‘VACCINE ROLLOUT TO STIMULATE RECOVERY’: P5 News Worth Knowing Business push for bailout: P4 March 04-10 2021 ESTABLISHED 1969 @ FingazLive www.fi ngaz.co.zw Facebook: The Financial Gazette Z$260 Investors confident about Zim prospects PEPSI | March 04-10 2021 The Financial Gazette ‘VAccInE roLLouT To STImuLATE rEcoVEry’: P5 News Worth Knowing Business push for bailout: P4 March 04-10 2021 ESTABLISHED 1969 @ FingazLive www.fingaz.co.zw Facebook: The Financial Gazette Z$260 ZSE Report THE equities market traded sideways yesterday with 20 stocks advancing, 17 Investors stocks declining and six remaining on the previous level. The total volume traded was 4,4 million shares valued at $49,1 million with the biggest contribution to the value coming from Hippo Valley at $10,9 million, Delta $6,7 million and Econet at $6,1 million. The biggest upward movers were Lafarge which rose 20 percent, NTS 19,93 percent and Turnall 19,41 percent confident whereas the biggest decliners were Fidel- ity at 10,65 percent and Unifreight down 9,49 percent. The Mining Index gained 463,19 points. Currencies (Bloomberg) % change USD:ZAR 14,9286 0,06 ◀ EUR:USD 1,2080 0,09 ◀ ◀ GBP:USD 1,3982 0,19 ◀ about Zim USD: JPY 106,9600 0,25 Stock Markets ◀ ZSE All Share 4,484,78 1,92 ◀ Top 10 2,694,46 1,44 ◀ JSE 68,949.27 0,64 ◀ FTSE 100 6,673.56 0,90 Dow 31,391.52 0,46 ◀ prospects Commodities Gold 1,722,91 0,89 ◀ Platinum 1,205,85 0,14 ◀ ◀ Staff Writers said a series of reforms spearheaded by Brent Oil 63,95 1,99 Finance minister Mthuli Ncube were also Grains (Grain SA) ◀ N YET another boost for Zimbabwe’s starting to bear fruit, with the econom- White Maize ZAR 3,257 19,00 ◀ quest to lure more foreign investment, ic-growth outlook improving markedly Soya ZAR 8,950 16,00 Australian oil and gas company, In- and annual inflation slowing rapidly. Wheat ZAR 5,220 7,00 I ◀ victus Energy, has given the thumbs up Among the recent developments that to the country’s ease-of-doing-business Macmillan cited as progressive during Fingaz celebrates environment. The Financial Gazette’s webinar this Speaking at during an investors’ we- week, were the amendment of indigenisa- women's day binar for miners and international firms tion laws and the implementation of spe- THE Financial Gazette will on Mon- this week, organised by The Financial cial economic zones (SEZs). day host a webinar to commemorate Gazette, Invictus Energy managing direc- “Government has put in good and nec- International Women's Day. This year's campaign is running tor Scott Macmillan said the country had essary reforms, particularly around the under the theme #ChooseToChal- made significant progress in instituting amendment of the Indigenisation Act and lenge with the United Nations resi- needed reforms. the implementation of the special eco- dent coordinator, Maria Ribeiro as This comes as global financial, nomic zones. guest of honour. software, data and media company, “More recently, the Zimbabwe Invest- The all female discussants will Bloomberg, has also reported that local ment Development Authority (ZIDA) has speak on what made them choose business is sounding increasingly upbeat been made a one-stop shop for investors. to take on big challenges and offer advice to women or girls wanting about the country — adding that this is “a “This has certainly made it easier for to do the same. Other speakers in- sea change from the pessimism they have foreign investors to do business in Zim- clude Information minister, Monica expressed through two decades of eco- babwe. It is much easier dealing with one nedbank Zimbabwe mD and Institute of Bankers of Zimbabwe Mutsvangwa, Insurance Pension nomic mismanagement and institutional single body that can co-ordinate across,” councillor, Sibongile moyo, says there is need to generate a pipeline Commission Commissioner, Grace decay”. Macmillan said. of skilled women to take up decision-making roles in financial Muradzikwa, Telecel Zimbabwe CE Among other things, the news wire To Page 2 institutions. See story on page 13 Angeline Vera and lawyer Beatrice Mtetwa. Page 2 | March 04-10 2021 The Financial Gazette News Investors confident about Zim prospects From Page 1 said, adding that the VFEX was also “This is particularly so for us min- raising a significant guarantee fund ers who have got multiple ministries which would enable investors to re- and government bodies that we deal coup their proceeds in cases of fail- with. It has certainly made things eas- ure. ier. At the same time, the RBZ has “The government should be ap- also created another foreign currency plauded for these sorts of measures account for investments, which facil- (that it has undertaken),” he added. itates the administration of foreign Macmillan also said mining in- currency inflows and outflows under vestors always looked for policy cer- the VFEX. tainty, stability, respect for private According to Exchange Control property and a functional judicial Directive RV177/2020, all foreign system when making major business currency inflows invested into a res- decisions. ident company listed on the VFEX “Investments are very capital in- shall be from free funds or offshore tensive in the resources sector and funds, and these investment funds they happen over a long time frame. shall be credited into the listed corpo- “And when making these invest- rate’s investments FCA. ment decisions, we want to make sure Zimbabwe is targeting a US$12 that the rules aren’t going to change. billion revenue mining sector by 2023 “Foreign investors in resources and the VFEX is seen as a key cog in look at two factors, the below ground that endeavour — if it works as en- geological potential and the above visaged. ground investment environment,” Macmillan further told the Fingaz "We are engaging webinar. Also speaking at the same meet- government at a ing, Zimplats chief executive Alex Mhembere implored the government policy level. We to now also consider concerns on the don’t need to repatriation of dividends by foreign investors. compel companies “People who come in as investors want to achieve a target rate of return to list, but to on their investment. incentivise them to “So, we need to ensure that we give them necessary incentives so attract them" that they can be able to implement targeted investments to achieve a tar- geted rate of return,” he said. Meanwhile, Zimbabwe Stock Ex- change chief executive, Justin Bgoni, says the country is also working on This comes as the government re- more incentives and reforms to attract iterated this week that it would con- miners to list on the American dol- tinue with in its drive to re-engage lars-denominated Victoria Falls Stock key Western countries, as it seeks to Exchange (VFEX). attract more foreign direct investment The bourse was launched towards into the country. the end of last year as part of efforts New Foreign Affairs minister, to attract more foreign investment — Frederick Shava, said like his late amid hopes by the government that predecessor Sibusiso Moyo, he would it will help to restore global inves- prioritise the rebuilding of Zimba- tor confidence in local capital mar- bwe’s political and economic rela- kets and also assist companies raise tions with the international communi- much-needed foreign currency. ty — including promoting the country Already, the exchange allows list- as a reliable trading partner and safe ed entities to be exempted from cer- haven for investments and tourism. tain taxes, including capital gains and “There is nothing new. I will con- withholding tax upon the disposal of tinue with the pronouncement made shares, as well as corporate income by the president ... during the in- tax. ception of the new dispensation that This notwithstanding, Bgoni said Zimbabwe would like to be a friend they were working hard in a bid to for all, and in pursuit of that, we come up with more sweeteners to at- are going to try our best to reaffirm tract capital. our friendship with our all-weather “We are engaging government at a friends, countries that never left us policy level. We don’t need to compel even at the height of our problems companies to list, but to incentivise with the international community. them to attract them,” he said. “We are going to engage new coun- Currently, only one company, Seed tries who may not have supported us Co International, has so far listed on in the past, but who want to support the VFEX. us now. Bgoni said one of the major chal- “We are also going to re-engage lenges that had been identified as con- with the countries that may have tributing to the delay in more listings been disgruntled at the onset of our had been the inability by investors to land reform programme which led repatriate funds. to various sanctions by some coun- “However, we have been working tries and institutions,” Shava said with the Reserve Bank of Zimbabwe after being sworn in to replace SB (RBZ) on the issue of settlement Moyo. and clearance to allay the fears,” he [email protected] The Financial Gazette March 04-10 2021 | Page 3 National News Industry counts costs of coronavirus Adelaide Moyo trade is no longer tenable and we face a huge Staff Writer level of business closures and job losses, not only in the restaurant trade but among the NDUSTRY has begun counting the costs of the many suppliers to the trade,” Zamchiya said. coronavirus pandemic, which saw authorities im- Zimbabwe had been under a stiffened Iposing a hardened national lockdown at the turn of stay-at-home order since the turn of the year the new year.