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Factors and events to watch out for June 4 – 9

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Factors and events to watch out for June 4 – 9 

HARARE –The week began with the launch of Global Economic Prospects report for June last night, which revised downwards Zimbabwe’s medium term growth to below regional averages.

The following announcements, scheduled economic indicators, market moves and political events may affect the Zimbabwean market this week:

Political Risk:

There seems to be new tensions in the ruling party along factional lines, with Sydney Sekeramayi being spotlighted as someone with better proximity to succession, much to the disagreement of other contenders who support Vice President Emmerson Mnangagwa. Sekeramayi is apparently regarded as someone with credentials that are strong enough to challenge Mnangagwa. It remains to be seen how these supposed tensions will materialise as time passes. What is working against Mnangagwa at the moment is that those around him have openly or publicly criticized President Mugabe

World Environmental Day

The week starts with the commemoration of World Environment Day today. The celebration of this day provides an opportunity to broaden the basis for an enlightened opinion and responsible conduct by individuals, enterprises and communities in preserving and enhancing the environment. Since it began in 1974, it has grown to become a global platform for public outreach that is widely celebrated all over the world.Each World Environment Day is organized around a theme that focuses attention on a particularly pressing environmental concern. The theme for 2017, ‘Connecting People to Nature’, urges us to get outdoors and into nature, to appreciate its beauty and to think about how we are part of nature and how intimately we depend on it. It challenges us to find fun and exciting ways to experience and cherish this vital relationship

The Ocean Conference

The high-level United Nations Conference  under the theme “Our oceans, our future: Partnering for the implementation of Sustainable development Goal 14” will be convened at United Nations Headquarters in New York from today until Friday.The Conference aims to be the game changer that will reverse the decline in the health of our ocean for people, planet and prosperity. It will be solutions-focused with engagement from all. Zimbabwe is represented at the conference by the president, ministers and other government officials.

Sustainable tourism launch

Tomorrow, Zimbabwe will launch the International Year of Sustainable Tourism for Development.   The commemorations are in-line with the United Nations General Assembly, which declared 2017 as the International Year of Sustainable Tourism for Development. The Zimbabwe Tourism Authority highlighted that the International Year aims at promoting among other things changes in policies, business practices and consumer behaviour towards sustainable tourism thereby contributing to the UN Sustainable Development Goals.

World Investment Report

The United Nations Commission on Trade and Development will on Wednesday launch the 2017 World Investment Report, which present foreign direct investment trends and prospects at global, regional and national levels. The report will investigate the internationalisation patterns of digital multinational enterprises, as well as the effect of digitalisation on global companies across all industries.

Annual Business Awards

The Zimbabwe National Chamber of Commerce will on Friday hold the Matabeleland Annual Business Awards ceremony and dinner, an event which also avails corporates the opportunity to network and to celebrate noteworthy business achievements for the 2016 calendar year.

World Oil Prices

Oil markets surged by not less than markets today, pushed up by tensions in the Middle East where top crude exporter Saudi Arabia and other states cut off ties with Qatar, and as signs of OPEC falling suppliers tightened the market.

Mining developments

The price of nickel has been declining over the past couple of months. Nickel prices which stood at $4,640/lb as at 6 April 2017 edged down to $4,025/lb. If the downward trend persists, it may affect the country’s nickel receipts. In terms of chrome, China’s two biggest buyers have announced that they would not be giving a tender price for June due to plans to cut production as their ferro-chrome inventory is sufficient to cover stainless steel production until month-end. This cut in demand might also put downward pressure on the country’s chrome exports.

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