AfDB approves US$15 million facility for NMB Bank Zimbabwe

By Alois Vinga THE African Development Bank (AfDB) has approved a US$15 million facility for NMB Bank Zimbabwe which will enable the local financier to support SMEs and local businesses. The latest Development on the Trade Finance Transaction Guarantee facility was announced on Thursday. This is AfDB’s first project with NMB, a registered commercial bank

Gold deliveries down to 550kg from usual two tonnes; 75% drop the lowest in years  

By Leopold Munhende | Chief Correspondent FIDELITY Gold Refineries (FGR) has reported a 75% decline in monthly gold deliveries from artisanal miners at 552kg as compared to 2,643kg in October. This represents the lowest contribution by small-scale and artisanal miners in years. Last year FGR received 2,960kg from the sector in the same period under review.

ZWL declines by 0, 63% on the RBZ Foreign Exchange Auction 

By Alois Vinga THE value of the ZWL depreciated by 0, 43% on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week on the back of foreign currency allotments tilted towards supporting the industry’s critical needs. A trading update released this week shows that 19 bids were received out of which 17 were

ZNCC launches game-changing membership Express Card

By Alois Vinga THE Zimbabwe National Chamber of Commerce (ZNCC) recently launched a game-changing Membership Express Card that carries the dual advantage of extending discounts on all products and services offered by partner companies to all cardholders. The card is offered in partnership with various organizations such as Fastjet, Traverze Travel, Air Zimbabwe, Standards Association

Finance Minister Mthuli Ncube

IH Securities says 2024 Budget tax measures risk eroding govt revenues

By Alois Vinga FINANCIAL services firm specialising in advisory and brokerage services, IH Securities has warned authorities that the ambitious tax measures tabled in the 2024 National Budget last week risk serving the opposite intention of further dwindling government revenues. The 2024, budget blueprint revenue collections are targeted at ZWL$53.9tn (18.3% of GDP), comprising 95%

Minister of State for Provincial Affairs and Devolution Marian Chombo

Mash West’s economic development to leverage increased cereals, horticultural output and mining 

By James Muonwa l Mashonaland West Correspondent MASHONALAND West Province envisages growth in the provincial gross domestic product (GDP) from the current ZW$27.1 billion harnessing on increased agricultural output of cereals, horticultural and other crops. The development plan also aims to maximize mining and exploration development of vast mineral resources and increase value addition and

RBZ MPC targets diaspora investments, maintains tight policy

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee (MPC) says the foreign currency inflows have hit US$9, 44 billion on the back of calls to incentivize diaspora-linked investments in the wake of increased costs of borrowing beyond the borders. The MPC also moved to maintain a tight monetary policy in a

Sydney Gata

ZESA engages SIDA for US$7, 6 million robotics plant guarantee

By Alois Vinga THE Zimbabwe Electricity Supply Authority (ZESA) says it is currently in talks with the Embassy of Sweden in Harare for a guarantee in respect of a US$7, 6 million robotics manufacturing plant. The details were revealed by the ZESA executive chair, Sydney Gata at the occasion of signing a Memorandum of Agreement

ZimTrade officials in Turkey

ZimTrade targets Turkey’s US$413 million coffee import market

By Alois Vinga TRADE Promotion Agency, ZimTrade is currently targeting a lucrative US$413 million lucrative import market amid calls for local companies to tap into the potential. The opportunities were revealed recently when ZimTrade alongside selected companies participated at the 4th Türkiye Africa Business and Economic Forum held in Istanbul, Turkey. The forum was organised by

First Capital Bank empowers  22 000 female SMEs

By Alois Vinga LEADING financial services group, First Capital Bank (FCB) says to date, through its Hustlepreneurs platform has managed to establish and train a network of 22 000 women-led SMEs who are leading vibrant businesses. Speaking during the SME Hustle Expo recently, FCB head of marketing and communications, Emily Nemapare said building sustainable businesses

Mnangagwa calls for responsible mining that guarantees environmental sustainability

By Anna Chibamu PRESIDENT Emmerson Mnangagwa has urged stakeholders in the mining industry to practice responsible mining that guarantees environmental sustainability. He was speaking during the Commissioning of the Bikita Minerals (PVT) Ltd Spodumene and Petalite Processing Plants in Bikita, Masvingo province. The mining industry has been struggling to deal with many challenges such as land degradation

Baking sector approves US$300 as lowest salary peg

By Alois Vinga THE least paid non-managerial worker in the Baking sector will now earn US$300 after the latest Collective Bargaining Agreement (CBA) affecting salary hikes. The agreement was made and entered into accordance with the Labour Act as amended occasionally. Parties to the agreement include the National Bakers Association of Zimbabwe (NBAZ) of one

PPC CEO Matias Cardarelli

PPC confirms Cardarelli as new CEO

By Alois Vinga PPC Cement has confirmed Matias Cardarelli as the new Chief Executive Officer for the reputable firm. He takes over from Roland van Wijnen, who will stay until the end of 2023 to facilitate a smooth handover. In a statement, the company said hanging work permit issues around his appointment were finalised. “Shareholders

RioZim sees improved gold output across mines

By Alois Vinga DIVERSIFIED mining group, RioZim Limited has recorded significant increases in gold output at its productive mines amid plans to counter the impending power cuts going into the future. Presenting the third quarter trading update this week, the top miner said at Cam & Motor Mine, 166kg of gold was produced which was a

John Moxon

Meikles says wage bill guzzled 55% of operating costs

By Alois Vinga DIVERSIFIED listed group, Meikles Limited says the wage bill gobbled 55% of total operating costs attributable to the indexation of Collective Bargaining Agreements in US$. Presenting the group’s performance for the half year’s period ended August 31 2023, Meikles Limited chairman, John Moxon said the period was characterised by significant labour costs.

Namibian private airline, FlyNamibia, on Tuesday announced the planned launch of the new Windhoek-Victoria Falls service, commencing on April 4, 2024. Picture: fly_namibia/Instagram

FlyNamibia to launch new route linking Windhoek and Victoria Falls

Xinhua Namibian private airline, FlyNamibia, on Tuesday announced the planned launch of the new Windhoek-Victoria Falls service, commencing on April 4, 2024. FlyNamibia Managing Director Andre Compion said in a statement that flights will operate on Tuesdays, Thursdays, and Saturdays between Windhoek Hosea Kutako International Airport and the iconic Zimbabwean resort town famous for its spectacular

TM Pick ‘n Pay supermarkets suffer 10% unit sales decline

By Alois Vinga TOP retail chain, TM Pick ‘n Pay Supermarkets has recorded a 10% decline attributable to depressed consumer spending in the economy. Presenting a report on the unit’s performance for the period ended August 31 2023, Meikles Limited chairman, John Moxon said despite revenue for the period recording growth, units sold declined during

Cross Border traders commend price stability measures

By Alois Vinga THE Zimbabwe Cross Border Traders Association (ZCBTA) has commended authorities for employing holistic mechanisms which yielded price stability. The remarks come after monetary authorities maintained a tight Monetary Policy environment which is ring-fenced by instruments such as Open Market Operations Bills which have gone a long way to mop up excess ZWL

Fastjet suspends Victoria Falls-Maun route due to low bookings

By The voice Zimbabwe’s low-cost airline, Fastjet, has suspended its flights from Victoria Falls to Botswana’s tourism capital, Maun, just a year after launching the then seemingly lucrative route in June 2022. The airline faced low bookings and recently pulled out, leaving the route at the service of chartered flights. The airline’s spokesperson, Nunurai Ndawana, confirmed

Confusion as recent Court Order renders all NECs “illegal”

By Alois Vinga CRISIS is set to strike the Labour Market following a recent Court Order rendering all the National Employment Councils (NECs) illegal, a position which some legal experts believe is a misinterpretation of the amended Labour Act. The matter was triggered by a Court Judgment delivered by Justice Moya-Matshanga in the DGL Investments Number