How to understand why Zimbabwe is bringing back the Zim dollar and the limits of mobile money – The Zimbabwean

This week the government moved a step ahead in its currency reforms when the central bank announced new notes will be introduced in two weeks to fight transactional challenges emanating from over-reliance on digital and mobile money in light of exacerbated by cash shortages.

Mobile money, an area in which Econet spin-off, EcoCash is the dominant player, has often been helpful for ordinary Zimbabweans in alleviating the cash shortages they have been experiencing. However, mobile money has also become problematic as wallet holders have had to pay premiums of up to 50% to access their funds in cash and this is why the Monetary Policy Committee of the central bank is moving to introduce new currency notes under the banner of the Zim dollar.

But to understand the Zimbabwean currency changes and reforms and the resultant crisis, one needs to go back to 2009 when the country—ravaged by hyper-inflation—abandoned the Zimbabwe dollar and adopted multiple currencies including the US dollar and South African rand. In 2015, the foreign currency notes dried up at the banks, leading to cash shortages in the economy. Then in 2016, Zimbabwe introduced bond notes as a surrogate currency which initially had equal value to the US dollar but today it trades at 1:15 with the greenback.

The currency crisis worsened even after longtime president Robert Mugabe was replaced by Emmerson Mnangagwa in late 2017. He appointed Mthuli Ncube as finance minister in 2018 leading to the adoption of a monetary policy pivoted around currency reforms which have in turn led to the removal of foreign currencies and re-adoption of the Zim dollar in 2019.

This November Zimbabwe will inject more cash into the economy in the form of new ZWL 2 coins, ZWL 2 and ZWL 5 notes and these will be legal tender alongside the bond notes introduced in 2016 pending their gradual phasing out from the market. According to the monetary policy committee of the Zimbabwean central bank, “the level of physical cash in the economy is inadequate to meet transactional demand” hence its decision to “boost the domestic availability of cash for transactional purposes through a gradual increase in cash supply over the next six months” and starting with the new notes coming up next month.

Hyperinflation fear

With Zimbabweans having to pay premiums for their own money in their mobile wallets, economists including Oxlink Capital’s Brains Muchemwa have described the situation as a reflection of policy failures. But some Zimbabwean economists believe the introduction of new notes under the Zim dollar banner will help address cash shortages in the economy, mainly because of fears that further injection of money will drive up inflation. It may be too late, the economy recently officially sunk into hyper-inflation despite the government stopping publication of yearly inflation data.

Cash shortages have been pushing up transaction fees for digital money, leaving analysts divided over the role of mobile money in abetting or worsening the monetary crisis. Authorities in Zimbabwe have recently ordered mobile money operators to stop cash in and cash out functionalities, apparently because of the premiums some agents were charging and has only re-instatement of these functions after imposing limits of about ZWL100 per transaction. On the parallel market, ZWL100 is equal to $5 while on the official interbank market, ZWL100 is about $6.60

Apart from the pricing distortions and premiums on cash, Zimbabweans are having to cope with sharp price rises, the most recent of which has been fuel prices and data tariffs. Econet Wireless this week hiked mobile voice call and mobile data tariffs while fuel has also gone up by about 12% after the removal of subsidies on petroleum products this year. This is expected to provide further room for inflation increases. Re-Invent Zimbabwe chair and economist Vince Musewe says “increasing liquidity through hard cash will be like giving more chips to the gambler” as prices will likely shoot over the roof.

Apart from the skepticism and divided opinions over the new notes to be introduced and their impact on the economy, some analysts such as independent economist Jeffrey Kasirori say the government still has to do more to clear the way for the new currency notes to have a positive impact. Zimbabwean businesses have long complained about the high costs of doing business and a placid regulatory framework.

“If we don’t address fundamentals especially around the cost of production then the new currency might not work. We await to see what else the government will do to address the business operating framework because as things stand, accessing foreign currency is still problematic for many companies and this makes their production difficult,” says Kasirori.

Mnangagwa’s Adviser’s Company Buys Biggest Zimbabwe Nickel Miner – The Zimbabwean

Control of Bindura Nickel Corp., Zimbabwe’s biggest nickel operation, has been sold to a company linked to an adviser of President Emmerson Mnangagwa.

Sotic International Ltd., a Mauritius-based firm, bought a 74.73% stake in the company from Asa Resource Group Plc, said Muchadeyi Masunda, Bindura’s chairman. Sotic owns Zimbabwe’s Landela Mining Venture Ltd. and is linked to Kudakwashe Tagwireyi, one of Mnangagwa’s advisers and the owner of chrome, fuel and agricultural assets in the country.

Three companies had vied for Bindura Nickel, Masunda said in an interview. He said the stake was worth between $60 and $75 million. Asa is in administration. The deal involves “a substantial payment” in cash and “a commitment” to provide working capital, according to Masunda.

While Zimbabwe’s economy is on the verge of collapse and its mining companies are struggling because of shortages of foreign currency and fuel, it has some of Africa’s best metal and mineral deposits. Bindura Nickel was once owned by Anglo American Plc and has in the past produced about 6,700 tons of nickel a year.

On Oct. 29 Bindura said in a statement that the stake was sold to “a Zimbabwean based mining entity with interests in the mining and production of ferrous metals, non-ferrous metals and precious metals.”

Landela Mining was this month announced as a partner in a $4 billion platinum venture in Zimbabwe that’s backed by Russian investors.

Tagwireyi didn’t immediately respond to calls made to his mobile phone.

Jim Simons, Bob Mercer Even Better At Printing Money Than We Thought

Also: Bob Mercer even weirder and crazier than previously reported.

Oh, NOW The Police Care About ‘Due Process’?

— Michael Brown, Eric Garner, Tamir Rice, Sandra Bland, Freddie Gray, LaQuan McDonald, Philando Castille, Alton Sterling, Walter Scott, Keith Lamont Scott, Terrance Crutcher, Ramarley Graham, Samuel DuBose, Stephon Clark, Botham Jean, and Atatiana Jefferson* would all like to know where the hell their “due process” was before police killed them. They ALL would have liked the opportunity to bring witnesses and cross-examine testimony, before they were summarily executed.

*Those are just the names I could remember off the top of my head. Getting killed by the police… WITHOUT DUE PROCESS IN A COURT OF LAW, is the leading cause of death for young black men in America.


Elie Mystal is the Executive Editor of Above the Law and a contributor at The Nation. He can be reached @ElieNYC on Twitter, or at elie@abovethelaw.com. He will resist.

The Future Is Now: Lawyers, Artificial Intelligence, And Data Analytics

In my last column, I humbly welcomed our robot lawyer overlords. After it was published, a number of people called me out on social media and chastised me for joining sides with the robots so willingly. It would seem that they were decidedly unfamiliar with the well-known meme to which I referred.

Well, rest assured dear readers, I have every intention to resist any and all invading robot overlords unless and until I feel that resistance will be futile, at which point I plan to blindly welcome them. I’m all about hedging my bets.

And, judging by the results of two recent technology surveys, my fellow lawyers are in my corner when it comes to resisting the robot lawyers who’ve come to steal their jobs. For now most are not on board, although they’ve seemingly succumbed to the allure of artificial intelligence’s lesser cousins, data analytics software.

Since lawyers have already acquiesced to the use of the latter software, let’s consider those statistics first. The results of the 2019 ABA Legal Technology Survey show that nearly half of all lawyers (49 percent) have used legal analytics software in the past year. I’ve written about some of the various legal analytics tools available here.

Lawyers from large law firms with over 100 attorneys were most likely to report using legal analytics in the past year at 75 percent, followed by 62 percent from firms of 10-49, 46 percent from firms of 2-9, and 35 percent of solo respondents.

According to the ABA Survey, lawyers have used legal analytics software for a number of different functions including: 1) legal research at 35 percent, 2) developing case or matter strategy at 22 percent, 3) understanding judges at 16 percent, 4) business development at 15 percent, 5) predicting likely outcomes of strategy or arguments at 14 percent, 6) understanding opposing counsel at 13 percent, 7) demonstrating expertise or competitive advantage to clients at 11 percent, 8) understanding jurisdictions at 10 percent, 9) assessing expert witnesses at 10 percent, 10) supporting communication with clients at 9 percent, and 11) estimating matter costs or resources at 8 percent.

Lawyers were also asked about their plans to adopt artificial intelligence software into the law firms. A mere 8 percent reported that their firms currently use artificial intelligence-based technology tools. Large firms with 100 or more lawyers led the way at 26 percent, followed by 5 percent of lawyers from firms of 2-9 attorneys, 4 percent of solo respondents, and 0 percent from firms of 10-49 attorneys. Finally, 9 percent of respondents indicated their firms were seriously considering purchasing artificial intelligence-based technology tools, with large firm lawyers with 100 or more attorneys being the most likely to at 16 percent.

Compare those results to the statistics from the ILTA 2019 Technology Survey, which indicated a stronger overall interest in AI software by responding attorneys. According to the results of that survey, 20 percent of responding firms were using or testing AI technologies and another 25 percent were researching the prospect. Notably, the ILTA Survey included a higher percentage of respondents from larger law firms than the ABA Survey, which might explain the disparate results.

Respondents are asked what they see as the most important benefit offered by artificial intelligence-based technology tools. The largest percentage of respondents indicated that artificial intelligence-based technology tools save time and increase efficiency (41 percent). Lawyers from firms of 100 or more attorneys led the way at 55 percent, followed by 48 percent of firms with 10-49 attorneys, 38 percent of firms with 2-9 attorneys, and 32 percent of solo lawyers.

According to the ABA Survey, 41 percent of lawyers indicated that artificial intelligence-based technology tools would be most useful for increasing efficiency, followed by 24 percent of lawyers who felt it would help with document management and document review. Next was reducing costs at 21 percent, followed by predicting outcomes and reducing risk at 15 percent.

As for when artificial intelligence tools would become mainstream in the legal profession, 16 percent of respondents reported that would occur within the next three years, 19 percent chose the next four-to-five years, and 20 percent chose the next six-to-10 years. .

And last but not least, lawyers were asked to share their major concerns regarding artificial intelligence tools. Fifty-one percent were most concerned about the accuracy of the technology, 48 percent worried about the reliability of technology, 46 percent were concerned about the cost to implement it, 37 percent chose the amount of time required to learn how to use it, and 31 percent were focused on the difficulties encountered when changing processes.

The bottom line: Cutting-edge technologies like data analytics software and artificial intelligence are here to stay. Most lawyers are already aware of these tools, and many are actively considering whether to use them, if they aren’t already doing so.

So, what are you waiting for? Join their ranks and stop resisting the inevitable. Like it or not, the robot lawyers are coming. I don’t know about you, but I plan to embrace the future, accept their inevitable reign, and loudly declare that I, for one, welcome our new robot lawyer overlords. #RobotLawyerInvasion


Niki BlackNicole Black is a Rochester, New York attorney and the Legal Technology Evangelist at MyCase, web-based law practice management software. She’s been blogging since 2005, has written a weekly column for the Daily Record since 2007, is the author of Cloud Computing for Lawyers, co-authors Social Media for Lawyers: the Next Frontier, and co-authors Criminal Law in New York. She’s easily distracted by the potential of bright and shiny tech gadgets, along with good food and wine. You can follow her on Twitter @nikiblack and she can be reached at niki.black@mycase.com.

The Toddler Tango: Managing Childcare With A High-Volume Practice

Ed. note: This is the latest installment in a series of posts on motherhood in the legal profession, in partnership with our friends at MothersEsquire. Welcome Ashley Starling to our pages.

I work with my husband.  I love it.  Sometimes it is easier to work with my husband than to be married to him.  I know this sounds odd, but things are often simpler at work.  The kids are at daycare and school.  The chaos of home remains at home.  At work, we are just there hustling, talking, and collaborating.  We respect each other’s strengths and visions, and we occasionally get to sneak in a lunch date.  We have a temporary distraction from dishes, laundry, and chauffeuring to evening activities.  However, getting to work is not so easy.  The dance of teeth brushing, breakfast making, bus stops, and Disney music commutes is exhausting.  I sometimes long for an early morning in the office where my first cup of coffee will actually remain hot until its last drop.  But this is the life we built, the life we love, and we would not change it.

I am a mother of two children, ages two and six.  I am a partner in a small law firm with 11 lawyers.  I manage a busy, high-volume personal injury litigation practice.  At the time in which I started this practice, I was pregnant with my first child.  My husband was at a large law firm.  Life was hard. When I found out I was pregnant with my second child, my husband and I began to prepare for his Biglaw exit to join me in the entrepreneurial life.  My husband now runs a high-volume labor and employment practice.  While we have more flexibility, the entrepreneurial rollercoaster is chaotic and unpredictable. Thankfully, we are not the only husband-wife team at our firm.  Our founding partners are also married.  Their mentorship and insight have been crucial in keeping us sane.  Here are my favorite tips.

Buy Your Time.  This was the first piece of advice my then-boss gave to me when I began building my practice.  It is the best advice.  Time is a limited and precious resource.  If you are too busy, hire staff.  Clarify your vision; have others help you implement it.  Pick the kids up early.  Go on the school field trip.  Leave work before six.  Give someone else a job and spend the extra hours enjoying your children.  Staff is even more crucial in the event of an unexpected emergency or illness.  Quit trying to do everything.  Hire help.

Sunday Power Hour.  While our schedules are subject to change, my husband and I sit down for a planning session on Sunday nights.  We determine our workout times, the drop-off/pickup schedules, the nightly chauffeuring, and quick dinner options.  This also forces us to look at our work schedules in advance of Monday so we can manage our workflows better.

Utilize Technology.  Technology is a gift.  Use it. Both my husband and I are completely mobile.  Our offices consist of only a tablet.  (He is working from home as I write this.)  On our busiest day of the week, I work from home so that I can tend to childcare needs.  I use that day as my drafting day.  My phone is connected to my tablet.  Clients call me, and I answer from my Bluetooth headset.  This allows me to be home when my son gets off the bus, and it lets me catch up on little tasks while still being connected to the office.  It also allows me to log on at night to complete any work I did not get to during the regular working hours.

Geographic Location is Key.  Our daycare is located less than a half mile from the office.  We can leave the parking lot and be at the daycare in two minutes.  Our pediatrician is on the next street.  Location is so important.  When there is a last-minute change or an after-hours emergency, we can walk out of my office at 5:55 p.m. and be inside the daycare by 6:00 p.m.  Because we are so close, we can go back to the office with the kids, if needed.  If one of the kids has a check-up, one of us can leave for the appointment, drop-off, and be back in less than an hour.  By eliminating additional commutes, we are more efficient during our days.

Lunch is a Luxury.  While we may occasionally sneak out of for lunch, we usually eat at our desks while we work.  I would rather have the additional hour in the morning for hugs and the commute.  Our office phones are shut off during the lunch hour.  An hour of uninterrupted work is worth three hours with constant breaks and calls.  Because we are more efficient, we can leave earlier.

Working Late.  My husband works better in the office when he is writing.  I actually prefer to be at home.  In order to help balance the responsibilities, we both get to choose a night when the other is “on-duty.”  This is chosen during Sunday Power Hour.  The on-duty parent is responsible for pick-up, dinner, and the bedtime routine.  If working late one night means we can be on time during the other days of the week, it is a fair trade-off.

Lighten Up.  We all mess up.  I am hard on myself when I do.  But I should lighten up too.  This past year, my son attended kindergarten in our district and went to his daycare for private kindergarten on the off days.  We messed up the bus schedule a few times.  It happens.  Both my husband and I have forgotten whose day it was to pick up from daycare and had to regroup.  We all get caught in traffic coming back from meetings.  We beg family for help during trials.  We get aggravated.  Some days, all we can manage is to make sure our kids have on clean clothes, feel loved, and eat something from a drive-thru.  I’ve been to court with spit-up on my suit.  I have taken depositions on two hours of sleep, knowing one of my kids is getting sick.  I have given my kid ibuprofen on the way out the door, hoping to make it until lunch before I get the sick call.  And it is okay.

The toddler tango is hard. Finding the right dance partner is imperative. Smart scheduling helps.  A sense of humor and some wine helps too.

EarlierMothers At Law: Achieving Meaningful Success In The Legal Profession


Ashley Starling is a partner at the firm Willis Spangler Starling in Columbus, Ohio.  She is trial attorney focusing on car and trucking accidents, wrongful death, catastrophic injuries, and animal attacks.  Ashley is an active member of the Ohio Association for Justice and a board member of the Trucking Safety Section.  More about her can be found on her website and LinkedIn.  She can be reached by email at astarling@willisattorneys.com.

There’s A Bird Loose Inside Harvard Law School… Time To Call Cat Lawyer!

When Brazil gave the legal community a cuteness overload with Dr. Leon Advogato, Harvard Law School predictably decided it couldn’t allow anyone else to have nice things that it doesn’t so it dialed up its own “wild animal seeking refuge before the law” narrative with a bird loose in the Harvard Law Library.

So far the bird, which they should absolutely name Harvey Birdman, hasn’t gotten an Instagram account yet, but give it time.

A message from the Executive Director of the Harvard Law School Library alerted the community to the issue and asked students to stop feeding the bird. If that sounds harsh, remember that bird law in this country is not governed by reason:

Colleagues,

If you study in the Library Reading Room, you may have noticed a small bird flying around. We are working with humane animal capture people to retrieve the bird and return it to the great outdoors. Capturing a bird is harder than you’d think. We are waiting for the bird to tire itself out so that it can be captured. Many of our kind hearted students have been leaving food and water for the bird, which totally feels like the humane thing to do – but it keeps the bird’s energy up, which means it continues to evade capture.

I could never have imagined writing this request, but here we go: please don’t feed the bird in the library. We’ve been assured that a day or two without food or water will not harm the bird. Once the bird tires itself out, we will be able to safely help the bird move outside.

Cutting off food and water sounds exactly like how you kill a mockingbird.

Listen Harvard, you’re not getting that bird off the pallid bust of Pallas above that library door.

Not unless you put Dr. Leon on the job.

Earlier: Cat Lawyer Is Real And He Is Everything Right Now


HeadshotJoe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.

Zimbabwe crisis: Cellphone tariffs double, petrol price jumps 12% – The Zimbabwean

Amid a growing economic disaster, Zimbabweans face steep hikes in cellphone rates and fuel prices this week.

The Zimbabwe Energy Regulatory Authority (ZERA) on Tuesday announced a 12% increase in the price of petrol from Z$14.97 to Z$16.75 (R15.57 using Tuesday’s exchange rate of Z$1: R0.932), while that of diesel increased from Z$15.64 to Z$17.47 (R16.24).

According to the statement issued by ZERA, the fuel price increase was driven by the weakening of the Zimbabwean dollar against the US dollar, which is used to pay for fuel imports.

The exchange rate used stood at Z$15.57 per US$1, weakening from an exchange rate of Z$13 per US$1.

Meanwhile, the telecoms regulator, the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz), approved a 95% increase in mobile tariffs across the board.

The increase comes after the regulator approved a further increase of 182% as recently as August 2019.

Justifying the increase, Potraz said the current tariff threshold set in August 2019 has been rendered “unsustainable as the operating environment has further deteriorated due to inflationary pressures”.

“Accordingly, the Authority has found it necessary to review tariff thresholds for telecommunication services by up to 95.39% based on the Telecommunication Price Index (TPI) that was computed in consultation with all operators.

“In view of the foregoing, and guided by the Act, all public switched and mobile operators may adjust their tariffs in line with the above thresholds for approval by the Authority,” reads Protraz’s statement.

The latest adjustment will see on-net calls per minute cost 96 cents (Zimbabwean dollars) or 89.28 South African cents, up from 48 cents (Z$) or 44.64 cents (SA).

The new price and tariff increases come at a time when the country’s statistics agency (Zimstat) said the total consumption poverty line for an average of five persons per household stood at $2 192.00 (R2 038) in September 2019.

The poverty datum line represents the cost of a given standard of living that must be attained if a person is deemed not to be poor.

The lowest paid government worker in Zimbabwe earns $1030 (about R958).

Zimbabwe govt abuse and bullying of own citizens pushing them right into the arms of the USA
In Zimbabwe, trade unionists, human rights activists and opposition politicians are under siege

Post published in: Business