The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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HARARE, Zimbabwe—On a recent afternoon, Rutendo Manyowa handed over a U.S. $5 bill to pay for her $3.50 order of chicken, fries and a soft drink at a popular fast-food joint in the Zimbabwean capital. But instead of a $1 bill and two quarters in change, the cashier handed Ms. Manyowa three slips of paper, bearing the restaurant’s name and the amount of money she could use to buy her next meal.
Zimbabwe, the country that brought the world the one-hundred-trillion-dollar bill, has reached a new stage of monetary dysfunction. Because of a lack of small change, businesses have started printing their own “money”—scraps of paper, sometimes handwritten, that customers can use to pay for future purchases. Others are handing out change in-kind, making customers whole with juice boxes, pens or slices of cheese.
The paper chits and other pecuniary workarounds are the latest products of two decades of extreme mismanagement of Zimbabwe’s currency.
Restaurants and supermarkets have started printing paper chits to use as change. Some stores keep books to record the names of customers who are owed money.
ADELAIDE MOYO
It started in the early 2000s, when the government of then-President Robert Mugabe printed ever more money in an attempt to compensate for a collapse in agricultural production that followed a controversial land-redistribution effort. After monthly inflation peaked, by one measure, at 79.6 billion percent, the government in 2009 abolished the Zimbabwe dollar and began using U.S. dollars instead.
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That switch brought a few years of monetary stability, until the Reserve Bank of Zimbabwe could no longer meet the demand for U.S. dollars. Money stored in bank accounts couldn’t be withdrawn in cash and, in early 2019, the central bank reintroduced the Zimbabwe dollar, changing U.S. dollar-denominated savings and domestic government debts into a local currency of rapidly declining value.
Today, $1 costs more than 900 Zimbabwean dollars and inflation hit 230% in January. Most businesses once again demand payments in U.S. dollars, although the Zimbabwe dollar remains the country’s official currency.
That’s where the issue of change comes in. Zimbabwean commercial banks and the central bank import U.S. dollar bills for local use, but their heavy weight and low value makes flying in coins from overseas uneconomical. One-dollar notes—the most widely used bills in a country where even before the pandemic nearly 40% of people lived on less than $1.80 a day—are also often in short supply.
The paper IOUs have proven an unsatisfactory fix. For starters, they aren’t fungible. Ms. Manyowa, a 23-year-old college student, spent 15 minutes waiting by the till of a Harare Chicken Inn until another customer paid with a $1 bill she could use for the bus fare home.
“It’s frus
For each extra $100 on gold prive per oz and on 460k oz as Prof says then that is extra $46m of which I believe we get approx $22m (less 52.5%) so in answer to you question the difference for us between 1950 and 2100 is an extra approx £26m so broadly as Prof says
Happy days!
Hi Paul,
*** packet maths and with numbers from memory/ guessing:
Current estimates based on $1850 golds (guess). So $1950 is plus $100 and $2100 is plus $250.
Guidance for 2023 is, from memory 440-480k oz so I will take mid point at 460koz.
Ignoring that we are part way through the year (i.e. I am annualising the number) then we get:
- at $1950 an increase of $46M of which half goes to EMRA (this is approx as I think they now get a bit more) therefore $23M to shareholders which, with 1.156Bn share equates to about 2c per share therefore about 1.6p
-at $2100 the numbers are $115M therefore $57.5M to shareholders therefore about 10c per share or about 8.3p
As I say numbers done from memory and pretty quick so could be wrong. Would appreciate others checking my facts/ logic / calculations.
Best wishes,
Prof
To those with the *** packets and the maths skills, how much difference to our profits (Dividends!) would it make between gold being , say 1950 and 2100?
Equities in Europe traded lower in the premarket on Friday ahead of the newest updates on Germany, the Eurozone, and the United Kingdom's services and manufacturing sectors, as well as retail sales from the latter country. The day before, the euro area was revealed to have suffered a slight decrease in consumer sentiment.
The DAX declined by 0.45% at 7:16 am CET. At the same time, the FTSE 100 dropped by 0.56%. The CAC 40 went down by 0.71%. The Eurostoxx 50 fell by 0.74%.
The euro stood flat against the dollar at 7:28 am CET to sell for $1.08288. A minute later, the pound sterling decreased by 0.07% against the greenback to go for $1.22783.
Baha Breaking News (BBN) / JR
Happy Friday y’al
Enjoy your weekend
The international community would accomplish more in terms of world peace & stability if the despicable & illegal military actions of the US hegemony backed by its toadying vassal states including the EU, Britain & Australia were condemned & forced to be ceased.
Once the above has been accomplished they could move on to stopping the acts of economic vandalism & outright theft repeatedly perpetrated on the world by the usual suspect.
Unfortunately we operate on a “rules based system” in which one side unilaterally writes the rules & enforces them as it sees fit exempting itself & whoever else happens to be in their favour at the time from compliance.
Most of those were awarded to him for what exactly, near ruination of the company?
Ross Jerrard was on the BOD and failed to oversee Sukari operations with due diligence by condoning or turning a blind eye to the high grading by Pardey & Youssef.
He must also accept some major responsibility for the now apparent waste of many millions of dollars on poorly thought out West African projects!
How can he really remain in post?
Such banking "developments" mean that "wholesale funding costs have risen in the United Kingdom and other advanced economies," noted the Bank of England this morning, raising UK interest rates to 4.25% in the face of consumer-price inflation rising to 10.4% on last month's data.
https://www.bullionvault.co.uk/gold-news/gold-silver-032320233
Hi Cowichan,
Unfortunately the Egyptian military Junta behaves just like every other the world over!
The international community must promptly deny the legitimacy of Myanmar’s military junta, the UN-appointed independent expert on the situation of human rights in the country said briefing at UN Headquarters in New York on Tuesday, launching a critical report as the coup enters its third year on Wednesday.https://news.un.org/en/story/2023/01/1133027
The Built-In Brutality of Myanmar’s Military
Ignoring what everyone else thinks is part of the junta’s mindset.
https://foreignpolicy.com/2022/08/05/myanmar-military-brutality-coup-executions/
From 1976 to 1983, Argentina was governed by a military dictatorship that committed horrendous human rights crimes, including torture, extrajudicial executions, and the imprisonment of thousands without trial.
https://www.hrw.org/reports/2001/argentina/argen1201-02.htm
“We strongly condemn the escalating violence against protests in Myanmar and call on the military to immediately halt the use of force against peaceful protesters,” Ravina Shamdasani, spokeswoman for the UN human rights office, said.
https://www.euractiv.com/topics/military-junta/
As the Muslim holy month of Ramadan is about to begin, here is how to wish someone Ramadan Mubarak in various languages around the world.
https://www.aljazeera.com/news/2023/3/22/listen-to-ramadan-greetings-in-different-languages
Ramadan is set to begin tomorrow (March 23) and it will see Muslims around the world begin a period of fasting that will last until April 21 or 22.
https://metro.co.uk/2019/05/05/difference-ramadan-mubarak-ramadan-kareem-9414104/
A Ramadan etiquette guide for non-Muslims
https://edition.cnn.com/travel/article/ramadan-etiquette-guide-non-muslims/index.html
https://twitter.com/centaminplc/status/1639038598057189378?s=61&t=wPRUR5w_YhDaiuhBs7gRKQ
Token effort read the remuneration report this is smoke and mirrors pretending to buy some now with the pocket money and then what they have to buy as part of the bonus smoke and mirrors - Jerrard what a joke
article highlights the Egyptian Army has tentacles in every area of trade and industry - benefitting select groups
https://www.haaretz.com/middle-east-news/2023-03-23/ty-article/.premium/sissi-wastes-a-fortune-as-egyptians-go-hungry/00000187-0b27-d1cf-a7af-ffffe0bb0000
March 23, 2023
"Egypt imported a large amount of frozen poultry from Brazil, some 50,000 tons, which will be used as a “strategic inventory” in preparation for the month of the Ramadan fast. But according to reports in the Egyptian media, the government transferred the license to import the poultry to an agent who is connected to the military – and the goods will be sold at a reduced price in army stores.
The suspicion is that this agent received an exemption from paying customs duties so it could be sold at a price of $2 per kilo, instead of $3.50 charged by private importers, who pay a 30 percent import duty. The rest of the sellers will be forced to sell the same chicken at a much higher price. "
Ross Jerrard now owns 620000 shares .
His current plan is to focus the private mercenaries’ focus back to countries in Africa, such as Sudan, Mali, and the Central African Republic, where Wagner has deployed forces.
https://uk.yahoo.com/news/report-signals-humiliating-end-russia-182031681.html
Yevgeny Prigozhin is preparing to pull his Wagner Group mercenaries’ attention away from the war in Ukraine, according to a Bloomberg report that cites sources familiar with the matter.
His current plan is to focus the private mercenaries’ focus back to countries in Africa, such as Sudan, Mali, and the Central African Republic, where Wagner has deployed forces. On Monday, Wagner posted a recruitment notice offering deployments to African countries would last between nine to 14 months, Bloomberg reported.
The apparent decision to recalibrate Wagner operations in Ukraine comes after a series of setbacks Wagner has faced in trying to work with the Russian government to wage war in Ukraine. Prigozhin, who enlisted private mercenaries from prison, was blocked in recent weeks from recruiting from prisons. His colleague was also recently barred from accessing Russia’s military command in Ukraine.
https://uk.yahoo.com/news/wagner-founder-rejects-claim-pull-133959085.html
POG just covered $2,000
Because the bank failure changed things and as Keynes said when the fact I change my mind, and the price of Cey fell making them good value, and the directors bought, and quite surprisingly seems we might be at the top of the interest rate cycle. Nothing pleases me more than when he gets it wrong, now let’s hope he is not proved right and this is not temporary
they are restricted around financial info and “known” major things like take over, but cuts both ways eg known major things that send the sp higher or lower
SP should be higher than this
Currently at $1988, high of the day +.94%
Back from golf, and the markets are far more like I expected, phew! Just took a bit longer than I thought today lol- damn the Yellen though, she caused the drop last night and good to see a ping back- guess it just gave traders a good excuse to trade- she's a bit bitter if you ask me :-).
The only thing I don’t like about directors dealings, is it means that there’s no chance of anything exciting happening in the near term, otherwise there would be cry’s of insider trading.