Business

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...
Econet launches flexible YoMix value bundle 3 December 2018 HARARE - Econet Wireless has launched YoMix, a flexible value package that empowers customers to design customized bundles of voice, data, SMS, media, and other value-added services to suit their own needs. Customers will access the service via USSD, using a mobile App, or through a web interf...
Top businessman backs parastatal reform drive 3 December 2018 HARARE - Zimbabwean serial entrepreneur Frank Buyanga is backing government's drive to seek global investors to engage in the privatisation of struggling State-owned companies as part of wide-ranging reforms set in motion by President Emmerson Mnangagwa since he came to power. Buyanga has sinc...
TV Sales acquires Restapedic 3 December 2018 HARARE - TV Sales & Home (TV Sales) has acquired bed manufacturer Restapedic Bedding (Restapedic) for an undisclosed fee. The furniture retailer's parent company, Axia Corporation (Axia), said the acquisition was anticipated to see the furniture retailer export into the region, while hinting t...
Red Cross partners Friends of the Environment 3 December 2018 HARARE - The Zimbabwe Red Cross Society (ZRCS) participated in the 2018 edition of the Friends of the Environment Walkathon which saw walkers marching from Cross Dete to Binga in Matabeleland North province. The annual walkathon, a brainchild of Nyaradzo Funeral Services's Friends of the  Envi...
Zim platinum production up 1 December 2018 HARARE - Zimbabwe's platinum production increased 20 percent during the third quarter of 2018 to 120 000 ounces from 100 000 ounces recorded in previous comparable period, on the back of furnace maintenance. However, according to the World Platinum Investment Council (WPIC), output from Zimbab...
Busisa re-ignites rand debate 1 December 2018 HARARE - Industrialist Busisa Moyo has re-ignited the rand adoption debate by saying Zimbabwe can encourage "the wider circulation of the South African currency under its multi-currency system". This also comes as the country's liquidity crisis has worsened and economist-cum-banker Persistence...
Manufacturers require long-term financing options, says ECGC 30 November 2018 HARARE - The Export Credit Guarantee Corporation of Zimbabwe (ECGC), a wholly owned subsidiary of the Reserve Bank of Zimbabwe, was formed in 1999 as part of measures to offer credit insurance and guarantee to exporters. Dakarai Mashava recently spoke to ECGC Managing Director Sekai Chirume on...
Econet shareholders approve Cassava demerger 29 November 2018 HARARE - Shareholders of Econet Wireless Zimbabwe have approved the demerger and independent listing of its Technology and Fintech business Cassava Smartech. At an Extraordinary General Meeting (EGM) held at the company's head office in Harare yesterday, Econet shareholders unanimously voted f...
Rio Tinto sued over $144k phone bill 26 November 2018 HARARE - Telone (Private) Limited has dragged Rio Tinto Zimbabwe Limited to the High Court after the mining company reportedly failed to pay a $144 000 telephone and rent bill. According to court papers, Rio Tinto applied for telephone services for its Kadoma Eiffel Flats branch from TelOne. ...
Zimbabweans to apply for passports at post offices 26 November 2018 HARARE - Government is working on measures that will allow citizens to obtain passports and other official documents at post offices across the country, it has been learnt. The latest development is likely to bring relief to millions of people living in rural and marginalised areas, who are us...
Parly calls for clarity on Zim Airways ownership 26 November 2018 HARARE - Parliament says government should clarify the ownership of Zimbabwe Airways (Zim Airways) before it is merged with struggling national airline Air Zimbabwe (AirZim). “Air Zimbabwe and Zimbabwe Airways' relationship should be clear as well as their ownership status to ensure that the p...
Big clash over gold looms 24 November 2018 HARARE - A huge fight could be brewing between Zimbabwe's $3 billion large-scale mining industry and government after a deputy minister claimed on Monday that hard-pressed producers had been under-declaring production volumes. Gold mined in Zimbabwe is shipped to Fidelity Printers and Refiners...
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