By Alois Vinga AT least 600 workers at Surface Wilmar and Olivine Industries are beginning to feel the heat in the current electricity cuts as the two companies have resorted to sending them back home due to depressed productivity. Surface Wilmar country head, Narottan Somani told Deputy Industry Minister Raj Modi, during a plant tour
By Agencies Zimbabwe telecoms sector has for the first time ever in the past 4 years recorded a major revenue dip while they continue to suffer serious inflationary pressure as the government tightens the noose on price controls. The latest Potraz sector performance report for the first quarter of 2019 indicated a major revenue decline
By Alois Vinga TELECOMMUNICATIONS conglomerate Econet Wireless is struggling to repatriate its funds from Zimbabwe a situation that has negatively affected its bid to pay creditors creating major challenges for its Econet Media owned Kwese TV. Econet Media chief executive officer, Joseph Hundah, told the media recently that the failure to repatriate funds is affecting
By Alois Vinga THE Legacy Hospitality Management Services (LHMS) has challenged the termination of a contract by African Sun Limited signalling what may become a long legal battle in the country’s hospitality sector. In 2015, African Sun entered into an agreement which gave LHMS rights to run hotels which include Elephant Hills in Victoria Falls,
By Alois Vinga AGRICULTURAL firm, Border Timbers is swiftly moving out of the woods after recording a profit of RTGS$3.4 million in the period ending March 31 2019, bringing contrasting fortunes with last year when the company made a loss. The company’s judicial manager, Peter Bailey told shareholders Thursday that a net profit of RTGS$3.45
By Alois Vinga GOVERNMENT’s move to scrap the ten year-old multi-currency system and designation of the Zimbabwean Dollar as sole legal tender will force Fidelity Life Assurance (FLA) to discontinue insurance products that it was selling in foreign currency. FLA board chairman Fungai Ruwende told NewZimbabwe.com Business Wednesday that the company will also pull out
By Alois Vinga THE Harare Agricultural Show will this year be rebranded to the Zimbabwe Agricultural Show in a move that has seen the Zimbabwe Agricultural society increasing exhibition space to cater for the event’s new outlook. Speaking to journalists on the new brand Tuesday, ZAS chief executive, Anxious Masuka said that this year’s edition
By Alois Vinga PROPLASTICS Limited says current foreign currency shortages and power cuts were choking the operations of the pipe manufacturer. In a recent trade update, Proplastics Limited chief executive, Kudakwashe Chigiya told NewZimbabwe.com Business that forex challenges were negatively impacting on the company’s viability. “Excruciating foreign currency shortages and the decapitating supply of electricity
By Alois Vinga ZIMBABWE Stock Exchange (ZSE) listed company, Amalgamated Regional Trading (ART) Corporation has recorded a 30% surge in regional export sales as the firm remains geared to penetrate regional firms in a similar pattern being pursued by many companies in the country. The group’s chairman, Thomas Wushe announced recently that export sales in
By Alois Vinga THE critical foreign currency shortages obtaining in the economy have pushed companies to increase export sales and push up foreign currency earnings going forward in a move aimed at achieving self-sustenance and real growth. An assessment carried out by NewZimbabwe.com Business shows that various businesses have tabled strategic plans to rake in
By Alois Vinga Gold producer, Metallon Corporation has suspended operations at a shaft in How Mine after an accident which claimed one and injured four. In a statement, the mining giant revealed the details of the accident and assured the injured were receiving medical attention. “We regret to advise of an accident at Bulawayo Mining
By Alois Vinga GetBucks Microfinance Bank Limited (GetBucks)’s loan book has registered 300% growth and the increase has prompted the financial institution to start pursuing a full commercial banking licence. The company’s chief finance officer, Paul Soko told NewZimbabwe.com Business that the institution has been registering significant growth since its inception. “Since establishing the microfinance
By Alois Vinga TELECOMMUNICATION mogul, Strive Masiyiwa’s Econet Group’s subsidiary, Cassava Smartech and its siter technology solutions company, Comviva have scooped the East Africa Com Award, under the “Changing Lives” category for the transformation and impact brought about by the EcoCash platform’s mobile money transfer service. Cassava Smartech chief executive, Eddie Chibi expressed gratitude and
By Alois Vinga LOCAL hotelier, the Rainbow Tourism Group Limited’s (RTG), has seen its share price increase tenfold owing to good management practices, chief executive officer Tendayi Madziwanyika has said. The performance according to Madziwanyika has helped the company’s balance sheet to a growth trajectory. In an interview with NewZimbabwe.com Business Wednesday, Madziwanyika said the
By Alois Vinga THE Deposit Protection Corporation (DPC) has maintained the 1:1 rate between the US dollar and the local RTGS currency when compensating clients whose banks shut down prior to the introduction of the local currency. DPC Public Relations manager, Allen Musadziruma revealed this to NewZimbabwe.com Business at a time local currency has significantly
By Alois Vinga THE Commercial Bank of Zimbabwe (CBZ) is waiting for a response from the United States Treasury’s Office of Foreign Assets Control (OFAC) over the status of the US$385 million worth penalty which was slapped on the financial institution for undertaking multiple transactions on behalf of ZB Bank which was then placed under
By Alois Vinga THE Zimbabwe Miners Federation (ZMF) has struck a deal with Glow Petroleum in a development that will see the country’s small scale miners accessing fuel without enduring long queues. This, according to ZMF president Henrietta Rushwaya is aimed at boosting productivity in the mining sector. Speaking to NewZimbabwe.com Business Friday, Rushwaya said
By Alois Vinga TELECOMMUNICATIONS giant, Econet Wireless has relatively lower ratings in both household and corporate satisfaction when compared to all eight internet operators in the country. This is revealed in a recent consumer satisfaction report published by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz). Measured against five service expectations for household consumers,
By Alois Vinga GOVERNMENT’s decision to adopt the RTGS$ has caused pain to blue-chip local milk supplier Dairibord Holdings with the company’s income falling 52% for every litre sold. Chief executive officer Antony Mandiwanza, told NewZimbabwe.com Business last Friday, that the current operating environment is pushing the company’s sales value down. “Compared to previous years,
By Staff Reporter FORMER Steward Bank chief executive officer and crusading financial engineering proponent, Lance Mambondiani resigned on his own accord, the financial institution has said. In a statement, released Friday, Steward Bank poured cold water on media reports that the bank owned by telecommunications mogul Strive Masiyiwa had parted ways with its captain of
