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 (22 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (21 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (20 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
Mimosa Platinum, a platinum mine in Zimbabwe owned by South African company Aquarius Platinum, increased platinum production by 2% in the first half of 2015 compared to the same period last year, but saw revenues decrease 32% to $99 million due to lower metal prices. While costs decreased slightly, earnings fell sharply due to the large drop in platinum prices. The mine produced 60,214 ounces of platinum group metals in the first half of 2015.
A digital copy of the BH24 (19 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
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 (22 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (21 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the BH24 (20 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
Mimosa Platinum, a platinum mine in Zimbabwe owned by South African company Aquarius Platinum, increased platinum production by 2% in the first half of 2015 compared to the same period last year, but saw revenues decrease 32% to $99 million due to lower metal prices. While costs decreased slightly, earnings fell sharply due to the large drop in platinum prices. The mine produced 60,214 ounces of platinum group metals in the first half of 2015.
A digital copy of the BH24 (19 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
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.
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.
'Financial sector indigenisation measures to spur economic growth'Zimpapers Group (1980)
The Reserve Bank of Zimbabwe announced new financial sector compliance credits that are aligned with guidelines for implementing indigenisation and economic empowerment policies. Under the measures, financial institutions can earn empowerment credits by meeting objectives such as lending 20% of their portfolio to agriculture and energy or lending to small businesses. The credits contribute to the 51% indigenisation threshold required by law. Observers believe the measures will encourage banks to support economic growth sectors in line with indigenisation goals. The alternative is for institutions to pay an empowerment levy, though this is subject to rebates from specified activities.
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.
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.
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.
- 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 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.
- 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.
The summary of the document is:
1) The recovery of loans from the now defunct Allied Bank is facing challenges as many of the loans were transferred to third parties and a significant portion of facilities granted did not have security.
2) The delay in recovering loans will concern Allied Bank's creditors, including government departments.
3) The CEO of the Deposit Protection Corporation said disposal of assets and loan recovery has taken longer than expected due to external factors such as debts being transferred to third parties without security. Most facilities granted to debtors did not have security, impacting recovery rates.
BancABC Zimbabwe's predecessor companies, FMB Holdings Limited, African Banking Corporation Securities Limited and African Banking Corporation Asset Finance Limited, have been removed from Zimbabwe's company register after failing to submit annual returns for more than two years. These companies were non-operational subsidiaries of BancABC Zimbabwe that have now been officially deregistered. BancABC Zimbabwe was originally formed through a series of share swaps in 2000 between various companies including FMB Holdings Limited, and later rebranding FMB Limited as African Banking Corporation of Zimbabwe Limited in 2001.
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.
The insurance firm Fidelity Life Assurance Ltd has placed its managing director and finance director on leave and appointed an acting managing director while auditors investigate allegations of corporate governance malpractices at the company. The Insurance and Pensions Commission was forced to appoint auditors from KPMG to conduct a forensic audit after initial results of an internal investigation were leaked to the press. The company stated that the managing director and finance director were being placed on leave to facilitate the swift execution of the audit.
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.
A digital copy of the BH24 (08 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
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.
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.
'Financial sector indigenisation measures to spur economic growth'Zimpapers Group (1980)
The Reserve Bank of Zimbabwe announced new financial sector compliance credits that are aligned with guidelines for implementing indigenisation and economic empowerment policies. Under the measures, financial institutions can earn empowerment credits by meeting objectives such as lending 20% of their portfolio to agriculture and energy or lending to small businesses. The credits contribute to the 51% indigenisation threshold required by law. Observers believe the measures will encourage banks to support economic growth sectors in line with indigenisation goals. The alternative is for institutions to pay an empowerment levy, though this is subject to rebates from specified activities.
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.
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.
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.
- 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 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.
- 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.
The summary of the document is:
1) The recovery of loans from the now defunct Allied Bank is facing challenges as many of the loans were transferred to third parties and a significant portion of facilities granted did not have security.
2) The delay in recovering loans will concern Allied Bank's creditors, including government departments.
3) The CEO of the Deposit Protection Corporation said disposal of assets and loan recovery has taken longer than expected due to external factors such as debts being transferred to third parties without security. Most facilities granted to debtors did not have security, impacting recovery rates.
BancABC Zimbabwe's predecessor companies, FMB Holdings Limited, African Banking Corporation Securities Limited and African Banking Corporation Asset Finance Limited, have been removed from Zimbabwe's company register after failing to submit annual returns for more than two years. These companies were non-operational subsidiaries of BancABC Zimbabwe that have now been officially deregistered. BancABC Zimbabwe was originally formed through a series of share swaps in 2000 between various companies including FMB Holdings Limited, and later rebranding FMB Limited as African Banking Corporation of Zimbabwe Limited in 2001.
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.
The insurance firm Fidelity Life Assurance Ltd has placed its managing director and finance director on leave and appointed an acting managing director while auditors investigate allegations of corporate governance malpractices at the company. The Insurance and Pensions Commission was forced to appoint auditors from KPMG to conduct a forensic audit after initial results of an internal investigation were leaked to the press. The company stated that the managing director and finance director were being placed on leave to facilitate the swift execution of the audit.
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.
A digital copy of the BH24 (08 January 2016 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
A digital copy of the 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 (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.
Govt to incentivize rand usage in local tourism sector: Minister MzembiZimpapers Group (1980)
A digital copy of the BH24 (11 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 (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 Business News 24 (29 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
A digital copy of the 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.
A digital copy of the Business News 24 (23 March 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
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.
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.
- The Zimbabwe Stock Exchange registered increases in turnover and volume traded in February, rising 38.4% and 54% respectively from the previous month. However, the market value maintained a downward trend.
- While activity increased on the stock market last month, the ZSE's market capitalization is already down 11.42% for the year. Market watchers forecast the market will recover only 15% this year.
- The change in fortunes on the stock market provides hope that stocks may offer moderate returns after large losses in recent years, though economic challenges remain.
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 (15 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 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.
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
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.
A digital copy of the BH24 (21 December 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
- A leading Zimbabwean think tank, ZEPARU, forecasts that Zimbabwe's inflation rate will rise slightly from -2.47% in December 2015 to -2.10% by March 2016. This is based on the assumption that policy measures from the 2016 national budget are implemented and the South African rand stabilizes.
- The RBZ is mobilizing long term affordable financing for gold and diamond miners to increase production and export earnings from these sectors. Gold production has been rising in recent years while the diamond sector has underperformed.
- Total Zimbabwe plans to invest $10 million in capital expenditure in 2016 as it looks to maintain service quality across its network of over 100 gas stations in the country.
Similar to Zimbabwe's new ICT policy nears promulgation (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.
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 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.
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.
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.
State-owned mobile operator NetOne expects to pay a dividend to the Zimbabwean government by the end of 2016. This is despite posting a $3 million loss in 2015. The company's acting CEO said ongoing restructuring efforts will improve financial performance going forward. He noted that NetOne has similar network infrastructure to larger competitor Econet but generates much less revenue, indicating room for growth. The CEO said NetOne should capture more market share by better utilizing government customers and expanding its sales and distribution networks.
NMBZ Holdings is close to securing a $20 million loan facility from two European development finance institutions. The loan will target small and medium enterprises in Zimbabwe. NMBZ already has a $20 million facility that it is currently utilizing. The CEO of NMBZ said they will focus on accessing credit lines to support productive sectors of the economy and ease cash shortages. He expects to access the $20 million European facility within the next two months to support SMEs.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
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.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
buy old yahoo accounts buy yahoo accountsSusan Laney
As a business owner, I understand the importance of having a strong online presence and leveraging various digital platforms to reach and engage with your target audience. One often overlooked yet highly valuable asset in this regard is the humble Yahoo account. While many may perceive Yahoo as a relic of the past, the truth is that these accounts still hold immense potential for businesses of all sizes.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
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Zimbabwe's new ICT policy nears promulgation
1. By Tawanda Musarurwa
HARARE – The new National
Information and Commu-
nications Technology (ICT)
policy draft is currently being
reviewed by Cabinet, pend-
ing approval, ICT, Postal and
Courier Services Minister
Supa Mandiwanzira has said.
Zimbabwe is presently using
the National ICT Policy of
2005, which has long been
overrun by the rapid changes
in the ICT space.
Minister Mandiwanzira said
the promulgation of the
new National ICT policy will
also provide impetus for the
establishment of sub-sector
policies and pieces of legis-
lation.
“The document (ICT Policy)
is now past the working
parties and now before the
committee of Ministers of
Cabinet,” he said.
“Other sub-sector policies
and legislations that are
awaiting approval of the
policy framework are already
at an advanced stage of
approval. And these include
News Update as @ 1530 hours, Tuesday 15 March 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
New ICT policy nears promulgation
Minister Mandiwanzira
2. the National Cyber-security
Policy and cyber-security
related bill, cyber-crime and
cyber-security, e-transac-
tions and e-commerce
“These policies and pieces
of legislation which can only
come into existence after
the broader ICT Policy has
been approved, are critical
because we have seen the
development in the ICT sec-
tor and social media space
in this country where the
abuse of social media has
extended.”
The draft ICT policy focuses
on areas that the Govern-
ment considers priorities of
the local technology space
is going to contribute in a
big way to national economic
growth going forward.
These include ICT infrastruc-
ture (sharing), e-govern-
ment, content, ICT sector
growth, local ICT industry
development and empower-
ment, affordable broadband,
ICT research and cyber
security.
Analysts say the country’s
ICT sector has the poten-
tial to drive the economy
forward, but to the extent
that relevant strategies and
measures are put in place.
They say ICT could improve
revenue, enhance com-
petitiveness, and assist in
the economic and societal
modernisation. It can further
facilitate innovation, con-
necting people and communi-
ties, and improving stand-
ards of living and new trade
opportunities.●
2 news
5. By Funny HUdzerema
HARARE – Zimbabwe’s trade
deficit at the end of last
year stood at $3,3 billion,
Zimtrade statistics show.
The Statics show that in
2015 Zimbabwe exported
goods worth $3 billion and
imported goods worth $6,3
billion and resulting in the
$3,3 billion trade deficit.
An official from ZimTrade
said the worsening of the
trade deficit is due to the
cumbersome process that
local exporters have to con-
tend with, such as numerous
documents which has forced
many companies to stop
exporting.
ZimTrade chief executive Ms
Sithembile Pilime said Zim-
babwe has got the capacity
to balance its trade if export
policies are reviewed.
“Zimbabwe has got the
potential to balance its
export performance if
authorities reduce the num-
ber of export regulations and
levies which are currently
limiting different companies
exporting levels.
“Currently trade deficit is at
$3,3 billion due to a general
decline in exports for all
sectors except clothing and
beverages during year 2015,”
she said.
‘She was speaking during the
Stanbic Bank and ZimTrade
export awareness seminar
aimed at educating exporters
how to export their prod-
ucts and the best markets to
export to.
“We have too many export
permits, export licenses and
import permits that export
companies need to have so
at the end of the day most of
the time is spent on obtain-
ing the documents than on
real business.
“Right now our companies
are exporting all over the
world but the problem is
that the number of exporters
has shrunk and the value of
exports has declined,” she
added.
She added that the country
is producing quality products
which are of high demand on
the market and there is only
need to revisit our exporting
policies.
ZimTrade sourced markets
for local products in Mozam-
bique, Malawi and Swaziland
and is also targeting the Tan-
zania and DRC markets.
“This year we will do actual
marketing surveys in DRC
and Tanzania to see what our
local companies can sup-
ply to those markets,” she
said.●
5 news
2015 trade deficit at $3,3bn
8. HARARE– Government will
likely recover only $2 mil-
lion out of $18 million of its
money which was locked up
in the now liquidated Inter-
fin Bank, an official has said.
The Reserve Bank of Zim-
babwe placed Interfin under
curatorship in June 2012
after it was found to be in an
unsound financial position.
Strenuous efforts to revive
the bank failed, resulting in
the central bank applying at
the High Court for its liquida-
tion last year, a request that
was granted.
The bank owed its creditors
over $150 million. Before its
closure, Interfin was one of
the financial institutions that
had been chosen by Govern-
ment to manage and loan out
funds to struggling com-
panies under the Zimbabwe
Economic and Trade Revival
Facility (Zetref), a facility
which was partially funded
by the African Export and
Import Bank. At least $20
million in Zetref funds was
deposited with the bank.
The Accountant General in
the Ministry of Finance and
Economic Development,
Dennis Muchemwa said
Interfin Bank liquidator, the
Deposit Protection Corpo-
ration, had assured Govern-
ment it would likely recover
around $2 million.
“We submitted claims with
the liquidator on June 4,
2015 after notification from
the liquidator,” Muchemwa
told the Parliamentary Port-
folio Committee on Public
Accounts. “There is antic-
ipation that we will receive
a small amount of plus or
minus $2 million out of the
$18 million.”
Quizzed why Government
had chosen to deposit funds
with a struggling financial
institution, Mr Muchemwa
said officials had not been
aware that the bank was in
the red.
“We would not have made
the investment if we were
aware that the bank was in
dire straits,” the Accountant
General said.
Interfin’s financial position
only came to the fore after
the ministry of finance’s
repeated efforts to withdraw
about $5 million in Zetref
funds failed to materialise.
It is at this point that the
Reserve Bank was asked to
look into the bank’s finan-
cials, which revealed that it
was teetering on the brink of
collapse. The bank was then
placed on “recuperative cura-
torship.”- New Ziana.●
8 news
Government recovers $2 million out of $18 million lost in bank
11. 11 news
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BH24 Reporter
HARARE -South Afri-
can-headquartered cement
manufacturing giant says the
expansion project in Zimba-
bwe is now 55 percent com-
plete – along with projects in
the Democratic Republic of
Congo and Ethiopia.
PPC is constructing an
$80 million cement plant
in Harare, which will have
capacity to produce 680 000
tonnes annually.
In an operational update to
investors today, the cement
producer said its expansion
strategy was on track, while
sales at its recently commis-
sioned plant in Rwanda had
exceeded the 100 000 tonne
point.
“PPC’s expansion strategy
remains on track and sales
in the recently commissioned
plant in Rwanda have passed
the 100 000 ton mark. All
three remaining projects
in the DRC, Zimbabwe and
Ethiopia are over 55 percent
complete,” said the company.
In respect of operations for
the first five months of its
financial year, PPC Ltd noted
an increase in sales within
South Africa, although sales
in its international division
dipped.
“Group cement volumes are
down 1 percent for the first
five months of the financial
year. Sales in the SA cement
business rose 2 percent while
they declined in the interna-
tional businesses. Pressure
on selling prices has weighed
in most operating regions.”●
PPC Zim expansion project 55pc complete
13. HARARE - The equities
market bucked yesterday’s
losses as the mainstream
industrial index rebounded
0.39 to close at 99.41 in
trading dominated by gain-
ers.
Giant insurer Old Mutual
added $0,0697 to trade
at $1,9697, while CBZ
advanced by $0,0050 to set-
tle at $0,1100.
Delta Beverages was up
$0,0025 to $0,5650, while
Padenga was $0,0002
stronger at $0,0620.
No counter traded in the
negative territory while
activity was limited to
eleven counters.
The mining index was up
0.08 to settle at 19.22
following a $0,0001 gain in
Bindura, Falgold, Hwange
and RioZim maintained
previous price levels at
$0,0050, $0,0300 and
$0,1040 respectively
- BH24 Reporter ●
ZSE13
Industrials gain
15. 15 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
15 March 2016
Energy
(Megawatts)
Hwange 404 MW
Kariba 285 MW
Harare 17 MW
Munyati 0 MW
Bulawayo 18 MW
Imports 0 - 500 MW
Total 1293 MW
•Thursday 24 March 2016 - Annual General Meeting of Willdale Limited; Place: Boardroom, Willdale Administration Block,
19.5km peg Lomagundi Road, Mount Hampden; Time: 1100 hours...
• Upcoming AGM - TSL, Head office, 28 Simon Mazorodze Road, Southerton, 16 March, 1200hrs
• Analyst briefing - Old Mutual Zimbabwe, Steward Room, Meikles Hotel, March 30, 1430hrs
THE BH24 DIARY
16. JOHANNESBURG - South
Africa's rand was softer
against the dollar on Tues-
day, in nervous trade ahead
of a Moody's rating review
visit and the central bank's
interest rate decision later in
the week.
Stocks opened lower, with
the JSE securities exchange's
Top-40 index dipping 0,7
percent.
At 0700 GMT the rand
was down 0,35 percent at
15,5950 to the dollar com-
pared with where it closed in
New York on Monday.
This followed a drop of
nearly 2 percent on Mon-
day, after Finance Minister
Pravin Gordhan said it would
be hard for South Africa to
get its credit rating back up,
should it be downgraded.
Moody's, Standard & Poor's
and Fitch have all warned
of possible downgrades
after President Jacob Zuma
changed finance minis-
ters twice within a week in
December, casting doubt on
Pretoria's commitment to
fiscal prudence.
Moody's will start a three-
day visit on Wednesday to
review South Africa's rating.
Tuesday's rand weakness
was also in line with softer
emerging markets after the
Bank of Japan held policy
steady as expected, boosting
the yen which is seen as a
safe haven currency.
"We expect international
developments ... to hold
more sway over the rand
than local developments
leading up to the MPC meet-
ing on Thursday," Standard
Bank said in a note, refer-
ring to the South African
Reserve Bank monetary
policy committee's own rate
announcement.
Economists polled by Reuters
say the MPC will wait until
May before hiking interest
rates again, despite ris-
ing inflation, as economic
growth stutters.
On the bond market, gov-
ernment debt prices edged
lower, and the yield for the
benchmark instrument due in
2026 was up 3 basis points
at 9,17 percent.
-Reuters●
regioNAL News16
Rand softer in line with EM currencies, stocks down
NAIROBI - The Interna-
tional Monetary Fund (IMF)
has approved two-year
standby credit facilities for
Kenya worth about $1,5 bil-
lion, it said late on Monday.
"The Kenyan authorities
have indicated that they
will continue to treat both
arrangements as precau-
tionary," the fund said on its
website. - Reuters●
IMF approves
24-month $1,5 bil-
lion standby facili-
ties for Kenya
17. SINGAPORE - Gold dropped
for a third consecutive ses-
sion on Tuesday to its lowest
in almost two weeks, with
investors focused on the
upcoming US Federal Reserve
policy meeting.
A rise in global equity mar-
kets over the past few days
has provided headwinds to
the gold market, which has
gained around 16 percent
this year.
The yen advanced against
the dollar and Asian stocks
languished near the day's
lows on Tuesday, after the
Bank of Japan held policy
steady as expected and
offered a bleaker view of the
country's economy in the
face of lingering anxiety over
slowing global growth.
Spot gold dropped 0,5 per-
cent to 1 228,56 an ounce by
0649 GMT, while US gold slid
1,3 percent to $1 229,10 an
ounce. Spot gold earlier in
the session fell to $1 225,70
an ounce, its lowest since
March 2.
"We are waiting for the
outcome of the Fed meeting
and data coming from the
United States is showing that
the state of the economy is
not bad," said Ronald Leung,
chief dealer at Lee Cheong
Gold Dealers Ltd.
"I think there are too many
long positions in the market.
They are taking some profit."
The Fed's two-day policy
meeting will start on Tuesday
and be watched for clues on
the future pace of US rate
increases.
Further US rate hikes could
lift the opportunity cost of
holding non-yielding bullion,
while boosting the dollar, in
which it is priced. The metal
has risen 16 percent this
year as expectations for fur-
ther near-term hikes faded.
The Bank of Japan kept
monetary policy steady but
offered a bleaker view on
the economy and warned of
waning inflation expecta-
tions, signalling that global
headwinds that may justify
deploying yet more stimulus
ahead.
The weak move in gold over
the last two sessions fol-
lowed Friday's brief bounce
to a 13-month high after
the European Central Bank
signalled an end to rate cuts
and the euro rose sharply
versus the dollar. Gold is
highly sensitive to monetary
policy and resulting currency
moves.
SPDR Gold Trust, the
world's largest gold-backed
exchange-traded fund, said
its holdings fell 1,08 percent
to 790,14 tonnes on Mon-
day from 798,77 tonnes on
Friday. In terms of ounces,
holdings fell to 25 403 927
ounces from 25 681 155.
Hedge funds and money
managers increased their
bullish COMEX gold position
to the highest in 13 months
in the week to March 8, the
eighth increase in the last
nine weeks, data showed on
Friday. - Reuters●
internatioNAL News17
Gold prices hit near 2-week low; focus on Fed meeting
18. The top of the oil market
may be closer than you
think. With Brent futures
having bounced back to $40
a barrel, the International
Energy Agency sees “light at
the end of the tunnel,” and
Goldman Sachs Group Inc. is
spotting “green shoots.” Even
so, many analysts warn that,
like the failed rally last year,
this recovery will sputter
once prices go high enough
to keep US crude flowing.
“If prices keep going up, US
production from shale pro-
ducers is extremely respon-
sive,” Jamie Webster, vice
president of crude markets
at IHS Energy, said in a
Bloomberg Television inter-
view.
“Falling US production is the
key dynamic you need to get
supply to equal demand, and
that might not actually hap-
pen,” meaning prices could
fall again.
Brent futures have recov-
ered about 40 percent from
the 12-year low of $27,10
reached in January. With
output outside the Organisa-
tion of Petroleum Exporting
Countries set for its biggest
slump since 1992, “prices
might have bottomed out,”
according to the IEA. Yet
world crude benchmarks may
struggle to push past $50
a barrel this year as any
further price recovery only
delays the production cuts
needed to balance the mar-
ket, according to the median
of a Bloomberg survey of
nine analysts.
While US crude production
has retreated 5,5 percent
since last summer, the pro-
cess of depleting bloated
inventories is just getting
started, according to Gold-
man Sachs. The bank, which
foresaw oil’s plunge into the
$20s, predicts prices still
need to stay low enough to
starve producers of capital,
otherwise the output losses
necessary to remove the sup-
ply surplus won’t happen.
18 analysis18 analysis
If oil prices have hit bottom, the top may not be too far away
19. 19 analysis19 analysis
“An early rally in prices
before a deficit materializes
would prove self-defeating,”
Jeffrey Currie, head of com-
modities research at Gold-
man Sachs in New York, said
in a report on March 11.
The recovery “could throw
a lifeline to US producers”
that would “limit oil produc-
tion declines,” said Giovanni
Staunovo, an analyst at UBS
Group AG in Zurich.
Sustainable Price
The argument that $50 rep-
resents a ceiling for crude is
flawed, according to Sanford
C Bernstein & Co., which
sees prices returning to $70
in the next year. The industry
can’t stay profitable at cur-
rent price levels, having lost
$3 for each barrel produced
last year even as companies
squeezed costs, it said.
“The price of oil has to rise
to balance the market in
the medium run, and the
medium run might be sooner
than people think,” analysts
including Bob Brackett in
New York said in a report.
The rally could in any case
sputter out before it even
reaches the point that
revives US production,
according to UBS’s Staunovo.
Temporary price support from
pipeline disruptions in Iraq
will fade, while talks between
OPEC and non-members on
freezing supply while have
little impact, he said. Iran
still insists it won’t accept
any freeze until it restores
about 1 million barrels of
exports now that sanctions
have been lifted, Russian
Energy Minister Alexander
Novak said Monday following
a meeting in Tehran.
Similar Trend
This year’s price trend is
nonetheless similar to last
year, IHS’s Webster said.
West Texas Intermediate
crude climbed 40 percent
from late March 2015 as
US drilling plummeted, yet
stalled near $61 that summer
as the nation’s production
kept going. The US bench-
mark ultimately sank near
$40 again by August.
The resilience of US pro-
duction has taken OPEC by
surprise, Secretary-General
Abdalla El-Badri said last
month. Break-even prices
at North American shale
wells declined by 40 percent
between 2013 and 2015,
according to consultant Rys-
tad Energy AS. Crude output
remains near 9 million bar-
rels a day even as data from
Baker Hughes Inc. shows
drillers are using the fewest
rigs since 2009.
The reduction in costs makes
OPEC’s forecast for a 700
000 barrel-a-day contraction
in non-OPEC output this year
“more uncertain,” the group
said in its monthly oil-market
report Monday.
As a result of efficiency
gains, the “shale band” --
the price range that allows
output to be profitable -- has
fallen by about $10 since last
year to $45-$55 a barrel,
said Olivier Jakob, managing
director at consultant Petro-
matrix GmbH, who originated
the term. This year’s rally
has already buoyed US drill-
ers, who raised $10 billion of
extra funds on Wall Street.
There’s a cache of suspended
wells stretching from south
Texas to the Rocky Moun-
tains that can be completed
as soon as prices rise high
enough, according to ana-
lysts at Bloomberg Intel-
ligence. This reserve is
known as the “fracklog,” in
reference to the technique
of hydraulic fracturing, or
fracking, used by the shale
industry.
“There’s a cap that has to
do with when the high-cost
frackers will come back
in, at say $50,” Catherine
Mann, chief economist at the
Organisation of Economic
Cooperation and Develop-
ment, said in a Bloomberg
Television interview. “You’ve
got frackers out there whose
capacity to come into the
market is very, very flexible.
So there’s a range now.” -
Bloomberg●