Alltel also grew its wireline broadband customer base by 38,000 in the fourth quarter and 154,000 for the full year.
Paul Pulsinelli is seeking a supervisory or sales position in central Ohio. He has 30 years of experience in banking and sales, including opening successful offices and expanding companies. His background includes doubling sales at a mortgage origination company and building a vacuum cleaner business to $2.5 million in sales within 4 years through telemarketing. He has a proven track record of exceeding sales goals and a strong network of over 100 business contacts from previous roles.
El efecto invernadero retiene parte de la energía emitida por la superficie planetaria calentada por la radiación estelar, evitando que escape al espacio y creando un efecto similar al de un invernadero. Los gases de efecto invernadero como el vapor de agua, dióxido de carbono, metano y óxidos de nitrógeno están causando un cambio climático global inesperado al aumentar la temperatura media 0.7°C en los últimos 100 años. Para adaptarse a este cambio brusco se necesita reducir drásticamente
Nortonin automaalaukseen tarkoitetuilla hionta- ja kiillotustuotteilla saadaan aikaan nopeasti ja helposti pinta, joka luo pohjan täydelliselle lopputulokselle.
* Open source search with Solr/Lucene gives you the power to turn a wide range of information into fast, useful, relevant results!
* LucidWorks for Solr gives you a tested, release-stable certified distribution of open source search with enhanced tools and installation for building search apps quickly and reliably.
http://www.lucidimagination.com/How-We-Can-Help/webinar-from-search-to-found
Optimising Your Event Marketing ROI with Real-time DataEventbrite UK
*Where to look for opportunities to improve your marketing ROI
*The data points you need to be obsessing over
*What tools you need for measuring and optimising your marketing ROI
Este documento presenta las diferentes etapas del proceso de preparación para el dibujo. Comienza discutiendo cómo todo comienza de un punto y cómo el dibujo utiliza la línea de una manera similar a la música. Luego describe cómo dibujar puede ser una forma de meditación mientras se permanece conectado al mundo. Finalmente, reconoce que el objetivo es participar con su propia impronta en las imágenes creadas por otros artistas sin distorsionar su trabajo original.
What's the key to unprecedented marketing success in an on-demand world? In this Google era, your prospects and customers get information, make decisions, and communicate in an entirely new way. Which means you need new ways to catch their eyes and their business. Don't get left behind! Attend this session to learn the secrets of marketing and differentiating your company in the 21st century.
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.
Zimpapers, Zimbabwe's largest media group, reported an after-tax profit of $2.7 million for the full year ending December 31, 2015, compared to a $11.4 million loss in the previous year. This turnaround was due to cost cutting measures that reduced administrative costs by $6.4 million and selling/distribution costs by $3.7 million. Revenue remained flat at $40 million. The newspaper and commercial printing divisions contributed to the improved performance.
IT Shades publishes a monthly I-Byte document with information relevant to the telecommunication and media industry. The December 2020 edition includes sections on financial and M&A updates, solution updates, rewards and recognition, customer success stories, partnership ecosystem updates, and environmental and social updates. It provides information on recent deals, company performances, solutions, partnerships, and other news in the industry. The document is intended to keep readers informed of the latest developments.
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
Growing fiscal space in Zambia is poised to relieve monetary policy pressures and help drive economic growth. Revenue collection exceeded targets in January 2018 allowing greater potential for government spending. However, risks remain from high lending rates and volatility in copper prices, which could impact the outlook.
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 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.
The document discusses the results of the 2015 Deloitte UK Technology Fast 50 programme, which recognizes businesses demonstrating high revenue growth over four years. This year's winner grew at 20,385% and the average growth rate of the top 50 was 1,883%. Software, communications, and media companies dominated the rankings. London-based businesses performed strongly, holding 25 of the top 50 spots, but growth is occurring across the UK, especially in the South East region. The positive economic conditions in the UK have created an environment where technology companies can flourish and grow rapidly.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
ALLTEL achieved double-digit earnings growth in the fourth quarter and full year 2004, driven by an 11% increase in wireless revenues and adding over 139,000 net new wireless customers. For the full year, ALLTEL added nearly 511,000 net new wireless customers, their largest annual gain since 1998. ALLTEL also grew their broadband customer base by 59% to over 243,000 customers and expects to complete acquisitions that will add over 3 million new wireless and international customers in 2005.
Similar to Data usage drives Telcos’ Q4 revenue growth (20)
Air Namibia is advertising new flight routes from Harare, Zimbabwe to Accra, Ghana and Lagos, Nigeria starting on June 29, 2018. Customers are encouraged to book flights soon to avoid disappointment as seats are selling out. Contact information is provided for booking individual flights or group fares by telephone, email, online, or through a travel agent.
In this edition, you will be enlightened on the cornerstone of international aviation which is the Bilateral Air Service Agreement, commonly referred to as BASA, Africa’s plan for a common airspace and taken on a tour of the Eastern Highlands and the new sky
The article discusses the Zimbabwe Consolidated Diamond Company (ZCDC), which has been operating without a proper legal framework. The permanent secretary in the Ministry of Mines admitted that unlike other state entities, no act of parliament established the ZCDC. It was instead registered as a company under the Companies Act. There are also concerns about the improperly constituted board of the ZCDC and some controversial decisions that have been made. The parliamentary committee questioned the legitimacy of the board's actions in firing employees and replacing them.
The World Bank says Zimbabwe can use the Rapid Results Approach (RRA) to help expedite solutions to its current cash shortage problems. The RRA is a method used to accelerate organizational change through 100-day goal-setting. The government has completed two phases of an RRA program focused on improving ease of doing business. The World Bank country manager says Zimbabwe can transition more quickly to e-commerce by applying the RRA methodology to address cash shortages and encourage electronic payments. The article provides details on Zimbabwe's cash shortage challenges and measures already taken by the central bank to address the problem and incentivize electronic payments and exports.
Nigeria's central bank announced it will abandon its 16-month peg of the naira to the U.S. dollar and move to a "purely market-driven" system of foreign exchange trading starting next week. Economists estimate the naira's fair value under a float would be between 280 to 300 naira per dollar, compared to the current black market rate of around 370, and the change aims to ease severe dollar shortages caused by lower oil revenues. The central bank will still be able to inject dollars and influence the exchange rate within its foreign reserves, but will no longer target a specific
Nigeria's central bank announced it will abandon its 16-month peg of the naira to the U.S. dollar and move to a "purely market-driven" system of foreign exchange trading starting next week. Economists estimate the naira's fair value under a float is between 280 to 300 naira per dollar, compared to the current black market rate of around 370, and the change aims to ease severe dollar shortages caused by low oil prices. The central bank will still be able to inject dollars and influence the exchange rate within reserves, but no longer has an explicit target rate for the
The Credit Reference Bureau of Zimbabwe is set to be fully operational by July 31st, with a Czech firm having made significant progress in setting up the necessary soft infrastructure at a cost of $1.8 million to the Reserve Bank of Zimbabwe. The CRB will enhance borrower verification and help banks assess credit risk and reduce non-performing loans. A number of consultative meetings have been held with banks to define the necessary data to be collected and reports generated by the new system.
The National Railways of Zimbabwe (NRZ) requires $400 million in short-term funding for recapitalization. This funding will go toward acquiring new machinery and rehabilitating existing infrastructure to increase the railway's carrying capacity from the current 3.4 million tonnes to 7.6 million tonnes. The funding will also be used to procure 15 new locomotives and 1000 new wagons, as securing this funding would allow NRZ to improve services, increase revenues, and return to profitability.
Zimbabwe's corporate governance weaknesses have contributed to its poor ratings in international surveys, according to an official. Improving corporate governance could significantly boost Zimbabwe's rankings. The official noted that past governance failures have resulted in the current negative perceptions, and that while some methodology reservations exist, the ratings still factor into potential investors' considerations. The government is working to enhance corporate governance in the public sector through various initiatives.
The Confederation of Zimbabwe Industries has urged the government to introduce Local Content Regulation for all sectors of the economy in order to boost local production. The regulation would give preference to local producers over imports for some goods and services. It would also require manufacturers to include a minimum percentage of local inputs in their production. A CZI economist said the regulation could increase competitiveness by promoting local products first and supporting local employment and procurement.
The Zimbabwe Flight Crews Association said that the government is not adequately protecting Air Zimbabwe and is instead licensing competitors to service the same routes as Air Zimbabwe, hurting its ability to compete; they argue the national airline should have first right of refusal on routes. Captain Ottis Shonai stated that new airlines have been given licenses to fly the same routes as Air Zimbabwe, which does not happen elsewhere, and that Air Zimbabwe needs route protection from the government as other national airlines receive.
Government has released $500,000 in funding to support the hosting of this year's Sanganai/Hlanganani World Tourism Expo in Bulawayo after the Zimbabwe Tourism Authority faced financial challenges and was contemplating postponing or cancelling the event. The acting ZTA chief executive said the funds will ensure the expo is a success. Over 160 local tourism companies and 28 international exhibitors from countries like Botswana, South Africa and India have registered to participate. International buyers from Europe, Asia, Africa, the Americas and the Middle East are also expected to attend the expo from June 16-18, 2016.
Fastjet Zimbabwe recorded $0.3 million in revenue since commencing operations in October 2015, with an operating loss of $4 million, as the new airline began flights between Harare, Victoria Falls, and Johannesburg. The performance in the first few months of operations was described as "encouraging" by Fastjet, with 91% of flights arriving on time. However, the Zimbabwe operation was not included in Fastjet's key performance indicators for 2015 as it only became operational in October.
- The Beitbridge Hotel in Zimbabwe, owned 40% by the National Social Security Authority (NSSA), has incurred over $2 million in losses since opening in 2014 and has now been closed by majority owner Rainbow Tourism Group.
- An audit before construction found the hotel would be loss-making, but NSSA insisted it proceed anyway. NSSA's investments are under scrutiny as costs for the Beitbridge Hotel ballooned from an initial $3 million budget to over $49 million.
- The closure puts focus again on NSSA's investment strategies that have put pensioners' funds at risk through apparent non-viable projects like the Beitbridge Hotel.
Standard Chartered Bank plans to launch mobile and online banking platforms in 8 African countries including Zimbabwe in the first half of 2016. The bank aims to grow long-term retail banking revenues in Africa 3-4 times faster than regional economic growth. This strategy contrasts with European rivals retreating from Africa due to falling commodity prices and weak currencies. StanChart is expanding its physical presence as well by adding branches in Nigeria, as it seeks to protect and grow its market share on the continent.
Tongaat Hulett's sugar production in Zimbabwe declined 7.4% to 412,000 tonnes for the year ending March 31, 2016. Sales also declined, falling to 403,000 tonnes compared to 491,000 tonnes the previous year. The company reported its Zimbabwe division's financial performance was negatively impacted by lower sugar production and export underperformance. Looking ahead, Tongaat Hulett forecast sugar production could rise up to 12% to 1.15 million tonnes in the new financial year depending on rainfall.
Industry, Finance ministries working on Zimbabwe tariff order for EPA Zimpapers Group (1980)
The Zimbabwean government is working to establish the necessary legal framework to fully implement an Economic Partnership Agreement (EPA) signed with the European Union in 2009, which establishes a free trade area between the EU and Zimbabwe. The EPA grants duty-free access for trade between the EU and Zimbabwe, and Zimbabwe is expected to progressively liberalize 80% of imports from the EU by 2022. Government officials are working with the Ministry of Finance to gazette a Zimbabwe tariff order to pave the way for implementing the trade agreement.
Proplastics, a plastics manufacturer in Zimbabwe, expects to benefit from improved operational efficiencies after commissioning a new plant in the second half of 2016. The new plant is part of the company's broader modernization program, which has already seen a new injection moulding factory and HDPE line commissioned. The CEO said the new plant will improve margins and reduce costs for consumers. For the first four months of 2016, Proplastics' volumes were up 9% and exports contributed 14% to turnover, though overall turnover was flat compared to the prior year due to weaker regional currencies.
The Zimbabwe Mining Development Corporation has commenced efforts to revive the Golden Kopje Mine by seeking a firm to conduct a feasibility study. The study will develop a business plan and work schedule for reopening the mine. Golden Kopje Mine, located in Chinhoyi, stopped operations in 2006 due to financial constraints but reopened in 2009 before shutting down again in 2014 due to operational challenges. Reopening the mine could boost Zimbabwe's gold production, which increased 34% last year.
MFIs loaned $187m in 2015, but fell into consumptive lending trap Zimpapers Group (1980)
- Microfinance institutions (MFIs) in Zimbabwe have largely failed to improve small businesses as a large portion of their loans have gone towards consumption rather than productive sectors.
- Statistics from the Reserve Bank of Zimbabwe show that between 2013-2015, MFI loans were dominated by consumptive lending rather than productive sector funding as was expected.
- In 2015, MFIs loaned a total of $187.1 million but only $85.6 million (45.7%) went to productive sectors while the remaining $101.5 million (54.2%) were consumptive loans.
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1. By Tawanda Musarurwa
HARARE – Data usage
accounted for a 4,7 percent
rise in Zimbabwe’s mobile
telecommunication firms’
combined revenues during
the last quarter of 2015,
the latest Postal and Tele-
communications Regulatory
Authority of Zimbabwe report
shows.
But over-the-top (OTT) data
packages for WhatsApp and
Facebook are still to claim a
significant portion of mobile
internet and data usage. The
country has three mobile
telecommunication opera-
tors, namely Econet Zimba-
bwe, Telecel Zimbabwe and
NetOne.
According to the ‘Zimba-
bwe Post & Telecoms Sector
Report Q4 2015’, total reve-
nue for the three mobile tel-
ecom companies increased by
4,7 percent to $191 million
from $182,5 million recorded
in the previous quarter, and
generally out-did revenue
performance in all previous
quarters in 2015.
POTRAZ attributed the
growth in revenue to a rise
mobile data usage during the
quarter under review. The
statistics show that mobile
data utilisation increased
News Update as @ 1530 hours, Thursday 17 March 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Data usage drives Telcos’ Q4 revenue growth
2. by 27,4 percent to record
1 203 378 839 megabytes
(MB) from 944 268 192MB
recorded in the previous
quarter.
OTT data packages for
WhatsApp and Facebook
contributed 34 percent and 3
percent respectively to total
mobile internet and data
usage, while the balance (63
percent) was indicated as
‘other data usage.’
This data comes on the back
of recent statements by ICT,
postal and Courier Services
Minister Supa Mandiwanzira
that his Minsitry had turned
down suggestions by the tel-
cos to ban OTT services.
In terms of internet and data
utilisation Econet had 79,5
percent market share, while
Telecel and NetOne had 7,1
percent and 13,4 percent
respectively. And in respect
of revenues, Econet also
dominated market share at
70,2 percent, while NetOne
and Telecel had 18,3 percent
and 11,5 percent, respec-
tively.
But during the period under
review, it was only NetOne
that gained in overall market
share by 1,3 percent. Econet
and Telecel lost market share
by 0,7 percent and 0,6 per-
cent, respectively. At $191
million, the fourth quarter
had the highest revenue of
all the quarters last year, up
from $182,5 million in the
third quarter. The first and
second quarters had recorded
revenues of $188,5 million
and $183,1 million, respec-
tively.
Mobile/Internet Penetra-
tion Continues On The Up
The POTRAZ report also
showed that the country’s
mobile penetration rate
increased to 95,4 percent in
the fourth quarter from 92,8
percent previously.
NetOne recorded the high-
est growth posting an 8,8
percent increase in active
subscribers to a total of
4,134 million active users,
while Econet remains domi-
nant with 6,7 million active
subscribers. Telecel comes in
third with 1,9 million active
subscribers. Zimbabwe’s
internet penetration rate also
increased, improving by 1,5
percent from 46,6 percent
in the third quarter to 48,1
percent in December 2015.
This was after active internet
subscriptions rose 8 per-
cent during the period under
review to 6 575 591 from 6
086 827 subscriptions in the
previous quarter.
Mobile internet made up 95,6
percentof total internet sub-
scriptions. LTE registered the
highest increase in subscrip-
tions. This is attributed to
the increase in LTE access as
Econet and NetOne are roll-
ing out LTE base stations.
“Leased lines, dial up, WiMAX
and CDMA technologies reg-
istered declines in subscrip-
tions as corporates and some
households are changing to
other technologies like fibre
and ADSL,” said POTRAZ.●
2 news
5. 5 news
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BH24 Reporter
HARARE -Plastic products
manufacturer Proplastics
has reported a 35 percent
jump in after-tax profit to
$652 381 for the year ended
December 31, 2015.
The improvement in profita-
bility was driven by revenue
growth of 6 percent to $14,1
million.
“Driven by volume growth,
an expansion in gross for
most of the products (itself
a function of improved
manufacturing efficiency
and better sourcing of raw
materials), as well as lower
funding costs for the group
on the back of negotiating
favourable rates on borrow-
ings,” said the company in a
statement accompanying the
results.
Gross profit was up 15 per-
cent to $3,2 million as gross
profit margin improved to 23
percent from 21 percent in
the prior comparable period.
But overheads rose 16
percent attributable to the
once-off costs of the unbun-
dling exercise from Masimba
Holdings, said management.
EBIDTA grew by 20 percent
to $1,7 million, while finance
costs were 21 percent down
from prior year. Profit before
tax grew by 28 percent to
4832 425. The company’s
board has proposed a final
dividend of 0.15 cents for
the period just ended.
Management said the deci-
sion to declare a dividend
was supported by the busi-
ness’ profitability and ability
to generate cash.●
Proplastics’ after-tax profit jumps 35pc
8. BH24 Reporter
HARARE– Zimbabwe
received the Best Destina-
tion for adventure Award
from the Pacific Area Travel
Writers Association (PATWA)
at the just ended Interna-
tional Tourism Bourse (ITB)
which took place in Berlin,
Germany.
The Pacific Area Travel Writ-
ers Association (PATWA) is
a professional organisation
of travel writers which was
founded in 1998, in Colombo,
Sri Lanka with India as its
base.
The Award was presented to
the Minister of Tourism and
Hospitality Industry Engineer
Walter Mzembi at an award
ceremony officiated by the
UNWTO Secretary General Dr
Talib Rifai on the sidelines of
ITB 2016.
Bestowing of this achiever
tourism destination status
by PATWA affirms the evi-
dent interest in Zimbabwe’s
tourism offering as witnessed
during the ITB tourism fair.
The award distinguishes the
country’s tourism vibrancy
despite the challenges the
industry continues to face in
adequately executing desti-
nation promotion initiatives
in various markets around
the world.
It comes at time the Ministry
of Tourism and Hospitality
Industry is championing an
all-encompassing national
brand so as to fully realise
the country’s tourism, invest-
ment and trade potential.●
8 news
Zimbabwe awarded ‘best destination for adventure’
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11. BH24 Reporter
HARARE – Sibanye Gold Ltd
is set to take over Aquarius
Platinum – and subsequently
its shareholding in the
Zvishavane-based Mimosa
Platinum – after the South
African Competition Com-
mission and the Commission
Tribunal approved the trans-
action.
Sinbanye is South Africa’s
largest gold producer.
Aquarius announced the
approval today:“These
approvals were the final reg-
ulatory approvals required
for the transaction, which
was approved by Aquarius
shareholders in January, to
proceed.
‘Aquarius and Sibanye are
now in the process of con-
firming the Conditions Fulfil-
ment Date.
“Once the Conditions Fulfil-
ment Date has been con-
firmed, Aquarius will release
an updated timetable of
events leading up to comple-
tion of the transaction and
payment to Aquarius share-
holders,” said Aquarius.
In October last year, Sibanye
agreed to buy Aquarius Plati-
num for $294 million.
Mimosa Platinum was Aquar-
ius’ 50-50 joint venture with
Impala Platinum, and is one
of the most cost efficient and
safest platinum group metals
(PGM) producers in Zimba-
bwe.●
11 news
Sibanye Gold’s Mimosa take-over nears
14. HARARE - The equities
market waded into negative
territory in today’s trades,
bucking gains over the two
previous trading sessions as
the mainstream industrial
index lost 0,19 to close at
99.79.
Dragging down the index
was cigarette producer BAT
which shed $0,2500 to close
at $10,7500 while milk
processor Dairibord $0,0010
to trade at $0,06800 after
the company reported a 19
percent increase in volumes
and a 4 percent growth in
revenue for the year ended
December 31, 2015. And telecoms giant Econet
also eased $0,0010 to trade
at $0,2310.
On the upside, ART Corpo-
ration gained a significant
$0,0020 to close at $0,0120,
while Padenga rose $0,0006
to $0,0606 and Meikles
went up $0,0004 to close at
$0,0704.
The mining index was flat
at 19.22 as Bindura, Fal-
gold, Hwange and RioZim
maintained previous price
levels at $0,0096, $0,0050,
$0,0300 and $0,1040
respectively
- BH24 Reporter ●
ZSE14
Equities slide into the red
16. 16 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
17 March 2016
Energy
(Megawatts)
Hwange 308 MW
Kariba 468 MW
Harare 30 MW
Munyati 0 MW
Bulawayo 0 MW
Imports 0 - 400 MW
Total 1020 MW
• Thursday 24 March 2016 - Annual General Meeting of Willdale Limited; Place: Boardroom, Willdale Administration Block,
19.5km peg Lomagundi Road, Mount Hampden; Time: 1100 hours...
• Analyst briefing - Old Mutual Zimbabwe, Steward Room, Meikles Hotel, March 30, 1430hrs
THE BH24 DIARY
17. JOHANNESBURG - South Afri-
ca's rand fell early today after
claims that the Gupta family
with close ties to President Jacob
Zuma may have been behind
his decision to sack the coun-
try's respected finance minister
Nhlanhla Nene in December.
The opposition called for the
resignation of Zuma after
Deputy Finance Minister Mcebisi
Jonas said late on Wednesday
the Gupta family had offered
him Nene's job but that he had
rejected it immediately on the
grounds that such a move vio-
lated South Africa's democracy.
At 0657 GMT the rand had
slipped 0,64 percent to 15,7400
per dollar, reversing gains
triggered by the United States
central bank's decision to keep
its lending rates unchanged.
Jonas' claims concerning the
Guptas came just as a prolonged
row between Finance Minister
Pravin Gordhan and the elite
Hawks police unit has raised
concerns that the run on the
rand and bonds seen in Decem-
ber when Nene was fired could
be repeated.
Earlier on Wednesday, the rand
had slipped to its weakest in
more than two weeks over that
stand-off.
Bonds were flat in early trade.
The benchmark paper due 2026
still hovering around 2-week
highs at 9,465 percent.
Gordhan's confrontation with the
police and the claims by Jonas
come in the same week that
rating's agency Moody's was
expected to be in the country to
decide on whether to downgrade
the country's credit rating, which
is two notches above "junk".
Investors fear further political
uncertainty could hasten a down-
grade, with Fitch and Standard &
Poor's already rating the country
just one step above subinvest-
ment grade.
South Africa's Reserve Bank
decides on interest rates at 1300
GMT, where is expected to keep
rates on hold.
Zuma is due to answer questions
in parliament on Thursday, and
the ruling African National Con-
gress (ANC) is holding a sched-
uled meeting of its top brass this
weekend at which the scandal
will be discussed.
"The whale in the room is that
the ANC could recall (remove)
the president this weekend," said
chief analyst at Rand Merchant
Bank John Cairns in a note. -
Reuters●
regioNAL News17
Rand dips over Gupta row on finmin job
18. As the mining industry strug-
gles to respond to China’s
economic shift, Rio Tinto
Group named its top copper
executive Jean-Sebastien
Jacques as chief execu-
tive officer to succeed Sam
Walsh, who drove the pro-
ducer’s iron ore expansion
over the past decade.
Jacques will join the board
of the world’s second-biggest
mining company and Walsh
will retire, London-based Rio
said today in a statement.
The 44-year-old Jacques
completed negotiations in
December for a $4,4 billion
financing package to expand
Mongolia’s Oyu Tolgoi mine
as the company seeks to
boost copper output with
demand forecast to rise from
about the end of the decade.
“Copper is the commodity
that Rio is probably the most
excited about, and they are
chucking in the copper guy,”
Mathew Hodge, an analyst at
Morningstar Inc. in Sydney,
said by phone. “Last time
they made a transition, iron
ore was the thing they were
most excited about and they
chucked in the iron ore guy.”
Walsh was appointed in
January 2013 to replace Tom
Albanese after the company
was forced to take about $14
billion of write downs for
failed deals in aluminum and
coal.
The 66-year-old Australian
led a concerted cost-cutting
regime during his tenure,
divesting assets and trim-
ming project spending as
prices of iron ore, its top
earner, slumped from a 2011
peak.
Jacques, previously a group
strategy director for Tata
Steel Group, takes charge
of Rio’s portfolio in July
amid the worst commodity
price slump in a generation
that’s eroded profits and
forced competitors, includ-
ing Glencore Plc and Anglo
American Plc, to sell assets
amid pressure from investors
and credit ratings agen-
cies to conserve cash. The
Bloomberg Commodity Index
of returns on about 22 raw
materials tumbled in January
to the lowest since 1991.
The biggest miners are also
grappling with China’s shift
from growth led by heavy
industry to consumer-led
expansion that’s seen as
favoring metals includ-
ing copper, used in cars to
power grids and housing, and
aluminum. Iron ore prices
dropped to a six-year low in
December.
“Some of his biggest chal-
lenges are the things that
Jacques is already dealing
with,” said Brenton Saun-
ders, a Sydney-based invest-
ment analyst with BT Invest-
ment Management Ltd.,
which manages about A$78
billion ($56 billion) of assets.
They include the Oyu Tolgoi
project, the Grasberg gold
and copper mine in Indonesia
and Rio’s coal portfolo, he
said.
Rio rose 2,4 percent in Syd-
ney trading Thursday, before
the announcement was
made, trimming its decline
this year to 2,2 percent.
Walsh, whose contract had
originally been due to end
in December 2015, had his
tenure extended in Octo-
ber 2014, weeks after the
company publicly rebuffed a
merger approach from Glen-
core. Jacques, who will have
a base annual salary of 1,08
million pounds ($1,5 million)
in his new role has “proven
to be a standout performer
as a leader in our business,”
Walsh in a statement.
“Against the backdrop of a
volatile economic environ-
ment, Sam and his team
have transformed the busi-
ness,” Jacques said in the
statement. “Sam leaves Rio
Tinto as a much stronger
company, with a bright
future.” - Bloomberg●
internatioNAL News18
Rio Tinto appoints copper chief Jacques CEO to succeed Walsh
Jean-Sebastien Jacques
19. By Tom Jackson
According to the African
Development Bank (AfDB), as
far back as 2011 there were
already 313 million people – or
34 per cent of the continent’s
total population – that could be
referred to as middle class.
Yet at the same time, other par-
ties see it differently. According
to Standard Bank, only 15 mil-
lion households in the 11 largest
Sub-Saharan African economies
fall into the bracket. Consul-
tancy firm EIU Canback agrees
there has been growth, but not
as much as many think, sug-
gesting that the African middle
class rose to 6,2 percent of the
continent’s population in 2014,
up from 4,4 percent in 2004.
The disparities in estimates
arise from differences in defin-
ing what exactly “middle class”
is. The AfDB defines it as people
spending between $2 and $20
per day, and has a separate cat-
egory for “stable middle class”
– which it said stood at 123
million people in 2011. Income,
wealth, and consumption can all
be used to establish class.
Yet despite the disparities
in exactly how big it is, all
observers – including the AfDB
and Standard Bank – remain
convinced Africa’s consumer
market is burgeoning, and
bringing with it increased oppor-
tunities for businesses on the
continent.
Investor George Soros says the
growth of the continent’s middle
class is one of the only eco-
nomic bright spots across the
world currently.
The size of the opportunity has
not been lost on international
companies. Accommodation
booking platform Airbnb, which
rents out rooms or whole prop-
erties online, is scaling up its
operations in the region, having
already seen sizeable growth. It
has more than doubled listings
and seen user numbers increase
by 145 per cent over the last
year.
Airbnb is following a path
already mapped out by taxi-hail-
ing giant Uber, which has rapidly
established an African presence
in eight cities – Cape Town,
Durban, Johannesburg, Pretoria,
Nairobi, Cairo, Casablanca and
Lagos. Samantha Allenberg,
communications associate for
Africa at Uber, says the com-
pany believes there is great
potential given the growth of
the continent’s middle class.
“We are changing the way peo-
ple think about getting around,
we are changing the way people
connect with the people in their
cities. In Africa we have part-
nered with a significant number
of drivers and provided them
with the tools to build their own
small businesses. We have ena-
bled thousands of work opportu-
nities across Africa and believe
we can enable thousands more
in the coming years,” she said.
This international interest in
Africa is only set to increase as
the middle class – however we
define it – continues to grow.
The AfDB says there will be 1,1
billion middle class Africans
by 2060, while the McKinsey
Global Institute thinks African
consumer spending will hit $1,4
trillion by as soon as 2020.
Angel investor Eric Osiakwan
said this continuing growth
offers international companies a
market that was previously very
small, and where before they
would have had to scale much
faster.
“The middle class has an
unquenchable taste for tech-
nology innovation but we have
seen this now at the bottom of
the pyramid markets especially,
because in their case it is pro-
viding a livelihood,” he said.
“So as technology lifts people
out of poverty into the middle
class we would see an expan-
sion that pulls in a level of
momentum that would generate
a tipping point effect some-
where in the 21st century.”
What the middle class really
wants
It is not just large interna-
tional companies that are set
to benefit from the growth of
19 analysis19 analysis
Africa’s rising middle class – and why it matters
20. 20 analysis20 analysis
the continent’s middle class.
Arielle Sandor is chief executive
officer of Kenyan jobs platform
Duma Works, and says it has
opened up new opportunities for
smaller, more local businesses
too.
“The growth of the middle class
signifies that more people will
have enough money to begin
building personal businesses,”
she said.
“When they do this, Duma
Works wants to be there for
them when they need to find
talent to support this growing
business.”
Youth – and media consump-
tion – are key to this segment.
Young Africans – in many
African countries more than half
the population is under the age
of 25 – are increasingly online.
Internet penetration on the con-
tinent has increased by 6,839
per cent in the last 15 years,
with Frost & Sullivan saying
mobile penetration in the region
will increase to 79 per cent by
2020.
But what do these consumers
want? Sandor says middle class
consumers typically have higher
standards for services they are
using.
“This is because they have
increased exposure to many
options, rather than relying on
the most broadcasted company
that holds a monopoly in a given
sector,” she said.
Johann Jenson, CEO of accom-
modation marketplace SleepOut.
com, agrees with Sandor that
customer service has become
especially key as the middle
class grows and competition for
its attention increases.
“Modern African consumers are
still not as demanding as what
you might find in other econo-
mies such as the US or Europe,
but there is a noticeable trend
towards higher service levels
given the multiple channels
consumers now have to voice
their discontent or satisfaction,”
he said.
For Osiakwan, the middle
class is looking for appropriate
technology to save them time
on “mundane stuff”, something
services like Uber, Airbnb and
SleepOut can certainly claim to
do.
In an African business climate
where many companies have
traditionally relied on newspa-
pers or billboards to advertise
to potential customers, does the
rise of a younger, more affluent
middle class change things? The
answer is almost certainly yes,
but the change is slow, and as
yet inefficient and ineffective.
While the vast majority of mid-
dle class consumers operate in
the digital space, many African
marketers are still using mass
approaches in offline media.
Yet change is being driven by
both multinationals and smaller,
young businesses targeting the
middle class.
Osiakwan, indeed, says the
growth of the middle class
segment will “turn marketing
completely on its head”, with
techniques such as mobile mar-
keting taking centre stage
“I think with a bigger middle
class, we will see digital market-
ing through means like Face-
book, Twitter, and LinkedIn, for
example,” Sandor said.
“These consumers are online
more, so this is natural. I also
think that it will force all mar-
keters to up their game and be
really unique – especially when
they are appealing to millennials
in the middle
class.”
Aisha Pandor, CEO of South Afri-
can on-demand domestic clean-
ing startup SweepSouth, says,
however, that there are two
parts to the middle class that
companies need to be aware of.
For the younger, newer middle
class, digital marketing meth-
ods and customer service are
key, but the traditional middle
class, which remains offline, is
still key.
“Companies wanting to market
to these customers may focus
more on the aspirational aspects
of being middle class in order to
get their attention,” she said.
“When moving more into the
traditional early majority seg-
ment, traditional offline media
21. 21 analysis21 analysis
becomes more important for a
business-to-consumer startup,
and will likely become more
relevant.”
Adaptability, then, is key, and
Allenberg says Uber has realised
the need to be flexible in its
market approaches.
“Our strength is that our mar-
keting strategies can move and
adapt quickly, based on what
works best for each city,” she
said.
“We have strong and dynamic
marketing teams based in each
city; these teams have their
fingers on the pulse of what
moves each city. The teams are
always looking to partner with
local brands, bringing benefits
and exciting campaigns to the
citizens of each city.”
Getting it right
The importance of flexibility
stressed by Allenberg is picked
up by Jenson also, who argues
that “middle class” is a different
proposition depending on what
country you are talking about.
Companies must adapt their
messages accordingly.
“The African consumer is very
diverse and certainly you can-
not use the same strategy to
execute in South Africa as you
might in Kenya or Nigeria,” he
said.
“Originally, SleepOut.com
started as a service primarily
used by expats and interna-
tional travellers visiting Kenya’s
coastal areas. Over the past few
years with the emergence of a
significant middle class, we have
also started offering a pay-
on-arrival service that appeals
mainly to middle class consum-
ers by focusing on flexibility
and great value accommoda-
tion options.” This diversity is
stressed by Mipe Okunseinde,
an associate at law firm Coving-
ton. She says if companies are
going to pursue opportunities in
the African market, they must
first appreciate just how diverse
the African consumer market is.
“Whichever way a company
chooses to splice the market,
it is essential to identify the
consumer segment to which it
wishes to sell and then tailor
the products to suit the buying
behaviours, needs and prefer-
ences of the chosen segment,”
she writes on her blog, adding:
“As with any other consumer
market, price, brand loyalty,
quality (and sometimes other
factors) are all relevant con-
siderations but each segment
weighs these factors differently.
Equally as important is deter-
mining the supply chain and
distribution network that best
serves the chosen segment
while still keeping transaction
costs down.”
Many companies have found this
a struggle, even those that are
amongst the biggest globally.
Earlier this year, food producer
Nestlé announced it was cut-
ting 15 per cent of its African
workforce in 21 countries, and
admitted it had overestimated
the size of Africa’s middle class.
The company invested heavily
in Africa from 2008, and has
around 11,000 employees in
countries that include Kenya and
Angola. But in announcing its
cutbacks, Nestlé’s Africa chief
executive Cornel Krummenacher
said the company would be
“lucky” to reach annual growth
of 10 per cent in the region in
future years, and had realised
the limitations of targeting the
continent’s middle class.
The segment is growing, but
more growth is necessary
before spending power truly
matches the revenue needs of
larger international firms. In the
meantime, companies need to
figure out who they are target-
ing and how they are doing that.
“So, no, there is no reason to
give up on the African middle
class nor the consumer class
more generally. However, in
order to succeed in the market,
it is essential to appreciate the
diversity in the African con-
sumer market, understand the
African consumer segments
which one wishes to engage,
and then select and tailor the
products and routes to market
accordingly,” she said. - New
African ●