Companies

Companies

PPC Clears Bond Programme With S&P Global Ratings

By Alois Vinga LISTED cement producer, Pretoria Portland Cement Company says it has cleared the bond program debt and cut off the ratings service agreement with the ratings agency S&P Global Ratings. In a statement, PPC said the termination of the agreement came soon after settling the debt. “We wish to inform shareholders that it

CBZ reintroduces international travel insurance

By Business Reporter CBZ Insurance has reintroduced its international travel insurance set to benefit policy holders on matters of personal safety, baggage damage and other unforeseen financial losses going away for trips. The programme covers business or recreational travellers. Under the insurance initiative, CBZ Insurance undertakes to ensure those covered receive immediate and direct assistance

Blanket Mine’s Gold Production Jumps 24%

By Alois Vinga   BLANKET Mine’s gold production in the fourth quarter of 2019 increased by 24%, surpassing initially set targets in a development indicating positive output from the mining giant’s strategic plans.   Speaking on the performance, Caledonia Mining Corporation’s chief executive, Steve Curtis said gold output in the last quarter exceeded past records.

ZESA Reinstates Whistle-Blower Workers

By Alois Vinga ZIMBABWE Electricity Supply Authority (ZESA) has reinstated eight employees who were dismissed from work last three years ago after exposing massive corrupt activities happening at the parastatal. After their dismissal, the workers appealed against the decision to President Emmerson Mnangagwa who ordered their immediate reinstatement, but ZESA declined to carry out the

Zim miner’s rare ore used in manufacturing glass passes secondary test stage

By Alois Vinga ZIMBABWEAN lithium company, Prospect Resources, which is listed on the Australian Stock Exchange, says its ultra-low iron petalite product has progressed through the secondary qualification process with one of the world’s largest glass-ceramic manufacturers, based in Europe. Within the glass-ceramics market, ultra-low iron petalite is a key ingredient in the manufacture of

Under fire...Telecel boss Angeline Vere

Telecel boss dismisses incompetency claims, blames economy for company woes

By Alois Vinga TELECEL Zimbabwe’s chief executive officer, Angeline Vere has come out guns blazing dismissing claims she was too incompetent to effectively run the struggling mobile telecoms firm. Vere blamed the tough economic environment and power outages for the organisation’s poor performance. In an official response Friday, Vere said Telecel’s plunge in profits –

South African Airways ordered to pay US$870k weather fees

By Mary Taruvinga SOUTH African Airways (SAA) has been ordered by Zimbabwean High Court judge Ephraim Tagu to pay the country’s Environment, Water and Climate Ministry a total of US$877 435 in meteorological weather fees. The judgment comes after a six-year legal battle during which SAA was challenging the claim. The claim was made by

Power outages prompt 20% mining sector output losses for 2019

By Alois Vinga ZIMBABWE’S ongoing power shortages contributed to at least 20% output losses to the country’s mining sector, the 2019 third quarter treasury bulletin published by the Finance Ministry has reported. The bulletin acknowledged that the majority of players in the extractive sector experienced severe power outages. “Power shortages was the major challenge for

Coca-Cola Company, Delta Finalise Renewal Deal

By Alois Vinga LISTED beverages giant, Delta Corporation Limited is working closely with The Coca –Cola Company (TCCC) towards the renewal of a bottler’s agreement, company chairman, Canaan Dube has revealed. Dube made the remarks in a recent trading update to shareholders accompanying financial results for the period ended September 30 2019. The company has

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Zimbabwe’s Delta lager sales hit by power, fuel shortages

By Reuters HARARE – Zimbabwe’s Delta Corporation, the country’s largest drinks maker, reported a 48% fall in half-year lager sales compared with the same period last year after output and distribution were hit by shortages of electricity and fuel. The worst economic crisis in a decade in Zimbabwe has been compounded by a drought that

GMAZ chairperson Tafadzwa Musarara

Millers confront top govt official for favouring cronies with grain subsidy

By Staff Reporter MILLERS have threatened legal action against one of the Finance Minister, Mthuli Ncube’s top aides for allegedly creating artificial shortages of mealie-meal. Andrew Bvumbe, who heads the ministry’s Zimbabwe Aid Debt Management, is accused of denying over 40 millers access to state-funded maize for affordable mealie-meal production. On 5 December, Ncube announced,

NetOne’s back to basics strategy pays off as firm’s product offerings gain ground

By Alois Vinga ZIMBABWE’S second largest mobile telecoms operator, NetOne’s back to basics strategy continues to pay off as reflected by the recent Postal and Telecommunication Regulatory Authority of Zimbabwe (POTRAZ) third quarter sector performance report which shows the firm’s product offerings are gaining considerable ground. The report says that NetOne recorded the biggest growth

We have the capacity to feed the nation...GMAZ chair Tafadzwa Musarara

Govt dumps favouritism on subsidy beneficiary milling firms to ease roller meal shortages

By Staff Reporter GOVERNMENT will, starting this coming week, indiscriminately place all millers in the country on the subsidy programme so they all access maize from the GMB and intensify roller meal production. This came out Friday at a meeting which the country’s Millers’ apex representative body, Grain Millers Association of Zimbabwe GMAZ held with

Econet’s market share increases by 3.5 %

By Alois Vinga ZIMBABWE’S largest mobile network operator, Econet’s market share increased by 3.5% between the first and third quarter of 2019 after registering substantial growth in most areas of business, Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) director general, Gift Machengete has revealed. The POTRAZ boss made the remarks recently while presenting the

StarAfrica’s sugar production down 4 000 tonnes due to power shortages

By Alois Vinga LISTED sugar producer, StarAfrica Corporation Limited (SACL) production went down 3 744 tonnes in the firm’s first half ended September 30 2019 owing to choking electricity shortages obtaining nationwide. Speaking during the presentation of financial performance recently, SACL chairman, Joseph Mutizwa said power shortages affected productivity. “Our subsidiary, Gold Sugars Harare produced

StarAfrica’s Sugar Production Down 4 000 tonnes Due to Power Shortages  

By Alois Vinga LISTED sugar producer, StarAfrica Corporation Limited’s (SACL) sugar production went down 3 744 tonnes in the firm’s first half ended September 30 2019 owing to choking electricity shortages obtaining nationwide. Speaking during the presentation of financial performance recently, SACL chairman, Joseph Mutizwa said power shortages had seriously affected productivity. “Our subsidiary, Gold Sugars

Hippo Valley’s Sugar Production Increases By 21%

By Alois Vinga HIPPO Valley Estates Limited managed to increase sugar cane production by 21% resulting in a profit increase of $85 million in the financial year ended March 31 2019, company’s chairman, Dan Marokane, has announced. He made the remarks Friday in a statement accompanying the sugar producer’s financial performance. “Revenue for the year

Econet’s Cassava Launches VAYA Air Charter

By Matabeleland North Correspondent VICTORIA FALLS: Econet’s subsidiary, Cassava Smartech Thursday launched a unique VAYA Air Charter and VAYA Hopper facility to ease tourists and business executives’ travels in the resort town and other parts of Zimbabwe. The VAYA Air Charter allows travellers to send an email or call a toll-free number for enquires and