Business

Business

SA Investor Acquires 100% Salene Chrome’s US$3m Shareholding

By Alois Vinga SOUTH Africa’s integrated exploration resource group, Tharisa Mine has acquired 100% shareholding in Zimbabwe’s Salene Chrome, in a transaction valued at US$3 million. In a statement Wednesday, Tharisa confirmed the deal, which includes shareholding in Salene Chrome East and Salene Chrome West concessions in the Great Dyke. “The transaction is in line with Tharisa’s

Fears Tobacco Proceeds Being Channelled To Offshore Accounts

Staff Reporter THERE are growing fears that earnings from tobacco, which remains touted as the country’s second single largest foreign currency earner after gold’s net export proceeds, might be far less in foreign receipts compared to other commodities because most of the contract schemes are sponsored using offshore funds. According to the state media, reports

Zimplow Goes Against Covid-19 Headwinds As Subsidiaries Record Growth

By Alois Vinga AGRICULTURAL implements manufacturer, Zimplow managed to go against the Covid-19 headwinds with most of its units recording growth rates surpassing those recorded last year. Presenting a trading update this week, Zimplow company secretary, Charles Chaibva said the group experienced whole goods volume growth across all business units except at Powermec. He attributed

Agriculture Ministry Secretary John Basera

Orange-Fleshed Sweet Potatoes A Gamechanger For Farmers

Fresh Plaza Recently, Zimbabwe’s Ministry of Agriculture added the orange-fleshed sweet potato to the nation’s food basket. Some call this a giant step towards improving exports of sweet potatoes and the livelihoods of farmers. Improved livelihoods through the adoption and increased production of diversified crops are underpinned by the Horticulture Recovery and Growth Plan launched

Dairibord Foreign Currency Sales Up 123% 

By Alois Vinga LISTED dairy products and milk processor, Dairibord Zimbabwe Limited’s (DZL) registered foreign currency sales increased 123 % on the strength of regulatory directives by the central bank which allowed the use of foreign currency for local transactions. Last year, the Reserve Bank of Zimbabwe allowed members of the public to transact in

ZERA Lauds China For Support In Energy Development

Xinhua Zimbabwe’s energy regulator on Friday commended China for actively supporting energy development in the country. Zimbabwe Energy Regulatory Authority (ZERA) chief executive officer Eddington Mazambani said nine Chinese independent power producers were currently implementing power development projects in Zimbabwe. Five of these were doing renewable energy projects and four non-renewable energy projects. He said

Zim To Tighten Application Process For Independent Power Producers

Xinhua Zimbabwe is going to tighten the process of issuing licenses to independent power producers (IPPs), the country’s energy regulator said on Friday. Only serious applicants will be considered, as a few projects have been successfully implemented in the past, according to the Zimbabwe Energy Regulatory Authority (ZERA). The majority of applicants were seeking licenses

President Emmerson Mnangagwa is also a farmer

Zim Launches Land Bank To Spur Agriculture Growth

Xinhua Zimbabwean President Emmerson Mnangagwa on Friday launched the country’s land bank that is expected to drive agriculture growth through the provision of affordable financing to farmers. The land bank is one of the four subsidiaries of the Agricultural Finance Corporation (AFC), with others being the insurance company, leasing company and the Agricultural Development Bank

Zimbabwe’s Fuel Consumption Declines

Xinhua Zimbabwe’s fuel consumption declined considerably over the past year due to the impact of the COVID-19 pandemic, the country’s energy regulator said Friday. According to the Zimbabwe Energy Regulatory Authority (ZERA), petrol consumption in the country declined by 12.53 percent in the first three months of this year, compared to the same period last

Zimbabwe’s Tobacco Farmers Plead For Better Deal

Al Jazeera Bornface Batwero sits languidly in the driver’s seat of his lorry outside the Tobacco Sales Floor – an auction venue in the capital Harare where farmers gather from around Zimbabwe to sell their crops. It’s mid-morning on a Monday. Batwero told Al Jazeera he was still waiting to receive payment for a consignment

Tobacco Sales Hit US$100 Million In 14 Days

By Alois Vinga TOBACCO sales have hit US$100 million within a fortnight from the official opening of the 2021 marketing season indicating almost a 100 % percent increase from figures recorded in the first nine days. Latest statistics released Thursday show that tobacco sales have now surpassed US$100m, 14 days into the marketing season. Records

Alex Makamure

Legacy Contract Termination With African Sun Yet To Be Finalised

By Alois Vinga THE contract termination of Legacy Hospitality Management Services (LHMS) by leading hotelier, African Sun is yet to be finalised by the courts amid assurances that operations will continue unaffected. In 2015, African Sun entered into an agreement which gave LHMS rights to run hotels which include Elephant Hills in Victoria Falls, Monomotapa

RBZ Governor John Mangudya

RBZ Allots US$36m Amid Notable Inflation Decline

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) Tuesday allotted US$36 million towards economic productivity amid notable inflation rates decline since the auction system’s inception last year. A trading update released at the close of trading this week shows that a total of US$31.3 million was allotted on the main auction platform. As usual, priority went

Cannan Dube

Canaan Dube Takes Over As Hippo Valley Chair

By Alois Vinga ACCOMPLISHED barrister, Canaan Dube will assume the chairmanship of the Hippo Valley management board beginning next month. He takes over from Daniel Leseja Marokane who resigned from the board after serving for three years. In a recent update, the organisation’s company secretary, Pauline Kadembo advised shareholders of the latest appointment. “Canaan is

3 TV Stations To Lose Licenses For Failing To Pay BAZ Fees

By Robert Tapfumaneyi DEPUTY Information Minister Kindness Paradza says three applicants who applied and were awarded broadcasting licenses last year are struggling to pay for their licence fees. Last November, the Broadcasting Authority of Zimbabwe (BAZ) awarded six free-to-air national commercial television broadcasting licenses. The six new entrants are; Jester Media Services trading as 3K

Twitter To Set Africa HQ In Ghana

BBC TWITTER delivered a surprise for Africa when it said it was establishing a regional headquarters in the West African nation of Ghana, triggering vigorous debate about the business environment for technology start-ups across the continent. For the social media giant, its decision was based on shared values – Ghana supports “free speech, online freedom,

CBZ Group CEO Blessing Mudavanhu

Digitisation Forces CBZ To Retrench

By Alois Vinga LISTED financial services group, CBZ Holdings Limited has notified workers its intention to retrench due to the ongoing migration of its systems to digital platforms. A copy of a circular addressed to all the employees dated April 24 2021 and co-signed by the bank’s group chief executive, Blessing Mudavanhu and chief human