Business

Business

Zimplow exports suffer 64 % drop due to Covid-19 induced market closures

By Alois Vinga LISTED agro-industrial firm, Zimplow Holdings has recorded a 64% drop due to the effects of the Covid-19 pandemic lockdown regulations imposed by regional governments. Presenting a trading update recently, the firm’s company secretary, Max Chinorwadza bemoaned the pandemic’s impact of company fortunes. “The export business experienced a 64% drop compared to prior

Finance Minister Mthuli Ncube

Zimbabwe: IMF hammers country already on its knees

New African Magazine Mercifully, Zimbabwe’s infection and death rates from Covid-19 are so far very low but the economy, already labouring under the effects of drought, has been hit by the lockdowns. Worse, the IMF has decided it cannot advance any of the $50bn facility to help developing countries out of this crisis to Zimbabwe.

Zimbabwe rakes in $64.4 million in tobacco sales

ANA Zimbabwe has raked in US$64.4 million from the sale of 28.2 million kilograms of tobacco in 16 days compared with last year, Zimbabwe media reported, citing statistics released by the Tobacco Industry and Marketing Board (TIMB). According to a report in the state-run daily newspaper The Herald, an estimated 97% of the tobacco delivered

Strive Masiyiwa

Masiyiwa completes 100kW solar mini-grid in Bulilima

ESI-Africa Pan-African philanthropist Strive Masiyiwa has completed a 100kW solar power project at Ndolwane in Bulilima district, through his ‘Re-Imagine Rural’ initiative. Masiyiwa broke the news on his Facebook blog, where he stated: “There is a place in rural Zimbabwe called Ndolwane. It is in a part of the country known as Matabeleland. We chose

Fuel Shortages Recur As Business Returns To Normal

By Makanaka Masenyama THE easing of lockdown restrictions by government over a week ago has seen business return to near normal with now an increased demand for fuel among motorists, something that has resulted in long winding queues resurfacing. The Zimbabwe Energy Regulatory Authority (ZERA) confirmed the country was experiencing a number of challenges in

NRZ Offers Free Rail Cargo To Transport Covid-19 Goods

By Bulawayo Correspondent STRUGGLING National Railways of Zimbabwe (NRZ) has availed free transport for the movement of goods and commodities meant to assist in the fight against Covid-19 to every entity demanding the services. The State-run company’s public relations manager, Nyasha Maravanyika confirmed the development to NewZimbabwe.com and said the decision to provide free transport

Acting ZTA chief executive Givemore Chidzidzi

ZTA Drafts Post Covid-19 Tourism Recovery Plan

By Matabeleland North Correspondent THE Zimbabwe Tourism Authority (ZTA) is drafting a‘destination Zimbabwe tourism recovery plan’ whose purpose will be to facilitate the recovery of the tourism sector post Covid-19. This comes as the United Nations World Tourism Organisation (UNWTO) estimates that in 2020, global international tourist arrivals could decline between 20% and 30% with international

Natalie Jabangwe

Executives Face Penalty Charges Over Abuse Of EcoCash Platform

By Alois Vinga TWO executives of mobile money transfer platform, EcoCash, face penalty charges for allegedly destabilising the country’s already fragile economy through failure to manage the system. The warning was delivered to EcoCash chief executive Natalie Jabangwe and Eddie Chibi, a director, by the Reserve Bank of Zimbabwe (RBZ) Financial Intelligence Unit acting director,

Rugare Dhobbie

Hwange Colliery Eyes Regional Markets As Foreign Shortages Persist

By Alois Vinga THE worsening foreign currency shortages in the country have pushed Hwange Colliery Company Limited (HCCL) to target six regional market destinations as part of the coal miner’s strategy to remain productive, and export earnings. Presenting a trading update this week, HCCL acting company secretary, Rugare Dhobbie said exports to the six countries

Agribank, IDBZ Removed From US Sanctions List

By Leopold Munhende TWO local banks with links to the Zimbabwe government – Agribank and the Infrastructure Development Bank of Zimbabwe (IDBZ) – were this week removed from the United States (US) sanctions list. The American Department of the Treasury announced the decision. “The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending

John Mangudya

Zimbabweans Don’t Understand Economics: Mangudya

TimesLIVE RESERVE Bank of Zimbabwe governor John Mangudya prays for Zimbabweans to “understand economics”, as annual inflation stands at 934%, according to independent economists. Government figures claim a 676% inflation rate as of March. Appearing on Wednesday before parliament’s budget and finance committee, led by Felix Mhona, Zanu-PF’s Chikomba Central MP, Mangudya said: “I pray

Static Interbank Rate Chokes Tobacco Market

By Alois Vinga THE unchanging interbank rate which has been overtaken by the parallel market rate is presenting a high risk to the opening of the tobacco selling season to illegal buyers who purchase the golden leaf using hard currency. Speaking to NewZimbabwe.com Business Wednesday, Tobacco Industry Marketing Board (TIMB) chairman, Patrick Devenish said most

Lafarge Cement Zimbabwe Expects 30% Decline In Cement Volumes In 2020

By Business Reporter LAFARGE Cement Zimbabwe Limited has said business volumes have declined considerably due to low demand amid the Covid-19 pandemic. The Lafarge Holcim subsidiary said the lockdown will have an inevitable impact on volumes for the second quarter in 2020. “It is projected that 2020 volumes will decline by 30% with the possibility

Covid-19 impact forces NMB to accelerate digitalisation programmes

By Alois Vinga ZIMBABWE Stock Exchange (ZSE) listed financial unit, NMB Bank Limited says it has suspended expenditure on all projects outside its new digitised systems occasioned by the Covid-19 pandemic. The details were revealed by the NMB company secretary, Shumirai Pashapa during a trading update presentation recently. “In this time of unprecedented economic and

Buyanga (centre) pictured with Sierra Leone President Julius Maada Bio (left) and another official

Buyanga’s AMG praised by Liberian govt over lockdown donations to migrants

By Staff Reporter SOUTH Africa based Zimbabwe businessman Frank Buyanga’s companies – African Medallion Group (AMG) and Hamilton Foundation – have received praise by the Liberian embassy for landing a helping hand to Liberians, who are among different migrant groups experiencing hunger during the Covid-19 induced lockdown in the neighbouring country. Among some of the

Tough times beckon for Zim agric shows set to be held same months this year

By Matabeleland North Correspondent THE National Association of Agricultural Show Societies of Zimbabwe (NAASSZ) has rescheduled the various agricultural shows countrywide to almost the same periods in September and October this year owing to the Covid-19 scare in the country. Under normal circumstances, agricultural shows start in April with the Bulawayo Agricultural Show which runs

ZETDC Commissions Net Metering Project to boost power production

By Staff Reporter The Zimbabwe Electricity Transmission and Distribution Company(ZETDC), a subsidiary of ZESA, has commissioned a Net Metering project that will enable customers with excess solar energy on their rooftops, small solar power plants and even bigger solar plants to sell to the national grid. Zimbabwe Energy Regulatory Authority (ZERA) Customer Services Manager, Nobert

CNRG director Farai Maguwu

Mining companies violating lockdown regulations – rights group

By Staff Reporter GOVERNMENT must take lessons from Covid-19 lockdown experiences to fine tune policies meant to protect ordinary workers from apparent injustice during emergency situations. These sentiments were expressed by rights group, Centre for Natural Resources Governance (CNRG) in its assessment of workers’ rights in the mining sector during the current lockdown period. According