Business

'Allow some service stations to sell fuel in US dollars' 16 December 2018 HARARE - The Daily News on Sunday's Nokuthaba Nkomo sits down for a wide-ranging interview with businessman, pastor and political commentator Shingi Munyeza.  Find below excerpts of the interview. Q: You have called on government to sell fuel in United States dollars (USDs). Why do you thin...
Chitando invites De Beers, Vast Resources to explore diamonds 15 December 2018 HARARE - De Beers and Vast Resources will be allowed to explore for diamonds in Zimbabwe, which would make them the first listed companies to mine there in that sector for two years, Mining minister Winston Chitando said. A spokesman for De Beers, an Anglo American unit, said in an email it wa...
Funeral assurers should embrace technology: Ipec 15 December 2018 HARARE - The Insurance and Pensions Commission (Ipec) has urged funeral assurers to take advantage of new technologies to increase business. In a statement accompanying its funeral assurers report for the half year ended June 2018, the regulator said funeral assurers should take advantage of m...
'Informal sector, source of tax revenue' 14 December 2018 HARARE - Former banker and immediate past chairperson of the Zimbabwe Investment Authority, Nigel Chanakira said the country's economy had largely gone informal and thus represents a potentially significant source of tax revenue for the cash-strapped government. Speaking at the Financial and E...
Green Fuel 'annexes' 500h of cotton, maize fields 13 December 2018 HARARE - The High Court in Mutare will today hear a case in which Chisumbanje villagers have dragged Green Fuel to court over about 500 hectares of cotton and maize fields the ethanol producer has allegedly arbitrarily annexed for its sugarcane fields expansion.  Passmore Nyakureba of the Zimb...
Command Agriculture boosts SeedCo 13 December 2018 HARARE - The early purchase of seed by government for its Command Agriculture programme has boosted SeedCo’s financial performance for the six months ended September 30, 2018, a local equities group has said. IH Securities (IH)’s commentary come as interest earned on Treasury Bills (TBs) held ...
Barcelos rolls into Harare 13 December 2018 HARARE - South African fast-food brand, Barcelos Flame Grilled Chicken has spread its wings to Harare with the opening of franchise outlets in the city. Founded in Pretoria, South Africa in 1993, Barcelos is popular for its flame grilled Portuguese recipe flavours. The restaurant entered th...
Zim reaps benefits of infrastructure sharing 13 December 2018 HARARE - Government says it has begun to reap fruits of infrastructure sharing among the country’s three major mobile network operators, with studies indicating increased costs reduction. This comes at a time government, through the Postal and Telecommunications Regulatory Authority of Zimbabw...
SecZim amends Securities Act 13 December 2018 HARARE - The Securities and Exchange Commission of Zimbabwe (SecZim) is seeking admission into the International Commission of Securities Commissions (IOSCO) an executive has said. SecZim chief executive officer Tafadzwa Chinamo told a stakeholder meeting that over the years, the commission ha...
Storm at ZSE: Daggers drawn out over Econet transaction 12 December 2018 HARARE - A storm is brewing over claims by some stockbrokers of alleged interference in the independence of the Zimbabwe Stock Exchange (ZSE) by one of the country's leading asset managers. Highly-placed sources told the Daily News yesterday that some stockbrokers were contemplating lodging a ...
Larfage empowers 100 disadvantaged girls 12 December 2018 HARARE - One hundred girls from Harare’s Mabvuku and Tafara graduated at Manresa Club last Friday after undergoing vocational training under Larfage Cement Zimbabwe’s corporate social responsibility programme called Simuka Upenye Empowerment Programme. The girls were trained in brick and block...
Mash Holdings posts $3m profit 11 December 2018 HARARE - Mashonaland Holdings (MSH) says it reported a $3,08 million profit for the year ended September 30, 2018. This represented a 19 percent increase from a profit of $2,56 million achieved by the listed property company in the prior comparable period. Supporting the company’s performan...
Forex shortages stifle clothing manufacturers 10 December 2018 HARARE - Clothing manufacturers in Zimbabwe have not been spared by the foreign currency (forex) shortages that are causing mayhem across all sectors of the country's economy. Zimbabwe has been experiencing foreign currency shortages for the past two decades, with the situation becoming more a...
Meikles eyes East Africa tourists 10 December 2018 HARARE - Meikles Limited is expanding its marketing programmes to East Africa to attract potential visitors showing interests in Zimbabwe. Meikles’ hospitality commercial director Tham Mpofu, said visits have been made to Kenya as part of efforts to build up new markets and encouraging greater...
Savanna launches new cigarette brand 10 December 2018 HARARE - Pacific cigarettes, in partnership with China Tobacco Shaanxi Industrial Corporation (CTSIC) has launched a new Acacia brand targeting the Zimbabwean and the regional markets. Founded in 2002 by entrepreneur Adam Molai, Pacific Cigarettes, formerly Savanna Tobacco, is the manufacturer...
Zim targets UK market 9 December 2018 HARARE - Zimbabwe is planning to take advantage of Britain's decision to exit Europe and establish strong relations with its former coloniser. Britain is expected to leave the European Union (EU) in the next few months and has signalled intention to strengthen bilateral and trade ties with its...
BNC profit up 26pc 8 December 2018 HARARE - Bindura Nickel Corporation (BNC)'s profit increased 26 percent to $2,8 million during the half year ended September 30, 2018 from $2,2 million reported during the previous comparable period on the back of improved global nickel prices. The listed miner reported a nine percent increase...
Mega deals remain elusive 8 December 2018 HARARE - Locally, thousands have called him a hero for toppling the only leader Zimbabwe has known for almost four decades. Abroad, investors are, for the first time in decades, considering Zimbabwe as an investment option. Even when the people talked, President Emmerson Mnangagwa listened ...
Total Zim increases exposure to mining 7 December 2018 HARARE - Total Zimbabwe, the country's largest fuel distribution firm, has increased its support to the mining sector by offering a diversified range of products range besides fuel and lubricants, an executive has disclosed. The strategy of the company over the past six decades in Zimbabwe has...
SA firm toasts to strong performance 7 December 2018 HARARE - South African firm African Medallion Group (AMG) was the toast of 2018 after breaking records and setting new standards of excellence as the start-up grew at its fastest rate  amid strong demand of its yellow metals. The company — which specialises in the manufacturing and distributio...
'Farmers owe banks $500 million' 6 December 2018 HARARE - Zimbabwe's banks and private players are owed over half a billion dollars by farmers due to inputs abuse, side marketing and poor yields, an official has said. Tafadzwa Musarara, the Grain Millers' Association of Zimbabwe (GMAZ) chairperson, told members of Parliament that the impleme...
SeedCo posts early profit 5 December 2018 HARARE - SeedCo Holdings (SeedCo), one of Africa’s largest seed producers, yesterday reported a $5,9 million profit after tax for the six months ended September 30, 2018, coming off a $2 million loss in the prior comparable period. The half year profit is uncommon for the seed company that has...
Powerspeed in massive profit growth 5 December 2018 HARARE - Powerspeed Electrical (Powerspeed) says its profit after tax surged 285 percent to $4,201 million during the year ended September 30, 2018 from $1,091 million reported during the previous comparable period due to an increase in volumes. Powerspeed's chairperson Simba Makoni, said turn...
Finalise GMB restructuring' 4 December 2018 HARARE - The separation of the Grain Marketing Board (GMB) strategic grain reserve and commercial activities, which was announced four years ago, should be done before the beginning of 2019, Parliament has been told. Tafadzwa Musarara, the Grain Millers' Association of Zimbabwe (GMAZ) chairper...
Jail term for procurement procedures violation 4 December 2018 HARARE - Violation of procurement procedures by a procuring entity now attracts a maximum fine of $5 000 and a jail term not exceeding 12 months, a government official has said. George Guvamatanga, the permanent secretary in the Finance ministry, said every procuring entity shall plan with a v...
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