News

Zimbabwe wants to turn Victoria Falls into Dubai

Published

1 year ago

February 21, 2023

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HARARE – Zimbabwe plans to set up an offshore financial center in the resort city of Victoria Falls that the government hopes will emulate the likes of Dubai and the Isle of Man to attract foreign investment.

“The trigger is the success of the VFEX,” Finance minister Mthuli Ncube said in an interview, a reference to the US dollar-denominated Victoria Falls Stock Exchange that’s attracting listings. “We want to compete with any offshore financial center in the world.”

The project will “offer investors an environment comparable” to the Isle of Man, Mauritius and Dubai, he said.

Marc Holtzman, a US veteran banker with 35 years experience in emerging markets, has been appointed board chairman of the centre.

He is also chairman of CBZ Holdings Ltd., Zimbabwe’s biggest lender.

Holtzman will have his job cut out for him as the nation has been locked out of international capital markets since defaulting on payments to the World Bank, the International Monetary Fund and other multilateral lenders more than two decades ago. It owes more than $13 billion to creditors.

Regular dollar shortages have also scarred off foreign investors as have targeted US sanctions against politically linked individuals and state firms for over two decades.

The government claims the sanctions increase the country’s risk profile and make it difficult to attract foreign investment.

The financial centre will be a hard-currency zone, based in US dollars, and offer tax incentives.

Land has been set aside by the state to attract global banks to establish offices in the country, according to Ncube.

The VFEX, which officially launched in October 2020, will be housed under the financial center.

“We need to bring confidence to investors that they won’t have difficulty in repatriating funds,” Holtzman said.

Listings on VFEX have been attracted by the trade in US dollars, tax exemptions on capital gains and the ability to repatriate funds from a country where foreign exchange is in short supply. It now has eight traded businesses.

“Two more companies are coming and two more are seeking approval,” Justin Bgoni, the chief executive officer at VFEX, said Monday by text message.

Several of the listings are due to companies transferring from the Zimbabwe Stock Exchange, the main stock market in the capital, Harare, that trades in local currency.

Authorities won’t attempt to dictate to firms which bourse to list on, as this is informed by their unique capital needs, Ncube said.

“Companies are free to choose where to list,” he said. “I’m not too worried about companies moving across from the ZSE to VFEX.” – Bloomberg

News

Police Hunt For A Nkayi Murder Fugitive

Published

3 months ago

January 11, 2024

Admin

BY STAFF REPORTER

A Nkayi man is reportedly on the run after allegedly assaulting a fellow villager with an unknown object on the head on New Year’s Day.

Police have identified the fugitive at Joinisa Tshuma from Dabe village who is being sought for a murder charge.

“ZRP is appealing for information which may lead to the arrest of Joinisa Tshuma who is being sought in connection with a case of murder in which Mcebisi Moyo died on 07/01/24,” police appealed.

“The suspect allegedly assaulted the victim on the head with an unknown object near a bush in Dabe Village, Nkayi on 01/01/24 before he fled the scene.”

According to police, the victim sustained some head injuries and he was admitted at Nkayi District Hospital where he succumbed to the injuries.

Meanwhile, Police in Machipisa are also investigating a case of murder which occurred on Wednesday, in which a yet to be identified male adult approximately aged 30 years who was wearing a yellow t-shirt, black trousers, black gum boots and a black cap, was found lying dead with a stab wound on the back near Mapuranga Transport Service Garage in Harare.

Police are also appealing to the public with information surrounding the incident.

“Anyone with information to report at any nearest Police Station.”

News

Full ZRP Statement on Armed Robberies Raiding Elite Schools

Published

3 months ago

January 11, 2024

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As the schools open, parents and guardians are in the process of paying school fees, levies and other related school costs, for their children.

School authorities are therefore urged to deposit all monies at financial institutions to curb armed robbery cases.

The issue of collecting cash by school authorities at schools should be reconsidered given the recent armed robbery cases.

The Police has recorded armed robbery cases in Bulawayo and Chinhoyi in which schools are being targeted.

In one of the cases, unknown suspects pounced at George Silundika High School at corner George Silundika Street and Third Avenue, Bulawayo on 06th January 2024, where they stole US$17 280.00 cash which was in a cash box.

In another case which occurred at Lomagundi College, Chinhoyi on 09th January 2024, 12 unknown suspects attacked security guards before stealing an undisclosed amount of cash, a Mazda Tribute motor vehicle, cellphones and laptops, among other valuables.

School authorities are urged to step up security measures at schools and employ guards from reputable security service providers who constantly monitor and review deployments.

Above all, school authorities should install CCTV at points of entry and administration offices.

The Zimbabwe Republic Police is concerned that some of these robbery cases are resulting from leakage of information.

Members of the public are warned that those who provide inside information to robbery syndicates will be arrested.

Police crack teams are firm on the ground and will pounce on armed robbery syndicates for the law to take its course in earnest.

News

ARTUZ condemns government for opening of school amid Cholera outbreak

Published

3 months ago

January 11, 2024

Admin

BY NOKUTHABA DLAMINI

The Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) has condemned the government’s decision to reopen schools due to the cholera outbreak wreaking havoc in most parts of the country, labeling the move reckless and disregarding the pressing concerns raised by parents and teachers.

Statistics released by the Ministry of Health and Child Care last week showed since the outbreak of cholera, Zimbabwe has recorded 15 137 suspected cholera cases, 1 759 confirmed cases, 14 578 recoveries, 67 confirmed deaths and 266 suspected deaths.

“We vehemently condemn the government’s reckless decision to open schools amidst the widespread cholera outbreak, completely disregarding the pressing concerns raised by parents and teachers,” reads the statement.

“We demand that the government immediately mobilize substantial resources to ensure the safe reopening of schools because our children deserve nothing less than a secure and conducive learning environment.

“It is the duty of the government to provide sanitary solutions and ensure the safety and well-being of our children.

The union also called on the government to consider an upward increment of teachers’ salaries, criticizing the government’s lack of engagement with educators, particularly regarding their ongoing demand for a US$1 260 salary.

“Also, it is utterly disappointing to witness such a hasty move without even bothering to engage with the educators who have been tirelessly advocating for a just salary of US$1260.

“The safety and welfare of our students and teachers should be the utmost priority, but it seems that the government is callously neglecting this responsibility.

“It is high time for the government to prioritize the well-being of our education system and take meaningful action to address the urgent needs of our dedicated teachers. ”