Zim Govt, ZSE stockbrokers sign demutualisation agreement

News Update as @ 1530 hours, Monday 21 July 2014Feedback: [email protected]: [email protected]

By Rumbidzayi Zinyuke

Government and the Zimbabwe Stock Exchange stockbrokers have reached an agreement to kick-start the demutualisation process of the bourse.

This clears the overdrawn battle for ownership of the exchange and paves way for the creation of a private lim-ited company. The ZSE is has been in the process of transforming itself into a company limited by shares and at the same time updating its member rules and Listing Requirements to synchronise them with the Securities Act.

Speaking at the signing of a memo-randum of understanding between the two parties, Finance minister Patrick Chinamasa said government understands that the establishment

of the stock exchange was market driven mainly through stock bro-kers’ contribution through proprietary rights.

“As such, the exchange is jointly owned by government and the mem-bers of the exchange. The agree-ment between government and the members of the exchange states that government owns 32 percent of the

exchange and stockbrokers control 68 percent,” he said. He said after demutualisation, government and stockbrokers are expected to reduce their shareholding to 16 percent and 34 percent respectively for the bourse to have a diversified shareholding structure. The remaining 50 percent will be shared among private institu-tions and individuals.

Minister Chinamasa added that the conditions of the demutualisation stated that no holder of shares in the exchange can hold more than 10 percent of total voting shares. “The ZSE has been operating as a mutual society where members enjoy rights of ownership, decision making and trading. Thus the essence of demu-tualisation is to separate ownership from management and participation through adherence to internationally accepted code of corporate govern-

ance,” he said.

He also said the obligation to form and incorporate the public listed com-pany will fall on the exchange while government will make the legislation to remove the exchange from being a statutory body and morph it into a listed company. ZSE stockbrokers representative Edward Mapokotera also said the demutualisation will improve governance of the bourse and help to raise funds.

“This will allow the ZSE to raise capital both locally and internation-ally and raise our profile both as an exchange as well as a country,” he added. Once demutualisation is com-plete the exchange can democratise and create a second-tier exchange or more exchanges. Globally, all major stock exchanges operate on the basis of demutualisation. •

Govt, ZSE stockbrokers sign demutualisation agreement

3 NEWS

By Lynn Murahwa

Zimbabwe's first National Tourism Policy is set to be launched this week with forecasts that it will boost tourism earnings to $5 billion per annum by 2020, Tourism and Hospitality Industry Minister Engineer Walter Mzembi has said

The National Tourism Policy is to be offi-cially launched on Thursday in Harare.

Speaking at a press conference this morning Minister Mzembi said the Tourism Policy is set to make the sector the first one to sponsor itself in reach-ing its targets.

“The tourism sector is set to be the first sector to sponsor itself in terms of revenue target setting of $5 billion per annum by the year 2020,” he said.

Mzembi said a large consultation from every sector was taken into account before the approval and implementa-tion of the policy.

“The policy is the work of team tour-ism which is a tripartite consisting of the Tourism and Hospitality Industry, the Zimbabwe Tourism Authority and the Zimbabwe Council of Tourism.

Our consultation went beyond these three parties, we consulted very widely across all sectors to gather input into the policy,” he said.

He said the new policy will emphasize the role of the Government and private

sector in tourism as well as introduce a new range of tourism products, the need for Special Tourism economic zones and hope for an open air policy.

“Our new National Tourism Policy emphasizes the fact that Tourism is Government led, private sector driven and community welfare orientated. The policy seeks to introduce a new range of tourism products to diversify our products including religious tour-ism, agro tourism, industrial tourism and the list is endless.

“It underlies the need to create Spe-cial Tourism economic zones in order to create investment opportunities in areas where tourism offers compara-tive advantages. It also addresses bot-tlenecks to travel such as air connec-tivity and restrictive visa regimes which

restrict the enjoyment of the tourism product,” said Mzembi.

“We have successfully designed an incentive travel holiday scheme for civil service which we have handed over to the Civil Service Administration. We believe that every civil servant should take at least one holiday a year starting with our own employees,” he said.

He added that the sector has partners outside of the country who are willing to put in seed capital into the Tourism Special Economic Zones.

“We have people in the Diaspora who are willing to inject money into these zones and right now I can say they are mobilising millions into the zones, at least 3 million pounds of seed capital,” he said. •

National Tourism Policy ready

Minister Engineer Mzembi

4 NEWS

BH24 Reporter

Three of the world diamond industry leaders have confirmed their partic-ipation at the second edition of the Zimbabwe Diamond Conference this November.

These include World Federation of Dia-mond Bourses president Ernie Blom and CIBJO president Gaetano Cavalieri.

Also in attendance will be Eli Izhakoff, who is an honorary president of three world diamond organisations, namely the World Diamond Council (WDC), World Federation of Diamond Bourses (WFDB), and the Confédération Inter-national de la Bijouterie, Joaillerie, Orfèvrerie des Diamants, Perles et Pierres (CIBJO or the World Jewellery Confederation).

WFDB's role is to promotion of world diamond trade and to encourage the establishment of bourses (today there are 28 bourses worldwide), while the CIBJO represents the interests of all individuals, organisations and compa-nies earning their livelihoods from jew-ellery, gemstones and precious metals.

CIBJO is the oldest international organ-isation in the jewellery sector.

The global diamond industry leaders believe that Zimbabwe is well poised to become a key player on the interna-tional diamonds market.

WFDB president Ernie Blom said Zim-babwe's diamond output can step in to cover supply gaps in global diamonds trade.

“Zimbabwe, with its vast mineral resources is well positioned to take advantage, as a major supplier of rough diamonds, in a world market that has seen challenges with current supply lines,” said Blom.

WDC Honorary President Eli Izhakoff said Zimbabwe is a significant diamond producing country and can evolve into an important trading center.

The conference, which is penciled for November 6 and 7, will be moderated by diamond industry analyst and presi-dent of Tacy Ltd Chaim Even-Zohar.

Meanwhile, an auction of almost one million carats of diamonds from Zimba-

bwe is currently underway at the Dubai Diamond Exchange (DDE).

Expectations are that the two-week sale will generate an average price per carat of $100 per carat compared to the previous average set of $76. Mbada Diamonds, Anjin, Jinan, Diamond Min-ing Corporation, DZT-OZGEO, Marange

Resources and Kusena submitted par-cels totaling 960,000 carats.

The sale will be the third this year, fol-lowing a January auction which led to total sales of $70 million, and an auc-tion in March with $29,2 million gener-ated from sales of 400 000 carats. •

World Diamond industry leaders set for Zimbabwe Diamond Conference

By Elita Chikwati

•... as mop-up sales disappoint; TIMB hints at possible side-mar-keting of auction crop

Flue cured-tobacco deliveries for the 2014 selling season have surpassed the revised target of 210 million kilo-grammes as farmers continue to sell their crop at the contract floors.

The Tobacco Industry and Marketing

Board statistics reveal that 211 mil-lion kg of flue cured tobacco worth $672 million have been sold com-pared to the 160 million kg that had been sold same period last year.

The bulk of the crop has been sold though the contract floors where buyers are offering higher prices than those offered at the auction floors.

About 51 million kg of tobacco worth $137 million were sold thorough the

auction floors while 160 million kg worth $534 million. Currently buyers at the contract floors are offering an average price of $3,32 per kg while auction floors closed at an average price of $2,69 per kg.

TIMB chief executive, Dr Andrew Mat-ibiri said the mop up sales that were carried out last week showed that most farmers had sold their crop by the time auction floors closed. “Only two auction floors, Boka Tobacco

Floors and Premier Tobacco Floors received tobacco for the mop up sale.

“This may also be an indication that some farmers are side-marketing their crop and selling through the contract floors where prices are firm,” he said.

Tobacco production has been on the increase for the past years due to the favourable marketing system. •

6 NEWS

Revised tobacco target surpassed

Textile giant National Blankets Limited requires $3,5 million working capital to bring back production to competi-tive levels, an official has said.

The firm, which was placed under judicial management in 2012 was now debt- free and has started addressing working capital con-straints again sourcing funds from the Distressed Industries and Margin-alised Areas Fund (Dimaf).

Last year, the firm secured $500 000 from Dimaf and the loan facility was directed at facilitating operational existence of the company as well as buying raw materials. “We still have not raised the cash that we require. The figure is still the same. We require $3,5 million to have mean-ingful production. “We are going

back to the funder who gave us the Dimaf cash and we will send those papers to them; the shareholders are going back into their pockets to raise the money with their own other resources,” said National Blankets judicial manager, Philip Ndlovu in an interview last week.

As part of National Blankets re-capi-talisation efforts, the firm received a $500 000 loan facility from CABS and this was directed at facilitating oper-ational existence of the company as well as buying raw materials.

Although National Blankets was debt-free, the Bulawayo-based company was still operating below capacity. “Employment level hasn’t changed as capacity is still running far short of what is required. “We cannot meas-

ure that (capacity utilisation) because we have no base, all we can say is how many people do we have com-pared to last year and the number is still the same. I know people talk about it (capacity utilisation) increas-ing by five percent but I don’t know how they measure it and I don’t have the statistics.”

Added Ndlovu: “It’s not only funding that will make it happen at National Blankets. There should be buying capacity from the market and the overall liquidity situation should improve in the whole economy because the product is given to the same buyers who have no cash; so it’s not only one side of the story. But it combines a number of factors.” He said the company also required skills base to carry it forward. The company,

which was on the road to recovery in December last year announced that it had raised $2,6 million from the sale of Industrial Plot Number 39 to the National Social Security Authority. Part of the proceeds amounting to $1 944 035 were transferred to Capital Bank as a means of liquidating the debt owing to the bank. The remain-ing balance from the proceeds net of statutory costs, taxes and Bulawayo City Council’s rates were made availa-ble for distributions to other creditors.

Recently stakeholders in the cloth-ing and textile industry have raised concerns over the influx of cheap imported products mainly from the Far East saying the products were bringing unfair competition thus kill-ing viability of local companies. Asked about how cheap imported textile products have impacted on National Blankets viability, Ndlovu said: “We cannot measure that because at the moment we cannot fully supply the market so, we cannot go around and say we’re having competition from outside. . . ”At its peak, the tex-tile manufacturer used to export to regional countries that include South Africa, Botswana and Namibia. ― Chronicle •

7 NEWS

National Blankets requires $3,5m for re-capitalisation

AdM-DI156506-

BH24

The equities market remains top-sy-turvy, dipping by a marginal 0.11 percent in today's trades to offset marginal gains recorded on Friday.

The industrial index lost 0.21 points to close at 185.72 points on the back of depressed performances by a number of heavyweight counters. Giant telecoms Econet dropped 1.50

cents to trade at 72.50 cents whilst Fidelity Life, OK Zimbabwe and TSL slipped 0.50 cents each to close at 7.50 cents, 17.50 cents and 26.10 cents respectively.

Seedco was marginally lower by 0.01 cents to close at 78 cents. The losses were partially offset by gains in TA Holdings which was 6 cents solid to

trade at 16 cents. Giant insurer Old Mutual added 0.40 cents to close at 258 cents following reports that group chief executive officer Jonas Mushosho said the insurance group is in the process of setting up infrastruc-ture and agriculture funds to support fiscal activity as the group sees eco-nomic rebound in the country.

Pearl Properties gained 0.30 cents to 2.90 cents and construction firm Masimba was up 0.10 cents to trade 1.90 cents.

The mining index retreated 0.39 points (or 0.67 percent to close 57.44 points after Riozim shed a cent to close at 20 cents. Bindura, Falgold and Hwange were unchanged at previous trading levels. ― BH24 Reporter •

10 ZSE REVIEW

Stocks start week in the red

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BH24

The Infrastructure Development Bank of Zimbabwe (IDBZ) is set to issue a $100 million housimg bond for the construction of 20 000 low-cost hous-ing units around Zimbabwe.

This is certainly a positive move that, ideally, should go some way in eas-ing the country's housing deficit and help those people with low disposable income.

When we talk of low cost housing in Zimbabwe civil servants and other lowly paid employees in the private sector always come to mind as the right beneficiaries.

We think they, more than anyone else deserve a chance to own a home for the simple reason that their salaries cannot afford them the chance to buy ordinary houses.

But we have noted that in Zimbabwe, low cost housing is not for the low income earner but for the middle and high income earners some of whom already have two or more houses to their names and want to grow their investment portfolios.

According to Wikipedia, low cost hous-ing refers to “housing deemed afforda-ble to those with a median household

income as rated by country, province, region or municipality by a recognised Housing Affordability Index."

But there is a significant difference between theory and reality.

Reality on the ground is that very few projects being carried out by these huge banks fall under the affordable, or low-cost housing category.

The cost of purchasing these houses is usually beyond the reach of many, if not all, low-income earners.

A snap analysis of residential prop-erty advertisements indications are that the cost of such low-cost hous-ing financing schemes are beyond the reach of many.

For example a fully serviced 180 square meter residential stand is going for around $13 500 cash with an option for six monthly instalments after a 50 percent deposit.

Let's be realistic, not many people can afford such terms. The 50 percent deposit in particular tends to certainly kill the hopes of any aspiring home

owner.

The question is then: should low-in-come housing projects be carried out by banks? Especially as banks are business and always see the impera-tive for making huge profits.

It is these huge profits that contribute to the high cost of these 'low-income houses' rather than actual costs being incurred in the housing projects con-struction as in some cases costs are just a third of expected revenue.

With the majority of the working pop-ulation earning far less than the pov-erty datum line of US$511 per month the dream of owning a house remains a pie in the sky.

It follows then that those with the financial muscle locally or those based in the Diaspora tend to take advan-tage of these low-cost housing to amass properties.

There is definite need for Zimbabwe to redefine the concept of low-cost housing. Better still, the Government should legislate on the matter to set reasonable standards. •

12 BH24 COMMENT

Do we really have low-cost housing in Zimbabwe?

Anglo American Platinum, the world’s largest producer of the metal, said it may sell some mines after first-half profit dropped 88 percent because a five-month strike in South Africa dis-rupted mining.

Amplats, as the Johannesburg-based unit of Anglo American Plc is known, is putting four mines and possibly

two joint ventures up for sale, it said in a statement today. It will retain the Mogalakwena open-cast operation, the company’s largest, three other mining assets and four stakes in joint ventures.

“We will create a company that deliv-ers the majority of its production from mechanized mines” and “operates in the lower half of the cost curve,” it said.

The strike by more than 70,000 miners at Amplats, Impala Platinum Holdings Ltd. And Lonmin Plc cost the compa-nies 23.9 billion rand ($2.2 billion) in revenue and workers 10.6 billion rand in wages by the time it ended of June 24.

The stoppage pushed South Africa’s economy into contraction in the first

three months of this year as mining output plunged in the country that accounts for more than two-thirds of the mined production of the metal.

Amplats said in January 2013 it planned to sell the Union mine, north of Rustenburg. The company has yet to find a buyer for the asset.

It will also exit its three Rustenburg operations and its Pandora joint ven-ture, it said today. It will possibly sell its stake in the Bokoni JV with Atlatsa Resources Corp.

Earnings per share excluding one-time items fell to 60 South African cents in the six months, from 5.14 rand a year earlier, Amplats said. Net income dropped to 157 million rand from 1.3 billion rand in 2013, it said.

Platinum sales decreased to 1.04 mil-lion ounces from 1.07 million ounces a year earlier.

Platinum fell 7.1 percent to an average $1,438 an ounce in the first half com-pared with a year earlier. ― Bloomb-erg •

14 REGIONAL NEWS

Anglo Platinum may sell South Africa mines as strike hits profit

16 DIARY OF EVENTS

The black arrow indicate level of load shedding across the country.

POWER GENERATION STATSGen Station

14 July 2014

Energy

(Megawatts)

Hwange 421 MW

Kariba 750 MW

Harare 45 MW

Munyati 29 MW

Bulawayo 0 MW

Imports 0 MW

Total 1245 MW

23 -25 July - Mine Entra, Place: Zimbabwe Inter-national Exhibition Centre, Bulawayo

24 July - OK Zimbabwe Thirteenth Annual Gen-eral Meeting Place: OKMart Functions Room, First Floor, OKMart, 30 Chiremba Road, Hillside, Time:

15:00 hours.

1 August - Sixteenth Annual General Meeting of the members of Econet Wireless Zimbabwe Limited, Place: Econet Park, 2 Old Mutare Road, Msasa, Harare, Time; 10.00am

THE BH24 DIARY

18 ZSE

ZSEMOvERS CHANGE TODAY PRICE USC SHAKERS CHANGE TODAY PRICE USC

TA 60.00% 16.00 FIDELITy LIFE -6.25% 7.50

PEARL 11.53% 2.90 RIOZIM -4.76% 20.00

CBZ 8.33% 13.00 OK ZIM -2.77% 17.50

MASIMBA 5.55% 1.90 ECONET -2.02% 72.50

OLD MUTUAL 0.15% 258.00 TSL -1.87% 26.10

SEEDCO -0.01% 78.00

IndicesINDEx PREvIOUS TODAY MOvE CHANGE

INDUSTRIAL 185.93 185.72 -0.21 POINTS -0.11%

MINING 57.83 57.44 -0.39 POINTS -0.67%

Stocks Exchange

20 AFRICA STOCkS

Botswana 8,664.65 -11.96 -0.14% 12July

Cote dIvoire 246.37 +2.18 +0.89% 07Mar

Egypt 7,949.60 -75.68 -0.94% 06Mar

Ghana 2,357.65 -12.86 -0.54% 15July

Kenya 4,889.99 -12.31 -0.25% 15July

Malawi 12,662.47 +0.00 +0.00% 07Mar

Mauritius 2,074.51 -3.51 -0.17% 07Mar

Morocco 9,544.10 +21.01 +0.22% 07Mar

Nigeria 43,030.27 +58.71 +0.14% 16July

Rwanda 131.27 +0.00 +0.00% 24Oct

Tanzania 2,018.97 +25.40 +1.27% 07Mar

Tunisia 4,624.39 -39.32 -0.84% 07Mar

Uganda 1,503.90 +0.81 +0.05% 10Sep

Zambia 4,242.74 +14.95 +0.35% 10April

Zimbabwe 186.08 -0.04 -0.02% 16July

African stock round up Commodity Prices

Name Price

Crude Oil 1,300.91 -0.21%

Spot Gold USD/oz 1,292.63 -0.26%

Spot Silver USD/oz 19.38 -0.46%

Spot Platinum USD/oz 1,421.25 -0.33%

Spot Palladium USD/oz 798.50 -0.64%

LME Copper USD/t 6,770 -0.18%

LME Aluminium USD/t 1,780 -1.17%

LME Nickel USD/t 18,230 -1.73%

LME Lead USD/t 2,095 -1.41%

Quote of the day — "In lIfe, as In a football game, the prIn-cIple to follow Is: hIt the lIne hard." -theodore roosevelt

Globalshareholder.com

The euro regained more ground on the dollar in Asia on Monday, having rebounded from a five-month trough, but trading was anything but energetic thanks to a holiday in Japan and amid concerns that geopolitical tensions could flare up at any time.

The common currency drifted up 0.2 percent to $1.3546, extending Fri-day's bounce from a five-month low of $1.3491. Solid support is seen at $1.3460/80, an area that had provided

a floor on several occasions for the com-mon currency in the past 10 months or so.

"The Japanese holiday has quietened things in Asia," said Mitul Kotecha, head of Fx strategy at Barclays in Singapore.

"There is not a great deal of first-tier data either and investors have one eye on geopolitical events, all of that is a rec-ipe for generally lackluster trading." The downing of a Malaysian airliner in east-ern Ukraine last week and fighting in

Gaza continued to dominate the head-lines, although markets were becalmed for now. "Our sense remains that at least for the moment, markets will likely continue to treat geopolitical events as localized risks and not "macro" desta-bilizing events," analysts at JPMorgan wrote in a note to clients.

The dollar index eased 0.1 percent to 80.431, continuing to pull back from a one-month peak of 80.687 set on Fri-day. The calmer mood kept the safe-ha-ven yen pinned down. The greenback was at 101.22 after pushing up from a one-week low of 101.09. The euro stood at 137.10 yen, off a five-month trough of 136.71.

Sterling was none the worse for wear at $1.7099, having recovered from a fall to a three-week low of $1.7037 on Friday.

Barclay's Kotecha said he is still gener-ally bearish on the euro. "Overall, we still believe the euro is going to face more downside pressure. The chances are we're going to see more aggressive action from the ECB in coming months," he said. "We prefer selling the euro ver-sus the yen and sterling." The Antipo-

dean currencies also recovered some of their recent losses, with the New Zea-land dollar popping above 87 U.S. cents from Friday's low of $0.8649.

The kiwi had suffered its biggest weekly fall in about six months and markets are turning just that bit cautious ahead of a widely expected interest rate hike on Thursday.

New Zealand's central bank is widely expected to lift its cash rate to a 5-1/2 year high of 3.5 percent.

The market is divided on whether the bank might signal a pause given the high currency, restrained inflation and falling dairy prices. Any sign of an extended hiatus could prompt kiwi bears to renew their attack, traders said.

There are no major data out of Europe on Monday, leaving the focus on flash PMI reports due on Thursday. In Britain, minutes of the Bank of England's July meeting, retail sales and second quarter gross domestic product data will take center stage later in the week. ― Reu-ters •

22 INTERNATIONAL NEWS

Euro stays afloat in tentative trade amid geopolitical concerns

By Munetsi Madakufamba

The first major challenge for SADC economies, as is the case with most African states, is a development model that is driven by consumption and pri-mary commodity exports.

The limitations of this kind of an eco-nomic growth path were severely exposed during the recent global economic crisis when the region’s economic performance was severely jolted.

Further, the regional integration model in Africa has tended to focus too much on trade at the expense of the develop-ment of the industrial sector.

SADC has not been an exception. In fact, its successive development blue-prints have identified trade as the main development priority.

Although SADC policy documents have consistently recognised the need to develop the industrial sector to accom-pany emphasis on trade, the industrial policy framework document has not been in place until recently. The SADC Industrial Development Policy Frame-work was approved by the Committee of Ministers of Trade in November 2012 and endorsed by the Council of Minis-ters in February 2013 and is yet to be implemented.

The policy document identifies three

sectors for initial focus in the medium term: agro-processing, mineral benefi-ciation and pharmaceuticals.

This will be a key issue for discussion at the 34th SADC Summit, to be hosted by Zimbabwe in Victoria Falls next month under the theme, “SADC Strat-egy for Economic Transformation: Lev-eraging the Region’s Diverse Resources for Sustainable Economic and Social Development”.

A growing industrial sector is key to sustained overall economic as well as human development of a country due to the multiplier effect insofar as it pro-motes value-addition and employment generation.

A second challenge relates to econo-mies built on a weak economic infra-structure base, including poor road, rail and air networks, and power short-ages. Third, lack of access to appropri-ate modern technologies has limited industrial competitiveness and ability to engage in value-addition and ben-eficiation.

Fourth, the majority of the countries lack access to affordable capital for

investment in industrial development.

Finally, when operating individually, most SADC economies are too small to enjoy the competitiveness that comes with economies of scale, particularly when dealing with any of the other challenges stated above.

These challenges can in fact present major opportunities when looked at from another angle. First, SADC is rich in natural resources, and simply needs to turn this into a competitive advan-tage through value-addition and ben-eficiation.

A related opportunity is presented by Africa’s demographic dividend. Whereas other parts of the world are losing their demographic dividend, Africa boasts of a young population, with the proportion of youth in some countries as high as 65 percent under the age of 35 years.

Second, due to Africa’s resource endowment, the continent is receiv-ing greater attention from major eco-nomic powers — China, Europe and the United States. To be continued tomorow

23 ANALYSIS

Prospects for industrial development in SADC

On the way to work this morning Mob-ster couldn't help but eavesdrop on a conversation by a couple of anony-mous Hararians (who cares who they are? They may as well be you and me).

Anonymous Hararian 1: 'Can you believe it, we haven't had water since Thursday last week.' Anonymous Hara-rian 2: 'you too? I only thought it was my area. We haven't had a drop since Thursday as well.'

Just then a middle-aged (I think) man edged closer. It wasn't hard to discern that he lived on the street. He waded himself into the matter: 'The problem is that the water treatment plant at Morton Jaffray services too many areas around Harare and there have been no additional water plants to meet the growing demand from the expanding

suburbs.' I'm guessing your shock is a good as Mobster's. This man simply needs to take over at Town House.

The 'engineers' there right now have been employed for long, and they have become too toxic to rehabilitate. They need to go. Anyone will do right now.

But levity aside, it's a sad situation because for a moment there Mobster actually believed that this man, this street dweller who recked of years of un-bath and whose hair was so rugged it resembled some rough mountain ter-rain somewhere, could easily replace someone at Town House.

And do a better job of it. He would probably have a solution too for the horrifically ugly and certainly brainless 'urban' settlements sprouting all over the capital city. Every open space any-where is being parceled out, an indica-tion of a myopic vision.

On the issue of wrong people in the right places, Mobster would like to apportion a significant amount of the blame for the country's present eco-nomic predicament to one man. Some philosophical perspectives follow that whatever is in existence at any one

time is a residual manifestation of past actions and decisions. To this extent, and this extent alone Mobster blames our economic tribulations to the good 'Dr' Munyaradzi Kereke. I mean what solid advice could this man have pos-sibly supplied to the other good Dr? Especially when he seems unable to run carry through his own business visions.

It's disheartening to read about the collapse of his Fortress Hospital, with reports about unpaid workers for months on end and of the hospital hav-ing to operate with a single registered nurse.

Mobster is not disheartened by the col-lapse of Fortress Hospital. She cares not a bit. It's the fact this man was once an advisor to THE national banker.

(Mobster is a Zimbabwean philos-opher who has an opinion on just about anything. She however has a particular liking for business and economics stuff. However her opinions are not necessarily rep-resentative of this platform. You can send your feedback to her on [email protected]) •

24 MOBSTER’S MONDAY MUSINGS

Wrong people in the right places

Zim Govt, ZSE stockbrokers sign demutualisation agreement

Business

Transcript of Zim Govt, ZSE stockbrokers sign demutualisation agreement