Companies

Companies

Caledonia Bemoans SA’s Lockdown Effect On Zim Operations

By Alois Vinga CALEDONIA Mining Corporation has bemoaned the decision taken by the South African government to lock down the country for 21 days as it battles to contain the fast spread of the coronavirus saying it would affect the importation of spares needed for use in their operations in Zimbabwe. The lockdown is aimed

Companies Struggle To Publish Results Due To Hyperinflation

By Alois Vinga MOST companies listed on the Zimbabwe Stock Exchange (ZSE) are finding it difficult to release their annual financial performance results due to the demanding hyper-inflationary reporting standards. The reporting format is set out under International Accounting Standards 29, which requires companies to avail historical information and the selection of a pricing index.

Zim Dollar Depreciation Creates Savings For Blanket Mine

By Alois Vinga THE Zimbabwe dollar’s continued depreciation has created huge savings for Toronto Stock Exchange listed miner; Caledonia Mining Corporation (CMC) through its Zimbabwe run Blanket Mine due to devalued bank loans and electricity bills. The corporation’s chief executive officer, Steve Curtis acknowledged that an additional US$30 million on profits was prompted by the

Emirates to suspend all passenger flights from March 25

AFP Dubai carrier Emirates Airline announced on Sunday it will suspend all passenger flights from March 25 amid the novel coronavirus outbreak. “By Wednesday 25 March, although we will still operate cargo flights, which remain busy, Emirates will have temporarily suspended all its passenger operations,” the airline’s chairman and CEO Sheikh Ahmed bin Saeed Al-Maktoum

Permission granted...Finance Minister Mthuli Ncube

Mthuli Ncube gives regulators green light to revalue insurance policies

By Alois Vinga FINANCE Minister, Mthuli Ncube has given regulators the permission to revalue insurance policies in line with currency conversion developments. Statutory Instrument 69 of 2020 published Friday says such guidelines will be made in the interest of insurance policy holders. “Whenever the Commission considers it necessary, convenient and in the best interest of

Afreximbank extends training to Zim bankers after noticing errors

By Alois Vinga THE Africa Export-Import Bank (Afreximbank) has concluded a six-day training workshop which was organised to equip some 15 representatives from Zimbabwean commercial banks with technical skills in trade finance. The programme took place in Harare and attracted 44 participants covering areas which include documentary letters of credit, bills for collection, bank guarantees,

200 Bulawayo SMEs shortlisted for ILO sponsored training

By Bulawayo Correspondent A total of 200 Small and Medium Enterprises (SMEs) in Bulawayo have been shotlisted to undergo a five-day International Labour Organisation (ILO) funded Start and Improve Your Business (SIYB) training programme. SIYB is an ILO management training programme with a focus on starting and improving small businesses as a strategy for creating

Economic Instability Forces Axia Corporation To Revamp Strategies

By Alois Vinga RETAIL and specialty distribution group, Axia Corporation Limited says it will revamp its management strategies to enable quick and swift decision making in order to absorb the shocks in the country’s economic environment. The group’s chairman, Luke Ngwerume, this week said the obtaining economic environment required relevant risk management techniques in order

Lazarus Muchenje

Suspended NetOne CEO Muchenje Reinstated

By Mary Taruvinga HIGH Court judge, Chirawu-Mugomba has reinstated suspended NetOne chief executive, Lazarus Muchenje after she declared the board’s decision was null and void. The ruling follows a chamber application filed by Muchenje challenging his suspension last month. He was seeking to overturn the decision made by the NetOne board members, Susan Mutangadura, Winstone

Liquid Telecom Dangles 50% Data Discounts To Cushion Struggling customers

By Alois Vinga INDEPENDENT data, voice and Internet Protocol provider Liquid Telecom Monday announced a 50% data discount facility which is aimed at helping clients struggling to afford internet services due to the obtaining economic challenges. Speaking to NewZimbabwe.com Business Monday, Liquid Telecom Southern Africa Region’s chief executive Wellington Makamure said the package is aimed at cushioning

Precious Nyika

Nyika takes over Lafarge Cement as new CEO

By Alois Vinga CEMENT manufacturer, Lafarge Zimbabwe (Limited) has appointed Precious Nyika as Chief Executive Officer with effect from March 1 2020. She takes over from Kaziwe Siame Kaulule who has been elevated to another challenging position within the company. In a statement, the company’s board chairman, Kumbirai Katsande described the new CEO as a

CBZ rolls out New Refreshed Brand Identity

CBZ Holdings has launched a new visual identity, as the Group consolidates its market leadership, and enhances the financial services provider’s standing as a trusted and progressive player. CBZ is one the largest financial services institution in the country and its involvement in the sector encompasses banking, insurance, investments, risk advisory, agribusiness and microfinance. The

Energy Minister Fortune Chasi

Corona Virus stalls Hwange Power Station Renovations

By Leopold Munhende TRAVEL restrictions on Chinese nationals into the country following outbreak of the deadly Coronavirus (COVID-19) has stalled renovations at Hwange Thermal Power Station, Energy Minister Fortune Chasi has said. Chasi told NewZimbabwe.com Tuesday Chinese nationals employed by contractors working on Hwange’s 6, 7 and 8 Units were still holed up in China

Zim gets a fuel price breather – but queues remain

Fin24 Zimbabwean motorists are paying slightly more for petrol and much less for diesel, according to price changes announced by Zimbabwe Energy Regulatory Authority. The changes took effect on Friday. The price of petrol per litre is up 12 cents to Z$18.40 in the local currency, while that of diesel per litre will be Z$2.27

Falcon Gold opts out of Zimbabwe Stock Exchange

By Alois Vinga The Zimbabwe Stock Exchange (ZSE) has moved to suspend Falcon Gold Zimbabwe (Falgold)’s shares at the mining giant’s request. Speaking on the move, ZSE chief executive, Justin Bgoni confirmed this was Falgold’s wish. “At the company’s request, the ZSE sought and was granted permission to suspend trading in Falcon Gold Zimbabwe Limited’s

Zimbabwe mines award workers wage increase

Xinhua The Zimbabwe mining industry has granted its workers a remarkable wage increase following negotiations between worker representatives and employers. President of the Associated Mine Workers Union of Zimbabwe Tinago Ruzive said in a statement on Monday to stakeholders that the agreement it struck with the Chamber of Mines covers the period from January to

CFI Moves To Pull Victoria Foods Out Of Judicial Management

By Alois Vinga DIVERSIFIED agribusiness concern, CFI Holdings has tabled an aggressive plan to pull its subsidiary, Victoria Foods out of judicial management within the first nine months of 2020 in bid to realign the group on a strategic path. Speaking about the latest targets Friday, the group’s company secretary, Panganayi Hare expressed his company’s

New Meikles Hotel Owner Takes Control

By Alois Vinga NEW Meikles Hotel owners, ASB Hospitality (Zimbabwe) will take effective control of the entity on 1 March following the recent fulfilment of the last stages of the purchase agreement. Speaking on the latest development, Meikles Limited’s company secretary, Thabani Mpofu said the disposal of the hotel’s immovable property, hotel and business related

Tongaat Hullets’ Kilimanjaro Project Nears Completion

By Alois Vinga TONGAAT Hullets’ (TH) Project Kilimanjaro has gathered steam with large tracts of land having been cleared as the sugar processing giant gears to increase output. Speaking on the project, TH board chairperson, Dan Marokane said a number of key tasks on the project have been undertaken.     “Work on the 4 000 hectare out-grower