Business

Ndhlukula elected ZNCC Harare chair

NDHLUKULA ELECTED ZNCC HARARE CHAIRPERSON
Harare May 17, 2012 (New Ziana) - the Zimbabwe National Chamber of Commerce (ZNCC) Harare branch has elected Securico managing director Divine Ndhlukula as chairperson, taking over from Davison Nerupiri who is now vice-president for the Mashonaland chapter.
In a statement following the election, the ZNCC said Ndhlukula becomes the first woman to lead the branch in over a decade.
Other executive committee members elected include AVM-Africa’s Mark Tome, Laguard Insurance Brokers managing director Reward Tugwete, Beatrice Sithole, Mike Chiurunga and Sarah Muchinenyika.
In a her acceptance speech Ndhlukula urged fellow executives to be committed to advancing the interests of the chamber.
Ndhlukula leads one of the largest security companies in Zimbabwe and her company Securico has continued to achieve some milestones to become one of Africa’s top security firms.
The company last year scooped the Prestigious Africa Awards for Entrepreneurship.
In 2011 Securico won two National Quality Awards.
New Ziana

Microfinance facility growing

MICRO-FINANCE FACILITY BOOST
Harare May 16, 2012 (New Ziana) – The Zimbabwe Association of Microfinance Institutions (Zamfi) is on target to mobilize US$6 million for re-capitalising the sector, an official said on Wednesday.
The funds would be disbursed under the Zimbabwe Microfinance Wholesale Facility Trust (ZMWFT) which was launched in December.
The facility aims to capitalise microfinance institutions, which are still struggling to get funding for their operations since the country adopted the use of multiple foreign currencies three years ago.
“Our target is to raise US$6 million and we are on course to reach the target,” ZAMFI executive director Godfrey Chitambo told New Ziana.
Chitambo however did not disclose the amount that the association and its partners had managed to mobilize to date.
The ZMWFT last Thursday invited MFIs to apply for funding, the second since its launch.
Chitambo said funding was being availed in four packages depending on the financial health of the institution, namely rescue, stabilisation, growth and innovation.
The minimum amount of money given to distressed institutions under the ZMWFT is US$7 500 although there have been calls to review the threshold.
Chitambo said the funding was aimed at development oriented MFIs supporting projects in the small and medium enterprises sector as well as the informal sector.
He said the facility had adequate funds to cater for those who applied for funding although applicants have to go through a vetting exercise.
“Money is a scarce commodity but we think that the conditions do not kill anybody,” he said.
The funding is available to registered MFIs.
Zamfi, a voluntary association, currently has a membership of 62 although a total of 132 MFIs had been registered by the Reserve Bank of Zimbabwe by the end of February.
Chitambo said at least 16 institutions had applied for funding when the first call for funding applications was made in December.
MFIs are well known for playing a critical role in poverty alleviation by supporting self help projects.
In Zimbabwe however, some of the institutions are now known as 'loan sharks' as they charge high interest rates for money loaned out and use unorthodox means to collect the money in cases where clients default.
New Ziana

Pricing distortions affect property market

PRICING DISTORTIONS AFFECT PROPERTY MARKET
Harare May 13, 2012 (New Ziana) – Price distortions have affected the real estate sector resulting in some properties going for long periods without attracting buyers, an expert said on Sunday.
Property investment consultant Vengai Madzima said the market was currently awash with speculators who inflated prices in line with those charged for a property with similar characteristics that would have been advertised.
”This has resulted in the birth of unregistered estate agents who have stormed the high density areas where they are now selling houses at any price they suggest,” he said.
Madzima said more than 60 percent of properties on the market currently were not priced correctly.
He said some were shifting the blame on liquidity constraints affecting the economy since the introduction of multiple currencies.
“Others have also blamed the distortions on the lack of property development in the sector despite the stability in prices of building materials and their availability since last year,” he said.
Property has been beyond the reach of many Zimbabweans, who earn an average of US$200 per month.
However despite the challenges, the property sector remains the second most rewarding form of investment after the money market.
The sector has over the years become an investment avenue for middle-class Zimbabweans living abroad.
New Ziana

Zim to block Essar ore export pipeline

GVT TO BLOCK ESSAR EXPORT PIPELINE
Harare May 8, 2012(New Ziana)-The Zimbabwe government will not permit Essar Africa Holdings to build a pipeline to transport iron ore to the Mozambican port of Beira as it defeats the policy of adding value to mineral resources.
Essar, which bought a 54 percent stake in Zisco, wants to build a slurry pipeline from Zimbabwe to Mozambique and an iron ore terminal with a capacity of 20 million tonnes per year at Beira when it resumes operations at the dormant Zisco Steel mine.
Mines and Mining Development deputy Minister Gift Chimanikire said the move was in line with government policy to promote value addition.
“We will not allow that. It is not government policy because we want value addition,” he said
“Once you export raw iron ore you are exporting jobs. We want Zisco to become the biggest steel maker in the world.”
Chimanikire said the government would also be moving to enforce value addition of other minerals.
“We are digging in on that one that is why we have even instructed Zimplats to build a smelter. We are also zeroing in on diamonds because we are losing out,” he said.
Zimbabwe holds an estimated 39 billion tones of iron ore and a sizeable chunk of this is held by the Redcliff based mine.
While Essar’s plans would enable it to feed its other global steel operations, analysts contend that Zimbabwe stood to lose out billions of iron ore and substantial revenue through exports.
The Indian firm intends to invest over US$4 billion over the next four years at Zisco (now New Zim Steel) and increasing annual steel output to 2, 5 million tonnes.
Essar produces about nine million tonnes of steel annually in its global steel operations.
Zisco Steel, once the biggest integrated steel works in Africa, folded operations in 2008 after experiencing serious viability problems.
Global steel demand is expected to register a 5, 4 percent increase this year to around 1, 5 billion tonnes from 1, 3 billion tonnes last year.
The surge will result from continued growth in demand from India, China the US and Africa.
New Ziana

Zim companies urged to rebrand

COMPANIES URGED TO RE-BRAND
Harare May 2, 2012 (New Ziana) –Local companies should re-brand in order to secure and maintain a share of the market, an expert said on Wednesday.
An influx of imported goods and services on the market has created stiff competition which many local companies have failed to withstand.
Marketers Association of Zimbabwe (MAZ) president Godfrey Dube said sustainable re-branding enhanced marketability of companies and their products.
“Business is shifting nowadays. After the country adopted the use of multiple foreign currencies, various outside companies found interest in exporting to Zimbabwe which created competition on the local market,” he said.
“This however means that local firms should rebrand and match international standards to be recognized,” he said.
Dube urged companies to take every concept of business seriously to achieve positive rewards.
“With branding confidence and trust comes into being. This implies that the product or service will be marketable to different market forces,” he said.
He cited the re-branding of the tourism sector which he said had started to achieve positive results.
to gunner international recognition,” he said.
Through re-branding under the theme ‘Zimbabwe: A world of Wonders’, the tourism sector witnessed an overall growth from 10.3 percent in 2010 to 13.7 percent in 2011 as well as the successful bid to co-host the 2013 United Nations World Tourism Organisation General Assembly with Zambia. 
New Ziana


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