Moneyweb taps into Harare in quest to conquer Afri
Moneyweb taps into Harare in quest to conquer Africa
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Consumer Industries Editor
CAPE TOWN Radio, print and electronic media business Moneyweb Holdings says it has launched a joint venture website to provide daily Zimbabwean financial news in conjunction with Harare-based Zfn, a financial news provider.
Moneyweb chairman Alec Hogg said on Friday the move was in line with the company's goal of providing an online, credible news service from every investable country on the African continent. The speed of achieving this goal depended on finding the right local partners.
Moneywebzim.com will be edited by former Business Day, Sapa and AFX journalist Jono Waters, whose company Zfn has a close relationship with MAST Stockbrokers.
Moneyweb said although the Zimbabwean economy was going through a rough patch at present, it remained the second-most-industrialised country in sub-Saharan Africa and had the second-largest stock exchange after the JSE Securities Exchange SA.
There are 80 companies listed on the Zimbabwe Stock Exchange, and in the past two months the industrial index has trebled and the mining index has risen five times.
Waters said this was only partly reflective of the country's steep inflation rate of 365%. It was mainly owing to some positive earnings surprises in mining companies and banks such as Trust Holdings, which last week reported earnings of Z39 a share against median market expectations of Z21.
Moneyweb issued a cautionary notice last week, warning of the negotiations. The Zimbabwean partnership is not the subject of the cautionary. Hogg said last week the cautionary related to a structural issue.
Aug 11 2003 07:35:11:000AM Charlotte Mathews Business Day 1st Edition
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