Business

Business

Covid-19 Induced Border Delays Irk Cargo Drivers

By Kenneth Matimaire HAULEGE truck drivers are facing delay challenges along entry and exit points owing to a series of restrictive measures imposed by the government to curtail the spread of the coronavirus (Covid-19). Zimbabwe has imposed various levels of lockdown since March last year. The Shipping and Forwarding Agency Association of Zimbabwe (SFAAZ) said

SeedCo credits RBZ auction for sustaining stable pricing

By Alois Vinga SEED manufacturing giant Seed Co Limited (SCL) has credited the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction for sustaining stable pricing throughout the summer planting season. Presenting the group’s performance for the full year ended March 31 2021, SCL Terrence Chimanya said the platform alongside other monetary measures enabled stable pricing.

OK Zimbabwe Hails Stable Product Supply Amid Volumes Growth

By Alois Vinga LISTED retailer OK Zimbabwe has hailed stable product supply for  both local and imported products which spurred revenue and volume growth  in the three months ended June 30, 2020. Presenting the trading update, OK Zimbabwe company secretary Maragaret Munyuru attributed the improved product supply to strong economic fundamentals. “Product supply remained stable

Zimbabwe Reels From SA Violence

Eastern Africa As South Africa settles from the looting and violence following the jailing of former president, Jacob Zuma, and faces a slow recovery, neighbouring landlocked Zimbabwe is still counting losses. Zimbabwe relies on South Africa for most of its capital imports and its fragile economy was this week still facing serious disruptions with the

Byo Pig Growers To Built Abattoir To Beat High Slaughter Prices

By Bulawayo Correspondent PIG producers in Bulawayo are planning on establishing their own abattoir to cushion themselves from exorbitant slaughter prices charged by private slaughterhouses. The farmers said they have engaged the Pig Industry Board (PIB) and the Zimbabwe Commercial Farmers Union (ZCFU) in setting the project. Leading igneous pig producers in the city, Happson Nkomo

Dutch Company To Acquire Stake In Ariston Holdings

By Alois Vinga A NETHERLANDS-based company is currently engaged in negotiations which if successful will enable it to acquire a 50% stake in an Ariston Holdings Limited (AHL) subsidiary. AHL is a diversified agro-industrial concern listed on the Zimbabwe Stock Exchange (ZSE) with business interests that span a variety of crops including tea, macadamia nuts,

Introducing PSMAS Contact Centre

By PSMAS PREMIER Service Medical Aid Society (PSMAS) has launched a new Contact Centre meant to provide an additional platform for efficient and effective support to its members. The Contact Centre, which started operating this month will provide personalised experience to the members by executing inbound and outbound communication with PSMAS members as well as

Afdis Registers 56 % Volumes Growth Backed By Gold Blend

By Alois Vinga LISTED spirits and wines maker, African Distillers (Afdis), has recorded a 56 % volume growth backed by recently introduced Gold Blend Number 9 whisky among other factors. In a recent trading update for the period ended June 30 2021, Afdis company secretary, Lydiah Mutamuko said the company registered a volume growth of

NNCD’s Credited For RBZ Auction Stability As Allotments Hit US$45 million

By Alois Vinga ECONOMIST Persistence Gwanyanya says the issuance of Non-Negotiable Certificates of Deposits (NNCDs) will sustain the Reserve Bank of Zimbabwe (RBZ)’s foreign currency auction’s impact going forward. Last month, the RBZ ordered all banks to surrender the excess cash held on behalf of clients in a bid to plug inflows into the parallel

Finance Minister Mthuli Ncube

Gvt Defers Ex-commercial Farmers’ Compensation By One Year

By Alois Vinga ZIMBABWE has deferred the first repayment instalment to commercial farmers by one more year, attributing the move to delayed processes due to the impact of the Covid-19 pandemic. Under the global compensation agreement (GCA) reached last year, the government made a commitment to compensate ex-commercial farmers for improvements undertaken on the land

Zimchem To Refurbish Plant

By Staff Reporter REDCLIF-based chemical manufacturing firm Zimchem is set to refurbish its plant as a way of ramping up production and capacity utilization. Zimchem Acting General Manager Tendai Shoko in an interview said the company was targeting a booming market in road construction where its products are a key input. “We invited some engineering

“Corrupt” Companies Threaten To Sue Auditor General Mildred Chiri 

By Anna Chibamu AUDITOR-General (AG) Mildred Chiri says her office has been threatened by some companies named in her recently released hard-hitting annual audit report for 2019. Giving oral evidence to the Public Accounts Parliamentary Portfolio committee on Monday, Chiri said she resorted to not naming companies involved in underhand dealings in order to avoid

Diamond Firm ZCDC Under Parliament Scrutiny

By Anna Chibamu THE Parliamentary Portfolio Committee Mines and Mining Development queried the existence of the Zimbabwe Consolidated Diamond Company (ZCDC) as a state-controlled entity during a hearing on its controversy-laden operations Monday. The committee members argued that ZCDC’s existence was confusing as it was not a parastatal because its formation was made through a

PSMAS Moves To Reduce Claims Processing Turn-Around-Time

Own Correspondent NEWLY rebranded Premier Service Medical Aid Society (PSMAS) has moved to reduce claims processing turn-around times by adopting an electronic claims processing platform in line with its digitalisation programme. Introduced in partnership with a local company Health 263, the platform enables service providers to submit claims for services rendered to members in real-time

Increased Electronic Payments Behind Revenue Collection Surge: ZIMRA

By Alois Vinga THE increase in the use of electronic payments systems has significantly prompted a surge in revenue collections, the Zimbabwe Revenue Authority (ZIMRA) has reported. In a second quarter report by the authority’s board chairperson, Josephine Matambo attributed the upsurge to increased electronic transfers. “The Intermediated Money Transfer Tax    (IMMT) revenue head contributed

Mureza auto CE, Tatenda Mungofa showcasing the brand new Prim8 Car

Pioneering Black-Owned Car Maker Rolls Out First Batch Of 100 Vehicles

Mureza Auto releases first batch of vehicles By Staff Reporter AFRICA’S first black-owned car manufacturing company, Mureza Auto Co.  has rolled out its first 100 vehicles into the market with a pre-order facility available for buyers in South Africa and Zimbabwe starting next week. The car manufacturing firm was recently granted a licence to produce

John Stull

John Stull Appointed Lafarge Non-Executive Director

By Alois Vinga ZIMBABWE Stock Exchange-listed cement manufacturer, Lafarge has appointed John William Stull to the group’s position of non-executive director. The appointment is with effect from June 10, 2021. In an update, Lafarge board chairperson, Kumbirayi Katsande described Stull as a seasoned and well-experienced business leader. He said Stull is currently the area manager

Foreign Currency Deposits Rise 778%

By Alois Vinga FOREIGN currency deposits held by banks have risen by 778,9 % inside a year on the back of economic reforms and increasing confidence levels in the banking sector among other factors. The latest monthly economic review published by the Reserve Bank of Zimbabwe (RBZ) covering the period February 2021 says both local