Business
12 - 16 March 2014 - The Observer
The Observer
The Observer - 16 March 2014 -- 12
08 December 2013 10
Fidelity set to develop 5,800 stands
149 companies apply
F liquidation
for
Business Reporter
“Topographical and cadastral need for balance between rewarding
IDELITY Life Assurance surveys have been completed and shareholders and conserving cash
Limited is targeting to procurement of earth moving for the Fidelity Southview Park
develop over 5,800 stands equipment has begun with the development.
at Southview Park along bulk of the necessary equipment
Regarding
non-insurance
Masvingo Road, management has having been ordered and being subsidiaries, the micro fiancé
revealed.
delivered. Significant work on site unit made a profit of US$0,18
The company recorded a 23 will commence once rains subside,” million whilst the medical aid firm
percent increase in149 companies filed said. applied for liquidation. The number increased to million tomaterial required to revive them.
contributed US$0,16 buy basic the
T least gross premiums he for
to US$10,8 million for the year toCourt He said 73in 2011 and more than doubledprofit.
the High
other traditional group’s in 2012
“The major problem we face as judicial
liquidation at
in to in
December 31 failing from US$8,8with high focus will be on reducing
markets, to 149.
The asset management company of access to capital in order
managers is lack
2012, 2013 to keep up
million.
costs,
premiums are performed as to address these
The
operational costs a local think tank said on ensuringnumber could be higher in 2013well buoyed by theproblems,” he said.
Another judicial
Friday, and more are seen going under in 2013 the economy maintaining in the aftermath
Total revenue, at US$15 million, collected and generally is stuttering positive stock market performance manager, Reggie Saruchera
as economic conditions worsen. year market sharea adding that, “We election that extended of Grantyear to
of disputed July 31 are to register a profit for the Thornton said the empowerment
was 15 percent lower than prior
Companies lower stand sales at hopeful President Robert Mugabe’s US$0,18 million.
largely due toare battling with high financing that all these initiatives will 33-year rule and law requiring foreign owned companies to be
costs, with banksincharging as much result in sustainable growth forhas reduced consumer 51 percent owned by local blacks was making
as 20 a cash squeeze that the
Fidelity Life Park Manresa.
“The non-insurance subsidiaries
it difficult made
percent interestlocal the Zimbabwe Economic going forward.”
and authority and group demand.
“To date,
led by the micro fiancé unit for potential investors to put their
Policy Analysis and Research Unit (ZEPARU)
Cecil Madondo had Tudor House money into the companies.
of reasonable contributions distressed
environmental management agency
Chapereka said directors
“There must be a difference on how the
said most of those that applied for liquidation Consultants who has managed 25 companies
Fidelity Life Assurance chief executive Mr Simon Chapereka
approvals have been secured,” said recommended
maintaining
a group’s profit. Micro finance
said.
were on the basis that they could not pay their in nearly two decades, said most companies company is being bailed out,” heasset
The
management the low propensity of the economy
MD Simon Chapereka about the dividend of US$375,000 unchanged continues to do well especially from
were placed under judicial management or
He called for acompany’s profitability though to save and low disposable income.■
legislation that forces
debts
Southview Park project.
from
previous
Labour costs in Zimbabwe are among thethe liquidationyear due to the salary-basedlack shareholders of distressedis companies to
due to gross mismanagement, loans,” he said.
modest, still commendable given
highest in Southern Africa while the electricity of effective corporate governance structures relinquish power for the benefit of creditors.
“They don’t want to relinquish shareholding,
costs remain prohibitive and most companies and high level of indebtedness.
“You find a company technically insolvent they don’t have money to put into the business
are stuck with aged machinery that is expensive
sometimes with more liabilities than assets and at the same time the depositors and
to maintain.
Reggie Saruchera of Grant Thornton
creditors are suffering, where do we draw the
The number of companies seeking regardless of its viability,” he said.
employers making it difficult for a judicial
liquidation has progressively increased since
He said undercapitalisation was a major line?” he said.
He also complained needs of Barclay’s customers in to retrench where necessary cashback
dollarisation in 2009. In 2010, 50 companies, challenge facing most companies under
the about the country’s manager and Family packages. A in order
were not and consistent to The company.
almost five times more than the prior year judicial management resulting in them failing labour laws which an efficient favourable to way. revive abenefit which is redeemable after
plan comes in three main categories five years without a claim is available
namely Ordinary, Ultimate and for certain segments.
Premier which are tailored for
Since its inception at a soft
different
customer
segments launch phase there has been good
characterised by flexible options.
feedback for the product.
There is a waiting period of three
Barclays is a major global
months for all natural deaths but financial services provider engaged
accidental deaths are not subject to in retail and commercial banking,
he United States Embassy government officials from the Zimbabwe chapter is to capitalize this.
AWEP was established in coincides with investment banking,
credit cards, the Africa Growth
has supported the launch Ministry of Women Affairs, Gender on providing (opportunity) for JulyUnder the plan, aUnited of four Opportunity Act (AGOA) Forum
2012 by the family States’ wealth mana gement and investment
of
the
Zimbabwean and Community Development; women in business.
Department premium of from as when held in Washington, with and
may pay a of State through management services, DC, an
Chapter of the African Women and the Ministry of Industry and
“We believe as AWEP that once international exchange programs is designedinternational presence in
little as $3 for a USD500 cover per extensive to help the entrepreneurs
Entrepreneurship Program (AWEP)
involving American and African build business alliances,and Asia.
develop
individual.
Europe, the USA, Africa
at a funtion in Harare recently.
women.
advocacy and communication
“The Funeral cash plan is
With over 300 years of history
Business Reporter work to expand and aims to provide a cash outlay of We want to offer our support at a
The group will
The program identifies and builds skills, network, identify resources to
designed to make the life of and expertise in banking, Barclays
arclays Zimbabwe has
and support Zimbabwean women US$500 to US$10 000 per individual time when the customer really needs networks of women entrepreneurs advance women›s entrepreneurship,
customers easier by offering operates in over of opportunities
in businesslaunched asFuneral them upon claim.
as well a assist Cash
across sub-Saharan Africa who own and take advantage50 countries and
it.
financial support to cater for the employs over 150,000 people.
export goods and underwritten by
Plan, services to other
Speaking on the launch of the
“As Barclays continues to seek and run small and medium scale for US partnerships through
immediate
Barclays moves, lends, invests and
countries, Zimnat Insurance, as a product, Barclays Banking Director, opportunities through which it can businesses. cash funeral costs, AGOA.
including the United
States. its Life Assurance product Mrs Valeta Mthimkhulu said: provide convenience, not only to its liability settlements of the bereaved protectsbetween for over 42and the
Since its establishment, four
Trade money Zimbabwe million
part of
within 24-hours of the passing on United States continues to blossom
“I am excited to see the launch of “Our aim as Barclays is to provide customers but consumers across the Zimbabwean
women
have customers and clients worldwide.■
suite.
of a loved in Mthimkhulu and with Zimbabwe recording a trade
thisThe newchapter inCash Plan is solutions to problems that affect country,” she said.
AWEP Funeral Zimbabwe,”
participatedone,” the programsaid.
said Ambassador Bruce Wharton at
form the core availablegroup that is surplus in seven of the last nine
The plan is of the in Individual
available to Barclays account holders our customers in their everyday life.
The product is structured to meet
the launch.
establishing a Zimbabwean chapter. years. According trade data from
“I have often said that Zimbabwe’s
They, along with four other the United States Department of
strongest resource is its people – and
participants from other U.S. Commerce, Zimbabwe imported
this is a perfect example of those
exchange programs such as the US$53 million worth of goods from
resources in action. I am confident
Fortune/State Department Global the United States while the United
that these women, who have taken has said
Women’s in building the Christopher Mutsvangwa.
HINA’S ambassador
Zimbabwe, which holds the world’s as $5.3 billion in investment,Mentoring Program, form States purchased US$52 million of
initiative not only to start their
the founding committee for the goods.
his country is willing to help second-biggest platinum reserves after South plant and boosting output, to make it viable.
“It’s now up to the Ministry of Mines to
United States Ambassador Bruce Wharton
own businesses but to contribute
chapter.
Zimbabwe establish its first Africa, is demanding that companies mining
Finance Minister Patrick Chinamasa in decide,” he said.
to the Zimbabwean economy, will
Participants to the AWEP
For more information please
platinum refinery
the Commerce.
should build a January led a delegation to China to seek
make impact the future of asthe country the metal in the country women are given an opportunity to exchange programs travelled to“We want to have a AWEP chairperson,
the contact the refinery here, so we
attempts to economy.”
concessional loans, Lin Lin said. Theweeks where they them to show our good will Lawson
Zimbabweanboost its economy by processing refinery there. of House succeed, they will do so,” she said.
Barbara Rwodzi, CEO
U.S. for three ministry said to AWEP offices, 34 on our
the precious metalchapters than exporting
rather have of BarRue Knitwear, a successful
Anglo American Platinum “AWEP believes insend another delegation next week, policymakers, Avenue; Milton Park; and China
Ltd. (AMS), will expanding met business leaders, he relations between Zimbabwe Zimbabwe,
Similar AWEP
semi-processed in
we gave Tel. Platinum a license” to seek
been establishedore. countries such business Impala Platinum (IMP) women›s role in shaping national companies and industry associations, Global 08644110932 or visit www.
that exports handmade Holdings Ltd. said.
“China is and quite sophisticated garments, andfounding chairperson Ltd. (AQP) climates and delegation non-profit groups advocating for in the country.
not Zambia. Sylvia in that
Aquarius Platinum
have
The leading
met representatives of platinum awepzim.org Twitter : @
as Nigeria
is
business
area, of are trying to African of our operations in Zimbabwe.
Sinosure,
the women›s economic &
Global Platinum
Bandabut weZambia, Pan cooperate with the AWEP chapterin the country. the way in social reform.or We China Credit Exportopportunities, awepzim Resources is partAWEP Chairperson, is Ambassador Lin Lin
the country’s Chamber aim to transform Zimbabwean and
multilateral
Zimbabwe partners,” expected to She visited The U.S. through the of Mines said in Insurance Corp., and Export Import Bank development by China’s Norinco International
of owned
attend conference in Harare Thursday. AWEP exchange in 2012. “The communities through said Deputyorganiza tions. Minister Cooperation Ltd. - Bloomberg News
told a the launch ceremony which
February that a refinery would need as much China, business
Foreign Affairs
will also be attended by senior main theme for the launch and the achievements.»
The annual exchange program
A
Barclays launches Funeral Cash Plan
T
US backs Zim women entrepreneurs
to boost trade
B
Platinum refinery: Zim looks to China
C