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ZIM POWER CRISIS to WORSEN: Page 5 $8 ZIM POWER CRISIS TO WORSEN: Page 5 $8 News Worth Knowing Shareholder changes at CBZ?: Page 3 July 18-24 2019 ESTABLISHED 1969 @ FingazLive www.fi ngaz.co.zw Facebook: The Financial Gazette ZSE Report THE All Share Index lost 0,26 percent on Wednesday to close at 191,83 points. Econet lost $0,025 War vets to close at $1,6950, while Ed- gars dipped by $0,0201 to settle at $0,1600, as Simbisa traded $0,0175 weaker at $1,0800. The Industrial Index was down 0,3 per- cent to close at 640,10 points, while the Top 10 Index lost 0,3 percent to close at 183,2 points. The Minings Index was fl at at 251,30 points. Currencies (Bloomberg) % change ◀ sow new USD:ZAR 13,9817 0,23 EUR:USD 1,1219 ◀ 0,07 ◀ GBP:USD 1,2431 0,19 USD: JPY 108,1200 0,11 ◀ Stock Markets 191,80 0,30 ZSE (All Share) ◀ ZSE (Minings) 251,30 0,00 13,756,00 1,67 JSE ◀ 7 540,90 0,48 FTSE 100 ◀ 0,34 seeds of Dow 27 243,77 ◀ Commodities ◀ Gold 1 418,35 0,86 ◀ Platinum 845,60 0,67 ◀ Brent Oil 64,48 0,20 Grains (Grain SA) White Maize ZAR 2 393,47 0.0 Soya ZAR 4 556,14 ◀ 0.8 ◀ anarchy Wheat ZAR 2 604,53 1.0 French billionaire Adelaide Moyo are not handled properly, at a time that Zimbabwe Staff writer is battling serious economic challenges and trying to overtakes Gates attract much-needed foreign direct investment. FRENCH billionaire Bernard Ar- ITH Zimbabwe already on its knees due This is more so given that the mining sector ac- nault, the CEO of luxury goods to serious stagfl ation, among other ills counts for between 12 and 16 percent of the coun- maker LVMH, has overtaken Bill — marked by economic decline and hy- try’s gross domestic product — amid government Gates on the Bloomberg Billionaires W Index, which is topped by Amazon per-infl ation — there are fears that fresh demands hopes that the industry will earn the country as much for mines and other war spoils by former freedom as US$12 billion annually by 2023. CEO Jeff Bezos, who holds an esti- mated net worth of US$125 billion. fi ghters could fi nish off the economy. Export earnings from the key industry exceeded It's the fi rst time since the index This comes as the restless war veterans were re- US$3 billion in 2018, contributing more than 70 per- People’s Own Savings Bank (POSB) board chairper- was created seven years ago that cently given a further 15 000 hectares of farmland cent of Zimbabwe’s foreign currency earnings then. son Mathilda Dzumbunu. POSB bank is among sever- Gates has dropped out of the top in eight provinces following complaints that some of This is what has prompted words of caution from al state enterprises earmarked for privatisation under two. them had been excluded from the disastrous land re- experts, particularly given the background that Mug- government's transitional stabilisation programme Arnault has a net worth of forms that took place under ousted former president abe’s reckless appeasement of ex-combatants about following years of perennial losses and as part of the around US$108 billion, having Robert Mugabe. 22 year ago had plunged Zimbabwe into unprece- reform process. The bank recorded a profi t of $16,89 added US$39 billion to his fortune But experts warn that their new demands could dented economic chaos — following his award of million in 2018, up from $11,36 million in 2017. Picture in the past year. Microsoft founder deal a fatal blow to the country’s economy if these To Page 2 by Freedom Mashava Gates is worth $107 billion. - CNN Page 2 | July 18-24 2019 The Financial Gazette National News War vets sow new seeds of anarchy From Page 1 agement that investors have faced for many years,” US$300 million-plus in unbudgeted for funds or Robertson said. gratuity payments to the war veterans and chaotic He added that in countries that consistently re- land reforms. spected the rule of law, investors were prepared to Piers Pigou, the International Crisis Group “outlay very large sums of money to unleash produc- consultant for southern Africa, told The Financial tive capacities”. Gazette that the latest move not only summed up Vince Musewe, another local economist, said the everything that was wrong with Zimbabwe’s po- former freedom fighters should learn from the expe- litical economy, but “war veterans have neither the riences of other countries “where benefits are set, and resources nor the expertise to venture into mining”. agreed, and not re-negotiated when it suits them”. “These demands reflect an unhealthy sense “Each year, war vets demand new benefits and of entitlement from a select politically connected this reflects that their needs have not been fully con- grouping of war veterans. These demands have no sidered and met, or are being drip-fed to keep them obvious merit and reflect just one aspect of the un- on a leash. That is wrong,” he said. healthy underbelly of Zimbabwe's mutating patron- But the Zimbabwe National Liberation War Vet- age system,” he said. erans Association national spokesperson Douglas “They are indicative of why the Zimbabwean Mahiya said “ungrateful Zimbabweans must not economy will struggle to recover as they reinforce forget that the ex-fighters lost opportunities while the notion that economic prospects are rooted in fighting the country’s 1970s bush war and, therefore, opportunism and political connectivity, rather than are keen on levelling the playing field as well as sup- economic fundamentals of merit, efficiency and ef- plementing their meagre salaries or pensions”. fectiveness,” Pigou said. “War veterans want to do something meaningful “I can’t see war veterans playing a major and Piers Pigou Douglas Mahiya for themselves. They have been receiving their pen- successful role in the sector ... sions from 1997. This time around, they will have to find partners “These demands reflect an the mining sector have a long “Such assets become “...Ungrateful Zimbabwe- we got $204 and we are surviving and also convince investors of unhealthy sense of entitle- gestation period,” he said. less efficient and eventually ans must not forget that the on 0,97 cents a day. It’s unsustain- the benefit of doing business ment from a select politi- “Indeed, some investments fail ... when they are under ex-fighters lost opportunities able,” he said, adding that the move with them,” he said. take at least 15 years to pay the control of people who while fighting the country’s to take over some mines “will not Tinashe Kaduwo, a local cally connected grouping acquired them for nothing. destroy the economy”. back the invested capital and 1970s bush war and, there- economist, also said the latest of war veterans. These as such, well defined property In the interest of the con- “We opted to look for mines to demands by war veterans did demands have no obvious rights and a stable policy en- tinuing development of the fore, are keen on levelling the survive. Every day, we are lobby- not augur well for the country’s vironment are key. Any distur- entire country, government playing field as well as sup- ing and facilitating for the progress quest for being a safe destination merit and reflect just one bances (to these investments) should deal very harsh- plementing their meagre sal- of the matter, but ... those who are for capital. aspect of the unhealthy will have serious negative ly with any person found aries or pensions.” responsible for the documentation “This is something of con- underbelly of Zimbabwe's consequences for the econo- guilty of interfering with and approval continue to drag their cern. Weak institutions and lack mutating patronage sys- my, given that it (mining) is the the civil and property rights Douglas Mahiya feet,” Mahiya said. of regard for property rights has tem.” main driver of growth and our of ... other individuals and Mahiya added that while Pres- been weighing down this econo- capacity to earn foreign curren- companies,” he said. ident Emmerson Mnangagwa’s my for more than two decades. cy,” Kaduwo added. “The charge against such government was keen to “fast-track This could actually destroy Piers Pigou Veteran commentator John culprits should be economic the programme”, some “evil civil the little progress that we have Robertson said any “advantag- sabotage because the repercussions of their activi- servants who do not want to see the ex-combatants been enjoying over the past few es to have been extracted from ties ... quickly affect investment inflows into every prosper have been out to frustrate the process”. months as it could dent confidence and scare away the mining sector will be put at risk by persons un- business sector. Zimbabwe’s dreadful unemploy- [email protected] capital and investment ... more so as investments in dermining laws protecting such investments”. ment figures are a direct result of the severe discour- See also Page 8 Central bank autonomy vital, say experts Paul Nyakazeya bank its autonomy as part of strategies wean off the Reserve Bank of Zimbabwe (RBZ) to ments have been using the RBZ as an extension of Group Digital Editor to jumpstart the country’s ailing econ- ensure that it plays its advisory role. the executive, and sometimes unduly relying on the omy. Economists who spoke at The Financial Gazette’s institution for funding. RESIDENT Emmerson Mnan- This comes after Finance minister Executive Dialogue held under the theme ‘Impact Hawkins said confidence was at its lowest in Zim- gagwa’s government has been Mthuli Ncube last week indicated that and outlook of SI 142’, agreed that it was important babwe and most people do not trust monetary author- Purged to swiftly grant the central government is working on a plan to for an independent central bank to focus on its core ities.
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