2001-10-28 01:48:11 PST
Items from the financial pages of the Nyamandhlovu Cleft Stick & Messenger.
STEER CLEAR OF HEDGE FUND, warns expert.
Mr Phineas Mbamba, an analyst at Nsoko Financial and Sheep-Dipping
Services (Plc), warns investors to stay clear of hedge funds.
"In these days of slipping currencies, people are often tempted to invest in
hedge funds," he said. "But caution must be exercised. It all depends on
the nature of the hedging."
By way of example, he named the First Zimbabwean Trust Company's Offshore
Investment Fund.
"This promises all manner of returns," said Mbamba. "However, a close
reading of the prospectus indicates that the administrator is one R G
Mugabe, and the money is being used to build a hedge around his villa in
Switzerland."
MOTOR SALES BOOMING
Car sales in Zimbabwe are at an all time high, according to industry
sources. Apparently, everyone is selling their cars because they can't get
petrol to run them.
ZIMBABWE POWER "CHEAPEST IN THE WORLD"
Energy Minister Mr Dynamo Mtetwa has praised ZESCO for its contribution to
the Zimbawean economy by providing the cheapest electric power in the world.
This contradicts the claim by South Africa's ESKOM that South Africa is the
world's cheapest producer of electrical power.
Mr Mtetwa admitted that South African power was indeed pretty cheap.
However, he explained, ZESCO's was cheaper, because they got the power from
South Africa, and simply didn't pay for it.
"You don't get cheaper than that," he enthused.
HARD TIMES FOR RETAIL SECTOR
Mr Shivanadree Ramgoolam, proprietor of Ramgoolam Trading Store and
Butchery, told the NCS&M that last week he had been held up three times,
losing all his takings and most of his stock.
As Mr Ramgoolam, to all intents and purposes, IS the retail sector in
Nymandhlovu, we can confidently say that the sector is now in serious
trouble.
Ramgoolam Trading shares dropped ten percent on the news. As the shares are
held entirely by Mr Ramgoolam and his grandmother, this is not expected to
impact seriously on the ZSE.
BUMPER HARVEST EXPECTED
Due to the farm invasions, no crops are expected this year. However, thanks
to the appropriation of a large number of vehicles, there should be a lot of
bumpers coming on to the market. Also hubcaps, carburettors, wing mirrors,
and other bits and pieces.
TRADE WITH BOTSWANA TO INCREASE
It is expected that cross-border traffic with Botswana will increase
dramatically this year. This is due to the fact that the border fence has
been stolen.
Mr Holiday Mpati, a spokesman for the Ministry of Tourism, said that this
should be very good for tourism. Mr Mpati is well-known in
industry circles, where he is universally regarded as a blithering idiot.
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