News Worth Knowing an rsens inestr it

July 9-15 2020 @ FingazLive fi nac ace e inancia aette

RBZ FX Auction Amount allotted: USD 13 602 407,84 Highest rate: 90,0000 Jury still Lowest accepted rate: 55,0000 Weighted average rate: 65,8765 Total bids: USD 15 872 481,93 Number of bids received: 264 Number of bids rejected: 92 FX03/2020 Source: RBZ

out over Currencies (Bloomberg) % change USD:ZAR 16,9856 1,06 ◀ ◀ EUR:USD 1,1291 0,66 ◀ GBP:USD 1,2558 0,13 ◀ USD: JPY 107,5000 0,24

Stock Markets 10 343,89 0,86 NASDAQ ◀ NIKKEI 225 22,438,65 0,78 ◀ 12 150,00 0,69 currency JSE ◀

FTSE 100 6 179,61 ◀ 0,17

Dow 25 890,18 ◀ 1,51

Commodities ◀ ◀ Gold 1 802,85 0,45 ◀ Platinum 842,69 0,34 Brent Oil 43,25 0,39

Grains (Grain SA) ◀ auctions White Maize ZAR 2 327,94 0,4 Soya ZAR 5 637,85 0,5 ◀◀ uda ideme policy committee (MPC), said some banks and Wheat ZAR 3 099,81 1,4 arets ditr exporters were yet to put up their forex for the auctions, as expected — meaning that the system SAA to axe 2 700, HE jury is still out on ’s recently could “falter if more players do not willingly put re-introduced foreign currency auctions, up their money there”. with some banks and exporters remaining “The big disappointment was that some ex- fork out R2,3bn T SOUTH African Airways (SAA) wary about the system three weeks after its re- porters and commercial banks did not support the launch. auctions on the rst two Tuesdays will retrench at least 2 700 employees The revived foreign exchange trading scheme “But what I also hear is that the export sector and retain 1 000 workers following — which was last tried, unsuccessfully, in 2004 is now ush with local currency and thus is no meetings with union representatives, — is meant to stabilise the plunging Zimbabwe longer having to borrow from the banks,” he said. Department of Public Enterprises dollar and to provide a workable platform for “After we had rejected the ineligible ones (DPE) said yesterday. managing the country’s meagre hard currency (capital account transactions, fuel and non-essen- About R2.3 billion has been put supplies. tial forex applications), we were able to meet all aside to fund the severance packag- But experts who spoke to The Financial Ga- applications. es, according to the business rescue zette this week said while the system could work, “These were dominated by the productive plan. a con dence de cit and structural challenges such sector spare parts lique ed natural gas maize "(They) will be able to access as “disincentives for hard currency earners” — wheat and rice, as well as raw materials for in- the voluntary severance packages as eainted irst aita an manain directr iaran who are currently selling their cash at an average soon as a business rescue plan for dustry. carr is eected t drie te fi nancia institutins rt of $65, when the parallel market rate is up to $110 “I have heard from the Confederation of Zim- SAA is endorsed by a creditors vote," strate is eerience in a anin sans er ears e the DPE said, adding the agreement to the US dollar, affects the auction process and its babwe Industries (CZI) that this is making a mas- ined te an in a rm arcas c as cie fi nance ef cient operation sive difference to the productive sector,” Cross "brings important momentum to- fi cer irst aita an rerted an ater ta rfi t mi wards the adoption of a business Eddie Cross, an economist and member of the further told The Financial Gazette. in in te fi rst quarter te ear rm a ss miin in te Reserve Bank of Zimbabwe (RBZ)’s monetary ae rescue plan for SAA by creditors." reius erid — Wires Page 2 | July 9-15 2020 The Financial Gazette News

Jury still out over currency auctions From Page 1 the rate at which we surrender 20 percent Henry Ruzvidzo, the CZI’s president, of our revenue from... 25 to 64. However, wished for “more players to participate in this is not adequate as we have to buy local the market”, to ensure that the productive inputs... priced at rates of 100. This makes sector accessed more forex on the ofcial our locally procured inputs expensive in market. S terms “The hope is that as more sellers come For the auction system to succeed there to the market a tting forex rate can be re- has to be condence which arises from alised, which will allow sales to continue ... genuine transparency and openness Any allowing for improved access by business perceived moves to manipulate the results he said. will result in sellers moving away to the Prior to the re-introduction of the For- alternative market Market players want to eign Exchange Auction System described know the true value of bids he said by central bank governor John Mangudya If we take last weeks auction for ex- as a Dutch model, the Zim dollar’s rate was ample if the banks had been trading at determined through a hard peg and man- for a week it raises suspicion when bids aged oat exchange rate regime both were successful at and higher bids were of which failed to stabilise the hapless lo- reected Who is making that decision and cal unit which was prematurely brought the criteria they are using If all this is not back by Finance minister last clear then it will face a fate similar to the year. last auction system The auction system was rst introduced According to authorities local banks are years ago in the wake of similar currency holding in excess of S billion in their instability at the time but was abandoned foreign currency accounts within a year after it failed to help matters. Veteran economist John Robertson said As it is bids for Tuesdays auction have the hope was that the black-market rate fallen from to with the alloted g- would soon fall over the coming weeks ures also declining to nearly S million but a lot depends on whether the holders of statistics show. foreign exchange begin to believe they can With the rst public sales this time see- buy it back when they want to ing the Zim dollar debuting at an average At that point the Zimbabwe dollar will of to the greenback a fortnight ago the have stabilised but supply volumes of for- local unit further weakened to about last eign exchange have to improve before that week and is at a weighted average of ust point can be reached he added over this week which is still way below A retail sector executive who also spoke the parallel market rate. to The Financial Gazette also said there Delta Corporation one of the coun- was need to increase the frequency of auc- trys largest rms which took part in tions”. the rst auction but was disqualied from “There is a need to conduct the auction the second told The Financial Gazette this at least twice per week to lubricate the mar- week that the system still needs to be ne- ket. It is essential that ... products like fuel tuned and made more accessible to corpo- are continually sold in S dollars as most rates in dire need of hard currency”. service stations run dry,” he said. “They have many restrictions that are On his part Persistence Gwanyanya creating difculties for businesses For ex- an economist said stabilising the Zim- ample, if you have some money in your babwean dollar would require a heavy nostro account they will not allow you to dosage of measures related to multiple cur- bid regardless of whether or not the money rency-regime elements and anchored on the you have is enough to settle your invoices dual pricing system company secretary Alex Makamure said In short the only way to salvage the “They also have other restrictions per- Zim dollar today is to create demand for it, taining to administrative issues between which entails an efcient auction system banks and the RBZ which means that if This may require enforcement of the dual your bank has outstanding issues on your pricing system account you will not be able to bid he “Due to its low preference (as a store of said. value the local currency is preferred more Anthony Mandiwanza the chief execu- for transactional purposes. tive of Dairibord Holdings concurred that This means businesses which accept the system currently had signicant con- the Zim dollar only comply if they are con- straints. vinced that the chances of securing foreign What we see as a bit of a constraint is currency from the auction system are high the fact that companies are only allowed to “Importantly, this speaks to the need to submit a single bid through one bank he adequately beef up supply in this new mar- said. ket,” Gwanyanya said. Many companies are multi-banked and Meanwhile another MPC member have cash balances in different banks and Ashok Chakravati says he was condent foreign currency applications for differ- the revamped auction system will succeed ent invoices in various banks The auction because it is operating in different circum- system requires consolidation through one stances than in as Zimbabwe had no bank Mandiwanza a former CZI presi- control of its budget decit and accelerating dent, said. money supply, which increased pressure on Oliver Kamundimu Padenga Holdings the foreign exchange resource chief nancial ofcer said The auction See also Pages 8, 11, 15 and 17 rate has been helpful in that it has moved nesdeskfinga.co. The Financial Gazette July 9-15 2020 | Page 3 National News Fix politics to get our help: Paris Club

John Kachembere take measures to grow the economy to enable this,” she said. Assistant Editor the country to raise the requisite resources to The researcher also noted that Harare clear the arrears to ensure debt sustainabili- must create an enabling environment through RESIDENT ’s govern- ty and sound debt management policy. This satisfying all the set conditions in the Inter- ment has been told by the Paris Club — a group also enhances its capacity to absorb external national Monetary Fund-administered Staff Pof 22 mostly wealthy country creditors — to im- shocks. Monitored Programme and other relevant plement sustainable political and economic reforms “Zimbabwe is in a debt trap where it legislations like the Pubic Finance Manage- before it gets debt forgiveness. needs foreign funding for its capital and so- ment Act to try and regain condence from This comes as the International Monetary Fund cial expenditure. the private investors. (IMF), South Africa and global research group Rand "To move out of the trap, the country can Focusing on sound public nance man- Corporation have also slammed Harare for implement- avoid further debt contractions on commer- agement is an enabler for both domestic in- ing “piece-meal reforms in a few economic sectors” cial terms loans and try to promote non debt vestment and foreign direct investment, she while “genuine reforms have been extremely sluggish”. ows like foreign direct investment and pub- said. “Zimbabwe’s desire to normalise its relations with lic-private partnerships in order to fund gov- “Government ministries, departments and the international community can only advance follow- ernment requirements. agencies should ensure that all the expen- ing the implementation of substantive economic and “The government has to acknowledge that ditures are done under the public nancial political reforms,” Odile Renaud-Basso, the Paris Club it has no money and allow private sector to management information system in order to president, said in a June 12 letter addressed to Finance chip in to fund infrastructure and other social capture the correct debt position, which gives minister Mthuli Ncube. services. a hint on whether the country is on track it She added that the required reforms include “re- "There is need however, to create con- terms of the debt thresholds.” garding the respect for human rights, especially free- ducive investment environment to achieve President Emmerson Mnangagwa nesdeskfinga.co. dom of assembly and expression”. In April Ncube wrote to heads of multilateral - nancial institutions seeking a S million nancial bailout and assistance to clear nearly US$12 billion in debt arrears so the country can avoid economic col- lapse and unlock funds to ght the coronavirus pan- demic. However, Renaud-Basso indicated that the “nor- malisation of relations, including any potential debt treatment, can only begin once Zimbabwe has cleared all arrears to international nancial institutions in par- ticular to the World Bank and the African Development Bank.” Economic analysts said the Paris Club spurn, com- ing a few days after the organisation suspended debt service payments amounting to US$1,1 billion from Chad, Ethiopia, Pakistan and Republic of Congo as part of a G20 debt relief deal, shows that Zimbabwe needs to put its house in order. Researcher Evangelista Mudzonga said it was time President Emmerson Mnangagwa’s administration adopts a debt strategy, which will boost the country’s communication with creditors and markets, and reduce uncertainty. “This will also facilitate domestic debt market development by clearly announcing to market partic- ipants the plans of the government for the medium term,” she said. Zimbabwe agreed with foreign lenders in 2015 to repay its debt under the Lima plan as a pre-condition to accessing new lines of credit, but the scheme fell through after the country failed to honour its commit- ment. Once one of Africa’s most promising economies, Zimbabwe suffered decades of decline under former President Robert Mugabe and has been shut out of in- ternational capital markets since it began defaulting on its external debt in 1999. Mudzonga said lack of access to long-term capital will lead to signicant infrastructural deciencies in the economy resulting in compromised public service delivery. “Hence, strengthening of government’s debt man- agement capacity is critical for achieving scal sus- tainability and effective budgeting which are key ingredients in crafting and managing sound debt man- agement policy and to ensure that the Zimbabwe Aid and Debt Management Ofce adheres to the set debt thresholds,” she said. Former State Enterprise minister Gorden Moyo told The Financial Gazette last week that Zimbabwe can use its natural resources capital to raise billions of dol- lars needed to service its external debt. “The country has 13 million tonnes of gold, 2,8 bil- lion tonnes of platinum, 26 billion tonnes of coal and 10 billion tonnes of chrome,” he said, adding that Zim- babwe was also home to 4,5 million tonnes of nickel, 16,5 million carats of diamonds, 30 billion tonnes of iron ore, 5,2 million tonnes of copper and 765 billion cubic metres of coal bed methane. “Given this magnitude of natural capital, a well re- purposed approach to domestic revenue mobilisation could harness all these and many other resources to scale up development nance in Zimbabwe without overly relying on erratic external ows Meanwhile, economist Erina Chipumho said the government should ensure that both the level and rate of growth in the public debt are on a sustainable path through tightening the enforcement of legal provisions on the submission of public debt reports and adhering to the set debt thresholds to ensure implementation of prudent debt management policy. “There is need for implementation of Auditor Gen- eral’s recommendations regarding debt issues to ensure prudent debt management. For example, statement of public debt report should be carried out on a monthly basis,” she said. Chipumho further indicated that Zimbabwe should The Financial Gazette July 9-15 2020 | Page 4 National News Appetite for treasury bills fades Omega Ukama are on its books. Senior Staff Writer “In order to preserve the val- Money supply reaches $52 billion: RBZ ue of its balance sheet, the au- HERE is now very little thority’s strategy was to contin- Paul Nyakazeya vironment. appetite for treasury bills ue investing in real assets and Group Digital Editor “Currency in circulation increased (TBs) after the Reserve would seek to engage the rele- T by 111,96 percent to $1,04 billion over Bank of Zimbabwe (RBZ)'s vant authorities with a request IMBABWE’S broad money the year to April 2020, reflecting ris- latest offer went largely unsub- to reprice the long-term TBs in supply which consists of do- ing demand for currency for transac- scribed last week. line with the movement in in- mestic and foreign currency de- tion purposes,” said RBZ. On behalf of the government, terest rates,” Cuthbert Chidoori, Z posits increased to $52 billion in April Growth in broad money was large- the central bank invited banks to Nssa’s board chairman, said in a from $48,4 billion in March, the cen- ly driven by credit to the private sec- participate in TBs worth $500 report. tral bank has said. tor, which went up by 359,67 percent, million, with tenures of 270 On the other hand, NMBZ In its monthly economic review for while net credit to the government in- days and 364 days, but investors Holdings (NMBZ) has said it is April 2020, the Reserve Bank of Zim- creased by 9,49 percent, on an annual took up only $70 million of the not keen on pursuing TBs on ac- babwe (RBZ) said during the month basis. shorter-term notes. count of what it deems an “unat- under review, foreign currency depos- On a month-on-month basis, cred- Responding to questions tractive yield”. its were equivalent to $19,46 billion it to the private sector grew by 5,59 from The Financial Gazette this “On the matter of the TBs, (37,44 percent), while local currency percent, while net credit to the gov- week, RBZ governor John Man- it is now difficult. The yield… deposits amounted to ZW$31,48 bil- ernment decreased by 20,42 percent, gudya said the lack of partici- John Mangudya would need to be improved on,” lion (60,56 percent). from $12,95 billion in March 2020 to pation shows that “there was no Benefit Washaya, NMBZ’s chief Currency in circulation constituted $10,31 billion in April 2020. appetite for the offers”. was low. It is principally to do executive, told analysts recently. the balance of about $1,04 billion (two “The decline in credit to the gov- This comes as the return of with the return on these instru- Upon assuming office in percent). ernment was partially attributed to an hyperinflation, reported by the ments and where the inflation is 2018, Finance Minister Mthuli “Over the year to April 2020, for- increase in government deposits held government at 786 percent for high,” he said. Ncube pledged to stem treasury’s eign currency deposits grew by 1 by the banking system. May, has created value preserva- The central bank said it re- reliance on the debt instruments 009,96 percent, largely reflecting the "Credit to the private sector was tion problems for investors. jected bids for the 364-day to finance government’s budget impact of exchange rate depreciation, extended to agriculture, 33,81 per- “If you are getting only 14 tranche, amounting to $50 mil- deficit after he made startling from $3,26/US dollar in March 2019 to cent; households, 13,60 percent; fi- percent participation in an offer, lion, which were attached to a 50 revelations that the government $25/US dollar in March 2020. nancial organisations, 13,85 percent; it simply tells you that no one is percent return yield. had issued US$5,5 billion worth "Thus, 43,59 percent of the annual manufacturing, 10,84 percent, mining, willing to continue to earn nega- It also rejected bids for the of TBs between 2016 and Au- growth in broad money in April 2020 10,81 percent and distribution, 7,99 tive returns,” Kingston Kanyile, 270-day tranche totalling an- gust of 2019, as spending largely came from the revaluation adjustment percent,” said RBZ. a local economist said Tuesday other $50 million, which came went unchecked to fund various of the foreign currency component of Credit to the private sector was during a webinar hosted by The with yield demands of up to 45 budgetary priorities and at times the deposits, due to the exchange rate mainly utilised for inventory build-up, Financial Gazette. percent. ruling party projects. movement,” said RBZ. 35,59 percent other recurrent expen- “There is no way that a ra- Zimbabwe’s state-run pension But with the economy The bank said the annual growth in ditures, 30,04 percent; fixed capital tional being can continue put- fund, the National Social Secu- showing clear signs of stress, the local currency component of de- investment, 20,02 percent; consumer ting money aside for 270 days rity Authority (Nssa), recently it is apparent that the gov- posits was due to normal money mul- durables, 10,97 percent and pre and or whatever period, which may said it was negotiating with rele- ernment has been left with a tiplier effects in the economy, against post shipment financing, 3,38 percent. even be rolled over. vant authorities for a better yield few options to sustain itself. the background of an inflationary en- [email protected] “This is why the participation on TBs issued in the past — that [email protected] The Financial Gazette July 9-15 2020 | Page 5 News Industry plummets beyond forecast: CZI

Shame Makoshori rency that has bedevilled the market for quite a long time Companies Editor During the rst half the expectation was that the country was engaging policy measures that would unlock an increase IMBABWE’s industrial crisis escalated beyond ex- in production and begin to move towards an upward trend pectation during the rst half of after companies she said. Zwere confronted by slackening demand and effects of We started with a budget announcement that said we the coronavirus pandemic a leading industry body has said were gearing for growth So as we started to believe that we Sekai Kuvarika the Confederation of Zimbabwe Indus- were now engaging these gears but Covid- came in tries CZI chief executive told The Financial Gazette that With the national budget we thought that we were go- capacity utilisation had suffered sharp knocks while output ing to close out the stabilisation phase and the economy plummeted by bigger margins would grow We started the year on a very high promissory note But everything was disrupted by Covid- it threw ev- from the policy front with a national budget that was taunt- erything into disarray Remember the economy was coming ing a growth thematic direction Kuvarika said during this from a protracted crisis We have been in decline for a long weeks edition of the Fingaz executive dialogue webinar time Kuvarika said But we did not manage to go the full course because The CZI boss hopes the recently adopted foreign cur- we were hit by a crisis We were now in a crisis within a rency auction system will succeed in stemming economic crisis because our economic crisis that was pre-existing had decline not gone away We are now hoping that with the foreign currency auc- The situation in the country has not changed much be- tion system and other measures recently adopted we will tween now and before Covid- Industry was in decline it begin to see some stability on the currency front she said is still in decline Capacity utilisation was low and it is still nesdeskfinga.co. low and further declining because of Covid- which added to a pre-existing difcult business environment Kuvarika said This comes as the country continues to battle a myriad crises triggered by the premature return of the domestic cur- rency last year that has ignited an inationary surge with the Zimbabwe dollar suffering its worst drabbing against ma- or currencies during the rst quarter The economic woes have also been compounded by crit- ical fuel power and raw material shortages Two months ago the Finance minister Mthuli Ncube pleaded with the International Monetary Fund for a S million bailout to stabilise the economy saying unless the lender released the tranche gross domestic product would slip by percent this year Industries are still struggling pretty much There is very low demand there is very little access to working capital to nance operations and there is the volatility of the cur-

Gold tops $1,800, hits highest level since 2011

HESE are strange times on Wall Street Stocks are surging on optimism about a potential economic re- Tbound et investors are still very nervous about the growing threat of a second wave of Covid- cases in the nited States The price of the metal is now above an ounce its highest level since September and it is creep- ing toward that record high of more than Gold has soared nearly percent so far in Golds continued surge is a bit curious given the come- back in the broader market The pop in gold prices earlier this year made more sense since gold often tends to do well in times of nancial stress when fear is prevalent After an initial dip following the Lehman Brothers bankruptcy gold rallied as the market melted down later that year and into early for example And gold prices hit their all-time high in after Standard & Poors downgraded the nited States credit rating amid market itters about Europes sovereign debt crisis Mounting anxiety on Wall Street over coronavirus helps explain the surge in gold prices The CNN Business Fear & Greed Index which mea- sures seven indicators of investor sentiment is edging back toward fear territory after hitting greed levels ust a month ago et investors have continued to ock to gold a sign of stress despite a huge rally in big tech stocks and the broader market a sign of condence Whats going on Some investors may be hedging their bets Theres still a lot of skepticism that belies the fragile recovery Buying gold could be a good hedge against a potential stock market pullback if the rebound in earnings and the economy doesnt materialize in as expected Investors also might be betting on an eventual surge in ination said Gerald Sparrow chief investment ofcer for Sparrow Capital Management Sparrow pointed out that gold prices tend to soar when the Federal Reserve is keeping interest rates extremely low as it is doing now The Fed is also trying to boost the economy by getting more money into the system with a variety of loan pro- grams All of this stimulus could eventually weaken the value of the dollar and create higher ination pressures And that would be very good for gold CNN Page 6 | July 9-15 2020 The Financial Gazette National News IHG to manage Monomotapa

Tabitha Mutenga Managing Editor

FRICAN Sun Limited (ASL) has signed an agreement with the Inter- Acontinental Hotel Group (IHG) that will see the British multinational managing Monomotapa Hotel (Monomotapa). The development comes as the local hospitality company had in 2019 terminated its deal with Legacy Hotels. Under the deal, Legacy Hotels managed ASLs ve hotels namely Elephant Hills Resort, The King- dards and improve customer satisfaction. dom at Victoria Falls, Hwange Safari Lodge, “Guest feedback on refurbishments Monomotapa Hotel and Troutbeck Resort in and soft furnishings completed thus far has Nyanga. been positive. The hotels under IHG brand Peter Saungweme, Arden Capital chief remained compliant after the annual assess- executive, said ASL is currently embarking ments carried out in 2019,” Saungweme on a major refurbishment exercise of its ho- said. tels and resorts, before transferring some of New campsites have been established at the units to IHG. Caribbea Bay Resort and Great Zimbabwe “The group’s major refurbishment exer- Hotel with a combined capacity of 75 rooms cise will focus on Monomotapa ..., which on accommodating a maximum of 150 people. completion would result in the hotel being Bathrooms and bedrooms at Great Zim- operated under the IHG bend. The renova- babwe Hotel will be upgraded with new tion project, estimated to cost US$9 million, furnishings and nishings New facilities which was anticipated to commence, com- include new ablution facilities and slabs for plete and be commissioned in 2020 will tents and cooking areas. likely spill over to 2021 due to the business Saungweme noted that business at Carib- interruption precipitated by Covid-19,” he bea Bay Resort and the Great Zimbabwe ho- said in the group’s 2019 annual report. tel has been affected by the state of the roads “The group is excited about this project and has continued to negatively impact the which we anticipate will go a long way in two destination’s competitiveness, resulting meeting guest satisfaction, simultaneously in the loss of both conferencing and leisure improving the nancial performance of the business. hotel.” The group is however condent that the IHG, which has 180 hotels located in construction of the Beitbridge to Chirundu more than 60 countries, currently manages highway, which is currently underway, will ASL’s three Holiday Inn hotels in Bulawayo, improve accessibility to the two destinations Harare and Mutare and ultimately will benet both hotels he Last year, refurbishments worth US$2,38 said. million were undertaken and completed, ASL also launched Sun Leisure Tours (a mainly focusing on restaurants and gym touring division in the rst quarter of facilities at the Holiday Inn Harare, the with the initial investment directed to Victo- Holiday Inn Bulawayo and the Holiday Inn ria Falls and Bulawayo. Mutare, in order to be in line with brand stan- nesdeskfinga.co. Ipec penalises insurers Omega Ukama John Mangudya last week said the instru- Senior Staff Writer ments will be settled in Zimbabwe dollars, but the principal will be linked to the auction HE Insurance and Pensions Commis- determined exchange rate. Still, these instru- sion (Ipec) has started penalising in- ments will only be as good as the auction Tsurers for not meeting prescribed asset system itself, which a number of analysts requirements, and demanding compliance have characterised as “compromised”. plans from transgressors to induce confor- In September last year, the government mity. raised the prescribed asset ratios for life as- Following a stretched period of the in- sures to 15 percent from 7,5 percent. Funeral dustry’s low participation in prescribed as- assurers, who were previously required to sets, the government recently gazetted a law hold 7,5 percent, and non-life insurers, previ- that allows Ipec to penalise entities or even ously ve percent are now required to hold forcibly redirect assets of non-compliant 10 percent. companies. Muradzikwa said the average prescribed “Forty-six out of 85 insurance entities ratio for life assurers and life re-assurers were non-compliant as at March 30, 2020. stood at 9,9 percent and 1,16 percent respec- Non-compliant entities were penalised ex- tively, March 31, 2020. cept those that had submitted compliance “All direct life assurance companies and plans or were close to the threshold,” Grace life reassurance companies were not compli- Muradzikwa, Ipec commissioner told the ant with the minimum prescribed asset ratio statutory body’s second annual general of 15 percent,” she said. meeting last week adding that “monthly Prescribed asset investments by the fu- progress reports have been requested from neral assurance sector decreased by 24,9 all non-complaint entities”. percent from $272 300 as at December 31, Faced by hyperination the countrys 2019 to $204 490 as at March 31, 2020. second episode in a decade, insurers and “All funeral assurers continue to be pension funds have cited prescribed instru- non-compliant with the minimum prescribed ments’ weakness in value preservation as the asset ratio…the commission has engaged all major impediment to compliance, and the funeral assurers and appropriate action has regulator sympathises. been taken and players are expected to com- “The commission is working with the ply by agreed timelines”. government to ensure prescribed asset status Short-term insurers’ investments in pre- is given to value preserving assets,” Mu- scribed assets decreased from 6,35 percent to radzikwa said. 4,71 percent during the period under review. Still, the government continues issuing “Only two short-term insurance players and prescribing “sub-prime” instruments. were compliant with the minimum pre- Last week the central bank oated an of- scribed asset ratio of 10 percent as at March fer of $500 million worth of treasury bills, 31, 2020. which were prescribed. The offer, however, "All non-compliant players submitted was grossly under-subscribed, with only $70 their compliance roadmaps and the commis- million being taken up. sion is monitoring them closely”. On the other hand, the apex bank says it Meanwhile, for pension funds compli- plans to introduce exchange rate-indexed in- ance was also low at 7,67 percent against the struments, with adjustable interest rates. regulatory minimum of 20 percent. Reserve Bank of Zimbabwe governor nesdeskfinga.co. The Financial Gazette July 9-15 2020 | Page 7 National News ‘Raubex still committed to Beitbridge’ IMBORDERS Consortium (ZimBorders) — the dollars, we are funding the project in US$ so, gion,” the LFG co-founder and boss said. both xed wing planes and helicopter licences concessionaire and developer of the US$240 mil- from a currency risk perspective, (to) us as a And part of the job, BusinessDay said, — but the former owner of CohCoh and Taig Zlion Beitbridge Border Post — says Raubex is business (it) is fairly neutral,” he said. included a major revamp of gate, lighting Enterprises, GDC Whelson, other transport "still very much part of their investment grouping, and “We will provide the money... the expertise and security infrastructure, communications and logistics assets. contractor to the project", chairman Glynn Cohen says. to build it and run it thereafter for the dura- equipment, access roads leading into the bor- The son of ex-Cone Textiles and Waverly This comes amid reports that the Johannesburg Stock tion of the concession period and, in that way, der post, a commercial hub, parking spaces, Blankets owner Victor Cohen the amboyant Exchange (JSE)-listed construction group had left the make our returns,” Deidrechsen, the Cape perimeter fencing, construction of new termi- tycoon is not only known for his other inter- southern Zimbabwe site owing to payment issues and Town-based investor, said. nal buildings and other systems. ests in mining, hospitality, agriculture, real congestion remains the order of the day, as Covid-19 At the time, the ex-Raubex CE said major ZimBorders, meanwhile, were handed the estate and waste management, but love for trafc volumes have increased and yet the busy port re- works were not only expected to start after - Beitbridge redevelopment project in 2017. cars, art collection, nature conservation, polar mains constricted by decades-old structural bottlenecks. nancial close, but take two years. Apart from the 800-plus haulage trucks it exploration spear shing and yatching a Zim- “Raubex is very much involved and are part of the in- “There will be challenges all the way is processing these days, about 15 000 people babwean online publication says. vestor consortium (as well as engineering, procurement through and even after. It’s a tricky job in the pass through the key inland gateway daily, as Amongst some of his most prized posses- and construction contractor,” Cohen said in emailed re- sense that it’s not a site we can shut down. It it links Zimbabwe with the continent’s major sions and assets of properties is a 15th century sponses to The Financial Gazette this week, adding Fi- needs to remain functional, while we do the trading partner, if not the continent's most de- Italian villa once owned by Nicollo Machi- nance minister Mthuli Ncube’s recent visit to the project upgrade and the modernisation. So it will be veloped economy. avelli's family, which has since been trans- showed their commitment to the modernisation job. scheduled work,” Deidrechsen said. And the Harare administration, and its formed into an exclusive hotel. Regarding La Frontiere Group LFG the nance "I hear a lot of the doomsayers and people southern neighbour are reportedly working Cohen reportedly produces 300 000-plus director (Francois Deidrechsen) is also the chief exec- that are negative because of what people have on making the transit point a one-stop border bottles of premium wine per year for the west- utive (CE)... We are (both) involved as... investors or experienced for so long. I think it’s an excit- post. ern markets from the 600-acre vineyard and sponsors and at very senior management level… as well ing time and it’s a change that’s going to do, A vineyard owner in Italy, Cohen is not olive grove. — Staff Writer as leading our highly dedicated teams..,” he said. not just Zimbabwe great, I think the whole re- only an avid pilot — and current holder of nesdeskfinga.co. While President Emmerson Mnangagwa's govern- ment has recently announced a huge toll fee increase for commercial trucks at Beitbridge — to an average US$100 per haulage truck — and in a development widely expected to boost ZimBorders, and LFG's fund- raising activities, Cohen suggested that the tariff issue or review "remains one of the areas where there has always been natural and constant engagement between stake- holders”. “The (public-private sector partnership) nature of the project requires constant communication and open chan- nels of dialogue,” he said. "Country risk is of course something factored in by all the investors; but thankfully we are now in a posi- tion where we are after the extensive and complicated feasibility and due diligence studies We are in the nal phases of nancial closure of the transaction and still bound (by non-disclosure agreements) until the dotting of the I’s, and crossing of the T’s..," the 60 year-old busi- nessman, who insists there were no politically-linked persons in his group, said. Even, though, Deidrichsen had told CNBCA about two years ago that nancial closure was expected by end 2018 — amid rampant speculation that the consortium is struggling to raise cash on the global scene due to Harares risk prole including its purported talks with African Merchant Bank — Cohen said only the Stan- dard Bank Group of South Africa (SA) was "one of their commercial funders, and discussions were actually pro- gressing well on that front". Asked whether a recent conrmation by the Zim- babwe Revenue Authority (Zimra) that close to 1 000 trucks passing through Beitbridge per day could help their business case, the LFG founder and ex-GDC Lo- gistics owner said: "The fundraising rounds... have now been completed. No serious investor... would move forward without the proect being feasible and indeed protable in the long run," Cohen said. "...the consortium as a whole believes in a bright fu- ture for both Zimbabwe and the region whereby trade and commerce are key," the serial entrepreneur and cit- izen of the wealthy French riveira or Monaco enclave said. The Zimra report also comes as the land-linked coun- try is reportedly staring a massive "snub and transit-fee loss", as some freighters are now preferring less chaotic routes such as Kazungula border — on the north-south corridor — since some truckers are spending days, if not weeks, at Beitbridge. The high trafc volumes at one of Africas busiest ports also come as aid agencies, including Mercy Corps, have said coronavirus-induced border closures across the world were exacerbating congestion. "ZimBorders is not involved at this point and the systems and infrastructure that is required are currently not in place yet. We will, however, be working with the local authorities to... improve the existing infrastructure and roads as well as... in the town of Beitbridge itself," Cohen said. Having stressed to this publication in late April that the rst phase and terminal of the border proects modernisation was well underway", the Kadoma-born businessman believes LFG and its partners — including Raubex — have what it takes to deliver on their man- date. "The... team has extensive experience in PPP, bor- ders, logistics and project management, and are unique- ly placed to execute this complex (partnership)," Cohen, the former Supergroup owner, said. While the ZimBorders chairman would not be drawn to comment on the group's ownership and revenue-split structure under the 17-year post construction concession, Deidrechsen was quoted by SA's BusinessDay and the Johannesburg-based business news channel as saying: "Bearing in mind that this is a concession job, we will be collecting revenue from a tolling perspective, post-completion. We will be collecting in (American) Page 8 | July 9-15 2020 The Financial Gazette Leader Page

News Worth Knowing Moyo sacking good... but ‘idolatry’ won’t save Zim WHILE we should have been wallowing in mirth at Health minister Obadi- ah Moyo’s sacking, Zimbabweans have many reasons to sneer at President Emmerson Mnangagwa’s anti-corruption drive and handling of several other issues, including the indulgence in matters bordering on 'idolatry'. This is particularly so when one not only considers that the likes of Im- plementation minister Jorum Gumbo, Finance secretary George Guva- matana and ters finered in rat cases suc as te ra nternatin- a ra scanda are ramin ree ut e ae a ernment ic cses t inest in riritise are aasiana ua eandas monument at a time the economy is in this state! And from the stock market suspension to desperate attempts of trying to determine riate rert incudin mne is traded t te utie bid of trying to force people to accept the Zimbabwean dollar through arbi- Construction of the Motor Industry Pension Fund building in Avondale, Harare is expected to be complet- trary arrests, the list of bizarre and absurd policies pursued by our govern- ed before the end of this month. ost of Zimbabwe’s infrastructure development is financed by pension ment keeps growing to a point where we are really a banana republic now! funds. According to the Insurance and Pensions Commission, the industry had a total asset base of And coming after the Rotina Mavhunga — where a whole cabinet, in- $29,81 billion as at March 31, 2020, an increase of 80,33 percent in asset values recorded as at cudin securit ministers ere seduced an iiterate and ser- December 31, 2019. Picture by Freedom Mashava caimed sirit medium in and te imae atina ads d- ministratinunded aque fiascs n te sua m ressa in arare te and scia imicatins tis ua eanda decisin and actions seem lost on our leaders. Again, and in the aftermath of Reserve Bank governor John Mangudya's ariamentar cries r easeratin tat tere ere demns nain at Time to reinvent our te imaean ecnm at are ee eected t mae tese nn- sensica decisins ecet t tin tat eras ur ernment actua eiees te first imurena erines stature i se ur sciec- nomic problems? ut at can e eect rm a unc ic needess uit agriculture model miin mauseums and rerted eended eneries n in t urt traditional artifacts (hoko n te amei and im in teir quest t “The sacrosanct cornerstone and must still import maize, soya and plastics, paint, insulation mate- unseat r ertr ert uae in golden thread upon which any wheat in order to meet domestic rials, biofuels, food and animal And the same merchants of darkness, who pretentiously marshalled or successful productive economy demand. That is a travesty which feed. commandeered a national day of prayer, seem lost or heedless of the Bible's can be built is the legal protection indicates that we are doing some- Tax incentives for infrastruc- stern warnings on the worshipping of idols. of private property ownership.” thing wrong and costly. ture upgrades or development rm te s ssians dus aatians na udes eit- In order to move forward we must be put in place to allow farm icus atte sams and eeatin tere are ent stries i nt E ALL know that Zim- have to deal with the following development. Added to this must suficient eidence aut errant eaders and natins eris babwe’s agricultural issues: be a long term interest-free agri- But ours seems to be an endless frolic or debauched dance of pighead- Wsector has long been The issue of secure long term culture infrastructure development edness te ra and anu rder ie te reuic mared historically vital to its econom- tenure is very simple yet it has fund which prioritises roads, ener- endless shortages, hunger, joblessness, rundown infrastructure and health ic growth. Not only does it form not attracted the correct thinking gy and irrigation development. systems — burns! the basis of the direct and indirect and attention. You cannot expect We must establish an agricul- nd ien te unsaur istr r acrund tat erinated livelihoods of almost 70 percent farmers and banks to invest in the ture commodities exchange to plaque in the capital, which was initially supposed to cost a few thousands of the population, but contributes long term where they do not have increase production of goods and dars ut eentua deiered at times te cst at uarantee is significantly to overall economic the confidence of secure tenure. demand at market-based prices there that the same will not happen — in this corruption-crazed govern- growth including the supply of the The idea that the government can while minimising wastage. ment it tis eanda mnument majority of inputs to the food pro- repossess farms must now stop as Investment in research is also Besides, do we need to deploy a whole vice president in the form of the cessing sector. it discourages investment in that key for the future. No piece of ar- seemin enin and recusie nstantine iena t ersee suc a Agriculture must, therefore, re- sector. able land should lie idle and un- useless project — against more pressing national issues? main a priority sector given its po- We have to monetise the value used and all types of crops must What inference is someone at Munhumutapa — or wherever — trying tential exponential impact on the of land as a productive asset if we be experimented with whether for to do or give? rest of the economy. Increasing are to increase its productivity. own use or for export. Please, give us a break and focus on this corona-ravaged economy! agricultural productivity is there- This can only be achieved through Our new agriculture model fore a national priority. title deeds. There is absolutely no must therefore be based on “in- It is important to state here that point owning unproductive land. dustrialising through agriculture” although agriculture is key, we and this can be done by estab- must move away as a country from lishing industrial processing and being too dependent on its perfor- Open Forum value addition hubs and achieve EDITORIAL MARKETING mance and transform our econo- inclusive growth. Advertising Manager my to increase our manufacturing with This requires an organised capacity so that the economy be- agricultural sector, with farmers Associate Editor Brand Executive Sales & Advertising Shingirai Chirikuutsi: chirikuutsis@fingaz.co.zw comes less vulnerable to both the playing a key role in both policy weather and primary product ex- Vince Musewe and direction. We had a very suc- Senior Assistant Editor Senior Sales Consultant Susan Mapininga: mapiningas@fingaz.co.zw port prices. We must industrialise cessful Agriculture Finance Cor- Senior Sales Executives to create high income jobs and poration (AFC) whose funding Managing Editor better value than created through A proposed new approach un- and skills development model was

Assistant Editor agriculture. der a radical economic structural unique, informed and effective. Sales Representatives - Harare Zimbabwe has an estimated 15 transformation (REST) is to re- We can reinvent. Markets Editor million hectares of arable agricul- classify land which can be owned Youth in agriculture must also tural land, of which an estimated by title and that which can be be our new thrust to nurture future Sales Representative - Bulawayo Group Digital Editor Clever Pedzisai: [email protected] 4 million was bought by black leased. This will allow us to at- farmers. This requires that we re- farmers on a willing buyer willing tract capital back into the sector build training capabilities through Brand Executive - Events Companies Editor seller basis before the disastrous and therefore increase productiv- colleges, incubators and model fast-track land resettlement proj- ity. farms where youth can acquire the Brand Executive - Subscriptions Chief Sub Editor ect of 2000. Each province must have its necessary skills before they are Subscriptions Representatives Zimbabwe also has the highest own agriculture development allocated land. We have many old Staff Writers land to water ratio in Africa, with blueprint informed by types of farmers who are prepared to men- an estimated 20 000 private dams soils and climate. Provincial agri- tor and train our youths. whose maintenance and develop- culture output must prioritise na- Finally, we need to depoliticise Production Supervisor ment has been hugely neglected tional food security and localised the land issue and focus more on since 2000. value addition through agro-in- productivity and diversification. Around 11 million hectares of dustrial hubs. The productive management of arable land are currently under the The export of raw agriculture our land assets cannot be run on a control of the government. In ad- products must be minimised over partisan basis as has been the case dition, the neglect of agricultural time by ensuring that we add value to date. infrastructure maintenance since to at least 50 percent of our agri- We need to harness all talent 2000 has resulted in vast pieces culture output. and skills to work our land and en- of productive land been underuti- Also critical is for us to di- sure that it is not abused for polit- VOLUNTARY MEDIA COUNCIL OF ZIMBABWE e Financial Gazette newspaper subscribes to a Code of Conduct that promotes truthful, accurate, fair and balanced lised and its infrastructure dilapi- versify agriculture products. For ical reasons while ensuring its fair news reporting. If we do not meet these standards, register your complaints with the Voluntary Media Council of dating or stolen. example, Zimbabwe could grow distribution. Zimbabwe at: Despite spending billions of industrial hemp which can be re-  Musewe is an independent No 34 Colenbrander Rd, Milton Park, Harare. Telephone: 04-778096 / 778006 24 Hr Complaints line: 0772 125 659 Email: [email protected] or [email protected] Twitter: @vmcz http://www.vmcz.co.zw | Facebook page: vmcz dollars on command agriculture fined into products such as paper, economist you can contact him Zimbabwe and 40 years later, Zimbabwe textiles, clothing, biodegradable directly on [email protected] The Financial Gazette July 9-15 2020 | Page 9 News Omnia turnaround strategy bears fruit

Tabitha Mutenga value enhancing ef ciencies and opti- cents the year before erations have been rationalised to cope Managing Editor mising returns Net debt fell to R billion from with the negative impact of liquidity “This approach remains especially R billion in the prior year constraints and hyperin ation Operat- OUTH Africa-based chemicals critical given the signi cant structural The group noted that with its stabi- ing pro t for the division increased to group Omnia Holdings’ restruc- changes in our sectors and the uncer- lisation plan nalised the adoption of R million for the year from R Sturing exercise is now bearing tainty created by the Covid- pan- prudent nancial management resulted million Gobalsamy said fruit after the company’s operating demic,” Seelan Gobalsamy, Omnia’s in an improved performance across all During the year under review the pro t umped by over percent chief executive said business units during the nancial year Omnias mining division experienced Omnia, which in 2019 experienced In the year to March Omnias under review with all three divisions dif cult trading conditions after power a slowdown in the manufacturing operating pro t increased to R mil- having improved pro tability signi - cuts caused several mines to halt output and mining sectors and the impact of lion, up from R24 million recorded in cantly despite dif cult economic con- in December and January drought, raised R2 billion through a the previous period ltimately the ditions globally For its agriculture division improved rights issue and launched a restructur- group reported pro t after tax of R However the group which supplies rain across southern Africa boosted fer- ing plan last year to pay debt and focus million from a loss of R million chemicals and specialised services and tiliser sales volumes though this was on higher margin products previously with group revenue rising solutions for the agriculture, mining offset by lower international commodity “The robust execution of our turn- only slightly to R billion year on and chemical application industries prices around plan has placed Omnia in a year said hyperin ation in Zimbabwe has The company’s chemicals business strong position The excellent results In the period under review the Seelan Gobalsamy, continued to impact negatively on the was supported by improved restruc- achieved thus far in a challenging en- group’s earnings before interest, taxes, billion from R million in the prior groups earnings turing efforts which resulted in a high- vironment provide the foundation to depreciation and amortisation, exclud- year, while headline earnings a share Hyperin ation in Zimbabwe con- er-margin product mix, despite lower continue driving long-term sustainable ing impairments increased to R increased to cents from a loss of tinues to impact earnings; hence, op- sales volumes nesdeskfi nga.co. Africa’s Covid-19 cases pass half-million mark

FRICA now has more than a half-million con- rmed coronavirus cases A The continent-wide total is over according to gures released Wednesday by the Afri- ca Centers for Disease Control and Prevention after South Africa recorded another day of more than 10 000 con rmed cases as a new global hot spot The true number of cases among Africas billion people is unknown as its 54 countries continue to face a serious shortage of testing materials for the virus A tremendous problem a real crisis of access the World Health Organisation’s Africa chief, Matshidiso Moeti, said last week So far most testing has been concentrated in capital cities but infections in many cases have spread beyond them Already Covid- has killed more people in Afri- ca than Ebola did in its deadliest out- break from to in West Africa the WHO said Wednesday With more than a third of countries in Africa dou- bling their cases over the past month the threat of Covid- overwhelming fragile health systems on the continent is escalating Moeti said Wednesday So far the continent has avoided disaster she add- ed If countries can continue to improve testing tracing and isolating we can slow down the spread of the vi- rus to a manageable level Africa’s health systems are the most poorly funded and thinly staffed in the world, and already more than health workers have been infected by the virus according to the WHO This week alone, some anxious health workers in Nigeria Zimbabwe Congo and Sierra Leone have gone on strike or demonstrated for adequate protective gear or better pay The African continent has ust health workers and doctors per people according to the WHO Experts have warned that even if badly needed supplies such as ventilators are provided to African nations another challenge is having enough trained workers to operate them So far WHO-organised shipments to African coun- tries have included more than oxygen concen- trators another key piece of equipment to help with breathing Africa reaches the half-million-case milestone as a growing number of its countries decide to reopen their skies to commercial ights saying their economies are sick too Months of closed borders bought time to pre- pare for the pandemic but hurt the delivery of badly needed humanitarian aid AP Getting it right IN last week's issue of he inancial aette we inadvertently pub- lished a wrong picture of Ariston Holdings chairman Alexander Jongwe (right). We sincerely apologise for the error and the embarrassment this might have caused him Alexander Jongwe Page 10 | July 9-15 2020 The Financial Gazette Page 11 July 9-15 2020 The Financial Gazette Companies&Markets

BRIEFS Trade ban to worsen Edcon to sell stake in Edgars EDCON Holdings (Edcon) has agreed to sell part of South Af- rican clothing chain Edgars to a private equity-backed regional rival, potentially safeguarding a 91-year-old brand and saving thousands of jobs. Administrators led by Lance Schapiro and Piers Marsden struck a deal with Retailability, a holding company for brands foreign investor flight Legit, Beaver Canoe and Style, which owns 460 stores across southern Africa Details of the transaction will be nalised based Omega Ukama on further agreements, the company’s business-rescue team said Senior Staff Writer in a statement on Tuesday. “This is a good outcome for Edgars — if the deal goes through HE recent suspension of trade is un- — because they might be able to save more jobs than expected,” likely to see any foreign investors said Lulama Qongqo, an analyst at Mergence Investment Man- returning to the local bourse amid in- agers in Cape Town. “Depending on the purchase price, lenders T and real-estate investment trusts may be able to recoup some of dications they sold off a record $508 million worth of scrip in June, analysts say. the funds owed to them.” Edcon was put into a local form of bankruptcy protection in An increasingly unstable economic en- late April after a ve-week strict lockdown to contain the coro- vironment characterised by policy ip ops navirus in South Africa wiped out sales and curtailed a recovery and rising hyperination has unnerved the from a 2019 restructuring. Edgars was put up for sale alongside few foreign investors who still participate sister chains Jet, which specialises in low-cost clothing, and on the ZSE. Exchange data shows that for- Thank a nance and loyalty-card unit Bloomberg eign selloffs during May amounted to $136 million. Analysts at Equity Axis said the selloffs Massmart to cut 1 800 jobs heightened in the last week of the month when the foreign currency auction system SOTH African retail group Massmart on Tuesday agged was introduced. that it planned to cull nearly 1800 more jobs at its Game stores “It was likely driven by two factors, the just months after it closed the loss-making Dion Wired unit. The group said it had begun Section 189 talks with organ- major one being the resumption of the in- ised labour over possibly cutting 1 800 jobs. terbank trading the research rm said last Massmart, which operates Makro, Cambridge Foods and week in a note. Builders Warehouse, said the planned jobs cut came after an “We view the move to stop trading on the assessment to improve efciencies at the Game stores ZSE as having a negative impact in terms The group said shareholders would be advised of the out- of investor perception, especially foreign- come of the consultation process. ers. This will likely result in further reduced In February chief executive Mitchell Slape said Game was foreign participation on the ZSE and in for- going back to its basics and would decommission the fresh and eign direct investment into the foreseeable frozen food category and introduce basic apparel including future”. T-shirts to boost sustainability. Batanai Matsika, Morgan & Co’s head Lulama Qongqo, an investment analyst at Mergence Invest- of research, said the recent decision, which ment Managers, said yesterday the announcement came as a was taken under the pretext of dealing with slight surprise. He said the jobs cut were not expected to be “economic saboteurs” as well as salvaging so huge given the group was restructuring the Game stores the Zimbabwe dollar, would unnerve inves- Independent Online tors. “It doesn’t make sense because on the one hand we are saying we are open for US mortgage rates hit record low business and we want to protect and pro- LONG-TERM US mortgage rates fell this week with the bench- mote foreign direct investment and portfolio bank market in February the same year. Stocks are generally driven by business mark 30-year home loan hitting its lowest level ever. investments, but we suspend the country’s Foreign direct investment (FDI) into the fundamentals, but rallies on the ZSE in re- Mortgage buyer Freddie Mac reported Thursday that the av- only stock exchange. country declined from US$717,1 million in cent years have been driven by the country’s erage rate on the key -year xed-rate mortgage fell to per- “Government should consider that these 2018 to US$259 million in 2019, according currency crisis with investors seeking cent, down from last week’s 3,13 percent. For the second week in investors actually have options. So, it is im- to the reserve bank. refuge in real assets amid the Zimbabwe a row, it is the lowest level since Freddie began tracking average portant for policies to be congruent with the Similarly, net portfolio investment in- dollar’s rapid depreciation that has seen in- rates in 1971. A year ago, the rate stood at 3,75 percent. claimed objectives,” he said. ows declined signicantly from S ation rising past percent The average rate on the -year xed-rate mortgage also Foreign investors’ disinterest in Zim- million in 2018 to US$3,7 million in 2019. The ZSE’s most recent rally was primed fell slightly to 2,56 percent from 2,59 percent last week, but it is babwe, which has been weakening for de- The bank said the decline in both FDI and to remain for the foreseeable future, as fresh down from 3,18 percent a year ago. cades, escalated following the reintroduc- portfolio investment was, “in large part, due inationary pressures have emerged in the The historically low interest rates come as the US housing tion of the Zimbabwe dollar in June last to heightened perceived country risk”. economy, with the government announcing market appears to be rebounding somewhat from a coronavi- year, with foreign participation on the ZSE Meanwhile, ZSE market capitalisation a huge stimulus, and a civil service wage rus-caused spring freeze. Sales of new homes rose a surpris- falling to below 20 percent, from 80 percent went up by 51 percent to $229 billion in hike, both of which are expected to drive ingly strong 16,6 percent in May as major parts of the country reopened, though sales of existing homes struggled through the prior to the initial introduction of the inter- June, taking its year-to-date gains to 677 money supply up. percent, the highest in the world. nesdeskfinga.co. month with a percent decline Associated Press

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URNALL Holdings plans to focus on products had been seen in the rst quarter with growing its regional presence to cushion sales volumes rising 45 percent above the com- itself against Zimbabwes hyperination- parable year ago period. She said the group ex- Tary environment. pects half year volumes to be below prior year Civil servants’ Rose Chisveto, the company’s managing di- by three percent. rector in a trading update for the ve months to The group reported a loss before tax during May, said the strategy will see the group develop the month of April when the company was closed a stronger presence in Mozambique, South Afri- but quickly returned to protability in May when salaries to boost ca and Botswana. performance improved following relaxation of “The group’s export drive started off well in the lockdown rules. the rst quarter with export sales volumes being Chisveto said the current nancial position four percent of total turnover up from nil in the is good and management does not foresee any OK Zimbabwe previous year,” she told shareholders at the com- signicant deterioration under the present trad- pany’s annual general meeting. Rose Chisveto ing conditions. Adelaide Moyo She said the coronavirus-induced lockdown lockdown. “However, the extent of the impact of Staff Writer impacted both production and demand, resulting “The company started production of export Covid- on operations and nancial perfor- in no exports in the second quarter. products towards the end of June and exports mance remains uncertain,” she said. IVIL servant’s salary increments provide a po- “Overall performance in the second quarter will resume in the third quarter,” Chisveto noted. She added that given the current inationary tential boon for retail sales, with OK Zimbabwe has been affected by the coronavirus lockdown, However revenue for the ve months period pressures, the business is focusing on exports Cparticularly placed to benet a local equities rm as the company lost sales in April,” she said. at $90 million was 445 percent above last year, and cost containment, as any increase in oper- has projected. In addition to that, she said sales volumes despite sales volumes growing a marginal one ating costs will ultimately threaten viability. In an analysis of the retail group’s full year perfor- for May increased but were below budget due percent compared to last year. — Staff Writer mance, IH Securities (IH) said short to medium term to trading disturbances from the effects of the Chisveto said that increased demand for nesdeskfinga.co. prospects will likely depend on the duration and severity of the Covid-19 pandemic, which will impact the timing of the return to full normalcy of operations. “However, we do anticipate an increase in demand and resultantly sales volumes for 1H21 as civil servants have been awarded salary increments and Covid-19 re- lated allowances which are to be paid in US dollars,” the equities rm said “We believe this bodes well for the group as the US dollar portion allows consumers to increase their con- sumption and OK Zimbabwe stands to benet from po- tentially receiving some much-needed foreign currency through sales.” IH however said the downside risk is that this could be short term with the government only committed to sustaining the US dollar allowances for three months. “Nevertheless, as civil servants make up a large por- tion of the bottom of the pyramid group, the group’s earnings are likely to benet from the increased spending power,” IH said. The rm said notable concerns going forward howev- er would be OK Zimbabwe’s ability to maintain adequate stores of inventory as the Covid-19 pandemic disrupts supply chains. Product supply will also remain a challenge, attribut- able to foreign currency shortages, constraining the re- plenishment cycle and undesirably contributing to price increases. “Thus, strategic relationships with suppliers will play a vital role in ensuring that the stores are reasonably stocked. Management has alluded to implementing mea- sures to ensure viability of operations and more impor- tantly, availability of stock provisions to match demand going forward,” IH said. Focus also remains on cost reduction measures and margin sustainability as product mix shifts to lower prot margins. The agriculture sector remains hampered by climate shocks resulting in low yields being attained and conse- quently, deteriorating consumer income and consump- tion. IH said momentum in revenue generation in Zim dol- lar terms is anticipated to be sustained owing to ination induced price hikes of products. “While headwinds are expected to persist, we are of the view that OK Zimbabwe sits in a relatively defensive space and that the business will maintain a nominal top- line upward trajectory,” IH said. OK Zimbabwe recorded a prot of million during the year ended March from mil- lion recorded in prior year. After reporting a volume retreat of 23 percent at half year, OK Zimbabwe ended the year with the sales volume decit narrowing to percent Revenue for the year increased to billion during the year compared to billion recorded in prior year. Overheads grew by percent percentage points below growth in revenue. Generator fuel costs for alternative power, electricity costs, maintenance costs and spares, bank charges and rentals were the major overheads growth drivers. Capital expenditure for the year was million up from million in prior year as the group contin- ued with its refurbishment programme.finga.co. The Financial Gazette July 9-15 2020 | Page 13 Companies & Markets Crest Poultry boosts CFI performance

Omega Ukama en by replacement cost product pricing and duction in Gweru during the quarter and is Senior Staff Writer the effect of consolidating Crest’s revenues assisting in enhancing food security in the after it came out of judicial management on central and southern parts of the country, ac- FI Holdings (CFI) subsidiary Crest Poultry’s January 31, 2020,” Itai Pasi, the company’s cording to Pasi. (Crest) exit from judicial management in Janu- board chairman and chief executive, said last Meanwhile, Pasi says the company proj- Cary has helped keep the group aoat in a dif- week in a statement accompanying the re- ects that its performance in the third quarter cult environment. sults. will be “severely impacted” by the restric- The group voluntarily placed Crest and other sub- The company says it is also “looking for- tions on human and economic activity arising sidiaries under management in 2016 to protect its as- ward to the imminent exit of Victoria Foods from the novel coronavirus pandemic. sets from creditors, and Crest exited management this from judicial management before the close of “However, we hope this will ease in the year after it paid off its creditors. the nancial year event that lockdown restrictions are either In its results for the half-year ended March 31, “The local pre-judicial management ob- softened or lifted altogether in the last quarter the group said it made an ination adusted prot ligations for Victoria Foods have been re- of the nancial year she said of $18 million, despite the fact that the trading envi- solved. The group looks forward to the un- In response to the advent of the Covid-19 ronment in Zimbabwe has been “marked by growing folding prospects, which will see it play its pandemic, the government declared a state operational and economic challenges due to hyperin- role in underpinning the nation’s food secu- of national disaster in Zimbabwe on March ation an unstable exchange rate limited availability rity requirements in the economy she said 17, 2020, which was later scaled up to a lock- of foreign currency in the formal banking channels and earlier this year. down from March 30, 2020. drought induced shortages of cereals used in the stock And last week she said “all proved local Global and regional supply chains, which feeds manufacturing processes”. creditors' claims were paid during the period” the country relies on, have been disrupted by “During the period, group revenue increased by 28 under review. the pandemic. percent to million in ination adusted terms driv- Victoria Foods resumed mealie-meal pro- Itai Pasi nesdeskfinga.co. Widen policy range, Ipec tells insurers HORT-TERM insurers should innovate and de- sign new products to avoid exposure on few lines Sof business, the industry regulator has said. The Insurance and Pensions Commission (Ipec) short-term rst quarter report shows that of the total million gross premium written GWP motor re and accident business classes accounted for 77 percent at $632 million. “These business classes were the main sources of business in terms of GPW, hence insurance players are encouraged to innovate and design new products,” the regulator said. The Ipec report noted that the growth in GPW was mainly as a result of currency reforms, which resulted in continued increase in insurance premiums. “However, in real terms, GPW declined by 19 per- cent,” said Ipec. During the period under review, total assets for short-term insurers increased from $2 billion, as at De- cember to billion largely due to xed as- The Insurance and set revaluations and equities Pensions Commis- which grew by 30 percent sion (Ipec) short- from $760 million to $989 million as at the March 2020 term first quarter quarter report shows that When adusted for ina- of the total $817 tion the assets grew by ve million gross pre- percent during the period un- mium written, der review,” Ipec said. fire and accident During the period, 16 out business classes of the 18 short-term insurers accounted for 77 reported capital positions percent at $632 above $37 million. The two million non-compliant entities in terms of minimum capital requirements were CBZ Insurance and Clarion Insur- ance. However, Ipec noted that the reported capital posi- tions were computed without accounting for non-ad- missible assets as stipulated in Statutory Instrument 95 of 2017. The report shows that premium debtors rose 32 per- cent from $399 million as at December 2019 to $526 million during the March quarter and the increase re- ects lack of effective debt collection mechanisms by the short-term insurers. Premium income by insurance brokers increased by 641 percent to $397 million during the comparable period in 2020. The insurance brokers recorded $57 million net brokerage commission for the rst quarter of 2020. In real terms, the report noted, insurance brokers premium written regressed by four percent while bro- kerage commission contracted by one percent. “This is in line with the drop in the written premium by the primary insurers in real terms,” said Ipec. The regulator noted that the majority of the insur- ance and reinsurance brokers had regulatory capital which was in excess of the required minimum thresh- old of $1, 5 million. — Staff Writer nesdeskfinga.co. Page 14 | July 9-15 2020 The Financial Gazette Companies & Markets Dairibord scales down investments Adelaide Moyo “The first three months of the year per- 2020 targets being impacted by Covid-19 restrictions, Staff Writer formed better than April and May (during depreciating regional currencies, and regional reces- lockdown). We are however beginning to sionary pressures. AIRIBORD Holdings (Dairibord) see recovery in June,” Anthony Mandiwan- Raw milk intake in the period declined by six per- is scaling down investments and za, the group chief executive, said in a trad- cent from prior comparable period due to escalating Dwill only focus on procuring criti- ing update. cost of stock feeds which in turn affected milk pro- cal equipment, considering the increasingly He said recessionary pressures and a par- duction. This is against the national milk intake de- difficult trading environment, the company tial shutdown due to Covid-19 will continue cline of eight percent. says. to constrain aggregate demand. Dairibord’s share of national milk production re- The milk processor said business per- Volumes sold declined by 32 percent mained high in the period at 38 percent. formance in April and May was negatively compared to industry reporting declines of Revenue was up 515 percent with foreign currency affected by the Covid-19 pandemic beyond between 20 percent and 45 percent. revenue increasing by 20 percent over 2019. what was previously anticipated, with the “Overall performance was not spared by Mandiwanza said Dairibord is looking at opportu- first quarter of the year performing better headwinds in the operating environment. nities that include milk supply development through than these two months. Raw milk intake was down from prior year strategic partnerships and outgrower schemes, sup- “The period was characterised by in- largely due to escalating cost of stock feeds porting development of local production of agro- creasing input costs versus limited ability affecting milk production. based raw materials such as groundnuts to reduce to adjust selling prices. However, cost in- “The Dairibord share of national milk over-reliance on imports and create employment. creases were below inflation. This was due production however remains high at 38 per- In a separate cautionary notice, the company said to remodelling costs, particularly distribu- cent,” Mandiwanza said. it is in negotiations for a merger and acquisition trans- tion and labour (flexibility due to contract He said the exports strategy achieved Anthony Mandiwanza action. labour). growth over the same period in 2019 despite [email protected] Low demand hits Zimplow operations ZIMPLOW Holdings says business in the five months to May was negatively affected by depressed customer demand due to postponements in infrastructure devel- opment projects. Vimbai Nyakudya, the group’s chief executive, said the trading environment resulted in depressed custom- er demand for the group’s subsidiaries, which supply farming, infrastructure and mining equipment. “The delayed opening of the tobacco selling sea- son also contributed to low business,” he said, adding that overall revenues have been 19 percent below prior year, in real terms, and 623 percent up in local curren- cy terms. Nyakudya said during the five-month period, rev- enue declined 19 percent and profitability at 42 per- cent due to disruptions resulting from the coronavirus pandemic. He said the period was characterised by the need to adapt to “the new normal” of doing business, as gov- ernments and industries try to resuscitate economic activity while limiting the spread of coronavirus and its impact on communities. He noted that the drought and the erosion of dis- posal incomes by the hyperinflationary environment affected the performance of the group’s agro-focused units, Mealiebrand and Farmec. Farmec’s tractor volumes dropped 37 percent. Parts sold were 17 percent behind prior whilst service hours sold were 29 percent behind the same period last year. Implements sold at Farmec were 29 percent ahead of the previous year while Mealiebrand was further affected by the lockdown as it could not supply the export market. As a result, there was little activity at the division. According to the update, one of the group’s com- panies, BarzemCAT, showed a resilient performance despite the tough operating environment. Activity in mining and infrastructure projects drove CAT equip- ment sales to 450 percent growth against the previous year. In terms of after-sales, parts were eight percent ahead of the prior year, in real terms and service hours dropped 14 percent due to time lost during the lock- down. “Powermec also showed improved performance in spite of the stable on-the-grid power supply ex- perienced during the national Covid-19 lockdown,” Nyakudya said. He said Perkins generator sales were six percent ahead of the previous year. Parts sales improved 36 percent ahead of prior year, and service hours sold were 108 percent up. “Our target is to make Powermec the go-to-partner in terms of power engineering, especially with regards to generator and solar power products and support, and we believe, with the improvement we have made so far, we are on course to achieve that,” he said. Nyakudya highlighted that CT Bolts business unit’s transformation continues to take shape, and there has been a positive volume response specifically the unit has been 19 percent ahead of the previous year with both mild steel and high tensile steel bolts putting in a strong performance. Nyakudya said the group would continue to moni- tor the environment with the pandemic still ongoing. — Staff Writer [email protected] The Financial Gazette July 9-15 2020 | Page S1

PROTECTIVE CLOTHING

Proper sanitisation

products at Tierra A chemist at Tierra Marketing inspecting the produc- tion of sanitiser using recently acquired machinery. LCOHOL-based sanitisers are currently the known means for rapidly and effectively dis- Aabling a wide array of micro-organisms on hands and surfaces. The World Health Organisation (WHO) recommends alcohol-based sanitisers as evidence shows that they are fast acting on a large number of micro-organisms in- cluding bacteria and viruses without building resistance to them. They are easy to use in an array of settings in- cluding remote areas where there is little or no access to water and other sanitation facilities. This further makes them comply to hand hygiene by being fast acting and convenient with immediate access at the point of patient care. Application of sanitisers should be done as frequent- ly as possible as we tend touch different surfaces as we go about daily activities. Producers of hand sanitisers need to practice strict quality control measures to ensure the desired alcohol concentration is met and necessary volumetric adjust- ments are made to obtain the nal recommended con- centration. Skin reactions are a likely concern among the gen- eral public when it comes to sanitisers. Alcohol-based hand sanitisers are better tolerated by the skin than hand-washing with soap and water, with consideration to WHO regulated formulations. Hands are not the only surfaces we should be consid- ering during this period; surfaces can also be areas that could breed microbial agents that are extremely harmful. Surface cleaners are essential in households and also of ces where surfaces are sanitised as micro-organisms such as viruses are airborne and thrive on surfaces such as tables, sinks, taps and door handles. Through the action of splicing the viruses, protein bodies are broken down to kill and stop them from spreading further through surface transference. Surface cleaners come as a combination of alcohol and antibacterial agents to eradicate lethal microorgan- isms. Generous spraying of surfaces in the morning and evening is an adequate method of ensuring reduced mi- crobial transference in the environment. Hydrogen peroxide is a well-known sanitiser that cuts across as an anti-viral, bacterial and fungal sanitiser that is well known in the healthcare industry. Hydrogen peroxide has been known to kill bacteria such as Staph and viruses like H1N1 and SARS. It is essential for people to take note of proper qual- ity sanitisation of their person and surroundings during this period and for the future. Let us all practice sanitisation and clean hygienic practices with proper and recommended sanitisers for the good of our health and environment. At Tierra Marketing we manufacture an array of de- tergents including hand sanitisers, surface cleaner, liq- uid soap, hand-wash, bleach and three percent hydrogen peroxide. Bleach is used by many as a laundry detergent, it can further be used in sanitisation of surfaces, cleaning toilet bowls, whitening of tile grout and removing mould. When applying surfaces must rst be washed with soap to remove any dirt and debris that may be on the surface. The surface must then be left to dry then treated with diluted bleach which is left to air dry for 10 minutes then wiped clean with water. Our hand-wash is a strong antibacterial gel, formulat- ed and designed to remove all bacterial agents that build up as one goes about their daily routine. It is good on the hands, leaving them moisturised but tough on germs. Our liquid soap, although commonly used in wash- ing of dishes it is a powerful multi-purpose cleaner ideal for oors ropes outdoor wear and leather including belts and handbags. Its gel nature allows for it to be a great surfactant, which generally means that it reduces the surface ten- sion and lifts germs off surfaces, giving a fresh lemon scent. Page S2 | July 9-15 2020 The Financial Gazette

ONLINE LEARNING Cassava Edutech launches e-library ASSAVA Edutech last month Eddie Chibi, the chief executive of Cas- tainty over their opening due to health and Chibi said. launched the Akello e-library, an sava Smartech Zimbabwe said the platform safety concerns, we still want students to He said Akello e-library was set to offer con- C online platform offering hundreds of was introduced to the market in order to achieve good grades and to excel, regard- venience and accessibility through strategic part- school curriculum books that will provide offer convenience to learners and students less of the schools they attend or their fi- nerships with local publishers using a subscription learners and teachers with an easy access who have been affected by the Covid-19 nancial circumstances. Through the Akello model for library books, which is up to 90 percent to a wide range of Zimbabwe School Ex- pandemic. e-library, we believe we are offering them affordable compared to printed books. aminations Council (Zimsec) prescribed “With schools having been shut for a a great platform to access vital academ- The launch of the Akello e-library comes less textbooks. while and with the understandable uncer- ic textbooks for their study preparations,” than a month after the launch of the Akello digital classroom, which offers learners live online class- es, as well as on-demand lesson videos after the live classes. Tendai Mashingaidze, Akello Edutech chief op- erating officer, said the e-library that houses books across various categories for all age groups — from ECD to A Level — had partnered with various local publishers to scale and achieve maximum conve- nience for learners and educators. “Akello ... has partnered with several publishers, including Consultus Publishing Services, Priority Projects Publishers, College Press, Palm Publishers, Zimbabwe Publishing House, Connexional Book- shop, Palm publishers, Edulight and Secondary Book Press, to offer a wide range of books, including Zimsec-approved curriculum education text books, Christian reading and many more,” said Mashingaid- ze “We have also engaged international publishers to bring their content on board in order to offer a wide selection of e-text books,” he said, adding that the platform had been endorsed by many publishers.

Mashingaidze said students would be able to ac- cess the whole library and search for books of their choices. They can also add to "My Library" for easy access, using the subscription package of their choice. Readers can also subscribe for an unlimited number of e-books from a period of a day, a week, to a month. One of the publishing partners, Consultus Pub- lishing Services, through its managing director, Mwazvita Patricia Madondo, said: “We are proud to be part of Cassava Edutech’s initiative as it is our passion as publishers to create and provide access to teaching and learning materials that is curriculum based.” “Through Akello e-Library, we will now be more accessible to our teachers and learners. I urge other local publishers to bring content to the platform to ensure uninterrupted learning in Zimbabwe, partic- ularly during this Covid-19 pandemic period,” Ma- dondo said. Priority Projects Publishing operations and hu- man resource executive, Samuel Chuma, whose or- ganisation has partnered with Cassava Edutech, said the current global pandemic had brought about so many challenges for school children. “But we still want them to learn and excel, and so we are having to look for alternative means and re- sources to enable our children to still be able to learn while remaining safe,” said Chuma. “We are excited to partner with Cassava Edutech on the Akello e-library initiative as we strongly be- lieve that this service will usher in a new and safe mode of instruction to learners during the Covid-19 pandemic and beyond,” he said. To sign up to the Akello Books e-library and ac- cess a wide variety of books and learning materi- als, visit: https://www.akellobooks.com/eLibrary/#/ login The Financial Gazette ONLINE LEARNING SPECIAL FEATURE July 9-15 2020 | Page S3 Free e-learning platforms for varsity students

CONET, the largest mobile network ser- Liquid subscribers. COVID-19: A student’s vice provider by market share and its sub- Higher and Tertiary Education, Innovation, Esidiary Liquid Telecommunications, have Science and Technology Development minister agreed to a government request to assist institu- Professor Amon Murwira conrmed the devel- perspective on the tions in their blended learning approach. opment. There had been concerns by student unions “We have been engaging with telecommu- that remote learning was going to be out of reach nication companies seeking partnerships of this e-learning digital divide for most students given the current data charges. nature. This is a result of our good relations as a Sandile Nkala In a recent letter to Higher and Tertiary Edu- ministry with stakeholders,” he said. cation, Innovation, Science and Technology De- As universities start on-line learning today, VER a billion students, in 191 countries velopment Permanent Secretary Professor Fan- the undertaking becomes a shot in the arm for are supposedly distance learning. Educa- uel Tagwira, Liquid Telecommunications said government as it allows inclusive implementa- they were ready to immediately begin providing tion of blended learning which will see the ma- tion took quite an interesting turn this year, O subsidised service to students and lecturers. Amon Murwira jority learning off campus. as virtual tutoring, video conferencing and online “Students will be able to access free and fast “We do not want to leave anyone behind,” learning software instantly became the new normal. Wi installed at all Edu-zones found in institu- Murwira said. function is effected,” Liquid Telecommunica- These drastic measures were necessary to control tions across the country,” said Liquid Telecom- “We want to make sure everyone has access tions said. the Covid-19 infection rates. However, we need to munications in the letter. to content which our universities have been ex- This means connection to university web- address the "elephant" in the room. Forty-eight public and private universities, peditiously compiling. sites, which will act as the source platform for One cannot deny the necessity of e-learning colleges have this facility. "Colleges have given feedback, they are online learning will be free of charge. “All university websites will be accessed zero ready to continue with their semester and we during such a testing time. Even so, the elephant in There also will be discounted home Internet rated and we have requested your IT department expect more mobile network players to come on the room is the "digital divide". It can be seen glob- for students and lecturers who are Econet and ally that the ability to fully participate in e-learning that it compiles a list of these sites so that the board.” is tied to socio-economic status. Former US Presi- dent Lyndon Johnson once said, "Education is the key to opportunity in our society, and the equality of educational opportunity must be a birth right of every citizen". Yet, the UN has reported that 830 million stu- dents ghting for an opportunity for a better life in our society, are currently locked out of the digital classroom. For instance, 90 percent of students in sub-Saharan Africa reportedly do not have access to a computer with 82 percent unable to get online. This is illustrated by Mandlenkosi Mswela, an Accounting university student in Zimbabwe who expressed how concerned he was about the possibil- ity of repeating a semester, as students are currently being tutored via WhatsApp and PDF documents due to little or no access to the Internet. On the other end of the spectrum, over 90 percent of students in the Netherlands, Sweden and the UK have access to a computer or Internet at home. An IT university student in Sweden, Benjamin Gafv- elin says switching to e-learning was in fact quite painless and that his biggest challenge was merely completing courses that consist of group work. Realistically, the 830 million students currently locked out of the digital classroom face the possi- bility of repeating a grade and failing to graduate in time or worse, being socially promoted without having mastered the material that was to have been taught this year. Learning discontinuity among students in under- developed nations and low-income communities is the biggest threat we face by failing to address this alarming digital gap. Fortunately, some nations and educational insti- tutions across the world have taken steps towards bridging the digital gap. For instance, the South African government has already begun to implement strategic policies and resources to ensure that students in low-income communities are not deprived of a right to equitable education. It is a work in progress, but unquestion- ably a step in the right direction. Nobesuthu Mnkandla, a law university student in South Africa praised the efforts of the nation by saying, “Universities have distributed laptops and 30GB data bundles to cater to students who have little or no access to e-learning. Also, universities have decided to post studying material and deliver USB ash drives to areas with no Internet coverage This has not been easy; the Student Representative Councils are doing their best to ensure no students are left behind.” Effort such as this go a long way to show that it is indeed possible to nd ways to mitigate the learning discontinuity threat. The Covid-19 crisis highlighted a major issue in an era where we value equity in education. The e-learning digital gap is indeed real. However, with the appropriate policies and re- sources in place, the 830 million students locked out of the digital classroom can continue to ght for an opportunity to a better life in our society. For this reason, concerned educational institu- tions, governments and parties are urged to take the necessary action to give these students a ghting chance. n Nkala is a final year Bachelor of Commerce in Accounting student and the former Student Council President at Curtin University Dubai. Page S4 | July 9-15 2020 ONLINE LEARNING SPECIAL FEATURE The Financial Gazette Acquiring new skillls online during lockdown OR many of us in self-isolation, it can during this economic uncertainty, learning a new skill feel like the coronavirus has put the can give you a sense of control that will help cope with Fworld on hold as we wait for release anxiety engendered by the epidemic. from our temporary imprisonment. As James Wallman says in his book Time and How But increasing numbers of people are to Spend It, personal growth is central to many psycho- using the time to build their skillset, with logical theories of long-term happiness. an upsurge in enrollments on online learn- So although an hour listening to a lecture may not ing platforms such as edX, FutureLearn and be as enticing as the instant gratication of reality TV Coursera, which offer “massive open online or social media, it will lead to greater life-satisfaction courses” — or Moocs. in the long term. Coursera, for instance, has seen an eight- “You could say that humans are like bicycles: if fold increase in enrolments for social science, you’re not heading towards something you fall over,” personal development, arts and humanities Wallman says And when we are social distancing on- courses since the start of the coronavirus out- line courses are one of the best ways to do that. break. What do the courses involve? “It’s unprecedented,” says the company’s The specics vary from platform to platform though chief product ofcer Shravan Goli many follow the same basic model With the larger In late March its Science of Well Be- platforms such as edX, Coursera, and FutureLearn, ing course saw 500,000 new enrolments in a you can choose university-afliated courses so you single weekend.) know you are being taught by experts in the eld Devoting some of our quarantine time to The courses are of varying lengths from a few self-education makes sense. Devoting some of our quarantine time to hours to a regular, weekly commitment over several Besides helping to bolster your career self-education makes sense. Pic: Faculty Focus months — and typically involve video lectures, read- ing texts and regular tests to check your memory and understanding of the syllabus. In many cases enrollment is free, but may have to pay to get a certicate verifying that you have complet- ed the course. What should I look for in a course? You might be tempted to sign up to the courses with the most prestigious instructors, but that would be a mistake, says James Murphy, who used Moocs to pre- pare a master’s degree while he was housebound with an illness Institutional afliations arent always a good guide to quality,” he says. Many of the platforms offer user reviews where you can gauge other learners’ enjoyment and satisfaction with the course, but nothing beats trying it for yourself, says Murphy, who is now an associate lecturer at the Open University. “I think the best advice is to sign up and see if you like it — there’s no reason to stick with one you dislike if the delivery isn’t engaging. You can usually tell in the rst hour if youll enoy the course or not If you are hoping for professional development and considering the cost of the certicate you might want to check whether employers recognise the qualica- tion. Courseras Goli points out that about companies now accept the Google-afliated course on IT manage- ment, for instance. The reviews can guide you on this as can the course descriptions, which sometimes include statistics from student surveys about the professional benets that came from the experience. It’s also important to pick a course of the right dif- culty something ust beyond your comfort-zone — engaging enough to occupy your mind, but not so ambitious that it’s frustrating. That way youll achieve the ow state oull lose track of time says Wallman and the deep con- centration will feel much more rewarding than simply scrolling through social media. How can I stay motivated? Even if you have chosen a course that is perfectly suited to your goals you may nd your initial enthusi- asm evaporates and your discipline trails off. “Lack of routine and time is often the biggest hur- dle,” says writer and regular Mooc user Bianca Barratt. Her advice is to try to set up a schedule and “treat it like a physical class you’ve signed up for. Show up when you say you will make an effort with the class exercises and homework and complete the course in full.” Another good strategy, according to Anant Agarwal, the founder and CEO of ed is to nd a study buddy or form a bigger learning group, so that they can moti- vate each other and enjoy the course together”. You might make a pact with people you already know, or you could connect with people from the dis- cussion forums that accompany the course. Like your classmates at a traditional school or uni- versity, you can help each other to understand the dif- cult material and the feeling of accountability might spur you on when you nd distractions drawing you away from your goal. What do I do after completing the course? For some, this may be just the start of the journey furnishing you with a greater condence to learn and the motivation to take it further. If you nd that youre hooked many of the plat- forms also provide accredited bachelors and master’s degrees from selected universities, though this will be more expensive. For others, the completion of a single course will be enough. But whatever your goals, the quest to learn a new skill or discipline may be the perfect distraction from the frustrations of self-isolation — allowing you to connect with new people and transforming this pe- riod into a time of enlightenment and self-discovery. — The Guardian. The Financial Gazette ONLINE LEARNING SPECIAL FEATURE July 9-15 2020 | Page S5 Making online learning more engaging

MID the global coronavirus lockdown en’t completed their assignments or who haven’t and social distancing, we are moving logged in for some days. Make study groups to to online learning. But there can be a create a sense of accountability. A Do periodic check-ins to get feedback from sense of isolation felt by students. It is also a new experience for many teach- your learners. ers and students. These problems can be solved Regular student contact will help drive suc- by engaging online students by making learn- cess in lessons. ing interactive. A sense of accountability will be created if There are many challenges that students students know that teachers are logging in, re- face when learning online, such as distrac- viewing materials, and responding to questions. tions when studying online, being out of one's This will make them submit assignments on comfort zone, and less personal interaction be- time and be more engaged in group discussions. tween teachers and students. Final word Online learning also requires students to So, there you have it. All the tips that you be highly self-motivated and have strong time need to make online learning engaging during management skills. the coronavirus lockdown. So, how can you make learning more inter- The effort you put in now will enhance both active? the learning and teaching experiences. How can you create an enjoyable and capti- Students will get more out of online lessons vating learning environment? Online learning also requires students to be highly self-motivated and they are more likely to come back to you for Here are 5 practical tips to engage students and have strong time management skills. more education. . in online learning amid coronavirus-induced lockdown. 1. Give some ownership and control Students will get more motivated and en- gaged when you give them a sense of control and ownership. So, give them the choice to choose topics, units, and assignments. This will help them to select relevant con- tent quickly, learn about specific topics, or pick the delivery method that they prefer. Let them select the order in which they want to learn some topics. This will empower and engage your learners. Self-assessments are another way to let your students choose the way they learn. Let them skip lessons which they think are too basic. Or, allow them to dive deeper into some les- sons. Make these decisions on the basis of their self-assessment results. Also, get feedback from students on the course content and learning experience. Then make changes to your lessons, don’t wait for the end of the course to make these adjust- ments. 2. Interact with students Interact with your students as they learn. Acknowledge them in live classes or commu- nicate with them in chat rooms. This will make your courses more interactive. Another way to engage your students is to build strong relationships with them. Get to know them by making some effort to learn their unique personalities. Talk to them by name and tell them that you care. Get online classmates to know each other by letting them introduce themselves by shar- ing their interests and hobbies. Ask your students if they have questions about recent topics or upcoming tests, as it is one of the best ways to create strong relation- ships with learners. 3. Encourage students to contribute Invite your students to contribute their knowledge and learn from one another. Empha- size group projects or host online group study sessions. Such task-based learning will inspire students and help them with their studies. Enable learners to create resources and re- view each other’s work. This will strengthen their understanding and encourage a culture of sharing. Also, think about which students perform well in online environments and give them work on those skills and behaviors. Then use this to plan their assignments. 4. Mix content delivery methods Use a mix of content delivery methods such as text, audio, video, and presentations. Have short video lessons of 10 minutes or less, as they are easier to watch. Break up long lecture recordings into bite-sized chunks. This will result in more video views and improved retention and engagement. Your stu- dents will also see videos at their own conve- nience or they can download them to watch later. Quizzes or tests can also be added at specif- ic places within videos to make them engaging. It’s a great way to gauge student learning and will help them retain what they have learned. 5. Encourage accountability Send automated emails to students who hav- Page S6 | July 9-15 2020 The Financial Gazette

ROAD CONSTRUCTION Bitumen World: Masvingo-Beitbridge road project

N October 2019, Bitumen World (Pvt) phase, five sections (each 20km long) of the other four contracts taking place – gravel surface Ltd was awarded 20km of main high- were awarded to various local contractors. along the Harare-Beitbridge Road.  Roadbed preparation either side of the exist- I way reconstruction by the Department Two additional sections were carried out The section being undertaken by Bitu- ing road to enable road widening of Roads in the Ministry of Transport and by direct labour units in the Department men World commences from the 204km  Earthworks involving about 100 000m3 of Infrastructure Development. The section of Roads. peg, 4km north of the Bubi River, to the borrow to fill of road being rehabilitated by Bitumen The client appointed local civil engi- 224km peg, 16km south of the Bubi Riv-  Provide and compact about 60 000m3 of natu- World forms part of a larger reconstruction neering consultants, Prostruct Consulting er. The existing road is being widened and ral gravel for use as sub-base in the road widening programme involving the entire 580km Engineers (PCE), to design and supervise strengthened and involves the following  Reclaim 300mm of the existing pavement, sta- long trunk road between Harare and Be- the works. PCE’s sphere of responsibility major components: bilise with cement and compact as sub-base (Base itbridge via Masvingo. During this initial also included the design and supervision  Detour construction and maintenance 2) along with the new sub-base in the widened shoulders  Provide and compact 150mm thick crushed stone Base 1 to full road width (12,5m)  Spray MC30 prime coat and lay 40mm thick asphalt surfacing  Construct half metre-wide natural gravel shoulders either side of the 12,5m wide surfaced mat  Extend existing pipe culverts to accommodate the wider road  Raise existing box culvert headwalls and wingwalls or extend as necessary  Provide and install traffic signs, road mark- ings and cats eyes Based on SATTC specifications, the design phi- losophy incorporates the following changes:  Increased surfaced width of road from about 7,0m (currently) to 12,5m  New gravel shoulders, 0,5m wide either side of the proposed asphalt surfacing  Replacement of the existing traffic signs with new signs conforming to SATTC specifications. In general, the horizontal and vertical alignment of the existing road is being retained during the rehabilitation process, however, localised changes have been made where necessary, particularly with regard to vertical alignment (profile), to improve rideability and sight distance. Work commenced at the beginning of November 2019 and the 20km section is expected to be com- plete by mid-September 2020. The Lion and Elephant Hotel is situated on the banks of the Bubi River adjacent to the Masvin- go-Beitbridge Road and with adequate number of rooms and facilities for both staff and workers, this venue has been the logical choice for Bitumen World to set up camp. Bitumen World established its site office and yard at the 221km peg, where facilities include site offices, mechanical workshops, materials testing laboratory, concrete batching plant, asphalt mixing plant, water storage ponds, materials lay-down ar- eas as well as plant and vehicle parking areas. Securing sufficient natural gravel in the vicinity of the project for construction of the pavement sub- base proved to be challenging as much of the natu- rally occurring gravels are calcretes, which gener- ally display inferior properties in terms of strength and durability. However, sufficient natural gravel was secured from pits in the area, mostly compris- ing quartz gravels, and these pits were exploited to capacity in order to avert the need to use calcretes. Crushed stone products required for the Base 1 gravel, concrete and hot-mix asphalt are being pro- duced at the ESPN Quarry situated in Beitbridge using Bitumen World’s McCloskey mobile crush- ing plant. To date approximately 110 000 tonnes of various sized aggregates have been produced by the crusher, the bulk of this quantity being 37,5mm crusher run used for Base 1 construction. The to- tal anticipated quantity of crushed stone products required to complete the project is about 130,000 tonnes. Securing enough water for construction has proved to be somewhat challenging as the nearest reliable source is the Mwenezi River, some 50km away. Several water storage ponds, each with a capacity of about 300m3, have been installed at strategic points along the road and these are topped up regularly from the Mwenezi River using 30m3 tankers to ensure an adequate supply of water for construction. The project is now entering the final straight with 80 perent of the sub-base complete, 60 percent of the base complete and bituminous prime coat sprayed on 6km out of 20km. The Financial Gazette INSURANCE SPECIAL FEATURE July 9-15 2020 | Page S7 Zimpost offers Post Insurance for vehicles IMBABWE Posts (Pvt) Ltd this type of cover only provides (Zimpost), offers motor ve- compensation to the third party. Z hicle insurance known as As a way of protecting the gen- Post Insurance which is underwrit- eral public, Motor Third Party Li- ten by Nicoz Diamond Insurance. ability Insurance has been made a Post Insurance is available at statutory requirement for all mo- any Post Office nationwide. torists in Zimbabwe before vehicle The insurance service caters for licensing. both third party and comprehensive Motor Comprehensive Cover insurance covers. This is the highest level of mo- Claims are channelled through tor insurance cover available for the Post Office, bringing conve- motorists in Zimbabwe. nience to the motoring public who This provides cover as third par- used to travel long distances to ty, fire and theft, and in addition lodge their claims at the nearest accidental damage to the insured’s Nicoz Diamond Office. own car. Comprehensive insurance Currently there are two main covers the insured against damage types of motor insurance products to their own vehicle regardless of on offer at the Post Office namely; whether the insured is the one re-  Motor Third Party Liability sponsible for the accident or not. Insurance and Despite its costs, it is more ben- l Motor Comprehensive and Fire eficial for the insured to opt for and Theft. These are explained be- comprehensive cover as it covers low: the insured’s own property unlike Motor Third Party Insurance the third party cover. This type of insurance indemni- Zimpost has continuously en- fies the insured against compensa- larged its products and services tion owed to third parties for per- which include motor vehicle licens- sonal injury or property damage ing, ZBC licensing, Mail services, resulting from the actions of the courier services, property services, insured. retail services, e-commerce, on de- Hence if the insured is involved mand logistics and communication in an accident with a third party, centres.

Article 23

Welcome to part Twenty Three of Hatirase mbereko nekufirwa, a continuation The value of the assets in foreign currency was then distributed to the policyholders, of the Life Offices Association (LOA)’s ongoing National drive to make in proportion to the magnitude of each policyholder’s fair Zimbabwe dollar share of insurance easily understood by all. In today’s article, we explore how life assets. The different asset classes were converted or valued differently depending insurance companies in Zimbabwe converted values from the Zimbabwe Dollar on the nature of the asset class. A brief description of how the different asset classes to the American Dollar in 2009. were valued in US dollars is outlined below. From ZWD to multi-currencies Conversion of prescribed assets and other fixed interest securities In a previous article we looked at how Zimbabweans in general moved to partial Prescribed assets mainly constituted bonds issued by the government. On dollarization, how certain companies were licensed to trade in foreign currency and conversion to foreign currencies in 2009, these bonds were not converted into how values of certain commodities were arrived at. foreign currency. We also explored how the Nation completely moved from use of the Zimbabwean The reason is because bonds represent borrowings done through the financial dollar to the use of foreign currencies. system, and hence they are paper-based money. Covering promises As we established in previous articles, paper-based money lost value because of its fixed nature. Moreover, as paper based money is not supported by an asset, there In this week’s article we discuss how life insurance companies, in particular, is no easy way of determining its value, except for value attribution by authorities converted values from the Zimbabwean dollar to the United States dollar in 2009. and the market. Even if they had been converted they would have still had an All businesses including insurance companies had to convert, from Zimbabwe insignificant value. This can be attributed to the fact that they were of a fixed amount dollars to US dollars, the values of each of their clients’ investments. Life insurers in Zimbabwean dollars and hence their real value had been eroded by hyperinflation. had benefit obligations to their policyholders, which constituted promises to them. Other fixed interest securities (bank deposits for example) were also given a zero US In order to cover these promises, life insurers at the time held assets in the form of dollar value, as there was no exchange rate to convert such bonds or cash because policyholder funds. These assets, which included property, equity stocks, bonds, and of the lack of an exchange rate. cash, belonged to the policyholders. When the Zimbabwe dollar was demonitised holders of the currency were given Converting value US$5 for anything they had in the bank. As there was no available trading exchange rate at the time of conversion, it was Join us next week as we discuss the post-dollarization conversion of assets and logical to first convert the value of total assets held into US dollars. liabilities from ZW$ denominated values to US$ and later to Zimbabwe dollar. Page S8 | July 9-15 2020 The Financial Gazette The Financial Gazette July 9-15 2020 | Page S9

Superbrand 2020: Building brands on digital platforms

N June 19, Marketers Association of Zimbabwe (MAZ) unveiled the Top 200 Superbrands in its Orst ever Virtual Launch The Superbrand Launch is an annual event on the business calendar usually attended by marketers, industry professionals and those who are keen to see whether their favourite brands have made it Unfortunately, due to the Covid-19 pandemic and lock- down restrictions, MAZ hosted a live session that was broadcast on the associations Facebook page Superbrand is an international concept that has been adopted in Zimbabwe since It seeks to recognise and reward the best brands in the country with the nest reputation within a specied period of time It aims to identify brands that are performing above and beyond others within the market As a result corporates and the community at large realise real economic value from this noble concept The Top brands were derived from the rst phase of the Superbrand, where there is shortlisting of brands, which is done through a nationwide research by an inde- pendent research company Guest speaker at the launch, Never Ncube, Dandemu- tande Investments chief executive provided in-depth insight as well as actionable and practical tools to build sustainable digital brands “What has become vital for brands during this period is the need to remain connected, the need for all internal processes to be optimised digitally, the need to be visible on all digital platforms, online payment systems and the need for cyber security Ncube said Ncube highlighted the potential scrutiny that awaits brands that do not engage with their consumers “Brand building strategies bring consumers closer to the brand and provide value for them so that they can know feel and experience the brand A brand without a digital presence is like a car without tyres Its not going to get anywhere fast he said The Dandemutande boss also highlighted issues of cy- ber security as one of the important factors to consider when investing in digital platforms “As you are building your brands on digital platforms, be cognisant of cyber security threats Invest in cyber se- curity awareness training and have cyber security and IT governance policies Also be wary of hackers and use the right tools to protect your information he added To S10

Never Ncube, Dandemutande Investments’ chief executive. Page S10 | July 9-15 2020 SPERBRANDS LANCH SPECIAL FEATRE The Financial Gazette What is Superbrand? SUPERBRAND is an internation- (through a consumer research) and then an Ceremony, the 200 brands are taken back to al concept that has been adopted in evaluation by the Adjudication team. the consumers for market research Brands AZimbabwe since 2009. It seeks to Only those brands with the highest scores are ranked according to the following vari- recognise and reward the best brands in the from the consumer research are granted the ables: country with the nest reputation within a Superbrand title. For Business to Business: specied period of time The Research Process a Number of spontaneous mentions It aims to identify brands that are perform- This year the Marketers Association of b Number of prompted mentions ing above and beyond others within the mar- Zimbabwe Baseline Research department in c. Perceived Market Dominance ratings ket. As a result, corporates and the communi- conjunction with Select Research conducted d. Resilience ratings ty at large realise real economic value from a rigorous research process. The overall re- e. Goodwill ratings this noble concept. search process is as follows f Customer Loyalty ratings A Superbrand offers customers and other The shortlisting of brands - The g. Overall Market Acceptance ratings stakeholders signicant emotional and tangi- shortlisting of brands for was done And for Business to Consumer: ble benets over its competitors consciously through a nationwide research and it was a Number of spontaneous mentions and subconsciously. based on top-of-mind brand awareness b Number of prompted mentions For a brand to be deemed a Superbrand nveiling of the brands After the brand c. Product / Service Experience ratings it requires the consistent management of the selection phase the top 200 selected brands d. Product / Service Accessibility ratings companys values beliefs and product quali- are then unveiled at the Superbrand launch e. Product / Service Pricing ratings ty not ust at the head ofce or factory but ceremony in May. f Product or Service Loyalty ratings wherever a brand touches the consumer. Before the unveiling of the brands the ad- g. Product Innovation ratings The reputation and credibility of the Su- udication committee has the chance to verify Adudication of results after the con- perbrand awards lies in its process. Brands the shortlisting process and endorses the top sumer research, the results are presented to undergo a thorough recruitment process by brands of the year the adudication committee for nal verica- the consumers followed by consumer rating Field Research After the unveiling tion and endorsements. MAZ secretary general Gillian Rusike Superbrand 2020: Building brands on digital platforms From S9 Additionally, Ncube said, ‘brands have a responsibili- ty to be “transparent, accountable and authentic.” More importantly consumers want comfort happi- ness and satisfaction in their lives and they get it in part from the products they buy If the brands they use consistently deliver a positive experience consumers form an opinion that the brand is trustworthy which gives them peace of mind when buying,” he said. Chairperson of the adudication committee Denford Mutashu said the unveiling of the Top brands comes at a time when brands are facing challenges because of the Covid-19 pandemic, however, stronger and resilient brands would emerge stronger after the lockdown “There is a lot that we can do and right now it is crit- ical that each of the brands embrace the New Normal in terms of online presence It is against that background that our theme is centred on Building your brand on the Digital platform We would like to see all the brands quite vibrant and present on all online shopping platforms Mutashu said He said as more brands invested in e-commerce plat- forms it was also an opportunity for them to go global This is actually an opportunity for our brands to go global It is not enough for brands to only be leaders in their own countries but we need to explore the region and go global This can only be achieved by fully util- ising the digital platforms as we build our brands he said. In his welcome remarks, MAZ secretary-general, Gil- lian Rusike said MAZ believes in the success of Zimba- bwean brands. “As the marketing industry we believe in the Zimba- bwean brands, as you may know strong brands lead to a strong economy. We advocate for our local brands to be competitive on the global scale We believe that the success of Zim- babwean brands will culminate in a strong economy,” Rusike said. The Virtual launch was held at the marketers hub and strict Covid-19 regulations were observed.

Chairperson of adjudicating committee Denford Mutsahu The Financial Gazette 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE July 9-15 2020 | Page S11 Top 200 brands for 2020 unveiled N Friday, 23 June, the top 200 brands were These groups have a sample size of 1 500 each and unveiled at a Superbrand Virtual Lunch held are derived from major areas of Zimbabwe. Oat the Marketing Hub. The sample size is in proportion to the size of the These brands were derived from the rst phase of population. the Superbrand where there is shortlisting of brands, Phase Four: Adjudication of the Results which is done through a nationwide research by an After the consumer research, the results are pre- independent research company. sented to the adudication committee for nal veri- The guest speaker for the event was Never Ncu- cation and endorsement. be, the chief executive of Dandemutande Investments The auditors also present a report to the committee who emphasised on the need to build brands on digital as far as the eld research is concerned platforms. Phase Five: The Superbrand Superbrand is an international concept that has Awards Ceremony been adopted in Zimbabwe since 2009. The nal results are then presented at the Annu- It seeks to recognise and reward the best brands in al Superbrand Awards ceremony where top business the country with the nest reputation within a speci- to business (B2B) and business to consumer (B2C) ed period of time brands are presented with accolades. It aims to identify brands that are performing The brands are also further categorised and ranked above and beyond others within the market. As a re- in their respective sectors were sectorial leaders and sult, corporates and the community at large realise real their runners-up are also given awards. economic value from this noble concept. Phase Six: The Superbrand ASuperbrand offers customers and other stake- Report Publication holders signicant emotional and tangible benets After the Awards a report is published proling The MAZ Team over its competitors, consciously and subconsciously. the top 200 brands. For a brand to be deemed a Superbrand it requires of the Superbrand adjudication committee, Denford Phase Two: Unveiling of the 2020 Top 200 brands Participants can also take up the advertising space the consistent management of the company’s values, Mutashu outlined the Superbrand process as follows: The top 200 brands are then unveiled to the public. in the Superbrand Report. Individual brand reports beliefs and product quality — not just at the head of- Superbrand Process Phase Three: Data Gathering & Analysis giving market insights from the market research are ce or factory but wherever a brand touches the con- Phase One: Brand Selection After unveiling the top 200 brands, the next step is also compiled and distributed to participating brands. sumer. The rst stage is the shortlisting of brands which to take these brands back to the consumers for rating The individual brand reports contains a wealth of The reputation and credibility of the Superbrand have been mentioned by the consumers. and ranking, through a representative and nationwide market information that assists in the formulation of awards lies in its process. Brands undergo a thorough The shortlisting of brands is done through a nation- consumer research. strategy. recruitment process by the consumers, followed by wide top of mind awareness survey, were consumers The survey is conducted among Zimbabweans Other key stakeholders in the Superbrand include consumer rating (through a consumer research) and are rst educated on what a Superbrand is aged between 18 and 65 years. the government, media and academia. then an evaluation by the Adjudication team. Consumers are then asked to randomly mention A nationally representative sample of 3 000 con- For the government, it gives an insight on the Only those brands with the highest scores from the companies or brands that they consider to be Super- sumers covering all geographical areas of Zimbabwe performance of the economy and inuences policy consumer research are granted the Superbrand title. brands in Zimbabwe. is selected irrespective of gender, employment status making. The process is audited by a reputable auditing rm This process is done without prompting the con- and income. It also boosts condence in public sector perfor- Grant Thornton. sumer. It is from this process that the brands which A stratied random sampling technique that en- mance. For academia, over the years we have realised There are also adjudicators that oversee the pro- are spontaneously mentioned by the consumers, are sures everyone in the selected strata has an equal op- that the Superbrand Report has been used as a refer- cess and these adjudicators are taken from various shortlisted for top 200 brands. portunity of being selected, is used. ence point as it gives access to research based infor- industry sectors, namely academia, consumer bodies After the shortlisting of brands, the adjudication The sample of 3 000 respondents is split into two mation and data. and professional associations. committee has a chance to verify the shortlisting pro- groups which are Business to Business (B2B) and For more details on the Superbrand process contact During the Superbrand Launch, the chairperson cess and endorse the top 200 brands for the year. Business to Consumer (B2C). [email protected] Page S12 | July 9-15 2020 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE The Financial Gazette Listed top 200 brands for 2020 ➢ Adam Bede ➢ CABS ➢ Cresta Lodge ➢ EcoCash ➢ Ad-Life ➢ Cairns ➢ Croco Motors ➢ Econet Wireless Zimbabwe ➢ African Distillers Limited ➢ Campha Care ➢ Ecosure ➢ Africom ➢ Caps Pharmaceuticals ➢ Daily News ➢ Edgars ➢ Agricura ➢ Cascade ➢ Dairiboard Zimbabwe Pvt ➢ Elegance ➢ Amtec Motors ➢ Castrol Ltd ➢ Engen ➢ Astra Paints ➢ CBZ Bank ➢ Dandemutande ➢ Europcar ➢ AVIS Rent a Car ➢ Garfunkels ➢ Datlabs Pvt Ltd ➢ Everest ➢ Nestle Cerevita ➢ Davis Granite ➢ Eversharp ➢ Bakers Inn bread ➢ Champions Insurance ➢ Delta Corporation Limited ➢ Exide Express ➢ Bally House ➢ Charhons ➢ Dendairy Limited ➢ Fanta ➢ Banc ABC ➢ Chicken Inn ➢ Dendairy Milk ➢ Fawcett Security ➢ Bata ➢ Chicken Slice ➢ DHL ➢ FBC Bank ➢ Beta Holdings ➢ Dairibord Chimombe ➢ Domestos ➢ Fedex ➢ Bon Marche ➢ Choppies ➢ Doves Funeral Services ➢ Feedmix ➢ Bonaqua ➢ Cimas ➢ Dstv ➢ Fidelity Life Assurance of Zimbabwe ➢ Boom Washing Powder ➢ Clere ➢ Dulux Paints ➢ First Capital Bank ➢ Buttercup Margarine ➢ Coca Cola ➢ Dulys Holdings Limited ➢ First Mutual Health ➢ First Mutual Life ➢ Food World ➢ Freight World ➢ Freshpak Rooibos tea ➢ Fruitade

➢ Geisha ➢ Gloria ➢ Gtel ➢ Guard Alert Security

➢ Holiday Inn ➢ Huawei ➢ Huletts Sugar ➢ Hwange Colliery Company Limited

➢ Image Soap ➢ Impala Car Rental

➢ Jade Soap ➢ Jet

➢ Kefalos Milk ➢ KFC

➢ Lacto ➢ Lafarge ➢ Liquid telecoms ➢ Lobels bread ➢ Lux ➢ Lyons Quench

➢ Mahatma Rice ➢ Maramba waraira Proton Cookies ➢ Mazoe

➢ Mealie Brand ➢ Medtech Holdings ➢ Meikels hotel ➢ Mimosa ➢ Mirinda ➢ Moonlight Funeral Assurance & Services

➢ Nandos ➢ Nash Paints ➢ National Foods ➢ National Tested Seeds ➢ Nedbank ➢ Netone ➢ Newsday ➢ Ngwerewere ➢ NicozDiamond ➢ Nissan Clover Leaf Motors Group ➢ NMB Bank ➢ Novafeed ➢ Nyaradzo Funeral Services

➢ OK Zimbabwe ➢ Old Mutual ➢ Omnia ➢ Omo Washing Powder ➢ One Money

To S15 The Financial Gazette 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE July 9-15 2020 | Page S13 Mutashu appointed Superbrand adjudication committee chairman HE board of the Marketers Association of Zim- babwe wishes to inform its members, stake- Tholders, the entire business community and the media on the appointment of Denford Mutashu as the chairperson of the Superbrand adjudication commit- tee with effect from June 1 for the next two years. Mutashu takes over from Eve Gadzikwa, whose two-year term of ofce ended at the end of May this year. The new chairperson, Mutashu, is also the presi- dent of the Confederation of Zimbabwe Retailers. A passionate retailer who has extensive exposure to brands and businesses in Zimbabwe, his business in- terests currently are in clothing and grocery retail. He also works closely with government and the Ministry of Industry and Commerce in different capacities. He is a former general manager and board member for Foodworld Supermarkets for 17-and-a-half-years Denford Mutashu Eve Gadzikwa Marketers Association of Zimbabwe secretary general Gillian Rusike welcomed Mutashu as the new chairperson and also paid tribute to Gadzikwa for her invaluable contribution during her term of ofce “I would like to welcome our new chairperson of the Superbrand adjudication committee, ... Mutashu. We know him to be very passionate about local brands from his responsibilities as the president of the Zim- babwe Retailers Association and a local business per- son. The board is condent he will bring vast knowl- edge about our brands and that wisdom will perpet- uate our business sector into higher dimensions of competitiveness as they push for quality products in Zimbabwe. “Also, we want to thank ... Gadzikwa for her contribution towards the growth of the Superbrand Awards. She was committed and brought in a wealth of knowledge and expertise to the committee. "She made a clarion call for quality, standards and professionalism on branding and brands saw the com- petition moving to the higher levels in its history,” Rusike said. In his acceptance speech, Mutashu said he was excited to have been elected to lead the Superbrand adjudication committee as chairperson. “It is an exciting opportunity for me to work with the leading brands in Zimbabwe. And I would like to believe that the opportunity came at a time when brands are subdued due to the Covid-19 pandemic. “At the same time It is an exciting oppor- that we should not let tunity for me to work brands die, we should with the leading brands do everything that we in Zimbabwe. And I can to ensure that we would like to believe not only resuscitate that the opportunity those brands that could came at a time when be facing challenges but also ensure that there are brands are subdued due other emerging brands to the Covid-19 pan- in the country,” Mutashu demic. At the same time said. that we should not let He said due to a num- brands die, we should ber of varying factors, do everything that we he has noted that most can to ensure that we brands were struggling not only resuscitate to meet market demand. those brands that could “Currently most be facing challenges but brands are failing to satisfy local demand also ensure that there so it is our clarion call are other emerging to government to work brands in the country very closely with these Superbrands so that we can deliberately support them so that they are able to meet market demand and exceed expectation. “We will ensure that we work very closely with the government to ensure that it plays its part in terms of supporting our local brands,” he said. Mutashu, who has been a committee member of Superbrand, said he learnt a lot from his predecessor, Gadzikwa. “I have been part of the committee and it has been quite exciting during that period that I’ve worked un- der the stewardship of ... Gadzikwa and I will contin- ue to work with her during my tenure. She has lots of knowledge about standards, about brands, about the market dynamics in Zimbabwe,” Mutashu said. The Superbrand Awards have earned a solid rep- utation as far as celebrating brand excellence is con- cerned. These awards, which were birthed in 2010, cel- ebrate brands that go beyond excellence in service delivery and those that are top in the minds of the consumer. Page S14 | July 9-15 2020 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE The Financial Gazette 2020 Superbrand launch in pics . . .

MAZ board member More Moyo Dandemutande Investments CE Never Ncube Superbrand Manager Aquiline Mazhawidza

MAZ executive secretary general Gillian Rusike

Enia Zimunya, MAZ head of marketing and operations.

Research Analyst Wesley Kasambira The Financial Gazette 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE July 9-15 2020 | Page S15 Listed top 200 brands for 2020

From S12 ➢ Zimnat Life Assurance ➢ Zimplats ➢ Pannar Seed ➢ Zimpost ➢ Paynow ➢ Zimswitch ➢ Peace Security ➢ Zimtile ➢ Pearlenta ➢ ZLG ➢ Pepsi ➢ ZOL Zimbabwe ➢ Pfuko ➢ Zuva Petroleum ➢ Pharmaceutical and Chemical Distributors ➢ POSB ➢ Power fm ➢ Powertel ➢ PPC ➢ Probrands ➢ Probrands Rice ➢ Profeeds ➢ Proton ➢ PSMAS ➢ Puma ➢ Puredrop Cooking Oil

➢ Quick brew

➢ Radio Zimbabwe ➢ Rainbow Towers ➢ Red Seal Roller Meal ➢ Revive Dairy Juice ➢ Ricoffy ➢ Roil Cooking Oil

➢ Safeguard Security ➢ Samsung ➢ Schweppes Holdings Africa Limited ➢ Securico Security ➢ Seed Co Zimbabwe ➢ Silo ➢ SINO Zimbabwe Cement Company ➢ Spar ➢ Spuds ➢ Squish Squash ➢ Star fm ➢ Steri Milk ➢ Steward Bank ➢ Stork Margarine ➢ Sun Jam ➢ Sunlight Washing Powder ➢ Surf ➢ Swift

➢ Tanganda tea ➢ Telco ➢ Telecel ➢ Telone ➢ Tendo Electronics & Power Engineering PVT Ltd ➢ The Herald ➢ The Sunday Mail ➢ TM Pick n Pay ➢ Topics ➢ Total Zimbabwe ➢ Toyota Zimbabwe ➢ Transerv ➢ Trek Petroleum ➢ Truworths ➢ Turnall Holdings

➢ nilever

➢ Varichem ➢ Vaseline ➢ VIVON

➢ Willdale Bricks

➢ ZB Bank ➢ ZBC TV ➢ ZESA ➢ ZFC Limited ➢ Zi FM ➢ Zimgold Cooking Oil ➢ Zimgold Margarine ➢ Zimnat General Insurance Page S16 | July 9-15 2020 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE The Financial Gazette MAZ hosts virtual annual continuous development master class 2020

HE MARKETERS Association of ing teams; business development man- Zimbabwe (MAZ) will this year agers, sales directors, sales managers Thost the Annual Continuous Pro- and sales executives; public relations fessional Development (ACPD) Master managers as well as customer service Class also known as the Winter School heads and customer service managers. from July 29 to 31, 2020. For 2020, the MAZ ACPD Master Unlike other years, due to the restric- Class has attracted an array of local and tions arising from the Covid-19 pan- regional facilitators who will tackle var- demic, the Master Class will be a virtual ious topics in line with the new normal. classroom on the Zoom/Teams Platform. Gary Bolt, the managing director of a The ACDP is held annually to provide leading digital agency in South Africa, fresh insights and new trends through will present on Managing Digital Cam- the speakers’ presentations. paigns and Agency Relations, whilst The intensive career changing pro- Janet Machuka, founder of ATC Digital gramme is divided into Class A and B. Academy from Kenya, and the leader of Class A is for professionals who want to the prominent leading thought discus- be accredited as marketing practitioners. sion on digital matters, Africa Tweet- The Marketing Practitioner Status is chat, a twitter thought leadership plat- valid for three years, and can only be form from digital experts drawn from all maintained by attendance at the CPD over Africa, will tackle Digital Market- Master Class within a period of three ing Strategy. years. Further, with the advent of the new One of the facilitators for Class A is normal, companies need upbeat ecom- IMM senior lecturer Micheal Beaven merce strategies, and Victor Mwangi, who will present on Strategic Marketing chief commercial officer of Sendy and Formulation. East African Logistics Platform, will The Continuous Professional Devel- present on success factors needed in a opment Master Class is also referred to winning ecommerce strategy. as Master Class B. The Master Class is Other speakers include, Juliet Ziswa, for executives who want to remain in a former marketing director for Unilever sync with changes in the marketing and and NetOne, now heading the marketing service delivery field. function for d.light design Inc based in The Master Class is open to cur- Kenya, Workmore Chimweta, who is rent MAZ accredited marketing practi- the MD of Zimnat Life as well as Lenox tioners; marketing directors, marketing Mhlanga, a seasoned public and corpo- Juliet Ziswa managers, brand managers and market- rate reputation expert. Lenox Mhlanga

The Bread We All Love & Enjoy! The Financial Gazette 2020 SUPERBRAND LAUNCH SPECIAL FEATURE July 9-15 2020 | Page S17 MAZ: Leaders in career training excellence

HE Marketers Association of Zimbabwe marketing teams; business development (MAZ) is not only a hub for marketers but also managers, sales directors, sales managers Ta centre of excellence in terms of career and and sales executives; public relations man- skills development. agers as well as customer service heads and MAZ offers a number of marketing-related cours- customer service managers. es and diplomas for its members to be up to date with Online classes marketing as well as digital trends. The association has adapted to the new ZimChartered Marketer normal by hosting all the classes on online The ZimChartered Marketer programme is a pres- platforms such as Zoom and Microsoft Of- tigious marketing status that is accorded to market- fice Teams. ing professionals in and around Zimbabwe. MAZ is also offering short and refresher The programme is done in partnership with Chin- courses for the third quarter, among them: hoyi University of Technology, Bindura University  Digital Sales Strategy (July22-24) on of Science Education, Midlands State University and Zoom the National University of Science and Technology.  Social Media Campaigns and Brand The programme addresses the need for marketing Management (August 4-5) professionals to be credible and results oriented.  Marketing Analytics (August 17-21) This is also a platform for enhanced career pros-  Customer Service Excellence (Sep- pects and is an avenue for continuous personal de- tember 3-4) velopment in today's dynamic business environment.  Financial Aspects Training (Septem- It offers practical marketing exposure blended ber 15-18) with relevant theory. It seeks to consolidate theory  Key Account Management (Septem- MAZ corporate communications manager Auxilia Katongomara into practice through mentorship of a small to medi- ber 22) um enterprise for a one-year period. It seeks to ex- pose one to the practical approach to marketing rather than being theoretical. The criteria for one to become a ZimChartered Marketer are a minimum of eight to 10 years broad practical marketing experience or a professional marketing degree or global equivalent in a market- ing discipline that can be authenticated by an insti- tutional authority and is recognised by the Marketers Association of Zimbabwe. The benefits of becoming a ZimChartered Mar- keter are that you will have the privilege of attaining a highly recognised marketing qualication in Zim- babwe and beyond. Digital Marketing This self-paced Digital Media and Marketing cer- tificate is designed for individuals ready to expand their skills set in today’s internet driven market. It explores the several aspects of the new digital marketing environment and integrates them to cur- rent business operations. It includes modules like digital marketing analyt- ics, social media marketing, search engine optimi- sation, mobile marketing, email marketing, content creation and blogging for business. The Certificate in Digital Marketing is a six- month programme targeted at personnel who need the practical day to day digital marketing activities experience. Facilitators are drawn from a pool of accredited resources endorsed by the Marketers Association of Zimbabwe. Diploma in Public Relations The Professional Diploma in Public Relations and Corporate Reputation Management, in conjunction with Bindura University of Science Education, is a programme aimed at imparting and equipping stu- dents with knowledge and skills that will enable pro- fessionals to function in the public relations sphere. It enables effective and efficient management of public relations-related issues, and helps adapt to PR and Corporate Reputation Management dynamics. To that end, the qualification is structured in such a way that will allow those in the industry to play a significant role in their respective areas. This diploma includes modules related to Psy- chology & Sociology, Media Studies & Liaison, Em- ployee Relations and Events and Corporate Reputa- tion Management. Enrolment for the August intake is in progress. Annual Continuous Professional Development 2020 (Winter School) The Annual Continuous Professional Develop- ment (ACDP) is a three-day programme meant to equip marketing practitioners and related profes- sionals with marketing skills of current trends. It was previously known as the Marketers Winter School. This is an intensive training programme, in con- junction with the Institute of Marketing Manage- ment (IMM), which is meant to equip marketers with skills and knowledge that will transform their vari- ous organisations in the long run and is divided into two classes. Venue: Zoom Dates: 29 -31 July 2020 The ACDP is divided into two classes, the Master Class A and Master Class B. The first Class (Class A) will be open to all mar- keters who desire to be accredited with the Market- ing Practitioner Status (MPS) offered by MAZ in conjunction with IMM. The Master Class B is open to current MAZ accredited marketing practitioners; marketing di- rectors, marketing managers, brand managers and Page S18 | July 9-15 2020 2020 SUPERBRAND LAUNCH SPECIAL FEATURE The Financial Gazette Dairibord supports local production AIRIBORD Holdings says it is looking cessing and marketing milk products which was coming weeks. into supporting development of local pro- successfully privatised. Another ZW$1 million in cash was donated to Dduction of agro-based raw materials such Dairibord recently oined the ght against the the National Covid Task Force’s logistical plan- as groundnuts to reduce over reliance on imports coronavirus (Covid-19) by distributing an assort- ning, bringing the total Covid- 19 donation by and create employment. ment of beverages and other nutritional products Dairibord to ZW$4 million which was unveiled The milk processor said it is also banking on worth ZW$3 million to the country’s major hos- at a ceremony in April. smart partnerships with suppliers of key raw and pitals. Mutaviri said Dairibord saw it t to assist packaging materials. This comes as the Covid-19 outbreak is threat- hospitals with these products given the prevail- “Cost containment and reduction to improve ening to exacerbate Zimbabwe’s dire economic ing economic challenges coupled with the emer- efciencies across the value chain Intensifying and hunger crises, drastically affecting the lives gence of Covid-19 for which nutritious food and export drive and harnessing domestic free funds of people in both urban and rural areas according beverages are one of the best contributors to a in line with SI 85 of 2020 and various other poli- to the World Food Programme. speedy recovery. cy pronouncements by the Reserve Bank of Zim- Dairibord handed more than 3 500 cases and “Being the home of nutritional beverages, we babwe,” Anthony Mandiwanza, the group chief tubes of Lacto, Pfuko Mahewu, Yoggie, Cascade at Dairibord saw it t to rise to the national chal- executive, said. and Inyanga tea in different quantities to Sally lenge in response to this health crisis triggered by Dairibord is arguably the biggest dairy prod- Mugabe; Parirenyatwa; Marondera and Wilkins the merciless Covid-19. We hope that this contri- ucts company in Zimbabwe and is also listed on hospitals. bution will contribute to the speedy recovery of the Zimbabwe Stock Exchange. The health institutions each received part of patients as their nutrition will be boosted,” said Dairibord is one of the largest manufacturing their total consignment of the variety of these Mutaviri. and marketing companies in Zimbabwe with sev- products valued at ZW$1 086 780. Sally Mugabe director of operations Peter Dairibord CEO Anthony Mandiwanza en factories in Harare, Chitungwiza, Bulawayo, Dairibord marketing director Tracey Mutaviri Fanuel Gwata and Parirenyatwa's Edison Mun- ident and Cabinet Cde Muchemwa Mugwisi received the Gweru, Kadoma, Mutare and Chipinge. said seven more hospitals Mpilo Ekusileni denda received the products on behalf of their in- goods for Marondera Hospital while Rebecca Hwamirida The company was originally a state-owned Masvingo; Gweru; Mutare; Nyanga and Chi- stitutions. Mashonaland East Director Provincial from Harare Provincial Administrators Ofce received the enterprise established for the purposes of pro- pinge were due to receive their shares in the Affairs and Devolution in the Ofce of the Pres- goods on behalf of Wilkins Hospital. Hippo Valley in water saving drive IPPO Valley Estates (Hippo Valley) says the indus- try has implemented water conservation initiatives Hincluding reduced water application rates to levels that are not a deterrent to normal crop growth. This is despite the availability of sufcient irrigation water for the period leading to the next rain season. The sugar processor said cane yields on compa- ny-owned land are forecast to improve beneting from prior years accelerated replanting programme. “In addition to the company’s on-going inputs and ex- tension support to private farmers, closer partnerships are being offered to low yielding farmers in order to improve productivity on their farms,” the company said. The rm said work on the hectares outgrower cane development project in partnership with government and local banks (Project Kilimanjaro) is on-going with a total of 2 700 hectares of virgin land cleared and ripped, 400 hectares of which have been planted with sugarcane. “Work on the project is being slowed down by delays in obtaining adequate funding from nancial institutions due to the prevailing adverse economic environment. "Alternative funding structures for the project are under consideration which will result in the project being pro- gressed on a phased approach,” Hippo Valley said. On completion, Project Kilimanjaro will contribute sig- nicantly to the industry target of full utilisation of installed milling capacity of 600 000 tonnes of sugar by 2023/24, positioning the country to be one of the most competitive sugar producers in the region and globally. Total industry sugar production for the nan- cial year is forecast to be between 440 000 and 455 000 tonnes with approximately 35 percent being sold into the export market. The company’s share of industry sugar production is forecast to be at 50 percent. Monetary policy uncertainty continues to perpetuate the economic ills associated with reduced disposable incomes, foreign currency shortages, high interest rates, distorted ex- change rates and a hyperination Demand for sugar, being a staple commodity, will con- tinue to be stable. Sugar pricing strategies will therefore, be aimed at balancing value preservation for the company, consumer affordability and discouraging arbitrage oppor- tunities. Strategies to ensure consistent supply of regional export markets including the execution of an efcient logistical strategy will be pivotal to the industry achieving targeted foreign currency earnings. Business interruption as a result of the current Covid-19 pandemic will further weaken the economy. However, with the sugar milling season having begun on schedule, production is unlikely to be impacted by the Covid-19 pandemic. The potential impact on the sector and the company will continue to be closely monitored. The industry is alert to potential export opportunities into Europe as global economies seek to recover from the pandemic. The company remains optimistic that notwithstanding the Covid-19 pandemic and the current economic challeng- es, the Zimbabwe sugar industry is well positioned to be one of the most competitive in the region by 2023 off the back of increased production and operating efciencies The Financial Gazette 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE July 9-15 2020 | Page S19 Turnall Ravenna roof tiles will turn your house into a home URNALL’S striking Ravenna ral grey red or black Double Roman range of roong tiles and Spanish and Venetian give architects and inte- Tpavers provides a picture-perfect rior designers great scope for creating nish to any type of house turning it beautifully coordinated designs for any into a home one can be proud of housing or industrial development For more than years Turnall the ecnica secificatins countrys leading producer of building With its deep roll concrete roof tile and construction products has built a prole Ravenna roong tiles offer a reputation for strong stylish products fresh new look while creating roofs of and exceptional service outstanding character that perform ex- Today the bre-cement giant contin- ceedingly well with a pitch greater than ues to lead the Southern African market degrees in the manufacture and supply of con- Concealed precision-formed inter- crete tiles Spanish pavers bre-ce- locks ensure a snug t a very clean ment roong and water and sewerage roof line and state-of-the-art protection conveyance products Turnall is adept against wind-driven rain and water cap- in identifying and meeting changing illary action tastes and trends creating innovative Ravenna benets among oth- and quality products that are appreciat- ers include ed by thousands of homeowners across  Non ammable the region  Good insulation against lightning aenna rfin ties strikes Ravenna roong tiles are as strong  naffected by ultraviolet radia- as they are stunning and this all starts tion with how they are made Carefully  Lasts for a lifetime washed sand the best Portland cement anis aers colour pigments and water are mixed Turnalls Spanish pavers are cre- to exact proportions and extruded un- atively made from a mixture of con- der pressure resulting in a product of crete and colouring pigment which is the highest quality and a thru-tone n- poured into a mould and allowed to set ish that wont fade In fact Turnalls is The unique moulding process allows so proud of the concrete tiles produced for precise manufacturing resulting in from the new fully automatic concrete uniformity in both thickness and size roof tile plant in Africa Each tile has a Outside dimensions are exact and their Turnall mark so always check under- high-density manufacturing process re- neath the tile to make sure it is a Turnall sults in a perfect nish tile The Spanish pavers are suitable erect r rica mostly for outdoor application and high Just a word of advice to our valued trafc areas These include customers concrete roof tiles are in fact mmercia Shopping malls ho- the modern worlds cost-effective solu- tel entranceway pavements car show- tion for quality roong providing years rooms of maintenance-free use and maximum esidentia Diveways verandas protection against the extremes of the swimming pool surrounds entertain- African weather elements ment areas and sidewalk urnin n te ste Turnall Spanish pavers are available Turnall builds everything to last and in red black and grey Our pavers are the Double Roman and Venetian variety durable long lasting low maintenance of tiles the mainstay of the companys and easy to install If you are looking tile range are no exception for the beauty and quality of pavers at Inspired by classical and medieval an affordable price with a variety of Italian architecture the Ravenna range colours to choose from think Turnall adds an instant touch of class to your Spanish pavers the total solution for all home Whats more a choice of natu- your paving needs Stanbic urges farmers to insure their livestock S Zimbabwe continues to face var- cumbed to anthrax between January and ious challenges in its agricultural April this year while hundreds more died Asector brought about by climatic due to mysterious diseases that hit many change and other natural factors Stanbic parts of the country Mahatchi recom- Bank has urged farmers to take advantage mended that farmers insure their livestock of its Agribusiness advisory as well as We have been reading reports on livestock insurance cover to cushion their the deaths of livestock especially cattle businesses against potential losses which is a very unfortunate loss of wealth Stanbic Banks head of personal and for both commercial and non-commercial business banking Patson Mahatchi said herd owners We do offer a livestock in- that the leading nancial services insti- surance facility which helps farmers pro- tutions Agribusiness unit can offer some tect themselves from such unfortunate nancial solutions to commercial farmers circumstances said Mahatchi who need to protect their return on invest- He said the cover not only applies to ment diseases but also extends to other los- Our nancial advisory services cover es such as accidental death emergency a wide range of industries and agriculture slaughter on advice of a recognised vet- is one of them We have experienced bank- erinary surgeon and theft of livestock in ers in our Agribusiness unit who provide raising units or paddocks re smoke and viable nancial solutions for the benet of lightning commercial farmers said Mahatchi According to the banks terms and Towards the end of the nancial conditions for which the relevant reports institutions Agribusiness unit launched and documentation should be provided state-of-the-art satellite-hosted remote livestock is also covered against snake sensing technologies which help farmers bites accidental electrocution and storm and agronomists with data analytics on lo- damage amongst many other unfortunate cal weather soil moisture eld accessibil- events ity and leaf wetness This technology also The benets of livestock insurance provides optical satellite monitoring of include protection from loss of valuable the area planted germination and growth animals as well as provision of affordable progress forecast through algorithms cover which is tailor made to an individu- Responding on the crisis where over als needs and business risk prole at com- cattle are understood to have suc- petitive rates he said Page S20 | July 9-15 2020 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE The Financial Gazette Benefits of participating in Superbrands

FTEN times there is a misconception that participating brands have to pay a fee in O order to participate. However brands are required to pay a research fee, in order that they are provided with specific sectorial reports. Not paying the research does not mean brands will not be mentioned or participate in the pro- cess, should they be in the top 10 or top 200 but they will lose out on other benefits of Superbrand which include access to use the Superbrand Seal, a comprehensive individual report about their brand’s performance. Specific sectoral reports or individual reports which contains information gathered during the research is a measure of brand equity, as such it is vital to guide organisations in the formulation of strategy. The report also shows how your brand per- Joseph Musariri Eve Gadzikwa formed against other brands in your particular sector based on these characteristics, product or service accessibility, loyalty, goodwill, overall market acceptance, customer service and brand experience.

The way these adjudicators are selected is done to avoid any kind of bias when overseeing the process.

This report also shows overall market share and give recommendations to improve performance of your brand. Superbrand stakeholders There are two major stakeholders of the Super- brand process who oversee the process and make sure all is authentic. We have auditors from Grant Thornton who audit the entire process. We also have a team of dedicated adjudicators who are picked from different industry sectors and those that either head professional bodies, consumer bodies and academia. The way these adjudicators are selected is done to avoid any kind of bias when overseeing the process. This is usually done at the beginning of every year after the Superbrand Awards have been held in December of the previous year. Adjudicators do not interfere with the results and process, but their major role is to oversee and ensure that the process is done accurately and runs smoothly. On the adjudication panel this year we have Denford Mutashu, who is currently the president of the Confederation of Zimbabwe Retailers. He is the chairperson of the adjudication com- mittee. On the panel we also have Eve Gadzikwa, Gilford Hapanyengwi, Luckson Gwara, Jo- seph Musariri, Clive Chinwada, Dennis Wallah, Chipo Mashingaidze, Chipo Mapungwana and Bekithemba L Nkomo.

Chipo Mapungwana The Financial Gazette 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE July 9-15 2020 | Page S21 2019 awards ceremony in pictures Page S22 | July 9-15 2020 2020 SUPERBRANDS LAUNCH SPECIAL FEATURE The Financial Gazette 2019 awards ceremony in pictures The Financial Gazette July 9-15 2020 | Page S23 Opinion Why rural electrification won’t fix deforestation Ellen Fungisai Chipango perspective focuses on tree planting. This is be- lieved to overcome climate change effects such ELIANCE on biomass such as fuelwood for energy as water shortages and oods in rural areas has a strong bearing on Zimbabwe’s For such interventions to work, they must be Renvironment. Rural communities in Zimbabwe meet tailored to the social-ecological context, or more 94 percent of their cooking energy requirements by using problems may be created. traditional fuels, mainly fuelwood, and 20 percent of urban For instance, planting trees in historical grass- households use wood as the main cooking fuel. lands and savannas can harm native ecosystems For this reason, unsustainable fuelwood use patterns are and species. Also, the view that forests increase driving deforestation. Estimates are that deforestation has rainfall has remained tenuous. Likewise, the de- been high in the country, peaking at 330 000 hectares of for- bate over the effect of deforestation on ooding is ests destroyed between 2010 and 2014. partly inconclusive. Policy makers attribute deforestation to human activities Politicians, policy makers and development such as the clearing of land for agriculture, tobacco curing, agencies should save the economy rst This infrastructure development and household use of wood be- would in turn save the woodlands Quick xes cause of electricity shortages. such as electricity access for households alone The crux of the problem is that the policy makers be- don’t save the woodlands. lieve that deforestation is a threat to the economy, while on A political-ecological framework is needed the other hand, ordinary citizens believe that environmental to address rural energy needs and deforestation. degradation is an outcome of the ongoing political and eco- Only when underlying factors are addressed will nomic situation. interventions such as rural electrication and re- Policy makers therefore believe that deforestation can be newable energy technologies have an impact. addressed by increased electrication I conducted a study  Chipango is a post-doctoral research fel- Policy makers attribute deforestation to human activities such as clearing of land for agricul- to look into the belief that the country’s environmental prob- low at the University of Johannesburg ture, tobacco curing and household use lems can be xed by quick and technical policy solutions such as rural electrication The study sought to establish how the environment was embedded in the political econ- omy. I used the Buhera district in Manicaland province, south-eastern Zimbabwe as a case study. I found there were various factors that forced people to use their environment in a way that degraded it. One participant captured it best: “Poverty has gotten into our woodlands. We no longer fetch wood to use in the kitchen only, but for burning bricks for sale…” These are energy-intensive activities and usually require wet wood from indigenous trees such as mopane and acacia. Stay informed this lockdown In local lingo, participants alluded to the practice of kuki- ya-kiya, or “making do” with short-term solutions under the circumstances. E-Paper Subscription From an environmental perspective, this phenomenon can be paralleled with “desperate ecocide”. This line of thought argues that there’s a reciprocal link between pov- Get full access to our website erty and environmental forces where poor people cause en- vironmental degradation because of their poverty and des- Get full access to our e-paper peration. In turn, environmental degradation worsens their Get full access to the daily newsletter (BusinessLive) condition. For instance, they cut wet wood to use for cooking be- cause they don’t have an alternative. And they need income Subscription Options Price (US$) for their survival, which forces them to cut wood for sale. These practices contribute to deforestation, which then af- 1 (one) Week $2 fects them negatively. With this as a basis, I concluded that household access 1 (one) Month $6 to electricity per se will not automatically be an antidote to deforestation. The problem is too complex to be analysed at 3 Months $18 household level without teasing out a chain of explanations behind the degrading use of the environment. 6 Months $36 More often than not, conservation analysts have dis- covered the “degrading” activities of the poor, but rarely 1 (one) Year $72 acknowledged that such problems are rooted in the broader political economy, which forces many rural societies to in- crease their pressure on the environment. When the state is confronted with deforestation, it log- ically follows that it has to act. But when the problem has Print Newspaper Subscription not been framed correctly, there’s a likelihood of instituting awed interventions Get the hard copy delivered at your door step One such intervention is an admonishing of the poor for their “lack” of environmental consciousness and their irra- Get access to the daily newsletter (BusinessLive) tionality. This happens without exploring the reasons why people are practising desperate ecocide. As a result, social Subscription Options Price (US$) factors are not adequately addressed in environmental pol- icies. What normally results is the tightening of rules and regulations. 1 (one) Month $6 In another research paper, I emphasised that it would be judicious for the policy elite to realise that laws must be de- 3 Months $18 veloped and function in context. Otherwise, criminalising the cutting of wet indigenous wood worsens the rural com- 6 Months $36 munities’ plight. Fuelwood is indispensable in the rural energy economy 1 (one) Year $78 criminalisation of a means of survival eopardises live- lihoods. Due to asymmetrical power relations, poor people can- not challenge the government’s policies. Instead, they resist them. And due to the state actors’ failure to realise their FingazLive (Mobile News) policy failure, they misconstrue the resistance as ignorance. Receive news on your mobile phone by sms. Efforts in implementing the awed policy are then strength- ened. To subscribe Dial & choose Breaking/Main news Another intervention stemming from a conservationist *109*4# (Available to Econet Subscribers only). Avondale 2 bed at with For any enquiries, contact our subscriptions team on: combined bathroom and toilet, Taka: 0773 327 978 / Elizabeth: 0784 038 392 / Ronald: 0784 929 187 lounge cum dining, Harare Landlines: (0242) 781571-7 tted kitchen, pantry and single Email: subscriptions@fingaz.co.zw garage. Phone 0784241284 / 0777568943 Strictly no agencies www.fingaz.co.zw Page S24 | July - The Financial Gazette News Blurred lines of working from home SA planning to tax O boundaries loneliness difculty My company has a very supportive and with time management and digital understanding work-from-home policy in- Nmiscommunication are ust some of cluding meeting-free periods online well- the problems that workers have had to con- ness sessions and the ability to run essential tend with since the lockdown forced them to errands during working hours But the reality the super wealthy work from home is that if you are part of a team that requires Even though working from home has you to be present it is difcult to take advan- HE South African govern- also look at other areas like cutting resulted in an overall boost in productivity tage of those benets ment is planning to tax the wastage and allow national and it has also come at the cost of employee ex- Dawood has been encouraged to take Tsuper-rich after the National provincial governments to run the haustion and mental wellbeing leave by his companys HR department Treasury conrmed in Parliament nances of smaller municipalities Anne Dolinschek of marketing rm Nu- which noted that there have been very few that Finance minister Tito Mbowe- with no capacity ential says the biggest contributor to working leave applications during the lockdown ni will announce new taxes in his If I were them I would look longer days is the avoidance of long hours in Shamima Ebrahim the head of proects February budget next year and this at local government with a view trafc and operations at a ntech noticed that her would include the wealth tax to say the nances must be con- I think theres a blurred line since the teams have been more productive since lock- But political parties are divided trolled by provinces or national lockdown started Some clients and employ- down began There were hours logged over plans by the government to government in these municipal- ers dont know where the boundaries are and in a single week during May from my team introduce the wealth tax ities because they dont have ca- seem to think people are available be- of which is an average of hours per The new taxes would help to pacity but maybe not the metros cause were all at home instead of sticking to person says Ebrahim A normal am to pm stabilise debt and raise up to R said Holomisa working hours shift excluding a lunch hour amounts to billion in the next few years DA spokesperson on nance There isnt an expectation from her em- hours a week The DM said yesterday the Geordin Hill-Lewis said they do ployer to work longer hours but Dolinschek This is not the norm and denitely not government had no choice but to not support the wealth tax and raise revenue while Cope said this this would lead to people affected says theres a lot more on the go making it expected Work is scheduled and there is no matter needed to be discussed and necessary to get things done which can be company commitment to work late unless a Tito Mboweni shifting their money elsewhere the DA said it opposed the wealth We do not support it because exhausting deployment has been planned But towards tax tax increases will be announced by South Africa has a progressive tax There is also mental and emotional ex- the end of May burnout was starting to set Chief Director in the National the Minister of Finance in the system There is little you can gain haustion from working in an unknown situa- in she says Treasury Edgar Sishi told the oint Budget read the documents by taxing the wealthy What you tion with no idea when it will end Some time The company has regular check-ins with committees on nance this week “The Davis Tax Committee has stand to lose is that those people off with no expectation to check e-mails or do its employees and encourages a timeout n- that plans were afoot to tax the done a number of research reports can move their money elsewhere work would be great to recharge fortunately that can be limited to stepping super rich on these topics including on the ou cant stimulate the economy Mohammed Dawood who works at a out into the garden doing exercise or switch- The supplementary budget viability of a wealth tax and how by raising taxes said Hill-Lewis large mobile operator and spoke on condition ing screen time to Netix stated that there would be tax in- it relates to a land tax an on estate Cope national spokesperson of anonymity for fear of angering his em- Weve also asked our staff to set working creases of R billion over the duty stated the Treasury Dennis Bloem said Mboweni must ployer has been working long hours because hours that they can stick to because there is next four years and this will be an- DM leader Bantu Holomisa bring in all political parties to dis- consumers use cellphone networks so much no expectation to be available or to be nounced in February said Sishi said the government was in a tight cuss the matter more during the lockdown His proects were more available when working remotely In the Treasury documents ta- scal space and it has to nd mon- He said the government cannot prioritised and greater pressure has been says Ebrahim bled before the oint committees ey somewhere to support its pro- simply introduce the wealth tax placed on existing work to help his rm en- Her rm is moving ofce and has given it stated that the wealth tax would grammes without talking to key stakehold- sure it keeps up with customer expectations its employees the option to take their ofce help raise revenue “We have no choice whether ers "There is a general acceptance with most of equipment home during this period A good The Supplementary we like it or not we have to get “We call on the Minister of my team members that the time usually spent chair makes such a difference The rst few Budget stated that there would be money somewhere to address Finance to call parties to discuss in trafc is now spent online whether in an- weeks of adusting had led to an increase tax increases of Rbn over the problems in the country said Ho- the wealth tax so that we have a other meeting or dealing with user queries in back pain and physio appointments she next four years to help stabilise lomisa better understanding said Blo- says Dawood says Bdlive debt and that the specics of the However he said they could em IOL The Financial Gazette July 9-15 2020 | Page 15 Analysis Forex Auction System: A step in the right direction

HE Reserve Bank of Zimbabwe (RBZ) re-in- troduced the Foreign Currency Auction System Ton the June 23, 2020. The objective of the Auc- tion System is to establish a “free market” price, boost con dence increase foreign currency in ows through formal channels stabilise in ation and eliminate the parallel market. After three auctions, the jury is still out on the long- term effectiveness of the system, but all the signs are pointing in the right direction and all banks are fully supportive of the platform and its objectives. Like any new intervention the Auction System does have its advantages and disadvantages. The advantages that stand out so far are that the Auction System has been a success. Most bidders have been allocated funds and the weighted average evitable teething issues. We are assured that cumstances are different now, which is why direction in restoring that con dence which exchange rate has depreciated to towards a level more the authorities will continue to take feed- we hope the current version of the will last is why it is important for all the players to re ective of market while the parallel market rate ap- back from the market to re ne the process longer contributing to the deepening of the play within the rules for overall economic pears to have stagnated. as the Foreign Exchange Auction System foreign exchange market with the economy bene t n The Auction System allows the Monetary Author- progresses. being the long-term winner. By the Treasurer’s Forum of the ities to direct foreign currency to strategic sectors of In 2004, a version of the Auction Sys- In todays economy con dence is key Bankers Association of Zimbabwe. the economy through the much-publicised priority tem was tried, lasting 22 months. The cir- and this Auction System is a step in the right list. Finally, and more importantly, industry players are expected to price their goods and services at the auction rate, which should have a positive impact on in ation There are some concerns around the transparen- cy of the reasons for some bids being rejected. The criteria for determining what quali es for the auction needs to be fully disseminated with the banks playing a key part in this process. Bidders are encouraged to contact their banks for further clarity on the fate of their bids. The good news is that the authorities have created an auction adjudi- cation committee comprising of cials from the Min- istry of Finance and Economic Development and the RBZ.

The central bank has started inviting banks to at- tend the auctions every Tuesday and witness the allot- ment end-to-end. This has addressed most concerns around transpar- ency. A second concern is that the current weighted average exchange rate derived from the auction is purely a product of the bids. This rate is therefore not a totally accurate re ec- tion of the forces of demand and supply. It is good to note that, in the recent Monetary Policy Committee meeting, foreign exchange earners were encouraged to participate in the Auction System through their banks at their preferred rate. This decision will help address the prevailing asymmetry. A general concern has been the sustainability of supply of foreign currency on the auction system. However, with lockdown restrictions being lifted and the economy restarting, the expectation is that the sup- ply of foreign currency from the surrender portion of export receipts and liquidation of export receipts after the 30-day retention period can be sustained. Furthermore, more market players are expected to start trading through banks at the weighted average auction rate. Another concern is that there are potential bidders at lower than the minimum bid amount set at US$50 000 It is, however ,important to note that the auction’s key objective is for price discovery. Bidders who wish to buy foreign currency are expected to approach their banks at the auction rate for the week. This is important to avoid disintermediating banks from the key role they play in the trading of foreign currency. It also ensures that the price is determined by material players who have the muscle to move the market in one direction or the other. It had to be noted that Exchange Control Directive RV175/2020 which was issued in terms of Section 35 (1) of the Exchange Control Regulations Statutory In- strument 109 of 1996 does provide details of the mo- dalities of the new Auction System and all individuals and corporate bodies who are likely to be impacted by its provisions are encouraged to read through it, and not only familiarise with the rules, but understand how they can bene t from this development With every new system, there will always be the in- Page 16 | July 9-15 2020 The Financial Gazette Analysis Planning more vital than mere prediction

Gerhard Zeelie As a largely developing continent, Afri- With that in mind, it’s worth taking a nue streams were not as widely or extensively shut ca’s advantage over its so-called developed closer look at how Covid-19 has impact- down as with the hospitality sector, given that many N understandable response to the economy counterparts is that, in almost ed the key property sectors in Africa and, tenants were able to pay some or all of their rent economic fallout of Covid-19 is every aspect, it has the capacity to reset more importantly, what opportunities may through the crisis. A for governments, industries and its economic development compass on the present themselves going forward. However, office space is the one area where the businesses trying to predict the path that back of Covid-19. Property is a case in The hospitality sector was undoubtedly post-Covid-19 future needs to be very carefully con- the global economy will take in the coming point. the hardest hit by the pandemic, with reve- sidered. months and years. Where property stakeholders in most de- nues coming to a complete and sudden halt The virus threw a bright spotlight on a truth that However, given that this is a challeng- veloped countries and continents will now as travel was shut down. was already widely known, but largely ignored — ing exercise at best, it’s probably a better have to consider how they can adapt or ret- Interestingly, this is probably also which is that the way we use office space is evolving. investment of valuable time and effort to rofit what they already have in place to a the sector that will be least changed by With the potential for remote working now clear- ponder the many lessons — some very hard post-Covid reality, Africa’s property land- Covid-19 in the long-term. ly demonstrated, workplace ecosystems are set to to swallow — that the pandemic has taught scape is still very much in its infancy. However, stakeholders would still be transform, and there is a real opportunity to com- us, and integrate them into our future busi- Meaning that it has immense opportuni- well advised to consider innovative ways in pletely rethink the role and purpose of office space ness and investment plans and strategies, ties to leverage the pandemic lessons as a which to leverage and maximise the signif- going forward. so that we’re more prepared for what the springboard for the type of future-focused icant value of their assets as the world once The same is true for retail property. The isolation future brings, irrespective of what that is. property development that could very well again becomes more mobile going forward. resulting from Covid-19 lockdown responses illus- For the African property sector this ap- position the continent as a global property The office sub-sector also experienced trated the need that exists in African communities proach is especially vital. leader. significant negative impacts, but reve- for human interaction. And retail destinations were highlighted as the spaces where such interaction is facilitated. While the impact of the pandemic was quite se- vere in this sub-sector, the recovery may also be swift — particularly given that online trade has not yet gained enough of a foothold to be a significant driver of shopping behaviour change. So, there is significant opportunity for retail de- velopers to capitalise on the lessons learned over the past two months; the most important of which is the need to rethink the primary role of retail centres and change the focus from shopping centres to holistic experience destinations. The logistics/industrial sector, while not as severely impacted as the previously mentioned sub-sectors, also has the potential to position itself to capitalise on Africa’s post-Covid-19 future. It is likely that online shopping will continue to grow in popularity across the continent, which has the potential to drive significant growth in the logis- tics industry.

Africa has the capaci- ty to reset its economic development com- pass on the back of Covid-19. Property is a case in point.

To make the most of this opportunity, sector participants will need to carefully and strategically think about where to locate future light industrial developments for maximum exposure and leverage. So, there are undoubtedly opportunities for prop- erty in Africa to flourish going forward. But there are a few caveats to keep in mind. For one, if Africa wants to fully capitalise on its property development springboard potential, stake- holders in the sector have to avoid the temptation to now become bogged down in trying to anticipate the next global crisis or attempting to build such consid- erations into their property feasibilities. While there is always the possibility of another Covid-type event, with global repercussions, the rel- atively low probability means that adjusting for it now will have little or no long-term impact on prop- erty development models — other than requiring large investments of time, intellectual resources and money that could be better spent elsewhere. Of course that doesn’t mean that investors and developers in Africa should simply be throwing cau- tion to the wind and going full steam ahead with new developments they had planned before the pandemic struck. There is still much uncertainty about what the future holds. And while we can’t forever be held captive by that uncertainty, we also cannot afford to ignore it. Where projects and developments can be delayed by a few months, it would almost certainly be pru- dent to do so. At least until the economic fog has lifted some- what — particularly in terms of local currency sta- bility, commodity prices and tenant sustainability — and the future is a little clearer.

nZeelie is the head of Property Finance Afri- ca: Nedbank CIB Page 17 | July 9-15 2020 The Financial Gazette Column The logic behind randisation OLLOWING on our article titled; “USD or ZAR? effects in the region. What makes sense? we re-iterate our call that randi- However, the CMA has been characterised by flexibility sation cements the case for regional cooperation and to accommodate the changing needs of the contracting par- F ties. Various bilateral agreements have been entered into integration in the broader Southern African Development Community (Sadc) region. overtime, mostly between South Africa and one of the oth- The SADC was founded in 1992 and aims to achieve er member states. In addition, the coexistence of bilateral development and economic growth through cooperation of and multilateral arrangements is an important aspect of the member states. CMA and this could be a big advantage. While creating a regional currency is not one of the For example, monetary arrangements have been flex- immediate objectives of the Sadc, it is to be expected that ible enough to allow Eswatini to change its relationship more attention will be given to the possibility of pursuing with the CMA over the years. There lies an opportunity for monetary integration. Zimbabwe to negotiate a middle-of-the-road arrangement Joining the Common Monetary Area (CMA) has been where a multi-currency regime is restored but anchored by put forward among a range of options available to solve the South African rand. the currency crisis in Zimbabwe, which worsened when the This, in our view, will be key in terms boosting confi- country moved from a multi to a mono-currency regime. dence in the broader monetary system while at the same For a developing economy like Zimbabwe, the benefit time fostering cooperation and alignment within the region. is that the development of sound financial structures will go atsia is te ead researc at ran a long way in driving macroeconomic development. Co, and founder of piggybankadvisor.com. He can be However, to gain admission to the CMA, a member reached on +263 78 358 4745 or batanai@morganzim. com / [email protected] country must mobilise sufficient reserves equivalent to its Regional Economic Communities in Africa. Source: ecdpm.org issued local currency, backed by prescribed assets in rand or US dollar terms so as to conform to the fixed exchange rate of 1:1 with the rand. In addition, member states are also bound to contain sovereign debt within an agreed debt-to-GDP ratio and have consultations with the South African Reserve Bank (SARB) on monetary policy alignment as well as inflation targets. We note that the present close monetary cooperation between South Africa, Lesotho, Namibia and Eswatini is based on the Multilateral Monetary Agreement (MMA) creating a common monetary area between these countries.

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This agreement has had a long historical development which started even before the Union of South Africa was formed in 1910. After the establishment of the SARB in 1921, the South African pound became the sole circulating medium and legal tender in the geographical area that is today called the CMA but including Botswana. In this article, we focus on some of the important fea- tures of the CMA; The CMA is to a large extent dominated by South Af- rica owing to the size of its economy and its sophisticated financial system. While the South African rand is legal ten- der in all states, the other member states issue their own currencies. However, these are exchanged at par with the rand and serve as legal tender only in the issuing country; Owing to the parity maintained against the rand by currencies of other contracting parties, all countries in the CMA have the same exchange rate against outside curren- cies. The main disadvantage is that the South African rand has been very volatile in the international currency markets for a number of years. As a result, smaller member states have automatically been exposed to this volatility; All member countries have their own central banks and are responsible for monetary policy. While some devi- ations in interest rates and inflation rates are possible, how- ever, the SARB effectively formulates monetary policy for the CMA; Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the SARB; The contracting parties hold regular consultations to facilitate and ensure continued compliance with the MMA and reconcile different interests in the formulation and im- plementation of monetary and foreign exchange policies for the CMA; There are no restrictions on the transfer of funds be- tween the areas of the contracting parties. The free move- ment of capital within the CMA is potentially one of the major benefits that the smaller states can derive from mem- bership. It means that there is no restriction on cross-border investments from South Africa and so contributes to eco- nomic development and economic integration; and Institutions in the public and private sector in mem- ber states, subject to relevant financial laws and policies applicable to counterparts in South Africa, have the right of access to the South African capital and money markets. All in all, it would appear that joining the CMA could be a more complicated process for a new member country like Zimbabwe. In addition, the macro-economic instability in the coun- try has raised concerns among member states such as Na- mibia, Eswatini and Lesotho that this might have spill-over The Financial Gazette July - | Page 18 Column How to create a pay structure: Part 2 his is the last of the toart series that as fi rst ments that target to give more salary adustments One of the biggest challenges to maintaining an is a big challenge If you are experiencing frequently prob- published last week. to lower grade employees compared to managerial equitable pay system is when senior management lems of this nature it could mean that your pay structure is not grades has the power to arbitrary move people into higher competitive ou may have failed to adust your whole pay HE rst control mechanism is to review the ou can use the following formula to check or lower This will normally be based on the per- structure to align with market movements If you are lagging compa- ratio The compa- ratio is the posi- for pay compression Pay com- sonal circumstances of the individ- behind too much it may now even be more costly to adust Ttion of an individuals salary relative to the pression factor average salary ual This is a sure way to bring in- the pay structure The best way forward while you are trying midpoint of that grade higher gradeaverage salary of equity in the pay system One area to x the lagging pay structure will be for you to pay them a Ideal compa-ratio must be between percent lower grade or use Standard to guard against is never move basic pay of S plus a variable S Put tight and percent Anything outside this range must deviation and covert to Coef - an individual into a higher grade conditions on the variable component With time if they are be investigated and usti ed where necessary The cient of Variation A smaller CV holding the same ob title unless the worth their demand you should be able to accommodate them more you have people outside this range the more could indicate pay compression ob has signi cantly changed in ob within their grade structure complains you are likely to get from employees or no differentiation based on content such that it is re-evaluated enefi ts tructure about pay equity performance and thrust into a higher grade Once your pay structure is in place you need to come up There could be valid reasons why some peo- What to do when you are What is a salary notch? with a bene t structure Here you list all grades from grade ple are outside this range As an example you may giving salary adjustments? HR Perspective A salary notch depicts a sub- to in the rst column then horizontally you put all the get people who are paid outside this range because Whenever you are doing with division of a pay range into equal bene ts you offer eg company vehicles school fees medical their obs which used to be in higher grades were salary adustments make sure Memory Nguwi percentage steps These predeter- aid etc All these tend to vary with grade Employees need to downgraded after a ob evaluation exercise Per- you take into consideration the mined steps are used to manage know upfront which bene ts apply to their grade son to holder roles These can be managed and be individuals position within the pay progression within a grade Total Cost to Employer brought within the range gradually with time For pay range using the compa- ra- As an example you may nd that Most employers are now moving towards the total cost to that to happen there must be a conscious decision tio People with lower compa-ratio will get more on an anniversary date each year an individual is the employer concept The basic principle here is that every to target such roles as you manage the pay structure than people with higher compa-ratios The reason- awarded a certain predetermined number of notch- earning is converted to cash and the employee chooses how over time ing here is that people on higher compa-ratio are es While administratively it looks easy to admin- they want to utilise their money It is a less paternalistic ap- One way is to give them less salary increase already being rewarded adequately given that this ister it is associated with managing salaries in the proach It allows the employer to know staff costs with cer- every time you do salary adustment is a permanent adustment By using compa-ratios civil service where performance is rarely a factor in tainty upfront This allows for better costing of products and Range penetration looks at the movement of an to do salary adustments you ensure you maintain pay progression The trend nowadays is to do away services individuals salary within the pay range Flag those equity within your pay structure If you are giving with notches and use merit tables when adusting Pay is both a cost and an investment over percent and those in negative and investi- merit increase you use a table similar to the one salaries This takes into consideration the individu- In organisations where employees are paid for not giving gate why they are in that situation Where possible above als performance within a particular period value certainly pay becomes a huge cost to the business Why make an effort to bring them within the right range Start new and less competent individuals at the Transparency is that so Every dollar spent on staff costs reduces pro t and Avoid pay compression There are various minimum or close to the minimum top performers While most organisations believe that they gain ultimately shareholder value Pay can also be viewed as an forms of pay compression This can be a situation around the midpoint and exceptional and consis- from hiding their pay structure the opposite is true investment where for every dollar invested in staff costs the where there is very little difference in salaries for tent performers around the maximum The excep- There is nothing wrong with sharing your full pay business gets for example in return For most business- people in the same grade This could be because tional performers are often very few per grade structure with your employees through the correct es there is no direct link between what they pay staff and the the company does not use pay to recognise differ- Once you have too many of these in each grade internal channels If your culture is not tuned to that pro tability or even revenue If there is more return in the dol- ences in performance length of service quali ca- it could be an indication of a fault performance as- at least share with each employee the minimum lars invested in staff costs why would you hesitate to increase tion etc sessment system midpoint and maximum salary for their grade Let salaries and bene ts As a result you may nd people who oin the Job Grading revaluations them know what they need to do to progress within Factors to consider as you design your pay structures organisation today earn the same salary as someone Once you have an approved grading structure the pay range eg ou may want to let them know As you design your pay structure always look at your abil- who has been with the organisation for years avoid to ever entertain speculative submissions that every year or quarter their performance will be ity to pay and how sustainable the pay is Take into consider- This could also be a result of narrow pay ranges for ob re-evaluations These are submissions not factored in all salary adustments ation factors such as economic factors labour supply market that do not recognise the variation of salaries on the based on signi cant changes in ob content Once What to do when you are hiring and the salary trends socio-political environment legal environment market for obs of equal value to the organisation you accept such a trend your grading systems will new employee is demanding a salary higher and Short term vs long term orientation of your business Another form of pay compression is grade lose credibility Thereafter you will nd that you than the grade maximum? creep where people in a lower grade end up earn- may need to change the grading system because Lets say you are hiring a Procurement Manag- n Nguwi is the managing consultant of Industrial ing close or above the midpoint of the adacent people have lost trust in the grading system er For the new manager to oin your organisation Psychology Consultants (Pvt) Ltd. He writes in his higher grade This may be due to salary adust- Arbitrary Grade Changes they are demanding a salary of S This personal capacity. The Financial Gazette July 9-15 2020 | Page 19 Column Board’s role in dealing with Covid-19 T’S an understatement to say that the world is in a tailspin pragmatic. The board should also ical questions must be asked by the Have we established protocols to ensure due to the rapid and extreme onslaught by the Covid-19 be active in advising management board: proper frequency of information ows to the Ipandemic, unprecedented in human history — a so-called on creative ways to mitigate the Is there a common understand- board during this crisis? “black swan” occurrence. negative impacts of the crisis. Si- ing among management, the board Evaluate management’s communication strat- Human life preservation is now top priority at home, on multaneously, it must consider these and its committees about their re- egy: The board should ensure that management the street, at work if you can go there, in the shops, public questions: spective roles and responsibilities? has established how it plans to communicate with transport and everywhere else conceivable. In the business How are we dealing with Are the identication and treat- employees and other stakeholders about the im- context it will result in severe negative nancial and non-- fast-changing information about ment of disruptive risks a standing pacts of the crisis without causing undue panic, nancial consequences. this crisis and how do we ensure we Executives Only Corner agenda item at committee level or which could result in further productivity reduc- In the unfolding disruption and uncertainty, boards should use the right sources of information with for the full board? tions. play a critical role in helping their organisations endure in the to keep effectively adapting our un- Shepherd Shonhiwa Do we have effective open and Are all relevant audiences being considered short-term and recover in the medium term, from this crisis. derstanding and response? clear communication with manage- when communicating internally about the crisis? The Institute of Directors South Africa adapted international Do we have the right crisis team in place in ment about their crisis preparedness? How can we keep fear from paralysing our staff? approaches to provide the guidance enunciated below. terms of skill sets and functional knowledge ar- Ensure management reports adequately: The How do we ensure the workforce is equipped to Assess the impact: The board must have a robust un- eas and do they the right level of decision-making board should ensure that there is a robust reporting deal with the resultant changes — is there need derstanding of the impact of Covid-19 on the organisation’s authority? system in place so that they receive information for re-skilling? ability to continue its operations and survive. This must be Dene crisis-response roles and responsibili- from management on the spread and impact of the More than ever before, this is the time boards tested against all of the six capitals on which the organisation ties: A key component of crisis management is the crisis on the organisation in a timely manner. must take up moral and strategic leadership of relies namely nancial human manufacture socialrela- clear delegation of the responsibilities between Consider boldly has our management team their organisations and the communities on whom tional, intellectual and natural. the board and management. The board should established key indicators that will offer continu- they depend for their sustainability. In some instances, the strategy may need to be revised to proactively work with management to establish ous understanding of operational impact, the ef-  Shonhiwa is a chartered director and has ensure business continuity. Consideration of innovative and their respective roles during the crisis to foster fectiveness of our efforts to mitigate our risk and authored books on leadership. He writes in his different ways of doing business or changing course may be healthy board-management dynamics. These crit- howif the business is recovering personal capacity. SA bond market hangs in the balance Ryk de Klerk

HE South African bond market will be slaughtered if the debt-to-GDP ratio continues to deteriorate. T Earlier last week I had a few pertinent and im- portant questions regarding South African bonds by one of our readers and I thought I’d share my responses to those questions with you. At what point does South Africa’s debt-to-GDP ratio become unsustainable? Two weeks ago, South Africa's Finance minister Tito Mboweni made a presentation to National Economic De- velopment and Labour Council where he estimated that gross government debt would rise to 80,5 percent of gross domestic product (GDP in current money terms) in this scal year compared with a proection of percent in February He proected that the ratio will exceed per- cent by 2025. It is clear that SA is past the tipping point as aptly men- tioned by a research paper titled “Finding The Tipping Point - When Sovereign Debt Turns Bad” presented to the World Bank in 2010 by the authors Thomas Grennes, Mehmet Caner and Fritzi Koehler-Geib. They established a threshold or tipping point of percent debt-to-GDP for emerging markets. According to their calculations, the loss in annual real growth with each additional point in public debt amounts of 0,02 percentage points. In another working paper of the IMF in the same year, titled "Fiscal Affairs Department Interest-Growth Differ- entials and Debt limits in Advanced Economies", author Philip Barrett argued that the critical factor determining a country's maximum sustainable debt level is the difference between its future nominal interest and growth rates. “This interest-growth differential determines the rate at which a country’s public debt rises relative to its output. A higher interest-growth differential means that a country must raise larger surpluses in order to stabilise its debt- GDP ratio.” In SA’s case, the difference between nominal interest rates and GDP growth rates in nominal terms averaged 2,7 percent from the rst quarter in to the nal quarter of 2019. As such it is evident that South Africa is past the tipping point in as far as the country's debt levels are con- cerned. If this ratio continues to badly deteriorate, is there a possibility that the government may default on its debt and wipe out bondholders at some point? The composition of South Africa's debt is very import- ant though. According to the Joint External Debt Hub se- ries where external debt data are available for individual countries for three broad instrument categories: loans + deposits, debt securities, and trade credits, SA’s national external debt amounted to percent of nominal GDP in the third quarter last year, while the country’s total external debt amounted to 51 percent of GDP. This is relatively in line with an IMF report in 2002 which noted an external debt ratio of about percent as a useful benchmark for developing countries. In regard to domestic debt, a quote in a post by Anis Chowdhury on November 9, 2010: “Is there an optimal debt-to-GDP ratio?” sums it all up. “ It is assumed that when debt gets very large, it may be difcult to generate a primary balance that is sufcient to ensure sustainability, and that shocks can push countries beyond their debt limit. So, the advice is to remain well below the limit for the sake of prudence. This advice is not derived from the analysis of liquidityrollover risk Liquid- ity is not an issue for domestic debt as it can be paid off by printing money, a sovereign right which households or rms do not have IOL Page 20 | July 9-15 2020 The Financial Gazette Column Language of the law must be clear, simple

HERE is a common perception and detailed form? How many individuals maculately complex drafting? among members of the public that have out of interest attempted to acquaint A perusal of significant statutes like the Interpre- Tlawyers, just like doctors have a no- themselves with procedural rules but have tation Act, the Prescription Act or the Constitution toriety for wanting to be not understood. been repelled by the enormity of the task for that matter will leave a legally lay person thun- For doctors, their inclination to employ of comprehending them? derstruck with revulsion and confusion. incomprehensible medical verbiage is un- For many ages, those mandated with And yet these documents are for the public, liter- derstandable, because not much of their drafting legal documents have surprising- ate or illiterate, lawyer or non-lawyer. literature is for public consumption. ly and in perpetuity sustained a culture of If one is to commit any transgression outlawed However, for lawyers, the age old pro- making legal documents deliberately less by such statutes, the law will still fall on him heav- pensity to employ foreign lingo, especially understandable. ily. Latin, as well as repetition, bamboozle and The cause for this unfortunate or re- Legal Matters The excuse that one was ignorant of the law will tongue-twisting and confusing phrases is grettable habit was not, and is still not at not suffice. Or further, the defence that the statute unpardonable because the law is there to all mysterious. with VOTE MUZA was intricately drafted to the extent of not being serve the public and the law must always It is easily traceable to the tendency readily understandable by an average literate man be readily understood by any ordinary, av- by lawyers, present and past to be seen nistic Shakespearean English and Latin, will generally not be valid. erage literate man. as hard, mystical, sophisticated and high- other than the need to earn respect and sta- A notable exception in this regard is the Con- How many people have been discour- ly-learned. tus through confusing innocent members sumer Contract Act which provides that a consumer aged from reading significant court judg- For what other reason could it be that of the public with unnecessary rigmarole, contract may be vitiated if it is proven that it was ments, or statutes because such documents compel lawyers to still find themselves in legal pontification and incredible, or im- crafted in a language that was not readily under- will be crafted in burdensome, intricate the modern day still clinging to anachro- stood by the party challenging its validity. Other notorious contracts are better illustrated by insurance contracts, security instruments like mort- gage bonds, long leases and financial leases. WOMEN’S UNIVERSITY IN AFRICA Otherwise in any other respect it is a Herculean responsibility to attempt to rely on the defence that a legal document was drafted in an obfuscating, or indecipherable language. As observed above, the law is there to primarily serve the public and the same public can only adhere to the dictates of law if the law is understandable. It is not only ironic, but cruel and insensitive to impose presumptions like the ridiculous one that Addressing Gender Disparity and Fostering Equity in University Education states that ignorance of law has no defence when the same law is hidden from the public through pub- lishing it in heavy language. The essence of communicating is to be under- WE ARE HIRING stood by the party intended for your utterances. PRO VICE-CHANCELLOR: PLANNING AND FINANCE; Now, if one couches his language in a tongue that BUSINESS DEVELOPMENT AND OPERATIONS cannot be understood by your listener then what purpose is your utterance serving? This analogy goes for the legal drafters. Com- The Women’s University in Africa (WUA) is a private institu- ensure that various high level developmental, business plex drafting is akin to conversing to a Zulu speaker tion that was established in 2002 and granted a Charter by the wide nancial targets and institutional soundness are in Shona, because words will merely be blown by Government of Zimbabwe in 2004. met; the wind without achieving their intended objective. Delivering commercial growth and employing innova- The Council of WUA invites applications for the position of tive ethical engagement strategies for the business units; For many ages, those a Pro Vice-Chancellor: Planning and Finance, Business De- Identifying and leveraging academic and research growth velopment and Operations. This is an exciting, newly created opportunities for the institution; mandated with draft- post, offering an exceptional opportunity for a high perform- Infusing the niversitys strategy and mission with uni- ing legal documents ing individual of reputable ethical integrity to make a con- versity staff, and siderable difference to an ambitious and growing institution Implementing appropriate performance linked rewards have surprisingly and in where his/her strategic leadership and initiatives will ensure and recognition, and perpetuity sustained a sustainable and impressive growth. Coaching and employing corrective actions to align per- sonnel with the University’s vision and goals; culture of making legal QUALIFICATIONS, EXPERIENCE AND ATTRIBUTES Setting institutional performance targets and monitoring documents deliberately The successful candidate should have the following key com- outcome and impact indicators; petencies and attributes: Overseeing the niversitys infrastructural development less understandable. An earned doctorate or equivalent professional degree in farming and other business units operations for efcien- Finance and Administration with experience in Economic cy; Planning. Overseeing the efcient and effective management of the A working background of at least 10 years preferably in University’s community development and community In other jurisdictions like South Africa, sanity the private sector or in institutional development; service programmes; and wisdom have prevailed and legal drafting has Demonstrated leadership excellence and analytical skills Sourcing and maintaining funding opportunities and oth- revolutionised and taken a reader friendly tone. along with strategic insights into future requirements of er benecial linkages Such an applaudable move was commenced the business sector as well as the wider national, regional, Performing any other duties assigned from time to time through recognising the need to draft the constitu- continental and international environment; by the Vice Chancellor. tion in simple language that any ordinary literate Demonstrated competence and experience in the deploy- man could understand. ment, management and control of human, material and Information on the package for the position will be made South Africans went a step further and printed nancial resources; available to short-listed candidates. Details of salary and oth- their constitution in all their eleven official lan- Strong sense of integrity particularly in prudent use of - er benets will be availed to the successful candidate Female guages. nancial resources; candidates are encouraged to apply. This is a policy that need to be imposed on all Ability to organize and supervise teams effectively; those mandated with the task of formulating legal Applicants should submit six copies of applications, curric- documents for the public. DUTIES AND RESPONSIBILITIES ulum vitae and certied photocopies of academic and pro- Otherwise if no remedial action is taken, law will The Pro Vice Chancellor is a key member of the senior man- fessional qualications Applications may be scanned and continue to be artificially complex, and alienated from the public in whose interest it ironically exists. agement team who reports directly to the Vice Chancellor. e-mailed to [email protected], or couriered or physical Our Constitution, a plethora of pre-independence Shehe is in charge of strategic planning nance adminis- delivered to by Friday, 31 July 2020 to: statutes, and a host of other legal documents like tration, human resources, procurement, resource mobilisation judgments intended for the public remain cocooned and infrastructural development. The Registrar in a rigid anachronism to the detriment of the pub- Women’s University in Africa lic. The main duties of the incumbent include the following: 549 Arcturus Road, Manresa Park Without any apologies, it is argued here that the Planning administration nancial management bud- P.O. Box GD32 unjustifiable, elitist and neo-conservationist tenden- getary control and dening long term nancial plans to Greendale cy to obfuscate law is not only highly-immoral but nonsensical and unlawful. The language of the law must not be foreign to the ears of those who are there to obey it. For more information visit www.wua.ac.zw n Muza is a Harare-based legal practitioner. He writes in his personal capacity. Page 21 | July 9-15 2020 The Financial Gazette Column HR practice interventions during Covid-19

OVID-19, declared a pandemic by the World It may be possible during this period to It is important to ensure that when relief with its employees and their representatives Health Organisation (WHO), has caused ex- provide them with centralised transport and is offered only that part that is designated is so that all parties direct their energy on Ctreme anxiety and misery worldwide. rations. claimed and nothing more. maintaining the essential work that they are It has devastated countries such as Italy, United Consideration of accommodation at site Employees’ next of kin contact numbers required to carry out for the, nation. States of America and China more than others. We where it can be made available reduces their must be kept on personal records for easi- Management must ensure that the pro- should feel for the these countries and hope that this contact with the virus between workplace ness of communication in an emergency. At tective equipment is available as desired. phase can pass quickly and that they can return to the and home. least 2 contacts should be maintained and In closing, it should be borne in mind position they were in before its onset. Employee updated at regular that employers and employees must behave We must pray that the spread of this virus is ar- records intervals. in a manner that constantly feeds into a rested without further delay by implementing recom- The HRP should Management Covid-19 free country. mendations made by WHO, respective world govern- ensure that employ- responsibility The government acted by instituting the ments and other health organisations. ees records are up to Management lockdown, the rest is up to all of us to abide This article will focus on interventions that the date including the should take a by the recommendations that have been an- Human Resource Practitioner (HRP) can make in his/ remuneration that hard look at the nounced. her organisation during this extremely difficult peri- has always been whole Covid-19 nChizema is a Past President of both od and thereafter. paid so that should Kingfrey Chizema dilemma and take the Zimbabwe Institute of Management Education there be any relief action that elim- (ZIM) and the Institute of People Man- It is of utmost importance to expedite the educa- from the govern- inates the trans- agement of Zimbabwe (IPMZ). He writes tion of staff on the measures to minimise the trans- ment, evidence of these can be proven at mission of the virus. in his personal capacity. mission of the virus and its implications is. short notice. It should have a harmonious relationship The most, safe way of communicating the mes- sage must be employed. It is necessary that employ- ees pass on the same message to their immediate re- lations to avoid counter infections. Handling of a positive diagnosed employee The HRP should decide the assistance that shall be provided to an employee who is diagnosed with the virus. This should include what assistance may be provided to his/her family. It may be necessary to liaise with an employee’s wife’s or husband’s employer where they may be working elsewhere so that duplication of assistance does not take place. The HRP must ensure that assistance is not ex- tended to management officials only leaving workers without it. Communication with workers’ representatives Communication between management and work- ers representatives should not be left to chance but must be as designated with ad-hoc ones allowed at short notice where an important subject on the matter is necessary. Employees are anxious and apprehensive on the future of their organisations and themselves in it. The HRP cannot promise what is unknown but to advise that where operations will continue current staff will not lose their jobs. The HRP must ensure that this is fulfilled on resumption of operations. Communication with management The HRP must obtain important contact numbers relating to information that must be provided to man- agers and the head of the organisation. Hospitals and other referral centres for testing suspected infected employees and procedures for admissions are exam- ples of information that management will require. It is important to verify if any payments may be needed at these referral centres for admitting or test- ing employees. A standing arrangement with the Finance Manager for payments relating to the Covid-19 circumstance for staff should be in place. An update on the figures being reported nationally and of any employee referred for tests must be pro- vided to managers at designated times. It may not be necessary to publicise the name of referred employ- ees for fear of causing panic within the organisations. Continuity of operations The HRP should have a backup in the event that key personnel get the virus to prevent work stoppage. It may be necessary to draw up a list of applicants from which potential candidates for positions that be- come vacant can be selected urgently. An investigation with employment agencies on special skilled personnel who may be employed at short notice is recommended. Training Employees who are on lockdown may require re- training on their return to work. Working with the training department a Training Programme should be worked out during the lockdown. The HRP should consider multi-skilling staff who are currently in occupations that are considered es- sential so that it becomes bearable to fit them into other positions should it become necessary due to ab- sence resulting from sudden loss of any staff member. During training employees should be reminded on the maintenance of workplace, home and personal hygiene. This must remain a feature forever. Employees’ requirements Staff who currently are carrying on with essential work need to be looked after adequately so that they may continue to serve with little disturbance. Page 22 | July 9-15 2020 The Financial Gazette

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Operations Assistant | Advertisement • Managing vehicle and trip scheduling, as needed • ssisting with proect related logistics if necessary hemonics nternational nc., a U.S. based international development consulting firm, seeks • aily runs for documents pickupdelivery ualified candidates for the position of Operations Assistant for the USfunded eed • Undertake other tasks as reuested by the hief of arty, inance dministration the uture Zimbabwe (TZ) ostering gribusiness for esilient Markets (M) activity. ead, or designee. This fiveyear program will support farmers, their households, and communities to diversify, intensify, and commercialize their crop and livestock production to build their assets and be more able to absorb, adapt, and transform in the face of climate, economic, and other ualifications shocks, allowing them to live healthier and more productive lives. We are seeking candi- • igh school degree reuired dates for proect offices in Harare and Chipinge. e are looking for individuals who have a passion for making a difference in the lives of people around the world. • t least three () years of relevant drivers work experience on international funded pro ects • nowledge of all traffic signs and rules while driving the vehicle when performing tasks Application Instructions: for employers needs lease apply at httpschemonicsesaf.formstack.comformsimbabwefarm. pplica • amiliarity with US proects, policies and procedures is desirable, but experience tions will be reviewed on a rolling bases until all positions are filled. Applications will be accepted until July 15th, 2020. o telephone inuiries, please. inalists will be contacted. with other donor funded proects will be accepted • Must be able to provide proof of a valid drivers license without ban on driving a vehicle. f during the duration of the contract such a ban occurs, the employee must immediately inform esponsibilities include the employer • rovide administrative, financial, logistical, and operational support to incountry team • emonstrated leadership, versatility, and integrity • Tracks utilization of all office supplies and procures supplies as necessary and maintains • roficient nglish reuired accurate inventory of all proect property • • oordinates logistics for meetings and events, including arranging for venue space, au ill report to the inance dministration ead or designee. diovisual needs, participant travel, etc. • n coordination with the river, maintains accurate mileage, fuel, and maintenance logs Bookkeeper and Accounts Assistant | Advertisement for the use of proect vehicles facilitates vehicle maintenance as needed and ensures vehi cles maintain proper licensing and registration. hemonics nternational nc., a U.S. based international development consulting firm, seeks • n collaboration with the inance and dministration () ead, maintains and tracks ualified candidates seeks ualified candidates for the USfunded eed the uture Zim the budget for incountry events assists with travel, hotel accommodations, and incountry babwe (TZ) ostering gribusiness for esilient Markets (M) activity. This fiveyear transportation for all proectrelated travel, including international consultants program will support farmers, their households, and communities to diversify, intensify, and • ssists the ead with the management of vendor relationships and maintains rela commercialize their crop and livestock production to build their assets and be more able to tionships with office building management and maintenance absorb, adapt, and transform in the face of climate, economic, and other shocks, allowing • n collaboration with the ead, assists with procurement procedures by collecting them to live healthier and more productive lives. The below positions will be based in the uotations from vendors and ensuring deliverables are received in a timely fashion and meet proect office in Harare. e are looking for individuals who have a passion for making a the standards and specifications agreed upon in the contract difference in the lives of people around the world. lease see the open positions and reuire ments listed below. • Undertakes petty cash duties, if reuired by the ead assists the finance team with occasional auditing of expenses such as phone invoices and travel vouchers • ssists with staff timesheets submission and ensures that they are filled out correctly Application Instructions: and that employee leave reuests are filed lease apply at httpschemonicsesaf.formstack.comformsimbabwefarm. pplica • tions will be reviewed on a rolling bases until all positions are filled. Applications will be esponsible for coordination of staff onboarding and departure logistics, including regis th tration of staff, policy manual development, and completion of any staff departure checklists accepted until July 15 , 2020. o telephone inuiries, please. inalists will be contacted. implements proect employee orientations • ssists with any recruitment needs as reuested. ookkeeper (Harare)

ualifications esponsibilities include • diploma degree reuired bachelors degree preferred • rovide support for all aspects of proect financial management, ensuring that all ex • Minimum of two () years of experience in administration or proect management penses are recorded appropriately hemonics home office, proect office and US rules and regulations are followed and that all proect funds are used appropriately as outlined in • bility to work in a professional and cordial manner with fellow staff members, visitors, the proect contract and partner institutions including international and local NGOs, governmental entities, sup port organizations, and the general public • Support ccountant in monthly bank reconciliation process • xperience working closely with multidisciplinary teams of unior and seniorlevel staff • ssist ccountant with preparing monthly cash reconciliation to close the months books • emonstrated leadership, versatility, and integrity • ssist with petty cash management, including verification and review of petty cash pay ments for accuracy, legitimacy, and reconciliation of remaining cash with the ccountant • luency in nglish is reuired whenever replenishment is reuired • ill report to the inance and dministration ead or designee. • ssist ccountant with tracking staff annual leave, sick, and holiday leave balances and maintaining accurate timesheet records and ensuring all timesheets are submitted on time Driver | Advertisement with the correct approvals • rocess expense reports, complete bank reconciliations, and draft financial proections. hemonics nternational nc., a U.S. based international development consulting firm, seeks • eview proect staff expense reports for accuracy ualified candidates for the position of Driver for the USfunded eed the uture Zim • ssist in maintaining communication and coordination with home office accounting unit babwe (TZ) ostering gribusiness for esilient Markets (M) activity. This fiveyear • ssist inance dministration ead and ccountant in ensuring all Zimbabwespecific program will support farmers, their households, and communities to diversify, intensify, and accounting and tax reuirements are met. commercialize their crop and livestock production to build their assets and be more able to absorb, adapt, and transform in the face of climate, economic, and other shocks, allowing • eview cash balances daily and support the preparation of wire transfer reuests. them to live healthier and more productive lives. We are hiring two drivers to be based • Maintain US and prepare monthly proect locals according to proect guidelines. in the proect office in Harare, with occasional travel to other cities as reuired. We • ssist ccountant in preparation and processing of monthly payroll, ensuring that payroll are looking for individuals who have a passion for making a difference in the lives of people forms are accurate and fully completed on time around the world. lease see the open positions and reuirements listed below. • repare monthly invoices for accounts receivables • Maintain proper financial data and financial files Application Instructions: • ssist the ccountant with financial reporting and analysis lease apply at httpschemonicsesaf.formstack.comformsimbabwefarm. pplica tions will be reviewed on a rolling bases until all positions are filled. Applications will be accepted until July 15th, 2020. o telephone inuiries, please. inalists will be contacted. ualifications • achelors degree or higher in a relevant field esponsibilities include • t least two () years of relevant bookkeeping, financial management andor accounting • rovide safe transportation to and from locations for employees of hemonics in arare experience and throughout the country • nowledge of basic accounting and accounting practices is reuired, as well as general accounting best practices in Zimbabwe • Maintaining accurate mileage, fuel, and maintenance logs for the use of vehicle and, submit monthly logs for approval to the inance dministration ead or designee • nowledge of US and procedures, preferred but not reuired • Maintaining the cleanliness of the interior and exterior of the vehicle • bility to work in a professional and cordial manner with fellow staff members, visitors, the general public, and partner institutions including international and local NGOs, and gov • heck assigned vehicle weekly to ensure that it is operational and safe to drive. t ernmental entities least on a weekly basis, check the oil, radiator, fan belt, brake fluid, wipers, tires, lights, and • signals. nitiate and supervise routine periodic maintenance of assigned ctivity vehicles, bility to work independently with minimal supervision, prioritize multiple work assign including oil and filter changes, tuneups, and professional cleaning by highpressure hose ments in a fastpaced environment, meet deadlines, and exercise good, professional udg ment based on the manufacturers instructions on optimum maintenance reuirements. • bility to effectively use computer software including financial management applications • nitiate and supervise any repairs reuired on assigned vehicles with supervisors ap and Microsoft Office. emonstrated high proficiency with xcel spreadsheet applications is proval. required • Maintain the licensing, registration, insurance and inspection current for the assigned • emonstrated leadership, versatility, and integrity vehicle, including handling all annual renewals and inspections. • luency in nglish is reuired The Financial Gazette July 9-15 2020 | Page 23

• Will report to the Accountant or designee. havior hange Officers and ield utrition Officers to provide extension support through field based technical assistance and trainings. Accounts Assistant (Harare) • ork with the M team to contribute to the monitoring and evaluation process of the Activity as required

Responsibilities include: ualifications • rovide support for all aspects of proect financial management, ensuring that all ex- penses are recorded appropriately hemonics home office, proect office and US rules • egree in international development, economics, public policy, public finance, or another and regulations are followed; and that all project funds are used appropriately as outlined in relevant field preferred the project contract; • Three () years of experience in agribusiness, banking, business development service • ssist the ccountant and ookkeeper in reviewing and recording expenses, processing management, or private sector development payroll, tracking invoices, providing necessary financial information as needed, and prepar- • xperience with publicprivate engagement and partnerships, capacity building of local ing financial and accounting documentation for regular reports stakeholders, and donor coordination • Assists Accountant with verifying vendor and local subcontractor invoices and ensuring • emonstrated ability to establish and maintain collaborative, productive working rela- all supporting documents are received and accurate tionships with U.S. and local government counterparts, private sector associations, civil so- • ssists with cash disbursements of items paid in petty cash ciety organizations, and other key stakeholders ability to develop and implement effective • Assist Accountant with processing travel advances to project staff and follow-up on out- partnerships with private sector entities; standing balances; • Understanding of Zimbabwe country context, including significant knowledge of provin- • onduct review of travelrelated expenditures with accompanying expense reports to cial, national or district governments ensure necessary backup documentation is in order and on file • xperience working with or for USfunded proects preferred. amiliarity with eed • rocess wire transfers, replenishment of petty cash fund and assist in banking related the Future is also preferred but not required; activities. • emonstrated leadership, versatility, and integrity • Maintain proper filing system and check the number of files in hard copy as perthe • luency in nglish reuired monthly transaction details from US • ill report to the ccess to inance Specialist or designee. • ssist the processing of payroll each month

ualifications onitoring, valuation, and Learning Assistant Advertisement • achelors degree reuired in business management, accounting or a related field • t least one () year of relevant bookkeeping, financial management andor accounting hemonics nternational nc., a U.S. based international development consulting firm, seeks experience ualified candidates for the position of onitoring, valuation, and Learning (L) As- • nowledge of basic accounting and accounting practices is reuired, as well as general sistant for the USfunded eed the uture Zimbabwe (TZ) ostering gribusiness for accounting best practices in Zimbabwe esilient Markets (M) activity. This fiveyear program will support farmers, their house- • bility to work in a professional manner with fellow staff members, visitors, the general holds, and communities to diversify, intensify, and commercialize their crop and livestock public, and partner institutions including international and local Os, and governmental production to build their assets and be more able to absorb, adapt, and transform in the face entities; of climate, economic, and other shocks, allowing them to live healthier and more productive • bility to prioritize multiple work assignments in a fastpaced environment, meet dead- lives. The position will be based in Harare. We are looking for individuals who have a lines, and exercise good, professional udgment passion for making a difference in the lives of people around the world. lease see the open positions and reuirements listed below. • bility to effectively use computer software including financial management applications and Microsoft Office. emonstrated high proficiency with xcel spreadsheet applications is required; Application Instructions: • ossess excellent organizational and strong multitasking skills. Please apply at httpschemonicsesaf.formstack.comformsimbabwefarm. Applica- • bility to communicate clearly and effectively. tions will be reviewed on a rolling bases until all positions are filled. Applications will be accepted until July 15th, 2020. o telephone inuiries, please. inalists will be contacted. • emonstrated leadership, versatility, and integrity • luency in nglish is reuired Responsibilities include: • Will report to the Accountant or designee. • ssist M ead with the design and implementation of the ctivity Monitoring, valua- tion, and earning lan (M), including data collection, results reporting to meet US reuirements, and learning activities usiness and Finance Officer Advertisement • reate, organize, and submit to the M ead the reporting and documentation reuired by the M and the ctivitys contractuallyreuired progress reporting and deliverables hemonics nternational nc., a U.S. based international development consulting firm, seeks • evelop, with input from technical staff, appropriate baseline survey data points and ualified candidates for the position of usiness and Finance Officer for the USfund- methods for collection for M as a whole per the M, as well as individual activities or ed eed the uture Zimbabwe (TZ) ostering gribusiness for esilient Markets (M) events implemented by the ctivity. oordinate with technical team and ender uality and activity. This fiveyear program will support farmers, their households, and communities to Social nclusion Specialist to ensure that youth and gendersensitive indicators and results diversify, intensify, and commercialize their crop and livestock production to build their as- are included; sets and be more able to absorb, adapt, and transform in the face of climate, economic, • evelop, with input from technical staff, appropriate measurable results and progress and other shocks, allowing them to live healthier and more productive lives. This position milestones and methods for data collection will be based in Chipinge. e are looking for individuals who have a passion for making a difference in the lives of people around the world. Please see the open positions and re- • fficiently track, enter, and analyze various data collected into the M database. n- uirements listed below. sure the no duplication of data, target groups and activities implemented within the frame- work of the Activity; • Application Instructions: ssist M ead in organizing and implementing data collection and tracking tools for survey data, results and progress information (in coordination with technical staff) for the Please apply at httpschemonicsesaf.formstack.comformsimbabwefarm. Applica- ctivity and individual activities or events implemented by the ctivity tions will be reviewed on a rolling bases until all positions are filled. o telephone inuiries, please. Finalists will be contacted. • onduct data uality assessments on a regular basis to ensure data is accurate and complete. • Responsibilities include: Coordinate regularly with the regional technical staff to ensure that data collection and reporting is consistent and accurate across regional offices • Support the ccess to inance Specialist in leading activities to increase financial inclu- • sion, improve financial literacy, increase saving, and enhance entrepreneurship of farming ssist the M ead in building capacity of staff in data collection and data uality as- families surance methods. ork with program partners to increase capacity to provide uality, timely data; • ssist the ccess to inance Specialist to connect Micro, Small, and Medium nterpris- • es (MSMs) and families to identify savings and other financing opportunities and coordi- erform any other tasks assigned by the M ead consistent with the overall nature of nate US evelopment inance orporation () risksharing partnerships and lending the Activity. institutions; • Support the ccess to inance Specialist in identifying and building business networks ualifications that promote access to finance, technology and markets for farming families and SMs • achelors degree in relevant field is reuired • Serve as a secondary liaison between financial institutions (both bank and nonbanks), • Minimum two () years of experience in the field of Monitoring, valuation, and earning value chain providers of credit, beneficiary farmers, Small and Medium roducers (SMs), and eporting roducer Organizations (Os), and the proect • amiliarity with eed the uture reporting and indicators or comparable systems for oth- • ssist Os and SMs to understand better how to negotiate favorable purchasing er donor financed programs is preferred greements with agriculture input suppliers and other service providers • emonstrated experience collecting, analyzing, and managing donor funded proect • Support the ccess to inance Specialist to assess suppliers of SM credit (bank and data including large data sets; nonbank financial institutions, value chain actors) and financial instruments to identify exist- • Understanding of Zimbabwe country context, including significant knowledge of provin- ing market failures and inefficiencies to providing SM finance cial, national or district governments • dentify training and capacity building needs for both suppliers of credit and SMs • emonstrated leadership, versatility, and integrity • ntegrate gender issues using farming as a family business () approach to help • luency in nglish reuired farming families develop viable farm investment portfolios and plans • ill report to the Monitoring and valuation ead or designee. • Under direction of the respective rovincial oordinator, collaborate with xtensione- Page 24 | July 9-15 2020 The Financial Gazette News AMA adopts digital solutions for farmers

HE Agricultural Marketing Authority agro-merchants and actioning. (AMA) is moving towards digital solutions One of the activities earmarked for this digital Tthat will allow the organisation to service solution drive is developing an interactive website the nation amid disruptions brought about by the and a mobile application that will, among other global coronavirus pandemic. things, accommodate virtual training and timely Allan Majuru, the AMA chairperson, said this registration of farmers and agro-merchants. development is in line with global practices that Clever Isaya, AMA’s newly-appointed chief have seen companies turning to virtual options executive, said while the Covid-19 pandemic has as a response to challenges posed by the global accelerated Africa’s digital transformation, there pandemic. was need for governments and stakeholders to “We need to appreciate the new reality and bolster efforts to digitalise the continent’s agri- come up with swift measures that will allow culture by improving infrastructure and delivery AMA to remain relevant during and even after the systems essential for food production, trade and pandemic. The reality is that adoption of digital supply chains. solutions will make it easy for the organisation to “AMA is set to use digitalisation to promote interface with all stakeholders interested in agri- accessibility of supplies essential for agriculture culture, which in turn, will result in improved ser- operational activities, reaching farmers with ad- vice,” he said. visory markets nancial and supply chain ser- AMA is a national institution mandated with vices all essential lifelines during these difcult overall regulation of the production and market- times,” he said. ing of agricultural products in Zimbabwe. The or- Isaya, who this week took over from acting ganisation’s key functions include regulation and chief executive Nancy Zitsanza, is an accom- provision of standards of quality for agricultural plished business turnaround strategist with over products, policy advice and recommendations to 18 years combined industry experience in manu- government, and promotion of production and facturing ICT telecommunications and nancial marketing of agricultural products and fair-trade Allan Majuru Clever Isaya technology sectors. practices. Over the years, he held different management It also raises funds for production and market- Following the outbreak of coronavirus, most of Majuru said to address these challenges, AMA roles in Cairns Foods, Econet Wireless, Telecel ing of agricultural products through agro bills and planned activities, especially those that depended is developing digital solutions that will improve Zimbabwe as well as at NetOne. levy collection as well as maintain a comprehen- on interface with producers and merchants of ag- the functions of the organisation as well as re- — Staff Writer nesdeskfinga.co. sive information system for the agricultural sector. ricultural products, were affected. duce the time between inquiries by farmers and Microsoft, Zoom join data ‘pause’ UK to spend $38bn on restaurant discounts ICROSOFT and Zoom have said they will not pro- spokesman for the American rm NITED Kingdom Finance min- bonus for each employee they bring back cess data requests made by the Hong Kong author- "In the past, we've typically received only a relatively ister Rishi Sunak has unveiled from furlough, costing the government ities while they take stock of a new security law. small number of requests from Hong Kong authorities, but another £30 billion (US$37,6 up to £9 billion ($11,3 billion) if em- M Ubillion) coronavirus stimulus package ployers bring back all 9 million workers They follow Facebook, Google, Twitter and the chat app we are pausing our responses to these requests as we con- Telegram, which had already announced similar "pauses" in duct our review." aimed at stemming Britains growing enrolled in the wage support program, compliance over the past two days. The video chat provider Zoom is based in the US, but jobs crisis and lifting the economy out of Sunak said. China passed the law on 30 June, criminalising acts that has ties to China. its worst slump in centuries. The plan also includes a £2 billion support independence, making it easier to punish protesters. Its founder and chief executive Eric Yuan was born in Speaking in parliament on Wednes- ($2,5 billion) program to create and sup- Apple says it is "assessing" the rules. Taian before emigrating to Silicon Valley years ago day Sunak said that signicant ob losses port new jobs for people under the age If the tech rms make their non-compliance policies per- Most of its product development workers are based in are the most "urgent challenge" the UK of 25, who Sunak said are 2,5 times as manent, they could face restrictions or a ban on their ser- mainland China. economy faces, as he announced a pack- likely to work in sectors that have been vices in the semi-autonomous region. "Zoom supports the free and open exchange of thoughts age of tax breaks, restaurant discounts closed by the pandemic. Under the plan, And while Facebook, Google, Twitter and Telegram's and ideas," a spokeswoman said in response to the latest de- and jobs programs designed to bolster employers will be able to offer govern- services are blocked in mainland China, the same is not true velopment. employment as the government prepares ment subsidised six-month work place- of Microsoft, Zoom and Apple. "We are proud to facilitate meaningful conversations and to withdraw wage subsidies in October. ments to young people who are claiming In a related development, TikTok — which is owned by professional collaboration around the world. The coronavirus pandemic has unemployment benets the Chinese rm Bytedance has said it plans to exit Hong "We're actively monitoring the developments in Hong plunged Britain into its worst recession According to the Treasury, a quarter Kong within days. Kong SAR [Special Administrative Region], including in 300 years, with the economy on track of a million more people under 25 have The business had previously said it would not comply any potential guidance from the US government. We have to shrink by 14 percent this year, accord- claimed unemployment benets since with Chinese government requests to access TikTok users' paused processing any data requests from, and related to, ing to the Bank of England It also has March. data. It operates a similar service called Douyin in its home Hong Kong SAR." fewer than six months to sign a new trade The United Kingdom faces a grow- market, which could theoretically become a substitute. Apple uses end-to-end encryption to protect Messages deal with the European Union, its biggest ing jobs crisis. Major companies have However Bytedance has indicated it does not have plans to and Facetime conversations carried out by Hong Kong res- export market. already announced over 80 000 job cuts do so at this time. idents, meaning only the device owners can unscramble the The spending announced Wednesday with more expected when the jobs reten- Microsoft directly offers its Ofce work app and messages transmitted. brings the government's stimulus layouts tion program — which currently supports LinkedIn social networks to both Hong Kong residents and However the rm does hold encryption keys to data to roughly £166 billion ($208 billion), or nearly 30percent of the employed — is citizens in mainland China. stored in users' iCloud accounts, which can include back- 7,4 percent of 2019 GDP, according to wound down in October. But while Ofce is provided directly by the rm to ups of their text-based chats. Paul Dales, chief UK economist at Capi- Jobless claims reached 2,8 million in Hong Kong residents the service is run by a local rm Vi- In theory, this means it could pass this information to the tal Economics. May, more than double the number in anet on the other side of the border, allowing Microsoft to authorities if demanded. While he doesn't expect economic March according to the Ofce for Na- remain one step removed. However, since both the keys and the data are stored in output to fully recover until early 2022, tional Statistics. In the case of LinkedIn, law enforcement data requests the States, it says the US government has the power to in- Dales said the scale of direct scal sup- The unemployment rate has so far re- have to go via the US government, although the division tervene. port injected into the economy by the UK mained low, but it could soar to nearly 15 says it does sometimes "make an exception in an emergen- "Apple has always required that all content requests from government now rivals that of Germany percent in the fourth quarter if there is a cy". local law enforcement authorities be submitted through the (7,3 percent of 2019 GDP), Japan (7,5 second coronavirus outbreak, according According to Microsoft's latest transparency report, it Mutual Legal Assistance Treaty in place between the United percent) and the United States (8,4 per- to the Organisation for Economic Coop- received requests for data linked to 81 accounts from Hong States and Hong Kong," it said. cent), and surpasses government support eration and Development. Even without Kong's government between July and December 2019, and "As a result, Apple doesn't receive content requests di- in France and Italy (both 4,5 percent). an additional outbreak, the jobless rate is provided "non-content data" in most cases. rectly from the Hong Kong government. Under the MLAT No one can accuse Sunak of "penny expected to be nearly 10 percent at year "As we would with any new legislation, we are re- process, the US Department of Justice reviews Hong Kong pinching," added Dales. end, the Paris-based agency said earlier viewing the new law to understand its implications," said a authorities' requests for legal conformance." — AFP Businesses will get a this month. — CNN Dis-Chem fined R1,2m for ‘exploitative’ behaviour HARMACEUTICAL giant Dis-Chem has costs, are utterly unreasonable and reprehensible.” As a result, the commission found that in the on these items as a percentage of their disposable been found guilty of price gouging during the The tribunal highlights that although the rst context of a global health crisis, with high demand income,” it said. PCovid-19 pandemic and ordered to pay R1,2 case of Covid-19 in South Africa was only reported for surgical masks considered essential in the ght “The exploitative conduct of Dis-Chem of ex- million. on March 5 and the National Disaster proclaimed against Covid-19: “Dis-Chem has demonstrated cessive pricing was particularly reprehensible. It The case was heard by the Competition Tribunal on March 15, South Africans had already been af- that it enjoyed and exerted market power by ma- exploited customers desperate to lay their hands on after the Competition Commission received com- fected by the spread of the coronavirus from Jan- terially increasing its prices without a signicant an essential item in the ght against a pandemic of plaints from the public about excessive pricing for uary, with global supply chains and international increase in costs and a signicant increase in mar- global proportions, with potential consequences for masks. travel disrupted and events being cancelled. gins.” consumers and public health …. In its ndings the tribunal found that Dis-Chem “It is common knowledge that the Covid-19 The commission said it has shown that Dis- “Notwithstanding its professed commitment to failed to explain why its price increases were rea- outbreak has led to an increase in global demand Chem engaged in excessive pricing to the detriment the interests of consumers, Dis-Chem elected to sonable. for personal protective equipment (PPE) of which of consumers, as there were material price increases increase its prices of surgical masks by exorbitant It says, therefore, that the retailer charged an ex- surgical masks constitute an essential component. of the magnitude of 47 percent to 261 percent with- percentages in the context of the life-threatening cessive price for three types of surgical face masks This increase in demand is reected in the massive out corresponding increases in costs of any goods outbreak of Covid-19. To this end, we consider its (SFM 50, SFM 5 and Folio50) to the detriment of increases in Dis-Chem’s own sales volumes from in a country. It said this would seriously affect the conduct was not only exploitative of vulnerable consumers during March 2020. January onward,” it says. public interest adversely, considering the country’s consumers, especially the poor, but was especially “In our view, Dis-Chem’s massive price increas- According to the commission, Dis-Chem exert- long history of economic exclusion and deep in- egregious.” es of surgical masks during the complaint period, ed market power by increasing its face mask pric- equality. It added that the aggravating factors far out- which constitute an essential component of life-sav- ing to signicant levels One of the increases it not- “Poorer customers would have been excluded weigh any mitigating factors. ing rst-line protection in a pandemic of seismic ed, took place on the very day that South Africa’s from accessing the masks by such exorbitant in- We nd that an appropriate penalty in this proportions without any signicant increases in rst Covid- case was announced creases; other customers would have spent more case, would be R1 200 000.” — Moneyweb The Financial Gazette July 9-15 2020 | Page 25 News Zim launches first savings cooperative society IMBABWE has launched its rst Savings and have, and can still give us hope in the sense them to contribute meaningfully to economic Credit Cooperative Society Saccos aimed at - that they offer low interest rates on loans that growth. Znancially empowering women to reach their goals can be used to rebuild businesses. They also “Our encouragement to the women of Zim- as well as contributing to the socio-economic well-being offer high returns on savings because your babwe is to run sustainable businesses so that of the country. money will earn interest. we are part of the solution and are able to par- The society — an initiative of Empowered Woman There is investment opportunity since the ticipate in the recovery of our economy. Excel — also seeks to encourage women to have a cul- ultimate goal for Empowered Woman Excel "We also encourage women to take advan- ture of saving and investing thereby preparing them for is real estate which appreciates in value and tage of the Woman Excel training and net- any unforeseen events builds a cash reserve that will anchor one’s working forums that will develop their skills “The ultimate goal is to invest in real estate that will being during a crisis.” set. see our members beneting through rental income there- Nyoni added that government supports Rural women through Saccos can also by getting a stable cash ow which is a sustainable way women-led initiatives that promote women contribute to the general well-being of their of earning a passive income,” Edna Mukurazhizha, the empowerment in order to eliminate the root community through rural development, which Empowered Woman Excel chief executive, said during causes of discrimination that still inhibit wom- in turn will help address some of the social the launch last Thursday. en’s rights in all spheres. problems the country is experiencing such as The society, which currently has over 10 000 mem- According to the Reserve Bank of Zimba- rural to urban migration and unemployment,” bers will provide nancial assistance to members in the bwe access to formal-nancial services by the minister said. form of business loans, educational loans, mortgages, women is instrumental in helping to achieve Nyoni also highlighted that the third big- health insurance and vehicle loans among others. gender equality and women empowerment. gest bank in Kenya started as a Sacco and she Mukurazhizha said the securing of land and develop- The goal is to ensure that women and urged women to start saving and become en- ment of real estate will be achieved through easy access women-led businesses have access to and are trepreneurs though support from Empowered of loans using collateral substitutes such as individual able to use multiple nancial services as tools Edna Mukurazhizha Woman Excel. — Staff Writer guarantors and deposited savings thus, enabling disad- to develop their nancial freedom and allow nesdeskfinga.co. vantaged women to participate in mainstream economy. A true notion is that women who are nancially empowered make informed decisions, have a voice in decision making and can contribute signicantly to eco- nomic growth. "We would like to advise the government and other stakeholders that Empowered Woman Excel will thrive to play this role of nancial intermediation and improve the economic welfare of our communities by empower- ing our women and girls,” she said. Mukurazhizha added that the laws in Zimbabwe do not allow discrimination and her organisation intends to offer loans to members at a ratio of 80 percent women and 20 percent men. In developed countries, Saccos are known as Credit Union Banks and play a critical role in economic devel- opment. Charity Jinya, the technical advisory chairperson of Empowered Woman Excel, highlighted that the new ini- tiative will be of great importance to the micronance sector because of its services that are provided at very low cost, and can also be afforded by the disadvantaged groups in society including those from rural areas Women Affairs minister , who was guest of honour at the event, said the new society is ex- pected to reduce poverty levels and rising inequalities in the country. Covid- has created a nancial disruption for peo- ple’s income, savings, and investments. Apparently, our day-to-day routines are upended our nancial well-be- ing is called into question,” she said. “However, savings and credit cooperatives would 60 million at risk of extreme poverty: WB

P TO 60 million people will be pushed into "ex- treme poverty" by the coronavirus warns the Upresident of the World Bank. David Malpass said the bank expects global econom- ic growth to shrink by 5 percent this year as nations deal with the pandemic. This has already led to millions los- ing their jobs and businesses failing, with poorer coun- tries feeling the brunt. "Millions of livelihoods have been destroyed and healthcare systems are under strain worldwide," he said. "Our estimate is that up to 60 million people will be pushed into extreme poverty — that erases all the prog- ress made in poverty alleviation in the past three years," Malpass warned on Tuesday. The World Bank denes extreme poverty as living on less than $1.90 (£1.55) per person per day. The Washington-based lender is offering $160bn in grants and low-interest loans to help poor countries tackle the crisis. Malpass said that 100 countries, home to 70 percent of the world's population, had already been granted emergency nance "While the World Bank is providing sizeable re- sources, it won't be enough," he added. Malpass said he was also frustrated with commercial lenders dragging their heels on offering debt relief to poor nations. "I have been somewhat frustrated by the slow pace. Commercial creditors are still, by and large, taking pay- ments from even the poorest countries and there needs to be faster movement." The World Bank worked with the International Mon- etary Fund (IMF) on a scheme to allow poorer countries to request debt relief on repayments of loans owed to G20 members until the end of this year. At the same time, Jamie Dimon, chief executive of JP Morgan bank, said that the coronavirus pandemic must serve as a "wake-up call" to build a fairer society. — BBC Page 26 | July - The Financial Gazette Motoring Renault Triber 1.0 Prestige . . . The curate delivers a new egg

TOP GEAR with Richard Wiley

y rst hours or so with this Renault were especially tax- Ming thanks in the main to this particular vehicle being equipped with a clutch that was determined not to en- gage until the last millimetres of pedal travel had been used up I mention this at the outset because I do make a most serious effort to drive smoothly from take-off and on through gear changes whether up or down Smooth progress with this unit sim- Seats are nicely tailored and equipment levels relatively generous. Central seat offers slide and recline facility. ply escaped me to the extent that my wife clearly thought I was attempting to rile her by effecting a series of neck bending erks every time that clutch pedal was released What compounded the unpleasantness was the fact that the clutch emitted an unpleasant groaning noise whenever the slightest slippage was called for such as moving off on a gradient Now you may be wondering about the reference to hours Its simply that after a couple of days Id learned how to mitigate the worst effects of the late clutch bite point and at least tone down the erky movements But this required a conscious effort and spoiled the driving experience the more so be- cause the driving position was compro- mised by a long armsshort legs set-up once so beloved of Italian manufactur- ers This discord between wheel and pedal position was compounded by the aforementioned long travel clutch and by a steering wheel that only ad- usts for rake If Renault had seen t to include reach within the wheels reper- toire some of the negative impressions would have been dissipated but this glitch did not exist in isolation as the engine itself even giving due allow- ance for its sparse displacement sim- ply didnt work effectively at under rpm That engine displaces ust under cc but that in itself should not be a recipe for lethargy as makers such as Volkswagen and Ford have proved to very good effect What makes their diminutive engines so impressive is a device called a turbocharger but let it be known that you pay a price for such eetness of foot and in the Tribers case that asking price is very much at terir aintr and ane fi t is d the lower end of the spectrum So the absence of forced induction distance service too often Better still a ly pliant while resisting undue roll and the backrest in its most upright plus four airbags present And happy to for the Triber is understandable on cost sixth gear would do the ob but that too pitch with a measure of determination position to liberate space for two small report the interior was percent free grounds but it doesnt hide the fact that costs folding stuff So far weve established that the adults or young children in row three of trim squeaks and rattles in real life even at sea level and with Having disclosed all these cave- Triber is not blessed with the most en- and knee room takes a knock but for Externally the paint is glossy and a minimal load on board there is an ats I should mention that once youve chanting mechanicals as that -cylinder shortish ourneys all seven seats can be not overly endowed with orange peel irritating lack of urge to be dealt with got the Triber up and running and are mill struggles below rpm and gets occupied while panel gaps are uniform and rea- especially when gradients are encoun- heading along a level motorway at vocal above that speed But in the case Luggage space is then almost sonably narrow Embellishments in- tered With all those seats occupied clicks the mechanical components be- of the test unit at least surely they non-existent but those third-row seats clude smart alloy wheels that look a lit- anyone living at altitude will discover come much less intrusive albeit that a cant all be like this it was the nasty can be easily removed to liberate more tle lost in the large wheel arches which glacier-like progress unless the engine downshift is invariably needed to get clutch action that frankly made urban than litres of space feature black external cladding body is kept spinning in its upper reaches past any traf c that baulks hard earned commuting something of a misery The presence of lots of hard plastics colour door handles and mirror hous- when the gruff off-beat note becomes progress And for the record owners It is precisely in these circumstances is to be expected but pleasant graining ings black roof rails a bee sting aerial all too evident can expect an overall fuel consumption that it should be at its best cos this is and the use of duo-tone surfaces makes and even a rear spoiler Maximum power of kW only ar- of around lkm when Mum gets on her rounds ferrying for a better-than-expected ambience Now for anyone unfamiliar with that rives at a dizzy rpm while that Wind and road noise are reasonably kids and visiting the local mall for the for a people carrier in this price range old English expression the curates rather strained motor needs to be spin- well de ected especially considering weekly shop I say this because despite Dont look too hard in hidden areas egg I should explain that it refers to ning at rpm before a stingy torque the large volume of the cabin and the its relatively compact external dimen- though as for example youll nd an something that is good in some areas peak of Nm is attained These gures ABS brakes notwithstanding the use sions the Tribers interior is something exposed steering column complete with and bad in others Theres absolutely no tell you most of what you need to know of rather diminutive drums at the rear of a triumph in the practicality stakes clamps lurking in the drivers footwell doubt that the Triber scores really well but not all ou see hidden under the work ust ne and are endowed with Not only is the upholstering very Equipment levels too are pleasing- in the practicality and equipment stakes bodywork is a -speed gearbox it sensibly udged bite at low speeds well executed and the quality of the ly generous with keyless entrystart in relation to its asking price Butthe shifts ust ne that sports ratios which The steering too passes muster es- duo-tone patterned fabric very good air con electric windows and mirrors powertrain is a rough diamond devoid are too long andor too spread for the pecially as far as ladies are concerned the seating arrangements and adust- rear camera a centrally-mounted touch of low-rev shove while the clutch in engine to cope with any zest as its incredibly light at urban speeds ability are excellent p front theres screen infotainment unit compatible the test unit was plain horrible Hope- A reduction in gearing would help at the expense of feel but rms up plenty of space as is the case in the with Apple CarPlay and Android Auto fully the latter glitch was unique to the hugely especially as this is not a car nicely at speed And the ride on rather middle row with the cushion in its re- digital instruments with fussy mark- test unit but if not the reference to that which is going to be pressed into long deep-walled R rubber is nice- armost position Slide it forward and set ings a SB connector and power point egg is wholly relevant Life & ArtsNews Worth Knowing July 9-15 2020 Page 27 Post-lockdown visit to Organikks in Chisipite

ORONAVIRS lockdowns across the tion to oin the food hounds for lunch at Organ- a pink soda attractively served in a tall glass world are starting to lift and many ikks was even more exciting I could resume the with a politically correct bamboo straw The a la Crestaurants are re-opening This comes all important occupation of food writer while carte lunch menu was also varied offering sea- as a relief not only to restaurateurs who are enoying the camaraderie of friends and the food sushi curries and grills in addition to among the worst hit sectors countrywide but pleasure of once again eating well-cooked food wraps salads and sandwiches also to food writers and the scores of lovers of in elegant surroundings We all opted for a two-course lunch time good food who enoy the social bonding and Track suit dropped into the laundry basket special offering starters from three different feelings of wellbeing when eating out and semi-formal attire retrieved from the back soups followed by sh and chips Miso soup Trapped at home for the last few weeks Ive of the wardrobe I tied on the obligatory face authentically served in a lacquer bowl with a ris catfis and cis at ranis estaurant been writing about take out pizzas from o- lid was a popular choice Made from fermented eyspizza dark kitchen Thai meals in cooler soy beans and brimming with seaweed and boxes delivered by drivers wearing gloves and A Matter of Taste mushrooms the soup had a strong deep avour masks and freshinabox vegetables ordered with Catsh also known as basa and not to be online and delivered to my doorstep Weve dis- confused with muramba or katsi hove was fried cussed lockdown larders and how to make a Charlotte Malakoff in a crisp delicate batter and served with a Ma- tasty cottage pie from a tin of bully beef the rie Rose sauce a wedge of lemon and an option- versatility of tinned tuna and the wisdom of al fresh red chilli salsa A generous portion of keeping a stash of pickled onions and gherkins well-cooked chips was served on the side A to liven up a bland lentil stew or baked beans on mask and set off for Organniks along Dacomb rm white sh similar to cod and hake basa is toast Drive Chisipite Although feeling elated to be found in South East Asia WFH has also been a topic and I should re- out and about I felt some trepidation about pos- A slice of red velvet cake served with an mind you of the advisability of keeping a fresh- sible exposure to the dreaded virus espresso coffee was too good to miss and we ly-laundered Zoom shirt at the ready for online A reservation had been made to be seated on lingered on the verandah long after lunch chat- conferences and the need to look smart from the verandah overlooking green lawns palm ting about meals we had prepared at home and waist up Advice for a keep t routine at home trees and a sparkling blue swimming pool Pris- how much we had missed eating out while gyms remained closed and the benets of tine white tables for two or four guests were I wondered how many people would now at least seven hours sleep every night were fol- socially distanced accommodating half the feel condent about sitting down to a meal in a lowed by an in-depth interview with friend- usual number of patrons restaurant and how many would feel safer shipbench Professor Chibanda who spoke On arrival our temperatures were taken and cooking in their own kitchens and indulging in about the Friendship Bench and ways to allevi- our hands sanitised All protocols having been the occasional take away ate the anxiety and depression exacerbated by observed our server wearing a mask and keep- Large social gatherings in restaurants are the lockdown ing a two metre distance at all times showed us now a thing of the past and the experience is When a reliable source and foodie of note the menu more subdued But having a meal served to me last week informed me that Information minis- Although Organikks offers a great selection after weeks of pasta and fried rice felt great ter had announced that of wines including favourites like Fat Bastard and Im looking forward to the new normal and restaurants were now allowed to serve food sauvignon blanc Rupert and Rothschild and my next visit to a restaurant ed eet cae and esress cee at ranis within their premises I was excited An invita- Niel Joubert merlot I played it safe and ordered Comments to: [email protected] estaurant Halle Berry apologises ... no longer taking transgender role in new film FTER facing backlash on social media actress Halle Berry announced on Twitter Monday she is no longer Aconsidering portraying a transgender man in an up- coming lm role Berry apologised after discussing the role over the week- end in an Instagram Live video As a cisgender woman I now understand that I should not have considered this role and that the transgender com- munity should undeniably have the opportunity to tell their own stories she wrote on Twitter I am grateful for the guidance and critical conversation over the past few days and I will continue to listen educate and learn from this mistake Berry said she vowed to be an ally and to use her voice to promote better representation on-screen both in front of and behind the camera In response to the stars statement many thanked her for listening LGBTQ advocacy group GLAAD said they were pleased Berry listened to the concerns voiced after her discussion of the role and learned from them Other powerful people should do the same the group said on Twitter A good place to start is by watching Dis- closureDoc to learn about trans representation in media The documentary examines how transgender people have been depicted on screen throughout the years and is pro- duced by among others Laverne Cox of Orange is the New Black The Twitter account of the documentary asked Berry to watch the lm rst to understand how cis actors like your- self acting in trans roles has maor cultural consequences offscreen After Berrys announcement Monday the account wrote We hope DisclosureNetix is one of many educational tools you and others can rely to inspire and strengthen ally- ship - CNN Halle Berry The odds on Rafael Nadal showing up to defend his title at next month’s US Open grew much lon- er n ednesda en ada cnfirmed tat e News Worth Knowing will play in the rescheduled Madrid Masters event on clay. This starts on Sunday September 13, the Sport same da as te en fina Page 28 July 9-15 2020 SPORT SHORTS Andy Flower opens Fernando Alonso returns to F1 DOUBLE Formula 1 world champion Fernando Alonso will return to the sport next year with Renault. The Spaniard, 39 later this month, left F1 at the end of 2018 but always kept the door open for a potential comeback. He will be returning with the team for whom he won his two titles in 2005-6. up on 2003 protest "It's an extremely happy day for me coming back to F rst but also to the team with which I had the best experience in the category," Alonso said yesterday. ORMER Zimbabwe wicket- lives. One of the imperatives was Renault's progress back to the front stalled last year, keeper-batsman Andy Flow- to create an income, so I wanted to when they slipped from fourth to fth in the construc- Fer says he regrets not carry- focus on my playing career, Henry tors' championship. But Alonso said he believed that ing on with his campaign against wanted to focus on his music and new rules, originally intended for 2021 but which have the government after the famous rebuilding his life.” been delayed until 2022 as a result of the coronavirus black armband protest in the 2003 Flower had a successful career crisis, gave the team the chance to return to competitive- World Cup that forced him and as England head coach where he ness. — bbc.com team-mate Henry Olonga to leave led the Test team to No. 1 spot in the country. the world, won the 2010 World Flower and Olonga wore black Twenty20 title and also achieved Cash rules everything around Floyd armbands in the opening match of Ashes success in Australia in the 2003 World Cup to “mourn 2010-11. FLOYD Mayweather might still be teasing the idea of the death of democracy in Zimba- However, Flower’s relation returning to the boxing ring at some point. But for now, bwe”, launching an unprecedent- with Kevin Pietersen was ruined the 43-year-old future Hall of Famer has plenty of other ed attack against the Robert Mug- after the infamous “text gate” ways of making money. His latest venture: He’s joined abe government. scandal where the former England social media site Cameo, which allows customers to pay The protest was hailed by in- skipper had sent unsavoury mes- for celebrities to send them personalised messages. ternational media but criticised by sages about his then captain An- How much is Mayweather, who made US$915 mil- senior Zimbabwean political g- drew Strauss to the visiting South lion during the last decade, charging to spend a little bit ures and the two cricketers had to African team during a Test match of virtual time with him? A cool US$999. give up their international careers in 2012. On the Cameo site, Mayweather said, “I want to be and ee to England Following the incident, Piet- the rst celebrity to make a million dollars on Cameo The 52-year-old said he carries ersen was left out of the side for Here’s how Cameo works: You put in a request on his “slight guilt” for not doing more the nal Test He was recalled for page either for you or for somebody to whom you want for the cause. the 2013/14 Ashes series Down to give a gift. Within seven days, Mayweather will com- “I wish that we’d campaigned Under, which England lost 0-5. plete your request. Then, Cameo will email and text you more thereafter. We didn’t seem Flower resigned as the head a link for you to view, share or download the video mes- … I certainly had a young family. coach after the 2013/14 Ashes se- sage. I didn’t feel like I had the energy ries and Pietersen too was sacked Manny Pacquiao charges US$1 000— — though his or the time or the focus away from just days after the Zimbabwean’s service isn’t currently available. Mike Tyson charges playing, to devote to campaign- departure. US$300 per message. ing,” he said in the ‘Following On Looking back, Flower said he — Forbes.com Cricket Podcast’. could have built a better relation “So there’s a regret, and a Former Zimbabwe captain Andy Flower recently spoke about his with Pietersen. slight guilt actually, that there are 'Death of Democracy' campaign during the 2003 World Cup which “I think looking back at my ‘Second shutdown for NBA’ so many genuinely brave people rced im t ee te cuntr previous experience, I know that A signicant spread of coronavirus would cause the that remain in Zimbabwe, that I could have done certain things NBA season to be shut down for a second time, accord- work everyday for correcting or bigger impact with his protest. abuses that were happening in the better,” he said. ing to commissioner Adam Silver. bringing attention to human rights “… I tended to shy away from country. In that regard, it worked “I was going to say I’m sure The season is set to restart within a safety "bubble" problems in the country … Ours the media, and I didn’t know how to a certain extent.” Kevin might think the same with at Disney World Resort in Orlando, Florida on July 30, was a very small gesture to try and to use it wisely. With hindsight, Flower said after moving to regards to himself and hindering after it was suspended on March 11. highlight some of that. Theirs is we could have done a much more England he and Olonga had to fo- things but actually I’m not sure Since June 23, 25 out of 351 players have tested pos- the real work.” impactful global impact,” he said. cus on rebuilding their lives. about that. But I know that I could itive for Covid-19. Flower, who has scored 4794 “But we simply wanted to “After Henry and I had to leave have, with a little bit of wisdom If we had any sort of a signicant spread at all within runs in 63 Tests and 6786 runs in make the statement, ally that to a the country, we both ended up in and effort, built a better relation- our campus, we would be shut down again," Silver said. 213 ODIs for Zimbabwe, said he symbol, which was the black arm- England. ship with Kevin.” "It would be concerning if once [the players] sit should have been wiser to create a band, and then bring the media "And we both wanted to sort of — insidesport.co through our quarantine period, and then were to test pos- focus to bear on the human rights move on with our careers and our itive, we would know that, in essence, there's a hole in our bubble." The players who have already tested positive entered . . . as Grant reveals Younis Khan knife ‘attack’ self-isolation and can return to training once they have been cleared by a physician. RANT Flower this week related a chilling incident to the in Pakistan test cricket. was Pakistan’s head coach at the Players and staff are expected to be tested three times revealed Pakistan cricket Following On Cricket Podcast , “But he didn’t take kindly to time conrmed the incident a week and will stay in a quarantine environment for the great Younis Khan held a that happened during the rst test my advice and brought a knife to “It was a dining knife that duration of the competition, which could run until Octo- G ber. — Supersport knife to his throat after offering in Brisbane on that tour. my throat, with Mickey Arthur Younis Khan had in his hand,” some batting advice. “Younis Khan, quite tough to sitting alongside, who had to in- Arthur said. The drama came on Paki- master,” Flower told the Follow- tervene. “I calmed Younis down and stan’s tour of Australia in 2016- ing On Cricket Podcast. “Yeah, it’s been interesting. just wanted him to get runs in the Tottenham star banned 17 where Flower, a former Zim- “Obviously, a brilliant career. But that’s part of coaching. It second innings, which thankfully TOTTENHAM midelder Eric Dier has been given a four- babwe star, was working as their I remember one incident in Bris- makes it a hell of a journey, and he did.” match ban and ned S for climbing over seats to batting coach and Khan was bane, during the test, at breakfast I’ve really enjoyed it. I’ve still After being dismissed rst confront a fan after a match in March. struggling with just 16 runs from I tried to give him a bit of bat- got a lot to learn, but I’m very ball in the Pakistans rst innings The incident happened after Spurs were knocked out of his last six test innings. ting advice, not that my career fortunate to be in the position I at The Gabba, Khan hit 65 in the the FA Cup at home by Norwich. The Football Association Flower considered Khan his was anywhere near his regarding am.” second innings. ban rules the 26-year old out of all but one of Tottenham's toughest player to mentor and stats, as he is the highest scorer Arthur, an Australian who — stuff.co.nz remaining Premier League xtures Dier has also been warned about his future conduct by the FA. A statement said: "The Tottenham player admitted that his actions at the conclusion of a xture against Norwich City in the FA Cup were improper but denied that they were also threatening. An independent regulatory commis- sion subsequently found Dier's actions to be threatening." — mirror.co.uk