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Breaking news. – The Herald

Zim, UAE firm seal US$1,5 billion carbon credits deal

Ivan ZhakataHerald Correspondent 

Global Carbon Investments, a trailblazing green investments vehicle based in the United Arab Emirates, has signed a US$1,5 billion memorandum of understanding with the Ministry of Environment, Climate and Wildlife to unlock the value of Zimbabwe’s carbon sinks and carbon mitigation measures. 

The money is for financing the development and sale of future carbon credits, in the form of Internationally Transferable Mitigation Outcomes (ITMOs), aligned with Article 6 of the Paris Agreement. 

In this pioneering agreement with GCI, Zimbabwe will be propelled to the forefront of such ITMO-based financial facilities, the first of its kind within the African continent. 

As the ITMO market develops, there is a strong anticipation of significant value being created by 2050, aligning with global efforts to combat climate change.

The signing ceremony occurred in Harare with Minister of Environment, Climate and Wildlife Mangaliso Ndlovu and Mr Saboor Karamat of the GCI General Council. 

It was witnessed by President Munangagwa and Sheikh Ahmed Dalmook al Maktoum, member of the Dubai ruling family and chairman of GCI and Blue Carbon. 

GCI is a UAE-based company, owned by the Private Office of Sheikh Ahmed Dalmook al Maktoum, that aims to catalyse global efforts for decarbonisation through crucial climate finance investments. 

Under the agreement, critical financing will be directed towards the prefinancing of carbon credit projects in Zimbabwe that will be developed by Blue Carbon, a GCI fully owned subsidiary and project developer, specialised in nature-based solutions. 

The event followed a recently signed agreement between Blue Carbon and First Abu Dhabi Bank, leveraging the bank’s target of US$75 billion in sustainable financing investments. 

The collaboration between Blue Carbon and the bank aims to channel funding into crucial carbon projects, leading the way for massive financing opportunities of this kind. 

Blue Carbon and Zimbabwe have recently formalised an agreement for the development of ITMO generating REDD+ projects, spanning an area of up to 7,5 million hectares and promising substantial environmental, social, and economic benefits. 

The financing initiative spearheaded by GCI is poised to infuse critical funding into these projects, with preliminary assessments projecting an estimated US$13 billion in revenue from Zimbabwe’s ITMO-based carbon credits over the coming decades.

GCI’s collaboration with Zimbabwe builds upon significant global discussions, including those stemming from the Africa Climate Summit, UN General Assembly deliberations, and NY Climate Week, all of which underscore the imperative to accelerate and collectively enhance climate ambitions. 

It underscores the pressing urgency to address climate change, emphasizing the indispensable role of climate financing and collaborative partnerships, as exemplified by this remarkable alliance.

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Plugging the Zimbabwean collective into international trade –

During his recent two-week visit to mainland China ahead of Hong Kong Fruit Logistica, Clarence Mwale could find not a single whole orange in supermarkets in Shanghai. What he did see at the wholesale market were oranges from the USA, at a heady price.

In Hong Kong, a Chinese importer was looking for 80 containers of citrus but, he told Clarence, he could only get 17 containers this season.

“There’s still a huge demand for Zimbabwean citrus which we haven’t been able to fill,” Clarence says, noting that a couple of Zimbabwean citrus growers in Beitbridge have been approved to export to China, but current bilateral negotiations should pave the way for all Zimbabwean citrus growers.

“Fruit Logistica Hong Kong for me was a very pleasant surprise. I’m pretty sure we were the only Zimbabweans there and every time we introduced ourselves, everybody got excited. We received a very big welcome: they were surprised that we’d come all the way from Zimbabwe and everyone wanted to talk to us, particularly Chinese companies who are looking specifically for Zimbabwean citrus.”

Clarence represents a large number of small growers in Zimbabwe, some of whom have a hectare or two of citrus but collectively, they can amass significant tonnage.

Tuminda rapidly grows its European pea and bean exports
In the same way, the growers who make up Tuminda – a Shona word for a collective of small farms – have already entered the established Zimbabwean pea and bean export sector, this year sending over 400 tonnes of mangetout and sugar snap peas, and currently fine and superfine beans to the supermarket groups like Lidl, Albert Heijn and C’zon in France.

In less than a year, Tuminda has grown to be Zimbabwe’s third biggest pea and bean exporter. At the beginning of the season prices justify flying peas out from Harare, but when volumes are sufficient and quality sound, they are trucked over two days to Cape Town, whence they are shipped to Europe.

“We’re probably the third biggest pea consolidator and supplier to Europe, still exporting into week 48 when many Zimbabwean pea producers will have ended. By then the weather is warmer which can affect quality, but no-one else is supplying at this time and the price makes it worth it.”

Mozambique’s ports have been in the news recently, but Maputo is too far for them and Beira doesn’t yet have the cold facilities they require, he says.

“The quality has been very good, we’ve had no issues with complying with all of the EU’s requirements,” he remarks, which is not at all surprising: for fifteen years Clarence’s company Fair-Mark has been preparing companies for all of the major accreditation audits in Zimbabwe, across the border in Mozambique and in other African countries.

Right: Clarence Mwale in a blueberry field near Mvurwi, Zimbabwe

Later this year Tuminda will market the litchis and mangoes from Mozambican small-scale growers.

Through criss-crossing the region Clarence has gained a profound overview of Zimbabwean agriculture, emerging as a leading proponent of agricultural revival in the country which he’s been sharing at international trade shows.

Having already visited Europe, Middle East and Asia this year, he will next be at the Intra-African Trade Fair in Egypt in November.

“We’re always looking for new markets,” he emphasises.

By winter 2024 the plan is to collect the produce from their thousands of growers – he’s aiming at involving 5,000 by next year – and sort, grade and pack their peas and beans at Tuminda’s own packhouse, currently under construction, and located close to Harare. It will have the capacity to pack 50 tonnes of different lines of fresh fruit and vegetables per day.

Offtake agreements were missing link
“Our model is to change the livelihoods of small farmers who before didn’t have opportunity to export. Tuminda provides them with an offtake agreement on which basis banks then agree to give these growers bank loans. Offtake agreements have for many years been the missing link.”

Right: newly planted fine beans

He recently told the Zimbabwean TV channel NRTV that small-scale farmers have not had many companies willing to look at them. “We chose small-scale farmers because no-one else is choosing them. It’s hard work: we’ve decided to take that hard work and make it our problem.”

He sees Tuminda’s mission as a humanitarian one. “If we can work with 5,000 farmers and send a few hundred people to school we would have achieved our goal, more than anything.”

Tuminda’s Harare office is busy with potential growers, reflecting the improved business environment in Zimbabwe.

“I think in Zimbabwe things have only changed for the better. There’s a lot of production and a lot of positivity.”

He admits that there was some trepidation in the run-up to Zimbabwe’s recent elections (not unfounded, given their election history over the past twenty years).

Mangetout and sugar snap pea farmer Jane Mugwira with Clarence Mwale

“I think people have learned to accept that politics should not affect business,” he says. “There’s still a lot of politics to fix but in terms of business and farming, I think it has changed for the better in Zimbabwe. Banks never used to lend people money: now they do. Farmers can get support, you can go into a dealership and buy irrigation equipment on credit.”

For more information:
Clarence Mwale
Tel: +263 772 929 941

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This Tata Group company’s shares down 9% in two days; time to buy, sell or hold? – Business Today

Shares of Tata Investment Corporation Ltd extended their fall for the second straight session in Tuesday’s trade. The stock slipped 4.07 per cent to hit a day low of Rs 3,139.05. At this price, the scrip has tanked 8.86 per cent in just two days. Despite the mentioned fall, the counter has gained more than 28 per cent in the past one month. Analysts largely attributed the recent dip in share price to profit booking.

Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, said, “The stock has seen a stellar rally of nearly 40 per cent in the last couple of trading weeks to clock new lifetime highs. The rally was backed by robust volumes. Post the vertical rally, the counter entered the overbought territory. Therefore, a possibility of cool-off/profit booking should not be ruled out. On levels front, the psychological support of Rs 3,000 should act as immediate support, followed by Rs 2,900. Till the mentioned levels are firmly withheld, we might witness a follow-up buying interest in the counter from a short to medium-term time frame.”

Market expert Ravi Singh said, “The stock may continue its uptrend after profit booking. The RSI (Relative Strength Index), MACD (Moving Average Convergence/Divergence indicator) and long-term MAs are suggesting a target of Rs 3,500 level in near term.”

AR Ramachandran from Tips2trades said, “The stock looks very overbought yet bullish. Investors should book profits at current levels.”

The counter traded lower than the 5-day simple moving averages (SMA) but higher than the 10-day, 20-, 30-, 50-, 100-, 150- and 200-day SMAs. The counter’s 14-day relative strength index (RSI) came at 67.68. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 67.98 against a price-to-book (P/B) value of 0.85.

The scrip has a one-year beta of 0.84, indicating low volatility.

Bourses BSE and NSE have put the securities of Tata Investment under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

On BSE, around 11,000 shares changed hands today. The figure was lower than the two-week average volume of 53,000 shares. Turnover on the counter stood at Rs 3.50 crore, commanding a market capitalisation (m-cap) of Rs 15,988.11 crore.

Promoted by Tata Sons, Tata Investment is a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). Formerly known as The Investment Corporation of India, the company is primarily involved in investing in long-term investments such as equity shares and equity-related securities. As of June 2023, promotors held a 73.38 per cent stake in the firm.

It also invests in units of mutual funds, bonds, and venture capital funds. The company’s subsidiaries include Simto Investment Company, Tata Asset Management, Tata Trustee Company and Amalgamated Plantations.

(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)

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Starafricacorporation : Notice to Shareholders -October 03, 2023 at … –

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We advise our stakeholders that the audit for the year ended 31 March 2023 is yet to be finalized. The delay is due to the audit of the financial results of the associate company in Botswana, which is ongoing. The Company applied for, and was granted, another month’s extension by the Zimbabwe Stock Exchange (ZSE) with regards to publication of the audited financial statements in the press. Therefore, the abridged audited financial statements for the year ended 31 March 2023 will be published in the press and on our website on or before 31 October 2023.

Any inconvenience caused is sincerely regretted.

By Order of the Board

A J Musemburi


49 Douglas Road



Directors: R.J. Mbire (PhD) (Chairman), R. Nyabadza (Eng)* (Chief Executive Officer), C. Matorera, G.T. Nyamayi, M. Sibanda (PhD),

M.E. Chiremba, A.J. Musemburi*, F.M. Myambuki* (*Executive Director)


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starafricacorporation Ltd. published this content on 03 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 October 2023 07:22:24 UTC.

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