By Alois Vinga LISTED clothing retailer, Truworths Limited has cancelled credit sales due to hyperinflationary pressures Zimbabwe is going through, and protect the company from value erosion. Presenting the half-year financial performance of the firm, the company’s chief executive, Bhekithemba Ndebele said they were forced to push to sales on a cash-in-advance basis only to
By Alois Vinga FINANCE Minister Mthuli Ncube Friday floated lucrative incentives for investors in the mining sector in a bid to boost output in the country’s major economic earner. Through various programmes taken to refocus the mining sector, Zimbabwe foresees a US$12 billion being injected into the economy by year 2023 in a development that will bolster
By Bulawayo Correspondent FINANCE Minister Mthuli Ncube has defended President Emmerson Mnangagwa’s repeated promulgation of statutory instruments (SIs) as a way of addressing multiple economic and political challenges facing the country. Last year, Mnangagwa’s administration promulgated a record 300 SIs, and in the process, violated laid down procedures on most of the subsidiary laws. This
Bloomberg THE biggest diamond miner in Zimbabwe said it will be able to increase production of rough gems by about 30% to 3 million carats this year thanks to improved mining methods. Zimbabwe Consolidated Diamond Co’s mines in the east of the country have so far met monthly targets of 200,000 carats, chief executive Mark
By Alois Vinga FINANCE Minister Mthuli Ncube Thursday claimed Zimbabwe had recorded a whopping $9.8 billion budget surplus during the first quarter of 2021. However, presenting the Treasury quarterly bulletin, Ncube attributed deep economic reforms he has implemented to the enormous budget surplus. “On the fiscal front, a budget surplus of $9.8 billion was recorded
By Alois Vinga THE Zimbabwe Congress of Trade Unions (ZCTU) has slammed what it has described as greed by companies threatening to derail measures introduced recently by the government to enforce compliance with Reserve Bank of Zimbabwe (RBZ) official exchange rates. Last week, the government issued Statutory Instrument (SI) 127 of 2021, which set out
, By Matabeleland North Correspondent VICTORIA FALLS: Matabeleland North has been described as a province with vast resources but very little to show for it on the ground in terms of development and growth. Such is the story of Matabeleland North a province with gold, coal, untapped methane gas, timber, wildlife, fish, rich agricultural soils,
By Alois Vinga THE pension industry has pinned projected growth plans on the prevailing economic stability after registering 255% income growth in 2020. Speaking to NewZimbabwe.com Business, Insurance and Pensions Commission (IPEC) commissioner, Grace Muradzikwa said going forward, the sector’s growth will be hinged on sustained economic stability. “We expect real growth on account
By Anna Chibamu THE Zimbabwe Chamber of Mines (ZCM) has attributed the decline in gold output in 2020 and the first quarter of this year to the havoc caused by the Covid-19 pandemic among other constraints. Giving oral evidence to the Mines and Mining Development Parliamentary Portfolio committee Monday, ZCM chief executive (CEO) Isaac Kwesu
By Alois Vinga ZIMBABWE Stock Exchange (ZSE)-listed diversified industrial group, Art Corporation has seen operating profit going down by 8% amid concerns of policy inconsistencies choking the smooth flow of exports. Presenting the firm’s performance for the half-year ended March 31, 2021, the board chairperson, Thomas Wushe said operating profit registered a significant decline. “The
By Alois Vinga FOREIGN currency deposits held across the banking sector have increased to $108 billion under clear signs the prevailing economic stability has contributed to the upturn. The latest Reserve Bank of Zimbabwe (RBZ) monthly economic report covering the period ended January 2021 shows a significant increase in US dollar deposits. “The foreign currency
By Staff Reporter GOVERNMENT is in the process of establishing a dry port in Marange area to decongest and make Forbes Border Post outside Mutare more efficient, Finance Minister Mthuli Ncube has said. The minister toured the eastern border city recently to meet various stakeholders involved in the establishment of the dry port facility. He
By Alois Vinga LISTED plastics and pipe maker concern, Proplastics has recorded a 71 % export volumes growth amid strong sales volumes performance in the quarter ended March 31, 2021. In an update, the company’s chairman, Gregory Sebborn said the positive growth in exports contributed significantly towards revenues. “Exports grew by 71%, contributing 7% to
By Alois Vinga LISTED middle to upper income group classical and commercial fashion stores, Edgars suffered major sales volume declines in most of its units attributable to Covid-19 lockdown closures of physical stores. The group’s chief executive officer, Tjeludo Ndlovu said the measures prompted the stores to close for more than seven weeks of the
By Alois Vinga PRESIDENT Emmerson Mnangagwa Thursday issued new regulations outlining deterrent penalties to be imposed on all companies which are abusing the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction platform. The development comes after a visible trend of indiscipline by companies which access foreign currency from the auction at reasonable premiums but proceed
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) auction platform has become a reliable source of foreign currency for the Small to Medium Enterprises (SMEs) sector, it has emerged. A trading update released at the close of business Wednesday shows that US$6.3 million was allotted to the SMEs sector this week. Raw material needs
By Alois Vinga THE Insurance and Pensions Commission (IPEC) has bemoaned the slow progress in the resolution of losses incurred by pensioners during the country’s pre-2009 hyperinflationary era. Pensioners lost their investments during the hyperinflationary era after insurance companies claimed that a substantial proportion of investments they made was eroded when the country’s economy hit
AP ZIMBABWE’S tobacco is flourishing again. And so are the auctions where premium prices are being paid for the “golden leaf” that is exported around the world. Most of the growers are Black, a historic change from when tobacco was largely produced by white farmers. But many of the small-scale farmers complain they are being
By Alois Vinga FINANCE Minister Mthuli Ncube Friday scrapped the payment of Value Added Tax (VAT) on rice imports effectively bowing down to pressure mounted by millers and retailers. Under new measures enshrined in Statutory Instrument (SI) 15 of 2021, the Treasury boss scrapped duty on various types of 25kg of rice pre-packaged for retail
By Stephen Tsamba THE Confederation of Zimbabwe Retailers (CZR) has noted that although the country’s annual inflation significantly dropped between July 2020 and April 2021, the rate remains “very high” and not ideal for economic stability. This is contained in the CZR’s overview of the 2021 retail environment and contained in its input into the
