By Trust Matsilele, follow him on twitter <a class="ProfileHeaderCard-screennameLink u-linkComplex js-nav" href="https://twitter.com/trustmatsilele">@trustmatsilele</a>
A two-bedroomed flat shared with six others in a South London estate with a supportive mother was all Percelle Ascott needed to become a world-famous actor. Now he has a leading role on Netflix series &#8211; &#8220;The Innocents&#8221;.
“I remember riding my bike everywhere, playing football and making treehouses. All the kids who grew up on my estate knew each other, and it was probably where my love of acting grew from,” Ascott remembers of his childhood.
“I had a wild imagination for all the things I didn&#8217;t have. I would make something out of nothing.”
The 25-year-old born British actor’s family moved to London when he was three. His recollections are a mixed bag- struggles and triumphs and in his story, he has a mother who is his role model and a figure behind his successes.
“I&#8217;m sure every family has struggles especially financially when you live in London, but I was blessed to have a hardworking mum and aunt who always provided for me and my cousins,” he says.
His parents are part of over seven hundred thousand Zimbabweans in the United Kingdom, Zimbabwe’s former colonial master, most jokingly call Harare North.
“My bug for acting started when I was 11 years old. I played the lead in my school play as Mowgli in Jungle Book, and my Mum told me how I would recite everyone&#8217;s lines if they forgot them. But it wasn&#8217;t until I went to a secondary school where I came across an exceptional Drama teacher who instilled so much confidence in my ability”, says Percelle.
He dreams to be part of exceptional storytellers.
“We only remember the stories that shaped us, shaped our perspective on the way we view the world. I hope I can create meaningful real characters that people can relate too, that can laugh with me, cry with me and go through a journey together,” says Percelle.
“I remember watching the film &#8216;Philadelphia&#8217; starring Tom Hanks and Denzel Washington and couldn&#8217;t help but think about Denzel&#8217;s character. The journey his character goes through is so powerful given the timing of the film. At the start, he has this ignorance toward[s] HIV and AIDS which is shaped differently when he meets Tom and becomes his lawyer fighting his case. I&#8217;m sure it must&#8217;ve informed the opinion of audiences who had the same perspective on HIV and AIDS.”
On his new role in &#8220;The Innocents&#8221;.
“The casting process for me started in February 2017 and I received the role in June. It was a lengthy process that required me to do a few rounds plus chemistry tapes with different actresses, but I guess that&#8217;s what it takes when you&#8217;re trying to find Harry and June. Their romance being so crucial to the story, that energy between being something that just has to fit,” he says.
Percelle proudly represents a country many wish they never came from.
“Since the launch of the show on Netflix, I&#8217;ve had a huge number of fellow Zimbabweans reach out to me. I find that special because it&#8217;s not something a kid from Zimbabwe has as their career trajectory, to be a lead on a Netflix show”
Percelle is planning to lead film projects in Zimbabwe in the future, a move that will reshape the country film industry that has been in decline since investors turned their backs on the country following former President Robert Mugabe’s “less than pigs and dogs ” comments at Zimbabwe Book Fair in early 2000.
“There are more and more projects being funded in Africa as a whole. South Africa has a fast-established industry growing there. Why not Zimbabwe? I told my dad already we&#8217;re going to build a film studio in Zimbabwe one day. There are so many stories from Zimbabwe because of its vast history. Let&#8217;s show the world what the real Zimbabwe looks, the kings and Queens of Great Zimbabwe! Maybe I&#8217;d play a warrior prince from the kingdom of Zimbabwe.”
With another leading Hollywood actor in Danai Gurira who made it to one of the most watched movies of all time, “The Black Panthers” and “Pursuit of Happyness’s” Thandi Newton, Percelle’s dream might soon be a reality
For now, he is working on a short feature film “Shiro&#8217;s Story”.  The just released part three in the trilogy has garnered around 2.2 million views on Youtube in 24 hours.
<iframe loading="lazy" src="https://www.youtube.com/embed/-1Q_w9K74Hs" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe>
“So, the plan now is to go and pitch this series to a bigger broadcaster maybe someone like Netlfix,” he tells me.
Other than acting Percelle produces as well as writes and directs films.
“I am also the co-owner of the “The Wall of Comedy”, a platform across social media with a following of eight million people. So, day to day we create content, nurture new talent and are building a network in which is run by the people and for the people.”
For young aspiring African actors, he has some advice.
“Hard work, determination, and perseverance. Ultimately, I would say love. A love of what you do. A love of why you do it and to always use that as a compass for the choices you make.”

Raised in a cramped flat, this Zimbabwean actor is now making waves on Netflix

INFOGRAPHIC: Reasons to invest in South Africa

JOHANNESBURG (Reuters) &#8211; South Africa’s rand weakened in early trade on Tuesday, in line with falls in stocks amid subdued investor appetite for riskier assets ahead of U.S. midterm elections later in the day.
At 0650 GMT, the rand traded at 14.1175 per dollar, 0.11 percent weaker, having closed in New York at 14.1625.
The currency is expected to trade in a range of 14.1000 to 14.4000 to the dollar on Tuesday, NKC African Economics said in a note.
The rand remained under pressure as markets favoured caution ahead of U.S. midterm Congressional elections, as policy decisions that could sway the economy, corporate decision-making and consumer spending hinge on the results.
Emerging market assets will likely respond inversely to movements in the U.S. dollar after the elections.
Government bonds were firmer early on Tuesday, with the yield on the benchmark instrument due in 2026 down 4 basis points at 9.110 percent.
Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.37 percent.
Reporting by Nomvelo Chalumbira; editing by Richard Pullin

Why U.S midterms are putting pressure on South African rand ahead of elections

<a href="https://theconversation.com/profiles/jannie-rossouw-135800">By Jannie Rossouw</a>, <a href="http://theconversation.com/institutions/university-of-the-witwatersrand-894">University of the Witwatersrand</a>
The South African Reserve Bank placed VBS, a small mutual bank, under curatorship in March this year against a backdrop of a serious liquidity crisis. The initial findings of the curator revealed significant financial losses, which prompted a decision to institute a forensic investigation. This was <a href="https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/8830/VBS%20Mutual%20Bank%20-%20The%20Great%20Bank%20Heist.pdf">completed</a> by early October and handed over to the banking regulator, the Prudential Authority. The report revealed widespread looting and subsequent cover-ups. The report was handed over to the country’s law enforcement authorities for further investigation and possible prosecutions. In <a href="https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/8830/VBS%20Mutual%20Bank%20-%20The%20Great%20Bank%20Heist.pdf">the words</a> of Advocate Terry Motau who headed up the investigation:
<blockquote>I have, for the past five months, investigated the sorry affairs of the VBS Mutual Bank. My report will reveal that the perpetrators of the heist at VBS made away with almost R2 billion.</blockquote>
Last week the banking regulator <a href="https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/8860/1VBS%20Liquidation%20release%2030%20October%202018.pdf">asked</a> a South African court to terminate the curatorship and for permission to wind up the affairs of the bank. The regulator argued that liquidation was necessary because VBS was hopelessly insolvent after being subject to massive fraud. This meant that there was no prospect of saving the bank. The South African Reserve Bank responded to questions on the issue from Jannie Rossouw, who is Head of School of Economic &amp; Business Sciences, at the University of the Witwatersrand.
<hr />
What drove the regulator’s decisions?
In the first instance the decision to place the bank under curatorship was taken because the bank regulator realised that swift action was needed given the liquidity crisis that had come to light. This was necessary both to protect depositors as well as to make sure that no further damage could be done to the bank. The welfare of the depositors and the speed of execution was important.
The decision to go to court and ask for VBS to be liquidated six months later followed evidence that came to light as a result of the forensic investigation. The report showed that the bank had been subject to massive fraud. It was incumbent on the regulator to take action in the light of this evidence. As argued in the application, the regulator believes that the damage done to the bank is irreparable. And that it can’t be saved.
Why the decision to go from curatorship to liquidation?
When a bank is put under curatorship, the curatorship provides tools and instruments to manage the bank’s liquidity and its operations to save the bank, to put it back on a sound footing and to protect depositor funds. The idea is that the bank can be nursed back to health.
So the aim of curatorship is ultimately to turn the bank around. An example of this being executed successfully in South Africa was African Bank which was put under curatorship. It continues to operate today.
But the law states that when the registrar of banks is of the view that the bank is insolvent, they are legally obliged to go to court to apply for liquidation. This does not mean that the bank cannot be saved. But it does mean that the registrar is of the view – based on all the available evidence – that the bank is insolvent and probably can’t be saved. That is, that the probability of the bank being saved is limited.
The decision to apply for liquidation was made on the basis that the Prudential Authority believes the final winding-up of VBS is in the best interests of all parties. It paves the way for two things to happen. Firstly, it will allow a liquidator to use the insolvency law and the Companies Act to effect recoveries – in other words to protect people who had deposited money with the bank. And, secondly, it will mean that the recommendations of the investigator into the affairs of VBS can be followed.
What does liquidation actually mean? What happens now?
Liquidation provides for the winding down of a bank under the terms set out in the Companies Act. The bank will still be managed to maximise depositor value, to collect on loans and to recover as much money as possible. It does, however, reduce the discretion on the creditor hierarchy. In other words a curator has more discretion about who gets paid out what amount. Under liquidation, that discretion is removed.
Nevertheless, the National Treasury has issued a guarantee that will ensure that 97% of retail depositors will be <a href="https://www.fin24.com/Companies/Financial-Services/vbs-retail-depositors-to-get-their-money-back-20180709">covered</a>. That guarantee will remain should the court agree to the bank’s liquidation.
What are the key lessons learnt from VBS?
There are a number.
The first is that audit reports need to be treated with a degree of circumspection. In some cases they will require independent verification.
Another lesson is that the bank regulator needs stronger tools to force a bank to convert from a mutual bank licence to a full bank licence when they get to the point of being too big to fall under the mutual bank regulations.
Mutual Banks are <a href="http://www.treasury.gov.za/comm_media/press/2018/2018031401%20TREASURYS%20RESPONSE%20TO%20THE%20VBS%20MUTUAL%20BANK%20MATTER.pdf">very different</a> to commercial banks. The three main differences are that they tend to be smaller, that some types of deposits in mutual banks qualify as an ownership stake in the mutual bank and lastly that they’re not regulated to the same standard as commercial banks. Because they don’t carry as many risks, the regulatory framework governing them is substantially lighter.
But the events of VBS have shown that supervising small banks requires more resources. This is true even though the failure of a smaller bank won’t necessarily lead to systemic risk – it won’t pose a threat to the entire banking and financial services sector. But the risks still need to be managed better.<img loading="lazy" decoding="async" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/106189/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" />
<a href="https://theconversation.com/profiles/jannie-rossouw-135800">Jannie Rossouw</a>, Head of School of Economic &amp; Business Sciences, <a href="http://theconversation.com/institutions/university-of-the-witwatersrand-894">University of the Witwatersrand</a>
This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/explainer-lessons-from-the-collapse-of-a-small-south-african-bank-106189">original article</a>.

Explainer: What are the lessons learned from the collapse of South Africa’s VBS Mutual Bank ?

JOHANNESBURG (Reuters) &#8211; South Africa’s new Finance Minister Tito Mboweni said on Thursday that struggling state-run South African Airways (SAA) should be closed down, adding that decisions over the future of the state carrier were not under his remit.
SAA, which has not generated a profit since 2011, survives on state guarantees and is regularly cited by credit ratings agencies as a drain on the government purse.
“It’s loss-making, we are unlikely to sort out the situation, so my view would be close it down,” Mboweni told an investor conference in New York televised live on South African public broadcaster SABC.
“Why I say close it down is because it’s unlikely that you are going to find any private sector equity partner who will come join this asset,” Mboweni added.
In August, President Cyril Ramaphosa transferred oversight of SAA to the public enterprises ministry which is led by Pravin Gordhan from the finance ministry. Ramaphosa has pledged to revive struggling state firms, including SAA.
SAA CEO Vuyani Jarana has said he is mapping out a punishing austerity plan to turn the flag carrier around. He has said layoffs and other cuts were unavoidable.
In a dramatic fall from grace over the past decade, SAA has lost its place as Africa’s biggest airline and a symbol of patriotic pride to become a source of frustration for taxpayers who have forked out more than 30 billion rand ($2 billion) since 2012 to keep it in the air.
($1 = 14.4700 rand)
Reporting by Olivia Kumwenda-Mtambo; Writing by Joe Brock; Editing by James Macharia

Should South African Airways (SAA) be closed down? Why Mboweni thinks it should…

JOHANNESBURG (Reuters) &#8211; The South African rand extended its gains against the dollar in early trade on Friday and government bonds firmed as investors moved back into riskier assets, ahead of the closely watched U.S. jobs report.
At 0630 GMT, the rand traded at 14.3050 per dollar, 0.66 percent stronger than its close on Thursday, when it firmed more than 2 percent.
“The dollar has endured a significant correction over the course of the most recent sessions. The rand, after having traded to a high of 14.8525 on Wednesday, is trading sub-14.40 this morning. This is significant, as the 14.50 technical level has held firm so far,” Nedbank analysts said in a note.
“Key now would be price action after the U.S. data release this afternoon,” the note added.
Investors are waiting for U.S. employment data on Friday which could reinforce the view that the U.S. economy is outperforming rivals, driving investors back to the dollar.
The yield on the benchmark government bond due in 2026 dropped 11.5 basis points to 9.17 percent.
Reporting by Olivia Kumwenda-Mtambo; Editing by Sunil Nair

South African rand and government bonds strengthen, here’s why…

HARARE (Reuters) &#8211; President Emmerson Mnangagwa will retain John Mangudya for a second term as governor of the Reserve Bank of Zimbabwe, a state-owned newspaper reported on Thursday.
The announcement follows speculation this week that the bank chief, who was first appointed for a five-year term in May 2014, would lose his job in the face of a worsening dollar crunch.
But the president’s spokesman George Charamba told the Herald newspaper that Mnangagwa would keep Mangudya in his job.
“The President is very clear on the Reserve Bank Governor’s tenure and his performance. Not only is he there to stay but the President is about to renew his contract for a second tenure,” Charamba was quoted as saying.
Charamba declined to comment further when contacted on Thursday.
Two years ago, after the country was rocked by hyperinflation during the rule of former president Robert Mugabe, Mangudya introduced the surrogate “bond note” currency, supposedly pegged to the U.S. dollar.
Dollar shortages have caused prices of basic goods, taxis and medicines to rise in recent weeks.
The central bank chief has defended the use of bond notes, which have lost value against the dollar on the black market. He says a government budget deficit of 11.1 percent of GDP and a high import bill are the main causes of the U.S. dollar shortages.
Reporting by MacDonald Dzirutwe; Editing by James Macharia and Andrew Roche

What you need to know about Mangudya’s second term as Zimbabwe’s central bank governor

Bonolo Masilo began her work career at CHEP, a world leader in logistics and supply-chain management. Within six years, she was in a boardroom in London, presenting a proposal to the international leadership of the company.
She’d risen to become an innovation leader, had built a network of contacts that spanned the globe and been identified as one of her organisation’s brightest young talents.
Bonolo has been recognised as a precocious talent from the outset. CHEP started on this journey with her when they awarded her a full bursary for her operations-management studies at the University of Johannesburg, after which she joined the company in 2011 as a graduate trainee.
<img loading="lazy" decoding="async" class=" wp-image-321540 alignleft" src="http://cnbc.africa/wp-content/uploads/2018/11/Chep-e1541084523771.jpg" alt="" width="332" height="590" />
By 2015, she had risen in the organisation to become an operations supervisor, which kickstarted an interesting journey for her.
“I was probably the first CHEP female supervisor in the country,” says Bonolo. “It’s a male-dominated industry and you need to work a little harder than your peers to be recognised. But it does help you grow, and I emerged from the process stronger as a person and as a professional.”
Enhancing her growing reputation as a future star in her area was Bonolo’s selection for the company’s Bambanani inclusion and diversity project. This groundbreaking program saw the company develop a course that allowed each person to uncover their unconscious biases and address these, in order to make the organisation grow its people and its revenue. She was involved in facilitating 60 workshops across sub-Saharan Africa and develop a great deal from that.
The impact she made on the lives of her colleagues through Bambanani saw Bonolo selected for the CHEP talent development programme (TDP). This was a gilt-edged opportunity to work on a strategic project as part of a global team.
“I was the only staff member from South Africa chosen for the programme,” says Bonolo. “I met so many people, and got to grow my network in the sector, travelling to Spain, France and the UK.”
Bonolo says her involvement in the programme was a highlight of her career. 
“I really appreciate CHEP’s commitment to my development and that of everyone in the business,” she says. “To me it is clear why they’re seen as an employer of choice, and have been recognised by organisations like the Top Employers Institute for their exceptional employee offerings.”
Having blazed trails in her industry as a woman and a young person, Bonolo is now seeing her dedication bear fruit. She sees transformation rapidly gaining momentum in her sector, as more women find operations roles.
Bonolo says one of the keys to transformation is to build support networks with other women in the company and the industry. “We need each other. It’s good to have someone to talk to for advice and solidarity. It’s exciting to be making a real difference.”
She sees her future with CHEP, perhaps one day as an Operations manager. “I’ve had great mentorship from women in senior positions and I’m developing my skills, so I can get to the next level. I completed my BTech last year, and I might go for my masters next year. There are so many opportunities in our company.”
She insists that women can continue to make strides into previously male-dominated areas of business. “It’s not as difficult as it may seem. If you’re passionate about what you do, anything is possible.”
&nbsp;
Article provided by CHEP.

How this company is developing future supply chain leaders

JOHANNESBURG (Reuters) &#8211; Gold Fields said on Thursday the biggest workers union at its sole South African mine, South Deep, planned to strike over proposed job cuts, a move the bullion producer said would threaten output and could lead to even more layoffs.
Gold Fields plans to slash about 1,100 jobs, a near third of its workforce, at South Deep mine, where it has been working to mechanise operations in the face of challenging geology 3 kms (2 miles) below the surface.
“We are very concerned about the further impact that industrial action will have on the mine &#8211; and on our employees, with potentially more job losses,” Chief Executive Officer Nick Holland said.
The company said it might consider stopping production for a limited time.
The National Union of Mineworkers (NUM), which represents around 80 percent of the employees at the South Deep mine, planned to down tools on Friday, the bullion miner said.
“South Deep employees are not to be retrenched for poor management. We are going to be on strike until we can engage with South Deep management and the Department of Mineral Resources on how best we can avoid retrenchments,” said NUM South Deep branch Chair Kanetso Matabane.
Gold Fields, which employs about 3,600 people, said in August it would restructure operations at South Deep and would cut jobs in a cost-saving attempt.
The company said it aimed to reduce the number of contractors at the mine by approximately 420 people.
The firm had earlier said South Deep had lost 4 billion rand ($284 million) over the past five years.
Reporting by Tanisha Heiberg; Editing by Tiisetso Motsoeneng and Edmund Blair

South Africa’s Gold Fields union plans to strike over 1,100 job cuts

HARARE (Reuters) &#8211; Zimbabwe’s gold miner RioZim has closed its three mines due to a shortage of dollars, the company said in a letter to the central bank seen by Reuters on Wednesday.
RioZim is the southern African nation’s third biggest gold producer and early this month threatened legal action to force the Reserve Bank to pay it more U.S. dollars for part of its output.
Reporting by MacDonald Dzirutwe; Editing by James Macharia

Why Zimbabwe’s RioZim closed three of its mines

<a href="https://theconversation.com/profiles/robert-rotberg-171817">By Robert Rotberg</a>, <a href="http://theconversation.com/institutions/harvard-university-1306">Harvard University</a>
When President Emmerson Mnangagwa <a href="https://theconversation.com/zimbabwes-first-mugabe-free-election-mnangagwa-promises-western-cash-but-little-else-99228">campaigned</a> in July for Zimbabwe’s presidency, he promised to be a business friendly leader, and to return his country’s economy to twentieth century times of plenty and prosperity.
But Mnangagwa has already shown himself incapable of jettisoning the state centrist, rent-seeking predilections of his predecessor. A “big-bang” sharp break with Zimbabwe’s recent past is essential to reassure consumers and capitalists. Yet Mnangagwa and his cronies have so far rejected anything forward-looking and sensible.
Mnangagwa’s administration is struggling to overcome the national <a href="https://www.iol.co.za/news/africa/shops-shut-doors-as-zimbabwe-financial-crisis-deepens-17414862">economic destruction</a> wreaked on Zimbabwe over two decades under Robert Mugabe. This included profligate spending, immense debt pileup, colossal corruption, and ravaging of the country’s once immensely productive agricultural sector.
As a result, Zimbabwe now lacks foreign exchange with which to buy petrol and ordinary goods to stock the shelves of its supermarkets. In the last few weeks many shops – such as Edgars, a long-time clothing store; Teta, an eatery; KFC, a fast food outlet – have simply <a href="https://www.iol.co.za/news/africa/shops-shut-doors-as-zimbabwe-financial-crisis-deepens-17414862">shut their doors</a>. Queues for petrol stretch for miles.
<a href="http://nehandaradio.com/2018/10/13/zimbabwe-currency-crisis-no-cash-no-bread-no-kfc/">Banks have no US dollars</a>, or South African rands or Botswana pulas (the notional national currency), and therefore cannot supply stores or customers with the funds to carry on business as usual.
The locally created <a href="https://zwnews.com/latest-us-dollar-zimbabwe-bond-note-trgs-exchange-rates-today-9-october-2018/">Zimbabwe bond note</a> which is officially supposed to trade 1 to 1 with the US dollar, has been trading as high as 10 to 1 on the Harare black market according to unconfirmed local shopping experiences. In its October 20th edition The Economist reported that the bond note, known unofficial as <a href="https://www.news24.com/Africa/Zimbabwe/zimbabwes-bond-notes-being-traded-outside-borders-report-20170516">the zollar</a>, was trading for as little as 17 cents, or roughly 6-1.
The new administration has naturally resorted to <a href="https://www.iol.co.za/business-report/international/zimbabwes-currency-crisis-shows-little-sign-of-abating-17052960">printing</a> its own faux money. That inevitably has led, as always, to hyperinflation and monetary collapse.
China may yet help Mnangagwa – but in exchange for multi-years worth of precious minerals and Virginia tobacco at discounted prices. With Zimbabwe’s leadership so thoroughly tainted by decades of peculation and mendacity, and devoid of any real notion of “the public interest,” Mnangagwa’s regime is otherwise unlikely to clean up the prevailing fiscal mess because of its refusal to break sharply with the fiscal derring-do of the Mugabe era. Its principals continue to profit from Zimbabwe’s economic mayhem.
<h2>What went wrong</h2>
Zimbabwe’s economic weaknesses are unsustainable. Governments in such parlous straits would turn, even now, to the International Monetary Fund, for a bailout – as <a href="https://www.scmp.com/news/asia/south-asia/article/2168507/pakistans-khan-slams-imf-then-seeks-bailout-why-change">Pakistan</a> has just done. But Zimbabwe is already in arrears to the international lending institutions and has very few helpful friends left.
Government is running a hefty overdraft. And it’s been unable to collect as much as it needs from the national tax base. Its now attempting to impose a <a href="https://www.fin24.com/Economy/Africa/zimbabwe-slaps-catastrophic-tax-on-electronic-transactions-20181001">2% tax </a> on internal electronic financial transactions. This only shows desperation. If implemented, it could yield twice as much revenue as is derived annually from VAT. But that losing manoeuvre has already helped drive commerce underground. It has also undermined what little confidence consumers and financiers have in their current rulers.
The Mnangagwa government has also reimposed import and <a href="http://businessdaily.co.zw/index-id-national-zk-38015.html">exchange controls</a>, thus creating additional incentives to avoid regular channels of commerce. Those controls also permit officials to allocate “scarce” resources and licenses to import, export, and so on. These are well-known occasions for corruption and for giving rent-seeking opportunities to cronies.
It wasn’t always this bad. Despite the massive loss of formal employment that occurred under Mugabe, the informal sector flourished and Zimbabwe’s poor probably benefited. This was partly because under the unity government of 2009-2013, when Tendai Biti of the Movement for Democratic Change was finance minister, there were no such controls and there were plenty of US dollars and no questionable bond notes and Treasury bills. Hard currency (the US dollar) permitted Zimbabwe to start growing economically after the long Mugabe slide, and individuals and businesses to prosper. The country ran a budgetary surplus.
But this all came to an end when the government of national unity <a href="https://pindula.co.zw/Government_of_National_Unity">collapsed</a> in 2012.
<h2>What needs to happen</h2>
To begin to restore the economy, the government needs to acknowledge corrupt dealings and repatriate the huge amounts of cash that have fled the country as laundered money.
The regime could also try to take <a href="https://www.theguardian.com/world/2017/nov/17/robert-grace-mugabe-missing-millions-money-zimababwe">ill-gotten gains</a> away from Mugabe and Grace Mugabe, as <a href="https://www.csmonitor.com/World/Asia-Pacific/2018/0703/Former-Malaysian-leader-arrested-for-theft-money-laundering">Malaysia’s new government</a> is doing to its previous kleptocratic prime minister and his wife.
Gestures in that direction would help to begin to restore confidence, a step towards eventual prosperity. So would promises to restore the rule of law. Investors might also return if a sound currency was likely. But that would only follow shedding of ministers, civil service layoffs, military reductions, and many other indications that Mnangagwa and his minister of finance were serious about reducing the debt hangover.
Cutting some sort of deal with the IMF would also be worthwhile, but that could mean giving control over the Treasury to foreign advisors. Zimbabwe is and, since Biti’s day, has been, a basket case. It’s time to acknowledge that fiscal reality and to do something about it.<img loading="lazy" decoding="async" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/104960/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" />
<a href="https://theconversation.com/profiles/robert-rotberg-171817">Robert Rotberg</a>, Founding Director of Program on Intrastate Conflict, Kennedy School, <a href="http://theconversation.com/institutions/harvard-university-1306">Harvard University</a>
This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/zimbabwes-economy-is-collapsing-why-mnangagwa-doesnt-have-the-answers-104960">original article</a>.

Why Mnangagwa doesn’t have the answers to Zimbabwe’s troubled economy

Press Release provided by Stats SA.
The South African working-age population increased by 153 000 or 0,4% in the third quarter of 2018 compared to the second quarter of 2018. The number of employed persons increased by 92 000 to 16,4 million and the number of unemployed persons rose by 127 000 to 6,2 million in Q3: 2018. The absorption rate remained unchanged at 43,1% and the unemployment rate increased by 0,3 of a percentage point to 27,5% in the same period.
In Q3: 2018, the informal sector recorded employment gains of 188 000, while the Formal sector, Private households and Agriculture recorded declines in employment. The number of discouraged work-seekers declined by 131 000 while the number of other not economically active persons increased by 65 000, resulting in a decrease of 66 000 (down by 0,4%) in the number of people not in the labour force between the second and third quarters of 2018.
Compared to a year ago, employment increased by 1,2% (188 000), unemployment decreased by 1 000 and the number of persons who were not economically active increased by 2,8% (424 000) – 297 000 being discouraged work-seekers.

South Africa’s unemployment rate rises to 27,5% in Q3

LAGOS/JOHANNESBURG (Reuters) &#8211; MTN Group, Africa’s biggest mobile operator, will keep engaging with Nigerian authorities to resolve a $10.1 billion dispute with the west African country, but is putting its faith in the courts to protect itself, its CEO said on Monday.
The telecom firm, which makes about a third of its annual core profit in Nigeria, has said the allegations are without merit, but added that no further negative steps have been taken by authorities in Nigeria.
Nigeria’s central bank on Aug. 29 ordered the South African firm and its lenders to bring $8.1 billion back into Nigeria that it alleges the company sent abroad in breach of foreign exchange regulations. MTN also faces a $2 billion tax demand from the country’s attorney general.
MTN has denied any wrongdoing, and filed a court case against the central bank.
“We have continued engagement with authorities, exchanging documentation and there is genuine will to reach an amicable situation,” MTN’s Chief Executive Officer Rob Shuter said on a conference call.
“However, we need to protect ourselves and we are relying on the courts in Nigeria to make sure there’s an amicable resolution.”
A court hearing between the central bank and MTN on the $8.1 billion repatriation case is scheduled for Tuesday.
Shuter said investors should note that the company did not expect a resolution to come through then.
“No further negative steps have been taken by the authorities in Nigeria, however it is important to keep legal steps going,” Shuter said, adding that MTN was not carrying out any repatriations from Nigeria for now.
“Tomorrow (Tuesday) we are likely to have an adjourned date because more information will likely be requested, however, it is important to create an environment to look for continued solutions.”
Shuter said although it had been a difficult quarter due to the regulatory challenges in Nigeria, the company still managed to put in a strong performance in Africa’s biggest economy with data revenue growing.
MTN said its debut stock market listing in Nigeria may slip into early 2019 because it needs to work on the format for the share sale.
It reported a 1.1 percent rise in quarterly user base, helped partly by strong performances in Nigeria.
The company said its user base increased by 2.5 million subscribers to 225.4 million users in the quarter ended September, and mobile money customers grew by 1.7 million to 25.8 million users.
Mobile money customers charge their phones with cash, and send it to friends or family via the short message service. These counterparties can then make similar transfers or cash in their credits with pre-approved agents, such as merchants or banks.
Reporting by Didi Akinyelure and Chijioke Ohuocha in Lagos and Tiisetso Motsoeneng in Johannesburg; Writing by James Macharia; Editing by Emelia Sithole-Matarise

Here’s what MTN is relying on to end dispute with Nigeria

JOHANNESBURG (Reuters) &#8211; South African lender Nedbank said on Monday it would appoint Ernst &amp; Young as joint external auditors in May 2019, becoming the latest firm to drop the scandal-hit KPMG’s local unit.
The auditor’s South African unit has been under close scrutiny since 2017 over work done for a company owned by the Gupta brothers &#8211; who have been accused of using their links to former president Jacob Zuma to influence government decisions and the awarding of tenders &#8211; and more recently for small lender VBS Mutual Bank. The Guptas and Zuma have denied any wrongdoing.
KPMG sacked its South African leadership in September last year after it found work done for the firm owned by the Guptas “fell considerably short” of its standards.
KPMG said in a statement that Nedbank’s decision was part of efforts to introduce mandatory audit firm rotation.
“It is always disappointing to lose a client but we remain very proud of the work that we have performed for Nedbank over many years,” the firm’s executive chairman Wiseman Nkhulu said.
More than 10 clients across various sectors have severed ties with KPMG since last year, including South Africa’s auditor general, Barclays Africa and miner Sibanye Stillwater.
In June, KPMG said it would lay off 400 staff and close small regional offices in response to losing the clients.
A central bank investigation published this month said South Africa should seek damages from global auditor KPMG for the role it played in a corruption scandal that saw at least 1.9 billion rand($131 million) stolen from local bank VBS.
($1 = 14.5098 rand)
Editing by James Macharia and Emelia Sithole-Matarise

KPMG dropped by South Africa’s Nedbank, what you need to know

<figure><img decoding="async" src="https://images.theconversation.com/files/241212/original/file-20181018-67188-12rs5mq.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="File 20181018 67188 12rs5mq.jpg?ixlib=rb 1.1" /><figcaption>The WHO recommends HIV viral load testing to monitor people on ARVs. 
Shutterstock</figcaption></figure>
<a href="https://theconversation.com/profiles/glenda-gray-111201">By Glenda Gray</a>, <a href="http://theconversation.com/institutions/south-african-medical-research-council-1976">South African Medical Research Council</a>
A United Nations <a href="http://www.unaids.org/en/resources/909090">initiative</a> backed by global experts has set its sights on an ambitious programme to bring an end to the AIDS epidemic by 2030.
The 90-90-90 strategy aims to do this by reaching three targets: 90% of all people with HIV must know their status, 90% of those diagnosed with HIV must receive antiretroviral therapy, and 90% of people receiving antiretroviral therapy must be virally suppressed. When a person is <a href="http://www.who.int/hiv/mediacentre/news/viral-supression-hiv-transmission/en/">virally suppressed</a> it means the virus in their blood is undetectable. The last goal is informed by <a href="https://www.thelancet.com/journals/lanhiv/article/PIIS2352-3018(17)30183-2/fulltext#%20">evidence</a> that people with a suppressed viral load are less likely to transmit HIV to others.
But a couple of steps still need to be taken before these goals can be met. The first is large scale community based HIV testing that aims to get people tested on an annual basis at the very least. The second is linking testing to care. This is critical because it addresses the gap between a person being diagnosed with HIV to when they start antiretroviral therapy.
The third step is the close monitoring of people taking antiretroviral medication. The World Health Organisation (WHO) recommends <a href="http://apps.who.int/iris/bitstream/handle/10665/255702/9789241512633-eng.pdf?sequence=1">viral load testing</a> as the primary method of monitoring people on antiretroviral therapy. Viral load is the measure of the amount of HIV in a person’s blood and is used as a measure of how well a person is responding to HIV treatment. The lower the viral load the better the health outcomes.
WHO guidelines advise that all patients on antiretroviral therapy receive a viral load test at six months and 12 months, and annually thereafter if the patient is stable. But very few patients receive that level of care.
The main barrier is the time it takes to get test results back from laboratories that are often situated great distances from clinics. One way round the problem is to enable viral load testing to take place at primary health care level – what’s known as point-of-care viral load testing. This would be a game changer. Results would be known immediately and health workers could intervene swiftly by evaluating antiretroviral treatments in real time. This would, in turn, improve treatment outcomes.
But achieving this requires innovation. A new approach is being piloted. The idea is to test if point-of-care viral load monitoring is in reach.
<h2>Testing</h2>
Monitoring the viral loads of people on antiretroviral therapy is an essential part of HIV management. Viral load testing helps doctors determine if a person is taking their medication as prescribed. It also helps to determine if patients are on the correct combination of antiretroviral drugs.
It’s a key part of the arsenal against HIV because research shows that people who are virally suppressed are less likely to pass on the virus to someone else. That makes it a key factor in breaking the cycle of transmission.
The most efficient way of doing this is through point-of-care testing sites. These are based within the community so that patients don’t have to travel long distances to get tests done as well as to receive treatment. This new model is being piloted with the aim of providing convenient access to care for patients.
Currently nearly all viral load testing is conducted in centralised and <a href="http://www.nhls.ac.za/?page=hiv_pcr&amp;id=61">designated laboratories</a>. This means that there can be lags in getting results back to the field. Patients can wait for weeks.
Laboratory based viral load testing is also expensive. Point-of-care testing is also cheaper than lab-based viral loads: health care workers could do the test rather than highly paid technicians.
Small steps have been made in the direction of enabling viral load monitoring to be done at point of care.
But additional equipment is also needed. Pilots evaluating point-of-care viral load testing are ongoing. A pilot is being run using a portable testing machine – the m-PIMA HIV1/2 – that fits on a desk top and can provide an accurate reading of viral load in under 70 minutes.
The machine is being tested to establish whether it meets WHO standards. Once it is given the stamp of approval by the WHO, ministries of health can start the implementation at all sites.
<h2>Closing the gap</h2>
All countries still struggling to bring the HIV pandemic under control are focused on achieving the 90-90-90 goals.
South Africa, which still has the <a href="http://www.unaids.org/en/regionscountries/countries/southafrica">biggest HIV epidemic in the world</a>, with 7.9 million people living with <a href="http://www.hsrc.ac.za/uploads/pageContent/9234/SABSSMV_Impact_Assessment_Summary_ZA_ADS_cleared_PDFA4.pdf">HIV</a>, is no exception, and is making significant progress.
It is edging closer to the target of having 90% of people with HIV <a href="http://www.hsrc.ac.za/uploads/pageContent/9234/SABSSMV_Impact_Assessment_Summary_ZA_ADS_cleared_PDFA4.pdf">knowing their status</a>. And it’s made significant progress on the second target that 90% of people with HIV should be on treatment.
But it has some way to go on the third. While the country is on track to meet the goal that 90% of people on treatment be virally suppressed, it’s advances on this front haven’t been uniform. Some regions of the country still lag behind others. Being able to roll out point of care testing would go a long way in helping close these gaps.<img loading="lazy" decoding="async" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/104432/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" />
<a href="https://theconversation.com/profiles/glenda-gray-111201">Glenda Gray</a>, Research Professor, Perinatal HIV Research Unit and President, <a href="http://theconversation.com/institutions/south-african-medical-research-council-1976">South African Medical Research Council</a>
This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-innovation-can-help-end-the-aids-epidemic-by-2030-104432">original article</a>.

Innovation can assist in the end of the AIDS epidemic by 2030, here’s how

JOHANNESBURG (Reuters) &#8211; MTN Group, Africa’s biggest mobile operator, reported a 1.1 percent rise in quarterly user base on Monday, helped partly by strong performances in Nigeria, its largest but increasingly problematic market.
The company said its user base increased by 2.5 million subscribers to 225.4 million users in the quarter ended September, and mobile money customers grew by 1.7 million to 25.8 million users.
Mobile money customers charge their phones with cash, and send it to friends or family via the short message service. These counterparties can then make similar transfers or cash in their credits with pre-approved agents, such as merchants or banks.
MTN is embroiled in a $10.1 billion dispute with the west African country of Nigeria, which has accused the company of illegally sending money abroad.
The telecom firm, which makes about a third of its annual core profit in Nigeria, said the allegations are without merit.
Nigeria’s central bank on Aug. 29 ordered the South African firm and its lenders to bring $8.1 billion back into Nigeria that it alleges the company sent abroad in breach of foreign exchange regulations. MTN also faces a $2 billion tax demand from the country’s attorney general.
“We continue to engage with relevant authorities on these matters. We remain resolute that MTN Nigeria has not committed any offences and will continue to defend this position vigorously,” MTN said while posting the quarterly results.
Reporting by Tiisetso Motsoeneng, Editing by Sherry Jacob-Phillips

MTN’s strong performance in Nigeria aid rise in Q3 subscribers despite dispute

PRESS RELEASE
JOHANNESBURG, 26 OCTOBER 2018 – South African holiday makers are less likely to switch off and are more connected to work when they’re on holiday than their UK, North American and Antipodean counterparts.
A recent survey conducted on behalf of Trafalgar, a global travel brand that forms part of The Travel Corporation (TTC), which also encompasses such brands as Costsaver, Insight Vacations, Luxury Gold, Contiki, Busabout, Uniworld and U by Uniworld, indicated that South Africans were under significantly more pressure than their global holiday counterparts to balance staying connected to social media and work, while also making the most of their holiday.
The study, explains Teresa Richardson, MD South Africa for The Travel Corporation, was aimed at exploring what people believed to be ‘The Good Life’ (everyone’s stated ambition) and whether travel contributes to it. Participants revealed that travel is about happiness, wellness and doing something new instead of collecting things.
Some 63% of South Africans polled said they felt guilty if they were not making enough of their holiday by going to see the sights, compared with 39% of Brits, 49% of Americans and 43% of Australians. A further 67% felt guilty about staying on top of their emails while on holiday, much higher than other markets. South Africans feel they are also under more pressure to make the most of their holiday by seeing the real culture of a country and connecting with the local people.
They spend significantly less on their holiday and are less likely to take smaller, short breaks, opting instead for one large holiday lasting a week or longer. South Africans are also more likely than other markets to participate in a wide range of activities and experiences, such as attending a festival or sports event.
Interestingly, it is in the area of Social Media that South African travel behaviour really stands out from the rest of the world.
“Our study shows that, more so than their global counterparts, South Africans are heavily reliant on social media for their inspiration on where to go on holiday and also sharing their holiday experience,” says Teresa.
At least 54% of South Africans spend extensive hours on online research and planning, 67% check social media while they’re on holiday and 65% post pictures of their holiday on social media. “This is markedly higher than other markets like the UK and USA,” says Teresa. “It’s also interesting to note that South Africans were more likely than other holidaymakers to post a potential trip on social media to find out what people thought before booking.”
‘Good Travel’ was defined in the study as an opportunity to step away from daily life and pressures, learn, appreciate and experience something new. “Good travel experiences are when people seek out sights that others don’t, switch off and relax, and make a real connection with the local culture. It’s an opportunity to be surprised and challenged and spend time with loved ones in a relaxed environment.
“These opportunities exist, and we see in our study that there’s demand for this type of travel amongst South Africans.”
Content provided by Trafalgar

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