By Leopold Munhende ZIMBABWE’s power supply situation has not yet been affected by an ongoing electricity crisis that has hit South Africa’s power generator, Eskom, a key supplier of the critical resource to the troubled country. The crisis in the neighbouring country has heightened fears this could have negative effects on Zimbabwe. But speaking at
Bloomberg Zimbabwe’s state-owned Zesa escalated power cuts to as long as 24 hours after losing regional power imports and local generation capacity remains critically constrained. The power utility has a non-binding agreement to import as much as 400 megawatts of power from South Africa’s Eskom, which is unable to meet local demand and has implemented
By Thandiwe Garusa ZIMBABWEAN millers started receiving grain from their Grain Marketing Board (GMB) depots after the national grain agent reversed its suspension on maize sales Tuesday. This was confirmed in a statement by Grain Millers Association of Zimbabwe (GMAZ) Public Relations Manager Garikai Chaunza who described the process as cumbersome. “Millers started receiving the
Business Report South African Airways, the national airline that’s entered a form of bankruptcy protection, may only be offered 5% of the $60 million that its owed by neighboring Zimbabwe in funds from ticket sales and hasn’t been able to extract from the country. The central bank’s Monetary Policy Committee plans to “reject the majority
By Alois Vinga BINDURA Nickel Corporation Limited (BNCL) sunk US$3 million in capital expenditure after posting 47 % profits increase during the year’s first half as the mining giant pursues projects aimed at maximising productivity output. Presenting the financial results for BNC’s first six months ended September 30 2019, BNC chairman Muchadeyi Masunda said the
By Staff Reporter ROLLER meal prices have come down following a recent government move to reintroduce grain subsidies to try and make the staple affordable to the poor majority. This was announced Sunday by the Grain Millers Association of Zimbabwe (GMAZ) which requested wholesalers and retailers to approach its units for revised invoices from past
By Robert Tapfumaneyi AT LEAST 48 percent of Zimbabweans are connected to the country’s power grid, making Zimbabwe number 25 out of 34 surveyed African countries in terms of citizen access to electricity. This is according to an Afrobarometer survey on 34 African countries. The study found that efforts to provide reliable energy among countries
By Alois Vinga ZIMBABWE’S second largest local cotton firm, Southern Cotton Company (SCC) says it is holding on to cotton lint worth US$750 000 which is long overdue for exportation owing to the time-consuming process of getting export licences from government. Speaking to NewZimbabwe.com on the sidelines of a media tour in Shamva Friday, SCC
By Staff Reporter REDCLIFF mayor Clayton Masiyatsva is upbeat the recent $7 million debt settlement to the local authority by government will go a long way in alleviating the plight of residents in the steelworks suburb, which has gone for years without consistent water supplies. Last week, Treasury released $7 million to Redcliff as part
By Alois Vinga THE Commercial Bank of Zimbabwe (CBZ) has revived its accident insurance which provides cover for health and accidents ahead in the current festive season. In a statement, the banking institution said the insurance cover had been revived ahead of the season. “CBZ Insurance Operations has brought back the Holiday Accident Package which
By Alois Vinga AGRICULTURE and mining implements concern, Zimplow Holdings Limited has defied the odds which have seen most companies struggle to reward investors after approving a shareholder dividend of $3.14 per share. Company secretary, Maxwell Chinorwadza Thursday said the dividend payouts will be made before year end. “Notice is hereby given that the board
By Thandiwe Garusa INDIAN soft drinks manufacturer, Varun Beverages has employed more than 22 000 locals. Currently, Pepsi, Miranda and Mountain Dew soft drinks produced by Varun are the most trending and cheaper soft drinks on the market. Speaking at the official launch of Pepsi plant in Harare on Friday, Chairman for Varun Beverages, Ravi
Bloomberg Zimbabwe’s central bank has asked the International Monetary Fund to overlook the country’s shortcomings in achieving fiscal targets and allow a program to help restore the economy to run its course. Eddie Cross, a member of the monetary policy committee who attended the meetings held with the Washington-based lender’s delegation on Thursday, said policy
By Thandiwe Garusa ZIMBABWEAN millers have welcomed government’s decision to restore grain subsidies with their umbrella group, Grain Millers Association of Zimbabwe (GMAZ) saying the move would ensure a “win-win” situation for both the cereal processors and ordinary consumers. Reacting to the development Thursday, GMAZ chair Tafadzwa Musarara hailed the move. “Grain Millers welcomes the
By Robert Tapfumaneyi PRESIDENT Emmerson Mnangagwa has urged individuals within the country’s business community to abandon their “superman” mentality and try to rally forces towards reversing the country’s negative economic trajectory. He was addressing captains of industry at the Zimbabwe National Chamber of Commerce (ZNNC) Business Review Conference at a hotel in Harare Thursday. “I
By Robert Tapfumaneyi MEALIE meal prices are set to come down after government Thursday announced new subsidy on maize meal in what will see the retail price of a 10kg packet of roller meal pegged at $50. This was announced in a statement by Finance Minister Mthuli Ncube Thursday morning. In his statement, Ncube said
UK Correspondent THE Ladies of UK (LUK), a virtual community of Ladies from Zimbabwe, held the group’s 2019 Christmas Ball at the Belfry Resort and Hotel in Sutton Coldfield, United Kingdom over the weekend. LUK this year was fundraising for the Chitungwiza Albino Children. More than 200 ladies gathered to wine and dine, dressed glamorously
By UK Correspondent THE Ladies of UK (LUK), a virtual community of Ladies from Zimbabwe, held its 2019 Christmas Ball at the Belfry Resort and Hotel in Sutton Coldfield, United Kingdom over the weekend. LUK this year was fundraising for the Chitungwiza Albino Children. Below are images of key sponsor Diaspora Funeral CEO Jeff Madzingo
By Alois Vinga MAURITIUS based FMB Capital Holdings Group (FMBCH), which runs First Capital Bank Zimbabwe, this week concluded the successful acquisition of Bank of India (Botswana) Limited (BOIB) by First Capital Bank Botswana. The decision follows a transaction by the Bank of India to diverse from certain markets outside of India, including Botswana. In
Diamond.net The Zimbabwe Consolidated Diamond Company (ZCDC) intends to hold 11 international sales in 2020, the news agency cited the miner’s acting CEO, Rob De Pretto, as saying. Its tenders are currently in Harare, the country’s capital, but the location does not appeal to clients, the report continued. “We are exploring opportunities and new markets
