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November 12-18, 2020 EAE 16 @ FingazLive fingaco aceboo he inancial aette 6

ZSE Report THE All Share Index yesterday gained 1,29 percent to close at 1,540 points buoyed by gains in selected heavyweight counters. The Top 10 index also closed Industry positive after gaining 1,38 percent to end at 1,000 points. At the end of the trading session, turnover came in at $55 million buoyed by good trade values in Econet’s $12 million, Simbisa $9,5 million, Turnall $8,8 million and Seed Co’s $6,5 million. The Industrial Index added 65,56 points whilst the Mining Index was up by 26,33 points after gains in Bindura. There were on edge no trades on VFEX. Currencies (Bloomberg) % change ◀ USD:ZAR 15,6659 0,25 EUR:USD 1,1792 0,19 ◀ GBP:USD 1,3269 0,02 ◀ ◀ USD: JPY 105,4000 0,09

Stock Markets ◀ ZSE All Share 1,540.45 1,29 ◀ Top 10 1,000,36 1,38 ◀ JSE 57 716,00 0,08 over 2% ◀ FTSE 100 6 330,15 0,53 ◀ Dow 29 420,92 0,90

Commodities ◀ Gold 1 879,20 0,15 ◀ Platinum 888,93 0,16 ◀ Brent Oil 44,90 2,96

Grains (Grain SA) ◀ ◀ White Maize ZAR 3,500,00 111,00 forex tax Soya ZAR 8,724,00 141,00 ◀ endai amhungira tem. Wheat ZAR 5,060,00 49,00 and elson ahada “The effect of this directive is that people taff riters will now end up using the unofficial market as opposed to the official market. HE recently introduced two percent "It also promotes the use of cash as op- Falgold, Intermediated Money Transfer Tax posed to electronic transactions, Watungwa T(IMTT) on foreign currency transac- said, adding that the decision was also likely tions backdated to August 1 is ina- to have a negative impact on ination at a ZPI delist tionary and erodes the rising confidence in the time that the economy was stabilising. THE Zimbabwe Stock Exchange on local currency, business says. However, he also said, while the tax meant Tuesday delisted shares of Falcon Gold Bankers Association of Zimbabwe (BAZ) less money for taxpayers, it was positive for Zimbabwe (Falgold) and Zimre Proper- president, Ralph Watungwa, told The Finan- government coffers. ty Investments (ZPI). cial Gazette this week that the move was also “Banks are not impacted. They are just tax This comes after both companies had voluntarily applied to be delisted likely to have the unintended consequence of collectors. We are the entity that collects rev- from the exchange. fomenting the parallel market, as some people enue on behalf of the government. Falgold, which is facing viability would now avoid the official market to escape “What needs to be understood is whether challenges said the local bourse had the tax. banks are ready, because systems have to be failed to provide it with an avenue for This follows the government’s institu- upgraded to cater for the levy deduction, Wa- funding, and that additional costs of be- tion last month of the much-debated levy — tungwa said. ydney ata, the esa oldings eecutie chairman, says the oer ing listed, “with no compensation bene- through the Finance Act — which came in the Following the gazetting of the Finance Act fits, could no longer be borne. utility ill suort more ndeendent oer roducers to comle- ZPI on the other hand, had to del- wake of the controversial 2018 two percent on October 28, banks have since moved to ad- ment its efforts to increase suly to the national grid imbabe is tax on all transactions, which was aimed at vise their customers of the development. ist after its majority shareholder Zimre roducing an aerage of about of electricity daily, against Holdings recently increased its stake to bringing the informal sector into the tax sys- o age demand of beteen 1 and 1 97,62 percent. Page 2 | November 12-18 2020 The Financial Gazette National News Industry edgy over two percent forex tax From Page 1 Another economist, Persistence ganisation also argued strongly that the “Further to the gazette amendments Gwanyanya, said banks should ensure “punitive” tax on electronic transactions to the Finance Act (No. 8 of 2020), we that the way the two percent tax on for- should be abolished entirely. advise that the collection of ... IMTT has eign currency transactions was imple- But the government has credited the been extended to include transactions mented would not upset the market. two percent tax for fiscal surpluses conducted in foreign currency with ef- “We should not lose the broader that have been recorded over the past fect from August 1, 2020,” the banks focus of today of financial inclusion, two years. Authorities also continue to said in a statement, adding that the tax as well as currency stability due to the see the levy as a key factor behind the would include visa and telegraphic necessary taxing regime that has been stabilising national coffers, amid the es- transfers, with all due amounts to be de- implemented through the Finance Act. calating informalisation of commerce in ducted in retrospect. “There has been increased usage of the country. “In terms of the new Finance Act, US$ in the economy. Therefore, and as a First announcing the new revenue tax free thresholds have also been re- way of de-incentivising US$ usage that measures in the mid-term budget review viewed upwards to $300 and US$5 re- is difficult to sustain, that is where the in July, Finance minister Mthuli Ncube spectively, with transactions equivalent policy comes in,” he said. said the move to add forex transactions or exceeding $2,5 million and US$100 Gwanyanya also added that charging to the IMTT regime was due to the pref- Stocks rise over 000 attracting a tax rate of $50 000 and the two percent IMTT levy on local erence by some businesses to use hard US$2 000 respectively,” the banks said. transactions alone worked against the currencies, which was compromising This comes as the government has government’s thrust to promote the use the tax head. been under pressure from business of the local currency. “Current legislation exempts the which has been calling for the scrapping The Zimbabwe National Chamber transfer of money into and from nostro Pfizer’s Covid vaccine of the IMTT tax — arguing that this of Commerce (ZNCC), one of the big- foreign currency accounts from IMTT. HE rally in global equities extend- US Attorney General Bill Barr has amounted to double taxation on com- gest proponents for the scrapping of Following the legalised use of foreign ed Tuesday, a day after Pfier said authorised federal prosecutors to begin merce and industry. the IMTT on local currency electronic currency in domestic trade, there has Tits late-stage trial of its Covid-19 investigations into voter fraud and irreg- John Robertson, a veteran econo- transactions, has previously argued that been an upsurge in electronic transfers vaccine had shown promising results, but ularities, in a major break from American mist, told The Financial Gazette that the the levy is an expense and not a tax on of foreign currency for transaction pur- caution over the depth of the coronavirus political norms. government had become more depen- revenue. poses. pandemic and an uncertain US political Investors may not be taking this too dent on tax revenues, ignoring other key “IMTT, therefore, is in fact more of "The current exemption has, thus, climate limited gain. seriously, however, Connor Campbell, a economic issues in the process. a cost or expense, and should qualify as created an unfair advantage for tax- Futures tied to the Dow Jones Indus- financial analyst at Spreadx, said. “Collecting tax revenue in foreign a deduction in the same way that other payers transacting in foreign currency, trial Average, the S&P 500, and the Nas- In the US, the biggest winner was the currency provides evidence that govern- transaction-based taxes such as cus- thereby raising equity considerations. daq rose 0,5 percent, indicating that blue- energy sector, rising about 14 percent ment does not respect monies generated toms duties, stamp duties are allowed Furthermore, the preference for foreign chip shares might prolong Monday's rally because of surging oil prices, Deutsche from outside Zimbabwe,” he said. as a deduction. It cannot be emphasised currency by most business has under- that lifted the benchmark indexes toward Bank analysts said. Robertson also said the fundamen- enough how the IMTT has a com- mined the revenue generating capacity record highs. Tech stocks lagged after Zoom fell tals that were critical to widening the tax pounded effect on the supply chain due for IMTT. There is still a long way to go until a 20 percent along with other stay-at-home base included increasing the country’s to the incremental tax charged from the “I, therefore, propose to extend vaccine might be widely rolled out. But stocks including etix and Clorox. manufacturing capacity and the agricul- producer to the consumer. IMTT to cover foreign currency trans- Pfiers announcement "gives investors Cruise and airline stocks saw optimism ture value chain. “To cushion the supply chain players actions, with effect from August 1, some hope that a vaccine could arrive return. “The two percent IMTT on foreign against the increased cost of production, 2020. For the avoidance of doubt, trans- sooner than anticipated, and pave the way In Europe, Rolls-Royce was the top currency transactions erodes confidence the cost is passed on to the consumer actions for organisations accredited in to some kind of normality," Milan Cut- performer on London's FTSE 100, rising on local currency as it also confirms in the form of price increases across all terms of the Privileges and Immunities kovic, a market analyst at Axi, said. 24 percent, followed by British Airways' government’s appetite for usage of the goods,” ZNCC said in a submission to Act (Chapter 3:03) remain exempt from Mark Haefele, the chief investment owner, IAG, which rose 6,6 percent. US$ at a time that they are promoting Treasury earlier this month. IMTT,” he said then. officer at S Global Wealth Manage- A large part of the region is still in par- use of the local currency,” he noted. The major business member or- [email protected] ment, said the market's reaction highlight- tial or full lockdown, and Cutkovic said ed the need for investors to diversify for that for the sake of consumer and busi- the next leg toward more cyclical parts of ness confidence it was crucial to avoid a the market that had lagged in 2020 and back-and-forth between different restric- away from big tech and the primary stay- tion levels. at-home beneficiaries. The FTSE 100 rose one percent, while He said the next leg up in stocks the Euro Stoxx 50 index of top eurozone would be driven by an end to US political stocks rose 0,5 percent and Germany's uncertainty and the sustainable increase DAX fell 0,2 percent. in global mobility that a vaccine could China's Shanghai Composite fell 0,4 bring. percent after data showed consumer pric- After positive vaccine news, the S&P es rose at their slowest pace in over a de- 500 climbed about four percent in early cade in October, but both Japan's Topix New York trading, reaching a record high. and Hong Kong's Hang Seng rose one But after Senate Majority Leader percent at the close. Mitch McConnell declined to acknowl- Oil extended Monday's gains. Brent edge President-elect Joe Biden's victory crude futures rose 1,6 percent to $43,08 in last week's election, the index surren- a barrel, while West Texas Intermediate dered a lot of those gains, finishing only crude gained 1,4 percent to trade at about 1,2 percent higher. $40,87 a barrel. McConnell said President Donald Gold rose 1,4 percent to about Trump was "100 percent within his $1 897,85 an ounce, recouping rights" to investigate any voting irregular- some of Mondays five percent drop. ities and weigh his legal options. — businessinsider.com The Financial Gazette November 12-18 2020 | Page 3 National News Gvt repossesses 15 idle mining claims

Nelson Gahadza having been threatened with seizure of its US$200 the mining sector. This comes as the country is Staff Writer million Hunters Road project. reportedly losing over US$200 million per month The project has remained at a pre-develop- through smuggling. INES minister Winston Chitando, says the gov- ment stage for more than 10 years with the com- In 2019, total mining export receipts accord- ernment has repossessed 15 idle mining claims pany citing cost of the project as an impediment at ing to the Reserve Bank of Zimbabwe amounted under the first phase of the use-it-or-lose-it policy a time global nickel prices are low. to US$2,91 billion, representing about 55,2 per- M “Government through the Mines ministry has cent of total export receipts but the country has as authorities seek to weed out persons holding onto title for speculative purposes. notified the company to justify why it should keep ambitious plans to boost mining export revenues Earlier this year, Chitando told state media that the gov- its Hunters Road claims. to $12 billion a year as of 2023. ernment had started processing 32 out of the 215 claims ear- "Failure to do so would result in the company In 2021, the mining sector along with agricul- marked for repossession. forfeiting the asset to the state,” the company said ture is expected to anchor recovery of the southern So far of the 21 targeted claims, the first 1 will be tak- in its 2020 annual report. African nation’s economy. en over by November 15,” he told The Financial Gazette. Hunter’s Road indicated resource size is 200 Zimbabwe, which counts South Africa’s Im- Chitando said the government is also in the process of 404 tonnes of contained nickel and the deposit pala Platinum and Anglo-American Platinum repossessing some Exclusive Prospecting Licenses (EPL) was discovered by means of a soil geochemi- among its mining investors, is also in talks with where the holders have not been meeting the conditions cal anomaly and was initially explored through an industry body, the Chamber of Mines, about which they were granted for. trenches. reviewing and streamlining mining taxes to lure Zimbabwe Stock Exchange-listed miner, Bindura Nick- Meanwhile, Chitando said the government is more foreign capital. el Corporation (BNC) is in talks with the government after working towards eradicating smuggling within Winston Chitando [email protected]

‘Graft prosecutions to be fast tracked’ Omega Ukama Senior Staff Writer

HE Zimbabwe Anti-Corruption Commission (Zacc) says there are ongoing changes to the coun- Ttry’s legal system aimed at speeding-up prosecu- tions in graft cases. John Makamure, Zacc’s spokesperson said the an- ti-graft body has 60 cases awaiting processing at the National Prosecuting Authority (NPA), adding that the delays are “concerning.” “We have been engaging our partners, NPA, and oth- er relevant authorities to make sure that we put in place mechanisms to speed up prosecution of cases, and one way of doing that is to introduce a time limit by which corruption cases must be finalised in our courts the ju- dicial service commission (JSC) is amending its rules to make sure that there are time limits if we do that then we can speed up the prosecution process,” Makamure said recently at the Institute of Chartered Accountants of Zimbabwe’s public sector convention. In 2018, the JSC-introduced specialised anti-corrup- tion courts and Makamure said Zacc has now successful- ly lobbied President Emmerson Mnangagwa for dedicat- ed prosecutors. “The president agreed ... and gave us the go-ahead to work with the specialised anti-corruption unit in his of- fice, to hire dedicated prospectors for the anti-corruption courts. “I want to believe that from next year, we will have people who are just there to prosecute corruption cases,” Makamure said. Meanwhile, Zacc is pushing for changes in legislation that would allow it to keep 15 percent of crime proceeds that it recovers. “Funding is a challenge and the commission has con- tinued to engage Treasury for increased funding but there is no way in this difficult economic environment that the government will be able to adequately resource the commission and other agencies involved in the fight against corruption,” Makamure said, adding that “we have proposed as a commission that when we recover as- sets, we retain 15 percent of what is recovered so that we can financially resource the commission. He also revealed that Zacc had made the proposal in an Anti-Corruption Commission Lay Bill that was sub- mitted to the attorney-generals office earlier this year. “We still need more accountants and auditors and oth- er skilled personnel to join our team, and they will need to be paid,” he said. This comes as the country has been struggling to deci- sively deal with the corruption scourge, with Zacc claim- ing recently that it has identified assets worth over S7 billion stashed outside Zimbabwe. The Financial Intelligence Unit also said US$1 billion per year is estimated to have been laundered between 2014 and 2018. [email protected]

John Makamure Page 4 | November 12-18 2020 The Financial Gazette The Financial Gazette November 12-18 2020 | Page 7 National News Border bottlenecks, crime and humanitarian crisis could destroy Beitbridge Border Post HILE four-day delays at the Beitbridge Border At the beginning of lockdown, we had a 90km queue at Post are creating an unhealthy and unsafe envi- asumbalesa, which backed up to itwe, Fitmaurice says. Wronment for transport companies, the biggest loser Following negotiations, the customs officials managed to ultimately is the regional economy. dismantle the queue within seven days. It is estimated that local transport companies will lose However, these delays could impact South Africa. R620-million this month, as their trucks sit idle at the Beit- As southern African countries progress towards imple- bridge border crossing into Zimbabwe. menting the Africa Free Continental Free Trade Area, export- It is taking the average truck 72 hours or three days just to ers and importers are realising that they have alternatives to get to the front of the queue, and another day to be processed South African ports. through South African and Zimbabwean customs, four days A Zimbabwean transporter told Southern African Freight in total. News that their trade route is shifting to eira, along with This is according to Mike Fitzmaurice, chief executive Zambia, which now has the Port of Walvis Bay as a second officer of the Federation of ast and Southern African Road option, and Angola Port of obito in the wings. Transport Associations who used GPS data from Globaltrack If South African regional trade concerns are not addressed to calculate the delays. promptly by public representatives, Beitbridge and its many Working on an estimated cost of $20/hour, Fitzmaurice challenges could be the undoing of South Africa’s logistical estimates this has cost the transport industry R310 569 600 presence on the North-South Corridor, transporters said. since the congestion began on October 15, which translates to South Africa is well aware of this. about R620 million per month. Trucks take six to seven days to cross into Zimbabwe through the Beitbridge Border Post. This is a matter we are paying close attention to, says This figure does not include the inventory cost to indus- oa. — Business Maverick try, loss of production, and damage to goods in transit which could be double the above figure. Under normal circumstances, there is little queuing time and the clearance process on both sides doesn’t take longer than 12 hours in total. The SA department of Home Affairs, which manages the facility, confirms that longer than usual delays are being ex- perienced at the border post. There are three main factors that are responsible for this, says media liaison officer Siyabulela oa. The lockdown restrictions in Botswana are such that truck owners find it more convenient and profitable to divert their trucks away from Botswana ports of entry to Beitbridge. The receiving capacity of Zimbabwe authorities is not ready for this increased load, leading to delays for trucks which have been processed on the South African side. And cross-border truck drivers are not complying with standing arrangements that require them to enter into truck stops to finalise clearances before they proceed to the port. For some yet unknown reason, truck drivers have decid- ed to ignore this requirement. They stop their trucks on the road and clear their trucks while parked on the N1. We have had a discussion with the impopo traffic authorities to inter- vene in this matter, he says. Aside from the increased costs, which directly affect the transport company and indirectly the regional economy, the situation has a humanitarian impact. The drivers spend three days in the queue with little or no sleep, because if they sleep they lose their place in the queue; there are no sanitation facilities, no running water and no- where to prepare food safely, says Fitmaurice. This is far from ideal. The trucks are transporting a vari- ety of cargo, including petrol, diesel, acid, fertilisers and other mixed chemicals. One slip by an overtired driver and we have another asumbalesa on our hands. Kasumbalesa is the border post between the Democratic Republic of the Congo and Zambia and in 2014, an accident involving two fuel tankers led to a fireball that consumed about 50 trucks and caused the deaths of at least four people. Over and above this challenge is a growing corruption scourge that sees clearing agents collaborate with traffic po- lice to advance trucks to the front of the queue at the border gates for a facilitation fee of R300. After dark, the area between Musina town and the border has become a gangster’s paradise with truck drivers being robbed at knifepoint of their cellphones and all available cash. One exporter who supplies Zimbabwe with maize and wheat for human consumption told the transport association that the excessive delays are seeing trucks taking six to seven days to cross into Zimbabwe. As a result, we have been put on notice that trucks are be- ing withdrawn and our loss thus far is 100 trucks from the system. Put in a different way, that is 13 600 tonnes of maize and wheat that will not reach Zimbabwe due to the congestion at the border. According to Fitzmaurice, the problem is also on the South African side and is compounded by the siloed approach in which the various agencies operate. All of the inspections by Customs, Port Health, the Cross-order Road Transport Agency and so on should be conducted at once. This is not happening, which means a truck needs to wait for each one. There is no communication between agencies, he says. However, steps are being taken to address the problem, says oa. A committee that includes all stakeholders was set up on 29 October 2020 to address congestion at Beitbridge. There is another meeting with the impopo traffic authorities sched- uled for November 11, 2020. This meeting will determine which other measures need to be undertaken to resolve the matter. Unblocking these borders can be done. The notorious border posts on the North-South Corridor such as Kasumbalesa (Zambia-DRC) and Chirundu (Zimba- bwe-Zambia), once renowned for long delays, are now one- stop posts which operate efficiently. Page 8 | November 12-18 2020 The Financial Gazette Leader Page

News Worth Knowing Trump poll stunt most regrettable THE job of American envoys serving in countries with questionable democratic credentials has just got harder in the wake of President Donald Trump’s shameful attempts to pervert the USA’s elections. Many governments around the world, whose nations are experienc- ing political turmoil, will likely be leaping in delight as a result of this unfortunate Trump gift — which will be used for decades to come to justify tyrannical and other bad behaviours. Indeed, if gold rusts, what then can iron do? After a close election, and four draining years of off-the-wall Trump skits, the relief of the majority of Americans and many people around the world was understandable when former vice president Joe Biden was widely accepted as having prevailed over his erratic opponent in Bravura Zimbabwe Limited country director Lionel Mhlanga, left, with Mines minister Winston Chitando during a tour of last week’s polls. the mining venture’s platinum drill site in Selous last week. The company, which plans to start mine design and construc- But Trump has continued to spew his unfounded conspiracy theo- tion in 18 months, has so far only drilled 15 holes totalling 5 000 metres and is targeting 15 000 metres by ries about election fraud and illegal ballot-counting to the shame of his year-end. Bravura is a unit of Nigerian billionaire Benedict Peters’ Aiteo, Nigeria’s biggest domestic oil producer. nation, as he ainly attemts to etend his controersial time in office through foul means. It is little wonder that Samantha Power, the USA’s envoy to the United Nations during the second administration of Barack Obama Covid-19 and accelerated tweeted last week that: “He (Trump) is going full Robert Mugabe” — a reference to the late Zimbabwean ruler’s ruinous grip on power for decades. change in economic thinking In this light, it is probably an understatement to say that the eyes of the world will be on America in the coming weeks, months and OVID-19 is accelerating change Nations (UN) to ensure international manner reminiscent of the IBRD us- years given the appalling message on governance and leadership that in the world we have known for peace and security through the security ing the Marshal Plan. This New De- Trump’s behaviour has relayed internationally. Cover 100 years at breakneck council with a number of specialised velopment Assistance model is still This message is that politics characterised by nastiness, dishonesty, speed. The binary world of West or technical agencies. A new world order evolving and could be the financier of East, capitalist or socialist, Washington was in place. post Covid-19 reconstruction through self-interest and the use of underhand methods is a legitimate instru- or Shanghai consensus as economic de- 2. The Cold War Market-based state capitalism in most ment of leaders and governments. velopment models is unlikely to shape European colonial powers after post-colonial states. Were these Trump politricks to be accepted, this would set off a our future. New thinking is urgently WW II created parastatals in the colo- 4. Shanghai and Washington domino effect around the world, with odious executive behaviour be- needed, and it is in this environment nies as pipelines for the ow of surplus Consensus coming the norm. Indeed, what further excuse would dictators and that African countries like Zimbabwe from the colonies to Europe. America Lending to the former European authoritarian governments around the globe need to follow suit? will need to re-imagine their future. and Russia entered a Cold War that colonies by the Bretton Woods insti- 1. A world after war and a pan- replaced the old world of colonies ver- tutions came with conditions under the In the meantime, we at The Financial Gazette hope that the change demic sus Europe. It was now either Ameri- “The Washington Consensus” label of of guard in Washington and Harare’s pledge to move away from the Covid-19 is a kink in the upward can-led capitalism or Russian-led com- free trade, private sector development, Mugabe way of doing things will see the relationship between America line in a graph of global development munism. and deregulation. The creation of a and Zimbabwe improving. (primarily economic but also techno- When Harold Macmillan told World Trade Organisation also built In this regard, we were encouraged that President Emmerson logical) with similarities to the Finance, South African white rulers in 1960 that into its structure the Washington Con- nangaga as among the first leaders around the orld to congrat- Fuel, and food (FFF) Crisis kink of there was a wind of change blowing sensus model. The glorious age of glo- 2008. While in the midst of an inferno across Africa, a new era was about to balisation was upon us, and economies ulate Biden on his victory in the USA’s just declared elections. it is difficult to imagine the day after be born. By 1965, most European col- were growing, and more people were This is more so after Washington, on its part, recently reiterated its but the day is coming. onies had hurriedly been dismantled, being lifted out of poverty. However, desire to see Harare succeed in improving the lives of long-suffering In times of war, many imagine giving America a chance to expand the world was becoming more unequal imbabeans albeit emhasising that the goernment should fulfill its end and plan for peace — Barack its version of capitalism through new — with two global halves of a poor the promises that it made when Mugabe fell from power in 2017. Obama in December 2014, argued that institutions under the World Bank: South and a wealthy North. the world needed to be prepared for an International Finance Corporation in Under the vision of A World Free air-borne pandemic. Few were listen- 1956 to strengthen the role of private of Poverty, the World Bank was in the ing. finance in development, and the Inter- 1990s listening to NGOs and com- In 1920, the world had just come national Development Association in munity activists as extreme poverty out of a major uropean conict 1960 to channel credits and grants to emerged as a threat to global stability. EDITORIAL MARKETING the First World War (WWI) — where the countries liberated from colonial Technology was fast spreading Advertising Manager many people had died in the trenches rule. Regional development banks knowledge as countries recorded rapid and from the Spanish Flu. America soon followed in Africa, Asia, and Lat- economic growth. Then the “Financial, Deputy Editor Brand Executive Sales & Advertising and Europe then celebrated ‘The Roar- in America. Fuel, and Food Crisis” of 2008 brought ing 20s” while much of the world was us to a crashing reality check. Senior Assistant Editor Senior Sales Consultant creaking under the yoke of brutal colo- Zimbabwe was at the time in the nial oppression. Open Forum midst of record-breaking hyper-in- Markets Editor Senior Sales Executives Within a decade, the world faced ation. In the last four years, world the Great epression from whose ash- with economic tremors that had been gath- Group Digital Editor Sales Representatives - Harare es rose the ais followed by the Sec- ering beneath the surface became ond World War (WWII). Europe was Mungai N. Lenneiye earthquakes — Brexit tore British cit- Chief Sub Editor devastated. The reconstruction that iens from the uropean project and followed paved the way for America America pulled away from a world Staff Writers Sales Representative - Bulawayo Clever Pedzisai: [email protected] to take-over global economic leader- 3. Development banks where China is the eminent global Brand Executive - Events ship from Europe, but the 19th Century As these multi-lateral agencies supplier of manufactured goods. In- global European carve-up of the world were being formed, the departing Eu- ternational organisations, starting with Brand Executive - Subscriptions hindered American economic well-be- ropean colonial powers transformed the UN, have in this period also come ing and expansion — it had to go. their old colonial offices into bilateral under increased attack as the Ameri- Production Supervisor Subscriptions Representatives Bretton Woods institutions were overseas aid departments to channel can-led world order seems to be com- created in 1944-45 to oversee the some resources into the struggling new ing undone. re-construction of a World economy post-colonial administrations with lim- Covid-19 has hit us in this evolving whose financial architecture was over- ited resources and enormous expecta- world. Citizens are afraid and pan- seen from Washington (by IMF work- tions from the populations recently lib- icked, and our societies seem unable to ing closely with the US Treasury and erated from colonial rule. For over 60 mount a coherent global response. At the Federal Reserve ank with the years, development in Africa has been the same time, China has emerged as World Bank overseeing the emergence dominated by a financing framework an economic and political power. of a new global economic trading sys- using locally generated taxes, export Will the world face a choice be- tem. revenue, aid inows from former colo- tween liberal economics (Washington The reconstruction of Europe with nial rulers, and loans from the Bretton Consensus) and Market State Capital- an American-funded Marshal Plan was Woods Institutions and commercial ism (Shanghai Consensus), and how VOLUNTARY MEDIA COUNCIL OF ZIMBABWE led by the World Bank — Infrastructure banks. will Africa respond? e Financial Gazette newspaper subscribes to a Code of Conduct that promotes truthful, accurate, fair and balanced Bank for Reconstruction and Develop- China and Russia have most recent- n The author can be reached on news reporting. If we do not meet these standards, register your complaints with the Voluntary Media Council of ment (IBRD). The League of Nations, ly joined this aid architecture with the Twitter @lenneiye_nm FB https:// Zimbabwe at: No 34 Colenbrander Rd, Milton Park, Harare. Telephone: 04-778096 / 778006 24 Hr Complaints line: 0772 125 659 formed in 1920 as an inter-governmen- formation of a BRICS (Brazil, Russia, www.facebook.com/nginya.lennei- Email: [email protected] or [email protected] Twitter: @vmcz http://www.vmcz.co.zw | Facebook page: vmcz tal body to maintain global peace, was India, South Africa) New Bank — to ye.7 and https://udugu.org/acacia- Zimbabwe in 1945 transformed into the United focus on infrastructure financing in a talk November 12-18 2020 Page 9 The Financial Gazette Companies&Markets BRIEFS Zamco to offload Starafrica ‘ZSE remains undervalued’ HE Zimbabwe Stock Exchange (ZSE)’s real-value decline since 2017 has not been fully recovered despite the high re- shareholding by year-end Tturns seen over the past two years, an investment fi rm has said. The market has gained more than 550 percent this year and its capitalisation of about US$2,3 billion still remains below an aver- age of US$4,1 billion that was achieved when the economy recorded Omega Ukama consistent growth between 2014 to 2017. Senior Staff Writer “Whilst trading remains in sideways movements on the ZSE, we Starafrica income statistics (2015 - 2020Ϳ believe that this presents an opportune time to resize one’s portfolio HE Zimbabwe Asset Management for the medium to long term investment horizon… because most Corporation (Zamco) is planning 585 companies on the market continue to trade at a discount to their net T to dispose of its 57,4 percent stake asset values,” First Mutual Wealth said in a recent note. in Starafrica Corporation (Starafrica) vidence of the benefi ts of a more stable currency environment before the end of the year, it has been have already been seen through positive sales volume growth report- learnt. ed by listed companies in their more recent trading updates, the fi rm Zamco took over Starafrica's debt 485 said. — Staff Writer totalling $32 million in 2016. The debt was later converted to equity making it the sugar processor's largest shareholder. Turnall sales firm on strong demand “We have achieved all that we sort to achieve by holding a stake in that com- 385 URNALL Holdings says the easing of Covid-19 restric- pany, and in accordance with our man- tions in the third quarter of the year resulted in fi rm demand date, we cannot exist in perpetuity so Tfor its products. we had to let go at some point,” Cosmas Bothwell Nyajeka, the company’s chairman, said demand Kanhai, Zamco’s chief executive told was spurred by price and business environment stability which The Financial Gazette last week. 285 allowed customers to plan.

“We are hoping to complete the trans- $ (millions) “The Group’s sales volumes for the quarter were 11 percent action this year, but it will depend on above comparable period last year and 81 percent above the pre- how quickly we get bids and the quality vious Covid-19 impacted quarter. Cumulative sales volumes for of bids we will get,” he said. the nine months were three percent above the comparable period Zamco has since issued a statement 185 last year,” he said. inviting offers. He noted that the group's exports were three percent of sales “The closing date for submission of volumes for the period with exports negatively affected by the proposals shall be not later than 10 00 Covid-19 pandemic and resultant transit restrictions. hrs, November 30, 2020,” it said in a During the period under review, production volumes were 31 statement on Tuesday. 85 percent above the comparable period last year. On a cumulative In the meantime, Starafrica has is- basis, production volumes were three percent below the volumes sued a cautionary statement saying the for the comparable period previous year. — Staff Writer engagements “may result in a transac- tion that could have a material impact on the value of the company’s shares.” -15 2015 2016 2017 2018 2019 2020 Afdis quarterly sales recover “The board therefore advises share- Source; Starafrica revenue profit holders to exercise caution when dealing © The Financial Gazette PIRITS and wines maker, African Distillers Limited says in their Starafrica shares,” the company a sales mix which favoured higher valued spirits largely contributed to the group’s 15 percent growth in revenue to said last week. fortunes of Starafrica, which a few years after achieving a 114 percent increase in S $456 million during the quarter to September 30, 2020. Established in 2014 to deal with a ago was on the brink of liquidation, seem turnover to $1,2 billion. crisis of non-performing loans in the In a trading update, the company said sales volume grew to be paying-off, after the company last The company says it expects to dou- 28 percent during the quarter compared to the same period last country at the time, Zamco is meant to year broke a ten-year lossmaking streak ble the volumes it achieved in the pri- conclude its operations in 2024. year. with a net profit of $8,8 million for the or fiscal year by focusing on growing “Spirits and Ready-To-Drink volumes grew 43 percent and On many occasions, including in a year to March 2019. exports in the wake of unrelenting cost recent interview with this publication, 24 percent respectively and wines declined by 38 percent over Over the past four years, the com- pressures fuelled by hyperinflation. the last prior year quarter comparative,” the group said. Kanhai has reiterated that the vehicle is pany’s production and profitability has Starafrica’s business is the produc- on course to meet this target. Afdis noted that during the period under review, there was a been improving following recent equip- tion and distribution of sugar products, general improvement in the trading environment characterised Between 2014 and 2018, Zamco ment upgrades and the considerable as well as the manufacturing of grocery by a stability in exchange rates and prices of goods and services. took-over non-performing loans worth progress made in restructuring its once and snack products. In addition, the ability of customers to settle in foreign $1,4 billion. The entity has given itself debt-ridden balance sheet. The group comprises a sugar produc- currency and the foreign currency auction system brought the a target of resolving loans worth $140 Starafrica recorded a profit of $54,5 tion business — Goldstar Sugars Harare, needed relief to the industry and the economy at large. — Staff million annually. million for the year ended March 2020, a sugar speciality products business — Writer Meanwhile, efforts to turnaround the

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Kuda Chideme MODERATOR FACEBOOK TWITTER YOUTUBE ADVERTISING OPPORTUNITIES AVAILABLE!! Advertisewithus! Page 10 | November 12-18 2020 The Financial Gazette Companies & Markets Cassava focuses on diversification Adelaide Moyo said in a statement accompanying the percent in the prior comparable period. Cassava said it experienced a rapid in- Staff Writer company’s results. The company recorded a loss of crease in the volume and value of transac- She said the increase in revenue was 299,4 million during the review period tions being processed on mobile and dig- ASSAVA Smartech (Cassava) achieved despite the pressure placed on compared to a profit of 9,4 million re- ital banking platforms as more customers says it is prioritising scaling-up business margins by a difficult economic corded in the prior year. continued to favour these channels due to Cnew businesses and diversifying environment. The company realised foreign ex- their convenience and availability. revenue earnings for sustainability as part To mitigate this, the business em- change losses amounting to $2 billion “This necessitated an upgrade of the of its ongoing transformation. barked on an elaborate cost optimisation due to the depreciation of the Zimbabwe EcoCash platform in order to improve the The financial-technology fintech drive to complement the revenue gen- dollar against the United States dollar ability to handle the increase in volume and digital services company recorded eration initiatives being implemented, during the period. and value of transactions, in line with the revenue of 4,6 billion during the year Shereni said. At the reporting date, the group economic developments. ended February 29, 2020 compared to “We are excited about the growth of had net foreign liabilities amounting to "As a result of the successful conclu- $1,1 billion in the prior comparable peri- Agritech and Moovah revenues included S42, million, of which S30 mil- sion of this major upgrade, the experience od. Mobile money and banking business- in our Insurtech and other segments re- lion comprise the groups 0 percent of our customers as they use EcoCash has Sherree Shereni es’ contribution went down to 89 percent spectively. The growth was largely driven allocation of the overall liability in the dramatically improved as measured by during the review period compared to 91 by the digital on-demand agriculture plat- innovative digital on-boarding platforms, debentures issued by Econet Wireless speed of transacting and the near 100 per- percent in the prior period. form catering for both small holder and as well as enhanced product mix to cater Zimbabwe. cent rate of successful transaction com- “The decline in percentage contri- large-scale commercial farmers, as well for the cross profile of segments. Mobile money subscribers surged pletion,” Shereni said. bution for the fintech business segment as the non-motor business for the short- Cassava recorded an increase in gross by 1 percent to 10, million year-on- She said the success of Cassava is reects the positive effects of the groups term insurance business unit,” she said. profit margin to 6 percent from 7 per- year, while digital banking customers predicated upon the stability, efficiency revenue diversification strategy, Sherree The Life business, EcoSure main- cent in the previous period, while its oper- increased by 34 percent to 1, million and effectiveness of technology plat- Shereni, Cassava’s board chairperson tained a solid performance, “anchored on ating margin rose to 29 percent, from 27 year-on-year. forms. [email protected] FX auctions ease BAT challenges Omega Ukama Senior Staff Writer

RITISH American To- bacco (BAT) says the BReserve Bank of Zim- babwe (RBZ)’s currency auc- tions have eased some chal- lenges it faced and therefore, expects a decent performance this year. Since the weekly foreign currency auctions were intro- duced in June, the Zimbabwe Lovemore Manatsa dollars wild uctuations have markedly gone down, while some major enterprises that include elta Corporation and nited Refineries, have reported that access to foreign currency has improved. “While the trading conditions are expected to remain challenging for the rest of 2020 mainly driven by mac- ro-economic variables and the effects of the Covid-19 pandemic, the company believes that it will deliver value growth for its shareholders,” Lovemore Manat- sa, BAT’s board chairman said last week in a trading update, adding that “the auction platform has opened access to foreign currency required for raw materials imports and has brought about stabilisation of the ex- change rate, which will alleviate some of these challeng- ing trading conditions.” While other business circles, however, have com- plained that the auction platform is side-lining a signif- icant portion of would-be participants, the central bank says importers should not just rely on its auctions, as commercial banks are also allowed to trade. On the other hand, bankers say not much is being turned-over in these over-the-counter trades because only a few holders of free-funds are willing to liquidate. Meanwhile, BAT says its net turnover increased by 31 percent during the nine months ended September 30, 2020, driven by price increases as well as revenue gen- erated from the export of cut-rag tobacco. The cigarette maker said this was despite sales vol- umes declining eight percent during the same period mainly due to depressed consumer spending and the ad- verse impact of the Covid-19 pandemic. Manatsa said the trading environment continued to be challenging during the review period driven by the impact of the Covid-19 pandemic, currency deprecia- tion and rising ination. “The company has not been spared by these chal- lenging factors which have resulted in the slowdown of economic activity across the country and depressed consumer spending. “Despite these challenges, the company continues to review the business model and related strategies in order to ensure the long-term sustainability of the business,” he said. The company’s premium brand, Dunhill returned to the market and resultantly recorded a significant in- crease of 962 percent compared to the same period in prior year. The aspirational premium brands, Newbury and Kingsgate volumes declined by 33 percent compared to the same period in the prior year. The value for money segment, Madison and Everest, and low value for money brand, Ascot, saw a decline of five percent and 43 percent respectively. [email protected] The Financial Gazette November 12-18 2020 | Page S1

ZCDC NEW CEO CONGRATULATORY FEATURE Meet ZCDC new CEO: Mark Mabhudhu ARK Mabhudhu is an extraordinary chief ex- he built, commissioned and optimised the While at Jwaneng Mine, he obtained full CEO of PAASOL Resources Zimbabwe (Pty) ecutive (CEO). He is not new to the mining in- state-of-the-art diamond processing and re- understanding of the entire value chain into td in August 2009-2010 and ratified by the Mdustry, but an expert with experience spanning covery plant. diamond valuation, as well as the cutting and board of directors to provide leadership and 28 years with 25 of those years being in the diamond He performed optimization and process polishing industry. direction of this start-up organization. industry alone, both locally and internationally at senior development work in line with the diamond He rose through the ranks from Mineral He entered into joint venture arrangements executive and board levels. value chain from mining, processing, recov- process engineer through to the Technical Pro- with other key players in the mining industry He brings significant strategic and operational over- ery, automated sorting, cleaning, packaging, cess Manager and finally Strategy xecutive as well as undertook consultancy work for oth- sight to the survival of Zimbabwe Consolidated Dia- dispatch and the security systems around di- of the organization. er mining and business organisations. mond Company (ZCDC) (Pvt) Limited. amonds handling. Mabhudhu was appointed the inaugural To Page S2 His geographical mobility in the industry is punctu- ated by extensive knowledge in mining gold, platinum and related minerals with vast experience in De Beers, one of the world’s largest diamond mining companies. Mabhudhu’s success can be benchmarked by the fact that he designed, built, commissioned and operated diamond operations/mines with kimberlite and alluvial sources including the rare conglomerate source. In 2000, he was part of the technical team which rep- resented Debswana Diamond Mining Company at the KPCS inception meeting. Mabhudhu has links to experts across the entire diamond industry value chain (Diaman- taires). As an executive leader, Mabhudhu has extensive ex- perience in strategy formulation and implementation at corporate, business and functional levels providing lead- ership, implementing policies and managing change. He thrives on the ability to manage organizational growth and strategic change in both tough and challenging times using innovative and eccentric means. He has a knack for extracting and marketing the product worldwide. He has wide ranging experience with safety, health, environmental and quality (SHEQ) management strate- gy formulation and execution including devising both change and communication programmes and plans cen- tred on zero injuries in the work environment. Mabhudhu has sound people leadership/interperson- al, networking and stakeholder engagement skills. He has unparalleled capabilities in building great teams that deliver business value and hence encourages thinking not outside the box, but as if there is no box. He has an open-door policy with a focus on making ZCDC an employer of choice. He is a committed, passionate and devout people developer with key interest in coaching and mentoring upcoming professionals as well as team members and colleagues to live up to the core values of the compa- ny thus ensuring world-class production of diamonds in line with the company’s vision. Mabhudhu is a champion of the Diamond Value Management (DVM) system- a tried and tested interna- tionally accepted system for enabling full realization of diamond value/revenue by assuring integrity and trans- parency of processes. He has championed and pioneered the latest diamond recovery X-Ray Transmography based technology which is fast becoming the industry best practice dia- mond recovery technique (both small and large diamond recoveries). Mabhudhu started his career in 1990 at Rio Tinto Cam Dump Gold Retreatment Plant as a Metallurgical Student on attachment where he performed metallurgi- cal test-work and material balance schemes. There, he gained experience with CIP and CIL pro- cess techniques in gold recovery and the associated met- allurgical processes. He also had an opportunity to familiarize with the mpress ickel Refinery and learnt the entire business value chain of the operations. He later joined Lomagundi /Alaska Smelting and Re- finery imbabwe Mining evelopment Corporation, again as a metallurgical student on attachment. In 1993, he was employed by Auridiam Zimbabwe (Pvt.) Ltd – River Ranch Diamond Mine for three years where he designed and built, commissioned and opti- mized the plant. Between 1996-1999, he moved to BHP Zimbabwe (Pty) Ltd – Hartley Platinum Mine as a Process Metal- lurgical Engineer where he built and commissioned the Hartley Platinum Complex including the Concentrator plant, Smelter and Refinery plants, optimied the Con- centrator plant and ramped production to full capacity. He recruited, trained and developed plant personnel across the plant operations. He rose through the ranks to plant superintendent level. Mabhudhu then joined Debswana Diamond Mining Company – Jwaneng Mine in 1999 – April 2009 where S2 | November 12-18 2020 ZCDC NEW CEO SPECIAL FEATURE The Financial Gazette Meet ZCDC new CEO: Mark Mabhudhu

From S1 Apart from soliciting for project fi- nance via foreign investors from the USA, UK, China and India, he ensured corporate governance of the organisa- tion and executed the vision and mission of PAASOL Resources Zimbabwe (Pty) Ltd. In 2010, he moved to Marange Re- sources (Pvt) Ltd. where he rose through the ranks to become Acting CEO between 2014–2015. There, he devised new diamond mar- keting and selling approaches which re- sulted in the organisation achieving best prices on both local and international selling tenders. For the first time in four years, the organiation made profit at all levels during the first quarter of 201 and broke even during the second quarter. Mabhudhu was then appointed acting CEO of ZCDC in 2016, a wholly owned Government diamond mining company which came about through the expiration of the previous miners Special Grants Mark Mabhudhu forming a consolidated business entity with the concessions being placed under ing — Metallurgical from the University one roof. of Zimbabwe in 1992 and was awarded a In 2018, he joined Vast Resources Book Prize (Top Student), Postgraduate PLC – Diamond Business as a consultant/ Diploma in Management Studies from executive director in charge of directing the uckinghamshire Chiltens niversi- and leading in the firms aspirations of ty College in UK (2000) and a Masters becoming a prominent mining house in in Business Administration (MBA) at the the country as well as internationally with same University in 2001 where he was particular focus on diamonds and setting also awarded Top Student Prize. up the Zimbabwe mining operations. He has a Master of Philosophy in In- In September 2020, Mabhudhu re- formation and Knowledge Management joined ZCDC as the substantive CEO (MIKM) from the University of Stel- with the sole responsibility of reposition- lenbosch (RSA) (2008) and is currently ing the diamond company into a prof- undertaking a Doctoral study in Business it-making entity in line with shareholder Administration (DBA) with the Univer- and stakeholder expectations. sity of Pretorias Gibs usiness School He obtained a BSc (Hons) Engineer- Thesis final stage. Mabhudhu ready to contribute towards US$12 billion mining vision

HE newly appointed substantive realised,” said Mabhudhu. Zimbabwe Consolidate Diamond While attainment of the US$12 bil- TCompany (ZCDC) chief executive lion mining industry by 2023 is not an officer C Mark Mabhudhu says he event but a process, government put in is prepared to contribute towards Zimba- place concrete start-ups and expansion bwes mining sector growth, which feeds of projects in a number of key minerals, into President mmerson Mnangagwas diamonds included. broader vision of transforming the coun- Mabhudhu however acknowledged try into an upper middle-income econo- the difficult circumstances CC is op- my by 2030. erating, exacerbated by the Covid-19 imbabwes diamond sector alone, is pandemic, which has grossly affected the projected to contribute US$1 billion. diamond industry worldwide. Mabhudhu took over the reins of pow- To cushion the effects of Covid-19, er for the state-owned diamond entity on government allocated ZW$1 billion to- 21 September this year following his exit wards the mining sector. from Vast Resources Enterprises (VRE) “Above all, I am fully aware of the as Executive Director. welfare issues being faced by our em- In his appreciation note to all em- ployees. That is receiving my fullest ployees, Mabhudhu assured all ZCDC attention. The challenges in our hands stakeholders that himself, and the entire should not deter us. Let us focus on what ZCDC team are geared to ensure that his will keep our company going, develop- organisations vision is driven in line with ing communities in which we operate the expectations of the stakeholder. and contribute towards national develop- “Meanwhile, I would like to take this ment,” said Mabhudhu. opportunity to encourage everyone with- “At all times, we will be guided by in the ZCDC family to help me and the our visionary aspirations, the purpose management team to deliver our man- for which we exist will always inspire date,” us, while always acting in line with our “This is not only critical to the Minis- organisational values. We will always try of Mines and Mining evelopments undertake to ensure that we do our work Big Hairy Audacious Goal of a US$12 within the ambit of our business princi- billion industry by 2023 (to which the di- ples. amond industry should contribute US$1 “The challenges we will face and the billion), but also ensuring that His Ex- difficulties we will encounter along this cellency President . Mnangagwas vi- journey will put our resolve to the test. sion for Zimbabwe of becoming an upper We will not relent,” said Mabhudhu. – middle-income economy by 2030 is fully miningindex.co.zw The Financial Gazette November 12-18 2020 | Page S3 SERVICE EXCELLENCE AWARDS (CCAZ)

CCAZ hosts 2020 Customer Service Excellence Awards HE Contact Centre Association of Zimbabwe be working behind the scenes. 63,6 percent in 2019. er Satisfaction Index report. (CCAZ) recently hosted the 9th annual edition of the “There is a need for businesses to improve The results were based from National Sat- The top 10 rated companies according to TZimbabwe Customer Service Excellence Awards, at a their customer services because without this func- isfaction Survey carried out across the country the National Customer Satisfaction Survey as a glamorous ceremony in Harare. tion both companies and the economy at large from the period December 2019 to May 2020. benchmark for customer satisfaction in Zimba- Similar awards are hosted annually by CCAZ’s sister would not be able to achieve desired growth,” he The Chartered Institute of Customer Management bwe were: Nyaradzo Group, DHL, First Mutual body, the Chartered Institute of Customer Management said. (CICM) in partnership with the Contact Centre Health, Cassava Smartech-Ecosure, Old Mutual, (CICM) in other countries namely Botswana, Namibia, Ma- Zimbabwe’s customer satisfaction index for Association of Zimbabwe (CCAZ) released the CBZ, Zimnat Insurance, NetOne and Pick n Pay. lawi, Zambia and Swaziland among others. 2020 has declined to 62,6 percent from a score of fourth edition of the Zimbabwe National Custom- Winners included, Martin Mushambadope Cimas Medi- cal Aid MD for winning the Customer Focused Executive of the Year Award in the private sector and Faith Mazanhi Zim- ra Commissioner general also won the Customer Focused Executive of the Year Award in the public sector. Meikles Hotel, was awarded the overall winner in the Hospitality Sector category, DHL the overall winner in the Postal and Courier Services Sector, Nyaradzo Group over- all winner in the Funeral Services Sector, Baines Maternity overall winner in the Hospital Services Sector and Safeguard Zimbabwe for overall winner in the Security Services Sector. CCAZ came up with the Service Excellence in 2011 with the aim of promoting service excellence. According to CCAZ, the winners are determined by an online voting platform, mystery shopping visits that were carried out during the course of the year and questionnaires that are provided by the organisation to the general public. During the commemoration of the Customer Service Week, Lance Mambondiani, CCAZ president, encouraged companies to align their businesses to the modern technolog- ical trends and continuous creativity which departs from the traditional demographics of customers. He said companies should be aware of the fact that to- day’s customer is a client of many businesses and in the ab- sence of good services, the customer easily switches to the next business. The week is a time to reect on and celebrate the im- portance of customer services. It is about both the customer and the customer services teams who stand on the frontline dealing with customer issues at a time when most of us will

CCAZ president Lance Mambondiani

NSSA marketing and communications executive Tendai Mutseyekwa receiving an award. Page S4 | November 12-18 2020 CCAZ SERVICE EXCELLENCE AWARDS SPECIAL FEATURE The Financial Gazette CCAZ 2020 winners’ list

Hospitality Sector Public Sector (Government Depart- Winner: CIMAS Postal And Courrier Services Sector Winner: Meikles Hotel ments And Parastatals) First runner-up: First Mutual Winner: DHL First runner-up: Cresta Hotel Winner: ZIMRA Second runner-up: PSMAS First runner-up: Fedex Second runner-up: RTG First runner-up: NSSA Second runner-up: Swift Second runner-up: ZINARA Fast Food Sector Isp And Iap Sector Winner: Nandos Petroleum Sector Winner: Utande General Insuarance Sector First runner up: Chicken Slice Winner: Total First runner-up: TelOne (Short Term) First runner-up: Zuva Second runner-up: Zol Winner: Zimnat Pharmacies Sector Second runner up TREK First runner-up Old Mutual Winner: Booties Mobile Telecommunications Setor Second runner-up: CassavaSmartech First runner-up: Diamond Health Services Sector Winner: NetOne Second runner-up: Greenwood Winner: Baines Maternity Clinic First runner-up: Econet icrofinance ector First runner-up: Belvedere Medical Centre Winner: Microplan Security Sector Second runner-up: Avenues Clinic Banking Sector First runner-up: GetBucks Winner: Safeguard Winner: CBZ Second runner-up: FMC First runner-up: Fawcetts Local Authorities Sector First runner-up: Nedbank Second runner-up: Blackshark Winner: City Of Mutare Second runner up NMB Health Insuarance Sector First runner-up: City Of Gweru Second runner-up: City Of Victoria Falls

Funeral Services Sector Winner: Nyaradzo First runner-up: Doves Second runner-up: Fidelity

Special Awards Most Improved Sector Winner: BancABC First runner-up: Blackshark Second runner-up: Cimas

Best Contact Centre Winner: DHL First runner-up: CBZ Second runner-up: NetOne

Most Innovative Organisation Winner: Cassava Smartech First runner-up: FBC Second runner-up: BancABC

Customer Focused Executive of the Year Public Sector (public sector) Faith Mazanhi (Zimra) Commissioner General

Customer Focused Executive of the Year (private sector) Martin Mushambadope (Cimas) Managing Director

Contact Centre Manager of the Year Kirstie Gavaza (CBZ) Contact Centre Manager The Financial Gazette CCAZ SERVICE EXCELLENCE AWARDS SPECIAL FEATURE November 12-18 2020 | Page S5 CCAZ Awards in pictures ... The Financial Gazette CCAZ SERVICE EXCELLENCE AWARDS SPECIAL FEATURE November 12-18 2020 | Page S7 CCAZ 2020 Awards in pictures ... Page S8 | November 12-18 2020 CCAZ SERVICE EXCELLENCE AWARDS SPECIAL FEATURE The Financial Gazette CCAZ 2020 Awards in pictures ...

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EXPORTERS Zimtrade honors top exporters IMTRADE recently held the venturing into the export business, gions and indeed further afield, Moyo need for a much more concerted effort 2020 Exporter of the year taking risks and overcoming distance, said. to add value and beneficiate the com- Zawards, an occasion which rec- language and cultural barriers, among He said Zimbabwe must accelerate modities that, today, we export in raw ognizes and celebrates the achieve- other trading challenges, in this most preparations to take full advantage of or unprocessed form.” ments of exporters. welcome enhanced effort to grow ex- opportunities brought about by the Af- Total merchandise exports in 2018 Despite the Covid-19 pandemic, ports — for the wellbeing of both their rican Continental Free Trade Area (Af- were around US$4 billion, while to- exporters have continued to perform, own businesses and the nation as a CFTA) which is due to commence on tal merchandise imports amounted to grow and to begin the process of re- whole.” January 1, 2021. S6, billion, giving a trade deficit capturing market share in different Moyo said the southern African “We must not be left behind or be of around US$2,5 billion. regions. country’s exports are this year ex- caught unaware as others seek to pen- In 2019, total merchandise exports Foreign Affairs and International pected to grow by five percent despite etrate and dominate intra-Africa trade remained around the US$4 billion Trade minister Sibusiso Moyo said the disturbances to business caused by the ows. We have the capability, the ca- mark, but imports dropped by some pandemic has forced companies across Covid-19 pandemic. pacity and the know-how, we have the 32 percent to around US$4,5 billion, the world to embrace the new normal “It is projected that our exports products. What we need is the drive thereby reducing trade deficit by 0 Foreign Affairs and Internation- method of doing business by way of for the full year will reect growth of and determination to move beyond our percent to just US$500 million. al Trade minister Sibusiso Moyo at creative innovation and through adop- around five percent, perhaps a little traditional comfort-zone and to pro-ac- “Even though this improvement the 2020 Zimtrade Exporter of the tion of a new operational paradigm. more, with an overall deficit of well tively go after those markets and trade arose largely as a consequence of de- year awards. “Let us commend all exporting below the US$ half billion mark. Al- opportunities,” he said. pressed import performance, due itself companies in Zimbabwe for their de- though this is less than the target of mand,” Moyo said. “Also worrisome at the present is to a shortage of foreign currency, the termination to soldier on, to grow ex- 10 percent which we set for ourselves He raised concern over the coun- the fact that in excess of 70 percent reduction of the trade deficit also re- ports and to contribute to the further at the launch of the National Trade trys sustained trade deficits with most of our exports comprises raw or basic ected the beginning of a shift of fo- stabilization of our national economy,” Strategy towards the end of last year, partners in the SADC and COMESA commodities specifically minerals cus towards import-substitution, with Moyo said while addressing exporters it is still a significant achievement, regions. and unmanufactured tobacco. Exports some industries gearing themselves to at the awards. especially given the massive impact “This scenario must be reversed. of beneficiated or value-added prod- produce domestically good and items, “It is doubly encouraging to see an Covid-19 related restrictions have had We must strive harder to fully recap- ucts, as well as the export of services, which, hitherto, had been imported,” ever-increasing number of companies upon global trade, both supply and de- ture lost market share within both re- is very low. Going forward, there is a Moyo said. Page S10 | November 12-18 2020 ZIMTRADE EXPORTER OF THE YEAR AWARDS SPECIAL FEATURE The Financial Gazette Exporters Awards in pics

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National Foods wins big at MAZ awards

T’S been an incredibly humbling experi- Lawrence Kutinyu – Top Marketer of the Marketing Oriented CEO of the Year 2020 consumers. This relentless pursuit of consumer under- ence for us at National Foods as we have Year 2020 Theodora adinga 1st Runner p rand standing has been the backbone of our success not only Iturned 100 this year. In our centenary year Pearlenta Nutriactive Instant Porridge – Manager of the Year 2020 this year but going back to the time the company was we were honoured at the Marketers Associa- Best Jingle/ Radio Advert of the Year 2020 Allegros Popticorn – 1st Runner Up Best formed. tion of Zimbabwe (MAZ) Exceptional Mar- Allegros Popticorn – Best Outdoor Media New Product or Innovation of the Year 2020 Some of our oldest brands, Gloria and Red Seal are keting Awards dinner where we scooped three Advert of the Year 2020 We have been on a journey to revitalise our among the most trusted and loved in the country. The first pries and three 1st runner up pries First runner up awards portfolio and make our product offerings keep same commitment towards premium quality, fit for pur- First prizes Michael Lashbrook – First Runner Up pace with the rapidly changing needs of our pose and consumer driven innovations that existed with- in the team 100 years ago is the same spirit that drives the current team and will continue to be in the future teams to come. While the environment has gotten tougher and con- sumer spend is declining, we have continued to invest behind our brands and understanding our consumers and these efforts have paid off as the market has responded positively to these initiatives Innovations In the last 12 months we have delivered six game changing new product innovations to the market as we seek to continuously reinvent ourselves Pearlenta Nutri-active Instant Porridge — National Foods imited launched its first reakfast Category of- fering, Pearlenta Nutri Active Instant Porridge. The in- stant porridge is our first offering under the utri Active proposition in the Pearlenta portfolio as the brand moves beyond just basic maie meal. Currently Pearlenta utri Active Instant Porridge is available in Original, Straw- berry, Peanut utter and Chocolate avours. Allegros Popticorn — Allegros Popticorn is a pre- mium soft corn snack that is targeted at the ambitious, young and trendy individuals who have big dreams and bold ideas. The product was launched in response to the consumer need for a premium soft snack. Allegros Popticorn positioning has been solidified as premium with active consumer engagement across digi- tal platforms as well as outdoor billboards to enhance the lifestyle proposition. Gloria Self Raising Cake Flour — Baking is an art and the Gloria woman has trusted that Gloria will rise and she will shine for over 100 years. The product was developed in response to consumer need for whiter, uffier and lighter our which meets the stringent ex- pectations of master bakers. Gloria Self Raising Cake Flour has risen to perform beyond these expectations. Iris Creams — Iris Cream Biscuits were launched in response to a gap in the market for an affordable good quality cream biscuit. Iris Creams come in Lemon, Va- nilla and Chocolate avours. In an intensely competitive category, the innovation is performing well with con- sumers who love the vibrant packaging and well-bal- anced taste and texture of the product. Better Buy Value Rice — The National Foods rice portfolio is comprised of iconic home-grown brands which are Mahatma, Red Seal and Better Buy. The Bet- ter Buy range is targeted at value driven consumers who also want quality products. Better Buy Value Rice vari- ant was introduced to provide variety to this segment at an extremely affordable price and carries the same trust- ed National Foods quality credentials. Better Buy Soya Delights — Better Buy Soya De- lights are a premium, defatted, and mildly cooked meat replacement for the health-conscious consumer. This al- lows consumers to cook it faster, hence saving on time. Its delivers a tasty relish for any starch, giving families their protein requirement in a healthier offering. Better Buy Soya Delights require a short cooking time and have a pleasant aroma hence bringing out the ‘Delight in Every Meal’. The Consumer is at the heart of our business As National Foods we put the consumer at the heart of everything we do. Our innovation and renovation pro- cess attests to this fact. Market and consumer research plays an integral part in our innovation and renovation process. It goes without saying that every new product launch or renovation is preceded by significant consum- er and market research. In light of this we renovated 4 of our key Brands over the last 12 months. Renovations Gloria Range of Flour The Gloria range of our was revamped following consumer research. This also led to renaming of two of variants namely Gloria Brown Flour to Gloria High Fibre Wheat Flour and Gloria Plain Flour to Gloria All Purpose Flour. The Brand also cele- brates 100 years together with the parent company. To Page S13 The Financial Gazette NATIONAL FOODS MAZ WINNER SPECIAL FEATURE November 12-18 2020 | Page S13 National Foods wins big at MAZ awards

From S12 Mahatma Elegant White Rice — Mahatma Rice has been in existence since the early 1970’s. The Brand has maintained its premium position and has been well re- spected as a premium rice brand of choice for decades. Recently the pack was refreshed following consumer research. The results have been well accepted by con- sumers and this has seen the Brand maintain its premium proposition. Iris loose biscuits — The Iris Brand has been trusted since 1965. Recently National Foods decided to refresh the packaging in order to give it a fresh and modern look. As with all our innovations and renovation’s the pack change was driven by consumer feedback and the need to align our colours to Global standards. Zapnax — The ZapNax brand has played a pivotal role in the Zimbabwean hard snacks market leading to the colloquial name of ‘mazapi’ for all hard snacks sold in Zimbabwe today. The Zapnax packaging was recently revamped and the avours were refreshed to guarantee a snacking experience like no other. To say thank you to our consumers in these difficult times, we have decided to invest some of our Centenary Celebrations funds by giving back to our communities through the 100 Charities initiative. 100 charities initiative While we work with more than 40 charities nation- wide on a regular basis covering both human and animal needs, we saw it fit to cast our net wider. In light of the challenges brought on by a second successive drought and the Covid-19 pandemic we felt that we should re- double our efforts to assist the vulnerable in society. We invited our stakeholders to nominate charity initiatives that we could recognise through a once off food dona- tion as our token of appreciation for the work they are doing. We received an overwhelming response which, to- gether with Ministry of Public Service, Labour and So- cial Welfare and other social development partners, was shortlisted to the 100 that will receive the food donation this November. This exercise has opened our eyes to the great work and sacrifices being undertaken across the country. We have also decided to thank our stakeholders for the support we have had over the last 100 years by re- warding them through a huge festive season promotion called the Thank You Promotion which runs from this November to the beginning of January. The promotion has wonderful product prizes to make any family's Christmas memorable. Finally, in conclusion, we would like to thank all stakeholders who have recognised, through these awards, the work being done at National Foods. Our commitment to remain a company driven by fulfilling the needs of our consumers continues strongly into the second century of our existence! Page S14 | November 12-18 2020 NATIONAL FOODS MAZ WINNER SPECIAL FEATURE The Financial Gazette National Foods 100 years history HE National Foods story is one of how two Mark Harris joined his brother Cessey at C Harris & Co and families, the Harris and the Palte formed they launched their first our product in 192 under the Red Ttwo separate businesses and then merged Seal brand. The brothers then formed Harris Bros & Co in them half a century later to create one company. 192. Their company, dealt in maie and wheat our mill- Mark Harris and J Palte had a close association ing, stockfeeds, grain and general produce. as Mark had worked for J Palte in 1915 in Bul- In November of 1956, the Rhodesia Milling and Man- awayo. ufacturing Co acquired Harris Bros and Co. This was the This first entrepreneurial venture was not suc- second time within half a century that Harris’ company was cessful as they dissolved their partnership three taken over by the same company and the brothers were ex- months later. National Foods corporate roots can cluded from our trade for the next ten years. The restraint be traced back to when the British South Africa of trade did not include maie hence the brothers re-estab- Company (BSA Co) bought into the Mark Harris lished themselves as Harris Maie Milling Produce Co Manufacturing Co on the 1st of July in 1920. dealing in maie milling. In uly of 19, the Rhodesian Joseph Palte founded J Palte Company in Bu- between Tiger and National Foods. Bulawayo. The Gloria Flour was launched in the Milling and Manufacturing Company dropped ‘Manufac- lawayo in 1908, trading as a produce merchant Mark Harris set up Mark Harris Manufac- same year in 1920. In 1924, Mark Harris sold the turing’ from its name to become the Rhodesia Milling Com- and a miller. His son Jack Palte joined his father’s turing in 1915 and in the years that followed, he balance of his stake to BSA Co and was given a pany (RMC). business and then took over running the company established the first roller maie and our mills three-year restraint of trade. In March of 1964, Palte Co, Harris Maie Milling in 1934 when his father passed on. in the country operating as the Atlas Mills. This Upon his departure, the BSAC renamed the &Produce Co, and Meadow Milling, a Tiger Oats entity In 1949, Jack Palte sold a stake of the busi- is where the ‘Atlas’ brand was born. In 1920, he group, the Rhodesian Milling and Manufacturing merged to form Palte-Harris. ness to Tiger Oats and it became the major share- sold a stake of his company to the British South Company (RMMC) in May of the same year. In The Rhodesian Milling Company was then absorbed holder. This was the beginning of the long, rich Africa Co and together they extended their prod- June of 1925, RMMC sold a stake of the compa- by Anglo American in 1965. Palte-Harris later changed its partnership that has developed and still exists uct lines and expanded into both Salisbury and ny to Spillers. When his restraint of trade lapsed, name to Palte-Harris Industrial Holdings (PHIH) in June of 1969 ahead of its listing on Rhodesia Stock Exchange in 1970. In mid-1975, Palte-Harris merged with the Rhodesian Milling Co to form National Foods on June 1, 1975 bringing together the Gloria and Red Seal brands. When National Foods was established, Spillers owned 25 percent and Tiger Oats owned a 16,1 percent stake of the business. Spillers was acquired by Dalgety PLC in 1979 which then sold its stake to Astra Foods in the 1980s. In 1984, the National Foods Workers Trust was formed. The Trust applies funds from dividends for the benefit of workers and their dependents in the fields of educational advancement, improvements in housing standards and gen- eral social welfare. This was the first workers trust to be established in the country and still exists today. The Workers Trust owns al- most 10 percent of National Foods today. In 1994 Astra Foods sold its stake to Anglo American and Tiger Oats, thereby increasing their shareholding in Na- tional Foods to 43 percent and 19,43 percent, respectively. Tiger Oats renamed its company to Tiger Brands in 1999. In 2003, Innscor Africa became a shareholder of Nation- al Foods by buying a 35,74 percent stake of the company, and Tiger Brands increased its stake to 29,92 percent from 19,43 percent in the same year. In 2007, Innscor Africa became the majority shareholder of National Foods with a stake of 49,9 percent after buying out Anglo American. In 2011, Innscor Africa reduced its stake from 49,9 per- cent to 37,73 percent, while Tiger Brands increased to 37,45 percent. Today, Innscor Africa and Tiger Brands together with the Workers Trust form part of the top three sharehold- ers and collectively own 85 percent of the business. Brands Red Seal: For over 100 years Red Seal has been a part of every meal. Red Seal has grown from strength to strength, and can now be found in over ten different product range categories. The Red Seal range includes Super Roller Meal, Multi-Grain Roller Meal, Self-Raising Flour, Pure Cooking Oil, White Rice, Iodised Table Salt, Samp, Sugar Beans, Popcorn, Relish Mix, Smooth Peanut Butter, Mixed Fruit Jam, Baked Beans and Pre-Cooked Dog Meal for your pets. Gloria: Your trusted baking partner since 1920, Gloria Flour turns 100 years this year. Over the years, it has be- come imbabwes most revered our brand. Having most recently launched the Self Raising Cake Flour as well as the new look All Purpose Flour (Formerly Plain Flour), High Fibre Wheat Flour (Formerly Brown Flour) and the refreshed Self Raising Flour packaging. Pearlenta: The Pearlenta brand is the embodiment pre- mium nutrition. The brand name is derived from the name pearl. The pearl is a metaphor, for something fine, valuable, pure and admirable. Pearlenta started off as a sub-brand of Red Seal but has since become a multi-category brand with the inception of breakfast category under the Pearlenta Nutri Active brand. Mahatma: Zimbabwe’s most cherished rice brand was established in the early 1970’s. Mahatma continues to offer rice connoisseurs the best quality rice in the country through its iconic variants of Basmati, Jasmine, Brown and Elegant White Rice. Mahatma Rice, Cooks Perfectly, Tastes Deli- cious! The Better Buy Brand: Established in the year 2008, the iconic brand boasts of a wide product portfolio with etter uy Roller Maie Meal, etter uy etter uy Rice range and Better Buy Pasta range. Better Buy, A Must Buy! New to the Better Buy Family: Better Buy Soya Delights Snacks and Treats: The portfolio carries the Allegros, ing, apnax And Iris brands. With avours almost as rich as our history, we have offerings that are guaranteed to put a smile on your face and complement any mood. National Foods Stockfeeds: Provide a broad range of feed for pets and commercial animals. Several farmers, both commercial and non-commercial, depend on National Foods Stockfeeds for their animal’s wholesome nutrition. Produced using the finest local ingredients, ational Foods Stockfeeds offer complete diets for poultry, cattle, small ru- minants, dogs and game breeds. The Financial Gazette ovember 12-1 2020 | Page S15

MAZ appoints new board

HE Marketers Association of Zimbabwe (MAZ) been to change the status quo, to better the uate diploma in marketing IMM, the vision usiness eadership S as well as Mas- recently appointed five new board members to re- family lifestyle. His drive in life is to work to uplift the marketing profession became his ters of Commerce degree in Strategic Market- Tplace those whose term had ended. hard on everything he does and do it well each burning desire, hence the birth of Marketers ing MS. According to the constitution of MAZ, Chapter 8.6.1 time. Association of Zimbabwe (MAZ) which was Rusike’s passion for success and results fur- guides that the board should be elected at an Annual In 2005, armed with a Bachelor’s degree eventually launched in 2007. ther earned him top-coveted position of secre- General Meeting of the Association. in marketing management (IMM) and a grad- Rusike also holds a Master’s Degree in tary-general of a continental body To S16 The AGM is constituted in accordance with Chapter 8.6.1.9 guidelines which state that the board members shall serve for two years after which two thirds of the older members of the board shall retire by rotation on a first time, first out basis but retaining the right to present themselves individually for re-election. The new board members are Professor Zororo Mu- randa, Andrew Tawodzera, Lawrence Kupika, Liberty Kazhanje and Emilliah Mabika. They will join the existing team of executive secre- tary Gillian Rusike, yndon komo, Roseline Chisveto and Dennis Mambure. The new MAZ board 1.President - Professor Zororo Muranda Muranda is a full professor of business. He is the first and current Pro-Vice-Chancellor for usiness evelop- ment and Resource Mobilisation. He has a long history in academia. He has worked for the past 2 years as a niversity lecturer and professor. Murandas first call of duty as an academic was in 1992 when he joined the niversity of imbabwe as a lecturer in 1992. He has worked at some of the country’s top uni- versities namely, Midlands State niversity, Chinhoyi niversity of Technology and niversity of otswa- na. uring his service with Midlands State niversity, Muranda worked hard to establish the MS MA pro- gramme and the Banking and Finance programmes. In April 2004, he moved to Chinhoyi niversity of Tech- nology as xecutive ean. In August 2006 up to e- cember 2008, he was the Acting Pro Vice Chancellor of the niversity. From January 2009 up January 2013, he was with the niversity of otswana. At the niversity of otswana he served as chairman of the department of Management from January 2010 to December 2012. He re-joined Chinhoyi niversity of Technology in March 2013, as ean of the School of ntrepreneurship and usiness Sciences. He holds a achelor of usiness Studies , Master of Philosophy Area of Study n- trepreneurship and Small usiness evelopment and octor of Philosophy Area of Study International Mar- keting). Muranda is currently serving as an xternal xam- iner for the ational niversity of Science and Tech- nology, Africa niversity, imbabwe Institute of Public Administration and Management, niversity of amib- ia and niversity of the orth West in South Africa. He has served as an xternal xaminer for Solusi niver- sity, AM niversity College in otswana, and Great imbabwe niversity.

Zororo Muranda

2.Executive Secretary - Gillian Rusike Gillian Rusike’s ambition from childhood has always Page S16 | November 12-18 2020 NEW MAZ BOARD SPECIAL FEATURE The Financial Gazette MAZ appoints new board From S15 ry, and is working on other publications focusing keting Management with Honours, Post graduate of marketing professionals, the African Mar- on Zimbabwe and its endowed richness. A moti- diploma in marketing Management (CIM), he is keting Confederation (AMC) headquartered in vational speaker, corporate trainer and mentor of an Associate of the Chartered Institute of Mar- South Africa. many professionals, his major areas span from keting UK, as well as a Zim Chartered Marketer In recognition of his efforts Rusike was nomi- marketing strategy, business development, rela- (MAZ). He is currently writing his Dissertation nated and awarded as Outstanding Young Person tionship marketing, brand management, customer for a Masters in Business Administration with Af- in Zimbabwe by Junior Chamber International service and sales management. His interests have rica University focusing on Corporate Parenting. (JCI) in 2013. Megafest also honoured Rusike by diversified into nurturing and mentoring upcom- 4. Emilliah Mabika awarding him the accolade of Visionary of The ing entrepreneurs. Mabika boasts over 19 years proven work ex- Gillian Rusike Year award at the Megafest National Business 3. Andrew Tawodzera perience within the Marketing and Sales field. She Awards in 2014. Tawodzera is a pragmatic marketing and sales is currently the Head of Group Marketing- ZB Fi- He is the currently the chairperson of the Zim- professional with over 15 years experience in nancial Holdings Limited. She has worked for a babwe All Media Research Foundation (ZARF). banking, telecommunications, airline and adver- number of key organisations including; the Grain Rusike also sits on the boards of the following tising industries. He is currently the head of mar- Marketing board in Grain Trading, Africa Online, organisations: Entrepreneurial Development keting for National Building Society. Cairns Foods and Founders Building Society Trust Africa (EDTA), The President’s Fund and He has proven skills in relationship manage- which later became Intermarket Building Society. Tourism Business Council of Zimbabwe (TBCZ). ment, product development, customer experience, Mabika holds a B-tech Management Honours and Rusike’s passion for knowledge empowerment advertising and brand management. Tawodzera is an MBA from the University of Zimbabwe. has gone further by establishing a publishing an experienced leader who has held several senior She is a Marketing Practitioner MAZ. She house, Gillian and Associates Publishers Ltd management roles in his career and. served as a member of the Funding Committee which has to date published the ground breaking He has several professional qualifications that and the Youth and Gender Committee for CZI book titled People of Zimbabwe - This is my Sto- include a Bachelor of Commerce Degree in Mar- from 2018 to 2019. Andrew Tawodzera

Emilliah Mabika

Lawrence Munashe Kupika Mabika is currently the chairman of the recently- launched MAZ Charity Foundation. She is a motivational speaker and who also enjoys facilitation at events. Her passion is entre- preneurship in the youth and women. She is a firm advocate for customer centricity and customer experience as the key to the success of any enterprise. Mabika is married and has three children who are all pursuing university degrees. 5. Lawrence Munashe Kupika Kupika is a marketing, communications, customer ex- perience and consumer banking-inclined professional who has gained widespread exposure having held key managerial and executive positions in banking, telecommunications and international business environments. He is the general man- ager for retail banking for the People’s Own Savings Bank (POSB), a position of leadership for key departments of the Bank i.e retail banking, e-banking, agency banking, opera- tions a and private banking. Prior to becoming GM for retail banking, Kupika held positions of head of marketing and PR for POSB, high value segment manager and customer experience manager at Tele- cel Zimbabwe. He has also worked for (Powertel Commu- nications (Pvt) Ltd), the department of Trade and Industry (SA), Probe Market Research (Pvt) Ltd and Art Corporation as a Graduate Trainee. Kupika is a senior executive member of MAZ, a professional banker of the Institute of Bankers of South Africa (PBSA) and a Fellow of the Institute of Credit Management South Africa ((FICM). He holds a Bachelor of Business Studies Hons degree (University of Zimbabwe), Master of Science Marketing degree (NUST), Executive MA degree ST and Certificate in anking I. 6. Liberty Kazhanje Kazhanje is the head of marketing (Insurance) for Cas- sava Smartech Zimbabwe and is responsible for overseeing the development and delivery of a fully-integrated marketing strategy for the Insurance business. He is also supporting the marketing activities for the Group’s Pan African insurance related partnership roll-outs. Kazhanje has over 15 years’ marketing experience cov- ering telecoms, mobile financial services, life, non-life and medical insurance sectors. His marketing practice experience covers southern and east Africa territories and has overseen the conception, development and growth of a number of award-winning brands. He was the MAZ 2016 Brand Man- ager of the Year award winner. To S17 The Financial Gazette MAZ NEW BOARD SPECIAL FEATURE November 12-18 2020 | Page S17 MAZ appoints new board From S16 er learning. Notary Public and Conveyancer. He also does marketing consultancy for A devout Christian, husband and fa- He also researches and writes on is- a number of organisations in Zimbabwe ther of three, Mambure is a keen writer, sues pertaining to Telecommunications and in his spare time he enjoys playing who has published a collection of poems, Law, Broadcasting Law, Corporate Gov- golf and watching soccer (FC Barcelona Echoes of Explosions as well as a book, ernance, Cyber Law and Disability Rights Liberty Kazhanje fan). He is a member of MAZ. Engaging in Responsible Behaviour: A Law. 7.Dennis Mambure Financial Perspective, which he co-au- He practiced law with the following Mambure is a seasoned marketer with thored with Angela, his wife. law firms, Messrs Muvingi and Mugadza leadership experience across various 8.Roseline Chisveto Legal Practitioners, Messrs T.K. Hove and sectors of the economy. Mambure is the Chisveto has served in a number of ex- Partners Legal Practitioners and Messrs group head of marketing and communica- ecutive positions with her latest being the Atherstone and Cook Legal Practitioners tions for FMBCapital Holdings. managing director of Turnall Holdings. before joining the Posts and Telecommu- Mambure started his career at British She holds an MBA and an Honours Busi- nications Corporation (PTC) as a Legal American Tobacco as a graduate manage- ness Studies Degree from the University Officer in 2000. ment trainee after which he was appointed of Zimbabwe. He also sat on the boards of Firstel channel development executive and later Chisveto has diplomas in Marketing Cellular (Private) Limited, Zellco Cellu- assumed the role of key accounts manag- and Public Relations. She has vast expe- lar (Private) Limited and the Zimbabwe er. rience in the manufacturing and service National Association of Mental Health in Dennis Mambure He has worked in FMCG, agriculture, industry. the past. telecoms and banking sectors. With a keen She joined Turnall in September 2007 Nkomo also worked as a company sec- interest in the nexus between marketing as marketing services manager from Tele- retary and head of Legal and Regulatory and public policy, Mambure will be a key cel where she was public relations exec- Services for NetOne Cellular (Private) resource on the board. utive. Limited from 2001 to 2016. He holds a Bachelor of Commerce She is a councillor of the Business He currently sits on the MAZ board of Honours in Marketing as well as an MSc Council for Sustainable Development trustees. Nkomo is a co-founding Trust- in Marketing which he graduated with a Zimbabwe (BCSDZ) and an active mem- ee of Deaf Zimbabwe Trust and he was Distinction. ber of the Miracle Missions Police and a managing partner at L.T. Nkomo Legal He holds Marketing Practitioner Sta- Prisoners Networking Group and CZI. Practitioners. tus (MPS) from MAZ in partnership with She was a non-executive director of The elected board members come into IMM South Africa. Mambure has certifi- ZENT, a subsidiary of ZESA Holdings office with the constitutional mandate to Roseline Chisveto cations in Social Media and Digital Mar- SBU. direct and supervise the association in its keting from Stellenbosch University. 9.Lyndon Tuyani Nkomo quest to meet its objectives. Mambure has attended several leader- Nkomo holds a Bachelor of Laws The board plays an advisory role to the ship development courses from institu- Honours degree from the University of association’s management team as well as tions such as Duke Corporate Education. Zimbabwe, a Master of Laws (LLM) serving as a link between the association He has lectured in brand management, (Communications Laws) degree from the and external stakeholders among other marketing research and marketing practi- University of the Witwatersrand, Johan- duties. cum modules for the Institute of Market- nesburg, South Africa and a Master of MAZ, which is a membership driven ing Management (SA), marketing com- Business Administration (MBA) degree organisation, seeks to enhance the prac- munications and other marketing related from the University of Zimbabwe. tice of marketing practitioners to compete courses with different institutions of high- He is a registered Legal Practitioner, with the rest of the world. Lyndon Tuyani Nkomo Page S18 | November 12-18 2020 MAZ NEW BOARD SPECIAL FEATURE The Financial Gazette MAZ ushers in new presidium HE Marketers Association of Zimbabwe (MAZ) has ushered in new leadership in T order to allow a continuous flow of fresh ideas that can contribute to the growth of the pro- fession and the Association at large. At this year's October 29 Annual General Meet- ing, MAZ held elections which saw five new board members being elected, who are Professor Zororo Muranda, Liberty Kazhanje, Andrew Tawodzera, Emilia Mabika, and Lawrence Kupika. Muranda was duly elected as the president, be- coming the 6th President of the Association, tak- ing over the reins from Denny Marandure. Board members who retired include Marandure, Dedrey Mutimutema, Unaiswi Nyikadzino, Dr El- drette Shereni, Dr Tapera, More Moyo and Sydney Sibanda. The new board members join current board members — Roselyn Chisveto and Dennis Mam- Outgoing MAZ president Denny Marandure. New MAZ president, Professor Zororo Muranda bure — who are serving their second and last term. The new president, Muranda is currently the Pro Vice Chancellor (Business Development and Resource Mobilisation) at Chinhoyi University of Technology. In a statement, the professor expressed his de- light and commitment to pursue the vision of the organisation taking it from where his predecessors left. He is not new to the association having once saved previously as a board member hence his foundation is well informed. He is a widely respected senior academic in business education. He has been in the industry for the past 28 years as a university lecturer and professor. Muranda is also a prolific researcher. He has published more than 40 articles com- prising a book, articles for journals and refereed conference proceedings. His research interests and advisory are in strat- egy, international marketing, internationalisation, corporate social responsibility, corporate gover- nance, and entrepreneurship. He has been and continues to be a major asset in the areas of training and development in our profession. He holds a Bachelor of Business Studies (UZ), Master of Philosophy (Area of Study: Entrepre- neurship and Small Business Development) and Doctor of Philosophy (Area of Study: Internation- al Marketing). MAZ secretary-general Gillian Rusike said the coming back on the leadership crest of Muranda as the president set the association on a new and better trajectory for the profession at large, as his wealth of experience will better our interface with the academic sector where marketers are brewed. “It is paramount for any institution to be futur- istic in approach hence a solid relationship with the institutions where they are made is of para- mount importance”, Rusike said. Rusike also said that the association would like to work closely with institutions of higher learning in order that there is alignment of graduates they produce and expectations from industry particu- larly from a marketing point of view. The other elected board members are key, as they come from industry to complement the much-needed expertise to run the organisation professionally.

Outgoing board member Dr Musekiwa Tapera (centre) congratulating Zim Gold representatives at the MAZ Exceptional Marketing Awards recently. The Financial Gazette MAZ NEW BOARD SPECIAL FEATURE November 12-18 2020 | Page S19 MAZ to host the Superbrand Awards 2020

ARKETERS Association sectoral leaders and their runner-ups of Zimbabwe (MAZ) will are also given awards. M be hosting the 10th edition The Top 200 brands were unveiled of the premiere business awards, the in a virtual launch in June this year Superbrand Awards at the Rainbow and on the Awards dinner night, Towers on November 27, 2020. the top brands for the year will be This prestigious event of the year, awarded. seeks to recognise and reward brand There will also be an exhibition excellence and at the same time cel- at the Awards ceremony where we ebrate brands that have established are inviting corporates to bring their the finest reputation in their various goods and services. fields. Due to the Covid 19 regulations During this ceremony, the top 10 there will be limited numbers. business to business (B2B) and busi- “Tickets for the awards ceremony ness to consumer (B2C) brands are will soon be available and they are given awards. on a first come basis as we have lim- The brands are also further cate- ited tables this time around”. gorised and ranked in their respec- For bookings for the Superbrand tive sectors based on the weighted Awards kindly contact Aquiline scores. Mazhawidza on aquiline@mazim. It is according to these scores that co.zw or (0242) 795 764.

This prestigious event seeks to recognise and reward brand excellence while at the same time celebrating brands that hae established the finest reutation in their arious fields Page S20 | November 12-18 2020 MAZ NEW BOARD SPECIAL FEATURE The Financial Gazette MAZ: The centre of marketing development

HE Marketers Association of Zimba- Grounded on the corporate values of passion, commit- bwe (MAZ) was established in 2007 in ment, transparency, professionalism among others, the Harare. Leading to its formation, major Association has promoted continuous career development T programmes, which encourages exchange of new gener- challenges were identified within the Marketing profession which included lack of recognition ation marketing and business ideas. These have benefited of the profession in the country, as well as gross both member and non-member organisations. Marketing fragmentation among professionals themselves is the major driver and backbone of any organisation. due to lack of an effective networking facility. MAZ is a membership driven association which is now There was also realisation of the need for the working on making sure it’s a statutory body through an development and implementation of marketing Act of Parliament. Its lawyers and consultants have begun strategies through interactive forums, conse- work on engaging the Government towards this thrust. quently benefitting the entire industry, govern- It has grown to have several departments among them: ment and economy at large. Membership The establishment of the board has so far The Association’s membership which is open to all made strides in promoting and ensuring that marketers and corporate organisations, is split into two there is due recognition for the marketing pro- broad categories, Corporate and Individual Membership. fession. Corporate membership is categorised into four pack- Marketing is the major driver of organisa- ages Platinum, Gold, Tertiary and Silver membership. Individual Membership is categorised into four pack- tional success and is therefore deserving of the A offers an array of training rogrammes meant to ee mareters abreast ith the ages which include, Honorary Membership, MAZ fel- utmost respect. fastchanging dynamic enironment lows, Full membership and Student membership. Training MAZ offers an array of training programmes meant to keep marketers abreast with the fast-changing dynamic environment. MAZ is not only a hub for Marketers but also a centre of excellence in terms of career and skills development. Online Classes The Association has adapted to the new normal by hosting all the classes on online platforms such as Zoom and Microsoft ffice Teams. For now, all lectures are conducted online. The pro- grams include; ZimChartered Marketer The ZimChartered Marketer programme is a presti- gious marketing status that is accorded to marketing pro- fessionals in and around Zimbabwe. The programme is done in partnership with Chinhoyi University of Technology, Bindura University of Science Education, Midlands State University and the National University of Science and Technology. The programme addresses the need for marketing pro- fessionals to be credible and results oriented. This is also a platform for enhanced career prospects and is an avenue for continuous personal development in today's dynamic business environment. It offers practical marketing exposure blended with relevant theory. It seeks to consolidate theory into practice through mentorship of a small to medium enterprise for a one year period. It seeks to expose one to the practical approach to marketing rather than being theoretical. The criteria for one to become a ZimChartered Mar- keter are a minimum of eight to 10 years broad practical marketing experience or a professional marketing degree or global equivalent in a marketing discipline that can be authenticated by an institutional authority and is rec- ognised by MAZ. The benefits of becoming a imChartered Marketer are that one will have the privilege of attaining of a high- ly recognised Marketing qualification in imbabwe and beyond. Certificate in igital areting Course This self-paced Digital Media and Marketing certif- icate 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 mar- keting environment and integrates them to current busi- ness operations. It includes modules like digital marketing analytics, social media marketing, search engine optimisation, mo- bile marketing, Email marketing, content creation and blogging for business. Certificate in igital Marketing, which 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 re- sources endorsed by MAZ. The association has also introduced the Executive Certificate in igital Marketing, which is positioned for senior executives who just want an appreciation of Digital Marketing. iloma in ublic elations 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 students with knowl- edge and skills that will professionals to function in the Public Relations sphere. It enables effective and efficient management of Pub- lic Relations related issues, and helps adapt to PR and Corporate Reputation Management dynamics. To that end, the qualification is structured in such a o age 11 The Financial Gazette MAZ NEW BOARD SPECIAL FEATURE November 12-18 2020 | Page 11

From S20 way that will allow those in the industry to play a signifi- cant role in their respective areas. MAZ: The centre of professional excellence This diploma includes modules related to Psychology &Sociology, Media Studies & Liaison, Employee Rela- tions and Events and Corporate Reputation Management. Major Annual events For networking and career development, the associa- tion also hosts several events including business confer- ences, seminars, breakfast, meetings, luncheons, business dinners and golf tournaments. Annual Continuous Professional Development This is open to Senior Marketers and is usually held in June. It seeks to train marketers on strategic market- ing and comprises group work, presentations and assign- ments. Marketers that successfully complete the require- ments of this programme are awarded a MAZ Marketing Practitioner Status (MPS), a positive step towards their career development. The Master Class B is open to current MAZ Accred- ited Marketing Practitioners; Marketing Directors, Mar- keting Managers, Brand Managers and Marketing Teams; Business Development Managers, Sales Directors, Sales Managers and Sales Executives; Public Relations Man- agers as well as customer Service heads and customer service managers. MAZ is not only a hub for marketers but also a centre of excellence in terms of career and skills development. Marketers Convention This annual event is open to all marketers and their related professions regardless of their level. It is a much anticipated end of year event drawing speakers locally re- gionally and beyond. During this event, Exceptional Marketing Awards are presented to the most outstanding marketing effort for the year. Due to its outbound nature, marketers obtain great op- portunity to thoroughly exploit opportunities and syner- gies away from the centralised business districts. Superbrand Awards Ceremony The Superbrand Awards Ceremony, which hosts over 600 executives and business leaders each year, has earned a solid reputation as the premium business event of the year. The Superbrand Awards were birthed in 2009 and celebrate brand excellence. Marketers Boot Camp This A-networking platform for all Marketing, Public Relations, Customer Service and Sales Professionals. The main thrust of the bootcamp is to develop team leaders through team building initiatives offering practical skills such as handling with stressful work situations and nego- tiating just to mention a few. Publications MAZ has a standalone publications department. It pro- duces the ZimMarketer, Superbrand Report, Marketers Guide and the Business Insights, a monthly newsletter. ZimMarketer This is the official mouthpiece of the association that publishes marketing matters industry and latest business trends. This quarterly magazine also updates you on the latest MA events and is filled with thought provoking content and fresh insights. The ZimMarketer is distributed to over 3 000 market- ers, industry professionals and the business fraternity at large. In line with the current trends, an online version of the magazine will be available. Superbrand Report This is an annual report which gives an overview of the Superbrand process of that particular year. It is also a chance for brands that will have made it into the Top 200 brands selection of the year to advertise and share their major success with marketers and industry leaders. The report also includes industry analyses of each sector and thereafter give recommendations. Marketers Online Directory Guide The Marketing Services Directory is a vital tool for promoting business. This tool provides a comprehensive list of Zimbabwean business that are essential to all mar- keters in Zimbabwe. The aim of online directory is to ease search of mar- keting business suppliers and potential business partners’ contacts. It also strives to provide a platform for business to showcase their products to marketers each and every day. It also seeks to establish suppliers and businesses cur- rently in operation. Business Insights This is a monthly newsletter which is sent out to mar- keters in order to keep them updates on any current trends, events, news and company updates. This newsletter is sent on email and other social me- dia platforms and MAZ corporate members have the op- portunity to share any news they may have about their organisations. Research Department The research arm of MAZ, trading as Baseline Re- search primarily conducts major national surveys which are important to marketers. These are the Superbrand Research as well as Excep- tional Marketers Awards Research. In addition to that, the research arm has expanded to provide research services to corporates. Page 12 | November 12-18 2020 The Financial Gazette Companies & Markets Zimre shares spike on ZPI take-over Omega Ukama ZPI recently completed two major projects, Senior Staff Writer ZSE All Share Index vs. Zimre share price (Oct 2020) Sawanga Mall in Victoria Falls and Nicoz House — a student accommodation property in Bulawayo IMRE Holdings (Zimre)’s shares gained 17 percent — both of which are contributing “meaningfully” on the Zimbabwe Stock Exchange (ZSE) in October - 2.6 to revenue streams, according to the company. against a market-wide loss of 9,74 percent - as the group PI shares closed ctober at 0,7 after shed- Z 160 ZSE All Share Index completed its take-over of Zimre Property Investments (ZPI). 2.66

points ding 26,3 percent since trade resumed on August imre now holds a 97,62 percent stake in the property 03. company, after acquiring an additional 33,34 percent, through 1460 Zimre share price 2.46 Meanwhile, unprecedented disruptions on eco- an offer to minorities that was open from September 11 to Oc- 01-Oct 08-Oct 15-Oct 22-Oct 29-Oct nomic activity caused by the Covid-19 pandemic tober 16. Source; ZSE has created uncertainty for Zimre’s operations, Since August 03, when the S resumed trade following © The Financial Gazette which span five nations imbabwe, otswana, a five-week suspension, imre had gained only ,26 percent, Zambia, Mozambique and Malawi. while the S benchmark All Share Index ASI had lost 4,12 “At this juncture, Zimre intends to be an infra- to increase its shareholding in ZPI to levels where “Although there is gradual easing of restric- percent. structure enabler and innovation catalyst… in order its operations are within its control, with the inten- tions, recovery is expected to be extremely slow imre shares closed ctober at 2,90, picking up from an to maintain the momentum of this stage, especially tion of delisting the property firm. in some economic sectors,” Benjamin Kumalo, intra-month low of 2,47, while the ASI moved from 1 636,32 noting the ‘introversion’ of global policies, the com- And this week, the ZSE said it noted that ZPI Zimre’s chairman said in a trading update for the points to 1 476,7 points during the month. petitive landscape and the renewed strategic thrust no longer met the minimum free-oat for a listed half-year ended une 30, 2020. Zimre’s consolidation with ZPI is meant to strengthen the to be a leading local investment holding group in company. In the face of high ination in imbabwe re- former’s balance sheet and underwriting capacity, according Zimbabwe, the group has begun to consolidate its “Holders of ZPI securities are hereby advised ported at 69 percent for September umalo said to the group. stablished in 193, imre says it has entered a position in many of its key investments,” the com- that the securities can no longer be traded on the Zimre has had to constantly increase sums insured, “growth and development frontier,” and the restructure is also pany said in a recent circular to shareholders. ZSE with effect from November 10, 2020,” it said while there has also been a spike in the cost of in- meant to aid this strategy. Against this background, Zimre said it decided Tuesday. surance claims. [email protected] Truworths Zim predicts slow Covid-19 recovery

Adelaide Moyo Staff Writer

RUWORTHS Zimbabwe (Truworths) says it expects to see a slow recovery from the ad- Tverse effects of the Covid-19 pandemic on its business, due to the country’s ongoing macro-eco- nomic challenges. The clothing retailer said “diminishing consum- er purchasing power due the devaluation of the Zimbabwe dollar, and persistent liquidity shortag- es,” in particular, threaten to exacerbate the situa- tion. “The short to medium term environment is ex- pected to remain constrained due to the Covid-19 pandemic,” the company said in its results for the year ended July 12, 2020. The pandemic has resulted in virtual working on some of our customer base leading to a shift in the merchandise assortments and international supply chain disruptions,” it added. The company, however, said since the easing of the lockdown restrictions, trading has been in line with expectations in the current environment ex- cept for Harare CBD stores. Truworths’ units sold declined by 57,5 percent during the year when compared to the same period last year. The retailer said product availability was con- strained during the period under review due to foreign currency unavailability and pricing con- straints. It said this has since improved, however, with the introduction of the foreign exchange auction by the central bank. Gross profit margins held firm with no merchan- dise markdowns, the company said. Truworths recorded a profit of 9,36 million during the period under review compared to 23,43 million in the prior period. Revenue decreased to 16 million from 17 million in the prior comparative period. “The second half period was negatively affected by the Covid-19 lockdown. Our stores were closed from the last week of the trading month in March 2020, all of April and for two weeks in May. The debtors collection teams worked virtually and the collections for the months of April and May were acceptable, the firm said. The company says it has had to “conservatively and judiciously” manage the granting of credit, due to hyperinationary conditions. This resulted in the number of active accounts decreasing by 0,5 percent. The tenure of the credit period was reduced and monthly interest charges were reviewed upwards. The doubtful debt provision as a percentage of gross debtors was 13, percent compared to 1,2 percent in the prior period. The board deemed it prudent not to declare a dividend due to the need to finance increased work- ing capital requirements in a hyperinationary en- vironment with limited or reduced supplier credit terms, the company said. [email protected] The Financial Gazette November 12-18 2020 | Page 13 Companies & Markets Covid delays Dominican miner’s Zim exploration

Nelson Gahadza cluding gold grades of 3,3 grams per tonne, Mhlanga Staff Writer said. Globally, there has been a growing demand for OMINICAN mining group, Bravura Con- platinum for use in catalytic converters to limit emis- sortium (Bravura) says its platinum explora- sions as car manufacturer’s shift to making electric Dtion in Zimbabwe has been slowed-down by cars powered by lithium batteries. the Covid-19 pandemic. Speaking during the tour, Mines minister Win- The mining group, which has committed US$50 ston Chitando said the growing demand bodes well to the expedition, is targeting to become Zimbabwe’s with the country’s vision to shore up platinum pro- fourth major platinum miner after Zimplats, Mimosa duction. and Unki. “As government we are impressed with the rate Lionel Mhlanga, the group’s country manager, and speed the company is moving the project. We said exploration works started in July 2019, “but was will be glad to see actual production commencing by disrupted along the way by the outbreak of the coro- 2021, second quarter,” he said. navirus pandemic.” He said the Bravura project adds to other new We are still within the confirmation stage and Bravura is targeting to become one of Zimbabwe’s major platinum miners. platinum projects such as that of Karo Resources we are hoping to have covered 5 000 metres by the and the Great Dyke Investments, which are aimed ing house incorporated in the Republic of Dominica, than US$50 million to explore and mine platinum. end of February 2021 which will inform our next at contributing to the US$12 billion per annum target and domiciled in Ghana, with subsidiaries in Nige- The project sits on 3 000 hectares and to date, the stage,” he said last week during an exploration tour by 2023. ria, DRC, Guinea and Zimbabwe. company has drilled 15 holes, covering at least 4 000 of the site, which is 70 kilometres south-west of Ha- Bravura is expected to eventually sink more than In Zimbabwe, through a mining agreement meters per month. rare in the Selous area. US$250 million in platinum related investments in signed last year, the group pledged to spend more Initial indications have shown three elements in- The Bravura Consortium is a multi-national min- Zimbabwe. [email protected] Unifreight’s haulage volumes decline Adelaide Moyo by Covid-19 shutdowns in April and May, we are tion, with improving yields, improving fuel con- quire a 51 percent stake in Tredcor Zimbabwe Staff Writer pleased to report an ination adjusted profit before sumption levels which can be attributed to new eet, (Tredcor), and full ownership of Birmingham In- tax of $19 million which is 18 percent above prior decreasing costs per tonne and overall improvement vestments (Birmingham), which are currently on the NIFREIGHT Africa (Unifreight)'s total year,” Peter Annesley, Unifreight’s board chairman in cost controls, which gives us a great deal of faith books of Clan Services – a subsidiary of Unifreight. haulage volumes declined by 22 percent said in a statement accompanying the group’s re- that we are on the right track and will end the year For the entire shareholding of Birmingham, Uduring the half year ended June 30, 2020 sults. on a high note, ahead of budget,” he said. Zimplow is offering $58 million to be settled with due to disturbances caused by the Covid-19 pan- The companys profit for the period decreased to The chairman noted that “the reality of the eco- 15 774 446 of its newly issued ordinary shares. demic. $5,03 million compared to $7,702 million recorded nomic outlook in the country is not good at all,” And for the 51 percent stake in Tredcor, Zim- The transport and logistics firm said during the in the prior comparable period. adding that the company was “preparing for a very plow has offered $67 million to be settled with 18 review period, many of its customers were shut Annesley said the third quarter - the three difficult time ahead. 399 564 newly issued shares. down completely, while others were operating at months after the reporting period – have, however, Meanwhile, Unifreight is set to sell two of its According to Unifreight, the transaction presents less than half of their normal trading volumes. shown a dramatic come back with cumulative rev- subsidiaries to Zimplow Holdings (Zimplow) for an an opportunity to enhance Tredcor’s performance, “Our half year results for 2020 were slightly enue on budget and five percent ahead of budget in equity consideration, as the company seeks to capi- which the company says has held it back for years. disappointing versus our forecasted figures, but real terms. talise on its illiquid investments. given the completely unexpected downturn created “All of our KPIs are moving in the right direc- The company said Zimplow is targeting to ac- [email protected] Page 14| November 12-18 2020 The Financial Gazette Column Review of the 99-year farm lease Introduction It is proposed that these time frames be adjusted part of their core business of financial services. the farms in 12 months. The provisions should HE 99-year farm lease has been the subject of discus- to at least 12 months’ notice, especially where a Farming activities are the responsibility of farm- be amended to mandate the government to find sion at many fora for several years now. The Bankers’ farmer has a loan facility. This is because loan fa- ers, while the role of bankers is providing finan- a farmer to take over farming operations in this TAssociation of Zimbabwe (BAZ) has participated in cilities provided by banks have a minimum tenure cial support to clients, including farmers, to fund regard. This should be considered in the back drop discussions on making the lease bankable. Below are some of 12 months. In the event that a farmer has se- their farming activities. In any event, banking of existing lending secured by immovable proper- issues to consider that may assist in the ongoing review of cured funding from a lender, a 12 months’ notice ty: when a borrower fails to honour their month- the lease. period of retaking or termination or cancellation is ly repayment obligations for mortgage facilities, Government guarantee more practical, as it provides the lender with time banking institutions do not take over the business It is the considered view of BAZ that the government of to make recoveries from the farmer. or otherwise of the mortgaged property. Zimbabwe should provide a guarantee on the 99-year leases Taking over farming operations by bank- Instead, the property is called up as security, that is backed by an insurance fund. The facility will be fund- ing institutions sold, and sale proceeds are used to settle outstand- ed from the monthly contributions that the farmers make to Clause 25.3 states that where a farmer has de- ing balances. The purchaser then makes a decision the government as payment for rental on the lease. The fund faulted on a loan facility, and the lender has failed on how to proceed in utilising the purchased prop- will then be handed over to an insurance company for man- to dispose of the leasehold in a 12 month period, erty. agement and investment. In the event of default by a farmer, the lender can either assume all the obligations of institutions are prohibited by the Reserve Bank The same principles must apply in this in- the government guarantee can be enforced by calling up the the farmer, and all the rights of the farmer, other from conducting business outside that which is stance, where a farmer defaults on a loan facili- insurance. It must be noted that pursuing the government than the right to terminate the lease or wait in an- specified in the banking licences, guided by the ty. The banking institution must not be burdened through litigation is a lengthy process, therefore there is need ticipation a new farmer, who will discharge any Banking Act (Chapter 24:20). It is submitted with taking over farming operations, but rather to exempt the security provided by these guarantees from monetary obligation owed by the previous farmer. therefore that Clause 25.3 be amended to delete should be assisted in the full repayment of the the notice requirements outlined in the State Liabilities Act It is submitted that these provisions impose re- all responsibility that requires lenders to take loan, and other interested farmers can take over (Chapter 8:14). This will ensure that the calling up of security sponsibilities on banking institutions that are not over farming operations where they fail to sell farming operations. is shorter, and that banking institutions are compensated in a timely manner. Valuation framework Given that the 99-year lease separates the land from the buildings and equipment, the process of valuation of the lat- ter must change in this respect. Currently, land and buildings are valued together during the process of assessing a credit application by the owner of the land, who is also the own- er of the buildings and equipment on the land. The existing legal framework of the country does not provide guidance on how valuation is conducted where the land is owned by the state, and the buildings and equipment are owned by a tenant/ farmer. The lease document itself does not provide these parameters either. This is despite the value being noted in clause 6 of the lease, and is the subject of retaking/repos- session in clause 22. There is need therefore to develop a valuation framework specifically for 99-year leases, which will guide farmers, banking institutions and valuers on how to value the buildings and equipment excluding the land. Buildings erected on farms It is submitted that a cause for concern is the standard of buildings erected by farmers on the leased land. In gener- al, farmers tend to erect temporary or sub-standard dwelling structures on the farms, yet these are the same structures that the banking institutions must accept as security for loans. In addition, investment in equipment tends to be minimal, as farmers focus their energy on financing farming activities. There is need for the government to set minimum stan- dards of dwellings that farmers erect on the farms, so that these have ascertainable values in their valuation as security for loans. There is also need to ensure that farmers purchase appropriate equipment as well. Legislative framework for long leases The laws of the country only recently recognised 99 year leases through Sections 24 to 26 of the Land Commission Act (Chapter 20:29). In this regard, the Zimbabwean legal framework has not put in place the mechanisms of the reg- istration of the leases themselves, as well as security inter- ests over the long leases. The current legal framework on the creation of security interests over land are deeply rooted in land that is owned, not land that is leased. The 99-year lease envisages that the state will own the land, and will lease it out to qualifying farmers. Should the farmers then seek funding to develop the leased land, that funding is secured by the long lease. The Zimbabwean legal framework provides for the cre- ation of security interests on land and buildings on the land, not only on the buildings and equipment alone. This is in- herited from Roman-Dutch Law, where buildings accrue to land, hence whoever owns the land, owns the buildings on the land. This means that security interests can only be cre- ated over the land (and buildings) by the owner of the land. There is no separation in ownership of the land and the build- ings; both are owned by the same person. The 99-year lease changes this position, hence introduc- ing a new form of land ownership, that is, the State owns the land, and the farmer owns the buildings, equipment and leasehold. Neither sections 24 to 26 of the Land Commission Act, nor sections 56, 69 and 70 of the Deeds Registries Act (Chapter 20:05) satisfactorily elaborate on the concept of the 99 year lease. This creates uncertainties in the law, which are therefore prone to challenge. It is therefore submitted that the legal framework in the various pieces of legislation regulating the ownership of land be strengthened, by the insertion of provisions that explain without any doubt the concept of the 99-year lease, the rights of the state relating to the land, the rights of the persons who are awarded the 99-year leases, as well as the rights of third parties, namely financiers, who create security interests over the leases. There is need to ensure that the legal framework gives full detail of this fundamental shift from the established principles of land ownership in Roman-Dutch law as they apply in imbabwe, to principles that reect the imbabwe- an government’s policy position on the 99 year leases. Retaking (Clause 22), Termination (Clause 23), or Cancellation (Clause 24) of the lease The lease provides that the length of notice of termina- tion and the length of notice of cancellation of the lease is 3 months, while the length of notice of retaking is 6 months. The Financial Gazette November 12-18 2020 | Page 15 Column Business case: Determining optimal staffing levels

The challenge related to these duties changes, the number of incumbents E were recently hired by a local compa- required in the role changes. This is especially true for opera- ny that wanted to know if it was paying tional and tactical roles. For example, the number of required unnecessary labour costs as a result of by a mine depends on the number of shifts the mine has. W The number of Human Resources offi cers a company re- overstaffi ng. The exercise required us to go into each department and establish if the department quires depends on its total staff complement. The number of was overstaffed in its individual roles and job shifts and the company’s total staff complement are the head- families and was an opportunity to identify de- count drivers for the guard and HR offi cer roles respectively. partments that were understaffed. 2. ngaging Hs to provide data We encourage the How we intervened participation of each H in the data collection stage. This Human resources practitioners have often encourages buy-in from these important stakeholders as it been said to rely on subjective judgment when improves the chances of them implementing our recommen- choosing when to hire, maintain or downsize their dations. workforce. This leads to overstaffi ng or under- We explained to all Hs in this company the impor- staffi ng which in turn leads to unnecessary labour tance of providing accurate data, and how it would be used. costs or failure to meet targets and deadlines. We requested the following information from each H To avoid this, we developed a methodology i. Average number of employees per quarter in each role that includes the input of subject matter experts ii. Headcount drivers to analyse how many employees are needed to do the work (Heads of Departments – HODs) and statistical he results for this articular fi rm ere summarised using a dynamic techniques in determining whether headcount ad- iii. Average tenure and average salaries of employees in calculator found in Excel and presented. justments should be done in each role. each role. Retrenchment costs in imbabwe are linked to the number of years a person has worked in an organisation and roadly speaking, our methodology is defi ned 1.efi ning headcount drivers ach role con- sists of a specifi c set of duties. If business activity as follows: their average salary. iv. stimated cost of hiring an employee by role 3. ata analysis Where more than one headcount driver is provided, we combine the headcount drivers into an aggre- gate measurement of business activity using weighted aver- ages. We then rank the resulting aggregate business activities for the period under study for this particular exercise, we had seventeen business quarters. If a quarter has business activity of ero percent, it implies that the quarter has the least activity when compared with other quarters. If a quarter has 100 percent business activity, it implies that the quarter has the highest recorded business activity in the period under study.

HR Perspective with Memory Nguwi

The resulting ranked business activities are labelled as relative business activity since they are a comparison of sev- eral periods. We use ordinary least squares regression S regres- sion) to establish the relationship between the relative busi- ness activity and the number of employees in each role. Where the coeffi cient of determination is less than 0 per- cent, we use simple proportion calculations to determine the required number of employees in a role. Results We agged 63 employees as potential overstaffi ng for this company. We presented results in a format for each de- partment in a dynamic dashboard based in Microsoft xcel. The table above shows a recommended downward ad- justment of 2 employees in the technician role from 8 incum- bents to 6 incumbents. Retrenchment costs corresponding to this reduction amount to 2 00. The savings to be gained from this adjust- ment amount to 16 00 per year. The number of months to breakeven represent the time it would take the company to recover the retrenchment costs if the recommendation is implemented. In this example, the company would need only two months to recover the re- trenchment costs. All this information was summarised in a dynamic calculator in xcel. Reassignment of employees There are options when it comes to adjusting headcount. Instead of terminating employment contracts, your organi- sation can reassign employees in the same job family from one role to the other if one role is overstaffed and the other is understaffed. For this to be implementable, employees should have the capacity to deliver once they have been reassigned. For the company in question here, most employees in operational positions had the same basic skills and could be reassigned which minimised the number of terminations. Conclusion By identifying the key duties carried out by employees in each role, HR practitioners can make better decisions re- garding whether they should hire, maintain or downsize their staff complement. The use of statistical techniques in establishing the link between business activity and staffi ng levels brings objectiv- ity to the decision making process. Furthermore, the process of monitoring your headcount is not a one-time exercise. ou should continuously monitor your staff complement as business activity uctuates to en- sure that you do not overwork your employees due to under- staffi ng or pay unnecessary labour costs due to overstaffi ng.

n Nguwi is the managing consultant of Industrial Psychology Consultants (Pvt) Ltd. He writes in his personal capacity. age 16 | November 12-18 2020 The Financial Gazette Column Enter the collaborative economy HE collaborative or sharing economy is an emerging phenomenon that is shaping the cultural, economic Tand social landscape of the modern world. Applica- tions of the sharing economy concept have found their way into various areas. For example, in finance, the collaborative economy means person-to-person banking and crowd-driven invest- ment models that decentralise finance, with examples in- cluding peer-to-peer funding platforms like kickstarter.com and IndieGoGo. With variations of the concept of the sharing economy emerging in so many fields, the area of shared mobility — the shared use of a motor vehicle, bicycle, or other mode that enables travellers to gain short-term access to transportation modes on an on-demand basis — has developed as the fore- runner of the transformation to be expected in other areas. Car sharing emerged in the 1950s when membership was primarily motivated by economics, and it has since contin- ued its worldwide growth. With car sharing, individuals gain the benefits of using private cars without the costs and re- sponsibilities of car ownership. Thus, instead of owning one icars in orth America Congestion on imbabean roads or more vehicles, a household accesses a fleet of vehicles on Source: Morgan & Co Research demand basis. In Zimbabwe, a major problem that has emerged in ma- jor cities is traffic congestion. We note that there has been a significant growth in the number of motor vehicles in the country over the past years. The numbers have been boosted by an increase in the importation of second-hand vehicles, mainly from Japan, South Africa and UK. The increase in the number of vehicles has not only increased carbon emissions but has increased the demand for fuel (petrol and diesel).

Economics aret ntelligence ith AAA AA

Another important factor is that many households in Zim- babwe are allocating a significantly large proportion of their income towards motor vehicle expenses (insurance, parking, fuel, maintenance and licensing expenses). There is need to explore different solutions earmarked at reducing conges- tion, carbon emissions and fuel imports. Car sharing models enable individuals to share trips to reduce costs and optimise collective travelling. Some cities in emerging markets such as Brazil are already making use of car sharing to curb con- gestion and air pollution. In North America, most cities have a transportation plan that focuses on sustainability and using environmental- ly-friendly modes to reduce emissions. Car sharing is indeed part of a larger trend of shared mobility. Zipcar, for example, is one of the world’s leading car-sharing network. It is a subsidiary of Avis Budget Group with over a million people across 500+ cities and towns glob- ally, having access to over 12 000 Zipcars. Zipcar provides automobile reservations to its members, billable by the minute, hour or day; members may have to pay a monthly or annual membership fee in addition to car reservations charges. The main factors driving the growth of car sharing are the rising levels of congestion faced by city dwellers; shifting generational mindsets about car owner- ship; the increasing costs of personal vehicle ownership; and a convergence of business models. Generally, car sharing contributes to sustainable transport because it is a less car intensive means of urban transport. According to The Economist, car sharing can reduce car ownership at an estimated rate of one rental car replacing 15 owned vehicles. Overall, car-sharing presents a potential of sustainable urban mobility. However, city authorities in Zimbabwe need to be ready to support the sharing culture so that this alternative to car ownership is successful. Another case of sharing economy that shapes the personal mobility space is ride sharing (or ride hailing — vehicle owners allowing other passengers to ride in the same vehicle to and from the same or similar desti- nations), with Uber being the most prominent example of a platform enabling peer-to-peer transactions. In Zimbabwe, Cassava Smartech has launched the Vaya ride-hailing service. We maintain a strong view that Vaya has the potential to generate value when macroeconomic fundamentals in Zimbabwe improve. More recently, Cassava has experienced some shocks in the mobile money space after stringent regulations from the Reserve Bank of Zimbabwe (RBZ) that banned merchant lines, set transaction value limits and mandated all mobile money platforms to integrate with the National Payments System. That said, new technologies and innovation remain the group’s major investment thesis and investors should be tak- ing long-term positions in the stock. Our estimates point to a Fwd PER of 7.6x which is below the global peer average for tech stocks of 50.5x. We rate Cassava Long Term BUY. atsia is head of research at organ Co, and founder of iggybanadisorcom e can be reached on 6 or batanaimorganimcom bata- naiiggybanadisorcom The Financial Gazette November 12-18 2020 | Page 17 Companies Everything is okay at OK Linda Tsarwe the years, has built a household brand that a one-stop shop for food and non-food retail price increases as the economy sank deeper into customers can proudly associate with. The as well as wholesale shopping. Collectively, hyperination. , like many companies, was seied NOTHER resilient performance from retailer has 49 branches dotted across the the OK model has evolved from being the with the need to survive and it was imperative to manage OK Zimbabwe (OK) for the year country, making the brand a familiar mark in traditional grocery store to an end-to-end retail expenses growth despite the myriad challenges, of note A2019. Despite the headwinds facing all regions. chain for its customers. the shortages of electricity that were adding pressure to businesses in the country, OK has managed In addition to the OK brand, Bon The economic environment has been tough the cost bill. to stay aoat in a stormy environment. This Marche stores were and OK has not been spared OK is applauded for keeping its expenses in year, the company walked away with the established to target the hardships. Last year was check, with overheads growing by 229 percent, some second runner-up overall winner for the Top the high-end market characterised by weak sales percentage points lower than revenue growth levels. Companies Award, thanks to its consistent and there are eight volumes across industries et profit margin for the six months to September 2019 financial performance as well as good branches, all located due to declining consumer was 11 percent compared to the prior year margin of qualitative scores. in Harare. disposable incomes. 3 percent. In absolute terms, net profit went up 1 464 OK has proven it is worth the accolade by To complete the For the six months percent, which compared favourably to year-on-year delivering satisfactory shareholder returns, OK stores portfolio, to September 2019, OK ination of 33 percent and 21 percent as at September generating tangible cashows as well as are the OK Mart departmental stores that boast registered a 23 percent fall in sales volume 2019 and December 2019, respectively. building a solid business that is well integrated of at least 20 departmental categories on the compared to the same period prior year. Cashows from operations soared in tandem with in its community. shelf. A total of seven OK Mart branches are Despite the decline in volumes, the topline profit growth. While high cash generation is theoretically OK was established in 1942 and over fairly distributed across the country, providing grew 237 percent on the back of continuous a positive in business, hyperination has called for companies to employ robust investment strategies to crystallise local currency denominated gains. utilised close to half of its operating cashows towards investing activities, creating value that can be drawn from for years to come. Since 2014, the company has been on a store expansion and refurbishment drive which has been mainly funded by internally generated cash. The programme should now be approaching its tail end which will reduce the capital expenditure budget for the same, implying an increase in free cashows going forward. Management should therefore, be seied with actively managing the volatile local currency denominated cashows to avoid loss in value. Ination-hedging investments can ideally be utilised to park any free cashows for use in the medium to long term. In addition, shareholders can also continue to enjoy an income return through the company’s religious dividend payouts. While has shown resilience in a tough operating environment, the retail industry is characterised by fierce competition that can unseat the company from its current position. The informal market for grocery goods, for example, continues to ourish and attracting cash strapped customers with lower prices for goods. Compared to the physically-established big retailers, informal traders do not have significant overheads like rentals and are reportedly tax evasive in most cases, which give them a pricing advantage. OK has had to rely on soft factors such as embracing payment methods that are sometimes shunned by or unavailable to the informal trader to retain its traditional market. Other formal peers, however, also offer the same solutions hence the advantage is not exclusive to OK. Ultimately, pricing and proximity to the customer constitute the top determinants for market retention and it will come down to OK taking advantage of its established supplier network as well as economies of scale to improve price competitiveness. With an ailing economy, natural disasters such as Cyclone Idai and the Covid-19 pandemic have only aggravated an already dire situation. Structural changes to business models are taking place, and technology is at the centre of business solutions under the ‘new normal’. OK should embrace the changing times and incorporate new ways of grocery retailing in its model. Online shopping, for example, has been a popular service under Covid-19. Informal traders have also gone digital, taking advantage of social media platforms to gain market share, and results have been far reaching. Indeed, technology will play a bigger role in the future, demanding each business, including OK, to embrace available digital solutions. Above all, good management is the cornerstone of consistent performance and a good strategy that adapts to a changing environment. OK management has been a key input to their strong business delivery for many years. The company has a well-knit succession plan, which has seen them groom managers from the grassroots and appoint them leaders when the time is ripe. Hence, the takeover process from one leader to another has historically been seamless and ensures that the wagon never stops moving. Management has a wealth of industry knowledge and experience and have fully utilised this equity to implement the best strategies for the business. As the environment experiences a second cycle of hyperination in less than 20 years, astute leadership will be required to steer the ship. Tapping from experience, the company should retain its powerhouse status in the retail sector and continue to create value for its shareholders. Page 18 | November 12-18 2020 The Financial Gazette Column Marketing as an art, correcting the misconceptions

ANY think the job of a marketer is an easy has a structured body of rules and governing one, but it’s not. principles that guide how to observe, dig for M People blindly interpret it as what it is not, insights, proffer a solution, package and to thinking that is what it is. Some say it’s about looking standardise if the brand is to get the desired pretty, "no wonder it’s female-dominated", yet others results. Marketing is a systemised, structured think it’s simply about printing t-shirts, designing and process for raising awareness for a compa- printing brochures, developing adverts, press or digital ny’s products or service while generating in- or even taking clients for golf or lunches. terest to possible buyers. No no no that’s not it! There are a lot of processes, steps, ap- Holistically, marketing is an artistic approach to proaches and models to be adhered to and nurturing a brand and making the right audience fall in fused together for the marketing execution to love with the brand. come out as a beautiful piece of art. There are many falsehoods about what marketing is may not necessarily know and building a offer to plug the gap, how do you make the Without following a systematic approach, yet simply put, it’s an art to getting people to demand solution. market aware that you have a ready solution, then it’s just resource pumping. your product or service. Some of these elements can only be how do you package it, how do you price it Let the marketer use their artistic touch It’s interesting how everyone in the organisation achieved from an ar- and how do you know to develop an artistic piece of your brand’s think they know the best way to market a product or tistic touch, for exam- where to place it for ease story. service yet for the rest of the functions, they allow the ple how do you realise of access? n Marongwe is the group marketing ex- expert to lead. there is a gap in one’s All those questions ecutive for Zimnat. She is a member of the Should any legal matters arise in an organisation, behaviour, how do you may look simple to an- Marketers Association of Zimbabwe. She Tatenda Marongwe the legal guy is called immediately to lead the conver- know what to use or swer but real marketing writes in her personal capacity. sation without thinking. When it comes to tax remittances, everyone is quick to call the accountant to take charge. When there are Human Resource issues, everyone knows exactly where to find the Human Capital person. The list goes on but when it comes to marketing, suddenly everybody knows that a billboard is required, where it should be placed, what to write on it etc. They even know a press advert is required even the advert size, copy and publication. But why is that? In my view, it’s purely lack of understanding that market- ing is an art. It’s not just a random act of doing things. One of my former colleagues, who was in a “supe- rior” department, in their view , used to boast up and down the corridor saying “Marketing is easy, it’s just about knowing colours, different shades of them and knowing which ones are yours”, until I challenged him with the artistic approach behind executions we all see everyday. Marketing is an art Marketing is like nurturing a baby. Two babies can be born exactly under the same conditions, in some in- stances, by twin sisters but rest assured that the two children will never be the same. The way the children are raised will differentiate them. Even though the twin sisters may be given a stan- dard manual to follow on how to raise the two babies, the two can never be the same. Each must understand their own baby fully, identi- fy pain points and offer relevant solutions to keep the baby happy. Some babies want to be fed into sleeping; others prefer a lullaby to sleep while others prefer to cry their voices out to sleep. Just like brands, they can never be the same, they require different efforts to get them into consumers’ minds. You don’t just develop a billboard because your competitor has, or to create a radio advert because you heard a certain company has one — no there has to be a delicate artistic approach to it. It’s sad to note that some parents, particularly those with children who would have earned low grades at ad- vanced level, and primarily because they were pursuing Commercials, “push” their children to study marketing because it’s easy and it’s the next best alternative. Because it’s an art, you ought to have the calling and passion for it if you’re going to get marketing right and if you are going to be a distinguished practitioner. If marketing was easy, then why would we have iconic and non-iconic brands? Again if marketing was easy, we would remember all the brands we interact with, from our childhood days to today. If marketing was easy, there would be one master book with a few steps on how to brand and market products, but no, it’s not that easy. It’s an art. What exactly does marketing is an art mean? When most people see a piece of art, particularly abstract, they think it’s just random splashes of paint thrown about aimlessly and voila! What they don’t realise is there is a method to it, maths and science grounding in that….just like there is scientific and mathematical grounding in music, dance and theatre . Marketing is about creating demand for a product or service which may be non-existent. Sounds crazy right? How do you make someone want to buy some- thing they have never seen, tasted, heard of or imag- ined? It is the brilliant and artistic work of marketing that addresses that through understanding human be- haviour, gaps that may exist, that the human beings Life & ArtsNews Worth Knowing November 12-18 2020 Page 19 Inaugural Top 200 Legendary baked ham and English retail managers mustard at the Idyll Swan awards on tonight Freedom Mashava AST Thursday night, the streets represents excellent value, and pro- Staff Writer in "Harare orth" and other vides an opportunity for many of us parts of ngland looked eerily with limited disposable income to eat H inaugural Retailers and Wholesal- ers Top 200 Managers Awards organ- quiet, as lockdown 2.0 came into ef- out well in attractive surroundings. fect and pubs, restaurants and non-es- A sparkling blue lap pool runs par- Tised by the Confederation of imba- sential shops closed their doors. allel to the restaurant, and one or two bwe Retailers will be held at Cresta odge Harare proper, however, named residents of andaro were swimming tonight. after the euru chief one who never lay lengths up and down, or paddling The guest of honour at the event where sleeps is constantly crowded with with their grand children in the shal- outstanding retail and wholesale managers hectic traffic and bustling people, all low end. will be recognised will be the First ady making up for lost time after the eas- Across the road the duck pond Auxillia Mnangagwa. ing of lockdown restrictions. looked cool and attractive, but all the Winners of the Top 200 Managers ducks were huddled together beneath Awards will also be honoured at the sixth Annual Retailers and Wholesalers ational A Matter of Taste shady trees, waiting for things to cool down before taking an evening swim. Awards to be held early next year. with As always, the gardens looked attrac- Apart from the First ady, the event, which has been described by organisers as Charlotte Malakoff tive, with owering shrubs and well kept lawns. the first of its kind in imbabwe, will be When we arrived at the entrance to graced by Harare Metropolitan Province Staying at home no longer seems andaro, a security attendant took minister liver Chidawu and Reserve ank to be a necessity, and countless food- Georges temperature and offered him of imbabwe human resources deputy di- ies and socialites have resumed their hand sanitiser, but ignored me in the rector Cleopas Chiketa. favourite pastime of eating out. passenger seat. In general, the public According to Confederation of imba- ast Sunday, the verandah at the no longer seem overly concerned bwe Retailers Association president en- Idyll Swan restaurant at andaro Re- about wearing face masks,or in social ford Mutashu, the event will be held under tirement Village was crowded with Apple crumble and cream at The Idyll Swan. distancing. Although there are fewer the theme Recognising retail/wholesale shiny, happy people enjoying a Sun- Roast potatoes were seriously fat to meat. cases of Covid-19 in imbabwe than managers The engine that drives sector val- day roast, in the most convivial of sur- good, perfectly seasoned, with a There was no shortage of nglish in other countries, government con- ue chain development. roundings. crispy exterior and soft and uffy in- mustard to eat with the ham, and the tinues to warn against complacency The retail and wholesale sector is an es- We arrived at 1pm and were side. aroma from a rich brown gravy, for and encourages social distancing and sential part of the countrys economic fabric shown to what appeared to be the last Roasted butternut with julienned those who insist that everything must the wearing of masks. and for that reason it is important to honour available table. carrots tasted so good, I could have be swimming in gravy arose from a If were vigilant, we should avoid a the human resource that drives this sector. ur waiter invited us to join the piled my plate up with that alone. large tureen. second spike, and any further lock- As part of our efforts to promote excel- buffet in the dining room, and al- ucchini, cut with precision into essert was the Idyll Swans deli- down. In "Harare orth", ockdown lence in the retail and wholesale sector, we though most of the patrons were lick- rounds and avoured with thin, half cious version of apple crumble, beau- 2.0 will be lifted on ecember 2, just came up with this annual event which recog- ing their platters clean, having arrived moons of onion, were cooked quickly tifully presented with a generous ro- in time to do some shopping, source a nises sector players who would have per- earlier, the buffet of baked ham and until just tender. Star of the show was sette of whipped cream and a turkey for Christmas lunch, and pre- formed exceptionally well during the course seasonal vegetables still looked pris- a legendary baked ham, thinly sliced, sprinkling of icing sugar. At 10 a pare for the festive season. of the year, said Mutashu. tine. and with just the right proportion of head, Sunday lunch at the Idyll Swan Comments to: [email protected] [email protected]

For the week ending 11 November 2020 Argentina legend Diego Maradona will be dis- charged "within the next few days" after having successful brain surgery. Maradona, who led his country to World Cup triumph in 1986, had an operation for possible bleeding on his brain earlier in November. His physician, Dr Leop- News Worth Knowing old Luque, on Wednesday said the 60-year-old was kept in hospital after suffering withdrawal Sport symptoms caused by alcohol dependency. Page 20 November 12-18 2020 SPORT SHORTS Pakistan make a mess of NBA season to begin on Dec 22 THE NBA season will begin on 22 December after an agreement was reached with players over scheduling, sala- ry figures and free agency dates. The usual season-start date in October was pushed back because the coronavirus pandemic caused delays to the Chigumbura’s farewell 2019-20 campaign. But the NBA and its players' union have agreed a new date and a 72-game season - a reduction on a usual cam- AKISTAN ensured former top scorer on the day — Chamu paign. Zimbabwe captain Elton Chibhabha — who miscued one to The NBA draft will take place on 18 November. PChigumbura did not have a deep midwicket. Usman followed From 20 November, free agents can start negotiating victorious finish to his internation- it up with two more scalps in the with teams and will be able to sign deals from 22 Novem- al career as they thrashed Zimba- 13th over to leave Zimbabwe reel- ber. bwe by eight wickets in the final ing at 76/6. He finished his spell The 2020-21 salary cap has also been set at US$109,1m. T20I to complete a 3-0 whitewash. with one more wicket in his final The 2019-20 season was halted by the coronavirus pan- Having already picked up re- over to register figures of 4/13. demic in March and concluded in a 'bubble' environment in Orlando on 11 October, four months later than the season sounding wins in the opening two With Imad Wasim also making in- typically ends. games, the hosts were relentless cisions at the other end, there was The Los Angeles Lakers ended a 10-year wait for their in their pursuit of a clean weep as no respite for a struggling Zimba- 17th NBA title, with LeBron James leading his team to a Zimbabwe were restricted to just bwean batting unit. 4-2 Finals win over the Miami Heat. – espn.com 129/9 batting first, which was then What did Chigumbura do on chased down with ease. his farewell? Vietnamese Grand Prix dropped Chigumbura retired from all Well, he was definitely not re- forms of international cricket at quired to bowl and had contributed from 2021 F1 schedule the conclusion of the Pakistan tour. just 2 off 6 deliveries with the bat. THE Vietnamese Grand Prix has been dropped from the A veteran of many battles over Pakistan gave the former Zimba- 2021 Formula 1 calendar, raising doubts that the race will the past 16 years during which bwe skipper a guard of honour but ever take place. he served as Zimbabwe’s lim- they certainly weren't going easy A street race in the capital Hanoi was due to make its ited-overs captain from August on him. The 34-year-old fell prey debut in April this year before it was called off as a result 2014 before stepping down in Jan- to a Qadir googly and Zimbabwe of the coronavirus pandemic. uary 2016 Chigumbura made the had to rely on a few timely bound- The date of the Vietnam race, 25 April, has been left decision to bring the curtain down aries from Donald Tiripano to drag blank on a 22-race schedule for 2021 published on Tues- on his career as injuries had con- them to 129/9. Brendan Taylor and day. The calendar could extend to 23 grands prix - a new tinued to take a toll on him as well Craig Ervine, the two big guns in record - if F1 can find a replacement for Vietnam. The 2021 season is scheduled to start in Australia on as to pave the way for young blood the top 3, contributing just 12 runs 21 March and end in Abu Dhabi on 5 December. in the national side. in total didn't help their cause ei- The British Grand Prix at Silverstone is on 18 July and His international career started ther. the new Saudi Arabian Grand Prix, announced last week, off on 20 April 2004 when, at the Was the chase straightfor- the penultimate race on 28 November. – skysports.com age of 18, he faced Sri Lanka in an ward? ODI match played in Harare. Pakistan were definitely cau- FA chairman resigns over racism As he bows out, he has made tious at the start. In the first four 213 One Day Internationals (ODI) overs, they managed just 19 runs Football Association chairman Greg Clarke has resigned and 14 Test appearances for Zim- with Fakhar Zaman receiving a over the "unacceptable" language he used when referring reprieve. Zaman then broke the to black players. babwe, with 54 T20I matches un- Clarke said he was "deeply saddened" for the offence he der his belt before the start of his shackles with the first six of the had caused by using the term "coloured footballers". swansong series. innings in the fifth over with debu- The comments came as he was talking about the racist Chigumbura is one of Zim- tant Abdullah Shafique opting to abuse of players by trolls on social media to the Department babwe’s most-capped players, bide his time scoring only 13 in for Digital, Culture, Media and Sport (DCMS) select com- having played 281 international the powerplay. Zaman fell imme- mittee via video link. matches excluding the current se- diately after the powerplay but Clarke said his words were a "disservice to our game". ries in which he made 5 761 runs Haider Ali got Pakistan moving He prompted further criticism when referring to gay and took 138 wickets. with a couple of sixes in the mid- players making a "life choice" and a coach telling him dle overs. young female players did not like having the ball hit hard Renowned as an explosive fin- at them. isher during his prime, he scored Even though he fell for a 20- He also said there were "a lot more South Asians than two centuries and 26 fifties across After 16 years at the crease, Elton Chigumbura has finally called ball 27, Pakistan had two newbies it a day. there are Afro-Caribbeans" in the FA's IT department be- all formats. taking charge of the run chase cause "they have different career interests". ICC congratulates Chigum- both bat and ball across formats. of 2007, 2011 and 2015, the ICC post that. Khushdil Shah, playing "We can confirm that Greg Clarke has stepped down bura for a fine career “I hope Elton will continue to Men’s T20 World Cups of 2007, just his fifth international game, from his role as our chairman," said an FA statement. The International Crick- be associated with the game after 2010, 2012, 2014 and 2016, as joined forces with Shafique and "Peter McCormick will step into the role as interim FA et Council (ICC) congratulated retirement and use his consider- well as the ICC Champions Tro- made lightwork of the task at hand. chairman with immediate effect and the FA Board will be- Chigumbura for a successful ca- able experience to promote the phy tournament in 2004 and 2006. Shafique took on Milton Shumba gin the process of identifying and appointing a new chair in due course." – bbc.com reer that saw him compete in all game in his country and outside. He led Zimbabwe in 62 ODIs and for a couple of sixes and a four in three formats over a period of 16 On behalf of everyone at the ICC, 18 T20Is. the 14th over and finished off the ‘Am enjoying not being in limelight’ years. I wish him all the best for whatever Who starred for Pakistan chase with one more biggie as The 34-year-old, a regular at he decides to pursue in the coming with the ball? Pakistan won with 28 balls left to RORY McIlroy says he is enjoying being out of the lime- top ICC events including three years.” Usman Qadir, son of former spare. Khushdil ended up unbeaten light as he makes his sixth attempt to complete a career Men’s Cricket World Cups and The fast bowling all-round- great Abdul Qadir, has been mak- on 36 that came off just 15 deliv- Grand Slam by winning the Masters. five T20 World Cups, has decid- er scored 569 runs and took 21 ing waves for sometime now and eries whereas Shafique finished Big-hitting American Bryson DeChambeau has been wickets in 14 Tests but tasted more he showcased his skills on Tues- the main focus with his desire to overpower Augusta as he ed to retire after the T20I series unbeaten on 41. did Winged Foot to win the US Open in September. against Pakistan in Rawalpindi. success in ODI cricket, amassing 4 day in what was just his third in- Brief scores: Zimbabwe 129/9 "I don't mind this, it's like everything is more subdued, ICC Chief Executive Manu 340 runs and grabbing 101 wick- ternational game. By the time he in 20 overs (Chamu Chibhabha more relaxed," said the Northern Irishman. Sawhney: “I congratulate Elton ets in 213 matches. He went into came into the attack, Pakistan had 31; Usman Qadir 4-13, Imad "Bryson's going to be feeling different because the at- for an impressive career that saw Tuesday’s T20I, the 57th and last already made a couple of vital Wasim 2-27) lost to Pakistan 130/2 tention is on him." him succeed across formats for a of his career, with 891 runs and 16 breakthroughs and Qadir ensured in 15.2 overs (Abdullah Shafique McIlroy added: "The attention is on him and deservedly number of years. He was a fine wickets. Zimbabwe never recovered. 41*, Khushdil Shah 36*) by 8 so coming off the back of a major win and basically dis- ambassador of the game and came Chigumbura played in the He struck on his second de- wickets rupting the game of golf over the last few months. up with notable contributions with ICC Men’s Cricket World Cups livery, getting rid of Zimbabwe's — cricbuzz.com/Staff Writer "It's a big story, and I'm just as intrigued as everyone else to see how that unfolds." Since winning the 2014 Open, McIlroy has been trying to join Gene Sarazen, Ben Hogan, Gary Player, Jack Nick- laus and Woods as the only players to win all four men's majors. He has had four top-10 finishes in that time, although only really threatened in 2018 when Patrick Reed won. His best chance of victory was in 2011 but he squandered a four-shot lead in the final round. – bbc.com