Skip to main content

Fighting Drug addiction

-
 Here's the story: We sat down with a man who had a harrowing journey with addiction. He began by telling us about his early days in tertiary education, where he would occasionally smoke dagga with friends. However, his focus remained on his studies, and he worked hard to graduate and secure a qualification. After landing a job, he started building a life for himself. He got married, bought a property, and even splurged on a car. Life was good, and he felt like he was on top of the world. But one fateful night, while out with friends, he was introduced to heavier narcotics. At first, the experience was exhilarating. He described it as an elevation from the mild high of dagga to a level 5 high, where he felt invincible and euphoric. The effects would last for days, allowing him to party from Friday to Sunday without sleep. The problem, however, began to manifest on Mondays and Tuesdays every week, when the withdrawal symptoms would kick in, and he'd struggle to function at work....
Post a Comment

Zimbabwe warns firms against using arbitrage for profiteering

-

 At the end of the day, it’s the consumer who will be forced to pay more and that is simply not fair’ – central bank governor.

Image: Shutterstock

Zimbabwe’s central bank governor John Mangudya has urged large corporates to stop “manipulating the exchange rate” by exploiting the gap between the parallel-market and official currency prices for profiteering.

The governor expressed concern that companies are snapping up more foreign currency than they are allowed to through the Reserve Bank of Zimbabwe’s auction system, then selling it on at inflated prices.

“They are manipulating the auction system through arbitrage behavior. Some of them are coming to the auction with more than 50 surrogate entities and we have picked that up,” Mangudya said in an interview Monday. “They come to the auction and they are allocated the foreign currency at Z$86 but they offload it at Z$140 on the parallel rate.”

Under the auction rules, primary producers are allowed to bid for as much as $500,000 during the weekly auction while secondary producers can bid for a maximum of $100,000.

Mangudya said the entities are also pricing their goods and services using the parallel rates, despite having accessed the dollars at the auction system.

“At the end of the day, it’s the consumer who will be forced to pay more and that is simply not fair,” he said.

Zimbabwe’s central bank last year abandoned a currency peg and set up a weekly auction to ease a severe U.S. dollar crunch that forced companies to turn to the parallel market for foreign currency. Since then, officials have regularly raised concern over the abuse of the auction system.

President Emmerson Mnangagwa has previously issued warnings to private companies he blames for undermining his efforts to turn around an economy plagued by annual inflation of 50% and foreign-currency shortages. In May, he published penalties for companies and individuals for currency manipulation that include fines of Z$1million ($11,620) as well as a “total ban” from the auction.

© 2021 Bloomberg L.P.

Comments

Post a Comment

Popular posts from this blog

MultiChoice’s BEE scheme trying to find 22 000 shareholders who are missing out on millions

-
Image
  USINESS REPORT COMPANIES MultiChoice’s black economic empowerment scheme is looking for about 22 000 shareholders who owned shares and did not receive dividends of R207 million between 2006 and 2020. Picture: Karen Sandison/African News Agency(ANA) MultiChoice’s BEE scheme trying to find 22 000 shareholders who are missing out on millions By Edward West   Feb 16, 2021 CAPE TOWN - PHUTUMA Nathi, the MultiChoice black economic empowerment scheme of more than 80 000 shareholders, is looking for about 22 000 shareholders who owned shares and did not receive dividends of R207 million between 2006 and 2020. “This money belongs to our shareholders. We’re calling on them to contact us to get their money. In these tough economic times we want to do everything in our power to give them what is rightfully theirs,” Phuthuma Nathi chairperson Mandla Langa said in a statement yesterday. Phuthuma Nathi has been paying dividends every year since the start of the scheme in 2006. Am...
Read more

Car Hijackings in South Africa.

-
 Being a resident of the South African Community, l have came to realize that in some cases we have Car hijackings that will leave one to wonder what will have happened and where did those robbers comes from. The events unfold in a very fast and violent  manner which no-one will be prepared for. Its so traumatic, horrific and in some cases individuals end up loosing their lives.  l realized that these individuals who carry out such bad things works with someone who either will be seeing you close by or else you will be drinking on the same counter in a bar and he is relaying the information to those waiting for you outside. It's so unfortunate that some people that we meet are not there for the social life that you go for. They are on a mission to take you down. It is difficult to raise public awareness and advise people to be vigilant. However a few tips can try to raise awareness such as if you see that you are being followed drive to the nearest police station. In publ...
Read more

Which countries have the world’s largest coal reserves?

-
Image
  Visual Capitalist Elements   | September 15, 2021 | 8:58 am   Intelligence   Australia   USA   Coal   The Countries With the Largest Coal Reserves Cheap and abundant coal remains one of the largest sources of energy worldwide, even as governments set out goals to reduce greenhouse gas emissions. While jurisdictions in Europe and North America have been phasing out coal use in power generation, it has been on the rise in Asia. China and India are scrambling to provide electricity to a growing population and relying on coal power plants to meet demands despite the environmental costs. SIGN UP FOR THE ENERGY DIGEST Sign Up This infographic takes a look into the  BP Statistical Review of World Energy 2021 , and the 11 countries that make up  89%  of the coal reserves globally. Coal Reserves, by Country While countries need to phase out coal by 2040 to achieve the Paris Agreement goal of limiting global warming to 1.5ºC, consumption in key ...
Read more