Welding Electrode Making Machine By Deccan Dynamics
Phoenix Consolidated Industries delisted
1. By Tawanda Musarurwa
HARARE – Phoenix Con-
solidated Industries Ltd
has been removed from the
Zimbabwe Stock Exchange
official list with effect from
today.
This was after members and
creditors of the firm which
was placed under provisional
judicial management in 2013
applied for a delisting last
month.
Phoenix was granted an
order by the High Court to
be placed under provisional
judicial management on
October 2, 2013.
And pursuant to meeting
the requirements of Section
News Update as @ 1530 hours, Friday 15 April 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Phoenix Consolidated Industries Ltd delisted
2. 64 (a) (ii) of the Securities
and Exchange Act (Chapter
24.25), suspension of trading
in the Company’s shares was
effected on 3 October 2013.
ZSE chief executive officer
Mr Alban Chirume said in
view of the application by
the members and creditors,
the bourse had applied and
received approval from the
Securities and Exchange
Commission of Zimbabwe
(SECZ) for termination of
listing of Phoenix Consoli-
dated Industries
"Members and Creditors
approved the delisting of the
Phoenix in a Members’ and
Creditors’ meeting in 2014.
A formal application for del-
isting was submitted on 15
March 2016 for delisting, cit-
ing a resolution by Members
and Creditors in 2014.
"The ZSE applied and
received the approval from
the Securities and Exchange
Commission of Zimbabwe
for the termination of listing
of Phoenix Consolidated
Industries Limited pursu-
ant to Section 64 (a) (i) of
the Securities and Exchange
Act [Cap24.25]," said Mr
Chirume in a statement.
"In terms of Section 1.18 (d)
of the ZSE Listings Require-
ments, holders of Phoenix
securities are hereby advised
that in view of the termina-
tion, the securities are no
longer tradeable on the ZSE
with effect from 15 April
2016."
Phoenix was formed after the
unbundling of Apex Corpo-
ration of Zimbabwe Ltd. It
manufactures plastics and
allied products as well as
steel and allied products in
Bulawayo and Harare.
The group comprises five
companies, namely Phoenix
Brushware, Scandia Wire,
John W Searcy, William Smith
and Gourock & Pacprint. ●
2 news
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Mr Alban Chirume
5. BY Munesu Nyakudya
HARARE - Zimbabwe Interna-
tional Trade Fair (ZITF) Company
is expecting more than 32 foreign
exhibitors, which is 45 percent
increase from last year.
Industry and Commerce Minister
Mike Bimha yesterday said 21
countries have so far made their
bookings for the ZITF 57th Edition
to be held in Bulawayo from April
26.
He said that countries which will
have national stands are Bot-
swana, Ethiopia, Ghana, Indone-
sia, Iran, Japan, Kenya, Namibia,
Malawi, Mozambique, Russia,
South Africa, Tanzania and Zam-
bia; while Canada, the People’s
Republic of China, Cyprus, India
and Germany will be represented
by individual companies.
“Currently 91 percent of the net
space available for sale has been
booked and invoiced compared
to 85,24 percent same time last
year”.
The minister revealed that net
space available for sale is 45
490 square meters and 44 000
square meters has already been
sold. There are also 378 direct
exhibitors that have confirmed so
far compared to 236 at the same
time last year.
Togolese President Mr Faure
Essozimma Gnassingbe will be
the guest of honour. He said
that industrialisation is not just
a problem in Zimbabwe but it is
affecting the whole of the African
continent and the SADC region in
particular.
“As a Ministry, we applaud ZITF
Company for rallying behind
Government’s efforts to revive the
economy and playing a pivotal
role in the implementation of
the county’s economic blueprint
ZimAsset.
“ZITF is an integral platform
for showcasing value addition
and beneficiation initiatives as
espoused in the value edition and
beneficiation cluster,” he said.
Analysis of the local exhibi-
tor composition shows that 63
percent confirmed exhibitors are
from Harare, 28 percent from Bul-
awayo. 25 percent of exhibitors
are manufactures, 13 percent are
in distribution while 41 percent
are in service provisions organi-
sations.
“The exhibitors profile is var-
ied with a range of product and
services including agricultural
implements and equipment,
automotive products building and
construction, civic representation
a reality that is the manufactures,
original equipment manufacturers
and financers,” he said.●
ZITF expects 45pc increase in foreign exhibitors
5 news
7. By Funny Hudzerema
HARARE - A local lobby organisa-
tion, Buy Zimbabwe has intro-
duced a ‘Buy Zimbabwe Employ-
ability Program’ aimed at creating
job opportunities for unemployed
graduates.
The program is expected to ini-
tially recruit over 200 young peo-
ple from Harare, Midlands, Bula-
wayo and Manicaland. The Buy
Zimbabwe Employability Program
is a partnership between Buy
Zimbabwe and the International
Youth Foundation, the programme
will also work with different com-
panies who will employ youth and
empower them with skills.
The programme is targeting grad-
uates who are between 20 and
35 years, and aims to empower
40 percent men and 60 percent
women. Additionally, the platform
will provide for experiential job
related learning through facilitat-
ing internships and where appli-
cable provide relevant life skills,
such as leadership, teamwork,
creative thinking, entrepreneur-
ship and communications skills.
Officially launching the pro-
gramme Mimosa Mining Company
executive chairman Mr Winston
Chitando said the programme is
going to go a long way in reducing
the level of unemployment the
country is facing at the moment.
“It is against this background that
Buy Zimbabwe and the Inter-
national Youth Foundation have
partnered in this appropriately
ambitious programme which calls
on all of us to look at the bigger
picture of the employability status
of young graduates and ability
as industry to absorb them into
gainful employment.
“This initiative rightly demands
us to think holistically on how to
adapt formal workplace develop-
ment efforts to changing realities
and evolving challenges by pre-
paring graduates and workers for
lifelong employability,” he said.
He added that companies should
partner with Buy Zimbabwe to
assist youth with skills which can
lead them to entrepreneurs.
“This in my opinion is the mindset
shift that as business leaders and
academia we need to adopt,” he
said. Presenting the programme
Buy Zimbabwe chief economist Mr
Kipson Gundani said the pro-
gramme will expose young people
to processes that happen within
companies in Zimbabwe and is
targeting 1000 young people in
the next four years so they have
an appreciation for entrepreneur-
ship.
“Registration has started both
companies and students must
come and register with the Buy
Zimbabwe to spearhead the
empowerment of youth through
training them,” he said. Buy Zim-
babwe will facilitate private sector
participation in the program as a
way of ensuring the sustainability
of the program.
Mr Gundani added that Buy Zim-
babwe will work with universities
and colleges to assist the gradu-
ates and speed up the programme
to increase employment.●
7 news
Buy Zimbabwe launches employment opportunities program
9. HARARE - The African
Capacity Building Foundation
(ACBF) says countries on the
continent should improve
their institutional and
human capacity to be able to
achieve goals set under the
African Union’s Agenda 2063
as well as the United Nations
Sustainable Development
Goals (SDGs).
In 2013, the AU adopted
Agenda 2063 which is basi-
cally an approach on the
way the continent should
learn from the lessons of the
past and take advantage of
opportunities available in the
short, medium and long term
to achieve a prosperous
Africa by 2063, a year that
will mark 100 years of the
formation of the Organisation
of African Unity, the precur-
sor of the AU.
On the other hand, the 70th
session of the United Nations
General Assembly held last
year adopted the SDGs, a set
of 17 Goals to end poverty,
fight inequality and injus-
tice, as well as tackle climate
change by 2030.
The SDGs build on the eight
anti-poverty targets that the
world committed to achiev-
ing by 2015, dubbed the Mil-
lennium Development Goals.
Adopted in 2000, the MDGs
were aimed at an array of
issues that included slash-
ing poverty, hunger, dis-
ease, gender inequality, and
increasing access to water
and sanitation.
ACBF director knowledge,
monitoring and evaluation
Thomas Munthali said it was
important to avoid mis-
takes that saw some African
countries failing to achieve
MDGs.
“In them (SDGs and Agenda
2063) what is very critical
is to give capacity so that
we can be able to deliver on
them,” he said.
The ACBF was established
in 1991 as an independent,
non-profit international
organization which builds
human and institutional
capacity for good govern-
ance and economic develop-
ment.
To date the ACBF has
empowered governments,
parliaments, civic society,
private sector as well as
higher education institu-
tions in more than forty five
countries and six regional
economic communities.
The Foundation supports
capacity development
through investments, tech-
nical support, knowledge
generation and sharing
across Africa.- New Ziana●
Capacity building vital for Africa to attain SDGs and Agenda
2063 - ACBF
9 news
10. HARARE -The mainstream
industrial index rose 0.43
(or 0.44 percent) from the
previous week.
In today's trades, the index
closed the week higher at
98.35 a 0.04 gain.
Giant insurer Old Mutual
added $0,0047 to trade at
$2,2347, while Hippo was
up $0,0044 to $0,2305 and
Fidelity Life put on $0,0010
to close at $0,1040.
On the downside, Natfoods
was the only counter to
trade in the negative after
a loss of $0,0035 to trade at
$2,0965.
The mining index was steady
at 20.16 as Bindura, Fal-
gold, Hwange and RioZim
maintained previous price
levels at $0,0102, $0,0050,
$0,0300 and $0,1100
respectively.
And on a week-on-week
basis, the mining index was
unchanged
- BH24 Reporter ●
ZSE10
Equities close week higher
12. 12 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
15 April 2016
Energy
(Megawatts)
Hwange 552 MW
Kariba 285 MW
Harare 30 MW
Munyati 16 MW
Bulawayo 0 MW
Imports 0 - 400 MW
Total 1324 MW
• 26th April 2016 - The Fifty-Sixth Annual General Meeting of the shareholders of British American Tobacco Zimbabwe (Hold-
ings) Limited; Place: British American Tobacco Zimbabwe Offices, 1 Manchester Road, Southerton, Harare; Time: 10.00 hours...
• 05 May 2016 - Barclays Bank of Zimbabwe AGM; Place: Meikles Mirabelle Room; Time: 1500hrs
THE BH24 DIARY
13. JOHANNESBURG-THE rand
was slightly firmer against
the dollar at midday on
Friday as the greenback
retreated marginally due to
weaker-than-expected US
retail sales and inflation data
released on Thursday.
US March inflation rose by a
seasonally adjusted 0,1 per-
cent compared with a month
earlier, while core inflation
also increased by 0,1 per-
cent, marginally lower than
the expected increase of 0,2
percent in both.
As a result, the rand
strengthened sharply in
afternoon trade to reach a
high of 14,445 to the dollar
after a close of 14,529 to the
dollar on Wednesday.
However, the rand lost some
ground later on Thursday
and was trading at 14,556 to
the dollar on Friday morning,
Rand Swiss Research ana-
lysts said.
At 11.37am‚ the rand was
trading at 14,5124 to the
dollar from 14,5457 at
Thursday’s close. It was at
16,3451 against the euro
from 16,3817 previously‚ and
at 20,5646 against the pound
from 20,5853 previously.
The euro was unchanged
at $1,1263. Meanwhile,
the release of the China’s
first-quarter gross domestic
product (GDP) data had little
effect on global markets as
the growth number was in
line with expectations.
China’s economy grew 6,7
percent in the first quarter
from a year earlier, accord-
ing to the National Bureau of
Statistics. China’s economy
still slowed from the 6,8 per-
cent economic growth in the
fourth quarter of 2015.
Momentum SP Reid Securities
analysts said the rand con-
tinued to exhibit near-term
technical strength, following
gradual improvement from
the "exceptionally oversold
position" that emerged in the
last week of January. The
area at around 14,38 to the
dollar represented a realis-
tic short-term target for the
domestic unit, the analysts
said.
-BDLive●
regioNAL News13
Rand firmer after Chinese growth number is in line with expectations
14. SINGAPORE — Crude
futures were steady on
Friday in thin business as
traders were reluctant to
take on new positions ahead
of a planned meeting at
the weekend of major oil
exporters who want to rein in
ballooning global over-pro-
duction.
Oil producers lead by top
exporters Saudi Arabia and
Russia plan to meet in Qatar
on Sunday to discuss freez-
ing output around current
levels in an effort to contain
a global supply glut that
sees some 2-million barrels
of crude produced every day
in excess of demand. Traders
said they were reluctant to
take on new positions ahead
of the meeting, which takes
place outside market hours.
"Momentum is building
behind an agreement that
likely excludes Iran (and
potentially Libya). While
there will likely be little
effect on the physical market
an agreement would repre-
sent an important psycho-
logical shift in setting oil
prices," investment bank Jef-
feries said on Friday. Brent
crude futures were at $43,88
a barrel at 4.49am GMT, 4c
above their last close.
US West Texas Intermediate
(WTI) futures were up 5c at
$41,55.
Yet with discussions focusing
around freezing output at or
near current record levels,
most analysts said they have
little hope that a potential
Doha deal will reduce the
glut that has pulled down
crude prices by as much as
70 percent since 2014.
"The Doha meeting does not
materially change the oil
market balances," Barclays
bank said.
Instead of pushing prices
up by much, Barclays said
an agreement could prevent
prices from otherwise falling
further.
"If recent supply-side fun-
damental support holds and
the market’s expectations
for a credible statement and
commitment are met, the
meeting could help prevent
prices from falling back to
the low $30 range."
Energy consultancy Wood
Mackenzie said that "even
if an output freeze is
announced, we do not expect
a genuine one to occur dur-
ing the remainder of 2016."
Instead, Wood Mackenzie
said it expected "OPEC out-
put to rise 0,5 million barrels
per day (bpd) year-on-year
in 2016, with most of that
growth coming from Iran
and Iraq, both of whom have
indicated plans to grow out-
put in 2016."
On the demand side, China’s
implied oil consumption fell
2,4 percent in March from
the same month last year,
to 10,28 million bpd, due
to a surprise dip in refinery
throughput and a surge in
refined fuel exports, Reuters
calculation based on pre-
liminary government data
showed on Friday. -Reu-
ters●
internatioNAL News14
Crude prices steady in thin trading
15. By Kelly-Jo Bluen
IN THE Guardian’s video on
the Panama Papers, viewers
are transported on a quixotic
journey from austere Russian
concert halls to a whimsical
vacay in Panama. There is a
cellist. There is Putin. There is
intrigue. Everything conveys
the feeling of a made-for-Os-
car epic in which Johnny Depp
should definitely play a bespec-
tacled reporter in a creased
shirt on a quest to show the
world the truth.
While the number of docu-
ments leaked is impressive, the
theatrics are a tad schmaltzy
for a data drop that has failed
to reveal a single name of a US
politician or major corporate
elite.
Stefan Ploechinger, an editor
at Süddeutsche Zeitung, the
publication that first received
the data, tweeted "just wait
for what is coming next" in
response to questions about
this.
The problem of the omission
of US elites is not limited to
knowledge about individuals
concerned. In that illicit finan-
cial flows are not an aberration
of the global system but the
design of racialised neolib-
eralism, information on our
hegemon is critical if we are to
ask the right questions of the
structure of exploitation.
The deliberate design calls into
question the much-emphasized
distinction between illegality
and immorality made in relation
to the leak. The relationship
between legality and justice is
fragile. And it is blatant when
one considers the impact of
financial flows. The United
Nations high-level report on
illicit financial flows estimates
that $1-trillion in illicit financial
flows left Africa in the past 40
years, equivalent to the amount
provided in development
assistance. And the effects
are disastrous. Effectively, the
tax burden is transferred from
owners of capital to labour.
Fellow columnist Zama Ndlovu
notes that "wealth accumulates
to a few and is housed away
from where it is siphoned,
avoiding the … obligation to pay
tax. Those of us confined by
sovereign boundaries are forced
to pay more to make up for the
shortfall in state coffers." The
toxic dance between corrupt
international and domestic
elites contributes to govern-
ments’ incapacities to provide
public services and promotes
reliance on aid. Critically, it
entrenches the chasm between
rich and poor, consigning mil-
lions to poverty.
We have seen the first political
consequence of the leak in the
resignation of Icelandic Prime
Minister Sigmundur Gunnlaugs-
son, and there may be criminal
prosecutions for others listed
whose actions are deemed
illegal.
Criminal prosecutions for per-
petrators of illegal transactions
serve an important role, but
do little for those who suffer
under their abuse if devoid of
a reparative element. More-
over, they do little to over-
haul the atrocities that are
currently legal. Indeed, the
global financial architecture has
narrowed the notion of illegality
to exclude the entrenchment
of poverty. Moreover, while
individualising the issue has
substantial value, if used in
isolation, it deploys a liberal
solution to counter a problem
created by unfettered liberal-
ism. Global justice advocates
have long been calling for an
overhaul of financial structures
that entrench inequality and a
refocusing on radical redistribu-
tive justice.
Perhaps one of the greatest
contributions of the leak is that
in its sheer scale, it provides
an evidentiary basis for the
structural abuses of the global
economy. The volume of people
implicated potentially mitigates
against the sidelining of the
issue as a cumulation of devi-
ations, but rather as a feature
of the economy. My fear is that
the powerful rarely seek their
own accountability, but manipu-
late an ever-morphing economy
to serve their interests in a
system of legalised corruption
and corrupted legalism.●
15 analysis15 analysis
Panama gaps dilute truth about sick system