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Govt drafts domesticated National Human Development Report
1. By Funny Hudzerema
HARARE – Government is
drafting a domesticated 2016
National Human Development
Report (HDR), which will
focus on human development
locally as a prerequisite for
sustainable development of
the country going forward.
The development of Zimba-
bwe's internal HDR, which
will focus on the issue of
climate change in view of
the El nino-induced drought
this year, comes on the back
of the release of the United
Nations World HDR 2015.
Government said it is essen-
tial for the country to have
its own HDR document that
will measure the country's
performance in view of the
ZimAsset programme and
other poverty reduction
strategies.
Chief secretary to the Office
of the President and Cabi-
net Dr Misheck Sibanda said
the process to develop the
document has started and is
expected to go through dif-
ferent levels of consultation
before it is launched.
"It is important that at this
News Update as @ 1530 hours, Friday 06 May 2016
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Govt drafts domesticated National Human Development Report
Dr Misheck Sibanda
2. historic occasion, I should
announce that we will start
the process of producing the
Local Charter of the HDR.
"The agreed theme for the
Zimbabwe HDR is "Climate
Change and Human Devel-
opment, this comes in the
wake of climate change that
has impacted negatively on
the lives and wellbeing of all
classes of Zimbabweans in
recent years, culminating in
the current EL Nino induced
drought which has affected
more than 3 million people,"
he said.
He said this during the
official launch of the United
Nations World Human Devel-
opment Report 2015 a report
which indicates different
countries' growth rate and
other developmental issues
such as health, education,
industry and many other
things.
"In the circumstances it is
only logical that we should
have our own domesti-
cated 2016 National Human
Development Report that
addresses the challenges
that have brought about by
climate change.
"As we prepare for this task
let us embrace a collabora-
tive and multi-stakeholder
consultative approach so that
we can safeguard and protect
the progress so far achieved
in our human development
programmes," he said.
The UN HDR 2015 indicated
that the human development
index rankings for Zimbabwe
improved by 12 places from
167 in 2009 to 155 last year.
"The country scored 0,922
in the Gender Development
Index with a female human
development index value
of 0,487 against a male
human development index
value of 0,529 the difference
being attributable mainly to
existing wider gaps in both
economic opportunities and
Gross National Income per
capita which are higher for
females than females," he
said.
Permanent Secretary in the
Ministry of Macro-Economic
Planning and Investment
Promotion Dr Desire Sibanda
said the development of
the national HDR will be
guided by Government and
UNDP and is expected to
be launched in October this
year.
"The Ministry of Macro-Eco-
nomic Planning with guid-
ance from the Office of the
President (OPC) and the
support of the United Nations
Development Programme
(UNDP) will take the lead
in producing the Zimbabwe
Human Development Report
2016," he said.
According to Dr Sibanda, it is
expected that the first draft
of the HDR should be ready
by end of August this year,
and the report should be
launched by October.
.●
2 NEWS
5. HARARE-Zimbabwe’s liquidity
crisis is being primarily caused
by excessive spending on
imports, creating an unsustain-
able economic environment, a
senior banker has said.
According to data released by
the Zimbabwe National Statis-
tics Agency, Zimbabwe posted
a $3billion trade deficit from
January to November 2015.
Trade figures showed that
exports amounted to $2,5bn
against $5,5billion in imports,
indicating the country’s con-
tinued reliance on foreign
goods as local industry remains
depressed.
Speaking at Barclays Bank’s
35th Annual General Meeting
on Thursday, bank managing
director George Guvamatanga
said the decline in local pro-
duction has resulted in Zimba-
bwe depending on imports.
“Spending on imports is caus-
ing the cash crisis. We are a
nation that consuming more
than what we are producing,”
he said.
Mr Guvamatanga said that
controls were needed in order
to mitigate the crisis and ease
pressure on the banking sector.
“We are using money that is
not ours, there is an anomaly,
the previous $3 500 maximum
cash withdrawal is something
as a country we cannot sustain
and that limit was for other
people taking money out of the
country, making the control
systems necessary,” he said.
Mr Guvamatanga added that
there was an overall improve-
ment in the rate of non-per-
forming loans (NPL) in the
banking sector.
He said the NPL rate currently
stood at 10,9 percent but was
still far from the global aver-
age of five percent.
He assured Barclays sharehold-
ers that the bank was here to
stay, following the announce-
ment in March that Barclays
Plc would begin selling its 62
percent stake in its Africa unit,
Barclays Africa Group Ltd.
He explained that Barclays
Bank Zimbabwe was no longer
under Barclays Africa but is
part of Barclays non-core divi-
sion under Barclays Plc.
“While things will change in
the future, things remain the
same for now, it is business as
usual,” he said. He said Bar-
clays still had plans to expand
in the country.
“During the year, the bank is
going to open a new branch
in Zvishavane in two months’
time and it is planning a $20
million project with the United
States Agency for Interna-
tional Development for small
to medium enterprises that
will be largely women run,” he
said.
The bank’s total income for the
period January to April 2016
stood at $16 million, with net
interest year on year growth at
24 percent up from 11 percent
for 2015.-New Ziana.●
5 NEWS
Trade deficit causes cash crisis - Barclays Zim
8. BH24 Reporter
HARARE -Government has
secured funds to buy equip-
ment for the monitoring of
imports at border posts to
reduce smuggling.
Minister of Industry and
Commerce Mike Bimha said
that during the dry season
people tend to use illegal
crossing points as rivers
that demarcate the country’s
border with its neighbor will
have low water level while
other tend to dry up.
He added that the continued
increase in the import bill
had made it necessary to
control the import of those
goods that were being manu-
factured locally.
"We have managed to secure
the funding required to buy
all the equipment required
to reduce the smuggling of
imported products in the
country.
"We cannot eradicate smug-
gling completely but we can
reduce it to certain levels.
The fund will buy equipments
such as drones and comput-
ers which will be monitored
by authorities in Harare," he
said.
He said this while touring the
Magura daily farm in Wedza,
a project funded by Nestle
Company as part of the com-
pany’s effort to increase milk
production and quality at the
farm.
"There are areas along our
border posts which are
demarcated by water and
due to the drought conditions
which we have experienced
people are using those areas
as entry points.
"What we are worried about
as Government and as a
ministry is our import bill.
We are continuing to import
things without asking our-
selves whether the things
that we are importing are
necessary," he said.
"As a ministry we have
removed certain products
including milk products from
the open general import
license. Two weeks ago I
submitted a paper to the
Cabinet on the status of our
industry sector by sector and
the recommendations that
we made were not specific,"
he said.
He added that he was going
to call for a meeting with all
business stakeholders to dis-
cuss sector specific solutions
to challenges in the business
sector.
"In the next week I am going
to call a meeting with the
business sector to look at
solutions to increase produc-
tion in the industry and other
challenges affecting the busi-
ness sector," he said
Currently Government has
signed a contract with a
French company Bureau Ver-
itas to monitor the importa-
tion of goods to meet inter-
national standards and the
propramme will transferred
to SAZ after four years.●
Govt secures funds to buy equipment to monitor imports
8 NEWS
11. HARARE-Prices of tobacco
are up 6,4 percent to an
average price of $2,75 per
kilogramme at the auction
floors from $2,59 per kg
offered during the same
period in 2015, statistics
released by the Tobacco
Industry and Marketing
Board show.
At the contract tobacco
floors, the crop is being sold
at an average price of $2,87
per kilogramme. A highest
price of $6,25 per kilo-
gramme of tobacco has been
attained so far.
Last year, the season was
dominated by very low
prices. To date, a total of
39 million kilogrammes of
tobacco worth $107,7 million
have been sold through both
auction and contract sys-
tems.
Of that total, 89,7 million
kilogrammes of tobacco
was sold via contract sales
while the remainder went
through the hammer. During
the same period last year,
23 million kilogrammes of
tobacco worth $59,5 million
was sold.
The 2015/16 cropping season
was characterized by drought
which resulted in farmers
planting tobacco late and the
crop was heavily affected by
dry spells.
The 2016 tobacco selling
season opened with some
farmers complaining about
the new payment system in
which they are receiving pay-
ment through banks instead
of cash at the floors.
Zimbabwe expects is expect-
ing about 158 million kg of
tobacco to be sold this sea-
son, 20 percent lower than
last year’s 198 million kg.
-New Ziana●
11 NEWS
Tobacco price up 6 percent
12. HARARE -The local equities
market rose 1,17 percent
this week, having added
1.24.
Today’s trades saw the main-
stream industrial index hit-
ting a 12th consecutive rise
to close the week higher at
107.03 points after a 0.49
increase.
Beverage giant Delta led
the movers after put-
ting on $0,0072 to close
at $0,7297, while Simbisa
added $0,0030 to trade at
$0,1350 and retailer OK Zim
moved up $0,0011 to settle
at $0,0431. NicozDiamond was $0,0010
stronger at $0,0160 as Bar-
clays increased by $0,0005
to $0,0275.
Two counters lost ground,
NatFoods dropped a further
$0,0057 to trade at $2,0843
and Old Mutual shed $0,0025
to settle at $2,1975.
The mining index was
unchanged at 20.00 as Bind-
ura, Falgold, Hwange and
RioZim all maintained previ-
ous price levels.
The mining index lost 0.16
on a week-on-week basis. -
BH24 Reporter ●
ZSE12
Industrials in 12th consecutive gain
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14. 14 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
06 May 2016
Energy
(Megawatts)
Hwange 527 MW
Kariba 695 MW
Harare 30 MW
Munyati 28 MW
Bulawayo 17 MW
Imports 0 - 200 MW
Total 1424 MW
• African Sun EGM, Holiday Inn, 09 May, 1400hrs,
• Innscor EGM, Royal Golf Club, 10 May, 0900hrs
• 18 May - ZB Building Society AGM; Place: 21 Natal Road, Avondale, Harare; Time: 12:00hrs
• 18 May - The 76th AGM of Astra Industries Limited; Place: Auditorium at Astra Park, Corner Ridgeway North/Northend
Roads, Highlands, Harare; Time: 12:00hrs
• 19 May - The Fifth Annual General Meeting of Padenga Holdings Limited; Place: Royal Harare Golf Club, 5th Street extension,
Harare; Time: 08.15am
• 19 May - NMBZ AGM; Place: Unity Court, Corner 1st Street Kwame Nkrumah Avenue; Time: 10:00am
• 19 May - Turnall Holdings AGM; Place: Jacaranda Room, Rainbow Towers; Time: 12:00
THE BH24 DIARY
15. JOHANNESBURG-THE rand
hovered around the R15 to
the dollar mark on Friday
morning, near the close of
what has been an eventful
week for the local currency.
Taking its lead from the
weaker global markets, the
rand has reversed some of
its recent gains in a dramatic
fashion. It has lost just more
5 percent to the dollar this
week.
"Bouts of correction like this
have been relatively common
this year as the South Afri-
can currency slowly fights its
way back from the abyss,"
NKC Research analysts said
in note.
They added that the rand
needed a favourable tailwind
from broader emerging mar-
kets, improved commodity
prices and upbeat economic
data to strengthen through
R14 to dollar.
Just last week, the rand
touched 14,11 to the dollar,
which was its best level in
five mounts before subse-
quently weakening.
The weaker rand fans infla-
tion, which may force the
Reserve Bank to hike inter-
est rates again, at the time
when the local economy is
barely growing. The Bank
meets later in May to decide
on rates.
The spotlight later this
afternoon will fall on the
US nonfarm payroll report,
which will provide guidance
on the rand’s short-term
movements.
At 9am‚ the rand was at
15,0443 to the dollar from
14,9513 at Thursday’s close.
It was at 17,1770 against
the euro from 17,0480
previously‚ and at 21,7871
against the pound from
21,6526 previously. The
euro was at $1,1418 from
$1,1405.-BDLive●
REGIONAL NEWS15
Rand losses pile up in volatile week
16. Oil prices fell on Friday,
dragged down by a surging
dollar and sliding Chinese
commodities which at least
temporarily outweighed
crude supply disruptions in
Canada as a result of a mas-
sive wildfire threatening its
huge oil sands operations.
The dollar firmed against
the euro and yen on Friday
ahead of the April US non-
farm payrolls due later in the
day that could support the
greenback.
Traders said that a broad
sell-off in China's commodi-
ties market, which turned a
recent rally into a slide, was
also weighing on oil during
Asian trading hours.
This week's stronger dollar
halted an almost 7 percent
fall against a basket of other
leading currencies .DXY since
January. A strong dollar can
reduce demand for oil as
it makes the dollar-traded
commodity more expensive
for buyers using other cur-
rencies.
International benchmark
Brent crude futures LCOc1
were trading at $44,75 per
barrel at 06.45 GMT, 26
cents below their last settle-
ment. US West Texas Inter-
mediate (WTI) crude futures
CLc1 were at $43,95, down
37 cents.
"Investors continued to liq-
uidate (commodity) positions
as the US dollar strength-
ened," ANZ bank said on
Friday.
The strong dollar at least
temporarily outweighed the
effects of deep output cuts
in North America. An out-of-
control fire around the Cana-
dian oil city of Fort McMurray
has forced the evacuation of
its residents and the closure
of 690 000 barrels per day
(bpd) of production from
Canada's total oil sands out-
put of 2,2 million bpd.
Adding to the supply out-
age in Canada is an ongoing
decline in US output.
Data by the US Energy Infor-
mation Administration (EIA)
shows that US crude oil
output has fallen by 410 000
bpd this year, and by 800
000 bpd since mid-2015, as
producers succumb to a rout
that saw prices tumble more
than 70 percent between
mid-2014 and early-2016.
"While the wildfire in the
oil-sands regions of Can-
ada is still wreaking havoc
with many producers, US oil
output continues to feel the
impact of low prices," ANZ
said.
Analysts said the hits to
North American output,
combined with disruptions in
Latin America, were con-
tributing to a fast erosion
of global oversupply that
peaked as high as 2 million
bpd last year.
"Unplanned oil supply dis-
ruptions have been a key
element so far this year that
have contributed to a tighter
oil market than was other-
wise expected," said analyst
Guy Baber of Simmons & Co
- Reuters ●
INTERNATIONAL NEWS16
Oil prices fall as strong dollar outweighs supply disruptions
17. By Victoria Bryan and
Sarah Young
BERLIN/LONDON — Euro-
pean airports are racing to
redesign terminals and offer
new services to pull more
passengers into their stores,
in the face of online compe-
tition and militant attacks
that have kept away some
big-spending Asian travel-
lers.
Seeking to boost the key
measure of retail sales per
passenger, airports are
expanding and refurbishing
shopping areas and ensuring
routes to gates steer custom-
ers past — or through — as
many stores and restaurants
as possible.
Vienna Airport, for example,
plans to expand the shopping
and food area in its Terminal
2 by about 50 percent —
including a duty-free store
positioned right after secu-
rity, which passengers must
pass through.
London’s Stansted has just
completed an £80m make-
over that increased space
in the departure lounge by
60 percent, providing more
room for shops.
"Airports now are basically
shopping malls with run-
ways," said John Jarrell,
head of Airport IT at Ama-
deus, which supplies technol-
ogy systems to the industry.
Retail accounts for almost a
fifth of airports’ revenue, a
proportion that has grown
steadily in the past decade,
according to airports asso-
ciation ACI Europe, and is
increasingly relied upon to
help fund infrastructure and
services.
But the lucrative business
has been hit by falling num-
bers of Asian travellers, tra-
ditionally the biggest spend-
ers. Major European airlines
have reported falling demand
from passengers from China
and Japan this year as a
result of the attacks in Paris
and Brussels.
Airport retailers’ advantage
of a captive audience of trav-
ellers has also been under-
mined by people being able
to shop and compare prices
at will on mobile devices,
so they are being forced to
employ new strategies to
court customers.
"Air travellers have become
very discerning price-wise
and impulse buying at the
airport is becoming rarer,"
said ACI Europe spokesman
Robert O’Meara.
Frankfurt airport is trialling
a scheme where passengers
in the Lufthansa lounge can
shop on their tablets and
have goods brought to them,
and another where passen-
gers can order food from tab-
let-toting staff to be brought
to the gate and eaten there
or on their plane.
17 ANALYSIS17 ANALYSISANALYSIS
European airports battle to boost retail spend as attacks weigh
18. Stansted, Britain’s
fourth-busiest airport, is
offering hand massages at
the Jo Malone area in its
duty-free store, while its
bigger London rival Gatwick
and Copenhagen airport
have thrown up temporary
"pop-up" shops to tempt
passengers into spending
there and then, rather than
waiting.
Many European airports,
including Copenhagen, Gat-
wick, Stansted and London
Heathrow, also now offer
"collect on return" services
that allow customers to buy
goods and pick them up
when they return from their
trip.
Stansted launched the ser-
vice at the beginning of the
year and customers are leav-
ing about 3 000 bags a week
full of airport-bought goods
and collecting them upon
their return.
‘They will spend more’
Heathrow, Europe’s busiest
airport, offers passengers
not flying via Terminal 5 the
chance to order items from
the Chanel store there — a
service much used by high-
net worth customers flying to
the Middle East from Termi-
nal 4.
"If you give passengers good
service, put them in control
of their time, they will spend
more with you," Heathrow
CEO John Holland-Kaye told
Reuters.
His airport completed a
£40m revamp of its luxury
shopping area last year that
added more shops, including
Louis Vuitton and Bottega
Veneta.
While the concept of duty-
free was invented in Shan-
non, Ireland in 1947, it has
since lost meaning for Euro-
pean travellers, which do not
get the tax-free prices that
passengers from outside the
European Union enjoy.
Frankfurt airport operator
Fraport illustrated the impor-
tance of Asian travellers
when it said that passengers
from China, Russia, South
Korea, Japan and Vietnam
made up just 7 percent of
passengers in 2015, but 31
percent of retail revenue.
Both Fraport and fellow oper-
ator Aeroports de Paris said
this week that retail sales
per passenger had dropped
in the first quarter of 2016,
partly due to the impact of
the Paris attacks.
Faced with such hurdles, air-
ports are trying to maximise
the time available to cus-
tomers to shop by reducing
times spent queuing at secu-
rity checks and giving people
better directions via apps or
touch-screens to find their
way around often sprawling
terminal buildings.
Fraport’s app, for example,
allows passengers to take a
picture of a sign at Frankfurt
airport and have it translated
into Chinese.
European airports relied on
non-aeronautical revenue
— sales earned from retail
and car parking — for 40
percent of their revenues in
2013, the most recent year
for which data is available,
according to ACI Europe.
Of that revenue, retail —
including food and drinks
sales -accounted for 46 per-
cent, up from just 28 percent
in 2008. That equates to
about 18 percent of airports’
total revenue.
Typically, airports receive
fees from retailers compris-
ing of rent and royalties from
sales. Citi analysts said of
the airports they covered,
Heathrow had the highest
per passenger retail reve-
nues.
The British hub increased its
retail revenue by 9 percent
in 2015, about a fifth of
its total annual revenues,
representing per passen-
ger retail revenue of £7,58,
up from £7,14 the previous
year.-Reuters●
18 ANALYSIS18 ANALYSISANALYSIS