A digital copy of the BH24 (12 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
The IMF resident representative in Zimbabwe expressed concerns to parliament about the Zimbabwe Asset Management Corporation (ZAMCO) taking on large amounts of debt from insolvent state-owned and private companies. This could potentially become a significant liability for the Zimbabwean state. The IMF representative said they have also raised concerns about rising treasury bill issuance to finance budget deficits and proposed reforms not being implemented. Their views appear to contradict an earlier positive assessment of ZAMCO by the IMF, indicating their position may be shifting ahead of further reviews of Zimbabwe's economic program.
The document reports on the escalating public row between South Africa's Hawks police unit and Finance Minister Pravin Gordhan, as the Hawks threatened legal action against the minister, causing the South African rand currency to crash through 16 to the US dollar level. The fight between the Hawks and Gordhan erupted after the unit sent him questions about a "rogue" SARS tax agency unit just before the budget, and analysts are concerned that Gordhan's departure could damage the economy as it faces recession risks.
A digital copy of the BH24 (04 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
The IMF resident representative in Zimbabwe expressed concerns to parliament about the Zimbabwe Asset Management Corporation (ZAMCO) taking on large amounts of debt from insolvent state-owned and private companies. This could potentially become a significant liability for the Zimbabwean state. The IMF representative said they have also raised concerns about rising treasury bill issuance to finance budget deficits and proposed reforms not being implemented. Their views appear to contradict an earlier positive assessment of ZAMCO by the IMF, indicating their position may be shifting ahead of further reviews of Zimbabwe's economic program.
The document reports on the escalating public row between South Africa's Hawks police unit and Finance Minister Pravin Gordhan, as the Hawks threatened legal action against the minister, causing the South African rand currency to crash through 16 to the US dollar level. The fight between the Hawks and Gordhan erupted after the unit sent him questions about a "rogue" SARS tax agency unit just before the budget, and analysts are concerned that Gordhan's departure could damage the economy as it faces recession risks.
A digital copy of the BH24 (04 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
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.
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.
The Deposit Protection Corporation (DPC) has called another creditors' meeting for Allied Bank on May 5. This follows a February meeting where $6 million in claims were provisionally accepted. At a June 2015 meeting, $9.7 million in claims were accepted while $356,196 were rejected. The purpose of the latest meeting is to allow creditors who missed the previous two meetings to submit proof of their claims. Allied Bank is currently under liquidation and the assets were $25.8 million while liabilities were $34.4 million when liquidation began in February 2015. The DPC chief executive acknowledged recovering loans and selling assets has proven difficult due to issues such as loans being transferred to third parties and many facilities lacking
- 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 Group posted satisfactory results for 2013, with significant growth in net interest income and non-interest income across jurisdictions. However, profitability growth was reduced by higher loan impairments compared to previous years. The Board and management are committed to permanently resolving the impairment issue to avoid impacting future performance. Sub-Saharan Africa saw strong economic growth of 5.1% in 2013, led by commodity prices and public infrastructure spending. However, risks remain from the tapering of US monetary stimulus and potential election-related volatility in some countries.
The Nigerian stock market declined further as most stocks closed lower. Sector indices were mixed, with banking and insurance stocks declining due to losses in UBA and other financials. Market turnover fell 24.9% as trading concentrated in a few stocks. SABMiller reported strong growth in Nigeria, with revenue up 33% year-over-year, driven by 27% volume growth. However, growth may slow to 3-4% this year as lower oil prices impact consumption. The government may raise VAT from 5% to 10% and cancel projects if oil prices continue falling.
The document provides an overview of Kenya's 2017/2018 budget speech and key proposals. It discusses economic growth projections, reducing fiscal deficit, interest rates, improving business environment, special economic zones, agriculture, automotive industry, tourism, oil and gas, fishing industry, housing, financial services, taxation measures, and personal income tax changes. The overall aim is to create jobs and improve livelihoods through various economic initiatives and reforms.
Christo Wiese is launching a major push into industrial goods in emerging markets through his 37.2% stake in Invicta Holdings, a South African distributor of industrial equipment. Invicta has grown its revenue by 68% and profits by 71% over 5 years through distributing products like bearings, construction equipment, and agricultural machinery. Invicta's CEO plans to raise up to R2.3 billion through debt and equity over the next year to fund global expansion into markets like Asia and Eastern Europe through acquisitions. This expansion aims to diversify Invicta's revenue outside of South Africa and capitalize on growth in emerging industrial and infrastructure sectors globally.
This document is the annual report for ANSA Merchant Bank for the year 2016. It includes reports from the Chairman and Managing Director, which discuss the bank's financial performance for the year and outlook. Some key points:
- Profit before tax increased 8% to $322 million, the second highest result in the bank's history.
- Total assets increased by $670.5 million to $7.4 billion due to organic growth and the acquisition of Consolidated Finance Co. Limited.
- Loans and receivables grew to comprise 31% of total assets, up from 28% the prior year.
- Total equity increased 8% to $2.2 billion, and the board approved a dividend of
Legacy Education Alliance is a leading international provider of personal finance and business education. It operates globally with over 200 employees and has served over 2 million students from over 150 countries. Legacy Education's flagship brand is Rich Dad Education, based on the teachings of Robert Kiyosaki. The company generates revenue from workshops, seminars, conferences, and online/on-demand offerings. It has a portfolio of 10 brands and intends to continue growing through new brand development and expanding its global footprint.
The daily report provides an overview of the performance of domestic and global stock markets on November 28, 2019. Domestically, the Sensex closed up 0.49% and the Nifty closed up 0.52%. Yes Bank, UltraTech Cement and SBI were among the top gainers. Losing stocks included Bharti Infratel and Cipla. Globally, major indices like the Dow Jones, S&P 500 and Nasdaq closed up modestly. The report also provides technical recommendations for buying TVS Motors, Nifty futures and Bank Nifty futures based on chart patterns and support/resistance levels.
This document brings together a set of latest data points and publicly available information relevant for Resources. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
The document discusses Calpian's Money on Mobile (MoM) business in India. [1] MoM has experienced strong growth, with transaction volume up 220% year-over-year and revenue growth of 43% year-over-year. [2] MoM sees significant growth opportunities in India given the country's large unbanked population and cash economy, with the potential to become an $8 billion market. [3] MoM aims to expand its reach across India and increase the transactions per customer to tap this large potential market.
The document discusses the state of the Indian economy in 2011-12. It notes that GDP growth slowed to 6.9% from the previous two years due to factors like the Eurozone debt crisis and rising oil prices. Inflation remained high but indicators suggest the economy is recovering. The Twelfth Five Year Plan aims to achieve faster and more inclusive growth. Key economic reforms and policy changes are also summarized.
Ahli bank weekly capital markets newsletter 23rd 27th of june 2019ahli bank
1) The Amman Stock Exchange index rose over the past week, with the financial sector index increasing by 1.16%. Trading volumes and values increased compared to the previous week.
2) Egypt aims to conclude a non-financial agreement with the IMF by October to replace its existing loan program and reassure investors.
3) Abu Dhabi is seeking to increase the private sector contribution to its GDP from 32% to 37% over the next three years, and increase foreign direct investment in the non-oil sector.
Lorraine Pridgeon is an interior decorator and designer based in Zimbabwe with over 20 years of experience running her own business. She holds a British passport and is actively looking for work abroad due to Zimbabwe's economic climate. She specializes in interior decorating projects both large and small. She has strong design, organization, and client relations skills and has worked with various fabric and paint suppliers on projects for businesses and homes.
The document summarizes the state of Bermuda's economy, which has been in decline since 2008. The two main pillars of Bermuda's economy - international business and tourism - have been shrinking. As a result, employment and real estate sales are down, while government debt and health care costs are up. The aging population also threatens to increase costs and reduce the number of taxpayers. The document calls for examining policies from the 1950s-60s to determine if they still promote economic progress, and outlines several agenda items for 2012, including infrastructure projects, gambling, real estate rules, and privatizing government services to address Bermuda's economic challenges.
The document discusses Green Impact, an environmental accreditation scheme that encourages pro-environmental behaviors in universities and organizations. It empowers sustainability champions to gain recognition for their efforts and compete to increase organization-wide awareness of environmental issues. As part of Green Impact, all participating departments must be audited. Harikrishna Vignesh volunteered to be trained and act as an auditor through an IEMA-approved training course on auditing and evaluating environmental behavior change. Following the training, he conducted two successful audits for the Green Impact Team in a professional manner and provided fast results.
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.
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.
The Deposit Protection Corporation (DPC) has called another creditors' meeting for Allied Bank on May 5. This follows a February meeting where $6 million in claims were provisionally accepted. At a June 2015 meeting, $9.7 million in claims were accepted while $356,196 were rejected. The purpose of the latest meeting is to allow creditors who missed the previous two meetings to submit proof of their claims. Allied Bank is currently under liquidation and the assets were $25.8 million while liabilities were $34.4 million when liquidation began in February 2015. The DPC chief executive acknowledged recovering loans and selling assets has proven difficult due to issues such as loans being transferred to third parties and many facilities lacking
- 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 Group posted satisfactory results for 2013, with significant growth in net interest income and non-interest income across jurisdictions. However, profitability growth was reduced by higher loan impairments compared to previous years. The Board and management are committed to permanently resolving the impairment issue to avoid impacting future performance. Sub-Saharan Africa saw strong economic growth of 5.1% in 2013, led by commodity prices and public infrastructure spending. However, risks remain from the tapering of US monetary stimulus and potential election-related volatility in some countries.
The Nigerian stock market declined further as most stocks closed lower. Sector indices were mixed, with banking and insurance stocks declining due to losses in UBA and other financials. Market turnover fell 24.9% as trading concentrated in a few stocks. SABMiller reported strong growth in Nigeria, with revenue up 33% year-over-year, driven by 27% volume growth. However, growth may slow to 3-4% this year as lower oil prices impact consumption. The government may raise VAT from 5% to 10% and cancel projects if oil prices continue falling.
The document provides an overview of Kenya's 2017/2018 budget speech and key proposals. It discusses economic growth projections, reducing fiscal deficit, interest rates, improving business environment, special economic zones, agriculture, automotive industry, tourism, oil and gas, fishing industry, housing, financial services, taxation measures, and personal income tax changes. The overall aim is to create jobs and improve livelihoods through various economic initiatives and reforms.
Christo Wiese is launching a major push into industrial goods in emerging markets through his 37.2% stake in Invicta Holdings, a South African distributor of industrial equipment. Invicta has grown its revenue by 68% and profits by 71% over 5 years through distributing products like bearings, construction equipment, and agricultural machinery. Invicta's CEO plans to raise up to R2.3 billion through debt and equity over the next year to fund global expansion into markets like Asia and Eastern Europe through acquisitions. This expansion aims to diversify Invicta's revenue outside of South Africa and capitalize on growth in emerging industrial and infrastructure sectors globally.
This document is the annual report for ANSA Merchant Bank for the year 2016. It includes reports from the Chairman and Managing Director, which discuss the bank's financial performance for the year and outlook. Some key points:
- Profit before tax increased 8% to $322 million, the second highest result in the bank's history.
- Total assets increased by $670.5 million to $7.4 billion due to organic growth and the acquisition of Consolidated Finance Co. Limited.
- Loans and receivables grew to comprise 31% of total assets, up from 28% the prior year.
- Total equity increased 8% to $2.2 billion, and the board approved a dividend of
Legacy Education Alliance is a leading international provider of personal finance and business education. It operates globally with over 200 employees and has served over 2 million students from over 150 countries. Legacy Education's flagship brand is Rich Dad Education, based on the teachings of Robert Kiyosaki. The company generates revenue from workshops, seminars, conferences, and online/on-demand offerings. It has a portfolio of 10 brands and intends to continue growing through new brand development and expanding its global footprint.
The daily report provides an overview of the performance of domestic and global stock markets on November 28, 2019. Domestically, the Sensex closed up 0.49% and the Nifty closed up 0.52%. Yes Bank, UltraTech Cement and SBI were among the top gainers. Losing stocks included Bharti Infratel and Cipla. Globally, major indices like the Dow Jones, S&P 500 and Nasdaq closed up modestly. The report also provides technical recommendations for buying TVS Motors, Nifty futures and Bank Nifty futures based on chart patterns and support/resistance levels.
This document brings together a set of latest data points and publicly available information relevant for Resources. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
The document discusses Calpian's Money on Mobile (MoM) business in India. [1] MoM has experienced strong growth, with transaction volume up 220% year-over-year and revenue growth of 43% year-over-year. [2] MoM sees significant growth opportunities in India given the country's large unbanked population and cash economy, with the potential to become an $8 billion market. [3] MoM aims to expand its reach across India and increase the transactions per customer to tap this large potential market.
The document discusses the state of the Indian economy in 2011-12. It notes that GDP growth slowed to 6.9% from the previous two years due to factors like the Eurozone debt crisis and rising oil prices. Inflation remained high but indicators suggest the economy is recovering. The Twelfth Five Year Plan aims to achieve faster and more inclusive growth. Key economic reforms and policy changes are also summarized.
Ahli bank weekly capital markets newsletter 23rd 27th of june 2019ahli bank
1) The Amman Stock Exchange index rose over the past week, with the financial sector index increasing by 1.16%. Trading volumes and values increased compared to the previous week.
2) Egypt aims to conclude a non-financial agreement with the IMF by October to replace its existing loan program and reassure investors.
3) Abu Dhabi is seeking to increase the private sector contribution to its GDP from 32% to 37% over the next three years, and increase foreign direct investment in the non-oil sector.
Lorraine Pridgeon is an interior decorator and designer based in Zimbabwe with over 20 years of experience running her own business. She holds a British passport and is actively looking for work abroad due to Zimbabwe's economic climate. She specializes in interior decorating projects both large and small. She has strong design, organization, and client relations skills and has worked with various fabric and paint suppliers on projects for businesses and homes.
The document summarizes the state of Bermuda's economy, which has been in decline since 2008. The two main pillars of Bermuda's economy - international business and tourism - have been shrinking. As a result, employment and real estate sales are down, while government debt and health care costs are up. The aging population also threatens to increase costs and reduce the number of taxpayers. The document calls for examining policies from the 1950s-60s to determine if they still promote economic progress, and outlines several agenda items for 2012, including infrastructure projects, gambling, real estate rules, and privatizing government services to address Bermuda's economic challenges.
The document discusses Green Impact, an environmental accreditation scheme that encourages pro-environmental behaviors in universities and organizations. It empowers sustainability champions to gain recognition for their efforts and compete to increase organization-wide awareness of environmental issues. As part of Green Impact, all participating departments must be audited. Harikrishna Vignesh volunteered to be trained and act as an auditor through an IEMA-approved training course on auditing and evaluating environmental behavior change. Following the training, he conducted two successful audits for the Green Impact Team in a professional manner and provided fast results.
This document describes a clean room product that features an advanced microcontroller, 16x2 LCD display, supports up to 2 or 3 doors, and has auto or manual operation modes. It allows for user-programmable blower times from 0 to 99 minutes and 59 seconds, is password protected, and saves settings during power failures by automatically unlocking doors. Additional features include programming user entry and exit permissions, a blower timer for the exit door, reading feedback from magnetic locks, easy installation, a soft-touch keypad, and operating from 90 to 260 VAC at 50 Hz.
Channel v India regenerating board meeting lookMayank Garg
The document lists the names and roles of various employees at a company called MPARKS NEWS including Ankur Head, Anshit CEO, Sana Vice President, Kritika HR Manager, Harshid Marketing Manager, and Yogita Employee.
The document discusses how the cartoon The Jetsons, which featured George Jetson commuting to work in a flying vehicle, inspired current efforts to develop real flying cars. It describes several companies working on prototypes that could be available to the public by 2021, including the Terrafuga TF-X which would be able to vertically take off and land and reach speeds over 200 mph, as well as competitors like the GF7 and PAL-V models. While flying cars were not achieved by 2000 as depicted in The Jetsons, the document suggests that within a few years we may start to see neighbors commuting by air as shown in the cartoon.
To learn more about our State of Texas approved online defensive driving course
visit ASenseOfHumorDriving.com at http://www.ASenseOfHumorDriving.com or http://defensivedrivingaustintexas.com
This document contains the resume of Jennifer Dy Macairan. It summarizes her personal and educational background, work experience including her roles and responsibilities at Mercedes-Benz Group Service Philippines and Lexmark Research and Development Corporation, training and seminars attended, organization joined, special skills, and references. Her objective is to be considered for a position that matches her qualifications based on her education, skills and expertise in areas like customer service, SAP, and master data management.
Pairwise Alignment Course - Verify Your Cloning GenomeCompiler
Sequence alignment can verify that cloned DNA matches the designed sequence by comparing sequencing data to a template. The pairwise alignment process identifies any discrepancies between the query sequence from sequencing data and the template. Editing functions allow fixing mismatches, additions, gaps, and ambiguous base calls by modifying either the sequencing data or template. After review and editing, the verified alignment can be copied or exported.
Capítulo 12 derecho de familia y sucesiones - 1ª parte - ultima versiónvglibota
Este documento presenta un resumen del Capítulo 12 de las Instituciones del Derecho Privado I sobre el derecho de familia y sucesiones. Se define el concepto amplio y restringido de familia, los tipos de parentesco y sus fuentes, y los efectos del matrimonio como la creación de un régimen patrimonial y los deberes de asistencia y alimentos entre los cónyuges.
marketing, investigacion de mercados y desarrollos globalesEnrique Guillen
El documento trata sobre el marketing y sus elementos clave. Explica que el marketing incluye todo lo que se hace para promover una actividad desde su concepción hasta que los clientes comienzan a adquirir el producto o servicio. Luego describe los elementos de la mezcla de marketing como el producto, precio, plaza, promoción y las estrategias para fijar precios. Finalmente, explica cómo los elementos de la mezcla de marketing deben estar alineados con el segmento objetivo.
Este documento describe los principales análisis de laboratorio clínico realizados en química clínica. Explica brevemente qué es la química clínica y los análisis más comunes como la determinación de glucosa, enzimas, iones y lípidos. También describe los perfiles más frecuentes como el perfil hepático, renal, lipídico y tiroideo, así como las muestras, preanalíticas y tipos de sueros.
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 (09 September 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.
- 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.
A digital copy of the BH24 (04 December 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (18 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.
A digital copy of the Business News 24 (07 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
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 (22 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.
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.
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.
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
The document summarizes the key points made by Quest Motors CEO Mr Tarik Adam about the negative impact of government departments and parastatals not adhering to the 2002 Presidential directive requiring them to purchase vehicles locally. Mr Adam states that Quest Motors production capacity has fallen to below 1% due to high levels of vehicle imports by government, despite having the ability to produce thousands of vehicles locally. He alleges government entities have found "unscrupulous" ways to circumvent the directive and purchase vehicles from outside the country instead of from local manufacturers like Quest Motors.
A digital copy of the Business News 24 (31 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the BH24 (05 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (29 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
Here you will find a concise round-up of Ireland's financial services sector, as well as key stats such as the unemployment rate, inflation and house prices.
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.
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
Similar to Zimbabwe targets 2,5 million tourist arrivals (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.
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.
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.
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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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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Understanding User Needs and Satisfying ThemAggregage
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We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
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The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
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1. By Funny Hudzerema
HARARE - The Ministry of Tour-
ism and Hospitality Indus-
try is targeting 2, 5 million
tourist arrivals by year end.
This it said will be achieved
through the implementation
of a number of projects aimed
at encouraging tourists to
visit Zimbabwe.
Minister of Tourism and Hos-
pitality Industry Engineer
Walter Mzembi said the target
will be achieved if the whole
country works together to
advertise Zimbabwe as the
best tourist destination in
Africa.
“We are hoping that we can
cross the 2, 5 million mark in
terms of arrivals and progress
within the context of the $5
billion economic paper to $1,
5 million in terms of revenue.
“This will be spearheaded by
the National Tourism Master
Plan which will be assisting
in measuring and monitor-
ing ways which promote the
inflows of tourists,” he said.
During the first quarter of
News Update as @ 1530 hours, Tuesday 12 January 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Zimbabwe targets 2,5 million tourist arrivals
2. 2 news
2015 a total of 390 000 tour-
ists visited Zimbabwe.
“The refurbishment of the
Victoria Falls airport will also
assist in increasing the num-
ber of arrivals in the country.
“By 2017 we will be around
3 million arrivals if we work
hard as we are doing now
tagging Victoria Falls into
consideration thus why we
build it to lend arrivals and
to see them out so it will be a
game charger,” he said.
He added that his Ministry of
tourism is discussing with the
Reserve Bank of Zimbabwe to
accept the rand in the tour-
ism sector by scratching the
15 percent value added tax
for foreign accommodation
since the number of tour-
ists from Namibia and South
Africa were decreasing.
Currently the ministry of
tourism is implementing a
number of projects which
include the construction of
Tourism Special Economic
Zones and the implementa-
tion of Tourism Master Plan
aimed at increasing tourist
arrivals in the country..●
4. By Tawanda Musarurwa
HARARE - Mining conglomerate
Caledonia Mining Corporation has
granted long term incentives to its
directors Messrs Steve Curtis, Mark
Learmonth, Caxton Mangezi and
Dana Roets, through a Omnibus
Equity Incentive Plan.
The Omnibus Equity Incentive Plan
was approved by the company's
shareholders in May last year.
Mr Curtis is Caledonia’s president,
chief executive and director, while
Mr Learmonth is chief financial
officer and vice president, Mr Roets
is the chief operating officer and Mr
Mangezi is general manager and
director of Blanket Mine.
According to the group, the Long
Term Incentive Plan (LTIP) awards
are made in the form of Restricted
Share Units (RSU's) and Perfor-
mance Share Units (PSU's), which
will be settled in cash, reflecting the
prevailing Caledonia share price at
the maturity of the award.
The company said no shares will
be issued as a result of the LTIP
awards.
"The awards are intended to create
a high degree of alignment between
the remuneration of Caledonia's
senior management team and the
interests of shareholders. Accord-
ingly, 80 percent of the award value
for each Participant is made up of
PSU's.
"The final number of PSU's which
vest on maturity of the award will be
adjusted to reflect the actual perfor-
mance of the Company in terms of
three criteria: progress on the sink-
ing of the Central Shaft; gold pro-
duction and production costs.
"In the case of all three criteria, if
actual performance is less than 70
percent of target, no PSU's will vest;
if actual performance is greater
than 70 percent of target, the num-
ber of vesting PSU's will be adjusted
pro rata on a linear basis.
"In the case of Central Shaft pro-
gress, adjustment will be to a
maximum of 100 percent of target
whereas adjustments with respect
to gold production and costs will
increase on a linear pro rata basis
reflecting the extent to which actual
performance exceeds target, sub-
ject to a maximum of 200 percent of
the initial target," said the Toronto
Stock Exchange and London-listed
Caledonia in a statement.
The total annual LTIP award for
Messrs. Learmonth, Mangezi and
Roets is 20 percent of basic salary;
the total annual LTIP award for Mr
Curtis is 30 percent of his basic sal-
ary.
Commenting on the introduction
of the Plan, Caledonia chairman Mr
Leigh Wilson said:
"Caledonia has set in place an
objective and transparent incentiv-
isation system for its senior man-
agement team which closely aligns
the interests of shareholders and
the performance of management.
"Management is now clearly incenti-
vised to deliver on the core aspects
of the Revised Investment Plan
which we announced to the mar-
ket in November 2014 - these core
aspects being gold production, cost
control and progress on sinking the
Central Shaft."
Caledonia's main interest is a 49
percent stake in the Gwanda-based
gold producer, Blanket Mine.●
4 news
Mr Steve Curtis
Caledonia awards long term incentive awards to 4 directors
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6. BH24 Reporter
HARARE - Microfinance insti-
tution, Hillthru Enterprises, has
established several branches
across the country as it seeks
to sustain a market (small
business enterprises) that is
typically seen as high-risk area
by major banks.
The MFI currently has 18
branches spread across all cor-
ners of the country – Harare,
Bulawayo, Mutare, Gweru,
Masvingo, Chipinge, Chiredzi,
Gutu, Zvishavane, Rusape,
Beitbridge, Gwanda, Kwekwe,
Gokwe, Lupane, Marondera,
Chimanimani and Hwange.
Hillthru Enterprises CEO Mr
Taguma Mazarire said the fact
that it remains one of the few
MFIs with a headquarters in
Masvingo is a clear demonstra-
tion that they have a special
focus on the small business
niche in outlaying areas.
Typically most MFIs are based
in the country's two main cities
- Harare and Bulawayo.
According to an RBZ report last
year, of the main cities, Harare
had the highest numbers of
MFIs with 124, followed by Bul-
awayo with 41, Mutare with 28
and Gweru 27.
Mr Mazarire said the company
has grown on the backbone
of accountability, responsibil-
ity, transparency and reliabil-
ity, and that the firm is fully in
compliance with the Core Client
Protection Principles.
“Hillthru Enterprises is fully in
compliance with the Core Cli-
ent Protection Principles and
we actually go an extra mile to
make sure our clients are happy
and that all the regulations con-
cerning protection of clients are
adhered to.
“The strategies we institute in
regard to regulations concern-
ing the protection of clients
include Fair pricing of loans
and transparency in terms of
charges, prevention from over
indebtedness, maintaining
of privacy, as well as fair and
respectful treatment,” he said.
MFIs, especially in the con-
text of the present state of the
local economy, fill a needed
gap within the financial ser-
vices industry by offering small
loans, or micro-loans, to people
unable to access conventional
loan services.●
6 news
MFI spreads wings across Zimbabwe
8. By Elita Chikwati
HARARE - The Tobacco Indus-
try and Marketing Board and
Agritex are conducting a crop
assessment in all tobacco
growing areas to come with
a crop estimate for the 2016
marketing season as well as
determine the opening dates
for the season
TIMB public relations manager,
Mr Isheunesu Moyo said their
officers were on the ground in
all provinces to assess read-
iness of the farmers for the
season.
“The crop estimate will ena-
ble us to prepare adequately
for the season. Most farmers
who had an irrigated crop are
reaping and curing but the
crop quality has been affected
by hot weather and this may
affect the quality of the crop,”
he said.
Mr Moyo said TIMB was going
to use the e-marketing tech-
nology to improve the market-
ing system. The introduction
of e-marketing at Zimbabwe’s
auction floors is aimed at
increasing transparency in the
tobacco business especially
the selling of the crop.
India is facilitating the soft-
ware and the hardware while
the other equipment will be
obtained from local compa-
nies. Tobacco production
has been on the increase for
the past years with farmers
switching from crops such as
maize and cotton to the lucra-
tive golden leaf.
Farmers have however been
complaining about the ceiling
price of $ 4, 99 per kilogramme
at the auction floors while con-
tract floors offer prices above
$5 per kg.
According to contractors, the
prices at the contract floors
are higher to incentives the
farmers and also reward them
for not side marketing the
crop.●
8 news
TIMB, Agritex conduct crop assessment
9. HARARE - Low activity was the
order of the day as only three
counters managed to trade
today.
The mainstream industrial index
lost a marginal 0.03 to close at
112.18 despite only one counter
trading in the red.
Telecoms giant Econet lost
$0,0015 to settle at $0,2100.
BAT, Delta, CBZ, Innscor and
Simbisa were unchanged at
$12,2000, $0,6800, $0,1100,
$0,2400 and $0,1600 respec-
tively.
On the upside, Powerspeed
increased by $0,0010 to close
at $0,0230 while milk processor
Dairibord rose by $0,0005 to
trade at $0,0690.
The mining index was steady
at 21.82 as Bindura, Falgold,
Hwange and RioZim maintained
previous price levels at $0,0129
$0,0050, $0,0300 and $0,1040
respectively
. - BH24 Reporter ●
ZSE9
Low activity haunts industrial index
Peace of mind is good
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11. 11 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
12 January 2016
Energy
(Megawatts)
Hwange 543 MW
Kariba 699 MW
Harare 0 MW
Munyati 28 MW
Bulawayo 0 MW
Imports 100-150 MW
Total 1291 MW
21 January 2016 - CZI/Herald Business Annual Economic Outlook 2016 Half Day Symposium; Venue: Meikles Hotel, Harare; Time:
08:30 to 12:50hrs
THE BH24 DIARY
12. JOHANNESBURG - South Afri-
ca's rand remained on shaky
ground against the dollar today
after tumbling as much as 9
percent in the previous session
over concerns about both the
Chinese and local economies.
The JSE securities exchange's
Top-40 futures index was down
0,97 percent, suggesting the
local bourse would open more
than 420 points lower at 0700
GMT.
At 0653 GMT, the rand traded
0,51 percent softer at 16,8850
per dollar compared with Mon-
day's close.
The rand had fallen to a record
17,9950 during Asian trade on
Monday, on fears that China
wants to weaken its currency
aggressively and boost its
export competitiveness.
It fared worse than most of
its emerging market peers,
reflecting additional concerns
about the direction of policy
in Africa's most advanced but
struggling economy after Pres-
ident Jacob Zuma inexplicably
fired the finance minister in
December.
"One can only hope that in the
shorter term, the market has
become a little stretched from
all this negativity so far this
year and that we get a bit of
a relief rally," Standard Bank
trader Warrick Butler said.
In fixed income, the yield for
the benchmark government
bond maturing in 2026 added
5.5 basis points to 9,74 per-
cent compared to Monday's
close. It was however still far
off the previous session's four-
week high of 9,89 percent.
- Reuters●
regioNAL News12
Rand still fragile after sharp fall at start of week
Nigeria to sell 80
billion naira of
bonds on Jan 20
LAGOS - Nigeria said on Mon-
day it will sell 80 billion naira
($402,92 million) worth of
bonds denominated in the local
currency at an auction on Jan.
20, its first debt auction of the
year, the Debt Management
Office (DMO) said.
The debt office said it will issue
40 billion naira each of bonds
maturing in 2020 and 2026,
using the Dutch auction sys-
tem. The 2020 debt is a reo-
pening of a previously issued
bond. The 2026 debt is a fresh
issue. Results of the auction are
expected the next day.
Nigeria has proposed a plan to
issue 260 billion to 390 billion
naira in 5-, 10- and 20-year
naira bonds in the first quarter
of the year.
Nigeria said it will borrow about
900 billion naira locally to
finance part of the 2,2 trillion
naira deficit in its 2016 budget.
.- Reuters●
13. Oil extended declines from the
lowest close in more than 12
years before US government data
forecast to show crude supplies
expanded, exacerbating a global
glut.
Futures fell as much as 3,2 per-
cent in New York after dropping
5,3 percent yesterday.
Stockpiles probably rose by
2 million barrels last week, a
Bloomberg survey showed before
a report from the Energy Infor-
mation Administration Wednes-
day. Iran will begin selling a new
grade of crude as soon as March
as it prepares to boost produc-
tion once international sanc-
tions blocking exports are lifted,
according to an official at the
country’s state-run oil company.
“When you have a supply over-
hang, there’s going to be con-
tinued downward pressure on
prices,” Ric Spooner, a chief
analyst at CMC Markets in Syd-
ney, said by phone. “Investors
are looking toward a difficult few
months for oil, especially with
Iran set to boost exports. We are
likely to see production cuts at
these prices, but they may take
some months to come through.”
Oil slid more than 15 percent in
the previous six sessions, the
biggest such drop in more than
four years, as volatility in Chi-
nese markets fueled a rout in
global equities and US supplies
remained about 100 million bar-
rels above the five-year average.
Brent crude, the global bench-
mark, may trade in the $20s if
the dollar rapidly gains, accord-
ing to Morgan Stanley.
West Texas Intermediate for Feb-
ruary delivery fell as much as $1
to $30,41 a barrel on the New
York Mercantile Exchange and
was at $30,65 at 7:48 a.m. Lon-
don time. The contract dropped
$1,75 to $31,41 on Monday, the
lowest close since December
2003. Total volume traded was
about 77 percent above the 100-
day average. Prices lost 30 per-
cent last year.
Oil Supplies
Brent for February settlement lost
as much as $1,12, or 3.6 percent,
to $30,43 a barrel on the Lon-
don-based ICE Futures Europe
exchange. The contract declined
$2, or 6 percent, to $31,55 Mon-
day, the lowest close since April
2004. The European benchmark
crude was at a premium of 10
cents to WTI.
US crude stockpiles probably
increased for the second time
in three weeks, according to
the survey. Gasoline inventories
gained by 1,8 million barrels, the
survey shows. Supplies of the
motor fuel rose by 10,6 million
barrels through Jan. 1, the most
since May 1993, according to
data from the EIA.
Iran is increasing output at fields
in the West Karoun region, near
the Iraqi border, and most of the
crude in the new blend will come
from the Yadavaran, South Aza-
degan and North Azadegan fields,
the National Iranian Oil Co. offi-
cial said, declining to be identi-
fied due to company policy.
Estimates Cut
Oil is particularly leveraged to
the dollar and may fall between
10 to 25 percent if the currency
gains 5 percent, Morgan Stanley
analysts including Adam Longson
said in a research note dated Jan.
11. Societe Generale SA cut its
average 2016 Brent forecast to
$42,50 a barrel from $53,75 on
Monday, while Bank of America
Corp. trimmed its forecast to $46
a barrel from $50.
Petroliam Nasional Bhd. sees
crude prices averaging $30 a bar-
rel this year in its “low-price” sce-
nario and warned the Malaysian
state oil company faces two to
three tough years. The company
just two months ago forecast
a 2016 average price of $48.-
Bloomberg●
internatioNAL News13
Oil extends losses from 12-year low as stockpiles seen expanding
14. By Frank Holmes
Who says gold lost its appeal as a
safe haven asset?
After five straight positive trading ses-
sions, the yellow metal climbed above
$1 100 on a weaker US dollar, its
highest level in nine weeks. The rally
proves that gold still retains its status
as a safe haven among investors, who
were motivated this week by a rocky
Chinese stock market, North Korea’s
announcement that it detonated a
hydrogen bomb on Wednesday and
rising tensions between Saudi Arabia
and Iran.
Here in the US, gold finished 2015
down 10,42 percent, its third straight
negative year. Until the new year, sen-
timent appeared poor, and many gold
bulls were finding it hard to stay opti-
mistic.
But after the price jump this week,
large exchange-traded gold funds saw
massive inflows, confirming a shift in
investors’ attitude toward the precious
metal.
It’s worth remembering that about 90
percent of physical demand comes
from outside the US, mostly in emerg-
ing markets such as China and India.
In many non-dollar economies, buy-
ers are actually seeing either a steady
or even rising gold price.
The metal is up in Russia, Peru, South
Africa, Canada, Mexico, Brazil and
many more. Note the differences in
returns between gold priced in US
dollars and gold priced in the Brazil-
ian real, Turkish lira, Canadian dollar,
Russian ruble and Indonesian rupiah.
Gold demand in China was very robust
last year. A record 2,596.4 tonnes of
the yellow metal, or a whopping 80
percent of total global output for 2015,
were withdrawn from the Shanghai
Gold Exchange. As for the Chinese
central bank, it reported adding 19
more tonnes in December, bringing
the total to over 1,762 tonnes.
Precious metals commentator Law-
rie Williams points out, though, that
China’s total reserve figure is widely
believed to be “hugely understated,”
meaning the central bank might very
well have much more than we’re being
told.
Forget Interest Rates—Real
Rates Are the Key Drivers of Gold
Despite all the talk of rising interest
rates in connection to gold, they’re
not a dominant driver of prices. Sure,
rising nominal rates have tended to
make the metal less attractive, since it
doesn’t pay an income, but the larger
driver by far are real interest rates.
When real rates drop into negative
territory, gold has historically done
well.
As a reminder, real rates, important
for the Fear Trade, are what you get
when you subtract the consumer price
index (CPI), or inflation, from the
10-year Treasury yield.
As of January 6, the 10-year yield was
2,18 percent, while the 12-month CPI
for November—December data will be
released later this month—came in
at a barely-there 0,50 percent. Real
rates, therefore, are running at a posi-
tive 1,68 percent, which is a headwind
for gold.
That’s why we need inflation to pick
up, because then gold would be more
likely to rally. Regardless, the World
Gold Council (WGC) writes in its 2016
outlook that gold’s role as a diversifier
remains “particularly relevant”:
Research shows that, over the long
run, holding 2 percent to 10 percent
of an investor’s portfolio in gold can
improve portfolio performance. The
reason for this is that gold has tended
to have a low correlation to many
other asset classes, making it a val-
uable diversifier. During economic
contractions, for example, gold’s cor-
relation to stocks actually decreased,
according to data between 1987 and
2015.
For the last three years, gold has dis-
appointed many because other invest-
ments, specifically equities, have
seen such huge gains. But with global
markets hitting turbulence, the yellow
metal is looking more attractive as
insurance against the currency wars.
I always recommend 10 percent in
gold: 5 percent in gold stocks or an
actively-managed gold fund, 5 per-
cent in bullion and/or jewelry. It’s also
important to rebalance every year.
This should be the case in both good
times and bad, whether gold is rising
or falling. As highly influential invest-
ment expert Ray Dalio said last year:
“If you don’t own gold, you know nei-
ther history nor economics.” - Mining.
com●
14 analysis14 analysis
How gold got its groove back