Business

Paynet saga: Nssa delays payments 14 June 2019 THE National Social Security Authority (Nssa) says June payments to some pensioners have been delayed due to the suspension of services by payment service vendor Paynet Zimbabwe (Paynet). The payment service provider, which is a subsidiary of AIM-listed investment firm Cambria, says it suspended...
Zimplow operating profit in massive jump 14 June 2019 © ZIMPLOW says group operating profit for the five months to May 2019 grew 784 percent to $13,4 million compared to same period last year, driven by growth in volumes and impact of exchange rate movements. Vimbai Nyakudya, the group's chief executive officer, told shareholders at an annual general..
SeedCo records $91m profit 14 June 2019 © SEEDCO Holdings (SeedCo), one of Africa's largest seed producers, says it recorded $91million profit after tax in the 12 months to March 2019 up from $21,4 million in 2018.  
BNC delays results 14 June 2019 © BINDURA Nickel Corporation (BNC) says its results for the year ended March 31, 2019 will be delayed due to adjustments, which the company made following recent monetary reforms in Zimbabwe. 
Ariston records $8m revenue 14 June 2019 © ARISTON Holdings (Ariston) says its revenue for the six months ended March 31, 2019 went up by 50 percent compared to prior period despite the disturbances caused by Cyclone Idai.
Industry supports  electricity tariff hike 13 June 2019 © THE Confederation of Zimbabwe Industries (CZI) says it would support an upward electricity tariff if this will help to reduce load shedding.
Govt approves four gold service centres 13 June 2019 © GOVERNMENT has approved the establishment of four gold centres around the country to increase gold deliveries to Fidelity Printers and Refiners (FPR).  
Zim property rentals shoot up 12 June 2019 © RENTAL fees in Zimbabwe's volatile property market have shot up by 80 percent in the past six months, as real estate owners respond to the country's deteriorating economic situation highlighted by rampaging inflation and rising costs, a new report has revealed.
'Levies, taxes suppress insurance' 12 June 2019 © THE Insurance Council of Zimbabwe (ICZ) says levies and taxes on insurance premiums have made insurance unaffordable in the country, threatening the profitability of the industry and exerting pressure on the country's insurance penetration.
Stanbic, Zimplats help people with albinism 12 June 2019 © STANBIC Bank Zimbabwe (Stanbic) and Zimplats have combined forces to support people with albinism.
SA loses African Gold crown to Ghana 12 June 2019 © SA loses African gold crown to GhanaSOUTH Africa's struggling gold industry has suffered yet another humiliation, losing its status as the continent leader to Ghana.
Simbisa wins top companies award survey 10 June 2019 © ZIMBABWE Stock Exchange-listed fast food operator, Simbisa Brands, was on Friday-night crowned the best performing company on the local bourse at the Financial Gazette's Top Companies Survey 2019 sponsored by financial services giant, Old Mutual Zimbabwe. The aim of the survey is to promote ...
Lafarge banks on new policies 10 June 2019 © LAFARGE Cement Zimbabwe (Lafarge) says government measures to stabilise the country's macro-economic environment will pay dividends. Kaziwe Kaulule, Lafarge's chief executive officer, said the group looks forward to increasing production and sales volumes as well as reinvesting in the business....
Ipec suspends Regal Insurance 10 June 2019 © THE Insurance and Pensions Commission, (Ipec) has suspended Regal Insurance (Regal) from underwriting any business following an investigation into the affairs of the company. Regal is being investigated on allegations of fleecing policy holders and failure to settle policy claims. Blessmore Kaz...
Prospect seeks  funding for Arcadia 10 June 2019 © PROSPECT Resources (Prospect) says it is in discussions with international financial institutions for possible project financing of its Arcadia Lithium project in Zimbabwe.
Wage increase for sugar  industry 10 June 2019 © WORKERS in the sugar milling industry have been awarded a 45 percent salary increase to cushion them against the harsh economic conditions, government has  announced.
Short-term insurers show resilience 9 June 2019 © THE Insurance and Pensions Commission (Ipec) says the non-life insurance industry has shown resilience after registering a 17,29 percent growth in gross premium written (GPW) in 2018, despite a challenging environment.
Former Telecel CEO suspended 7 June 2019 © TELECEL Zimbabwe (Telecel) board has suspended its former chief executive Francis Mawindi as a board member with immediate effect over alleged breach of the common law fiduciary duty of confidentiality. This comes after a letter to the board recommending the firing of his successor Angeline Ver...
Agribank sues Hermes Capital 6 June 2019 THE Agriculture Development Bank of Zimbabwe (Agribank) has sued Hermes Capital over a US$2 million loan. The agro-focused bank entered into a loan banking facility agreement of US$2 million with the debtor on December 13, 2016 for the purpose of providing working capital to 39 farmers to impleme...
OK Zim records RTGS$49m profit 6 June 2019 © ZIMBABWE Stock Exchange-listed retailer OK Zimbabwe (OK) says its profit for the year ended March 31, 2019 was up 196 percent on the prior period to RTGS$49,22 million after a strong increase in revenue. This comes as prices of goods and services have skyrocketed with the country's official inf...
Powerspeed profit up 19 pc 6 June 2019 © POWERSPEED Electrical profit for the half year ended March 31, 2019, increased 19,33 percent to $2,44 million compared to $2,04 million same period last year largely driven by increased revenue. Martin Gurira, the company secretary, in a statement of the financials said turnover increased 62 p...
Zim's e-learning programme transforms rural schools 6 June 2019 © THE government's e-learning programme which is funded through the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) universal services fund has transformed schools in remote areas, businessdaily has established. Zimbabwe introduced the e-learning programme a few years ago ...
Govt revives horticulture 6 June 2019 © GOVERNMENT is working on reviving horticultural exports to ensure the sector delivers 10 percent in terms of economic growth. Zimbabwe's horticulture sector, whose export performance peaked at $143 million in the 1999/2000 season, is on a revival path and is expected to be a key driver in the ...
Zim outlook uncertain: IMF 5 June 2019 © ZIMBABWE's outlook for 2019 remains very uncertain as policy slippages by vested interests could block ongoing efforts to restore the economy, the International Monetary Fund (IMF) has said. The southern African country's shrinking economy has been worsened by renewed fiscal and monetary press...
Padenga moves ahead with solar project 5 June 2019 © Padenga Holdings (Padenga), the Zimbabwe Stock Exchange-listed crocodile farmer, says it has completed construction on a further 470-kilowatt extension to its solar project in Kariba, which was initially commissioned last year. The company last year commissioned the first 330 kilowatts peak pha...
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