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Econet Rights Issue – Addressing some ‘controversies’

Econet Rights Issue – Addressing some ‘controversies’ By Alex Gonese  HARARE – Econet Wireless Zimbabwe Limited (“Econet”) shareholders approved a $130million rights issue at an Extraordinary General Meeting held on the 3rd of February 2017. The rights issue will be underwritten by Econet’s controlling shareholder Econet Wireless Global (“EWG”). The build up to the EGM had…

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Of the ZSE and poor succession planning in corporates

Of the ZSE and poor succession planning in corporates HARARE – There is no doubt that the current economic environment is challenging. However what separates good performing firms from those that are sinking is the way management responds to the environment. It therefore shows that the importance of leadership cannot be over emphasized. The management…

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How minority shareholders lose value

How minority shareholders lose value Minority shareholders face various challenges as investors in companies. Naturally, by being smaller shareholders, their vote will not be loud enough to influence the decisions of the company. This has, in some cases, resulted in their rights being compromised by bigger shareholders who can bulldoze ideas, to their detriment, because…

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Has the Zimbabwean pension’s industry really migrated to DC schemes?

HARARE One of the most notable changes happening within the pension’s industry not just in Zimbabwe but across the world is the shift from Defined Benefit (DB) schemes to Defined Contributions (DC) schemes. Along with this shift, comes the transfer of investment risk from employers to employees. From observing general practice in DC schemes in…

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International tourist arrivals 4% up in H1 as destinations received 21 million more visitors than 2015

HARARE International tourist arrivals in the first half of 2016 grew by 4% as destinations received 561 million international tourists (overnight visitors), which is 21 million more than in 2015. According to the latest UNWTO World Tourism Barometer, Asia and the Pacific demonstrated renewed strength, receiving 9% more international arrivals, the highest growth across world…

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Govt secures $800 mln of required $2.7 bln for poverty reduction

HARARE Finance Minister Patrick Chinamasa says Government requires at least $2.7 billion over two years to 2018 to implement projects under the Interim Poverty Reduction Strategy for the country. Speaking at the launch of the Interim Poverty Reduction Strategy Paper (2016-2018) Chinamasa said about $800 mln had already been secured under on-going poverty reduction related…

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Enhancing Monetary Policy Flexibility Through `De-dollarization’

By Marcello Estevão and Greetje Everaert BORROWING and saving in foreign currencies—so-called dollarization—seems like a rational response by citizens in some emerging market economies to financial crises and runaway inflation. But dollarization usually persists many years after the problems that triggered it are alleviated and limits the effect that central banks can have on economic…

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Non-Life insurers report 31% growth in H1 profit due to lower expenses, reduced uptake of reinsurance

HARARE The short term insurance sector reported a 4.97% decrease in total gross premium written to $114.33 million driven by a shrinkage in business generated from fire and motor insurance. Of that amount $50.13 million was generated through insurance brokers. According to the Insurance and Pensions Commission report for the six months to June, prevailing…

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Bond note facility should be used to inject rand liquidity into economy: USAID-SERA

HARARE Government should reassess the bond note project which has created loss of confidence in the economy, in particular the financial sector, and instead negotiate for the $200 million African-Export-Import Bank to be used to increase liquidity in the South African rand to the economy. According to a compendium of key policy research released to…

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Chinamasa says high Government borrowings pose financial risks

HARARE The country’s budget deficit will worsern to an estimated year end level of $1 billion as revenue collections continue to underperform, Finance Minister Patrick Chinamasa has said. This comes after underperformance of revenues against over-expenditures resulted in a cumulative budget deficit of $623.2 million in the six months to June, far above the full…

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