Vic Falls bourse attracts international interest


from DANIEL JONES in Victoria Falls, Zimbabwe
Zimbabwe Bureau
VICTORIA FALLS, (CAJ News) – THE Victoria Falls Stock Exchange (VFEX) is to welcome its sixth listing, making it one of the fastest growing bourses, two years after its launch.

The foreign-currency denominated exchange has attracted five listings during the period.

Leading seed producer and distributor, SeedCo International, was the first to list, followed Caledonia Mining.

Skins and meat processor, Padenga, and Bindura Nickel Corporation, came on board later.

One of Africa’s top banks, Nedbank Group, recently became the fifth.

International fast food chain group, Simbisa Brands Limited, will also be listing this Friday.

Speaking at the listing of Nedbank recently, Finance Minister Mthuli Ncube said the listing of the bank’s Depository Receipts demonstrated confidence in Zimbabwe’s capital markets and is an important signal to both local and international investors for economic recovery and growth.

“I am happy to be witnessing this rapid growth of the Victoria Falls Stock Exchange.”

“The listing (of Nedbank) comes at a time when hopes for the revival of the economy are high. The capacitation of the capital market to take the lead in economic development provides the impetus for accelerated growth and development,” said Ncube.

He said for a country aiming for upper middle-income status by 2030, strong financial systems capable of mobilising both local and foreign money for investment in our productive sectors are required.

Capital markets help with resource mobilisation, risk management, price discovery and job development.

VFEX listed Nedbank’s Zimbabwe Depository Receipts (ZDR) issued by Corpserve Registrars.

The DR is an equity-like instrument, representing ownership of an underlying asset, in this case the Nedbank Group ordinary shares listed on the Johannesburg Stock Exchange (JSE).

Corpserve is a wholly owned subsidiary of Escrow Group.

Its participation in the Nedbank listing is landmark, this being the first unsponsored DR on the VFEX.

“This is a historic moment for our capital markets and our beloved nation of Zimbabwe. It represents another big step in our financial sector deepening,” said Escrow Group chief executive, Collen Tapfumaneyi.

VFEX seeks to increase the pool of securities on the bourse.

“The listing of the Nedbank ZDRs, offers various benefits to investors which include increased liquidity, a shorter settlement cycle as well as expanded options for both current Nedbank holders and those investors who intend to gain exposure to the market,” VFEX CEO, Justice Bgoni, said.

– CAJ News






RCS closer to replace SMS as default service


JOHANNESBURG, (CAJ News) – MASSIVE growth is projected for Rich Communication Services (RCS), which could replace Short Message/Messaging Service (SMS) as early as next year.

An Android news platform forecasts RCS to grow more than 200 percent over the next five years to 3,8 billion users.

Juniper Research notes the figure going into 2023 is estimated to be 1,2 billion users.

“RCS facts and stats aside, what’s really gobsmacking to me and many leaders I interact with in the South African and overseas ICT industries, is that this clearly next-gen messaging technology continues to be flat-out ignored by Apple,” said Ongopotse Motlhanke, Chief Executive Officer of Khumbula Tech.

He said if stakeholders were to continue to grow the Global System for Mobile Communications (GSM) for the benefit of all 8 billion people, they need to enhance accessibility in the form of reach and affordability.

“It really is as simple as that,” Motlhanke said.

RCS can work on Android devices running Android 5.0 or later.

“RCS so obviously represents the natural evolution from the traditional and hugely-popular SMS and MMS messaging standards that ignoring this upgrade is like failing to adopt colour TV after the black and white box,” the executive said.

He added RCS is the logical SMS replacement for native, default, text-based communications between Apple and Android devices.

“The good news is that the year 2023 will take us much closer to RCS replacing SMS as the default native text messaging service for all phones in the future,” Motlhanke.

RCS is a communication protocol between mobile telephone carriers and between phone and carrier, aiming at replacing SMS messages with a text-message system that is richer, provides phonebook polling and can transmit in-call multimedia.

GSM Association spent over a decade fine-tuning RCS before it made its official debut in 2016.

– CAJ News


SA leads Africa tourism recovery post pandemic


Africa Editor
JOHANNESBURG, (CAJ News) – BY hosting Africa’s first International Association of Convention Centres (AIPC) Summit, South Africa is taking the lead in the recovery of the continent’s tourism sector.

The South African National Convention Bureau (SANCB) has announced a partnership with the AIPC for the event, to be held at the 2023 edition of Meetings Africa in Johannesburg in February.

Speaking at a press briefing at Incentives, Business Travel and Meetings (IBTM) World in Barcelona, Acting Chief Convention Bureau Officer at the SANCB, Zinhle Nzama, said business events have a big role to play in the overall recovery of the global tourism sector.

“We are excited to host the first AIPC summit on the continent and to be at the forefront of the opening of the Africa chapter of the AIPC,” she said.

“As the SANCB, we are committed to capacitating convention and exhibition centres to ensure that they are able to provide excellent standards to host international conferences,” Nzama said.

AIPC is a global industry association for professional convention and exhibition centre managers, which encourages and recognizes excellence in convention centre management.

Sven Bossu, AIPC Chief Executive Officer, said Africa’s population is growing and its economy booming, therefore business events will become increasingly important to cater for the growing demand.

“People are looking for unique experiences, and our job as convention and exhibition centres is to figure out how we cater for these experiences,” Bossu said.

“What we need to focus on is resources, technology and sustainability to make sure our venues are catering to the unique needs and experiences of delegates,” Bossu said.

– CAJ News

Morocco advance to the Last 16 in Qatar


from HUSSEIN HUSSAIN in Doha, Qatar
Special Correspondent
DOHA, (CAJ News) – MOROCCO have booked a place in the knockout stage of the World Cup for the first time since 1986, when they became the first African side to attain that feat.

Here in Qatar, they are the second team from the continent to advance to the Last 16 after a beating Canada 2-1 at the Al Thumama on Thursday. Senegal are also through.

By securing a place in the Last 16, they became the third African team to finish atop a World Cup Group together with Cameroon (Italia 90) and Nigeria (USA 94 and France 98).

The Moroccans had been the first to attain that feat in 1986 in Mexico when they finished ahead of the fancied England, Poland and Portugal.
At that tournament, West Germany knocked them out.

After their win over favourites Belgium and a draw against Croatia, the Atlas Lions came to the capital Doha in need of a single point but emerged with all three against a Canadian side that had already been eliminated but playing for pride.

But there was more humiliation for them as early as the fourth minute when goalkeeper Milan Borjan inexplicably gifted Hakim Ziyech the ball, the attacking midfielder reacting with a deft chip from outside the area.

Moroccan dominance paid off in the 23rd minute as Youssef En-Nesyri finished off a great assist by Achraf Hakimi.

Complacency apparently crept into coach Walid Regragui’s side, and they duly paid after Nayef Aguerd beat his own goalkeeper, Yassine Bounou, at the near post.

It was the first own goal of the tournament and the first goal Morocco conceded in Qatar.

The second half was devoid of goals but the Maple Leafs caused the North Africans some scares.

In the end, Morocco held on for a famous victory to qualify alongside Croatia, who drew 0-0 versus Belgium at the Ahmed bin Ali, also on Thursday.

In the knockout stage, Morocco will play the runners in Group E, led by Spain, Japan, Costa Rica and Germany, in that order.

– CAJ News


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