Business

New energy firm launched 20 August 2018 HARARE - A new energy firm Bulls Power Fuels says it is aiming to be a key player in the sector by providing quality products to consumers. Michael Munhuwei, the group’s chief executive, on Friday said the company has already began providing gas through its subsidiaries Bulls Gas and will soon...
Shortages of drinks worsen 19 August 2018 HARARE - The country's largest beverages company, Delta Corporation Limited, has attributed the beverage shortages being experienced in the country to shortages in foreign currency. Among the products that are in short supply are fizzy drinks, maheu, as well as some of the beer brands usually ...
ZSE slips further as political uncertainties continue 16 August 2018 HARARE - The Zimbabwe Stock Exchange (ZSE) continued to slide in the wake of the political upheavals that followed the July 30 plebiscite, with the benchmark All Share Index retreating 2,11 percent settling at 111,78 points. Shedding 2,06 percent, the Industrial Index settled at 378,88 points ...
UBM shuts down after 50 years 15 August 2018 HARARE - United Builders Merchants (UBM) has shut down after operating in Zimbabwe for the past 50 years. According to employees who spoke to the Daily News on condition of anonymity, UBM management announced last week that the company was filing for liquidation. Last month, the company's m...
Premier raises $1m to kick-start operations 15 August 2018 HARARE - London Stock Exchange-listed resources firm Premier African Minerals Limited (Premier) yesterday said it plans to raise close to $1 million earmarked for the resuscitation of its tungsten mine in Zimbabwe. The miner's operations were halted towards the end of last year amid cash flow ...
Parastatal reform crucial in a new Zimbabwe 15 August 2018 HARARE - Among the plethora of problems that will face the new government when it is sworn in and starts work, is the urgent issue of reform of the 105 State-owned enterprises (SOEs) that are currently managed by line ministries on behalf of taxpayers who are the owners or shareholders. Few ot...
Caledonia intensifies safety measures 14 August 2018 HARARE - New York Stock Exchange-listed resources firm Caledonia Mining Corporation (Caledonia) says it has intensified efforts to strengthen safety measures at its Zimbabwean unit, Blanket Mine, after four people died in fatal accidents in the last 18 months. Steve Curtis, the Caledonia chief...
SeedCo introduces new maize varieties 14 August 2018 HARARE - Listed seed producer SeedCo Holdings has unveiled new maize varieties aimed at improving yields and reducing the impact of climate change. Morgan Nzwere, the group’s chief executive, last week said the company was unveiling new maize seed varieties meant to boost productivity within t...
ZB registers robust growth 13 August 2018 HARARE - ZB Financial Holdings (ZB) recorded a 12 percent increase in total income to $38,6 million in the half year ended June 30, 2018 driven by an expansion in net income from lending activities. The group reported a 15 percent profit increase to $9,35 million compared to $8,17 million reco...
Zim rail freight volumes rise 12 August 2018 HARARE - Zimbabwe's national rail freight volumes are rising ever since government — with the help from the Diaspora Infrastructure Development Group and Transnet (DIDG-Transnet) — started rebuilding the National Railways of Zimbabwe (NRZ). Rail freight volumes rose by 13,5 percent year-on-yea...
Suzan partnership lifts Fidelity exports 9 August 2018 HARARE - Fidelity Printers and Refiners (FPR) has managed to ramp up its gold production at the back of support from agents, including Suzan General Trading (Suzan), documents show. This also comes as the country's yellow metal output – for the first seven months to July – has risen to nearly ...
Zim cement imports low:PPC 8 August 2018 HARARE - South African cement producer, PPC’s local unit says imports remained low for the year ended March 31, 2018 while exports improved slightly after a strategic initiative to generate foreign currency to support operations. The group, yesterday, said liquidity issues could offset the ben...
Buy Zim calls for quick economic action 8 August 2018 HARARE - Local lobby group Buy Zimbabwe is calling on the new administration to focus on the country’s economic turnaround by addressing the huge import bill, the three tier pricing system and putting into effect the local content policy. “Now that the elections have come and gone, it’s time f...
Zim set for rebounding incomes 8 August 2018 HARARE - Zimbabwe is expected to experience rising income levels in the near future leading to a rise in consumer spending due to a rebound in the economy, a local equities research firm has said. In its Consumer Sector report for 2018, IH Securities (IH) said while Zimbabwe's GDP per capita r...
Mabhudhu bounces back 7 August 2018 HARARE - Former Zimbabwe Consolidated Diamond Company (ZCDC) chief executive Mark Mabhudhu has bounced back into the mining sector after he was appointed a director at Vast Resources’ local unit. Mabhudhu’s appointment was in line with the company’s updated strategy to increase its footprint i...
Zim still a safe tourism destination 7 August 2018 HARARE - The Zimbabwe Tourism Authority (ZTA) is battling to forestall a potentially crippling crisis to the $1 billion industry following a bloody finale to a hard fought poll last week. Arrivals returned to the 2,4 million level last year, which was last achieved in 1999 riding on a peaceful...
Eureka has an indicated resource of 1,08 million ounces. 7 August 2018 HARARE - According to Prelea, Eureka has seen over $30 million in investment since the late 1990s, and he wants to start production as soon as possible, telling Proactive the mine could be producing “in six months, if not in 12”. Aside from metals, Vast is also dipping its toe into the diamond...
ZSE slide extends in election week 7 August 2018 HARARE - The Zimbabwe Stock Exchange (ZSE)’s weekly slide extended into the post-election period in the wake of violent demonstrations that rocked the capital, Harare, as results of the elections were being published, a local equities firm has said. The elections, whose outcome saw the ruling ...
ZSE downward trend continues 6 August 2018 HARARE - As Zimbabwe awaited news of President Emmerson Mnangagwa’s poll victory on Thursday, the Zimbabwe Stock Exchange (ZSE) further tumbled with the primary All Share and Industrial Indices shedding an identical 0,21 percent. At the close of Thursday’s session, The primary All Share and th...
ED to second accountants to parastatal boards 6 August 2018 HARARE - Government is seriously considering a request by the Institute of Chartered Accountants of Zimbabwe (Icaz) to have its members considered for appointment on different boards of State-owned enterprises. Newly-appointed Icaz president, Tapiwa Chizana recently made the request, assuring ...
ZSE volumes slump 3 August 2018 HARARE - Share volumes traded on the Zimbabwe Stock Exchange (ZSE) went down 24,5 percent in the month of May to 129,1 million from the 170,8 million that exchanged hands prior comparable period, official data shows. In its May report, the central bank highlighted that while the bourse’s marke...
Shamva Mine loses vehicles in auction 3 August 2018 HARARE - Gold producer, Metallon Corporation (Metallon)'s Shamva Gold Mine is to lose cars at an auction on August 8, according to a notice released by the firm that is conducting the auction released on Wednesday. Bindura-based Miracle Auctioneers said the sale of the gold miner's assets was ...
OK Zim adds another store in Harare 3 August 2018 HARARE - Retailer OK Zimbabwe says it will this month add a new store in Harare to bring the company's total operating stores to 63. Alex Siyavora, the group's chief executive believes the new outlet located in the southern part of the capital's central business district, Glen View, is in a go...
Zimbabwe, Comesa exports decline 2 August 2018 HARARE - Zimbabwe's exports to the Common Market for East and Southern Africa (Comesa) last year declined to $83 million from $86 million in 2016. Zimbabwe's top exports are sugar, which constitutes 15 percent of the exports, fish at eight percent and tobacco four percent. In 2017, 69 perce...
Zimplats profits up 23pc 2 August 2018 HARARE - ZIMPLATS — Zimbabwe’s largest platinum producer — recorded a 23 percent increase in profit to $37,1 million in the quarter to June 2018 from $30,3 million recorded prior comparative period, the group said. This was, however, a 42 percent decrease compared to the $64,5 million recorded...