26 500 drivers nabbed in blitz

  Assistant Commissioner Paul Nyathi Crime Reporter Over 26 500 motorists have so far been arrested countrywide during the ongoing operation targeting unregistered and unlicenced vehicles, operators offering public transport without proper licencing, and those breaching other traffic regulations. In a statement, national police spokesperson Assistant Commissioner Paul Nyathi said the operation was continuing. “The […]

26 500 drivers nabbed in blitz 
Assistant Commissioner Paul Nyathi

Crime Reporter

Over 26 500 motorists have so far been arrested countrywide during the ongoing operation targeting unregistered and unlicenced vehicles, operators offering public transport without proper licencing, and those breaching other traffic regulations.

In a statement, national police spokesperson Assistant Commissioner Paul Nyathi said the operation was continuing.

“The ZRP reports that a total of 26 443 arrests have been effected during the on-going operation ‘Tame the Traffic Jungle’. 708 arrests have been made on vehicles without route permits while 10 204 arrests have been made on illegal pirate taxis (mushikashika). 296 motorists have been arrested for reckless driving, while 1 761 people have been arrested for touting.

“Meanwhile, 695 vehicles have been impounded for moving on the roads with no registration plates,” he said.

Police and other key stakeholders last week launched an operation targeting vehicles driven in breach of the law, including unregistered and unlicenced vehicles, pirate taxis and pirate kombis, and drivers committing driving and parking offences as authorities step up efforts to ensure compliance with road laws.

Flouting of laws had become routine, particularly in urban areas prompting the police, the Traffic Safety Council of Zimbabwe, Vehicle Examination Department, the Insurance Council of Zimbabwe, the Zimbabwe National Roads Administration, the Zimbabwe Revenue Authority and city councils to launch the co-ordinated operation.

Motorists and operators who want to reclaim their vehicles have to obtain all the required vehicle documents and be cleared by the Vehicle Theft Squad, VID and Zimra.

The blitz has also resulted in some errant transport operators hiking their fares, taking advantage of the shortage of public transport.

Strong tobacco output lifts TSL earnings

Nelson Gahadza Senior Business Reporter Zimbabwe’s record national tobacco output for the 2023 season boosted TSL’s performance after the group’s tobacco-related businesses achieved strong growth in three months to July 2023. The company’s inflation-adjusted revenue for the third quarter ended July 31, 2023, rose 229 percent to $66,8 billion from $20,3 billion in the same […]

Strong tobacco output lifts TSL earnings

Nelson Gahadza

Senior Business Reporter

Zimbabwe’s record national tobacco output for the 2023 season boosted TSL’s performance after the group’s tobacco-related businesses achieved strong growth in three months to July 2023.

The company’s inflation-adjusted revenue for the third quarter ended July 31, 2023, rose 229 percent to $66,8 billion from $20,3 billion in the same period last year, driven by strong volume growth, particularly in tobacco, TSL said in a quarterly update.

According to the Tobacco Industry and Marketing Board (TIMB), output reached a record 294 million kg, or 44 percent ahead of the prior year.

TSL runs a tobacco auction facility, the second largest in the country and a printing and packaging plant.

It is also involved in the supply of agricultural inputs, storage, logistics, and real estate.

“The US dollar portion of revenue for the quarter grew by 47 percent when compared to the prior year, and profitability continued to grow, driven by improved operating efficiencies and increased capacity utilization,” the company said.

The tobacco sales floor handled 51,9 million kg, a 125 percent increase from 23,1 million kg in the same quarter last year.

“The strategy to serve the much larger contracted tobacco market is yielding fruit, with 75 percent of the total volumes handled coming from this segment.

“These positive results are, in large measure, attributable to a larger national tobacco crop, successful decentralization of operations, and the acquisition of new customers,” the company said.

Propak Hessian volumes were 17 percent ahead of the prior year owing to stock availability and a larger tobacco crop size.

Tobacco paper volumes were 90 percent ahead of the prior year.

Agricura’s performance for the quarter was mixed. TSL said while some product lines performed better than the previous year on the back of product availability and competitive pricing, other lines were lower than budget due to depressed demand.

TSL said the new business model for its logistics operations, which supports the customers throughout the value chain, resulted in an increase in volumes across the divisions.

It said tobacco handling volumes were significantly ahead of the prior year due to an increase in the customer base.

“The rail service from both Maputo and Beira has continued to operate, and performance in the quarter was satisfactory.”

The company said clearing and forwarding volumes remained strong due to improved volumes.

“General cargo handling volumes were buoyed by product movements to Zambia through the Beira corridor,” said TSL.

Capital Markets High Schools Quiz commences

  Pupils competing at inaugural Capital Markets High Schools quiz last year Malvern Nkomo Business Reporter The second edition of the Capital Markets High Schools Quiz commences today with 20 schools from the country’s 10 provinces set to compete. Organised and hosted by our sister publication, Business Weekly in partnership with London-based Financial Markets Indaba […]

Capital Markets High Schools Quiz commences 
Pupils competing at inaugural Capital Markets High Schools quiz last year

Malvern Nkomo

Business Reporter

The second edition of the Capital Markets High Schools Quiz commences today with 20 schools from the country’s 10 provinces set to compete.

Organised and hosted by our sister publication, Business Weekly in partnership with London-based Financial Markets Indaba (FMI), the competition is made up of four pools, with the first set of two expected to take part today while the other set participates tomorrow.

The winner from each pool will compete in the finals next week on Friday.

The competition will be held at the Management Training Bureau in Harare. 

The quiz competition is designed to enhance and foster the student’s knowledge and financial literacy while promoting savings culture at an early stage.

Participating in this year’s edition in pool A are Errymaple International School, Bernard Mizeki, Zengeza 1, Kriste Mambo, and Oriel Girls.

Pool B consists of St John Emerald Hill, Msengezi, Cheunje, Dominican Convent (Bulawayo) and Marist Nyanga.

Harare High School, Jameson, Midlands Christian College, Falcon College, and Marymount Mission represent pool C 

The competing schools in pool D are Irene Christian College, St Alberts, Silveira, St Dominic’s Chishawasha, and Cygnet Private College.

Dominican Convent High School-Bulawayo won the tightly contested inaugural 2022 quiz competition and will be out to defend the title in this year’s edition.

In an interview, Financial Markets Indaba managing director Mr Patrick Muzondo said: “The Capital Markets High Schools Quiz competition offers a unique and exciting way to motivate, inspire, encourage and reward secondary and high school scholars in their quest for knowledge and provide them with the opportunity to celebrate their achievement as part of a high profile, national competition. The quiz fosters a generation that is conscious of the importance of savings, financial literacy, and capital markets.

“Capital and financial markets play a crucial role in our global economy and are integral to the world of finance. While the world of stocks, trading, and investments may seem complex, it’s essential for high school students to grasp the basics of these markets.

“This knowledge will not only help them make informed financial decisions but also prepare them for the future. By gaining a basic understanding of these markets, high school students can make informed decisions about their money, and navigate the complexities of the global economy. By starting their financial education now, they will be better prepared for the opportunities and challenges that lie ahead.”

 Business Weekly Editor Herbert Zharare said the Capital Markets High Schools Quiz was postponed to pave the way for the national harmonized elections.

“The Capital Markets High School Quiz competition that was postponed to pave the way for national harmonized elections, starts today at the Management Training Bureau. Some of the teachers were assigned roles in the crucial national election. We are glad they are back hence the resumption of the event.

“Working with our partner Financial Markets Indaba, we remain resolute to help facilitate the battle of minds for these youngsters as we try to catch them young so that they develop an interest in this critical sector of our economy.

“It is our hope that as we continue hosting this event, which fortunately has the gracing of the Ministry of Primary and Secondary Education, Capital Markets shall be granted subject status and be examinable. We want to express our gratitude to valued sponsors who continue to loosen their purse strings to ensure that the event is a success. Our doors remain open for more sponsorship.” 

The sponsors for the 2023 quiz competition include Old Mutual and Buttercup Margarine, the headline sponsors, POSB, Millano Office Chairs, Glass Creations, Tika Shoes, Tigere, AFC Holdings, Chicken Inn and C-Trade.

Securities and Exchange Commission of Zimbabwe (Investor education director), Ms Farai Mpofu said the quiz competition provided a constructive and entertaining platform for learners.

“Learners are key stakeholders for SECZim, and the quiz provides a well-packed method of engaging with young people in a constructive and entertaining way which, promotes sustainable investments. The commission’s Investment 101 Handbook and other capital market content provide the core quiz materials.

According to the 2022 Finmark Consumer Survey, the portion of the population with investments in capital markets is just 2 percent. Under the National Financial Inclusion Strategy 2022-2026, the target is to reach 5 percent.

“Financial inclusion initiatives through stakeholder outreach were formerly viewed as commission’s issues whereas now securities market intermediaries (SMIs) have understood their strategic role in capital market development through stakeholder engagement. As a result, three SMIs are sponsors of the 2023 edition of the quiz namely Old Mutual, Tigere Property Fund, and C-Trade. Under the oversight of SECZim, SMIs will continue to innovate around the access – usage – cost trio to deliver sustainable investment products,” said Ms Mpofu.

Zim pledges support to exporting firms

Enacy Mapakame Zimbabwe’s budding entrepreneur Tafadzwa Ron Chikwereti was recently named among 12 top innovators in Africa in the 2023 GoGettaz Agripreneur Competition hosted at the Africa Food Systems Summit in Tanzania. His enterprise, eAgro leverages Artificial intelligence (AI) to provide solutions to challenges local smallholder farmers are facing such as pest attacks and post-harvest […]

Zim agri-tech entrepreneur among top in Africa

Enacy Mapakame

Zimbabwe’s budding entrepreneur Tafadzwa Ron Chikwereti was recently named among 12 top innovators in Africa in the 2023 GoGettaz Agripreneur Competition hosted at the Africa Food Systems Summit in Tanzania.

His enterprise, eAgro leverages Artificial intelligence (AI) to provide solutions to challenges local smallholder farmers are facing such as pest attacks and post-harvest losses.

The GoGettaz Agripreneur prize competition is an annual event that seeks to identify and support the most innovative and promising agripreneurs in Africa. The competition is open to all African entrepreneurs between the ages of 18 and 35 who have innovative ideas for agricultural businesses.

“eAgro takes the guesswork out of farming in Zimbabwe by bundling complex technologies into a user-friendly WhatsApp chatbot.

“Their CropFix AI chatbot uses photos from a farmer’s mobile phone to diagnose pests and diseases and provide relevant, location-based agronomic advice in seconds,” said GoGettaz.

Mr Chikwereti was among African entrepreneurs who pitched their innovative ideas before a panel of judges and mentors.

In a social media post recently, Mr Chikwereti said: “I’m Ronald, a co-founder at eAgro, a forward-thinking tech startup dedicated to transforming farming through accessible digital tools. My mission? Empowering farmers to cultivate success and break free from their poverty cycle.

“My expertise lies at the intersection of project management and agriculture technology. I’m an AI enthusiast with a knack for leading people and resources toward a common goal. 

“With a PMI-Project Management Professional certification under my belt, I thrive in turning challenges into opportunities, through our work.”

The GoGettaz Agripreneur programme is a brainchild of business people from across the region whose thrust is on promoting innovative ideas to solve everyday challenges that the region faces with the focus largely biased towards agriculture to boost food security and enhance farmers’ profitability.

Among them is Dr Strive Masiyiwa, founder of Econet Wireless who commended the young entrepreneurs taking part at this year’s summit.

“Our continent’s young agripreneurs are a testament to Africa’s innovative vision in action. I salute all our entrepreneurs, hailing from across Africa. The young men and women who competed in the live pitch competitions at the AGRF Summit this year are each winners for our continent, whether they received a prize on stage or not.

“We must continue to celebrate and support these amazing young people, most of whom designed innovative technology solutions to tackle both the food system and environmental challenges while creating new businesses and jobs. Generation Africa’s agripreneurs are leading the transformative change that needs to happen across Africa’s agri-food sector.”

The 2023 GoGettaz campaign reached almost seven million people and brought about half a million visitors to the Generation Africa website and GoGettaz community platform. The fifth annual GoGettaz Agripreneur Prize Competition received applications from 43 African countries, with nine represented in the Top 12.

According to GoGettaz, application data also shows an increase in female applicants this year.

“This is a very encouraging shift in an industry that is perceived as male-dominated, while the reality of African food production is very much in the hands of women small-holder farmers,” said the competition organisers.

Applications for 2024 will open again in April/May next year.

“The industry-leading partners and sponsors of Generation Africa are proud of the exceptional innovation, dedication, and leadership displayed by all the young entrepreneurs who participated this year throughout the process.

“Coming into focus for the rest of 2023 are mentorship programmes, such as the Generation Africa Fellowship Programme, and the important work of reshaping national policies for better support of youth and women in agriculture,” said GoGettaz.

The competition offers a grand prize of US$50 000 to two entrepreneurs, a woman and a man. The winners also receive mentorship and training from experienced agripreneurs.

ZIDA on track to meet US$4bn investment target

  Mr Chipunza Business Reporter THE Zimbabwe Investment and Development Agency (ZIDA) is on track to achieve its 2023 target of attaining US$4 billion worth of investment proposals on the back of an increase in new applications and renewals, an official said . ZIDA investment development manager Mr Tapindwa Chipunza said the number of applications […]

ZIDA on track to meet US$4bn investment target 
Mr Chipunza

Business Reporter

THE Zimbabwe Investment and Development Agency (ZIDA) is on track to achieve its 2023 target of attaining US$4 billion worth of investment proposals on the back of an increase in new applications and renewals, an official said .

ZIDA investment development manager Mr Tapindwa Chipunza said the number of applications and approved licenses had been rapidly increasing since the beginning of the year.

ZIDA is a state-owned investment agency responsible for promoting and facilitating local and foreign investment in the country. It came up as an integration of three investment authorities, which were previously housed in different Government ministries and departments.

‘’If we look at the first quarter of 2023, we had a jump in the number of applications to 219 and we also had a jump in the number of new licenses from 89 to 116,” said Mr Chipunza.

“We did, however, have a small decline in the number of licenses that were renewed. The projected investment value at a high level was at US$760 million year to date and for new applicants, we have 309 and about 156 renewals.

‘’This growth in the numbers that we see or we continue to see if you look at the run rate that we have and the time that we are going to close the year, we should be able to exceed our targets.’’

Mr Chipunza attributed the increase in the number of applicants and renewals to initiatives that ZIDA has been taking to market Zimbabwe as a preferred destination of choice.

In 2022, ZIDA issued 562 investor licenses, compared to 228 a year earlier.

Out of the total, 55 percent were renewals. The licenses issued show that mining was the most preferred investment sector with 130 licenses.

ZIDA has been working on improving the investment climate in Zimbabwe in a bid to make the country an easier place to do business.

This year, ZIDA cut the time needed to register new businesses from 20 to seven.

The streamlining of time required to register a business, under the One Stop Investment Services Centre (OSISC), is part of ongoing efforts to make it more flexible for those willing to start enterprises in the country.

One of the priorities of the Government is to improve the ease of doing business, or rather, create a more favourable operating business environment, including obtaining permits and licenses, dealing with taxes, protecting investors, and other regulatory aspects. I

t is an important indicator of a country’s business environment and critical to make the country attractive to investors.

The Government has continuously been on a drive to improve the ease of doing business to stimulate economic growth and attract more investment into the country.