Donald Trump’s $1.1 trillion budget that puts #AmericaFirst

Image result for donald trumpToday, US President, Donald Trump released a $1.1 trillion budget outline that proposes a $54 billion increase in defense spending offset by deep cuts to the State Department, the Department of Housing and Urban Development and the Environmental Protection Agency, as well as dozens of other federal programs.

Republicans on Capitol Hill applauded the ramp up in defense spending and cuts to non-military expenditures in President Donald Trump’s proposed budget, while Democrats argued he was jeopardizing programs critical to American families. See the complete Budget Outline HERE

Tobacco sales to ease Zimbabwe cash woes

Zimbabwe tobacco selling season officially began today and authorities are expecting 205m kg of tobacco to go under the hammer this year.

The country’s reserve bank governor says the sales are expected to ease the money shortage that has plagued the country for over a year.

Tobacco is one of the country’s biggest exports and foreign currency earners and production is expected to grow this season, following good rains and a surge in new farmers registering to grow the crop. Read more

Young Zambian doctor swaps hospital rounds for horticulture

seedlingsDr Tamara Kaunda, 27, a medical doctor who studied in China, made a fairly dramatic career change when she switched from medicine to the farming of seedlings.

What drove young Tamara Kaunda to swap her stethoscope for a seedling tray?

Tamara says she made the decision on her first day at the University Teaching Hospital (UTH). “It didn’t look like a place where a patient could recover. I wondered what good I could do there, when people could not afford decent food, let alone drugs.”

seedlings

The granddaughter of Robert Kaunda, older brother of Zambia’s first Republican president, Kenneth Kaunda, Tamara was raised on her father’s farm outside Chinsali, in the north-eastern province of Muchinga.

Here the older Kaunda brother grew bananas, cabbages, sugar cane, tomatoes and other fresh produce. He ran a productive farming business and was a successful farmer in the district. Read more

Nigeria’s economy shrinks by 1.5%

An ATM machine in NigeriaFigures just out show Nigeria’s economy shrank by 1.5% in 2016.

Last spring Africa’s largest economy officially slid into recession for the first time in 25 years.

These figures may be unwelcome but they are not unexpected. Nigeria is grappling with its worst economic crisis in a generation.

It has been largely caused by the slump in global oil prices, which has sucked all-important US dollars out of the economy. Read more

CBZ profit down 32pc

Customers wait for cash at a CBZ branch in Harare (Picture by NewsDay)Zimbabwe’s largest financial services group by assets and deposits, CBZ Holdings Limited, saw its profit after tax for the year-ended December 31, 2016 decline 32 percent to $23,8 million from $35,2 million achieved in the prior year.

Group revenue for the period amounted to $158,98 million representing a 12,7 percent decline from prior year’s $182,25 million.

In his presentation, group chief executive Mr Never Nyemudzo indicated the business was hamstrung by cash and foreign currency shortages, constrained credit expansion, balance sheet recession, formalisation of the economy and reduction in interest rates. Read more

TM stores to be upgraded to Pick ‘n’ Pay

Retail giant TM/Pick n Pay has started identifying existing TM stores across the country to upgrade them into world class stores following the launch of a $25 million state of the art shopping complex in Borrowdale.

TM /Pick n Pay Supermarkets is part of the retail arm of Meikles Limited, a listed concern on the Zimbabwe Stock Exchange.

Speaking on the sidelines of the official opening of the Borrowdale shopping complex, TM/Pick n Pay managing director Malcom Mycroft said the retail group has just launched a first generation shopping mall which is a first in Zimbabwe. Read more

How a Zimbabwean entrepreneur is bringing power to rural Zimbabwe

Simbarashe Mhuriro

Simbarashe Mhuriro

Nearly 80% of Zimbabwe’s rural households do not have access to electricity, and even those connected to the grid face frequent outages. 

In 2013 Zimbabwean entrepreneur Simbarashe Mhuriro (30) partnered with a Swiss-German renewable energy company to develop grid-connected solar plants. Their joint venture, Oursun Energy Zimbabwe, is set to connect projects with a total capacity of up to 30MW to the national grid by January 2016.

Mhuriro tells Dinfin Mulupi how he joined forces with the European group, his experiences doing business in Zimbabwe and what he hopes to accomplish.

Tell us a bit about Oursun Energy Zimbabwe.

This is a joint venture between my investment vehicle Oxygen Africa and The Meeco Group. When I started Oxygen Africa we initially focused on investment advisory services and natural resources (minerals). Through the investment arm we encountered Meeco. Read more

How a Ugandan immigrant turned entrepreneur builds top-rated tourism business

“A wonderful experience!”

“So much fun!”

“The best tour of Kampala!”

These are some of the reviews tourists have left on TripAdvisor about Walter’s Tours – a guided excursion through Uganda’s capital Kampala via a motorcycle taxi (or boda-boda).

The company was started about seven years ago by Ugandan Walter Wandera and today employs close to 30 motorcycle drivers who weave through Kampala’s dense traffic jams to show visitors some of the city’s main attractions and historical sites.

But few know of the odds that Wandera had to beat to get to this stage. Before he was an entrepreneur of this reputable business, he was first a school dropout, homeless, and even an illegal immigrant. Read more

Chiyangwa challenges attachment of his company’s properties by BCC

Image result for chiyangwaZimbabwe football boss Philip Chiyangwa has lost his company’s industrial machinery which was attached over a debt of nearly $300 000 in unpaid water bills.

Dr Chiyangwa, through his company, Native Investments Africa (Pvt) yesterday filed an urgent chamber application at the Bulawayo High Court citing BCC, the Sheriff of the High Court and two businessmen who bought the attached property as respondents.

The deputy sheriff auctioned two cranes valued at $300 000, for $4 800. Read more

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