Business

Edgars demerges from parent company Edcon 24 January 2019 HARARE - Edgars Stores Limited Zimbabwe has resolved to acquire 15 million shares for $1,5 million from parent company Edcon, allowing it to de-merge from the struggling holding company. This comes after South Africa's biggest clothing retailer Edcon — which owns Edgars, Jet, CNA and other bra...
Zim's livestock production prospects dim 24 January 2019 HARARE - Zimbabwe is likely to record subdued meat production this year due to foreign currency shortages, increased costs of production and high regulatory costs, the livestock industry has said. The Livestock & Meat Advisory Council (LMAC) said the country achieved record growth in egg and m...
Industry laments high forex costs 24 January 2019 HARARE - The Confederation of Zimbabwe Industries (CZI) says the manufacturing sector's cost of accessing foreign currency increased significantly in 2018. This comes as the country's intensifying foreign currency shortage has threatened the viability of businesses with manufacturers reportedl...
Powerspeed declares $500 000 dividend 23 January 2019 HARARE - Powerspeed Electrical (Powerspeed) has declared a dividend for the first time in over a decade worth over $500 000. The company — which declared a dividend of 0,4 cents per share for the year ended September 30, 2018 — recorded a $4,2 million profit, which was 285 percent profit surge...
Wood poachers feel the heat 23 January 2019 HARARE - The Sustainable Afforestation Association of Zimbabwe (Saaz) says it has teamed up with various stakeholders in an effort to combat rampant wood poaching in the country. Zimbabwe loses 300 000 hectares — equivalent to an area three times the size of greater Harare — annually due to de...
Dump bond notes, RTGS: Hanke 22 January 2019 HARARE - Zimbabwe should dump its discredited bond notes and real time gross settlement (RTGS) system and re-introduce the United States dollar as a way of solving the country's fragile currency situation and reduce inflation, economist Steve Hanke has said. The southern African country introd...
'Insurance and pension compensation catastrophic' 22 January 2019 HARARE - The Insurance and Pensions Commission (Ipec) says implementing recommendations of the Commission of Inquiry on the conversion of insurance and pension values from the now-defunct Zimbabwean dollar to United States dollars without reforms would be catastrophic to the local industry. Ip...
Zim faces bleak future: IMF 21 January 2019 HARARE - Zimbabwe will struggle to get financial support from international financial institutions due to its high debt levels, the International Monetary Fund (IMF) has said. Gerry Rice, the IMF spokesperson, said  the southern African country need policies that would stabilise the economy. ...
'Power imports to continue until 2027' 21 January 2019 HARARE - Zimbabwe is expected to continue relying on electricity imports for the next eight years due to lack of investment in the sector, a leading international think-tank has said. The southern African country requires 2 400 megawatts (MW) per day to meet national demand, while it only prod...
Hands off the market, Govt told 20 January 2019 HARARE - As Zimbabwe continues to face a deteriorating economic situation created by recent monetary policies pronounced by government, the Daily News on Sunday spoke with various Zimbabwean economists to seek their views on what government should do to save the country's economy. Kipson Gunda...
Businesses bemoan shutdown losses 20 January 2019 HARARE - Industry and commerce, the transport sector, the informal sectors and the Zimbabwe Stock Exchange incurred terrible loses during last week's shutdown.  Zimbabwe Congress of Trade Unions president Peter Mutasa and #ThisFlag leader Evan Mawarire called on citizens to stay at home from J...
Zim annual inflation rate surges to 236pc 18 January 2019 HARARE - Renowned United States economist and currency expert Steve Hanke says Zimbabwe’s annual inflation rate is at 236 percent, much higher than the official figure of 42,09 percent published by Zimbabwe National Statistics Agency (ZimStats). The statistics agency reported that year-on-year...
'17,5pc boost in tourist entries' 18 January 2019 HARARE - Zimbabwe recorded a 17,5 percent increase in the number of tourists who entered the country in 2018, the department of Immigration has said. The number of travellers cleared around the country’s ports of entry and exit rose to 11 172 231 in 2018 as compared to 10 655 625 in 2017. D...
Plan to revive Byo falters 13 January 2019 HARARE - Industries in the second city are still battling to survive despite pledges by President Emmerson Mnangagwa to breathe life into what was once the hub of the country's economy. Ahead of the harmonised elections last year, Mnangagwa told Zanu PF supporters at White City Stadium in June...
Agriculture reels from economic crisis 13 January 2019 HARARE - The agriculture sector has been hit hard by a worsening cash crisis, fuel shortages and price hikes. Commercial Farmers Union (CFU) chief executive officer Ben Purcell-Gilpin told the Daily News on Sunday this week that the prevailing economic crisis has dented production. He said ...
Inside AMG: A money-making machine like no other 13 January 2019 HARARE - In the heart of Sandton - a vibrant, high energy commercial centre in Johannesburg - is a premier business centre minting top dollar. The mansions here, with their long, gated driveways and million-dollar views, are part of a hamlet called African Medallion Group (AMG). Locals have...
Forex shortages cripple Delta 12 January 2019 HARARE - Delta Corporation says acute foreign currency shortages in the country have led to disruptions in business operations, leading to a 66 percent decrease in soft drinks volumes during its strongest period that covers Christmas. In its latest trading update, the Zimbabwe Stock Exchange (...
Delta speaks on cross-border investment 12 January 2019 HARARE - Delta Corporation says its acquisition of a controlling stake in Lusaka Stock Exchange-listed National Breweries PLC (Natbrew) in December last year was approved by all the relevant regulatory bodies. Zimbabwe's largest beverages producer acquired a 70 percent stake in Zambia's Natbre...
Lafarge appoints Zambian Kaulule as new CEO 11 January 2019 HARARE - Lafarge Cement Zimbabwe Limited last week appointed a new chief executive officer (CEO), after the former one left to pursue personal interests after five years of service. The newly-appointed CEO, Kaziwe Siame Kaulule, is a Zambian national who joins Lafarge Cement Zimbabwe Limited f...
ZSE Top Ten Index swings into the black 11 January 2019 HARARE - The Zimbabwe Stock Exchange (ZSE) swung back into the black in the mid-week session after its top ten index put on a marginal 0,07 percent to close at 140,96 points, following a weak start to the second week of 2019. After opening the new year in losses as three of the benchmark indic...
Microfinance loans up 9pc 10 January 2019 HARARE - Loans and advances in the microfinance sector increased nine percent from $272,95 million in March 2018, to close June at $297,52, the Reserve Bank of Zimbabwe (RBZ) said. In its report for the quarter to June 2018, the central bank said total assets for the sector grew by 14,38 perce...
NRZ targets 4,2m tonnes of freight 9 January 2019 HARARE - The cash-strapped National Railways of Zimbabwe (NRZ) has said it is projecting to move more than 4,2 million tonnes of freight this year alone. This will be an increase of 25,6 percent to the cargo it transported in the just-ended year where it moved 3 367 073 tonnes between January ...
Willdale laments 'rapid policy changes' 9 January 2019 HARARE - Willdale has expressed concern over recent government policy changes, which have been largely blamed for worsening the country's deteriorating economic situation. Government implemented a number of abrupt reforms, shortly after the controversial July harmonised elections, headlined by...
Meikles unfazed by property auction 9 January 2019 HARARE - Meikles Limited (Meikles) has taken legal overtures in relation to a recent auction of its assets valued at about $1,5 million by a creditor. Thabani Mpofu, Meikles' company secretary, yesterday said Core Solutions last December auctioned off assets relating to Meikles' investments in...
Net closes in on under-capitalised assurers 8 January 2019 HARARE - The Insurance and Pensions Commission (Ipec), is closely monitoring three under-capitalised life assurance firms — Evolution Life, Heritage and Fidelity Life — after the assurers closed the third quarter of 2018 below the regulatory $5 million capitalisation threshold. In its third qu...
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