Connect with us


Old Mutual Zimbabwe relists on the Zimbabwe Stock Exchange (ZSE)



Old Mutual Zimbabwe

Old Mutual Zimbabwe has relisted on the Zimbabwe Stock Exchange (ZSE) as a part of a broader group strategy to focus its business in Africa.

Yesterday, Old Mutual Plc’s shares were suspended from the UK Official list and from trading on the London Stock Exchange’s main market for listed securities, and from the Johannesburg Stock Exchange, the Namibian Stock Exchange and the Zimbabwe Stock Exchange, and had already been suspended on the Malawi Stock Exchange as it moved its primary listing from London to Johannesburg.

Today the group announced it has completed its primary listing on the Johannesburg Stock Exchange with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. Old Mutual Zimbabwe has since commenced trading on the ZSE.

“The key difference between our previous listing as Old Mutual Plc in London and our primary listing as Old Mutual Ltd in Africa is that capital from our shareholders will be focused on African businesses and invested in growth opportunities present in African markets we operate in,” said Old Mutual Zimbabwe.

Officiating at the relisting event this morning, Finance and Economic Planning Minister Patrick Chinamasa said Old Mutual’s new thrust was in line with Government’s economic agenda.

“The decision to anchor in Zimbabwe and Africa is the very same agenda that Government has been driving. The country’s development will be underpinned by both foreign and domestic investment in various economic sectors. We are glad Old Mutual is tangibly leading the way and showing that Zimbabwe is Open for business,” he said.

In March 2016, the group agreed to separate its four businesses into independent, stand-alone companies – the ‘Managed Separation’ – driven by the need to reduce costs and ensure efficient funding for its constituent companies.

In terms of the Managed Separation, the US-based Old Mutual Asset Management (OMAM) was sold, while the United Kingdom-based Old Mutual Wealth was rebranded as Quilter Plc and is now listed on the London Stock Exchange – with a secondary listing on the Johannesburg Stock Exchange.

The wealth management company was spun off Old Mutual Plc – a financial holding company that sold 165 million Quilter shares for around 231, 1 million pounds ($306, 4 million).

The Herald


African Union’s Inclusion in G20: A Significant Acknowledgment of a Continent with 1 Billion Inhabitants




The world’s most powerful economies, the G20, have welcomed the African Union (AU) as a permanent member, recognising Africa’s more than 50 countries as important players on the global stage. US President Joe Biden and Indian Prime Minister Narendra Modi both expressed support for the AU’s permanent membership.

The AU has advocated for full membership for seven years and, until now, South Africa was the only African country in the G20. The AU represents a continent with a young population of 1.3 billion, which is set to double by 2050 and make up a quarter of the world’s population.

Africa’s 55 member states have long pushed for meaningful roles in global bodies, including the United Nations Security Council, and want reforms to the global financial system. The continent is increasingly attracting investment and political interest from global powers like China, Russia, Gulf nations, Turkey, Israel, and Iran. African leaders are challenging the framing of the continent as passive victim and want to be brokers instead.

They seek fairer treatment by financial institutions, delivery of rich countries’ long-promised $100 billion a year in climate financing for developing nations, and a global tax on fossil fuels. The AU’s full G20 membership will enable it to represent a continent that’s home to the world’s largest free trade area and abundant resources needed to combat climate change. The African continent has 60% of the world’s renewable energy assets and over 30% of the minerals key to renewable and low-carbon technologies.

African leaders want more industrial development closer to home to benefit their economies. Finding a common position among the AU’s member states, from economic powers to some of the world’s poorest nations, can be challenging, but Africa will need to speak with one voice to influence G20 decision-making. African leaders have shown their willingness to take collective action, as seen during the COVID-19 pandemic. As a high-profile G20 member, Africa’s demands will be harder to ignore.

Continue Reading


Forging Strong Bonds: Iran and Zimbabwe Deepen Economic Ties in Raisi’s Africa Tour



Zimbabwe and Iran

On Thursday, Zimbabwe and Iran signed 12 memorandums of understanding to strengthen their bilateral ties during Iranian President Ebrahim Raisi’s visit to Africa. Raisi had previously visited Kenya and Uganda before meeting with Zimbabwean President Emmerson Mnangagwa in Harare. Among the 12 MOUs is a plan to establish a tractor manufacturing plant in Zimbabwe with the help of an Iranian company and a local partner. The two countries also signed agreements for cooperation in energy, agriculture, pharmaceuticals, and telecommunications, as well as research, science, and technology projects.

Mnangagwa expressed his appreciation for investments in several sectors of Zimbabwe’s economy to reporters after the signing ceremony. However, he did not disclose the amount of investment Zimbabwe is expecting from Iran. Raisi mentioned the economic challenges facing Iran and Zimbabwe due to U.S. sanctions but emphasised his country’s efforts to build closer economic ties.

According to Iran’s foreign ministry, trade with Africa is expected to exceed $2 billion this year, but there was no comparison to the previous year’s figures. This African visit is the first by an Iranian leader since 2013, following a visit to three Latin American countries in June, all of which are also affected by U.S. sanctions.

Continue Reading


Breaking News: E-Creator Fraud Ring Leader Apprehended by Police



Zhao Jiaotong

The Zimbabwe Republic Police is requesting that individuals who have been deceived by E-Creator, Zhao Jiaotong come forward and report to the nearest police station.

According to police spokesperson Assistant Commissioner Paul Nyathi, the kingpin of the E-Creator Ponzi scheme has been arrested on charges of fraud. The suspect is identified as Chinese national Zhao Jiaotong, who is said to be the founder of the notorious platform that has scammed people out of thousands of dollars.

Nyathi stated, “The Zimbabwe Republic Police confirms the arrest of Zhao Jiaotong, 39, in connection with a case of fraud in which unsuspecting members of the public were duped through the E-Creator Ponzi scheme.”

The police are urging anyone who may have fallen victim to E-Creator to report to their nearest police station. Additionally, the public is encouraged to exercise caution and perform thorough research before investing in any Ponzi or pyramid schemes that promise quick returns.

Continue Reading