Bullish Thoughts: SPAR, a thorn in the Innscor backside?

Well, Bullish Thoughts can now say he is a SOCIALITE... Why, you may be wondering. Bullish Thoughts was a nominee at the just ended inaugural ZB Oscars Awards!

It was all glamour...you know red carpet and all. The ladies were looking drop dead gorgeous donning 29 inch stilettos and some outfits that Bullish Thoughts had only seen on Tinker Bell. It was lovely to say the least.

The event started off with a display by the capable ladies and girls from the National Ballet Centre...if only we could make their outfits the National Dress Code.

Bullish Thoughts loves ballet…and or ballroom dancing! It teaches you to be at peace with yourself, it gives vision…it makes you feel you can be anything you want!

Only if all men could handle every woman the way a ballroom dancer does…with dignity!

Anywhere, enough about ballet…That’s for Miss Little Bullish Thoughts  during holidays at Reps Theatre

Ballet…Spiritual dance it is

Bullish Thoughts was taken aback by the level of talent that local and upcoming musicians have and the development that they have undergone.

Many will probably remember Prudence  Mbofana of the BP Yangu Yakwira fame...what a long way she has come and boy, didn't she bring the house down with contemporary jazz (if there is something like that). Talented young lady she is.

We shall not talk about the affable Tuku "Oliver Mtukudzi". World class performance is what he always delvers and he did just that.

Bullish Thoughts was left wondering if he could engineer some corporate finance deal that would result in the merger of Tuku & Prudence’s bands and list it potentially on Tyson’s Indigenisation Exchange… Bullish Thoughts is quite sure Josh Hozheri of Jazz 105 would appreciate such a deal instead of penny stock Jah Prayzah that he is crying over.

Live music is where money is at currently and is worthwhile becoming musicpreneur!

While Bullish Thoughts did not get to take Oscar home, he presents to you some snapshots of the Oscar Awards for you appreciation.

Bullish Thoughts (left) with World Bank Zimbabwe Country Manager Nginya Mungai Lenneiye at the Oscar Awards

Oscar at the Oscars Awards

Customer is the King!

Oscars aside, Bullish Thoughts got taken aback by this ZB event. For a very long time Bullish Thoughts has been complaining by the quality of service that customers (who are holding the $s) have been getting from many of the service and product providers around.

While Bullish Thoughts is not a banker at ZB, he was pleasantly surprised by the treat that was given to ZB's loyal customers. At least someone out there does really care about the customers who have stuck to the bank through the various transformations.

However, Bullish Thoughts wishes the bank would be like the former self (Zimbank) that had much more brand equity.

Perhaps it's time for leadership renewal at the Group level.

30 years is a hell long time at the top especially in corporate world unless it's a family run business!

Tuku… the musician at the Oscars

 Minimum Capital up in the insurance sector

The Commissioner of Insurance, Madam Mpofu has now released the proposed new capital requirements which should in a way bring sanity to a sector where many insurance companies were in practice brokers.

IPEC is proposing the levels in the tables below:

Class of Business	Current ($)	Proposed ($)
Life assurance company	500 000	3 million
Non-life insurance company	300 000	2 million
Composite insurance company	800 000	5 million
Non Life reinsurance company	400 000	3 million
Life reinsurance company	400 000	3 million
Funeral  assurance company	400 000	2.5 million

For broking companies, the following levels will apply:

	Current		Proposed
Class of Business	PS ($)	PI ($)	PS ($)	PI ($)
Insurance Broker	100 000	100 000	100 000	200 000
Reinsurance Broker	100 000	100 000	100 000	250 000

(PS) Minimum Prescribed Securities and Professional Indemnity (PI)

All Pension Fund Administrators are required to raise capital of US$250 000. In addition, fund administrators will be required to possess professional indemnity cover of US$100 000 and to be incorporated as companies.

All institutions are required to have complied with 50% of the capital requirements by 31^st December 2012. Full compliance is expected by 31^st December 2013.

Bullish Thoughts however doesn’t foresee any failure to comply by the players in the sector given that most of them already had capital levels way above the required minimums.

He however felt the regulator should have done something about the rate undercutting which is the main threat to stability of the sector.

In Botswana, if laid down rules are violated by particularly insurance brokers, there is immediate action…loss of licence and a deterrent fine.

Perhaps in the fullness of time, it will come to pass.

SPAR…a cancer eating away shareholder cash for dividends

By the way, can someone tell Bullish Thoughts why Innscor just doesn’t get rid of SPAR business…it’s a cancer eating away money that could have gone towards rewarding shareholders but is instead just going down the abyss!

The SPAR blight has been around too long on the Innscor numbers starting with Zambian operations. SPAR has also since fallen behind TM & OK Zim in the retail space perking order as well and some franchises are evidently struggling as well.

Bullish Thoughts is just wondering who this SPAR baby is...with such losses by now such an operation would probably have been sold off.

It is no secret that performance-wise Zimbabwe SPAR is worse off than South African SPAR!

Don't get Bullish Thoughts wrong...he loves SPAR brand and the merchandise range and The Bridge, Athienitis & Montagu are his favourite outlets.

It's just that as a potential Innscor shareholder, ching-ching is more preferable!