Andrew Stegmann

Zimbabwe is desperate – an eyewitness account

I am a Zimbabwean who has been living in South Africa for about a decade. I recently visited for a family event. What I saw saddens me: people are struggling to survive.

While in Masvingo Town I found out why people wake up so early. At about 7am one morning I got to the only Post Office where I encountered a long winding queue.

People queue to withdraw money from as early as 5:30am. Some wanted to withdraw from the ATM while others waited for opening time. The reason for this is you are only allowed to withdraw a certain amount per day depending on the availability of cash the bank has that day. People queue early in case the bank runs out of money.

Once you manage to get a few US dollars for the day, the currency now used in Zimbabwe, you have to go about buying daily necessities. But you have to follow a strict  budget lest you use the whole amount and fail to withdraw money for transport back home.

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Andrew Stegmann

Chinese to invest R11bn in SA car industry

Johannesburg – A Chinese state-owned car manufacturing company will invest R11bn in a new plant in Port Elizabeth, giving a further boost to one of the fastest-growing industries in the continent’s largest economy.

Beijing Automotive International Corporation signed the deal with the Coega Development Corporation in Port Elizabeth, Coega said in an emailed statement on Friday.

The investment is a result of agreements signed by President Jacob Zuma and Chinese Prime Minister Xi Jinping in December last year.

“The size of this investment demonstrates confidence by China and confidence in South Africa as an investment destination,” Trade and Industry Minister Rob Davies said in a statement.

The Eastern Cape Province is “an automotive hub and has the potential of deepening the component supply chain, job creation and economic development,” he said.

South Africa’s automotive manufacturing industry has been among the bright spots of an economy expanding at the slowest pace since a recession in 2009. The government’s auto-incentive programme has attracted companies including Toyota Motor Corporation, Ford Motor and BMW to set up and invest in factories.

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Andrew Stegmann

Pokémon Go Boosting South African Tourism But Still Not Official In Africa

Despite the mobile game not yet being official in the country, Some South African tourism sites have become Pokémon Go hotspots, which translates to more visitors and more revenue, Reuters reported, according to Herald Live.

Pokémon players search for virtual creatures in the real world, using sophisticated mapping that requires them to physically go to local sites.

John Hanke, the CEO and founder of Pokémon parent Niantic, is a Google veteran. He was one of the founders of Keyhole, the company Google bought to start Google Earth, and had a hand in Google Maps before forming Niantic, according to Mashable. The company spun off from Google’s parent company Alphabet in 2015.

Accurate mapping is integral to Pokémon Go, Hanke said.

Pokéstops are submitted by users, so they’re based on places people go, Hanke said. “There are portals in Antartica and the North Pole, and most points in between.” 

Henry, the resident Nile Crocodile, is one of the Poké stops at Crocworld Conservation Centre on the KwaZulu-Natal South Coast, Reuters reported.

The tourist destination has seen an influx of visitors recently. Manager Martin Rodrigues said Crocworld discovered that’s because Crocworld plays host to five Poké stops and one Poké gym.

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Andrew Stegmann

FOREX Africa: Zimbabwe’s Currency Protest Turns Violent

Anti-government protesters in Zimbabwe demonstrating against plans by the country’s central bank to re-introduce local banknotes were on Wednesday forcibly dispersed by police in the capital, Harare.

Dozens of protesters marched to the Reserve Bank of Zimbabwe (RBZ) to demand that the financial markets regulator reversed its plans to introduce ‘bond notes’ that will be linked to the U.S. dollar in October to curb rampant shortage of cash, Africa Reviewreported.

Police used tear gas and water cannons to disperse the currency protesters before they could reach the central bank’s headquarter.

In May, RBZ announced that it will start printing its own version of U.S. dollars noted to ease a serious cash shortage in the country.

The bond notes, which will have will the same value as their US dollar equivalents of $10 and $20, will be backed by $200 million support from the African Export-Import Bank, the country’s central bank governor John Mangudya said.

The protesters however fear that the move to print new money, as it happened eight years ago when inflation skyrocketed to over 500%, could wipe out people’s savings and pensions.

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