Zimbabwe is losing out on potential investment and development assistance from Kuwait worth $300 million due to failing to ratify a Bilateral Investment Promotion and Protection Agreement (BIPPA) between the two countries. A parliamentary committee questioned government officials on why the BIPPA had not been ratified, with one MP confirming with the Speaker of Parliament that ratification had not occurred. Kuwait has complained about the lack of ratification and is no longer willing to fund Zimbabwe through the Kuwait Fund for Arab Economic Development as a result.
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 BH24 (13 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.
QNBFS Weekly Market Report September 03, 2020QNB Group
The Qatar Stock Exchange Index decreased slightly over the week. Trading volume and value increased compared to the previous week. Several sectors declined including banks and financial services. The Qatari banking sector remains a target of cyberattacks. Credit growth to the trading and services sectors exceeded the overall domestic credit growth rate. Around 15,000 additional rooms have been secured for World Cup fans. Qatar introduced a minimum monthly wage of 1000 Qatari Riyals for all private sector workers, including domestic workers.
The QE index declined 0.6% on the day, led by losses in the transportation and real estate indices. Qatari Investors Group rose 6.1% while Aamal Co. fell 2.6%. Trading volume rose 80.5% from the previous day but was 28.5% lower than the 30-day average. Selling pressure from Qatari shareholders led the decline despite buying from non-Qataris. Mesaieed Petrochemical is offering a 26% stake worth up to QR3.2 billion in an IPO reserved primarily for Qatari individuals. MEED reported that Qatar remains one of the top three markets in the Middle East for companies due to major projects worth
The document is United Stationers' 2004 annual report. It summarizes the company's strategic plan to build on its foundation as North America's largest wholesale distributor of business products. The plan focuses on seven key strategies: 1) creating a high-performance organization, 2) accelerating growth through new category and channel initiatives, 3) driving cost and value leadership, 4) expanding operational excellence, 5) making United easy to do business with, 6) strengthening integrated supplier partnerships, and 7) enhancing its technology advantage. The company believes executing this plan will help it meet financial goals of sales increases above industry average and 12-15% annual EPS growth.
This document summarizes research exploring touchless interactions with distant displays from an embodied interaction perspective. It notes that touchless interactions lack haptic feedback and a 3D worldview, unlike natural gestural interactions. Preliminary findings suggest that Gestalt principles like proximity, similarity and Prägnanz can influence touchless experiences. The research aims to identify how Gestalt principles impact the user experience and design improved touchless techniques for information visualizations using large displays.
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 BH24 (13 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.
QNBFS Weekly Market Report September 03, 2020QNB Group
The Qatar Stock Exchange Index decreased slightly over the week. Trading volume and value increased compared to the previous week. Several sectors declined including banks and financial services. The Qatari banking sector remains a target of cyberattacks. Credit growth to the trading and services sectors exceeded the overall domestic credit growth rate. Around 15,000 additional rooms have been secured for World Cup fans. Qatar introduced a minimum monthly wage of 1000 Qatari Riyals for all private sector workers, including domestic workers.
The QE index declined 0.6% on the day, led by losses in the transportation and real estate indices. Qatari Investors Group rose 6.1% while Aamal Co. fell 2.6%. Trading volume rose 80.5% from the previous day but was 28.5% lower than the 30-day average. Selling pressure from Qatari shareholders led the decline despite buying from non-Qataris. Mesaieed Petrochemical is offering a 26% stake worth up to QR3.2 billion in an IPO reserved primarily for Qatari individuals. MEED reported that Qatar remains one of the top three markets in the Middle East for companies due to major projects worth
The document is United Stationers' 2004 annual report. It summarizes the company's strategic plan to build on its foundation as North America's largest wholesale distributor of business products. The plan focuses on seven key strategies: 1) creating a high-performance organization, 2) accelerating growth through new category and channel initiatives, 3) driving cost and value leadership, 4) expanding operational excellence, 5) making United easy to do business with, 6) strengthening integrated supplier partnerships, and 7) enhancing its technology advantage. The company believes executing this plan will help it meet financial goals of sales increases above industry average and 12-15% annual EPS growth.
This document summarizes research exploring touchless interactions with distant displays from an embodied interaction perspective. It notes that touchless interactions lack haptic feedback and a 3D worldview, unlike natural gestural interactions. Preliminary findings suggest that Gestalt principles like proximity, similarity and Prägnanz can influence touchless experiences. The research aims to identify how Gestalt principles impact the user experience and design improved touchless techniques for information visualizations using large displays.
The document discusses bol.com's ambition to be the best online retailer in the Netherlands by focusing on the customer experience, maximizing product selection and availability, and leveraging economies of scale to lower prices. It also analyzes the impact of increased online transparency, including the emergence of the "long tail" of niche products and the competitive advantages of large online "category killers." Finally, the document considers threats and opportunities in the developing market for digital books.
This document summarizes a presentation about using a structured approach called the "BBP technique" to reduce information overload in PowerPoint presentations. The BBP technique involves using a three-act story structure, a unifying motif, headlines instead of bullet points, visual and auditory balance, and placing details in notes pages instead of slides. It also recommends sketching the presentation visually, writing narration, applying graphics, and rehearsing. The goal is to engage audiences more effectively and help them retain information by addressing limitations in working memory.
Hashtags as Community and Learning Focal Points: #dLRNtagsJeffrey Keefer
SLides from our presentation at the #dLRN (Digital Learning Research Network) Conference – Making Sense of Higher Education 2015 at Stanford University with Whitney Kilgore, Maha Bali, and Joyce Seitzinger.
This document outlines the key concepts and skills of critical reading taught in an introductory critical reading course. It discusses how critical readers understand that texts provide one perspective rather than objective facts. Critical reading involves analyzing an author's purpose, tone, biases, and word choices. The document provides an example analyzing the implications of word choice in a single sentence about a senator admitting gun ownership. It emphasizes that critical reading examines both what is said and how it is said in a text.
Culture is the driver of sustainable performance. Management board culture is not as elusive as often thought. It can be made concrete by evaluating management board performance, not only based on figures and strategic memos, but also on key cultural characteristics. It is time to rethink the role of non-executives in the boardroom.
The Center for Civil and Human Rights opened in Atlanta to crowds celebrating its mission to empower people to protect human rights. The opening ceremony honored civil rights leaders and looked to the future, featuring performances by a choir singing freedom songs. Speakers like former Mayor Shirley Franklin and Congressman John Lewis emphasized the Center's role in continuing the struggle for equal rights and justice.
Rapport annuel Union Belge des Annonceurs - année 2013UBA Belgium
Le Rapport Annuel de l'UBA vous donne un aperçu de toutes nos activités selon nos 4 pilliers: Représenter, Informer, Echanger, Rencontrer. Vous y trouverez aussi un aperçu des investissements médias en Belgique en 2013 (à partir de la page 25). Un document pratique pour rapidement retrouver certains chiffres pertinents relatifs à notre secteur.
The document summarizes key discussions from the 16th European Corporate Governance Conference that took place in Riga, Latvia on 13 May 2015. The conference focused on using corporate governance as a tool to increase competitiveness in the digital era. Panelists debated taking a principles-based versus rules-based approach. There was also discussion around making shareholder voting cheaper and less bureaucratic to increase engagement, and balancing hard law with soft law guidelines at the national level.
The document lists the names of various city and county CIOs (Chief Information Officers) across the United States, organized by location. It includes CIOs from Wake County, Virginia Beach, Seattle, San Diego, Riverside California, Portland, Phoenix, Norfolk, New York City, Los Angeles, Jacksonville, Houston, Honolulu, Denver, Dallas, Clark County Nevada, Chicago, Baltimore, Arvada Colorado, and Allegheny County. The purpose is to provide an overview of CIO leadership in major municipalities and counties across the country.
Using Twitter for Personal & Professional DevelopmentJeffrey Keefer
This presentation was delivered to the Learning and Development Forum at Visiting Nurse Service of New York, and discusses how Twitter can be used as a Personal Learning Network (PLN)
This document outlines actions in the new Digital Agenda for the Netherlands, with a focus on education, knowledge and innovation. It notes that digitization is rapidly transforming the economy and shifting demand for skills, with increasing shortages of software programmers, cybersecurity specialists, and data analysts. To address talent shortages that pose a challenge to the digital economy, the action line on education, knowledge and innovation aims to improve ICT education, strengthen knowledge development and innovation, and ensure infrastructure supports research, innovation and education.
“Light is better.” Not only long-distance runners swear by this formula for success. This brief formula for success has been defining activities in the mobility sector for some time as well. After all, “light is better” also applies to cars and airplanes.
Lightweight construction is an important trend for the future – and especially in the automobile industry, a crucial aspect of sweeping change which is currently faced by this sector. Not to mention that the weight of new vehicles has increased ever more quickly over the past decades due to greater vehicle comfort and higher safety standards as well as better and better equipment. New drive system concepts such as electromobility are going to further aggravate this trend – for example due to heavy on-board batteries.
2014 Center for Civil and Human Rights Press Kitctr4chr
The Center for Civil and Human Rights in Atlanta connects the American Civil Rights Movement to current global human rights issues. It explores fundamental human rights and encourages visitors to promote rights for all people. The Center shares stories of courage from around the world to help visitors understand their role in protecting human rights. It features interactive exhibits designed by theater directors on the civil rights movement in America and current issues curated by a Holocaust museum advisor. The building and exhibits were created through collaborations between architects, artists, and human rights experts to inspire visitors.
La Comimissione Chilcot sulla guerra in Iraq, gli errori dell'intelligence occidentale, una ampia riflessione sull'importanza della trasparenza e libertà nell'informazione, per prevenire nuovi gravi errori negli scenari internazionali.
This document discusses leveraging NGO resources through knowledge management. It covers how knowledge structures relate to social, business, and technology structures. It defines knowledge management and knowledge work, and outlines a knowledge infrastructure including people, content, tools, processes, and governance. The document then discusses how knowledge management relates to knowledge assets, sharing, collaboration, resources, and stakeholders. It provides examples of understanding, managing, and storing content, as well as retrieving and sharing explicit and collaborative content. The document concludes with the main messages that managing knowledge assets leverages an NGO's capacity, social interaction includes sharing, collaboration, negotiation and competition, and knowledge work involves both technical and social aspects.
You raise a valid point. For the manufacturing sector to thrive, the agricultural sector that feeds it must also be strong. Addressing challenges facing small-scale farmers, such as lack of access to funding due to collateral issues, is an important step. Providing permanent A1 permits will help farmers invest in their operations with more security, which could boost agricultural productivity and in turn support local manufacturing. Overall, a holistic approach that strengthens both sectors is needed for the economy to grow.
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 discusses bol.com's ambition to be the best online retailer in the Netherlands by focusing on the customer experience, maximizing product selection and availability, and leveraging economies of scale to lower prices. It also analyzes the impact of increased online transparency, including the emergence of the "long tail" of niche products and the competitive advantages of large online "category killers." Finally, the document considers threats and opportunities in the developing market for digital books.
This document summarizes a presentation about using a structured approach called the "BBP technique" to reduce information overload in PowerPoint presentations. The BBP technique involves using a three-act story structure, a unifying motif, headlines instead of bullet points, visual and auditory balance, and placing details in notes pages instead of slides. It also recommends sketching the presentation visually, writing narration, applying graphics, and rehearsing. The goal is to engage audiences more effectively and help them retain information by addressing limitations in working memory.
Hashtags as Community and Learning Focal Points: #dLRNtagsJeffrey Keefer
SLides from our presentation at the #dLRN (Digital Learning Research Network) Conference – Making Sense of Higher Education 2015 at Stanford University with Whitney Kilgore, Maha Bali, and Joyce Seitzinger.
This document outlines the key concepts and skills of critical reading taught in an introductory critical reading course. It discusses how critical readers understand that texts provide one perspective rather than objective facts. Critical reading involves analyzing an author's purpose, tone, biases, and word choices. The document provides an example analyzing the implications of word choice in a single sentence about a senator admitting gun ownership. It emphasizes that critical reading examines both what is said and how it is said in a text.
Culture is the driver of sustainable performance. Management board culture is not as elusive as often thought. It can be made concrete by evaluating management board performance, not only based on figures and strategic memos, but also on key cultural characteristics. It is time to rethink the role of non-executives in the boardroom.
The Center for Civil and Human Rights opened in Atlanta to crowds celebrating its mission to empower people to protect human rights. The opening ceremony honored civil rights leaders and looked to the future, featuring performances by a choir singing freedom songs. Speakers like former Mayor Shirley Franklin and Congressman John Lewis emphasized the Center's role in continuing the struggle for equal rights and justice.
Rapport annuel Union Belge des Annonceurs - année 2013UBA Belgium
Le Rapport Annuel de l'UBA vous donne un aperçu de toutes nos activités selon nos 4 pilliers: Représenter, Informer, Echanger, Rencontrer. Vous y trouverez aussi un aperçu des investissements médias en Belgique en 2013 (à partir de la page 25). Un document pratique pour rapidement retrouver certains chiffres pertinents relatifs à notre secteur.
The document summarizes key discussions from the 16th European Corporate Governance Conference that took place in Riga, Latvia on 13 May 2015. The conference focused on using corporate governance as a tool to increase competitiveness in the digital era. Panelists debated taking a principles-based versus rules-based approach. There was also discussion around making shareholder voting cheaper and less bureaucratic to increase engagement, and balancing hard law with soft law guidelines at the national level.
The document lists the names of various city and county CIOs (Chief Information Officers) across the United States, organized by location. It includes CIOs from Wake County, Virginia Beach, Seattle, San Diego, Riverside California, Portland, Phoenix, Norfolk, New York City, Los Angeles, Jacksonville, Houston, Honolulu, Denver, Dallas, Clark County Nevada, Chicago, Baltimore, Arvada Colorado, and Allegheny County. The purpose is to provide an overview of CIO leadership in major municipalities and counties across the country.
Using Twitter for Personal & Professional DevelopmentJeffrey Keefer
This presentation was delivered to the Learning and Development Forum at Visiting Nurse Service of New York, and discusses how Twitter can be used as a Personal Learning Network (PLN)
This document outlines actions in the new Digital Agenda for the Netherlands, with a focus on education, knowledge and innovation. It notes that digitization is rapidly transforming the economy and shifting demand for skills, with increasing shortages of software programmers, cybersecurity specialists, and data analysts. To address talent shortages that pose a challenge to the digital economy, the action line on education, knowledge and innovation aims to improve ICT education, strengthen knowledge development and innovation, and ensure infrastructure supports research, innovation and education.
“Light is better.” Not only long-distance runners swear by this formula for success. This brief formula for success has been defining activities in the mobility sector for some time as well. After all, “light is better” also applies to cars and airplanes.
Lightweight construction is an important trend for the future – and especially in the automobile industry, a crucial aspect of sweeping change which is currently faced by this sector. Not to mention that the weight of new vehicles has increased ever more quickly over the past decades due to greater vehicle comfort and higher safety standards as well as better and better equipment. New drive system concepts such as electromobility are going to further aggravate this trend – for example due to heavy on-board batteries.
2014 Center for Civil and Human Rights Press Kitctr4chr
The Center for Civil and Human Rights in Atlanta connects the American Civil Rights Movement to current global human rights issues. It explores fundamental human rights and encourages visitors to promote rights for all people. The Center shares stories of courage from around the world to help visitors understand their role in protecting human rights. It features interactive exhibits designed by theater directors on the civil rights movement in America and current issues curated by a Holocaust museum advisor. The building and exhibits were created through collaborations between architects, artists, and human rights experts to inspire visitors.
La Comimissione Chilcot sulla guerra in Iraq, gli errori dell'intelligence occidentale, una ampia riflessione sull'importanza della trasparenza e libertà nell'informazione, per prevenire nuovi gravi errori negli scenari internazionali.
This document discusses leveraging NGO resources through knowledge management. It covers how knowledge structures relate to social, business, and technology structures. It defines knowledge management and knowledge work, and outlines a knowledge infrastructure including people, content, tools, processes, and governance. The document then discusses how knowledge management relates to knowledge assets, sharing, collaboration, resources, and stakeholders. It provides examples of understanding, managing, and storing content, as well as retrieving and sharing explicit and collaborative content. The document concludes with the main messages that managing knowledge assets leverages an NGO's capacity, social interaction includes sharing, collaboration, negotiation and competition, and knowledge work involves both technical and social aspects.
You raise a valid point. For the manufacturing sector to thrive, the agricultural sector that feeds it must also be strong. Addressing challenges facing small-scale farmers, such as lack of access to funding due to collateral issues, is an important step. Providing permanent A1 permits will help farmers invest in their operations with more security, which could boost agricultural productivity and in turn support local manufacturing. Overall, a holistic approach that strengthens both sectors is needed for the economy to grow.
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 (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
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.
A digital copy of the Business News 24 (10 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.
Phoenix Consolidated Industries Ltd has been removed from the Zimbabwe Stock Exchange after its members and creditors applied for delisting last month, as the company had been placed under judicial management in 2013. The ZSE chief executive officer confirmed they received approval from the Securities and Exchange Commission of Zimbabwe to delist Phoenix Consolidated Industries Ltd. Phoenix Consolidated Industries Ltd was formed after the unbundling of Apex Corporation of Zimbabwe Ltd and comprises five manufacturing companies.
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.
A digital copy of the BH24 (3 February 2016 edition). Zimbabwe's premier online business platform published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
The 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
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 (24 March 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Meikles Hospitality Limited invested $9 million to refurbish its flagship Harare hotel in Zimbabwe but is facing challenges filling rooms due to the weakening South African rand, which has weakened the key source market for visitors; occupancy rates are around 30-34% compared to expectations of over 50%. The commercial director said that while they took out a loan for renovations, the returns have not met expectations due to the rand's depreciation hurting the number of South African visitors.
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.
The Confederation of Zimbabwe Industries (CZI) president said that Zimbabwe's economy needs re-engineering as many local companies' operating models are still based on an obsolete import substitution approach; he noted that the country had historically used this model but it is no longer suitable given changes in the global economy over the past 34 years. The CZI president suggested that improving infrastructure, access to affordable funding, and addressing financial distress issues could help local manufacturing firms become more competitive and realize where they can be competitive.
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 BH24 (02 February 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the Business News 24 (07 October edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
The IMF says Zimbabwe's use of multiple currencies will not negatively impact any domestic reform programs. There are indications Zimbabwe and the IMF may start developing a 3-year domestic reform program in the first half of next year to unlock bilateral funding, if the third review is successful. The IMF representative says it will take time to rebuild confidence in a local currency, and the multiple currency system has brought stability, so it is best retained for now while Zimbabwe addresses other areas like competitiveness and productivity to reduce reliance on the US dollar.
Similar to Zimbabwe-Kuwait BIPPA stalls investments (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 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.
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.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
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The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
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Zimbabwe-Kuwait BIPPA stalls investments
1. By Tawanda Musarurwa
HARARE – Zimbabwe could
be losing out on potential
investment and development
assistance worth millions of
dollars from Kuwait due to
the fact that it has not yet to
ratify a Bilateral Investment
Promotion and Protection
Agreement (BIPPA) between
the two countries.
Parliamentary Portfo-
lio Committee on Foreign
Affairs chairman MP Kindness
Paradza was quizzing a team
from the Ministry of Industry
and Commerce on why the
Zimbabwe was on the verge
of losing investment from
Kuwait due to an undevel-
oped BIPPA.
News Update as @ 1530 hours, Tuesday 10 May 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Zimbabwe-Kuwait BIPPA stalls investment
MP Kindness Paradza
2. “Kuwait has so far put $300
million into Zimbabwe,
and despite this Zimbabwe
has not ratified the BIPPA
between the two.
“The Kuwaitis have been
complaining about the
non-ratification, and Kuwait
is no longer interested in
funding Zimbabwe through
the Kuwait Fund for Arab
Economic Development,” he
said.
In response the director
for International Trade in
the Ministry of Industry
and Commerce Ms Beatrice
Mtetwa said BIPPAs fell under
the auspices of the Ministry
of Macro-economic Planning
and Investment Promotion.
“Regarding on who co-or-
dinates the facilitation of
BIPPAs, it is the Ministry of
Macro-Economic Planning and
Investment Promotion,” said
Ms Mtetwa.
However, acting deputy
director of bilateral trade
relations in the Ministry of
Industry and Commerce Mr
Alexio Chiunye said “the
Kuwait trade agreement with
Zimbabwe was ratified in
2012.”
MP Paradza however said
that had confirmation from
the Speaker of Parliament
(Advocate Jacob Mudenda)
that the house had not rati-
fied the BIPPA. They (Kuwait)
were complaining that they
had signed and that the Zim-
babwean side had not ratified
that BIPPA.
“And I can assure you that as
Parliament we have not had
that ratified, I was with the
Speaker (of Parliament) who
has confirmed that and the
Kuwaitis have also confirmed
that.”
The Kuwait Fund for Arab
Economic Development
(KFAED) is Kuwait’s agency
for the provision and admin-
istration of financial and
technical assistance to the
developing countries.
This fund assists Arab and
other developing countries
to develop their economies,
particularly by providing
them with loans required for
the implementation of their
development programs.
Addressing delegates at a
seminar on the ease of doing
business last week, Advo-
cate Mudenda charged some
ministries for their “lethargic
attitude” towards implement-
ing policies and strategies to
enhance the country’s busi-
ness and investment climate.
Meanwhile Ms Mtetwa said
the Ministry of Industry and
Commerce was looking at
ways to re-invigorate the
old Zimbabwe – South Africa
Trade Agreement.
“The Ministry facilitated the
re-activation of the Zimba-
bwe-South Africa 1964 Trade
Agreement which had become
dysfunctional. We are trying
to see how we can assist
each other and move away
from the old mandate,” he
said.●
2 news
5. 5 news
CIMAS allays closure fears
HARARE-Cimas Medical Aid
Society on Tuesday said it
is not in danger of losing its
operating licence, dismissing
media reports to the con-
trary.
A local weekly on Sunday
reported that government
had given the health insurer
a seven-day ultimatum to
honour all outstanding claims
or lose its licence.
“We will revoke the tem-
porary licence that we had
given to Cimas if it fails
to settle claims not only to
Corporate 24 but to all other
companies that include
Zimbabwe Medical Associa-
tion and other pharmaceu-
tical companies in the next
seven days,” Health and
Child Care Deputy Minister
Aldrin Musiiwa was quoted as
saying.
Cimas has for months now
refused to cover subscribers
who access Corporate 24’s
medical services, following
receipt of what it termed a
large number of “suspect”
claims.
The dispute has seen Cimas
directing its more than 30
000 members, to use other
service providers despite
having been told by govern-
ment to allow subscribers
to access medical services at
institutions of their choice.
Cimas managing director
Roderick Takawira allayed the
closure fears and said dis-
cussions with the authorities
were taking place to resolve
the stand-off.
“We would like to reassure
members and the public that
we are engaging the author-
ities over the matter and
that the society is in a sound
financial position, and has no
no-compliance issues. Cimas
is licensed until March 31,
2017,” he said.
Mr Takawira said a forensic
audit into claims submitted
by Corporate 24 had been
commissioned.
“We believe that the outcome
of the audit should deter-
mine whether or not Cimas
resumes direct payments to
Corporate 24.”
In February, Secretary for
Health Dr Gerald Gwinji
wrote to both Cimas and
Corporate 24 imploring them
to resolve the issue.
Last year, Cimas also had
disputes with the National
Physicians Association of
Zimbabwe, the Zimbabwe
Hospital Doctors’ Association
and the Retail Pharmacists
Association of Zimbabwe over
various matters.
In 2000, Cimas was locked
in a similar dispute with
laboratory group Lancet and
the matter spilled into the
courts and only took govern-
ment intervention to break
the impasse.- New Ziana●
8. BH24 Reporter
HARARE -Hotel group Afri-
can Sun Limited is negotiat-
ing with local and interna-
tional banks to acquire fresh
capital for further refurbish-
ment of its hotels.
In September last year,
African Sun contracted Leg-
acy Hotels of South Africa
to manage five of its big-
gest hotels in the country
and instituted a $60 million
facelift of its properties over
three years.
African Sun managing direc-
tor Edwin Shangwa told
journalists after the compa-
ny’s extraordinary general
meeting that negotiation
to secure fresh capital is
underway and the figures will
be disclosed during the next
meeting.
“We have talked to some
financial institutions some
are local and others are
external.
“As soon as the get the
lines of credit which we have
applied for we will carry on
with other refurbishments
and we are taking to the
City of Harare with regards
to what we want to do at
Monomotapa Hotel,” he said.
The hotels under contract
management are the Monom-
otapa Hotel, Elephant Hills,
Troutbeck, The Kingdom
Hotel and Hwange Safari
lodge.
“We have started with the
Elephant Hills hotel, where
we have re-painted both the
interior and exterior; we
have re-done the restaurant
and we are now refurbishing
other rooms.
“The refurbishment is going
to be done over a period of
time and we cannot give a
figure on how much we are
going to invest,” he said.
The group is targeting an
increase in occupancy of the
hotel through taking advan-
tage of the airlines confer-
ence which is going to be
hosted in Victoria Falls.
“Zimbabwe is hosting the
airlines conference in Victo-
ria Falls we are also target-
ing a conference which will
be hosted by four countries
Botswana, Zambia, Namibia
and Zimbabwe in Victoria
Falls.
“There will be the Emason
Young conference 600 to
700 delegates as a country
we haven’t wined but as a
country we are bidding for it
and it is going to happen in
Victoria Falls,” he said.
The Monomotapa Hotel is
planned for a face-lift of all
its 240 rooms, in addition to
the building of an new out-
door pool area and additional
restaurant facilities.
Meanwhile, the EGM sought
shareholder approval to
amending the company’s
Memorandum and Articles of
Association to align them to
the current Companies Act
(24:03).●
African Sun seeks finance for refurbishment of its hotels
8 news
11. BH24 Reporter
HARARE-A Chinese construction
firm has started working on the
redesigning of Harare Interna-
tional Airport to accommodate
more planes, in anticipation of
an increase in tourist arrivals.
Responding to written questions
from The Herald here, China
Jiangsu International (CJI) said
it was also moving fast on a
feasibility study for the airport’s
expansion project.
The firm recently completed the
$150 million expansion of Vic-
toria Falls International Airport,
which opened up the facility to
accommodate more aircrafts.
“CJI is making great efforts to
advance the expansion project of
Harare International Airport and
it is in the phase of feasibility
study report and initial design,”
said the firm.
Civil Aviation Authority of
Zimbabwe chief executive Mr
David Chiwota was recently
quoted as saying they expected
to construct two more runways
and two terminals at the airport.
Harare International Airport,
with a passenger capacity of
2,5 million per year, was once
expanded and commissioned in
2001.
CJI said it would increase its
input into the infrastructure
in Zimbabwe and expand the
cooperation and “try to launch
projects in the mode of BOT
(Build Operate and Transfer) or
PPP (Public-Private Partnership)
when Zimbabwe faces financial
problems”.
On its expansion of Victoria Falls
International Airport, the firm
said the new facility was ready
to handle more traffic and would
bring a positive impact on travel
in Africa.
“In Zimbabwe or even South-
ern Africa, this airport will be
regarded as a modern interna-
tional airport, for all its techni-
cal and application dimensions
have reached high standards of
today’s international civil avia-
tion services,” said the firm.
“More international routes will
be opened to make easy access
to the worldly renowned Victoria
Falls, the second largest fall
in the world, from major cities
around the globe.”
The expansion of the airport
increased its capacity to han-
dling almost two million tourists
per year from around 500 000,
while wide body airplanes such
as Boeing 747 and 767 and Air-
bus 340 and 380 would be able
to land and take-off.
“The sharp increment in interna-
tional tourists and foreign cur-
rency earnings will boost tourism
and the matching service indus-
try in Victoria Falls,’ said CJI.
“The rapid development of
tourism will also drive up tertiary
industry, including transpor-
tation, post and telecommuni-
cations, real estate, business,
insurance, culture and entertain-
ment and will open up new mar-
kets for industry, agriculture and
construction to become hotspots
of consumption.”
CJI said the expansion of the
airport brought jobs, horned
skills of Zimbabwean techni-
cians, taught “big-time” Chinese
construction techniques and
management to the locals and
helped promote the construction
industry in the country. The
firm said there were difficulties
that needed to be addressed at
the airport like high transport
cost of imported cargo, slow and
complicated customs clearance
and cumbersome procedure of
certification.
CJI said the country needed to
address the slow procedure in
approval of designing and con-
struction drawings, shortage of
local supply of major construc-
tion materials, frequent power
and water failure and lack of
qualified personnel.
The same firm also successfully
worked on the expansion of
Joshua Nkomo Airport in Bula-
wayo recently●
11 news
Chinese firm commences Harare International Airport expansion
13. HARARE -The mainstream
industrial index closed
higher at 107.25 following
a 0.15 gain to post its 14th
gain on the trot.
Natfoods led the gain-
ers with a $0,0152 rise to
close at $2,0995, while
seed manufacturer SeedCo
added $0,0100 to $0,5700
while conglomerate Inns-
cor advanced by $0,0016 to
trade at $0,2320.
On the downside, giant
insurer Old Mutual eased
$0,0025 to close at $2,1950.
The mining index was steady
at 21.55 as Bindura, Fal-
gold, Hwange and RioZim all
maintained previous price
levels at $0,0100, $0,0050,
$0,0300 and $0,1300 in that
order
. - BH24 Reporter ●
ZSE13
Equities maintain bullish form
02 03
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15. 15 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
10 May 2016
Energy
(Megawatts)
Hwange 324 MW
Kariba 582 MW
Harare 30 MW
Munyati 18 MW
Bulawayo 0 MW
Imports 0 - 300 MW
Total 1232 MW
• Innscor EGM, Royal Golf Club, 10 May, 0900hrs
• 18 May - ZB Building Society AGM; Place: 21 Natal Road, Avondale, Harare; Time: 12:00hrs
• 18 May - The 76th AGM of Astra Industries Limited; Place: Auditorium at Astra Park, Corner Ridgeway North/Northend
Roads, Highlands, Harare; Time: 12:00hrs
• 19 May - The Fifth Annual General Meeting of Padenga Holdings Limited; Place: Royal Harare Golf Club, 5th Street extension,
Harare; Time: 08.15am
• 19 May - NMBZ AGM; Place: Unity Court, Corner 1st Street Kwame Nkrumah Avenue; Time: 10:00am
• 19 May - Turnall Holdings AGM; Place: Jacaranda Room, Rainbow Towers; Time: 12:00
THE BH24 DIARY
16. JOHANNESBURG- South
Africa's rand steadied on
Tuesday but remained near
one- month lows as gloomy
economic prospects contin-
ued to weigh on sentiment
after the unemployment rate
rose to a record high.
By 0645 GMT, the rand had
inched 0,2 percent firmer to
15,1690 per dollar, the unit's
softest level since April 8.
Government bonds were
weaker, with the benchmark
paper due in 2026 adding 1
basis point to 9,155 percent.
The rand rallied briefly to
below 15,00 in overnight
trade as global commodity
prices recovered and mod-
est consumer inflation data
in China cheered emerging
assets.
Traders however said the
rand was vulnerable to
another bout of weakness
after falling by more than
2 percent in the previous
session as the dollar gained
and concerns over domestic
economic growth weighed.
"Commodity markets are sta-
ble again this morning, and
this has fed into the rand
and other commodity cur-
rencies. However, sentiment
is extremely fragile," said
currency strategist at Rand
Merchant Bank John Cairns in
a note.
Hopes that South Africa
could avoid downgrades to
its sovereign debt evaporated
after the national jobless
rate raced to 26,7 percent in
the first quarter, its highest
level on record.
Moody's kept its rating
unchanged over the week-
end. Fitch and Standard &
Poor's, who both have South
Africa's debt just one step
above subinvestment grade,
are due to make their ratings
decisions in June.
On the stock market, the
Top-40 futures index index
was up 0,46 percent, indicat-
ing the bourse would open
higher when trade resumes
at 0700 GMT. - Reuters●
regioNAL News16
Rand recovers slightly, remains under pressure
JOHANNESBURG - PRETORIA
- South Africa is budgeting
180 billion rand ($12 billion)
for energy investment over
the next three years, accord-
ing to a document released
Monday outlining steps taken
by a government-business
team tasked with finding ways
to spur growth.
The document also says that
the government is looking
at ways to sell non-strategic
state assets. The task team
reported to President Jacob
Zuma on Monday- Bloomb-
erg●
SA budgeting $12bn for energy invest-
ments over next 3 years
17. Emirates Group boosted full-
year profit 50 percent as the
world’s biggest international
airline expanded its wide-
body jet fleet to siphon more
long-haul travelers through
Dubai and benefited from a
decision not to hedge against
fuel-price fluctuations.
Net income for the 12
months ended March 31
rose to 8,2 billion dirhams
($2,2 billion), Emirates said
Tuesday. Emirates Airline’s
profit increased 56 percent
to 7,1 billion dirhams even
as revenue fell 4 percent to
85 billion dirhams. The com-
pany saved 9 billion dirhams
as oil prices declined, while
the strong dollar impacted
revenue by 6 billion dirhams,
Chairman and Chief Execu-
tive Officer Sheikh Ahmed
bin Saeed Al Maktoum said.
"The strong dollar against
major currencies will con-
tinue to be a challenge,"
Sheikh Ahmed said at a
press conference in Dubai.
”We expect low oil prices
to be a double edge sword,
good for operating costs
but bad for global business
and consumer confidence.
There’s pressure on yields,
so we invest profits into the
business."
The airline benefited from a
28 percent oil-price drop in
the fiscal year after opting
not to hedge against crude.
The airline added 29 Airbus
Group NV A380s and Boeing
Co. 777s to what was already
the largest wide-body fleet,
expanding its hub and win-
ning more long-haul transfer
traffic from rivals.
Abu Dhabi-based Etihad Air-
ways, the Gulf No. 3, posted
net income of $103 million
for the 2015 calendar year,
up from $73 million a year
earlier. Qatar Airways, the
No. 2, plans to publish num-
bers in June.
The International Air Trans-
port Association estimated
in December that Middle
Eastern airlines would earn
a collective $1,4 billion in
2015, rising to $1,7 billion
this year – Bloomberg ●
internatioNAL News17
Emirates pofit rises 50 pc on fuel windfall, long-haul traffic
18. By Olusegun Obasanjo
MINING and oil is not a sunset
industry in Africa. The sector
holds great promise — Africa has
a big comparative advantage in
its store of mineral wealth and
human capital. But unlocking
this needs policies that encour-
age long-term, generational
investment, not shortsighted
resource grabs.
Identifying the "right" policies
was the wellspring of a dialogue
on the banks of the Zambezi
River hosted by The Brenthurst
Foundation, which I chair. The
participants, mainly mining
experts and investors, cohered
around legislative certainty, the
provision of reliable services, a
stable and attractive tax regime,
a predictable and transparent
legal system, policy cohesion, a
reliance on administrative regu-
lation rather than political discre-
tion, and honest and competent
officials.
To establish such a framework, a
new narrative of the value of the
industry to Africa is necessary.
This narrative has been defined
by conspiracy and mistrust.
We need to move towards a
shared dialogue based on mutual
dependency and endeavour,
underpinned by a clear belief
that government needs investors
and vice versa.
The main outcome of our meet-
ing is the Zambezi Protocol,
which offers a path for govern-
ment, business and other part-
ners to chart a fresh, positive
future for mining in Africa. The
urgency relates to the state of
the mining sector in Africa: it’s
in crisis.
A lack of trust between mining
companies, governments and the
nations they lead has taken hold.
Failure to tackle this will have
adverse implications for eco-
nomic growth and employment
prospects when the continent’s
needs are increasing rapidly.
Most African governments recog-
nise that much more needs to be
done to diversify our economies,
but we mustn’t lose sight of how
dependent most of us are on the
extractives sector. It comprised
28 percent of the continent’s
combined gross domestic prod-
uct in 2012, 77 percent of total
exports and 42 percent of all
government revenues.
Studies by the International
Council on Mining and Metals
show that for every $1 gen-
erated by mining, at least $3
more is generated elsewhere in
the local economy, and that for
every direct mining employee, as
many as 15 more jobs are cre-
ated elsewhere in that economy.
The end of the commodity
super-cycle has negatively
affected most of Africa, which
had become accustomed to sus-
tained economic growth rates of
above 5 percent.
Economic growth across sub-Sa-
haran Africa, especially in coun-
tries reliant on commodities for
export and government revenue,
is predicted to drop to 3,3 per-
cent this year. Things are set to
become a lot more challenging.
In this new, more competi-
tive and austere environment,
governance and policy attrac-
tiveness will become increasingly
important differentiators in the
performance of African countries.
Just as important will be the reg-
ulatory and administrative pro-
cesses needed to ensure decent
and diversified growth. These
factors will be vital determinants
for attracting investment and
growth in mining projects.
18 analysis18 analysis
The sun has not set on oil and mining industries in Africa
19. As the World Bank has noted,
after geological factors, govern-
ments are the biggest determi-
nant of where mining invest-
ments flow globally.
Negative perceptions in African
societies of the value and role of
mining are amplified in environ-
ments in which there are few
other opportunities.
The narrative on mining is about
big profits at the cost of the
population. Paradoxically, the
communities around mines are
heavily dependent — cradle to
grave — on the firms, to whom
the state often abrogates its
responsibility.
Yet often, the firms bringing
this development have to deal
with interference, corruption
and rent-seeking, reflecting the
difficulty of managing a fixed,
immovable asset where there is
little going on in the economy.
Rather than engage the industry
as a long-term developmen-
tal partner, playing to popular
public pressures and desperate
for revenue, some governments
have sought to target the sector
with high tax regimes and other
redistributive mechanisms
including calls for beneficiation
and value-addition.
Yet the health of the sector is
intrinsically in the interests of
government, not just for reasons
of long-term revenue, jobs and
the prospects of industrialisa-
tion, but because many gov-
ernments hold a direct stake in
mining operations.
While the success of mining
demands a partnership of com-
mon interest and Africa’s young
population demand jobs and
growth, policy instability has
planted the seeds for a vicious
cycle.
The Zambezi Protocol seeks to
improve trust between parties to
ensure longer-term investment
horizons and improved competi-
tiveness for Africa’s mining sec-
tor and thus, jobs and revenue
for mining nations.
As a first step to a wider con-
sensus, we focused on investor
requirements. For this initiative
to be successful, we need to
integrate the voices of govern-
ment and civil society into the
protocol.
Solving the crisis in mining
requires an acknowledgement
that the sector is beset by ten-
sions between government and
business. The African narrative
on mining is fuelled by senti-
ment, emotion and a lack of
information, manifested in the
role of personal discretion in
determining outcomes, rather
than administrative processes,
which invariably increases uncer-
tainty and invites corruption.
Instead of negotiation to moder-
ate and arbitrate regulation and
policy, this results in a tendency
towards litigation.
All parties need to recognise as a
matter of urgency the inevitable
outcomes of the current cycle —
the gradual deflation and down-
sizing of the industry — and the
losers: current and future work-
ers, governments, populations,
and the mining companies.
Such a strategy will need to
build on a number of exist-
ing initiatives, but with much
greater cohesion and commit-
ment. Agreement will have to
be reached on what a successful
mining industry looks like. There
must be recognition that mining
is an inherently risky and long-
term endeavour.
For success, risk needs to be
reduced, by all parties, as far as
possible. But this needs to com-
prise more than an enlightened
business case.
Mining needs to understand
the problems government has
to tackle and make a strategic
contribution to wider issues
(enterprise development, water,
land, education and so on) in an
atmosphere of collaboration, not
confrontation.
All parties must recognise that
trust has broken down. For the
sake of our economies and our
people, it needs to be rebuilt.–
BDLive ●
• Obasanjo, a former pres-
ident of Nigeria, chairs the
Brenthurst Foundation
19 analysis19 analysis