Independent US oil explorers are expected to report almost $14 billion in losses for 2015 due to plunging oil prices, with Hess Corp. predicted to lose $1.6 billion in its worst annual performance in at least 28 years; Oil companies have been squeezed severely by the over 70% drop in crude prices since mid-2014, wiping out more than $300 billion in market value and forcing thousands of layoffs, debt restructurings and abandoned projects to conserve cash; Hess cut its 2016 drilling budget by 40% and may have few assets left to sell if it needs to raise cash due to the difficult market conditions facing oil expl
A digital copy of the Business News 24 (17 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.
New base energy news issue 867 dated 07 june 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase Special 07 June 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• Saudi :A Quick Guide to the National Transformation Program
• Qatar:India Wants to Develop Hydrocarbon Resources in Qatar
• Egypt: Aker Solutions wins order for umbilicals at Egypt's Zohr gas field
• Ghana expects steady oil output as Tullow's Jubilee field recovers
• Denmark:World’s Cheapest Offshore Wind Farm Seen Online Early
• EIA publishes construction cost information for electric power generators
• Oil prices stable around 7-month high, but momentum seen strong
• Climate accord 'irrelevant,' and CO2 cuts could impoverish the world: Scientist
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Zim to craft arrears clearance plan by Sept/Oct: ChimamasaTawanda Musarurwa
Zimbabwe plans to have an arrears clearance plan ready by the third quarter of 2016 as the IMF board is scheduled to meet in May and receive a positive report on Zimbabwe's Staff Monitoring Program. The IMF meeting in May is expected to pave the way for Zimbabwe to start working on an arrears clearance strategy, with the goal of having a plan ready by September or October. In the interim, Zimbabwe will continue engaging with the IMF, World Bank and AfDB as it works to put together the necessary documentation for an arrears clearance strategy.
New base energy news issue 861 dated 30 may 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase Special 30 May 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• UAE: Fuel prices at the pump hiked 5% on average for June
• Egypt Boosts LNG Imports Until Production Is Optimized
• Qatar LNG well set to compete at lower prices, says Samba
• Kuwait to spend Dh422bn on oil projects
• As crude hits $50 a barrel, rise on start of peak US demand season
• Oil States Expected to Stick With Saudis : OPEC Reality Check
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Independent US oil explorers are expected to report almost $14 billion in losses for 2015 due to plunging oil prices, with Hess Corp. predicted to lose $1.6 billion in its worst annual performance in at least 28 years; Oil companies have been squeezed severely by the over 70% drop in crude prices since mid-2014, wiping out more than $300 billion in market value and forcing thousands of layoffs, debt restructurings and abandoned projects to conserve cash; Hess cut its 2016 drilling budget by 40% and may have few assets left to sell if it needs to raise cash due to the difficult market conditions facing oil expl
A digital copy of the Business News 24 (17 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.
New base energy news issue 867 dated 07 june 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase Special 07 June 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• Saudi :A Quick Guide to the National Transformation Program
• Qatar:India Wants to Develop Hydrocarbon Resources in Qatar
• Egypt: Aker Solutions wins order for umbilicals at Egypt's Zohr gas field
• Ghana expects steady oil output as Tullow's Jubilee field recovers
• Denmark:World’s Cheapest Offshore Wind Farm Seen Online Early
• EIA publishes construction cost information for electric power generators
• Oil prices stable around 7-month high, but momentum seen strong
• Climate accord 'irrelevant,' and CO2 cuts could impoverish the world: Scientist
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Zim to craft arrears clearance plan by Sept/Oct: ChimamasaTawanda Musarurwa
Zimbabwe plans to have an arrears clearance plan ready by the third quarter of 2016 as the IMF board is scheduled to meet in May and receive a positive report on Zimbabwe's Staff Monitoring Program. The IMF meeting in May is expected to pave the way for Zimbabwe to start working on an arrears clearance strategy, with the goal of having a plan ready by September or October. In the interim, Zimbabwe will continue engaging with the IMF, World Bank and AfDB as it works to put together the necessary documentation for an arrears clearance strategy.
New base energy news issue 861 dated 30 may 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase Special 30 May 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• UAE: Fuel prices at the pump hiked 5% on average for June
• Egypt Boosts LNG Imports Until Production Is Optimized
• Qatar LNG well set to compete at lower prices, says Samba
• Kuwait to spend Dh422bn on oil projects
• As crude hits $50 a barrel, rise on start of peak US demand season
• Oil States Expected to Stick With Saudis : OPEC Reality Check
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
A digital copy of the BH24 (28 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (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.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
A digital copy of the Business News 24 (07 August edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
This document is a newsletter from Terra Studio that provides a weekly summary and analysis of base metals, precious metals, and specialty metals markets. It includes summaries of company production reports and project developments, as well as discussions of macroeconomic influences and industry trends. The newsletter disclaims liability for any actions taken based on its analysis and advises readers to consult financial advisors.
This document summarizes PPC Ltd's strategy for managing energy risks in Africa given the energy intensive nature of cement production and volatility of energy prices. PPC has operations in South Africa, Zimbabwe, Botswana, Rwanda, Ethiopia, and DRC. The strategy involves improving energy efficiency, generating their own renewable power through projects like wind and solar, and developing alternative fuels. In countries with electricity shortages like Zimbabwe, the focus is on a mix of renewables and waste heat recovery. In Rwanda, peat and imported coal are used but developing alternative power is critical given the country's limited domestic energy resources and PPC's large electricity needs. Bankability of energy projects is also an important consideration.
1. Monnet Ispat & Energy Limited is an Indian steel company with sectors including steel, sponge iron, and pig iron. It has experienced consistent growth through its diversified business model.
2. The company has expanded operations through acquisitions such as an Indonesian coal company and increasing coal and power generation capacities.
3. Monnet Ispat & Energy Limited engages in corporate social responsibility initiatives in areas like healthcare, education, livelihood generation, and supporting Indian boxing.
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.
Dewa launches a smart power plant in Dubai to develop smart operations and become a sustainable, innovative world-class utility. The plant automatically gathers real-time data from control systems to improve performance and prevent issues. It allows users to access results from any location using computers or smart devices. Oman is on track to achieve a record 1 million barrels per day of crude production for the third consecutive month. Eni announces successful exploration wells drilled in Egypt, including a new gas and condensates discovery and an appraisal well at its large Zohr gas field. Subsea 7 is awarded a major contract by BP and DEA for subsea infrastructure development of three fields offshore Egypt. Sound Energy announces
New base energy news issue 950 dated 17 november 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase 17 November 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• Qatar: Astad signs MoU with Korea Energy Agency
• Egypt to finalise contract with Rosatom to build nuclear plant
• Energy demand set to soar in the Middle East by 2030
• Libya to Nearly Double Oil Output as OPEC’s Task Gets Harder
• US: A $900 Billion Oil Treasure Lies Beneath West Texas Desert
• U.S. oil drilling increasingly focused in Permian Basin
• Oil prices fall on US crude stock build, OPEC remains in focus
• OPEC And Russia Expand Diplomatic Push to Secure Oil-Cuts Deal
• Race for innovation defines new chapter in LNG market
• World Energy Outlook 2016 sees broad transformations in the global energy landscape
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy since 2010
Greetings,
Attached FYI ( NewBase Special 16 March 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• Saudi ACWA Power’s Bokpoort CSP project in South Africa unveiled
• Qatar:Economic diversification reins in oil impact: Minister
• India Mulls Shutting Oldest Nuclear Plants Amid Mounting Costs
• Senegal: Cairn Energy spuds BEL-1 offshore Senegal
• Tanzania: Aminex announces Kiliwani North update
• US: Obama Bars Atlantic Offshore Oil Drilling in Policy Reversal
• Hydraulic fracturing accounts for about half of current U.S. crude oil production
• Russia: NOVATEK completes deal to sell 9.9% stake in Yamal LNG to China's Silk Road
• Fund Oil prices rise as US producers struggle, focus shifts to inventory
• Oil Leaks and Disruptions Doing the Job That Producers Won't
• Near-Record Cash `Comfort' for Canada Oil Firms Amid Price Rout
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
This document is an annual report from Dangote Cement PLC detailing the company's performance and expansion efforts in 2014. Some key points:
- Dangote Cement expanded significantly in 2014, increasing capacity from 34 million tonnes to over 44-54 million tonnes and operating in 13 African countries.
- However, challenging economic conditions in Nigeria like falling oil prices and currency devaluation slowed construction activity and cement demand.
- As a result, revenue grew only 1.4% while profits fell 3.2%. The company also faced some delays bringing new plants online in other countries.
- Looking forward, Dangote Cement aims to continue expanding across Africa to capture growth fueled by increasing infrastructure
New base energy news issue 873 dated 15 june 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase Special 15 June 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• UAE: Ipic seeks $6.5B from 1Malaysia Development Bhd ( 1MDB)
• Oman: Natural gas consumption rises as output surges by 8.3%
• Tunisia: DualEx Energy surrenders Bouhajla Permit
• Indonesia rejects Exxon proposal to boost Cepu block output
• India: Rosneft Mimics Saudi Strategy to Get Foothold in India
• Norway: Plan Development for Oseberg Vestflanken 2 sanctioned
• US: First new nuclear reactor in almost two decades Starts Ops
• Venezuela's Oil Production Tumbles as Economic Crisis Worsens
• US oil falls to 3-week low on inventory gains, Brexit fears
• IEA sees oil market balance in 2016, surplus to re-emerge next year
• Cheap gas, coal will not hobble investment in renewable energy, says report
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Metallon Corporation, Zimbabwe's largest gold producer, saw its gold output decrease 15% in the first quarter of 2016 compared to the same period last year. This was due to electricity supply interruptions and equipment breakdowns at its How Mine. Specifically, power outages resulted in a loss of around 4,275 ounces of gold production. While some of Metallon's other mines increased production, overall the company is targeting output of 120,000 ounces by the end of 2016 as it invests in upgrades and expansions.
The document provides updates on solutions from various resources companies, including EVRAZ releasing a mobile app to alert employees of potential COVID-19 exposure, Birla Cellulose launching viscose fiber with antimicrobial properties, and JFE Steel completing global deployment of non-contact technology to control steel sheet vibration during galvanizing.
Greetings,
Attached FYI ( NewBase Special 31 May 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• DEWA launches two Static VAR Compensator stations to boost reliability
• Emirates Float Glass wins top EA, achieves lowest carbon footprint
• Saudi Aramco has 212 rigs ,may raise to 250 in 2016
• Saudi rewrites its oil game with refining
• Saudi goes on refinery hiring spree in South Korea
• Saudia: Japanese investment in Jubail's petrochemicals hits SR34B
• Oman commits to invest $7 billion in Indonesia for oil refinery
• Indian Oil Corp to buy LNG from US
• India hungry for rate cut despite 7.3% GDP growth
• Oil jumps 5pc as dollar rally stalls, US rigs fall
• OPEC seen keeping output cap unchanged
• Opec predicts global oil glut to continue for two more years
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Edit
NewBase August 08-2022 Energy News issue - 1536 by Khaled Al Awadi.pdfKhaled Al Awadi
NewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al Awadi
Greetings,
Attached FYI ( NewBase Special 17 September 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
UAE: ENEC completes installation of unit 2 steam generators
UAE: DP World plans solar rooftop project that could generate 40 MW of electricity
Qatar will remain stable LNG supplier to Japan
Kuwait to start offshore oil exploration in two years
Gabon: VAALCO Energy announces first production from the North Tchibala field
Cameroon: Tower Resources signs Thali Production Sharing Contract
US: Falling oil output is underpinning US oil prices
Oil prices Jumped then stabled after U.S. stockdraw, but weak Japan data weighs
This is the path to $60 oil: Strategist
Abu Dhabi non-oil trade at Dhs42.4b
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since
New base energy news issue 946 dated 10 november 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase 09 November 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• UAE set for low-cost power benchmark with Hassyan plant
• UAE: Adnoc to double petrochemical production by 2025
• Saudi Arabia: Saipem awarded EPIC contracts worth $1 billion
• Libya’s Largest Oil Port May Be Ready Next Week for Shipments
• Declining investment in Norway affects exploration drilling
• Oil dips on rising crude inventories after Trump's shock victory
• Adipec 2016: Gas, with the right technology, is a cleaner partner
• Coal resurgent, renewables in retreat: Energy after Trump win
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
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
More Related Content
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A digital copy of the BH24 (28 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (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.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
A digital copy of the Business News 24 (07 August edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
This document is a newsletter from Terra Studio that provides a weekly summary and analysis of base metals, precious metals, and specialty metals markets. It includes summaries of company production reports and project developments, as well as discussions of macroeconomic influences and industry trends. The newsletter disclaims liability for any actions taken based on its analysis and advises readers to consult financial advisors.
This document summarizes PPC Ltd's strategy for managing energy risks in Africa given the energy intensive nature of cement production and volatility of energy prices. PPC has operations in South Africa, Zimbabwe, Botswana, Rwanda, Ethiopia, and DRC. The strategy involves improving energy efficiency, generating their own renewable power through projects like wind and solar, and developing alternative fuels. In countries with electricity shortages like Zimbabwe, the focus is on a mix of renewables and waste heat recovery. In Rwanda, peat and imported coal are used but developing alternative power is critical given the country's limited domestic energy resources and PPC's large electricity needs. Bankability of energy projects is also an important consideration.
1. Monnet Ispat & Energy Limited is an Indian steel company with sectors including steel, sponge iron, and pig iron. It has experienced consistent growth through its diversified business model.
2. The company has expanded operations through acquisitions such as an Indonesian coal company and increasing coal and power generation capacities.
3. Monnet Ispat & Energy Limited engages in corporate social responsibility initiatives in areas like healthcare, education, livelihood generation, and supporting Indian boxing.
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.
Dewa launches a smart power plant in Dubai to develop smart operations and become a sustainable, innovative world-class utility. The plant automatically gathers real-time data from control systems to improve performance and prevent issues. It allows users to access results from any location using computers or smart devices. Oman is on track to achieve a record 1 million barrels per day of crude production for the third consecutive month. Eni announces successful exploration wells drilled in Egypt, including a new gas and condensates discovery and an appraisal well at its large Zohr gas field. Subsea 7 is awarded a major contract by BP and DEA for subsea infrastructure development of three fields offshore Egypt. Sound Energy announces
New base energy news issue 950 dated 17 november 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase 17 November 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• Qatar: Astad signs MoU with Korea Energy Agency
• Egypt to finalise contract with Rosatom to build nuclear plant
• Energy demand set to soar in the Middle East by 2030
• Libya to Nearly Double Oil Output as OPEC’s Task Gets Harder
• US: A $900 Billion Oil Treasure Lies Beneath West Texas Desert
• U.S. oil drilling increasingly focused in Permian Basin
• Oil prices fall on US crude stock build, OPEC remains in focus
• OPEC And Russia Expand Diplomatic Push to Secure Oil-Cuts Deal
• Race for innovation defines new chapter in LNG market
• World Energy Outlook 2016 sees broad transformations in the global energy landscape
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy since 2010
Greetings,
Attached FYI ( NewBase Special 16 March 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• Saudi ACWA Power’s Bokpoort CSP project in South Africa unveiled
• Qatar:Economic diversification reins in oil impact: Minister
• India Mulls Shutting Oldest Nuclear Plants Amid Mounting Costs
• Senegal: Cairn Energy spuds BEL-1 offshore Senegal
• Tanzania: Aminex announces Kiliwani North update
• US: Obama Bars Atlantic Offshore Oil Drilling in Policy Reversal
• Hydraulic fracturing accounts for about half of current U.S. crude oil production
• Russia: NOVATEK completes deal to sell 9.9% stake in Yamal LNG to China's Silk Road
• Fund Oil prices rise as US producers struggle, focus shifts to inventory
• Oil Leaks and Disruptions Doing the Job That Producers Won't
• Near-Record Cash `Comfort' for Canada Oil Firms Amid Price Rout
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
This document is an annual report from Dangote Cement PLC detailing the company's performance and expansion efforts in 2014. Some key points:
- Dangote Cement expanded significantly in 2014, increasing capacity from 34 million tonnes to over 44-54 million tonnes and operating in 13 African countries.
- However, challenging economic conditions in Nigeria like falling oil prices and currency devaluation slowed construction activity and cement demand.
- As a result, revenue grew only 1.4% while profits fell 3.2%. The company also faced some delays bringing new plants online in other countries.
- Looking forward, Dangote Cement aims to continue expanding across Africa to capture growth fueled by increasing infrastructure
New base energy news issue 873 dated 15 june 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase Special 15 June 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• UAE: Ipic seeks $6.5B from 1Malaysia Development Bhd ( 1MDB)
• Oman: Natural gas consumption rises as output surges by 8.3%
• Tunisia: DualEx Energy surrenders Bouhajla Permit
• Indonesia rejects Exxon proposal to boost Cepu block output
• India: Rosneft Mimics Saudi Strategy to Get Foothold in India
• Norway: Plan Development for Oseberg Vestflanken 2 sanctioned
• US: First new nuclear reactor in almost two decades Starts Ops
• Venezuela's Oil Production Tumbles as Economic Crisis Worsens
• US oil falls to 3-week low on inventory gains, Brexit fears
• IEA sees oil market balance in 2016, surplus to re-emerge next year
• Cheap gas, coal will not hobble investment in renewable energy, says report
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Metallon Corporation, Zimbabwe's largest gold producer, saw its gold output decrease 15% in the first quarter of 2016 compared to the same period last year. This was due to electricity supply interruptions and equipment breakdowns at its How Mine. Specifically, power outages resulted in a loss of around 4,275 ounces of gold production. While some of Metallon's other mines increased production, overall the company is targeting output of 120,000 ounces by the end of 2016 as it invests in upgrades and expansions.
The document provides updates on solutions from various resources companies, including EVRAZ releasing a mobile app to alert employees of potential COVID-19 exposure, Birla Cellulose launching viscose fiber with antimicrobial properties, and JFE Steel completing global deployment of non-contact technology to control steel sheet vibration during galvanizing.
Greetings,
Attached FYI ( NewBase Special 31 May 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• DEWA launches two Static VAR Compensator stations to boost reliability
• Emirates Float Glass wins top EA, achieves lowest carbon footprint
• Saudi Aramco has 212 rigs ,may raise to 250 in 2016
• Saudi rewrites its oil game with refining
• Saudi goes on refinery hiring spree in South Korea
• Saudia: Japanese investment in Jubail's petrochemicals hits SR34B
• Oman commits to invest $7 billion in Indonesia for oil refinery
• Indian Oil Corp to buy LNG from US
• India hungry for rate cut despite 7.3% GDP growth
• Oil jumps 5pc as dollar rally stalls, US rigs fall
• OPEC seen keeping output cap unchanged
• Opec predicts global oil glut to continue for two more years
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Edit
NewBase August 08-2022 Energy News issue - 1536 by Khaled Al Awadi.pdfKhaled Al Awadi
NewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al AwadiNewBase August 08-2022 Energy News issue - 1536 by Khaled Al Awadi
Greetings,
Attached FYI ( NewBase Special 17 September 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
UAE: ENEC completes installation of unit 2 steam generators
UAE: DP World plans solar rooftop project that could generate 40 MW of electricity
Qatar will remain stable LNG supplier to Japan
Kuwait to start offshore oil exploration in two years
Gabon: VAALCO Energy announces first production from the North Tchibala field
Cameroon: Tower Resources signs Thali Production Sharing Contract
US: Falling oil output is underpinning US oil prices
Oil prices Jumped then stabled after U.S. stockdraw, but weak Japan data weighs
This is the path to $60 oil: Strategist
Abu Dhabi non-oil trade at Dhs42.4b
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since
New base energy news issue 946 dated 10 november 2016Khaled Al Awadi
Greetings,
Attached FYI (NewBase 09 November 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• UAE set for low-cost power benchmark with Hassyan plant
• UAE: Adnoc to double petrochemical production by 2025
• Saudi Arabia: Saipem awarded EPIC contracts worth $1 billion
• Libya’s Largest Oil Port May Be Ready Next Week for Shipments
• Declining investment in Norway affects exploration drilling
• Oil dips on rising crude inventories after Trump's shock victory
• Adipec 2016: Gas, with the right technology, is a cleaner partner
• Coal resurgent, renewables in retreat: Energy after Trump win
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :- khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Similar to Hwange eyes coal beneficiation, value addition (20)
Air Namibia is advertising new flight routes from Harare, Zimbabwe to Accra, Ghana and Lagos, Nigeria starting on June 29, 2018. Customers are encouraged to book flights soon to avoid disappointment as seats are selling out. Contact information is provided for booking individual flights or group fares by telephone, email, online, or through a travel agent.
In this edition, you will be enlightened on the cornerstone of international aviation which is the Bilateral Air Service Agreement, commonly referred to as BASA, Africa’s plan for a common airspace and taken on a tour of the Eastern Highlands and the new sky
Treasury directs ZINARA to disburse 70pc of funds for rehabilitationZimpapers Group (1980)
- The Zimbabwean equities market extended gains from the previous day, with the industrial index rising 1.32% to 95.28.
- Major stocks like Delta Beverages, Innscor, Econet, Colcom, CFI and Nampak saw share price increases, helping drive the overall market upward.
- Only Barclays and Old Mutual saw share price declines on the day.
- The mining index remained flat at 26.24 as several mining stocks stayed unchanged from their previous closing prices.
The article discusses the Zimbabwe Consolidated Diamond Company (ZCDC), which has been operating without a proper legal framework. The permanent secretary in the Ministry of Mines admitted that unlike other state entities, no act of parliament established the ZCDC. It was instead registered as a company under the Companies Act. There are also concerns about the improperly constituted board of the ZCDC and some controversial decisions that have been made. The parliamentary committee questioned the legitimacy of the board's actions in firing employees and replacing them.
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.
SeedCo, a listed seed producer in Zimbabwe, reported a 3% increase in profit after tax for the fiscal year ending March 31, 2016 compared to the previous year, despite challenges from drought, low commodity prices, and reduced government programs. The company's turnover remained unchanged at $96 million year-over-year. SeedCo was able to increase efficiency and offer competitive pricing, which helped increase its gross margin by 7% during the period. The company plans to focus on growing its ultra-early maize seed varieties to meet increasing demand given changing weather patterns.
Zimbabwe's corporate governance weaknesses have contributed to its poor ratings in international surveys, according to an official. Improving corporate governance could significantly boost Zimbabwe's rankings. The official noted that past governance failures have resulted in the current negative perceptions, and that while some methodology reservations exist, the ratings still factor into potential investors' considerations. The government is working to enhance corporate governance in the public sector through various initiatives.
The Confederation of Zimbabwe Industries has urged the government to introduce Local Content Regulation for all sectors of the economy in order to boost local production. The regulation would give preference to local producers over imports for some goods and services. It would also require manufacturers to include a minimum percentage of local inputs in their production. A CZI economist said the regulation could increase competitiveness by promoting local products first and supporting local employment and procurement.
Isabel dos Santos, the billionaire daughter of Angola's President, has been appointed as the new CEO of state energy firm Sonangol and has pledged to overhaul the company to improve efficiency and margins amid low oil prices. She plans to split Sonangol into three units and increase transparency to international standards in order to generate more revenue for Angola, which relies heavily on oil exports. Dos Santos aims to offset the "huge" economic impact of depressed oil prices through the reforms at Sonangol.
The Zimbabwe Flight Crews Association said that the government is not adequately protecting Air Zimbabwe and is instead licensing competitors to service the same routes as Air Zimbabwe, hurting its ability to compete; they argue the national airline should have first right of refusal on routes. Captain Ottis Shonai stated that new airlines have been given licenses to fly the same routes as Air Zimbabwe, which does not happen elsewhere, and that Air Zimbabwe needs route protection from the government as other national airlines receive.
Government has released $500,000 in funding to support the hosting of this year's Sanganai/Hlanganani World Tourism Expo in Bulawayo after the Zimbabwe Tourism Authority faced financial challenges and was contemplating postponing or cancelling the event. The acting ZTA chief executive said the funds will ensure the expo is a success. Over 160 local tourism companies and 28 international exhibitors from countries like Botswana, South Africa and India have registered to participate. International buyers from Europe, Asia, Africa, the Americas and the Middle East are also expected to attend the expo from June 16-18, 2016.
Fastjet Zimbabwe recorded $0.3 million in revenue since commencing operations in October 2015, with an operating loss of $4 million, as the new airline began flights between Harare, Victoria Falls, and Johannesburg. The performance in the first few months of operations was described as "encouraging" by Fastjet, with 91% of flights arriving on time. However, the Zimbabwe operation was not included in Fastjet's key performance indicators for 2015 as it only became operational in October.
- The Beitbridge Hotel in Zimbabwe, owned 40% by the National Social Security Authority (NSSA), has incurred over $2 million in losses since opening in 2014 and has now been closed by majority owner Rainbow Tourism Group.
- An audit before construction found the hotel would be loss-making, but NSSA insisted it proceed anyway. NSSA's investments are under scrutiny as costs for the Beitbridge Hotel ballooned from an initial $3 million budget to over $49 million.
- The closure puts focus again on NSSA's investment strategies that have put pensioners' funds at risk through apparent non-viable projects like the Beitbridge Hotel.
Standard Chartered Bank plans to launch mobile and online banking platforms in 8 African countries including Zimbabwe in the first half of 2016. The bank aims to grow long-term retail banking revenues in Africa 3-4 times faster than regional economic growth. This strategy contrasts with European rivals retreating from Africa due to falling commodity prices and weak currencies. StanChart is expanding its physical presence as well by adding branches in Nigeria, as it seeks to protect and grow its market share on the continent.
Tongaat Hulett's sugar production in Zimbabwe declined 7.4% to 412,000 tonnes for the year ending March 31, 2016. Sales also declined, falling to 403,000 tonnes compared to 491,000 tonnes the previous year. The company reported its Zimbabwe division's financial performance was negatively impacted by lower sugar production and export underperformance. Looking ahead, Tongaat Hulett forecast sugar production could rise up to 12% to 1.15 million tonnes in the new financial year depending on rainfall.
Industry, Finance ministries working on Zimbabwe tariff order for EPA Zimpapers Group (1980)
The Zimbabwean government is working to establish the necessary legal framework to fully implement an Economic Partnership Agreement (EPA) signed with the European Union in 2009, which establishes a free trade area between the EU and Zimbabwe. The EPA grants duty-free access for trade between the EU and Zimbabwe, and Zimbabwe is expected to progressively liberalize 80% of imports from the EU by 2022. Government officials are working with the Ministry of Finance to gazette a Zimbabwe tariff order to pave the way for implementing the trade agreement.
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1. By Tawanda Musarurwa
HARARE -Hwange Colliery
Company says it plans to
commence beneficiation of its
main coal product into sev-
eral value added products,
managing director Mr Thomas
Makore has said.
Mr Makore said the benefici-
ation plans will significantly
benefit Zimbabwe's energy
sector.
"As part of our own ZimAsset
contribution we want to ben-
eficiate coal into a final prod-
uct and the final product can
either be coal or coke peas,
nuts and cobbles, or it can be
electricity. Now when you con-
vert coal into electricity that
is value addition because we
use electricity in our homes
and we use electricity in our
industries. "So when we sell coal yes we
are selling it as a final product
News Update as @ 1530 hours, Friday 12 February 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Hwange eyes coal beneficiation, value addition
2. and better still it can be sold
as electricity," he said speak-
ing at a ZimAsset Conference
this afternoon.
Currently, almost all the raw
coal mined in the country
is used internally, after the
product has been beneficiated
to levels required by the cur-
rent targeted user.
He said the company was cur-
rently in the process of look-
ing into producing coal-bed
and coal-mine methane.
"In terms of specific areas
that we are doing projects in
line with value addition and
in line with ZimAsset we are
busy with studies and explora-
tion on coal-bed methane and
coal-mine methane.
"These gases can be used for
domestic cooking gas, and you
can also use the same gases
to generate power so that's
another value addition project
that we are looking at.
"We also want to resuscitate
our coke oven battery, which
stopped because of age and
operational reasons. This
coke oven battery allows us to
make coke that is used in the
steel and ferrochrome indus-
try.
"It also produces coke oven
gas, which means the boil-
ers at ZPC don't have to use
diesel to fire up, they can use
this gas and therefore they
do not have to use diesel and
then we get by-products from
this coke oven battery such
as benthol and tar products,
which we supply to ZimChem
for the manufacture of paint
products," said Mr Makore.
In an earlier study by the
Chamber of Mines Zimbabwe,
the institution said locally pro-
duced coal, with the exception
of Hwange coal, is low in value
and distances from source to
utility or coal energy utilising
centres is relatively long.
To this extent said the Cham-
ber of Mines "coal consists
of fractions of good quality
material mixed with mineral
impurities and harmful sub-
stances like sulphur and mer-
cury. This makes it imperative
to beneficiate the coal either
before delivery to the market
or before utilisation.●
2 news
Mr Thomas Makore
4. HARARE – ASA Resource Group
(formerly Mwana Africa) says
cost control measures and
improved production efficiencies
at its operations in Zimbabwe
resulted in enhanced production
during the third quarter ended
December 31 last year.
ASA owns and operates Freda
Rebecca Gold Mine and Trojan
Nickel Mine in Zimbabwe.
In a production update, ASA
chief executive Mr Yat Hoi Ning
said both operations registered
increased production despite a
challenging business environ-
ment.
“With the ongoing improvements
put in place by management, our
businesses are slowly but surely
showing good progress on all
levels,” he said.
During the quarter, Freda Rebec-
ca’s gold sales rose by 2.4 per-
cent to 18 506 ounces with the
increase being attributed to
improvements in feed grade and
recoveries.
Cash costs were reduced by 5.6
percent in the quarter under
review to $820 per ounce while
all-in sustaining costs were
reduced by three percent to
$988 per ounce.
“We endeavor to continue with
our rolling plan at Freda Rebecca,
as it continues to yield positive
results,” Yat said.
At Trojan, nickel concentrate
production increased 10 percent
to 1 584 tons while nickel sales
grew 5. 6 percent to 1 577 tons
at an average net price of $6 121
per ton.
Improved nickel concentrate
production was primarily due
to an increase in average head
grade and recoveries achieved
by mining more of the higher
grade ore reserves.
Mr Yat said the New Year also
started off well, with results in
January promising and encour-
aging.
“Trojan had a good start in the
year. Despite experiencing a lost
week at the start of the month
our nickel production was close
to the target of 644 tonnes, only
short by 33 tons in terms of pro-
duction targets.
“It is expected that the call
for the last quarter will be met
due primarily to operational
improvements which will result
in reduced underground power
interruptions, resolution of
compressed air shortages and
increased access to dump trucks,
enhancing the development pace
and hence increased access to
high grade ore,” he said.
“At Freda Rebecca in January
2016 there was an improvement
in gold production during the
month resulting in 5,769 ounces
being produced (Dec 2015 –
5,688 ounces) at an average
realized price of $1,109/ ounce.”
Mr Yat said power supply
remained a major disruption fac-
tor but counter measures were
being put in place starting this
month.
“In the meantime, our cost con-
trol measures shall continue in
order to optimise the perfor-
mance of the mines. I remain
confident that this pattern of
steady improvement will persist
until operating tar targets are
reached,” he said.-New Ziana●
4 news
Freda Rebecca and BNC record increased production
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5
6. By Funny Hudzerema
HARARE - Government has
started to conducting aware-
ness campaigns to promote
the installation of solar water
heaters in residential areas to
mitigate against power short-
ages in the country
The programme is expected to
see the replacement of elec-
tric geysers with solar water
heaters. Government is plan-
ning to install and retrofit 250
000 solar geysers over the
next five years.
In a statement secretary for
energy and power develop-
ment Partson Mbiriri said
the programme will increase
awareness on the advantages
of using solar waters heaters.
“Zimbabwe is one of the many
southern countries adversely
affected by power shortages
so much that saving power
becomes a priority.
“The awareness team under
the national solar water heat-
ing programme, comprising
of 30 members is planning on
charring a door to door cam-
paign,” he said.
Studies carried out have
shown that 40 percent of elec-
tricity consumed in the home
goes to water heating.
“If solar water heaters are
installed on all houses the
saving on electricity con-
sumption can be directed to
other productive sectors of
the economy.
“Research has shown that
solar water heaters save
money at house hold level,
reduce power consumption at
national level and are envi-
ronmentally friendly,” he said.
National power demand was
currently estimated at about
2 200 MW against available
generation capacity of around
1 200 MW and installed capac-
ity of 1 960 MW.●
6 news
Government rolls out solar water heater campaign
8. HARARE - The Reserve Bank
of Zimbabwe (RBZ) has
licensed the third micro-fi-
nance bank (MFB) in the
country as it seeks to widen
options for the banking public
and encourage savings.
The central bank upgraded the
license of microfinance insti-
tution Collarhedge Finance to
an MFB. At the same time last
year, the RBZ licensed Afri-
can Century Limited as the
country’s first ever MFB, after
which it licensed Getbucks
Financial Services in August
2015.
“The entrance of more play-
ers in the financial sector
bodes well for efforts aimed
at promoting the deepening
of financial markets,” the RBZ
said.
The earlier licensed MFBs
commenced operations this
January while Collarhedge is
still getting its house in order
in line with its new mandate.
Licensing of MFBs, which have
less stricter requirements
than commercial banks, is
expected to improve access
to financial services by peo-
ple in lower income groups.
The RBZ announced inten-
tions to license MFBs in 2013
but there had not been any
takers until 2015 as cap-
ital constraints prevented
MFIs from upgrading their
licenses. Micro-finance banks
are required to have a mini-
mum capital threshold of $5
million.
Experts in the MFIs sector
say some of the institutions
are not keen to upgrade their
licenses to avoid increased
scrutiny by the central bank.
According to the apex bank,
there were 155 registered
MFIs at the end of last year.
MFBs, which are referred to
in some countries as “bank-
ing for the poor”, are popular
and are flourishing in coun-
tries such as Nigeria where
over 700 are in operation.
MFBs are known for being the
major players in supporting
the informal sector as well as
small to medium enterprises,
which in the case of Zimba-
bwe has become the “new”
economy. - New Ziana●
8 news
RBZ registers third microfinance bank
9. HARARE - The local bourse's
losses over the week out-
weighed the earlier gains as
the mainstream industrial
index lost 0.83 (or 0,82 per-
cent) on a week-on-week
basis.
Following today's trades, the
industrial index closed the
week on a low note following
a 0.19 loss to settle at 100.84
as AFDIS lost $0,0200 to trade
at $0,4800 while crocodile
skin producer Padenga was
$0,0050 weaker at $0,0600.
No counter traded in the posi-
tive territory.
But beverages giant Delta,
Fidelity Life, Old Mutual
and TSL were unchanged at
$0,5250, $0,0950, $1,8000
and $0,1350 in that order.
The mining index shed 0.79 to
close at 100.84 after Bindura
retreated $0,0010 to trade at
$0,0090.
Gold producer Falgold, Hwange
and RioZim maintained previ-
ous price levels at $0,0050,
$0,0300 and $0,1040, respec-
tively.
Week-on-week, the mining
index retreated 0.79 (or 4,05
percent). - BH24 Reporter
●
ZSE9
Industrial, mining indices close week on a low
Peace of mind is good
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10. Movers CHANGE Today Price USc SHAKERS Change TODAY Price USc
Bindura -10.00 0.90
Padenga -7.69 6.00
AFDIS -4.00 48.00
Index Previous Today Move Change
Industrial 101.03 100.84 -0.19 points -0.19%
Mining 19.53 18.74 -0.79 points -4.05%
10 zse tables
ZSE
Indices
Stock Exchange
Previous
02 03
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today
11. 11 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
12 February 2016
Energy
(Megawatts)
Hwange 549 MW
Kariba 285 MW
Harare 19 MW
Munyati 28 MW
Bulawayo 0 MW
Imports 0 - 350 MW
Total 1275 MW
—18 February 2016 - 70th Annual General Meeting of the members of CAFCA ; Place: Boardroom at the company’s registered office
at 54 Lytton Road, Workington, Harare; Time: 12:00 hours
—23 February 2015 - 38th Annual General Meeting of the members of Powerspeed Electrical Limited; Place: Powerspeed Board-
room, Gate 1, Powerspeed Complex, Corner Cripps Road and Kelvin Road North, Graniteside, Harare; Time: 1100 hours
25 February 2016 - Extraordinary General Meeting (“EGM”) of the Shareholders of Radar Holdings Limited; Place: Tanganyika
House, 6th Floor Boardroom, Harare; Time: 0900 hours...
25 February 2016 - The 49th Annual General Meeting of Mashonaland Holdings Limited; Place: The Boardroom, 19th Floor, ZB Life
Towers, 77 Jason Moyo Avenue, Harare; Time: 1200 hours...
26 February 2016 - The Sixty-ninth Annual General Meeting of Ariston Holdings Limited; Place: Ariston Holdings Limited Main
Boardroom, 306 Hillside Road, Msasa Woodlands, Harare: Time: 14.30 hours:
THE BH24 DIARY
12. JOHANNESBURG - THE rand
was firmer at midday today
amid a weaker dollar environ-
ment. Investors recently sold
the greenback after remarks
by US Federal Reserve chair-
woman Janet Yellen that
global economic growth con-
cerns could result in the Fed’s
holding back on further inter-
est rate increases this year.
At 11.34am the rand was
at 15,7594 against the dol-
lar from a previous close of
15,8571.
Against the euro, the rand
was at 17,7859 from 17,9284
and was at 22,9153 against
the pound from 22,8880 pre-
viously.
The euro was at $1,1286 from
$1,1321 previously.
TreasuryOne chief currency
dealer Wichard Cilliers said
the rand staged a strong rally
on Thursday before President
Jacob Zuma’s state of the
nation address. However, the
rally could have been attrib-
uted to Ms Yellen’s conceding
that the Fed was evaluating
the possibility of negative
interest rates, as they would
want to be prepared in the
event that it was needed for
added accommodation, he
said.
"This sounds like doomsday
prepping, but if you take a
look at the continual slump
in global equities, it looks
as if markets themselves are
starting to price in a sharp
slowdown in the global econ-
omy and even a recession in
the US," Mr Cilliers said.
Rand and emerging market
gains were teetering back
and forth. Bad news for the
US weakens the dollar and
helps the rand become firmer,
but if sentiment gets too neg-
ative, risk currencies suffer
and the rand gives back all of
its gains, Mr Cilliers said.
There is a fine line and the
swings are volatile and
aggressive, with a 40c spread
between the high and low of
the day becoming the new
norm.
The rand looked set to defy
conventional wisdom on Fri-
day and continue to move
stronger, despite the worry
over the global climate and
a lack of credibility follow-
ing the state of the nation
address, Mr Cilliers said.-
BDLive●
regioNAL News12
Rand firms as dollar weakens
13. SINGAPORE — Gold today
clung to sharp overnight gains
that pushed the metal to a
one-year high, and looked set
to post its best week in more
than four years as stock mar-
ket turmoil stoked safe haven
demand.
Asian shares slid as mount-
ing concern about the health
of European banks further
threatened a global economic
outlook. MSCI’s global stock
index closed more than 20
percent below its record high,
while safe-haven assets shone
across the board.
US 10-year Treasury yields hit
their lowest since 2012 and the
yen climbed to its highest in
15 months against the dollar,
while money continued to flow
into gold-backed exchange-
traded funds (ETFs).
Spot gold rose to $1 260,60
on Thursday, its highest in
a year, before paring some
gains to close up 4 percent in
its biggest daily gain in about
two-and-a-half years. On Fri-
day it eased 0,9 percent to $1
235,85 by 3.35am GMT.
"We are seeing a flight to
quality," said a Sydney-based
trader. "ETFs have been accu-
mulating the metal for some
time now. They are one of the
main drivers (of the gold rally)
along with the equity markets
which are extremely soft."
Assets in SPDR Gold Trust,
the world’s top gold ETF, rose
2 percent on Thursday, the
biggest inflow in two months.
Total holdings of the top
eight gold ETFs have risen
by 3,8-million ounces so far
this year, after three straight
years of decline.
The risk-off sentiment has
made gold the best-perform-
ing commodity in 2016, ANZ
said, while others predicted
further gains. Yuichi Ikemizu
at Standard Bank in Tokyo said
"$1 300 would be possible if
stocks don’t stop falling".
Jeffrey Gundlach, co-founder
and CEO of DoubleLine Cap-
ital, said gold was likely to
reach $1 400 as investors lost
faith in central banks. For the
week, spot gold is up 5,5 per-
cent, the biggest weekly gain
since October 2011.
US gold futures are set to post
a gain of nearly 7 percent for
the week, the sharpest such
jump since 2008.
Also helping gold were dovish
comments from US Federal
Reserve chairwoman Janet
Yellen, who stressed that the
US central bank was not on a
"preset" path to return policy
to "normal" amid a worsening
meltdown in global stock mar-
kets.
Though Ms Yellen said she still
expected the Fed to gradu-
ally raise rates this year, fed-
eral funds rate futures have
almost completely priced out
the chance of a rate hike.
Platinum was down $6,64 or
0,7 percent at $949,85 and
palladium lost $2,62 or 0,5
percent to $518,83.-Reu-
ters●
internatioNAL News13
Gold holds strong overnight gains, has biggest weekly rise in more than four years
14. IKE Hearn, a British computer pro-
grammer, holed up in his two-bed-
room apartment in Zurich over
several days and nights this month,
writing a cri de coeur.
Two years ago, Hearn quit a cushy
programming job at Google’s Swiss
offices to devote himself full time to
his great passion: the virtual currency
bitcoin.
He was one of a handful of developers
in the world dedicated to maintaining
the basic software that governs the
creation of new bitcoins and the net-
work on which the financial transac-
tions take place.
But a nasty fight has torn apart the
small brotherhood of bitcoin devel-
opers and raised questions about
the survival of the virtual currency.
Hearn, until recently a prominent
leader of the bitcoin project, became
so disillusioned that in December he
sold his last few hundred bitcoins and
quietly took a job at a start-up.
HIS impassioned blog post was an
announcement that he was leaving:
"Bitcoin has gone from being a trans-
parent and open community to one
that is dominated by rampant cen-
sorship and attacks on bitcoiners by
other bitcoiners."
The dispute has exposed fundamen-
tal differences about the aims of
bitcoin and how online communities
should be governed. The two camps
have broadly painted each other
as, on one side, populists who are
focused on expanding bitcoin’s com-
mercial potential and, on the other
side, elitists who are more concerned
with protecting its status as a radical
challenger to existing currencies.
In the past six months, the divide
has led to death threats against bit-
coin developers and hacking attacks
that have taken down internet service
providers. These internal struggles
have surfaced as the bitcoin technol-
ogy is gaining credibility. Throughout
the controversies that have plagued
the virtual currency — including many
instances of theft and fraud — the
basic software has continued working
as expected.
That consistency has pushed the
value of all outstanding bitcoins to
more than $6bn and led many ven-
ture capitalists to imagine the tech-
nology as the future of finance, a
cheaper and faster way to carry out
financial transactions of all sorts.
Part of bitcoin’s appeal has been its
promise to provide a more reliable
and trustworthy alternative to exist-
ing currencies and financial networks.
Unlike the US Federal Reserve and
Wall Street, institutions managed by
humans, bitcoin was supposed to rest
on the infallible logic of maths and
computer code.
The current dispute, though, is a
reminder that the bitcoin software
is an evolving product of the human
mind, and its deployment is vulnera-
ble to human frailties and divergent
ideals.
GAVIN Andresen, a close collabora-
tor of Hearn’s and one of the long-
est-standing contributors to the
bitcoin software, says the dispute
is likely to cause disruptions in the
short term, but he disagrees with the
notion that it will damage bitcoin’s
long-term prospects.
Other bitcoin leaders express a sim-
ilar sentiment, and investors have
been inclined to believe them: the
price of a bitcoin has risen in recent
months, to about $430.
Some of Hearn’s allies hope the dead-
lock can be broken if the largest bit-
coin companies get behind Bitcoin
Classic, a new version of the basic
bitcoin software that was announced
this month and that aims to expand
the network’s capacity while also
introducing new standards of govern-
ance.
But Hearn is convinced it is too late.
"It never occurred to me that the
thing could just fall apart because
of people getting crazy and having
fundamental political disagreements
over the goals of the project," Hearn
says. "It’s really shaken my faith in
humanity."
Hearn, 31, grew up in Manchester,
England. He was one of the first seri-
ous programmers to take an interest
in bitcoin, in April 2009, a few months
after its mysterious founder, known
as Satoshi Nakamoto, let it loose.
Like many of the programmers who
took an early interest, Hearn admired
the rule-bound nature of the system.
Only 21-million bitcoins would ever
be created. And the distribution of
new bitcoins was clearly laid out, rely-
ing on mathematical algorithms that
left no room for human meddling.
Satoshi had written the software
containing these rules, but after it
14 analysis14 analysis
Bitcoin at risk as developers quarrel over system
15. 15 analysis15 analysis
was released, anyone could see the
code and make changes. The peo-
ple downloading this open-source
software voted on which changes to
accept based on which version of the
software they chose to use.
If Satoshi proposed changes they
didn’t like, they didn’t have to down-
load and run it, and anyone could
offer an alternative. Bitcoin, like
many other open-source projects,
was a sort of leaderless democracy
— a new way of governing human
behaviour online.
Hearn joined a small but growing
group of volunteers who worked on
the basic bitcoin software — the most
committed of whom became known
as the core developers. They met in
person only a handful of times, but
they would chat constantly online
and send e-mails discussing potential
changes.
The leader of this effort, after
Satoshi bowed out in 2011 (without
ever revealing a real identity), was
US-based Andresen, who kept every-
one on the same page.
THE bonhomie began to fall apart last
year because of what appeared to be
a positive development: the continu-
ing growth in the number of bitcoin
users and transactions.
The problem was that, early on,
Satoshi established a limit on the
number of transactions that could be
processed every 10 minutes. The cap
was meant to ensure that the com-
puters processing transactions would
not be overwhelmed.
But Satoshi had suggested that the
limit should be temporary, and as the
number of transactions inched closer
to the cap, delays started to occur and
transactions were not going through.
When Hearn began pushing for
changes to the core bitcoin software
to allow for larger blocks of trans-
action data, he faced resistance.
Gregory Maxwell, a largely self-
taught programmer who had worked
on Wikipedia and the Mozilla web
browser, said larger blocks of transac-
tion data would be harder for ordinary
computers to process. The result, he
warned, would be to hand control
over the network to big companies
that could afford powerful computers.
For Maxwell, slower transactions
seemed to be a secondary issue to
protecting bitcoin from centralised
sources of authority. Hearn retorted
that the technical issue wasn’t such
a big deal; ordinary computers could
mostly process the larger blocks of
data. More important, he argued, was
that bitcoin needed to succeed as a
cheaper, faster payment network,
such as PayPal or Visa.
If bitcoin wanted to compete with
mainstream payment systems that
could process thousands of trans-
actions a second, it would have to
do away with its limit of fewer than
seven transactions a second.
As the debate grew increasingly frac-
tious, friendships among the core
developers fell apart. Hearn and
Andresen decided last year that the
only way forward was to give the
vote to the people using the software.
They put together a version of the
software — largely the same as the
current software, but with an allow-
ance for more transactions — called
Bitcoin XT.
If a clear majority of the system’s
users downloaded the software, it
would become the new law of the
land — what is known in open-source
terminology as a fork.
The release of Bitcoin XT was viewed
by Maxwell as a betrayal. It was dem-
ocratic, but he said decisions about
the core software should be made by
technical experts — not by populist
campaigns.
Maxwell and his supporters tried to
engineer a compromise. They organ-
ised meetings in Montreal and Hong
Kong for leading developers to dis-
cuss ways to scale bitcoin. Andresen
went to the first, where Maxwell’s
allies announced a more gradual plan
for increasing network capacity. But
Andresen and Hearn felt the recom-
mendations didn’t go far enough.
Despite the discord, Hearn has not
lost faith in all of the ideas behind
bitcoin. The start-up in New York,
where he has taken a new job, R3,
is developing networks for banks to
enable cheaper and faster ways to
trade assets of all sorts.
This work lacks the purity of maintain-
ing bitcoin, but after months of sleep-
less nights, fretting about betrayed
promises, Hearn says: "I want to be
in a professional environment again
where people are grounded in some
sort of business reality."-New York
Times●