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Ex-Minister Mpofu Battles to Keep ‘Zabg Assets’: P3

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Ex-Minister Mpofu Battles to Keep ‘Zabg Assets’: P3 EX-MINISTER MPOFU BATTLES TO KEEP ‘ZABG ASSETS’: P3 News Worth Knowing Stimulus package finally here: P9 October 01-07, 2020 ESTABLISHED 1969 @ FingazLive www.fi nga.co.w Facebook: The Financial Gazette Z$260 ZSE Report The ZSE All Share Index yesterday gained 3,46 percent to close higher at 1,638.17 Production points. Gains were helped by CBZ Hold- ings which strengthened by $8,7010 to close at $52,9. FBC Holdings was up by $1,5844 to end at $15.4 and Bindura Nick- el Corporation traded higher at $4,1002 after advancing $0.4002. Innscor Africa which published its 2020 financials this week rose by $0,2068 to settle at $19,8 costs vault while crocodile skin manufacturer Paden- ga gained by $0,0923 to $13,1. Turnover was $239,9 million on the back of a huge trade value in the bourse's biggest company by market capitalisation CBZ Holdings. Currencies (Bloomberg) % change USD:ZAR 16,8136 0,72 ◀ EUR:USD 1,1708 0,31 ◀ GBP:USD 1,2845 0,14 up as input ◀ ◀ USD: JPY 105,6700 0,01 Stock Markets ◀ ZSE All Share 1 638,17 3,46 ◀ Top 10 1 093,10 5,19 54 232,65 JSE ◀ 0,50 ◀ FTSE 100 5 904,36 0,12 costs surge Dow 27 452,66 ◀ 0,48 Commodities Gold 1 901,60 0,08 Tendai Kamhungira sequences because power is basic for every ◀ Platinum 886,22 0,08 Senior Staff Writer business, including ordinary people. ◀ “At companies in heavy manufacturing, Brent Oil 40,41 ◀ 1,51 ACTORY gate prices are set to rise such as mining and cement manufacturing, Grains (Grain SA) White Maize ZAR 3 342,00 ◀ sharply in the coming weeks and for example, the component of electricity 118,00 Soya ZAR 8 070,00 ◀ 163,00 months for many goods, in response costs as a contributing factor to the total F Wheat ZAR 5 020,00 0 to soaring production costs — including the costs averages between 20 and 30 percent,” recent whopping 50 percent power tariff economics professor Gift Mugano said. ‘Border blockade a hike. “When you hike power prices, you are Experts who spoke to The Financial raising the cost of production. The com- declaration of war’ Gazette this week said Zesa’s new electric- pounding effect is also felt on the value OPPOSITION calls for a “blockade of ity charges, among other rising input costs, chain and the impact is signifi cant, as it can borders, particularly Beitbridge, are a dec- laration of war” under international law, would disrupt the economy again — at a exceed 100 percent of the total cost of pro- State Security minister Owen Ncube says. time that businesses and the country were duction. This comes as a shadowy South Af- beginning to recover from the devastating “This also affects ordinary people, which rican group has called for “xenophobic effects of the global coronavirus pandemic. will result in them demanding salary hikes,” protests” in Pretoria on October 16 and an outright closure of the southern entry While a new Zesa pricing model was he added. point would sink the economy — already always on the cards, as the power utility Mugano emphasised that while he agreed crippled by the Covid-19 pandemic. battles to overcome its perennial viability with the principle behind Zesa’s tariff hikes, “No country in the world and sane challenges, the experts said the parastatal’s the policy announcement was “supposed to people would tolerate elements who openly mobilise to close their country’s sharp price increase was worrying, as it be done in a consistent manner and not come borders… At international law, a block- would have an immediate adverse impact on across as a knee-jerk reaction”. OK Zimbabwe's chief executive, Alex Siyavora, after being ade is tantamount to a declaration of war,” all sectors of the economy. Economist and Zesa board member Ncube said in a very unusual statement, presented with a Top Companies Award last week. The retail giant adding “state security agents will take “There is no doubt that once you hike en- Ashok Chakravarti, expressed surprise at the emerged the second runner-up in this year's edition of the prestigious appropriate measures to protect the fl ow ergy prices by 50 percent, there will be con- new electricity charges. To Page 2 event organised by The Financial Gazette in partnership with Old of… commerce across our borders”. Mutual. — Wires Page 2 | October 01-07 2020 The Financial Gazette National News Zim’s maize yield down 50pc: Survey IMBABWE’s average maize yield continued to decline from an average 1,2 t/ declined 54 percent to 0,48 tonnes ha between the period 1990 to 1995 to an av- Zper hectare in 2019 from 0,78 tonnes erage of 0,749 t/ha between the period 2010 in 2018 weighed down by low output from to 2016. small sector and communal farmers, this Various stakeholders interviewed un- year’s edition of the Agriculture Sector Sur- derscored that the fall in maize output was vey has revealed. contributed by many factors ranging from The survey, which was commissioned by droughts, poor economic performance, The Financial Gazette in partnership with which increased the cost of going back to the Zimbabwe Agriculture Society and CBZ farming business, thereby rendering farmers Holdings, was conducted by the Africa Eco- highly incapacitated to lack of policy clarity nomic Development Strategies. on the pricing regime. ational output was significantly What is striking from the survey is that weighed down by small scale farmers, whose Mashonaland Central, East and West, on a output per hectare is around 0,2 tonnes while yearly basis, produce around 70 percent of the yields by commercial farmers are at an total maize production though the provinces average of 1,5 tonnes. have less land planted. “The research showed that smallholder The Midlands, which consistently ranks farmers, both resettled and communal farm- highest in land under maize has only contrib- ers, did not invest much in crop production uted between 10-12 percent of total maize and their yields are low compared to com- output in the last five years. mercial farmers. “Key insights emerging ... are that, over "The respondents showed that some of and above the effects of climate change and the smallholder farmers in natural regions IV economic hardships, policy in a way signifi- and V have a perception that fertiliser caused cantly contributes to poor output in the agri- crop wilting in light of lower rains and others cultural sector. have the perception that it destroys soil fertil- "For example, if the government places ity,” reads part of the report. more emphasis in growing maize in Mash- “As a result, this has reduced the coun- onaland Central, East and West provinces try’s maize average maize yield which aver- and focuses more on traditional grains and aged 0,478 t/ha. This is below average com- livestock in the Midlands, Manicaland and parator countries such as South Africa which Masvingo provinces, there will be a signifi- has an average yield of 5 t/ha”. cant increase in production for livestock and In 2019, Zambia’s average maize yield grains.” — Staff Writer was 2,3 t/ha. The country’s maize yield has [email protected], Production costs vault up From Page 1 Rights Association (CRA) spokesperson, “As you know ... the board had been sus- said the tariff hike would “take the shine pended and was only reinstated over a week away from the forex auction system, which ago. I am not aware of any resolution for the had brought about price and economic sta- electricity tariff hikes having been made by bility”. the board,” he said. The Zimbabwe Electricity Transmission But veteran economist John Robertson and Distribution Company’s tariff hikes said the recent tariff hike was a “necessary come at a time when the country has been evil”, as the Zimbabwean dollar had lost facing a serious energy crisis, with the com- considerable value against major currencies pany seeking to boost supply with imports such as the US dollar. from South Africa and Mozambique. “The Zimbabwe dollar has fallen so Zimbabwe needs between 1 400MW much that more of them are needed to pay and 1 700MW to meet its daily electricity for anything, Zesa included. Higher costs demand, against a current production capac- will add to inflation, but will also encourage ity of about 1 000MW. more efficiency,” he said. See also Pages 5, 7, 8 and 9 ffie cube, the ational Consumer [email protected] The Financial Gazette October 01-07 2020 | Page 3 National News Mpofu battles to keep assets Tendai Kamhungira application on the basis that it should have been 7 million. However, Mpofu’s lawyer Thembinko- nancial position. Following the cancellation of the Senior Staff Writer made at the High Court or during hearings of the si Magwaliba told the court that the request was bank’s operating licence, Mpofu was asked to pay SC appeal. misplaced, as judgment in the main application $16 790 000 to the liquidator, but he has failed to HE Supreme Court has blocked the Deposit Protection “After considering the submissions and argu- was already pending, making it impossible for do so. Corporation (DPC)'s bid to "submit fresh evidence and ments by both counsel, we are of the view that the the judges in the matter to make a ruling directing According to court papers, Trebo had in 2015 Treopening of a case" in which it is seeking to transfer application has no merit,” Uchena said in the their fellow judges to reopen the case for the made an undertaking to transfer land, buildings in Zanu PF secretary for administration Obert Mpofu’s three ruling, before noting that the application submission of fresh evidence.
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