Companies

Companies

Gold producer Falcon has been granted a reprieve

New Dawn Mining Corporation grants Falcon Gold 12 month’s loan reprieve

By Alois Vinga CANADIAN based gold miner,New Dawn Mining Corporation has given its Zimbabwean subsidiary, Falcon Gold a year’s breathing space to repay their loans amid evidence that the latter is in financial dire straits. The decision was communicated recently by Falcon Gold’s board chairperson, Ian Saunders after clarifying the critical financial position which the company is

Property market slows down as inflation, Zim dollar resistance takes toll

By Alois Vinga COMPANIES in the property sector say business has slowed down due to the negative impact of the Zimbabwe dollar on their systems as well as shrinking levels of disposable incomes among potential clients. Speaking on the recent performance of the property sector in the first half of 2019, First Mutual Properties (FMP)

Companies rake in profits despite depressed demand

By Alois Vinga COMPANIES in Zimbabwe continue to rake in huge profits on the back of continued price increases despite operating in an environment characterised by reduced product demand and poor customer purchasing power. Companies such as National Tyre Services’ revenue came in at ZWL$8.6 million which was 42% above budget and 113% above the

Govt: Thermal Coal to produce 2 400 megawatts of electricity by 2023

By Alois Vinga MINES and Mining Development Minister, Winston Chitando on Thursday said government was planning to work towards generating energy by taking advantage of thermal coal which has the potential to generate over 2 400 megawatts by 2023. Speaking at the second quarter state of the economy business breakfast forum, Chitando expressed optimism over

Chicken production is becoming more expensive due to license fees

Expensive and repetitive licence fees choke chicken producer

By Alois Vinga THE country’s largest chicken and egg producer, Irvines has called on government to review expensive licence fees being charged by the National Biotechnology Authority (NBA) and the Agriculture Marketing Authority (AMA) in order to improve the ease of doing business. Irvine’s chief executive officer David Irvine bemoaned the exorbitant fees being charged.

Zim banks profit out of transaction charges

By Alois Vinga BANKING institutions which have so far reported their financial performances for the first half of 2019 raked in millions derived from transaction fees, monthly account service charges and commission fees among others, registering a revenue growth of between 40% and well above 100% . An analysis of various financial statements that have

Agribank roped in to manage govt’s US$100 million plus projects

By Alois Vinga THE Agricultural Development Bank of Zimbabwe (Agribank) has been requested by government to manage its various repayment facilities. The move is aimed at improving accountability as well as plug leakages which have resulted in the loss of tax payers’ revenue in the past. Speaking on the financial institution’s appointment Thursday, Agribank chief

Padenga Holdings approves acquisition of majority stake in Dallaglio

By Alois Vinga CROCODILE skin exporter, Padenga Holdings Limited (PHL)’s shareholders on Wednesday approved the decision to acquire 50.1% stake in the renowned mining giant Dallaglio Investments in a move which will give the company controlling stake. The decision was reached at an Extra Ordinary General meeting held in Harare. “The 50.1% stake which is

Tobacco cigarette manufacturers have lost revenue due to smuggling in the sector

Cigarettes manufacturer: ZIMRA is losing US$2 million annually due to tax leakages

By Alois Vinga LEADING cigarette manufacturer, British American Tobacco (BAT) on Monday said the Zimbabwe Revenue Authority (ZIMRA) is losing around US$2 million annually due to leakages in the country’s taxation system. BAT said the long-term effects are that law abiding companies are exposed to unfair competition by smugglers. The company’s acting managing director  Stephen

Fresh produce delivery for horticulture farmers has a fresh platform

Innovative online grocery platform 10ngah.com transforms farming in Zimbabwe

By Staff Reporter 10ngah.com, a marketplace leader in online shopping applications, has expanded its popular service online grocery service in Zimbabwe to the farming and produce sector. Several farming operations have selected 10ngah to expand their distribution and reach 10ngah’s young demographic base. The new service offering was created to help farmers sell their produce

ZimTrade CEO Allan Majuru

ZimTrade Outward Trade delegation set for UK Mission

By UK Correspondent A high-powered delegation from ZimTrade, Zimbabwe’s trade development and promotion organisation, will visit the United Kingdom (UK) on an Outward Trade Mission from the 2-6 September 2019. The delegation is set to meet a number of businesses, companies and industry players as well as diaspora entities in a bid to strike rapport

Finance Minister Mthuli Ncube

Nampak Zimbabwe Limited feels SI 142 impact, Zim dollar depreciation

By Alois Vinga PAPER and packaging group, Nampak Zimbabwe has slammed a recent ban on the multi-currency system by government Government, through Statutory Instrument 142/2019, recently outlawed the use of multi-currencies in domestic transactions and reintroduced the Zimbabwe dollar as sole tender in the country. In a recent trading update, the organisation’s company secretary, Keith

ZAS 2019 kicks off with 18% space uptake increase

By Alois Vinga THE Zimbabwe Agricultural Show (ZAS) kicked off Monday after recording an 18% increase space uptake indicating the vast business opportunities in the exhibition. In a recent exhibition update statement, ZAS chief executive, Anxious Masuka said that more exhibitors are coming on board for this year’s edition. “Regarding exhibition space, we had 381

ZB to launch aggressive diaspora banking product, ropes in Ria Money Transfer

By Alois Vinga FINANCIAL services group, ZB Financial Holdings (ZBHF) will soon launch an aggressive diaspora banking product which will lessen the risk associated with sending money for targeted use through dishonest family members. This comes at a time when the institution has also partnered globally acclaimed Ria Money Transfer to serve its client base.

English football giants Arsenal, WorldRemit re-launch Future Stars

By Staff Reporter ENGLISH football powerhouse, Arsenal has partnered mobile money transfer agency, World Remit to sponsor a male and female coach from Africa or the Americas to attend an exclusive training programme with the London club. The training programme, launched by the club and World Remit, is being held under the auspices of the

Caledonia targets 80 000 ounces yearly at Blanket Mine

By Alois Vinga LONDON Stock Exchange (LSE) listed mining giant, Caledonia Mining Corporation says plans to increase gold output to 80 000 ounces per year at its Zimbabwean subsidiary, Blanket Mine, are still on course. The company’s chief executive, Steve Curtis, in a recent production update, said plans were on track to achieve the production