Companies

Companies

Meikles Limited registers sale declines across all segments

By Alois Vinga MEIKLES Limited says it recorded sale declines across its hospitality, agriculture and supermarket segments in both the last trading quarter and nine-month period ending December 31 2019. Presenting a trading update recently, the group’s company secretary, Thabani Mpofu said all segment performances were lower than those recorded in the prior year. “The

Tafadzwa Musarara

Millers rally behind Musarara as Wadyajena resumes fight with GMAZ boss

By Staff Reporter THE fight between Lands parliamentary committee chair, Justice Mayor Wadyajena, and Grain Millers Association of Zimbabwe chairman, Tafadzwa Musarara, continues Tuesday despite millers last week having rallied behind the later on how the US$27 million wheat facility extended to the association’s suppliers of the cereal by the Reserve Bank of Zimbabwe was

Industry Minister Sekai Nzenza

Massive companies closure loom as industry productivity drops to 27 % – CZI

By Alois Vinga A top economist says industrial capacity utilisation could decline to 27 % this year if government does not take a step to dumping its destructive policies. Confederation of Zimbabwe Industries (CZI), chief economist, Tafadzwa Bandama made the remarks while presenting CZI’s 2019 Manufacturing Sector Survey in Harare recently. “The decline signifies 9.4

Industry Minister Sekai Nzenza

Govt pledge to revive Bulawayo industry

By Bulawayo Correspondent GOVERNMENT says it has come up with a raft of strategies to both resuscitate and restructure distressed industries in Bulawayo. Once the country’s industrial hub, Bulawayo has suffered company closures and the relocation of firms to Harare in the last two decades, resulting in loss of jobs for thousands of residents. Speaking

Mines Minister Winston Chitando

Govt owed US$200 million in outstanding mine fees

By Robert Tapfumaneyi GOVERNMENT will not hesitate to withdraw mining title to companies which are in default of annual renewal fee payments, Mines Minister Winston Chitando has said. He was speaking during a post-cabinet media briefing in Harare Tuesday. Chitando said miners owed government up US$200 million in unpaid fees. “All holders of mining title

Apple warns coronavirus will hurt iPhones supplies

BBC Apple has warned that disruption in China from the coronavirus will mean revenues falling short of forecasts. The tech giant said production and sales were affected, and that “worldwide iPhone supply will be temporarily constrained”. The iPhone maker is the first major US company to say that the epidemic will hit its finances. Apple,

Factories Grind to a Halt as Zimbabwe’s Economy Implodes

Bloomberg GARY Green is no stranger to adversity. The burly Zimbabwean has survived a brain tumor and rebuffed the seizure of his machinery business by people who claimed he was a foreigner and demanded he hand over control. Now even Green’s resolve will be tested as an imploding economy, rampant inflation, and Zimbabwe’s crippling shortage

Companies Call For Political Reforms As Economy Crumbles

By Alois Vinga COMPANIES operating in Zimbabwe have bemoaned the continuous depreciation of the local dollar’s value making the operating environment highly unpredictable. To stabilise, some companies have called for the government to immediately implement political reforms. In a recent trading update, Paper and Packaging Group, NAMPAK Zimbabwe, said the three month period from 1

NAMPAK Records 30% Sales Decline

By Alois Vinga PAPER and packaging group Nampak Zimbabwe’s volumes continue to decline after seeing another quarter registering a downward trend across all portfolios by 30%. According the group’s trading update covering the firm’s first quarter shows a trend of sales declines. “Volumes at Hunyani for the first quarter were down on the prior year

Watch: French Company Commissions US$1m Tiles Adhesive Plant

By Alois Vinga SAINT Gobain Construction Products Zimbabwe (SGCPZ), a French-owned company, Wednesday commissioned a US$1 million plant for tile adhesives which will increase the company’s production and create jobs. The plant is in Msasa, Harare. Speaking at the commissioning, SGCPZ general manager, David Zimano said the plant will be key in improving the company’s

CAFCA Export Sales Up 69% As Local Market Registers Decline

By Alois Vinga LISTED cable manufacturer, CAFCA has reported a 69 % export sales increase at a time when local sales volumes continue to register a decline during the first quarter ended December 31 2019. In a latest trading update, the company attributed the rise in exports to internal strategies being employed by the company.

SeedCo Bemoans Inflation’s Effect On Tax Reductions As Volumes Plunge By 24%

By Alois Vinga ZIMBABWE’S biggest seed processor, SeedCo Limited says tax reductions extended to business by government last year, will be eroded by inflation at a time when the company’s sales volumes have gone down 244%. In a trade update, SeedCo company secretary, Terrence Chimanya said while the measures introduced by government are welcome, there

Social Welfare Minister Paul Mavima

Mavima Challenges Business To Help Less Fortunate

By Idah Mhetu SOCIAL Welfare Minister Paul Mavima Friday challenged the business community to develop a culture of giving back to the community. Speaking during a breakfast meeting with the aged at Bako Redonhodzo Old People’s home in Highfields, Harare, Mavima urged the business community donate to the less fortunate and not wait for government

GMAZ chairperson Tafadzwa Musarara

Millers affirm commitment to govt grain subsidy programme, import 80k grain per month

By Staff Reporter LOCAL millers have reiterated their commitment to government’s grain subsidy programme and have committed to importing 80 000 metric tonnes of the staple each month after government cereal agent, Grain Marketing Board (GMB) has run out of the agro-based produce to distribute to millers. In a statement Friday, the Grain Millers Association

Minister Sekai Nzenza

Minister Nzenza dissolves IDCZ board

By Alois Vinga INDUSTRY Minister, Sekai Nzenza has moved to dissolve the management board of Zimbabwe’s leading industry corporation in a style that has become synonymous with most new cabinet ministers. In a statement Friday, Nzenza announced the dissolution of the board which comes as a matter of urgency. “As part of realignment to the

Stalemate as government, business collide with labour over wages

Leopold Munhende WEDNESDAY’s Tripartite Negotiating Forum (TNF) ended in a stalemate following threats of a crippling strike by labour leaders to government and business if their wage demands were not met by Friday. The meeting was supposed to have solved the worsening wage crisis but government requested more time to look into the matter with

ZITF set to host inaugural Diplomats Forum

By Mbekezeli Ncube THE Zimbabwe International Trade Fair (ZITF) will this year convene a Diplomats Forum in what could be a move by organisers of the annual event to promote the country’s trade relations with the outside world. The annual multi sectoral trade showcase is scheduled for 21-25 April and it will be held under

Telecel workers down tools as firm’s operational troubles mount

By Alois Vinga WORKERS at the country’s smallest mobile telecommunications service provider, Telecel Zimbabwe Monday downed tools in protest over network inefficiency, coupled with poor resourcing within the troubled entity. The industrial action becomes the first incident of that magnitude within the country’s communications sector in recent times. Speaking to NewZimbabwe.com Business, Communications and Allied