Bulls n Bears Investors Notebook Issue 133:09 November 2018

Fri Nov 9 10:31:28 CAT 2018

 <http://www.bulls.co.zw/> Bulls.co.zw        <mailto:bulls at bulls.co.zw>
Views & Comments        <http://www.bulls.co.zw/blog> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Bulls n Bears Investors Notebook Issue 133:09 November 2018

 <mailto:info at bulls.co.zw> 

Bulls 'n Bears Investors Diary: Today's Events

Quotable Quote:

Relations are all about: Winning, Losing & Sharing.
Winning Trust, Losing ego

Zimbabwe sees 2019 budget deficit at 4 percent of GDP

HARARE (Reuters) - Zimbabwe wants to reduce its budget deficit to 4 percent
of gross domestic product in 2019, down from an 11.1 percent forecast this
year through various expenditure cuts, Finance Minister Mthuli Ncube said on
Thursday. The deficit widened after President Emmerson Mnangagwa's
government cranked up spending by increasing public sector salaries and
purchasing farming inputs for rural farmers ahead of a disputed July 31
presidential election. Ncube told members of parliament during a pre-budget
briefing that the government would stop the central bank's quasi-fiscal
operations such as providing direct funding for projects, review annual
bonuses to the public service, cut foreign travel and perks for senior
officials. <http://www.bulls.co.zw/> Read more >

Hold govt to account on mega deals, says Mudenda

SPEAKER of Parliament, Jacob Mudenda has urged government to fight inertia,
whereby deals worth billions of dollars are signed every time, but not
implemented on time or never. "Let us fight the disease of inertia. We
signed an agreement that Zisco should be rehabilitated, the implementation
period is anathema to the economic (revival). If Zisco does not arise, the
industrialisation in terms of steel trade will not happen," he said while
giving his keynote address at the 2018 pre-budget seminar held in Bulawayo
yesterday. Mudenda said the investor should hastily move onto the ground and
implement the deal as soon as possible. <http://www.bulls.co.zw/> Read more
>

 <http://www.firstmutualproperties.co.zw/> 

For more business & financial updates log onto <http://www.bulls.co.zw/>
www.bulls.co.zw

ED meets UK investors. . .Zimbabwe starts utilising $250m line of credit
from British company   

Zimbabwe will with effect from today start drawing down on a $250 million
line of credit facility from a United Kingdom-based firm, Gemcorp Capital,
an international independent investment fund management entity that focuses
on emerging markets, to import essential commodities. A delegation from
Gemcorp Capital met President Mnangagwa at his Munhumutapa offices in Harare
yesterday where they briefed him on the progress of the facility that was
sealed last month. The facility was signed by central bank governor, Dr John
Mangudya, Finance and Economic Development Minister Professor Mthuli Ncube
and Gemcorp Capital. <http://www.bulls.co.zw/> Read more >

Bond not the problem- Mangudya   

RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya yesterday defended
the use of bond notes, saying the real cause of problems facing the economy
was not the surrogate currency, but ballooning electronic balances, which
are not backed by productive fundamentals. Rejecting calls from legislators
that bond notes be scrapped as they "have failed," Dr Mangudya accused
parliamentarians of lacking appreciation of real causes of the currency
challenge. He reminded the legislators attending the 2019 pre-budget seminar
in Bulawayo that bond notes had to be introduced in 2016 under a $200
million AfreximBank-backed facility as a stop-gap measure to eliminate the
then rampant cash hoarding and externalisation of foreign currency, mainly
the United States dollar. <http://www.bulls.co.zw/> Read more >

2 cents tax paying dividends: ED   

The 2 cents intermediary money transfer tax recently introduced by
Government is helping the country to significantly narrow its budget
deficit, President Mnangagwa has said. Responding to questions from
delegates at the 3rd annual Public Sector Audit Conference in Harare
yesterday, the President said the tax was critical in transforming the
economy. Delegates had argued that the tax was contrary to the ease of doing
business push. President Mnangagwa responded: "I do not think it is a
hindrance. It has helped us a lot now to narrow the deficit gap in our
economy. <http://www.bulls.co.zw/> Read more >

'We won't tolerate culture of siphoning public funds'   

President Mnangagwa said yesterday the Government will continuously reform
as well as use legal instruments to put a stop to all forms of white collar
crimes used to siphon public funds for personal enrichment. Addressing the
3rd Annual Public Sector Audit Conference and Financial  Management Awards,
President Mnangagwa said the country continued to  lose millions through
fraud, money laundering, and tender manipulation  among other ills in both
private and public sectors.
<http://www.bulls.co.zw/2018/11/01/govt-raises-30m-from-airtime-tax/> Read
more >

Govt targets unremitted tax   

Government will employ aggressive measures to collect unremitted tax revenue
amounting to $3,3 billion, including interest, to clear Treasury's $2,3
billion overdraft position with the Reserve Bank of Zimbabwe (RBZ),
according to Finance and Economic Development Minister Professor Mthuli
Ncube. The minister said the tax arrears of $3,3 billion included almost $1
billion tax interest owed in taxes. Fifty percent of the funds have not been
remitted to the Zimbabwe Revenue Authority (Zimra), which is expected to
turn the heat on tax payers to settle their dues. <http://www.bulls.co.zw/>
Read more >

 <mailto:info at bulls.co.zw> 

ZPC, Intratrek dispute rages on   

INTRATREK Zimbabwe, which is entangled in contractual dispute with Zimbabwe
Power Company (ZPC) over the Gwanda solar plant, has filed submissions to
the High Court seeking an order compelling ZPC to allow it to fulfil terms
of the project agreement or be paid $25 million damages for breach of
contract. This comes after a dispute arose regarding fulfilment of terms of
the contract, including stage-based payments due for part of work it has
done, with the State power utility, however, claiming Intratrek failed to
implement the 100 megawatt Gwanda solar project within agreed timeframes.
Intratrek disputes this. <http://www.bulls.co.zw/> Read more >

Firm consumer demand drives Delta H1 profit, revenue

DELTA Corporation Limited posted a profit of $57,2 million in the six month
period ended September 30, from the $32,3 million recorded last year due to
a firm consumer demand. Revenue grew by 37% to $341,4 million from $250
million last year. Chairman Canaan Dube said the group had an exceptional
performance, notwithstanding the shortages of foreign currency, which slowed
its Chibuku and soft drinks businesses. "Consumer demand has been firm due
to increased economic activity in mining and agriculture, expansionary
fiscal and monetary policies and the election related spending," he said.
<http://www.bulls.co.zw/> Read more >

 <mailto:info at bulls.co.zw> 

Former commissioner general prejudices ZIMRA of nearly 12 million   

FORMER Zimbabwe Revenue Authority (Zimra) commissioner general Gershem
Takavada Pasi was yesterday brought before the court on charges of criminal
abuse of office after he allegedly engaged a third party in the acquisition
of an Information Management System (IMS) thereby prejudicing ZIMRA of close
to $12million.  Pasi (59) had previously sought authority from the State
Procurement Board to have direct engagement and it was granted. The
involvement of the third party led to the inflating of prices of this (IMS)
from $11 819 000 to $32 649 939. He appeared before chief magistrate Mr
Mishrod Guvamombe who remanded him out of custody on condition he pays $2000
bail. <http://www.bulls.co.zw/> Read more >

Govt assures civil servants of bonus   

Finance and Economic Development Minister Professor Mthuli Ncube yesterday
assured civil servants of a bonus incentive for 2018 whose finer details
would be clarified in due course in line with ongoing fiscal stabilisation
measures and recognition of hard work. Speaking on the state of the economy
at the ongoing 2019 Parliamentary pre-Budget conference here, Prof Ncube
stressed the need to instil fiscal discipline, the lack of which has been
blamed for the ballooning Budget deficit in the last few years, resulting in
prevailing economic challenges. <http://www.bulls.co.zw/> Read more >

Typocrafters commissions $1m plant   

THE country's leading integrated media group, Zimpapers, yesterday re-opened
Typocrafters and commissioned a $1 million exercise book making machine as
part of efforts to contribute to the revival of industries and create
employment. This brings a new lease of life to Typocrafters, which has been
closed for over seven years. Speaking at the launch yesterday, Information,
Publicity and Broadcasting Services Minister Monica Mutsvangwa said she was
excited about the development, which will see Typocrafters having a big
impact on the education sector as exercise books will be available for
distribution throughout the country. <http://www.bulls.co.zw/> Read more >

Zimtile set to double output   

ZIMTILE is set to double its production by early next year on the back of
growing demand to export to neighbouring countries like Zambia and
Mozambique. The company has already acquired additional equipment to ensure
increased output starting January 2019, Zimtile head Mr James Banda said
yesterday. He said the company was ready to expand and decentralise its
services to most parts of the country riding on the proposed plan. "We are
working hard to continue providing quality products to Zimbabweans and
beyond. We are anticipating new aluminium moulds next year, which will
double our production and we look forward to opening new branches," said Mr
Banda. <http://www.bulls.co.zw/> Read more >

Government drops duty on sanitary pads   

GOVERNMENT has removed duty on sanitary pads, a move likely to be welcomed
by women as the price of basic toiletries is now beyond the reach of many.
Gender activists and legislators have over the years pleaded with Government
for duty free and subsidised sanitary pads to no avail. Speaking during
yesterday's pre-budget seminar in Bulawayo, Finance and Economic Development
Minister, Professor Mthuli Ncube said it was a "done deal" and he would
announce it in the forthcoming 2019 budget statement. "The cost of sanitary
pads and removing duty on it , consider it done .We will have something on
the budget on this issue of sanitary pads .Consider it done; there is no
debate," said Prof Ncube. <http://www.bulls.co.zw/> Read more >

23 Parastatals Mired In Choking Debt, Face Imminent Collapse

A report by the Auditor- General (AG) Mildred Chiri has revealed that the
majority of parastatals are heavily in debt. More than 20 state-run entities
have liabilities running into hundreds of millions of dollars. Some of them
face imminent collapse and this has been attributed to poor corporate
governance and mismanagement and corruption. Some of the parastatals in deep
financial distress include Air Zimbabwe, ZETDC, ZPC, NRZ and GMB. In a
report for the financial year ended December 31, 2017, Chiri said.
<http://www.bulls.co.zw/> Read more >

Hwange Colliery Shareholders Fume Over Govt Decision To Put Company Under
Reconstruction

Mines and Mining Development Minister Winston Chitando has come under fire
from other Hwange Colliery Company Limited (HCCL) shareholders. Chitando is
accused of having unilaterally recommended that HCCL is put under
administration. The other shareholders allege that the decision was made in
order to cover up massive corruption involving senior management and
government officials at the company. A forensic audit of HCCL is reportedly
keen to establish the circumstances under which about US$6,5 million was
taken out of the company. The government holds 36,7% of the shares. Nicholas
Van Hoogstraten, a major shareholder who has a 31% stake in the company,
said <http://www.bulls.co.zw/> Read more > 

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

REST OF AFRICA

Counters Trading Under Cautionary

NicozDiamond

Ariston

Barclays

Dawn

Unifreight

Hwange

RTG

Post your event (AGM, EGM, Analysts Briefing, etc) on the Investor Diary
free of charge and reach out to the market. We have annual gold prices since
1900, monthly since January 1971 and daily prices since January 2000. We
also provide historical ZSE prices on request.

DISCLAIMER: This report has been prepared by Bulls 'n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls 'n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

Invest Wisely!

Bulls n Bears 

Telephone:      <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20181109/0607453a/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 29401 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20181109/0607453a/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29134 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20181109/0607453a/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20181109/0607453a/attachment-0005.jpg>