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09:22Last update on: 13 Aug 2013
The Namibian
Tue 13 Aug 2013
SMS Of The Day * THIS nation is in dire need of a massive conference on housing. When we experienced a crisis in the education sector a crisis-control brain-storming conference was organised which resulted in the best deal ever for the Namibian child, nam Food For Thought * BOURGEOISIE has become a daily occupation if not the order of the day of the upper-echelons, President Hifikepunye Pohamba we urge you to revisit this unpatriotic geocentricism among your staff and the well-connected, for everybody to r Bouquets And Brickbats * COMMISSIONER of Prisons, can you please explain the strategies you use to appoint officers to certain positions? It is my observation that you are being fed with wrong information then you just promote individuals without making p SMS Of The Day * I THINK Paulus ‘The Rock’ Ambunda lost his belt because of this promoter and trainer. How can a world champion still be training at the Katutura Youth Complex where there is not enough equipment. I think they must follow the example of Ha Food For Thought * NAMIBIA Dairies are unable to match low prices of imported milk and this ultimately means the consumer will have to pay more for local milk. Look at the prices of the local chicken. All these profits are going in the pockets of a few in Bouquets And Brickbats * I AM pleased to hear that Cabinet has responded positively to the proposal of Namibia Dairies to support the industry. The restrictions which support the industry by reducing competition to ensure the survival of the industry is a SMS Of The Day * CEO’s golden handshakes. Somewhere on our statute books there must be a provision that if a board of directors suspends/dismisses a CEO without due regard to legal provision (substantive/procedural law) such board must carry the costs for Food For Thought * JACKY Asheeke was so right with her last column- why are the fathers of the dead children not being prosecuted? (Reference to the children who died in shack fires last week) Our justice system still protects men over women. In this cont Bouquets And Brickbats * ALEXACTUS Kaure, your column in Friday’s newspaper opened my eyes. One hardly finds impartial case study analysers in Namibia. Let’s not destroy the Polytechnic’s strong foundation (Tjivikua) as yet. At least wait until the transf SMS Of The Day * WHY doesn’t NBC listen when they are criticised? The little red chairs on Good Morning Namibia have done their part and are dirty especially at the arm rests. Please listen for once. You interview professionals and internationals on those Food For Thought * MINISTRY of Education, in order to address the shortages of teachers at primary schools why don’t you consider employing us who hold a diploma in lifelong learning and community education for teaching posts? We also did health education Bouquets And Brickbats * MY fellow Namibians, I am not a Swapo member but a third term for President Hifikepuye Pohamba will be a step closer towards attainment of Vision 2030. Believe me His Excellency has made crucial bold decisions, and I don’t regret
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BUSINESS - ECONOMY
| 2013-08-08
Zim wants black stock exchange
HARARE – As Zimbabwe’s liquidity declines and its stock market slumps, President Robert Mugabe’s Zanu-PF party says it will soon launch a racially exclusive stock exchange in which only black people will be able to trade shares in foreign-owned companies it plans to seize.
The plan to grab mining companies - and the major ones are South African-owned - without compensation follows Mugabe’s landslide victory in elections last week which the opposition Movement for Democratic Change party and many civil rights groups say were rigged. Saviour Kasukuwere, Zanu-PF’s Indigenisation Minister in the former government, announced the party’s plan on Tuesday. He said the incoming Zanu-PF government or black Zimbabweans would seize a majority stake in all major foreign-owned companies, estimated to be worth a total of about R100 billion, without compensation. Zanu-PF especially wants to grab mining companies and in particular Zimplats (Pvt) Ltd, a major platinum producer largely owned by South Africa’s Impala Platinum Holdings Ltd. Other firms operating in the country include Anglo American Platinum (Amplats) and banks include Standard Chartered and Barclays. On Tuesday on the JSE, Implats fell 2, 65% and Amplats lost 1,1 %. Barclays Bank of Zimbabwe lost 20% on the Zimbabwe Stock Exchange, whose industrial index dipped 2,2% after plunging 11% on Monday. Kasukuwere said mining companies that did not “cede” 51% shares to black Zimbabweans or the government would lose their operating licences. He said the natural resources or underground metals were sufficient to pay for majority shareholdings in mining companies.
“When it comes to natural resources, Zimbabwe will not pay for her resources,” Kasukuwere said in an interview with Bloomberg.
Zanu-PF spokesman, Psychology Maziwisa, confirmed that Kasukuwere’s remarks about seizing mining companies and creating a blacks-only Harare Stock Exchange before year end were Zanu-PF policy.
“All of this is correct. It’s what we told voters we will do,” he said.
The legislation allowing indigenisation of all companies valued at more than R5 million says shares should be sold, not ceded, but Mugabe mocked this regularly in the last few years. Zimplats does not have a refinery and it sends its ore to South Africa for refining and export. It would take a few years and about R1bn to build a refinery in Zimbabwe. Zimplats imports its electricity directly from Mozambique because it cannot rely on Zimbabwe’s faltering power output. Economist John Robertson said there was no logic to Zanu-PF’s plan.
“He (Kasukuwere) is in danger of introducing economic apartheid, which is absurd. The assets he says he wants do not add up to cash and the value of those assets will obviously decline. Metals and minerals, including platinum and gold, accounted for 71%, or US$791 million of Zimbabwe’s exports last year.-Independent Foreign Service
The plan to grab mining companies - and the major ones are South African-owned - without compensation follows Mugabe’s landslide victory in elections last week which the opposition Movement for Democratic Change party and many civil rights groups say were rigged. Saviour Kasukuwere, Zanu-PF’s Indigenisation Minister in the former government, announced the party’s plan on Tuesday. He said the incoming Zanu-PF government or black Zimbabweans would seize a majority stake in all major foreign-owned companies, estimated to be worth a total of about R100 billion, without compensation. Zanu-PF especially wants to grab mining companies and in particular Zimplats (Pvt) Ltd, a major platinum producer largely owned by South Africa’s Impala Platinum Holdings Ltd. Other firms operating in the country include Anglo American Platinum (Amplats) and banks include Standard Chartered and Barclays. On Tuesday on the JSE, Implats fell 2, 65% and Amplats lost 1,1 %. Barclays Bank of Zimbabwe lost 20% on the Zimbabwe Stock Exchange, whose industrial index dipped 2,2% after plunging 11% on Monday. Kasukuwere said mining companies that did not “cede” 51% shares to black Zimbabweans or the government would lose their operating licences. He said the natural resources or underground metals were sufficient to pay for majority shareholdings in mining companies.
“When it comes to natural resources, Zimbabwe will not pay for her resources,” Kasukuwere said in an interview with Bloomberg.
Zanu-PF spokesman, Psychology Maziwisa, confirmed that Kasukuwere’s remarks about seizing mining companies and creating a blacks-only Harare Stock Exchange before year end were Zanu-PF policy.
“All of this is correct. It’s what we told voters we will do,” he said.
The legislation allowing indigenisation of all companies valued at more than R5 million says shares should be sold, not ceded, but Mugabe mocked this regularly in the last few years. Zimplats does not have a refinery and it sends its ore to South Africa for refining and export. It would take a few years and about R1bn to build a refinery in Zimbabwe. Zimplats imports its electricity directly from Mozambique because it cannot rely on Zimbabwe’s faltering power output. Economist John Robertson said there was no logic to Zanu-PF’s plan.
“He (Kasukuwere) is in danger of introducing economic apartheid, which is absurd. The assets he says he wants do not add up to cash and the value of those assets will obviously decline. Metals and minerals, including platinum and gold, accounted for 71%, or US$791 million of Zimbabwe’s exports last year.-Independent Foreign Service
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