Author name: admin

Herald Reporter
Retail pharmacists should not put profit margins of more than 20 percent when selling cancer-related drugs.

The recommendation was made by Pharmaceutical and Chemical Distributors (Pvt) Ltd marketing manager Mr Max Ngwenya on the sidelines of a donation for some chemotherapy drugs worth $387 000 to Parirenyatwa Group of Hospitals.

He said cancer medicines were generally expensive and huge profit margins would make them unaffordable to many.

“Cancer drugs are very expensive such that sometimes patients might think that they have been overcharged when in true sense the retail pharmacy would have put a small margin,” said Mr Ngwenya.

He said for that reason, suppliers recommended profit margins of about 20 percent.

“Response from retailers has been good, though some have been putting 25 percent profit margin, but we also feel it is within the range,” said Mr Ngwenya.

He said while their emphasis was on cancer drugs because of the high costs associated with them, they also encourage pharmacists to apply the same principle when costing the rest of their products.

Cancer is the second leading cause of death globally, accounting for 8,8 million deaths in 2015. In men, lung, prostate, colorectal, stomach and liver cancers are most common while in women breast, cervical, colorectal, lung and stomach cancers are more prevalent.

In Zimbabwe, over 7 000 new cases are diagnosed annually though more cases are anticipated to be going unreported as patients do not seek treatment. Of late prices of pharmaceutical products, cancer drugs included, had gone beyond the reach of many.

CancerServe Trust board chair and founding member Dr Anna Mary Nyakabau called on all stakeholders to join hands in fighting the cancer scourge.

“The cancer cause needs much more, we need to accelerate all our efforts, to see to it that we mitigate the suffering of cancer patients in Zimbabwe,” said Dr Nyakabau.

Prosper Ndlovu recently  in Lusaka, Zambia
PRESIDENT Mnangagwa’s transformative leadership style has brought hope for the people of Zimbabwe after years of economic stagnation, a senior academic from the University of Zambia (UNZA) has said.

Professor Kumar Baboo, one of the top executives at UNZA, told delegates who witnessed the conferment of Special Honorary PhD Law degrees to President Mnangagwa and his Zambian counterpart Edgar Lungu in Lusaka at the weekend that Zimbabwe, under the new dispensation, was on the right path towards prosperity.

“President Mnangagwa is a symbol of strength and sacrifice, loyalty and hard work. His contributions have raised hope for the people of Zimbabwe,” said Prof Baboo.

He said since taking over from former president Robert Mugabe in November 2017, President Mnangagwa has exhibited progressive leadership qualities shown by his desire to unite Zimbabweans and opening the democratic space.

Prof Baboo said the world was watching with interest developments in Zimbabwe and has noted how President Mnangagwa has quickly instituted the ongoing economic and political reform agenda meant to foster long-term progress in the country.

He said the region and the international community at large has noted the process leading to last year’s harmonised elections was smooth and that, despite the isolated violent setbacks after the elections in Harare, President Mnangagwa had managed to ensure an open, free and fair voting process.

“He has ushered in a new Zimbabwe called the ‘Second Republic’, has restored the rule of law and enhanced international re-engagement, which has ended years of isolation. He has brought Vision 2030 of an upper middle income economy and has declared Zimbabwe as open for business and a destination of choice,” said Prof Baboo.

He said it was also commendable that within a space of less than two years at the helm, President Mnangagwa has held several high-level bilateral engagements with critical members of the global community across the divide including talks with China, Russia, Belarus and the World Economic Forum among others.

Prof Baboo said such efforts were a demonstration that Zimbabwe was keen to change her past status and be an active and prosperous member of the global family of nations.

“He (Mnangagwa) has proved to be a listening President who envisions a new Zimbabwe and Africa. He has become a servant leader who desires economic prosperity for his country. During his short tenure as Head of State, he has been steadfast in brokering unity and peace and has brought a lot of people to the dialogue table,” he said.

Prof Baboo said the positive leadership qualities by President Mnangagwa had been evident in the manner he discharged his duties during the days of the liberation struggle, where he played a key role alongside other freedom fighters, as well as his assignments in Government after independence where he held various ministerial positions until he became Vice President in 2014.

UNZA Vice Chancellor Prof Luke Mumba has said their institution will always hold Presidents Mnangagwa and Lungu in high esteem as they have lifted the university’s profile high and have become leaders of the two great nations at the same time.

Both leaders are alumni members of UNZA and have held several senior positions in their parties and Government before being voted into power.

Many investors are always on the lookout for new ways to make a profit, and fungible instruments allow just such a thing through the action of arbitrage. In other words, fungible securities allow investors and speculators to buy low and sell high to make a profit.

A security is considered fungible if it can be bought or sold on one market or registered Exchange, and then sold or bought on another market or registered Exchange. In trading, fungibility implies the ability to buy or sell the same financial instrument in two or more different markets.

For example, if one hundred shares of a stock  can be bought on the Zimbabwe Stock Exchange (ZSE) in Zimbabwe, and the same one hundred shares of the same stock can be sold on the London Stock Exchange in the UK, with the result being zero shares (100 bought and 100 sold), the stock is fungible.

There are two types of fungibility, namely:

◆ Partial Fungibility, and

◆ Full Fungibility.

There are currently three counters which are fully fungible on the Zimbabwe Stock Exchange (ZSE) which are Old Mutual Limited (OMU.zw) , PPC Limited (PPC.zw) and Seedco International Limited (SCIL.zw) .

There is at least a 51 percent limit of the listed shares that should remain on the Zimbabwean Register.

The remaining 49 percent of the company’s shares can be held on a Foreign Register as permitted by the Exchange Control guidelines. Fungible stocks are usually in demand during periods of uncertainty such as now with the reintroduction of the Zimbabwean Dollar which has led to mixed trading.

This is as a result of fungible stocks’ ability to withhold local shocks.

In order for investors to be able to move stocks from the local register to a foreign register, they first have to seek approval from the ZSE through an application.

◆ To learn more about fungibility, stay tuned for the next inserts!

Grace Chingoma Senior Sports Reporter
THE reigning Zimbabwe Sportsperson of the Year, Wilfred Mashaya, who added another feather in his cap when he was inducted into the 14th Anniversary London Hall of Fame last week, says he will remain humbled and disciplined following the latest recognition.

Mashaya was identified as one of the greatest achievers of martial arts around the world.

The 36-year-old athlete is the first Zimbabwean to be recognised in Europe’s oldest and longest running Hall of Fame.

And Mashaya, who has previously won other international awards such as the World Champion in World Cup Weapons Forms Martial Arts in Barcelona, Spain, last year and the International Master of the Year Award in Budva, Montenegro, last year again, says the London achievement was very special. “I am happy and feel honoured to be the first Zimbabwean to be honoured in martial arts in London.

“First of all it’s about hard work. If you put effort in what you do it will come out. I was passionate about martial arts since I was young. Discipline is a very important aspect in martial arts and I believe it has led me to conquer in this sport.

“The more you rise, the more you should remain humble and these are the things which drive me. Every time I achieve something I just tell myself that this is the beginning,” said Mashaya.

Mashaya’s profile continue to grow by each passing day and this accolade comes after he scooped the RASA Regional Sportsman of the Year in Windhoek, Namibia, in May.

He was nominated in two categories including the Sports-person of the Year but the Zimbabwean walked tall in one of the awards.

The martial artist first recognition was back in 2012 when he was awarded with the World Kyokushin Union Certified first dan black belt. There was no going back for the athlete who has amassed a lot of national and international achievements.

“A few of these awards remain close to my heart. I am happy about the London certificate but my silver and bronze medal as a debutant in Russia in 2016 remains a treasure for me. It was my first time at an international competition and I was the only African there.

“I am looking forward to future tournaments like the upcoming event in September as well as the 2020 World Championship in Malta,” he said.

Collin Matiza Sports Editor
ONE of Zimbabwe’s top junior motocross riders, Emmanuel Bako, once again came out with all guns blazing when he rode his brand new 2020 KTM to victory on Friday night in the opening round of the Smoking Pistons Supercross Night Racing series in Johannesburg, South Africa.

Bako (12), who is now a household name in the South African motocross circuit, was taking part in his first Supercross (night racing) race meeting of the year and he became one of the first winners of this series when he cruised to victory in the 85cc Class.

Coming up against a number of South Africa’s top junior riders, Bako was fired-up as he won all the three heats in the 85cc Class to claim the first step on the podium and walked away R3 000 richer for his efforts.

According to reports from Johannesburg, Bako did extremely well on Friday night considering that he is mainly used to race during the day in motocross races and the only time he competes in Supercross is during the year-end Zimbabwe Summer Series which is held annually in December at Donnybrook in Harare.

In fact, on Friday night, Bako was taking part in a Supercross event in South Africa for the first time in his career but he surprised all and sundry at the famous Smoking Pistons Dirt Bike Race Track in Johannesburg where he assumed the lead from the get-go in Heat One and refused to relinquish it en-route to a dominating ride.

“The last half (of the race) was effortless,” Bako told The Herald after Friday night’s race meeting. “I just got the flow and that’s so important at this track. It just started coming to me and as they say, the rest was history.

“Winning a Supercross event for the first time in my career in South Africa is so cool, especially at Smoking Pistons which is one of my favourite tracks in this  country.”

The next three rounds of the four-round Supercross Night Racing Series are scheduled for July 26, August 23 and October 4 at Smoking Pistons.

Friday night’s event spilled into the early hours of Saturday morning but Bako was back practicing hard at his favourite track a few hours later with his trainer Stanley Mugiyo, preparing for round four of the 2019 South African National Motocross Championship series which is scheduled for this coming Saturday at Dirt Bronco Raceway in Krugersdorp. At Dirt Bronco, Bako will be looking for another solid performance after he dominated the proceedings in the 85cc (Junior) Class during round three of the South African Nationals at BORC in Bloemfontein on May 25.

At BORC, Bako absorbed a lot of pressure from eight other young riders to emerge triumphant in the 85cc (Junior) Class and he is a safe bet to take the first step on the podium in round four of the South African Nationals at Dirt Bronco on Saturday where he is expected to take on a number of top South African junior riders such as Deegan Bloomfield, Joshua Fletcher, James Thompson, Seth Young, Timo Maximo Toepfer, Nathan Verster, Seth Whittington and Liam Botha.

Meanwhile, another top Zimbabwean junior motocross racer Jordan Dewdney showed that he was not only good at motocross racing when he was voted as the Most Outstanding Player after the Lilfordia School Field Hockey Festival in Harare on Saturday.

In fact, 11-year-old Dewdney is a “jack of all trades” as he is also good in athletics’ track and field events. Lilfordia will send their boys and and girls field hockey first teams for a week-long tour of Durban, South Africa, in August and Dewdney is expected to be part of the travelling squad before he returns home to join Team Zimbabwe for this year’s FIM Africa Motocross of African Nations Championships to be held at Donnybrook on August 31 and September 1.

Farirai Machivenyika Senior Reporter
The Civil Aviation Authority of Zimbabwe is saddled with a $400 million debt emanating from overdue foreign and domestic obligations.

This was said by Auditor-General Mildred Chiri in her annual report for the financial year ended December 31, 2018 on State Enterprises and Parastatals where she issued an adverse opinion on the organisation.

“The accompanying financial statements do not present fairly the financial position of CAAZ as at December 31, 2018 and its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards,” she said.

Mrs Chiri said the parastatal was technically insolvent as its liabilities exceeded its assets by approximately $200 million.

CAAZ has also been operating without a substantive finance director, thereby compromising effective finance management.

“The authority has been operating without a substantive finance director since 2016,” said Mrs Chiri.

“In addition, the positions of senior airside safety and airside safety officer were also vacant.

“I draw attention to the fact that the authority did not service overdue long-term foreign loans amounting to $312 283 403 and domestic loans amounting to $105 842 913 during the year ended December 31, 2018.

“The authority’s current liabilities exceeded its current assets by $199 728 126. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the authority’s ability to continue as a going concern.”

Poor governance has haunted CAAZ for a long time, resulting in the suspension and arrest of chief executive officer Mr David Chaota.

He is accused of awarding of a 28 million euro (US$33,3 million) tender to Indra Sistemas and Homt Espana SA for the finance, supply and installation of air traffic control and communication management systems without going to tender in 2017.

Herald Reporter
Zimpapers journalists scooped numerous awards at last Friday’s inaugural Agriculture Media Awards 2019 held in Harare, demonstrating the dominance of the country’s largest integrated media firm.

Herald deputy news editor Africa Moyo was the first runner-up in the agricultural finance and development category, which was won by Zimpapers Bulawayo branch online editor Stanford Chiwanga.

Sydney Mubaiwa, The Herald’s Masvingo correspondent, also scooped the first runner-up prize in the agricultural equipment, mechanisation, irrigation, storage and innovation category, which was won by Sunday News’ Dumisani Nsingo.

Nsingo bagged the best reporter award in two other categories — small ruminants, and the oilseeds sector. He was also first runner-up in the poultry sector.

The Sunday Mail Society editor Garikai Mazara won the sustainable agriculture, climate change and environment (smart agriculture) best reporter award while Kwayedza’s Muchaneta Chimuka emerged first runner-up in the small grains sector.

Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa, who was guest speaker, said agriculture was the backbone of the economy supporting 70 percent of the population, hence the need for journalists to play a critical role in scrutinising the sector’s threats and opportunities.

“Zimbabwe is predominantly a farming nation with even those in urban areas engaging in agriculture to augment earnings to sustain livelihoods.

“Agriculture is one of the anchor pillars in Government’s Vision 2030 that seeks to transform Zimbabwe into an upper middle class income economy,” said Minister Mutsvangwa.

Lands, Agriculture, Water, Climate and Rural Resettlement Deputy Minister Vangelis Haritatos said the awards will facilitate agricultural information collection and dissemination to citizens.

“I urge the media fraternity to sharpen their pencils and influence positive improvements in the coverage of agriculture-related news and to advocate for policy and optimum conditions for the success of the industry,” said Deputy Minister Haritatos.

The brainchild of the Zimbabwe Agricultural Society, the awards were sponsored by a number of companies.

Michael Magoronga Midlands Correspondent
Government is deeply concerned with the plight of former Ziscosteel employees who have reportedly gone for close to six months without receiving their backpay and is working flat out to rectify the situation, Industry and Commerce Minister Mangaliso Ndlovu has said.

Government in 2017 took over payment of the former workers and pensioners under the Ziscosteel Debt Assumption Bill which seeks to clean the company’s balance sheet in a bid to lure new investors.

Part of the Bill stipulates that Government takes over payment of former workers and bars companies from suing the now defunct steel giant over non-payment of debts.

Government has been struggling to meet the requirement which has led to former workers not receiving their monthly dues, as well as pensions and retrenchment packages since December last year.

Ziscosteel Workers’ Committee chair Mr Benedict Moyo said the former workers were yet to receive their monthly dues this year.

“We have gone for six months now without any backpay,” he said.

“The situation is just bad and we have no explanation as to what exactly is going on. The money has been cushioning us, especially those who have not been receiving their pensions and retrenchment packages, but now families are struggling to earn a living since the little that we have been basing on is not coming.”

Minister Ndlovu said Government was working hard to make sure the former workers start receiving their dues by end of July.

“Yes, it is true that the workers have not been receiving their dues, but we are working on a plan to try and assist the workers,” he said.

“It is difficult to consistently pay workers for an organisation that is literally closed. So, that is the challenge we find ourselves in, but we are making arrangements to unlock certain funding for the workers to get paid.

“They used to be paid by RBZ, but we are in the process of removing RBZ from the picture.

“We are working flat out, it might start working around July and they will start receiving their dues by end of that month.”

Thupeyo Muleya Beitbridge Bureau
A Zimbabwean woman who was arrested for smuggling drugs worth R2 million into South Africa via Beitbridge Border Post was last week denied bail.

In addition, the case which was initially being handled by South Africa Police Services has been taken over by the Directorate for Priority Crime Investigations (Hawks) in that country which targets organised crime, economic crime, corruption and other serious crimes.

Hawks spokesperson for Limpopo Captain Matimba Maluleke said Mavis Busisiwe Thundedzwa (38) appeared before Musina Magistrates’ Court for formal bail application.

“The suspect was denied bail and remanded in custody to July 8 for trial,” he said.

According to the police, Thundedzwa was arrested by police during routine border patrols.

It is alleged that on May 11 at around 6am, South African police were performing their normal duties at the Beitbridge port of entry under the Musina policing area when they searched Thundedzwa’s  luggage.

During the search, the police found 15 x crystal meth drugs worth an estimated street value of over R2 million.

Further, preliminary police investigations revealed that Thundedzwa was travelling from Harare to South Africa.

The smuggling of drugs and explosives between Zimbabwe and South Africa has been on the increase.

Over 40 peoplewere arrested between 2015 and 2017 while smuggling similar contraband between the two countries.

In 2015, two women from Bulawayo aged 41 and 23 respectively were fined R20 000 each for smuggling 180 detonators into the neighbouring country.

The other group of 14 men was intercepted in July 2014 at an illegal entry point along the Limpopo River carrying a contraband of detonators worth R350 000 and were fined R30 000 each.

Sydney Mubaiwa in ZAKA
Government is forging ahead with its thrust to modernise rural areas, with the Rural Electrification Agency (REA) pledging to bring access to electricity to 60 percent of the rural populace in line with President Mnangagwa’s vision to make Zimbabwe an upper middle-income economy by 2030.

REA board chair Mr Willard Chiwewe said access to energy for the rural populace was key in engendering socio-economic development within rural communities.

He said REA was aware of its obligations under the Transitional Stabilisation Programme (TSP) which seeks to set the country on an economic growth trajectory, as the nation glides towards attainment of an upper middle-income status.

In his address during a stakeholders meeting at Jerera Growth Point recently, Mr Chiwewe said REA’s target was to make sure more than half of the rural population had access to modern sources of energy by 2030.

He said the Rural Electrification Fund has remained consistent with the mandate to ensure that grid electricity is extended to rural areas across the country.

“Apart from the challenges faced by the country, our fund has continued to make meaningful yield in the electrification of the rural communities of the country,” said Mr Chiwewe.

“As of now, REA has electrified over 9 300 rural institutions that include schools, clinics, chiefs’ homesteads, business centres and villages countrywide. We remain committed to the TSP as it plays a major role in attaining our Vision 2030 as envisaged by President Mnangagwa.”

Since January, the Rural Electrification Fund has financed completion of grid projects covering 37 institutions and two biogas projects countrywide.

Mr Chiwewe said an additional 332 grid projects and eight institutional biogas digesters were in progress countrywide, during the same period.

He urged school authorities, pupils and the community at large to safeguard electrical gadgets that were installed at these institutions.

Speaking at the same gathering, Chief Nhema commended REA for continuing to make notable progress in the electrification of rural areas in Zimbabwe despite obtaining economic hardships.

“I am informed that to date the (Rural Electrification) Fund has electrified 9 313 rural institutions countrywide,” he said.

“This is encouraging to note that the fund continues to make strides despite the economic challenges the country is going through.”

Chief Nhema said provision of electricity in rural communities will help empower them and contribute to the eradication of poverty in Zimbabwe.

He bemoaned rampant cases of theft and vandalism of electricity grid infrastructure.

“I would like to urge the community to ensure that the grid infrastructure is not vandalised,” said Chief Nhema.

“Rural communities are beneficiaries of this infrastructure and hence they are expected to jealously guard it from acts of sabotage.”