Merchant Services Manager (Harare)

Library Technical Assistant

Assistant Binder

Broadcast Technician

Research, Innovation and Industry Linkage Officer (RIILO)

Safety, Health and Environmental (SHE) Officer

Procurement Officer

Intellectual Property Management Officer

Research Officers x2

Business Development Officers x2

Innovation Lead (Engineering)

Innovation Lead (Arts & Creative Industries)

Innovation Manager

Public Health Specialist: Prevention, Care & Treatment (Harare)

Driver (Kariba)

Relief Drivers x8

Business Intelligence Analyst (Harare)

Contact Centre Agent-1 (Harare)

Switchboard Operator (OMAO) (Harare)

Procurement Manager (Bulawayo)

Auditor - ICT & Internal Control (Harare)

Legal Officer (Harare)

Auditor (Harare)

Director General (Harare)

Zimbabwe’s largest bank by depositors, Steward Bank recorded a 158% surge in profit after tax to ZWL255 million during the half-year ended 31 August 2021 from ZWL211 million recorded during the same period in 2020. 
The surge was necessitated by an increase in net interest income, non-net interest income as well as a decrease in income tax expenses.
Net interest income for the period rose by 243% to ZWL706 million from ZWL206 million in the prior year.
Non-interest income rose by 54% to ZWL2 billion up from ZWL1.3 billion achieved during the 2020’s corresponding period.
Resultantly, net operating income was up by 29% to ZWL2 billion from ZWL1.6 billion during the period.
Income tax expenses plunged by 82% to ZWL19 million during the review period from ZWL108 million in 2020 while deposits plummeted by 71% to ZW18 billion from ZWL10 billion in 2020. The Bank said in a statement accompanying the financials:
<blockquote>
The Bank has dispensed more than 55,000 digital loans to women in the half year under review and maintained a POS device complement slightly above 3, 000 in the rural areas, ensuring that sole traders and merchants operating in these areas have access to financial services.
</blockquote>
As a result, loans and advances to customers soared by 151% to ZWL4 billion from ZWL1 billion recorded during the same period last year.
Total assets grew to ZWL25 billion, a 56% increase from the ZWL16 billion asset position achieved last year during the same half.
The Bank zero-rated its Square Mobile Application to allow customers to transact without data thereby ensuring that customers have access to financial services at all times.
The Bank added that it will focus on three pillars Digital, Disruption and Delivery during in the second half of the financial year.
More: <a href="https://news.pindula.co.zw/">Equity Axis News</a>

Pindula News

Steward Bank Records A 158% Surge In Profit After Tax

Hotelier and tourism management company, Rainbow Tourism Group (RTG) is optimistic that the impact of the COVID-19 pandemic and lockdowns during the remaining part of the year will not have a negative impact on its financial performance for the fiscal year ending 31 December 2021.
In a trading update for the third quarter ended 30 September 2021, the Group said with just one and half months left to year-end 2021, its performance is now predictable, and it can be forecast till the end of the year. The Group added:
<blockquote>
At present, the financial status of the Group remains healthy, and the impact of the COVID-19 has not created any issues from solvency or liquidity perspective.
</blockquote>
RTG’s occupancies for the quarter recorded a marginal growth to 24%, as the level 4 lockdown restrictions in July and August affected the business operations during the period under review.
The Group’s Gateway Stream division’s various channels experienced increased volumes during the quarter compared to all the other quarters during the year with its business volumes growing 55% above the comparative quarter in 2020. RTG said:
<blockquote>
Notable performance was recorded under the Gateway Stream rooms (hotel rooms not owned by RTG) which sold rooms equivalent of 30% of the total RTG hotel rooms sold during the third quarter of 2021.
Other channels such as groceries, music and hardware have continued to record significantly increased volumes.
</blockquote>
The Group also noted that its Heritage Expeditions Africa’s performance for the quarter was largely affected by the lockdowns.
RTG resolved to continue to capacitate the business to take advantage of the increasing domestic tourism.
More: Equity Axis News

Rainbow Tourism Group Optimistic COVID-19 Won't Dampen It's Financial Performance

The Government has directed Zesa Holdings to immediately institute measures to recover <a href="https://news.pindula.co.zw/2021/11/21/zesa-owed-15-billion-by-customers-in-unpaid-bills/">the $15 billion it is owed by its clients</a> in unpaid electricity bills.
Under the directive only paying customers should get power.
Energy and Power Development Acting Minister, Jenfan Muswere said all electricity consumers must be placed on smart meters to ensure maximum revenue collection and ensure that the power utility can discharge its duties effectively and efficiently.
In his keynote address at a recent event to commission motorbikes for use by Zimbabwe Electricity Transmission and Distribution Company (ZETDC) Revenue Assurance Operations and the official launch of Operation Usabe Magetsi/Lingebi amagetsi in Harare, Muswere said:
<blockquote>
It is very crucial that revenue assurance and anti-vandalism modalities are developed to ensure secure generation of power.
The $15 billion that is owed by various local authorities, mining houses and the public has got to be extinguished.
In the New Dispensation, our major interest is to ensure that you develop action-oriented mechanisms.
I am delighted to say that as a ministry we need to develop the modus operandi that says ‘no payment no power.’
Disconnections should be a measure that should be instituted after clients have failed to stick to the payment plan.
It is very important that we give a time frame that before the end of next year smart meters should be deployed across the country.
</blockquote>
Muswere who is also Minister of Information, Communication and Technology, Postal and Courier Services criticised the vandalisation of ZESA properties saying they were sabotaging efforts to achieve Vision 2030 which is anchored on the National Development Strategy 1 (NDS1).
More: <a href="https://www.herald.co.zw/no-payment-no-electricity-minister/">The Herald</a>

ZESA Ordered To Disconnect Defaulting Customers

The Reserve Bank of Zimbabwe has said reserve money decreased by ZW$3.91 billion during the week ending 12th November 2021, compared to the previous week’s position of ZW$28.27 billion. Pindula News presents the central bank’s update:
<blockquote>
<h2>RESERVE MONEY</h2>
1. Reserve money decreased by ZW$12.07 million to ZW$28.26 billion during the week ending 12th November 2021, compared to the previous week’s position of ZW$28.27 billion.
2. The fall in reserve money was attributable to declines of ZW$61.95 million and ZW$18.29 million in the currency issued and banks’ liquidity (RTGS balances) at the Reserve Bank, respectively. Partially offsetting the decrease was an increase of ZW$68.17 million in required reserves. 
</blockquote>

<ol>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/11/14/rbz-reserve-money-update-as-at-5-november-2021/">RBZ: Reserve Money Update As At 5 November 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/11/06/reserves-update-29-10-2021-rbz-reserve-money-in-sharp-decline/">Reserves Update 29/10/2021: RBZ Reserve Money In Sharp Decline</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/11/02/reserve-money-at-the-rbz-as-of-22-october-2021/">Reserve Money At The RBZ As Of 22 October 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/10/26/reserve-money-at-the-rbz-as-of-15-october-2021/">Reserve Money At The RBZ As Of 15 October 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/10/19/reserve-money-at-the-rbz-as-of-08-october-2021/">Reserve Money At The RBZ As Of 08 October 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/09/21/reserve-money-at-the-rbz-as-of-10-september-2021/">Reserve Money At The RBZ As Of 10 September 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/09/02/reserve-money-at-the-rbz-as-of-27-august-2021/">Reserve Money At The RBZ As Of 27 August 2021</a></li>
</ol>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

RBZ: Reserve Money Update As At 12 November 2021

ZESA Holdings says it is losing approximately $1.4 billion annually to metre tampering and illegal connections, which is 5% of the power utility’s total revenue.
The power utility has since launched an onslaught against illegal electricity connections resulting in the arrest of 45 house owners in Harare South alone.
ZESA spokesperson George Manyaya said the blitz was not isolated to Harare but would be spread throughout the country to cut revenue losses bleeding the entity. Said Manyaya:
<blockquote>
As testimony to our aggressive intentions, only last week our teams invaded the Ushewokunze/Chigwende area in Harare South and discovered that 45 out of the 51 households that were inspected, were irregularly connected and this is almost like a whole suburb.
</blockquote>
Energy and Power Development acting minister Jenfan Muswere told Parliament on Wednesday that ZESA will switch off nearly 29 000 defaulting customers in the coming days in an effort to recover its money. He said:
<blockquote>
Various credit control measures are being utilised by the utility in debt collection, which has seen collections increasing.
The defaulting clients are being submitted for blacklisting if all avenues (to recover the debts) fail.
So far 28 955 customers have been submitted for blacklisting.
The clients on post-paid and load limit are gradually being enrolled onto the pre-payment metering platform where debt is managed through a minimum deduction per month.
</blockquote>
On Friday, ZESA Holdings executive chairman Sydney Gata revealed that the power utility is owed a staggering $15 billion in unpaid bills by businesses, government departments and ordinary consumers.
<h4>More: <a href="https://thestandard.newsday.co.zw/2021/11/21/zesa-losing-1-4-billion-to-crooks/">The Standard</a></h4>

ZESA Clamps Down On Electricity Thieves After Losing Billions

The Zimbabwe Electricity Transmission and Distribution Company (ZETDC), a ZESA Holdings subsidiary responsible for the distribution of power, has signed a US$110 million syndicated loan with continental trade finance bank Afreximbank, the bank said on Friday. The bank said in a statement:
<blockquote>
The funds will help Zimbabwe Electricity Transmission and Distribution Company (ZETDC) to improve revenue collection through smart meters and pre-paid meters and thus pay off regional creditors’ accounts.
</blockquote>
ZESA Holdings executive chairman Sydney Gata on Friday revealed that the power utility is owed a staggering ZWL$15 billion in unpaid bills by businesses, government departments and ordinary consumers.
Many electricity users in Zimbabwe are on a post-pay system and rack up large debts, which is bad for ZETDC’s books and hurts its ability to supply power.
Meanwhile, Afreximbank said it had signed financing deals worth another US$78 million with three other Zimbabwean companies – the Central African Building Society, CBZ Bank and ZB Bank – at a trade fair in the South African port city of Durban.
<h4>More: <a href="https://vicfallslive.co.zw/index.php/2021/11/20/zesa-secures-us110-m-afreximbank-financing-deal/">VicFallsLive</a></h4>

ZESA Secures US$110 Million Afreximbank Financing Deal

A leading financial services institution, Stanbic Bank, has donated a Haemodialysis machine to Gwanda Provincial Hospital to alleviate challenges faced by kidney patients at the health institution and its environs.
The donation by Stanbic Bank comes after Gwanda Provincial Hospital authorities indicated the dire need for a Haemodialysis machine for patients most of whom were at risk of losing lives without such a machine to help support the function of their kidneys.
Speaking during the handover event, Stanbic Bank Head, Brand and Marketing, Palmer Mugavha, said the financial services institution was committed to playing its part in meeting the healthcare needs of the communities in which it operates through its Corporate Social Investment (CSI) initiatives linked to its pillar of Health and Sanitation.
“Our health-related CSI initiatives fall under the name USIZO-RUYAMURO, which seeks to play a pivotal role in supporting our country to address pressing public health needs of its people. In light of this we established our flagship USIZO-RUYAMURO, where we bring on board like-minded corporates, organisations and other institutions for us to put our hands on deck and assist in health service delivery through the provision of machines, drugs and facilities needed to alleviate prevailing health challenges,” said Mugavha.
He said as part of that vision, Stanbic Bank approaches major/district hospitals and requests them to share their critical needs.
Last year, Stanbic Bank approached authorities at Gwanda Hospital and they informed representatives from the bank of the need for a Haemodialysis machine. Stanbic bank obliged hence today’s handover of the US$15000 Haemodialysis machine.
“We understand installation and testing took place last week and hence am proud to be representing Stanbic bank to officially hand over a critical piece of equipment in addressing kidney failure challenges.”
He said that the kidney is a critical organ in the body as it removes waste products and drugs from the body, balances the body’s fluids as well as releases hormones that regulate blood pressure. 
When one’s kidneys are damaged, waste products and fluids can build in one’s body causing swelling in the ankles, nausea, weakness, poor sleep and shortness of breath. If such a situation continues untreated it can escalate and subsequently lead to total kidney failure and eventually death.
“Given this background, we did not hesitate to play our part in not only reducing the suffering but also saving lives of kidney patients through the purchase of the Haemodialysis machine,” said Mugavha.
He said Stanbic Bank was planning on rolling out similar initiatives to more district hospitals in 2022 and beyond.
As part of USIZO-RUYAMURO, Stanbic Bank, in April this year, purchased equipment to resuscitate operations for Sally Mugabe Maternity Hospital theatre number 1 at the maternity wing in Harare. 
It went on to refurbish its recovery room as well as the nurses working areas. Last year, we also purchased Personal Protective Equipment (PPE) and other vital machines worth US$200 000 as we contributed to the fight against the menacing COVID 19 pandemic.
The Standard Bank Group subsidiary’s CSI initiatives are not only aligned to health but cover areas such as education, the environment among others.
In a speech read on his behalf, Minister of State for Provincial Affairs and Devolution, Hon Abednico Ncube commended Stanbic Bank for its “astounding gesture on services support and CSI”.
Hon Ncube said the donation was timely as it contributed to the Hospital’s quest to improve service delivery in line with the National Health Strategy to control non-communicable diseases (NCDs).
“The Gwanda Provincial Hospital renal Unit currently serves clients from Insiza district to as far as Beitbridge, meaning Stanbic Bank has donated to the people of Matabeleland South. Dialysis serves to prolong life when the kidneys have failed due to diseases such as hypertension, diabetes mellitus, HIV, malaria and others,” said Hon Ncube.
He commended Stanbic Bank and other like-minded institutions and organisations for supporting the institution and challenged more to come on board.
Gwanda Provincial Hospital is the curative hub in the capital of Matebeleland South providing responsive general medical and emergency health care to the province’s citizens and passers-by.
“There is a great need for the community and the corporates to appreciate how the hospital functions…For those still looking into how to partner and assist the hospital, there is still need to have a proper casualty or accident and emergency care infrastructure,” he said.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Stanbic Donates US$15 000 Haemodialysis Machine To Gwanda Provincial Hospital

Six business tycoons and one institutional investor have filed a High Court suit requesting it to overturn fresh directives made by capital markets regulators regarding the operation of central securities depositories (CSDs).
CSDs are specialised financial services firms that keep securities like shares on behalf of investors, allowing ownership to be easily transferred through a book entry rather than transfer of physical certificates.
This allows brokers and financial companies to hold their securities in one location where they can be available for clearing and settlement, mostly electronically.
Chengetedzai Depository Company Limited was a near-monopoly in the lucrative CSDs space until the Securities and Exchange Commission of Zimbabwe (SECZim) gave the ZSE the green light to set up its own CSD in 2015.
High Court papers indicated that following a 2015 SECZim directive for the ZSE and Chengetedzai to activate the migration of registers between their CSDs, there has been resistance by some investors, including applicants to the case.
They have argued that they held contractual agreements with Chengetedzai to handle their shares in at least 10 listed firms.
The firms include the conglomerates, Axia Corporation and Art Corporation, <a href="https://www.pindula.co.zw/Dairibord_Zimbabwe_Private_Limited">Dairibord Holdings</a>, General Belting Holdings, <a href="https://www.pindula.co.zw/Innscor_Africa_Limited">Innscor Africa Limited</a>, <a href="https://www.pindula.co.zw/Masimba_Holdings_Limited">Masimba Holdings</a>, <a href="https://www.pindula.co.zw/Seed_Co_Limited">Seed CO</a>, <a href="https://www.pindula.co.zw/Simbisa_Brands">Simbisa Brands</a>, <a href="https://www.pindula.co.zw/Truworths_Limited">Truworths</a> and <a href="https://www.pindula.co.zw/Zimplow_Holdings_Limited">Zimplow.</a>
Montgomery Holdings and six individual investors, acting as applicants in the case, want the SECZim directive to be suspended pending a determination of its legal validity by the High Court.
They are also arguing that SECZim violated the Companies and Other Business Entities Act in its directive. 
The applicants also argue that shares in the firms remained the property of investors, and no one should decide on the migration of the shares without their consent.
They say SECZim’s directive violated Section 3 of the Administrative Justice Act, which compels an administrative authority to act lawfully, reasonably and fairly.
However, some of the 10 listed firms, the regulator and the ZSE said the applicants had rushed to the High Court before exhausting internal channels.
High Court Judge Philda Muzofa, in a ruling delivered last week, struck the matter off the roll of urgent matters. 
More: <a href="https://www.theindependent.co.zw/2021/11/19/zse-listed-firms-in-trouble-over-shares/">The Standard</a>

ZSE-Listed Companies In Trouble Over Shares

Economists warned yesterday that the fast depreciating Zimbabwe dollar could further push up prices of basic goods and trigger fresh inflationary pressures on the economy.
The economic experts noted that these were the same factors that triggered the 2007/2008 economic meltdown, which ended with a record 231 million per cent inflation, as per official statistics, and the collapse of the Zimbabwe dollar.
Zimbabwe’s currency lost much ground against the United States dollar on both the official and parallel markets in recent weeks partly due to the backlog at the foreign exchange auction system.
This Tuesday, the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> said the currency traded at US$1:$105 6965, a 5.8% decline from late week’s US$1:$99 9301 exchange rate on the formal market.
Parallel market rates soared to between US$1:$180 and US$1:$200, from between US$1:$160 and US$1:$170 the previous week.
CEO Africa Roundtable chairman Oswel Binha said the real market is the parallel market which is currently trading at over $200 against the US dollar. He added:
<blockquote>
If the situation remains like this, inflation will be way on top of the roof in Zimbabwe, which will see business profitability being affected.
This will erode salaries and affect disposable incomes. The continued depreciation of the Zimbabwe dollar is the manifestation of the insufficiency of the US dollar in the market.
</blockquote>
He added that another problem is that costs of production are pegged at the parallel market, but revenue is pegged using the official exchange rate. 
Economist <a href="https://www.pindula.co.zw/Eddie_Cross">Eddie Cross</a> said the inflation had exceeded reasonable levels adding that a certain percentage of it was being imported from abroad because there is high inflation throughout the world. 
Confederation of Zimbabwe Retailers president <a href="https://www.pindula.co.zw/Denford_Mutashu">Denford Mutashu</a> said the rise collapse of the local currency will affect prices both pegged in ZWL$ and US$ as the US dollar prices have also been going up once the local currency sheds value. 
A snap survey conducted by NewsDay showed that by Thursday, prices of basic commodities had increased by between 30% and 50% in the past month. 
More: <a href="https://www.newsday.co.zw/2021/11/currency-crisis-spirals-out-of-control-as-forex-auction-system-faces-collapse/">NewsDay</a>

Inflation Rises As The Local Currency Sheds Value

Bankers have bemoaned the impact of Western-imposed sanctions on Zimbabwe, which have led to the loss of more than 100 correspondent banking relationships since the restrictions were imposed at the turn of the century.  
  
Correspondent banks provide services to other banks, usually, those in other countries, acting as intermediaries or agents, facilitating wire transfers, conducting business transactions, accepting deposits and gathering documents on behalf of others.
Such banks are most likely to be used by domestic banks to service transactions that either originate or are completed in foreign countries.
The United States imposed an international embargo against Zimbabwe through the <a href="https://www.pindula.co.zw/Zimbabwe_Democracy_and_Economic_Recovery_Act_Of_2001">Zimbabwe Democracy and Economic Recovery Act (ZIDERA)</a> in 2001 to punish former strongman Robert Mugabe’s regime over alleged human rights abuses and electoral fraud.
Addressing delegates at the Institute of Bankers of Zimbabwe Summer School in Victoria Falls last week, FBC Bank managing director Webster Rusere said the sanctions have had far-reaching consequences on the financial sector. Rusere said:
<blockquote>
What we need to do is to say how many correspondent banking relationships have been closed since 2001/2002. The number is 102. There is no bank that has not been affected by sanctions.
When you have a situation where your suppliers cannot access credit … Can you say that it is targeted? No, it is not.
</blockquote>
Some mining companies are failing to access money from their banks and clients abroad after being seized by fiscal authorities in the United States over their dealings with the <a href="https://www.pindula.co.zw/Minerals_Marketing_Corporation_of_Zimbabwe">Mineral Marketing Corporation of Zimbabwe</a> (MMCZ), which is under sanctions.
The MMCZ is the sole marketing and export agent for all Zimbabwean minerals, including nickel and chromite, but excluding gold and silver.
Resultantly, the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">RBZ</a> early this year directed that the Zimbabwe Revenue Authority <a href="https://news.pindula.co.zw/2021/05/28/rbz-amends-laws-on-deductions-from-mining-exports-receipts/">(ZIMRA) would now have the mandate to collect fees and commissions previously paid to the MMCZ.</a>
The government estimates that sanctions cost the country over US$42 billion between 2000 and 2013, apart from sending thousands of firms into bankruptcy.
But Western powers maintain that the sanctions are only targeted at a few elites that have been blamed for high-level corruption, electoral fraud and human rights violations. 
Last month, a United Nations special envoy, Alena Douhan, called on the US and the EU to consider lifting the sanctions saying they were hurting the general public.
More: <a href="https://www.theindependent.co.zw/2021/11/19/zim-bankers-slam-western-embargo/">The Standard</a>

Bankers Bemoan Effects Of Sanctions On Zimbabwe

Nissan, a Japanese maker of one of Zimbabwe’s most popular vehicle brands has said imports have jeopardised the establishment of assembly plants in the southern African country. 
According to Amtec Motors managing director, Lucas Taruvinga, Zimbabwe imports about 60 000 used cars annually, against about 4 000 sales of new cars.
This week, Nissan Sub-Sahara regional general manager Linda Mazimhaka said car assembly plants unlock opportunities in a string of downstream and upstream industries, and the country must come up with attractive policies to encourage global suppliers to establish facilities. Speaking during the launch of Nissan’s new Navara brand in Harare, Mazimhaka said:
<blockquote>
In Zimbabwe the regulation has to be up to standard.
There is a need to sort out grey imports because what pushes people to go and buy cars from beyond the borders is the price. So, even if we bring an assembling plant in Zimbabwe, we still have to compete with those grey imports.
 It does not make sense because the investment is so high, yet your return on investment is too little. Hence the first step that is needed is to work with the government and try to reinforce regulation – what we call the automobile policy. Once that is done, then we move to the second phase, which is looking at the financial side.
</blockquote>
Taruvinga said Zimbabwe, like South Africa, must ban the importation of second-hand vehicles in order to protect domestic carmakers.
The government this year announced <a href="https://news.pindula.co.zw/2021/04/01/full-text-importation-of-some-2nd-hand-vehicles-now-requires-import-licence/">Statutory Instrument 89 of 2021 on 2 April</a> which makes it difficult for one to import pre-owned vehicles whose year of manufacture exceeds 10 years.
In 2018, the government unveiled the Motor Industry Development Policy, which is designed to promote local assembly and exportation of motor vehicles into the region and the rest of the world.
More: <a href="https://www.theindependent.co.zw/2021/11/19/nissan-not-ready-for-zim-assembly-plant/">The Standard</a>

Car Imports Hindering Establishment Of Assembly Plants In Zimbabwe - Nissan

<a href="https://www.pindula.co.zw/Zimbabwe_Energy_Distribution_and_Transmission_Company">Zimbabwe Electricity Transmission and Distribution Company (ZETDC)</a>, a subsidiary of the <a href="https://www.pindula.co.zw/ZESA">Zimbabwe Electricity Supply Authority (ZESA)</a> has apologised to its in Harare Region for the power outage due to faults that occurred on the feeders supplying them. Pindula News presents the statements ZETDC released to that effect.
<blockquote>
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) would like to apologize to its valued customers in Harare Region for the power outage due to faults that occurred on the feeders supplying them. Areas affected are:
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.99">Feeder</td>
<td title="Character Accurarcy=99.9">Areas affected</td>
<td title="Character Accurarcy=99.94">Comment</td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">CB19 Coleford</td>
<td title="Character Accurarcy=99.21">Gletwyn, parts of Mandara, parts of Chisipite, Greendale, Halmin, The Grange</td>
<td title="Character Accurarcy=99.94">Burnt circuit breaker and burnt busbar spouts.</td>
</tr>
<tr>
<td title="Character Accurarcy=99.85">CB59 Acturus</td>
<td title="Character Accurarcy=99.81"><a href="https://www.pindula.co.zw/Chisipite_Senior_School">Chisipite</a> and Nazarene House</td>
<td title="Character Accurarcy=99.9">Underground cable fault</td>
</tr>
<tr>
<td title="Character Accurarcy=99.91">CB49 Highlands Park</td>
<td title="Character Accurarcy=99.79">Williams Shawasha Hills</td>
<td title="Character Accurarcy=99.94">Multiple underground cable faults</td>
</tr>
<tr>
<td title="Character Accurarcy=99.76">CB39 Pomona</td>
<td title="Character Accurarcy=99.59">William Powlet area, Brookeview, Larkrise, Rayden, Hogarty Hill, Hawkshed extension, Philadelphia and Highgate</td>
<td title="Character Accurarcy=99.97">Broken overhead line</td>
</tr>
</tbody>
</table>
ZETDC engineers and technicians are working to rectify the faults.
The inconvenience caused is sincerely regretted.
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

ZESA Apologises For Power Outage Due To Faults - Mandara, Chisipite, Shawasha

The Zimbabwe Revenue Authority (ZIMRA) has signed a Memorandum of Understanding (MOU) with the Harare Institute of Technology (HIT)) to enhance domestic resource mobilisation.
The prime objectives of the MoU are to provide a broad base for cooperation with the intention of mobilising domestic revenue through the use of their respective personnel, facilities, electronics and resources to unearth economic and business activities being conducted within the economy.
The agreement also involves collaboration in the development of local software solutions to enhance domestic resource mobilisation for the economic development of Zimbabwe.
The two parties agreed to exchange information concerning strategies for revenue mobilisation and collection with a view to developing a common understanding of challenges being faced. 
This will include information on sector-specific practices on tax levying and collection, together with the implementation of special projects in different sectors to assess and implement tax compliance, share information on the formulation and implementation of compliance programmes with special emphasis on the use of technological and electronic systems.
ZIMRA and HIT shall provide each other with practical, technical and theoretical training on revenue mobilisation and development of software solutions in domestic resource mobilisation to enhance the capacity of ZIMRA. 
The overall aim is to improve ZIMRA’s service delivery. They also agreed to establish a Joint Technical Committee to oversee the implementation and administration of this MoU.
ZIMRA Acting Commissioner General, Mr Rameck Masaire applauded both parties for working tirelessly to produce this MoU. He said:
<blockquote>
I am very cognisant about the process that ZIMRA and HIT went through so as to balance the interest of both parties and bear transformative ideas whose positive impact will be felt across the economy and beyond.
</blockquote>
Speaking at the signing ceremony, HIT Vice-Chancellor Dr Eng. Q.C Kanhukamwe said the partnership is a convergence of minds and is pivotal in making breakthroughs in terms of resource mobilization and industrialisation.
More: <a href="https://news.pindula.co.zw/">Pindula News</a>

ZIMRA, HIT Sign MOU To Enhance Domestic Resource Mobilisation

The Zimbabwe Revenue Authority (ZIMRA) has warned traders who are falsifying their financial records to evade tax, that they risk vigorous audits, penalties and prosecution.
In a statement on Thursday, the taxman urged all traders to make voluntary disclosures of all under-declarations or non-payment of tax by December 31. Read the statement:
<blockquote>
The Zimbabwe Revenue Authority has noted with concern that there are traders who are falsifying their financial records.
ZIMRA is, therefore, urging all traders to come forth and make voluntary disclosures of all under-declared or non-payment of tax by 31 December 2021 to avoid vigorous audits, prosecution and penalties that will be instituted soon after the deadline.
</blockquote>
The tax collector said it had conducted audits, which revealed that some businesses are selling goods and services in foreign currency, but are converting these transactions to the local currency for tax purposes.
More: <a href="https://www.sundaymail.co.zw/new-tax-defaulters-face-heavy-penalties">The Sunday Mail</a>

ZIMRA: Tax Defaulters Face Penalties, Prosecution

The International Monetary Fund (IMF) has warned Zimbabwe about its debt overhang saying it was blocking new funds. The fund also revised its estimate for economic growth in Zimbabwe this year from 5.1 per cent to 6 per cent.
IMF had earlier projected that Zimbabwe’s growth for this year will go down from an <a href="https://news.pindula.co.zw/2021/06/18/zimbabwe-economy-will-grow-6-in-2021-imf/">earlier projected 6%</a> to 5.1%.
The estimate is still lower than the Government estimate of 7.8 per cent.
The estimate came in preliminary findings by an IMF staff team led by Mr Dhaneshwar Ghura, Mission Chief for Zimbabwe, after concluding Article IV Mission to Zimbabwe through virtual meetings from October 25 to November 16. Mr Ghura said:
<blockquote>
The IMF mission notes the authorities’ significant efforts to stem inflationary pressures. In this regard, contained budget deficits and reserve money growth, higher monetary policy rates, and more flexibility in the RBZ auction exchange rate, are policy measures in the right direction.
</blockquote>
IMF also observed that Zimbabwe’s economy contracted cumulatively by about 11 per cent during 2019-20 owing to the combined effects of the pandemic, <a href="https://www.pindula.co.zw/Cyclone_Idai">Cyclone Idai</a>, a protracted drought, and weakened policy buffers.
Ghura said the envisaged GDP growth reflected a bumper agricultural output, increased mining and energy production, buoyant construction and manufacturing activity, and increased infrastructure development.
IMF also called on Zimbabwe to take decisive action to stem long-running economic turbulences, and warned that a big debt overhang would jeopardise efforts to secure fresh bailouts.
Zimbabwe has struggled to secure bailouts from international lenders since the IMF pulled the plug over its failure to settle arrears in 1999. 
The fund reiterated that while Zimbabwe had cleared debts owed to it, the country was not getting fresh funding due to a high sovereign risk stemming out of an unsustainable debt burden estimated at over US$20 billion.
More: <a href="https://www.herald.co.zw/imf-revises-zim-growth-estimate/">The Herald</a>; <a href="https://www.newsday.co.zw/2021/11/imf-calls-for-decisive-action-in-zim/">NewsDay</a>

IMF Warns Zimbabwe About Debt Overhang, Revises Growth Estimate

<a href="https://www.pindula.co.zw/Zimbabwe_Energy_Distribution_and_Transmission_Company">Zimbabwe Electricity Transmission and Distribution Company (ZETDC)</a>, a subsidiary of the <a href="https://www.pindula.co.zw/ZESA">Zimbabwe Electricity Supply Authority (ZESA)</a> has announced planned power interruption in <a href="https://www.pindula.co.zw/Mutare">Mutare</a>. Pindula News presents the statements ZETDC released to that effect.
<blockquote>
<h2>NOTICE OF INTERRUPTION OF POWER SUPPLY IN MUTARE</h2>
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) would like to advise its valued customers in Mutare that there will be interruption of power supplies on Sunday, 21st November 2021 between 0600 hours and 1800 hours to carry out maintenance works on the Mutare 132kV supply line.
The following areas will be without power during the maintenance period: CBD, Darlington, Morning side, Greenside, Bordervale, Marymount, Palmerstone, Nyakamete Industrial area, Quest, Willowton, Fairbridge Park, Hospital hill, General Hospital, Murambi, Three Brigade, Yeovil, Westlea, Adams Barracks, Florida, Chitungo, Chineta, NHB, Macgregors, Forbes Border Post, Christmas Pass TV Must, Government Complex, <a href="https://www.pindula.co.zw/Mutare_Teachers%27_College">Mutare Teachers College</a>, Beira Corridor and the surrounding areas.
Customers are advised to treat all electrical installations as LIVE as power can be restored without notice.
The inconvenience caused is sincerely regretted. 
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

ZESA: Notice Of Interruption Of Power Supply In Mutare

The Zimbabwe dollar has continued to lose value against the US dollar at <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">the Reserve Bank of Zimbabwe (RBZ)</a> foreign currency (forex) auction, data from the RBZ forex auction conducted on Tuesday, 16 November 2021 shows.
 This week, the weighted average was US$1: ZWL$105.6965, a significant fall from last week’s rate that stood at US$1: ZWL$99.9301.
This week, US$5.52 million was allocated to the Small to Medium Enterprises forex auction while US$36.22 million was allocated to the main forex auction.
In total, US$41.74 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is down from the US$46.87 million allotted last week.
881 bids were received on the Small to Medium enterprises forex auction, with 693 accepted and 188 disqualified. The total number of bids allotted was 693.
On the main forex auction, a total of 623 bids were received, 420 were accepted and 203 were disqualified. The total number of bids allotted was 420.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> said bids that were disqualified were not eligible in terms of the Priority List.
<table class="table table-bordered table-hover" id="table_2" style="width: 93.9394%; height: 260px;">
<tbody>
<tr>
<td title="Character Accurarcy=99.93">Number of Bids Received</td>
<td title="Character Accurarcy=99.8">881</td>
<td title="Character Accurarcy=99.97">623</td>
</tr>
<tr>
<td title="Character Accurarcy=99.85">Number of Bids Disqualified</td>
<td title="Character Accurarcy=99.95">188</td>
<td title="Character Accurarcy=99.98">203</td>
</tr>
<tr>
<td title="Character Accurarcy=97.8">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.98">693</td>
<td title="Character Accurarcy=99.98">420</td>
</tr>
<tr>
<td title="Character Accurarcy=97.37">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.98">693</td>
<td title="Character Accurarcy=99.97">420</td>
</tr>
<tr>
<td title="Character Accurarcy=98.7">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=93.9">USD5,520,428.32</td>
<td title="Character Accurarcy=97.23">USD36,228,651.92</td>
</tr>
<tr>
<td title="Character Accurarcy=97.77">Amount Allotted :</td>
<td title="Character Accurarcy=98.74">USD5,520,428.32</td>
<td title="Character Accurarcy=98.81">USD36,228,651.92</td>
</tr>
<tr>
<td title="Character Accurarcy=99.08">Highest Rate Received :</td>
<td title="Character Accurarcy=98.88">120.0000</td>
<td title="Character Accurarcy=98.9">120.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Lowest Bid Rate Received :</td>
<td title="Character Accurarcy=96.38">98.0000</td>
<td title="Character Accurarcy=96.98">99.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.46">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=53.68">98.0000</td>
<td title="Character Accurarcy=96.92">99.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.4">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.81">105.6965</td>
</tr>
</tbody>
</table>
 
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.83">PURPOSE</td>
<td title="Character Accurarcy=99.76">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.93">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Raw Materials</td>
<td title="Character Accurarcy=99.76">1,405,954.73</td>
<td title="Character Accurarcy=99.55">17,774,247.85</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.91">1,922,137.75</td>
<td title="Character Accurarcy=99.84">8,131,714.77</td>
</tr>
<tr>
<td title="Character Accurarcy=98.53">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=98.69">918,202.29</td>
<td title="Character Accurarcy=99.29">2,722,912.23</td>
</tr>
<tr>
<td title="Character Accurarcy=99.32">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.84">452,103.47</td>
<td title="Character Accurarcy=99.86">2,333,735.28</td>
</tr>
<tr>
<td title="Character Accurarcy=99.36">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.88">444,542.24</td>
<td title="Character Accurarcy=99.91">2,392,568.40</td>
</tr>
<tr>
<td title="Character Accurarcy=99.41">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.96">16837.16</td>
<td title="Character Accurarcy=99.95">55,497.02</td>
</tr>
<tr>
<td title="Character Accurarcy=99.78">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.92">239,740.13</td>
<td title="Character Accurarcy=99.17">1,797,632.32</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Paper and Packaging</td>
<td title="Character Accurarcy=99.91">120,964.55</td>
<td title="Character Accurarcy=99.87">1,020,344.05</td>
</tr>
<tr>
<td title="Character Accurarcy=99.87">TOTAL</td>
<td title="Character Accurarcy=99.92">5,520,482.32</td>
<td title="Character Accurarcy=99.94">36,228,651.92</td>
</tr>
<tr>
<td title="Character Accurarcy=99.84">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=99.85">41,749,134.24</td>
</tr>
</tbody>
</table>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FEUiqtuWYAssy-u?format=jpg&amp;name=900x900"/>

Zimbabwe Dollar Breaches $100 Mark To Average Over $105 Against US Dollar

Arden Capital, the Johannesburg Stock Exchange (JSE)-listed private equity group that controls <a href="https://www.pindula.co.zw/African_Sun_Limited">African Sun</a>, is considering voluntary liquidation, painting a grim future for Zimbabwe’s hospitality industry.
Formerly known as Brainworks, Arden’s main investment is its 57% shareholding in African Sun’s 11 hotels, which include Crown Plaza Monomotapa, Elephant Hills, and part of the Victoria Falls Hotel.
In a notice on the JSE on Monday, Arden said that it can no longer remain in business.
It will now delist its JSE shares and unbundle them into Arden Enterprises Limited, a wholly-owned arm.
This will effectively make Arden a shell company and ease it into voluntary liquidation. The company said:
<blockquote>
As a result of the ongoing erosion of value for shareholders, now coupled with the losses experienced by the group as a result of the COVID-19 pandemic thereby placing the company in considerable financial constraints, the board is proposing that shareholders consider and approve a Voluntary Liquidation of the company.
This is after exhausting all other avenues of seeking further investment from shareholders.
</blockquote>
Arden is also selling its logistics company FML, which moves bulk fuel across the region, for US$1 million.
Arden will use that money to pay off debts, the company said in a separate JSE notice.
In June, Arden had warned that it was reconsidering its investment in African Sun due to the prolonged impact of COVID-19 on the hospitality industry.
Occupancy rates at African Sun fell to 23% last year, down from 48% in 2019.
This was the lowest ever level of business for the company, as tourism dipped 85% in Zimbabwe and global travel suffered.
<h4>More: <a href="https://newzwire.live/african-suns-main-shareholder-is-going-into-liquidation-as-covid-19-weighs-on-hotel-investment/">newZWire</a></h4>

African Sun’s Main Shareholder Mulls Voluntary Liquidation

The Reserve Bank of Zimbabwe (RBZ) says it has started to clear the backlog of foreign exchange auction allotments.
This follows revelations that often, businesses go for several weeks without receiving forex allotted to them by the central bank through the Foreign Exchange Auction System.
In a statement this Tuesday, RBZ Governor John Mangudya said clearing the backlog will help in stabilising the Zimbabwe dollar. The statement read:
<blockquote>
CLEARANCE OF THE RING-FENCED BACKLOG OF FOREIGN EXCHANGE AUCTION ALLOTMENTS
Further to previous communication that Government would be providing funds to clear the ring-fenced backlog of foreign exchange auction allotments, the Reserve Bank of Zimbabwe (the Bank) is pleased to advise the public that it is in the process of clearing the ring-fenced backlog after receiving the funds from Treasury.
The Bank wishes to thank Government for providing the funds to clear the backlog. This will go a long way in restoring confidence in the Foreign Exchange Auction System as well as stabilising the foreign exchange market.
The Bank continues to urge foreign auction participants and banks to observe and uphold principles of good corporate governance and self-discipline to ensure high standards of business ethics and transparency for the stability of the economy in the short to medium term.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Govt Avails Funds For RBZ Forex Auction System

Stanbic Bank Zimbabwe has entered into a landmark partnership with Industrial Commerce Bank of China (ICBC) and Chinese trade agent Zhejiang International Trading Supply Chain Co. Ltd. 
The partnership is premised on opening doors for Zimbabwean businesses to import quality goods from China.
The Partnership aptly called “Africa China Import Solution” will see Stanbic Bank provide its clients access to quality goods from most of the competitive manufacturers in China.
Head Business and Commercial Clients, Patson Mahatchi said the partnership will enable Zimbabwean importers to ride on the supply chain base offered by Zhejiang International Trading Supply Chain Co. Ltd, which trades as Guomao.
Mahatchi said Guomao has over 10 000 validated Chinese suppliers, a position that allows Zimbabwean importers access to a one-stop foreign trade supply chain and cross border e-commerce supply chain service. Said Mahatchi:
<blockquote>
This is a major breakthrough for our clients because they are now guaranteed top of the range products of the highest quality. The emphasis here is on quality because Guomao is the epitome of superior products and this partnership is definitely going to transform the stature of our importing clients.
</blockquote>
He said Stanbic importing clients can now enjoy an unparalleled competitive edge over other players in their chosen business areas on the back of this partnership which ranks high up there among all the financial institution’s deals.
The landmark partnership will not only boost and grow the business volumes of Stanbic bank’s clients but will allow for seamless importation from China for corporates and individuals.
Mahatchi said the partnership was strategic on many fronts, one of which would be strengthening of trust in African-China trade relationships by guaranteeing Zimbabwean importers access to reputable suppliers in China.  
Zimbabwean importers will now be able to source and validate quality goods safely and efficiently from most of the competitive manufacturers in China as opposed to the previous blind importation of substandard products which would be condemned on arrival. Added Mahatchi:
<blockquote>
China is called the “World’s Factory” and the partnership will definitely build a trusted trading bridge and steer through the diversity of suppliers in China for Stanbic Bank clients. The service will be offered free of charge and only to Stanbic Zimbabwe business and personal clients.
</blockquote>
The partnership is also in line with Stanbic Bank and its parent company, Standard Bank Group’s purpose of driving Africa’s growth.
He said Stanbic and its parent company are driven by a quest to showcase that “Africa is our home” hence it is key to spearhead the growth of this place called home. He said:
<blockquote>
This is achieved by putting together such innovative partnerships as the Africa China Import Solution whose ripple effects will change the face of the region and continent at large.
</blockquote>
According to the United Nations COMTRADE database on international trade, last year Zimbabwe imported US$ 470.73 million worth of goods.
Machinery, boilers, took the bulk of the imports chewing up US$138.89 million followed by articles of iron or steel and electrical, electronic equipment at 49.52 million and 49.25 million respectively.
Miscellaneous chemical products took up US$36.82 million while vehicles other than railway and tramway took up US$27.59 million. 
Rubbers US$24.84million; Optical, photo, technical, medical apparatus US$24.30 million; Inorganic chemicals, precious metal compound, isotope US$19.09 million; Plastics US$15.95 million; and other made textile articles, sets, worn clothing chewed up the remaining US$10.07 million.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Stanbic Bank Zimbabwe Partners Industrial Commerce Bank Of China

The Acting Minister of Energy and Power Development, Jenfan Muswere has announced some units that had been affected by a <a href="https://news.pindula.co.zw/2021/11/08/hwange-power-station-hit-by-technical-fault/">technical fault at the Hwange Power Station</a> are now working again. The technical fault that was reported last week resulted in limited electricity supply in the national grid. Pindula News presents Muswere’s statement.
<blockquote>
UPDATE ON POWER SUPPLY SITUATION BY HON. DR. JENFAN MUSWERE (ACTING MINISTER OF ENERGY AND POWER DEVELOPMENT)
Following the technical challenges that have been affecting our generation units at the Hwange Power Station, I am pleased to announce that there is a return of service of some units that had been affected by a technical fault at the Hwange Power Station.  The technical team and management have been making concerted efforts to bring normalcy and enhance sustained generation. Most of the Units are back at Hwange with Bulawayo, Munyati and Harare power stations also contributing to the national grid.
Furthermore, operations at the Kariba South Hydro Power Station are stable as all the units are now back in service following the recovery from a regional power system disturbance that resulted in a loss of interconnection across the region in the past week. The   power shortage has been further exacerbated by the shortage of imports from the region as some utilities are also experiencing similar power deficits.
Accordingly, the power utility will further reduce load shedding and consumers are advised to use the available power sparingly to minimize the prospects of load shedding. 
We would like to thank all stakeholders for their patience and sincerely apologise for the inconvenience caused.
Hon. Dr. Jenfan Muswere (15/11/21)
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Update On Power Supply Situation Following Technical Fault At Hwange Power Station

Chaos rocked Beitbridge Border Post at the weekend after cross-border transporters blocked roads in protest over the continued closure of the Zimbabwean side.
Zimbabwe closed its borders in 2020 after the outbreak of COVID-19, allowing only trucks and buses transporting essential goods and returnees to operate.
Zimborders Consortium chief executive François Diedrechsen said the weekend border blockade by the transporters, commonly known as omalayitsha, caused “too much” revenue loss. Diedrechsen said:
<blockquote>
All I can say at this moment in time is any form of stoppage or blockage is negative.
</blockquote>
Police spokesperson Assistant Commissioner Paul Nyathi Sunday confirmed the blockade and weekend chaos, which only ended after the Zimbabwe Revenue Authority (ZIMRA) gave in to the demands of the cross-border transport operators.
They eventually managed to clear the border at around 1 am yesterday. Nyathi said:
<blockquote>
We are aware that omalayitsha were protesting at the Beitbridge border causing traffic jams. As of today (yesterday), we are yet to receive a full report on the matter.
</blockquote>
As chaos ensued during the weekend, scores of South Africa-based engineers involved in the upgrading of the border post were caught in the traffic jam.
The transporters argued that they were an essential service provider as they carried food items from South Africa to Zimbabwe.
An internal police memo seen by NewsDay stated that about 65 operators were responsible for the blockade.
The police said ZIMRA staff had been instructed by their supervisors to turn back all omalayitsha to South Africa as the Zimbabwean border was still closed to the public, except for essential services such as buses ferrying expatriates.
More: <a href="https://www.newsday.co.zw/2021/02/omalayitsha-block-beitbridge-border-post/#:~:text=CROSS-BORDER%20transporters%20known%20as%20omalayitsha%20yesterday%20blocked%20Beitbridge,extended%20its%20lockdown%20by%20a%20further%20two%20weeks.">NewsDay</a>

Beitbridge: Cross-border Transporters (Omalayitsha) Block Roads Over Border Closure

United Refineries Limited (URL) chief executive, Busisa Moyo, has urged the government to accept tax payments in the local currency to increase confidence in its use.
The businessman, who is also a presidential advisor to President Emmerson Mnangagwa made the remarks on the sidelines of the Confederation of Zimbabwe Industries (CZI) 2021 congress. 
Speaking during a live radio talk show on the weekend, Moyo who is also the chairperson of the Zimbabwe International Trade Fair (ZITF), said:
<blockquote>
The US$1: $200 and US$1: $100 rates have caused a lot of challenges in the industry, a lot of things are being chocked.
I do not think you should pay taxes in US dollars, you should pay taxes in the local currency. The government is the issuer of the local currency, the first backer of the currency is government itself.
You cannot invite me to your house and say I am buying myself a KFC when you are the one who cooked. If you invite me we eat together.
</blockquote>
The local currency which is now trading at US$1: ZWL$99 on the official market and as high as US$1: ZWL$200 on the popular black market, has been losing value at a parafin speed since reintroduction in 2019. 
More: <a href="https://www.newzimbabwe.com/govt-told-to-accept-taxes-in-rtgs-dollars/">NewZimbabwe</a>

Mnangagwa's Advisor Urges Government To Accept Zim Dollar Tax Payments

Zimbabwe’s largest beverage producer, Delta, has turned down professional advice from the multinational auditing firm, Ernst &amp;Young (EY), to apply foreign currency auction system exchange rates in the preparation of financial statements.
Delta said EY’s counsel was out of touch with reality.
Delta said at the weekend that foreign currency auction system rates, which have traded at about US$1:$85 most of 2021, did not reflect the real value of the Zimbabwe dollar.
This was after EY argued that by determining its own exchange rate during the preparation of financial statements for the period ended September 30, 2021, Delta failed to adhere to International Financial Reporting Standards.
But the beverage manufacturer made an executive decision to work with estimates, which is allowed under International Accounting Standard (IAS) 21.
IAS 21 gives guidance relating to the effects of changes in foreign exchange rates in volatile markets. Delta chairperson Stanford Moyo said in a commentary to the financial statements:
<blockquote>
The directors and management disagree with the professional conclusion of our auditors on the application of IAS 21.
The independent auditors, EY have issued a modified review opinion for the period ended 30 September 2021 as they believe that the determination of an estimate exchange rate is not compliant with International Financial Reporting Standards. The auditors believe that the auction exchange rate is the appropriate spot exchange rate…This is contrary to the circumstances applicable to the entity … There are varying views on the matter and we urge the Public Accountants and Auditors Board to provide appropriate guidance to the market.
</blockquote>
Officially, the country has an exchange rate that is determined weekly at the foreign currency auction at the Reserve Bank of Zimbabwe (RBZ). 
Most goods and services in the country are charged at parallel market rates, as the official platform has mostly run out of liquidity to fund allotted bids.

Delta Defies Ernst & Young On Exchange Rate

The Reserve Bank of Zimbabwe has said reserve money increased by ZW$3.91 billion during the week ending 5th November 2021, compared to the previous week’s position. The central bank said in a statement:
<blockquote>
1. Reserve money technically increased by ZW$3.91 billion to ZW$28.27 billion during the week ending 5th November 2021, compared to the previous week’s position of ZW$24.36 billion.
2. The increase in reserve money was necessitated by an increase of ZW$8.77 
billion in required reserves, following the increase in statutory reserve requirement ratios. The Monetary Policy Committee (MPC) meeting of 28th October 2021 raised the statutory reserve ratio on demand and call 
deposits from 5% to 10% to reduce money supply.
3. Partially offsetting the increase was a decrease of ZW$4.78 billion in banks ’liquidity (RTGS balances) at the Central Bank, through issuance of open market operations (OMO) instruments.
</blockquote>
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/11/Reserve-Money-Update-5-November-2021.pdf">Download the full document click on this link.</a>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

RBZ: Reserve Money Update As At 5 November 2021

If you are interested in winning higher search ranks in Google’s search results, you have to make sure that you focus on the most crucial SEO tactics. In this article, we will tell you all about the search engine optimization strategies that would take you to the next level. This post will learn about the SEO strategies you have to focus on and know what you need to avoid to enhance your SEO level. So if you want to increase and retain organic traffic on your site, you need to read this post and follow expert tips.
<h2>SEO strategies that you need to focus on!</h2>
First, let us discuss the SEO-based strategies you need to focus on winning the interest and trust of the search engine and the target audience. So let’s dig in:
<h3>Shortlist the target keywords</h3>
Keywords are the most important elements in search engine optimization. Keywords are the words and phrases used by organic traffic when they are searching on the web. Using these keywords in your website content can help you drive the interested audience towards your site. Here, you have to make sure that you pick the keywords relevant to your site’s niche and have a high search volume. You can easily find the best keywords for your site by using the online keyword finder or keyword rank checker tools. 
<h3>Always create high-quality content</h3>
A very important element in search engine optimization is the creation of content. Content is the backbone of SEO, and this is why you need to focus on creating high-quality content. Content is the only thing on your website which helps you attract and engage the target audience. The best content for a website is the one that is created naturally by a writer, answers questions asked by the target audience, and are 100% unique.
<h3>Make your site visually attractive with images</h3>
An important SEO tactic that you have to focus on today is making your site visually attractive. Today, the attention span of the target audience has become very short, so you need to add images and other visual content on your site to win the attention and engagement of the target audience. You can find royalty-free images quite easily today with the help of reverse image search tools. You can easily find the best and relevant images for your blog’s niche. In the past, it was quite difficult to get free images but today getting copyright-free images has become easy with reverse image search.
 
<h3>Check plagiarism in your website content </h3>
Plagiarism can ruin your SEO score as well as the credibility of your site. This is why we would suggest you always focus on checking and removing plagiarism from your content. You can easily check plagiarism in text with the help of online plagiarism checker tools. As for visual content, you can easily check its originality with the help of reverse image search technique. Reverse image search can help you <a href="https://searchenginereports.net/reverse-image-search">search by image</a> to find out similar images indexed on the web without proper attributions. Ensuring uniqueness in your website content would help you improve the user experience.
<h2>What to avoid while optimizing your site for the search engine?</h2>
Here are some of the important things that you need to avoid while optimizing your site for search engines.
<h3>Ignoring search intentions of your target audience</h3>
One of the most common mistakes that newbie web admins make is that they don’t consider their audience’s search intentions. The search intent of organic traffic is the search engine’s hidden ranking factor, which can seriously affect your ranking position. If you want to get on the top, you need to create content and optimize different elements of your site according to your audience’s search intent.
<h3>Overlooking page loading speed</h3>
Most webmasters don’t care about the page loading speed of their sites. It would be best if you never avoided the loading speed of your website as it is one of the highest-ranking factors today. The loading speed of your pages should be less than three seconds if you want to engage and retain traffic.
<h3>Copying content without authorization</h3>
Duplication is another common error that you need to avoid. We would like you to know that plagiarizing content and using it without any attributions can ruin your site’s credibility. This is why you have to avoid duplication and focus on creating original content for your readers/traffic. Today you can easily avoid duplication with the help of reverse image search and <a href="https://www.plagiarismchecker.co/">plagiarism checker</a>!
<h3>Buying backlinks from agencies</h3>
Backlinks are undoubtedly one of the most crucial ranking factors when it comes to Google’s search results. But you must know that backlinks are only valuable if they are built naturally. If you are buying backlinks from an online portal or agency, there is always a chance that your site will be penalized by Google, and you are going to lose your position in the high search results. 
These are some important things that you need to avoid or focus on while optimizing your site for the search engines.

Search engine optimization strategies: What to focus on and what to avoid?

Dairiboard Holdings Limited (DZL) chief executive officer Anthony Mandiwanza has said despite the failed merger talks with Kwekwe based competitor Dendairy, the former is still hunting for opportunities.
Mandiwanza spoke as sources revealed that the talks collapsed over corporate governance issues.
In a recent exclusive interview with businessdigest, Mandiwanza said the Zimbabwe Stock Exchange (ZSE)-listed milk processor has not considered the collapse a setback. He told businessdigest during the CEO Africa Roundtable annual conference in Victoria Falls:
<blockquote>
We are a living organisation that continues to look for opportunities for growth.
The opportunities for growth could either be organic growth or inorganic growth. It cannot be an event. It is an ongoing process.
</blockquote>
In June last year, DZL first announced the start of discussions that were expected to end with the creation of a massive milk processing asset reaching out to the rest of Africa from its base in Zimbabwe.
The merger was seen as a potential catalyst to scale up raw milk production while boosting foreign currency earnings for the combined asset.
Talks dragged on for about one year, but in August, DZL, which is compelled by its listing conditions to give market updates, announced that talks had collapsed. Dairibord said in a statement:
<blockquote>
Dairibord Holdings Limited and Dendairy (Private) Limited have been exploring opportunities for creating sustainable shareholder value for mutual benefit.
Shareholders are referred to the cautionary announcement first published on July 1, 2020, and are advised that the conclusion of the discussions indicates that it is in the interest of both parties to discontinue the process and remain as separate entities.
</blockquote>
Mandiwanza said the company’s plans for next year would be dependent on the economic environment.
He said they will consider issues such as monetary and fiscal policies, which have an impact on investments and demand for DZL products. 
More: <a href="https://www.theindependent.co.zw/2021/11/12/mandiwanza-speaks-on-merger-deal-collapse/">The Independent</a>

Mandiwanza Comments On Dairiboard, Dendairy Merger Deal Failure

Leading financial services provider, First Capital Bank (FCB) has seen operating income surging by $1.4 billion on the back of increased loans and transactional income.
The bank’s company secretary, Sarudzayi Binha said sound financial strides were made during the second and third quarters period. Presenting a trading update covering the second and third quarters, Binha said:
<blockquote>
The Bank’s year to date inflation-adjusted operating income increased by $1.4 billion from the second quarter to $3.7 billion in the third quarter whilst in historical terms, the increase was $1.4 billion to $3.6 billion.
In inflation-adjusted terms, year to date operating expenses increased by $1billion to $2.6 billion while in historic cost terms, the increase was $692 million to $1.9 billion.
</blockquote>
Year to date operating profit excluding investment property gains and tax increased by $814 million to $1.5 billion in inflation-adjusted terms whilst in historic cost it increased by $674 million to $1.6 billion.
During the period, profit after tax was $393 million and $1.3 billion in historical terms. 
The growth was attributed to both increase in loans and transaction income realised during the reporting period.
Customer deposits grew by $2.8 billion to $12.6 billion driven by growth from local and foreign currency depositors with foreign currency constituting 46 % of the total deposits.
Loans grew by $1.3 billion to $6.1 billion and the loans book continued to perform well with non-performing loans at 0.19 % of the loan book.
More: <a href="https://www.newzimbabwe.com/first-capital-banks-operating-income-up-14-billion/">NewZimbabwe</a>

First Capital Bank Operating Income Surges By $1.4 Billion

The <a href="https://www.pindula.co.zw/ZNCC">Zimbabwe National Chamber of Commerce (ZNCC)</a> has called on the Government to address the high fuel import taxes as they have the potential to hold back industries’ efforts to compete in the African market.
In its submissions to the Ministry of Finance and Economic Development outlining business’s expectations for the 2022 national budget, ZNCC said tax cuts will make local businesses compete in the African Continental Free Trade Area (AfCFTA).
The ZNCC said the biggest factor driving high production costs was the fuel tax regime. It said:
<blockquote>
There is a need to scrap the road haulage fuel import duty of US$0,05 per litre so as to reduce the cost of fuel in the economy, while also reducing fuel import duty.
Zimbabwe has the most expensive fuel in SADC (Southern African Development Community) and it does not do the country any favour in AfCFTA as well as in competitiveness.
Taxes and duties on fuel constitute about US$0,50 on every litre sold, which is too high.
With erratic power supplies, businesses are resorting to the use of generators, which is more expensive given the cost of fuel.
</blockquote>
AfCFTA is a US$3.2 trillion bloc that has lined up a string of measures, including eliminating tariffs on 90% of goods originating from the continent of 1.3 billion people.
Last month, the CEO Africa Roundtable said AfCFTA had the potential to propel re-industrialisation in Africa through its tariff and non-tariff barrier reductions that are expected to increase intra-continental trade.
The United Nations Economic Commission for Africa has predicted that AfCFTA will raise intra-African trade by 15-25%, or US$50 billion to US$70 billion by 2040 compared to an Africa without the bloc.
<h4>More: <a href="https://www.theindependent.co.zw/2021/11/12/zncc-pushes-for-fuel-tax-cuts/">Zimbabwe Independent</a></h4>

ZNCC Appeals For Fuel Tax Cuts

CBZ Holdings Limited has sealed an agreement to acquire a 31.22 per cent stake in First Mutual Holdings Limited held by the National Social Security Authority (NSSA). 
In a statement on Thursday, CBZ Holdings Limited said:
<blockquote>
Further to the cautionary statements issued on 30 May 2021, 28 July, 1 September and 5 October, the directors of CBZ Holdings Limited wish to advise shareholders that, following conclusions of negotiations, the company has now executed an agreement for the acquisition of 31.22% shareholding in First Mutual Holdings from the National Social Security Authority (NSSA).
The agreement is subject to several conditions precedent, which if fulfilled and the transaction is successfully concluded, may have a material effect on the price of the company’s securities.
</blockquote>
The sale is part of CBZ’s ambitions to extend its influence in the financial services market. 
According to RBZ data, CBZ, Zimbabwe’s biggest bank by assets, accounts for 31 per cent of all bank loans in the country.
The First Mutual deal is CBZ’s biggest acquisition of another financial institution since it bought Beverley Building Society in 2007. 
The financial services group said, in light of the development, shareholders should continue to exercise caution when dealing in the company’s securities until a full announcement is made. 
More: <a href="https://ztn.co.zw/stream/2021/11/cbz-acquires-312-percent-stake-in-first-mutual/">ZTN;</a> <a href="https://www.chronicle.co.zw/cbz-acquires-312-fmhl-shareholding-from-nssa/#:~:text=Oliver%20Kazunga%2C%20Senior%20Business%20Reporter%20CBZ%20Holdings%20Limited,held%20by%20the%20National%20Social%20Security%20Authority%20%28NSSA%29.">The Chronicle</a>

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