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
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
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.
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
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
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 –
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
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
By Staff Reporter Millers have imported 30 000 metric tonnes of bread-making wheat to replenish the depleting cereal stocks. The consignment, which arrived in Harare Sunday, marks the first phase of private wheat imports by millers using their own foreign currency after the state in November okayed grain imports by corporates and individuals. “We are
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
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
By Alois Vinga THE country’s volatile economic situation has made the trading environment more unstable, resulting in sales volume of leading retail giant, OK Zimbabwe declining by 23 % in the half year ended September 30 2019. OK Zimbabwe’s chairman, Herbert Nkala announced the latest figures recently while presenting the company’s financial performance for the
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,
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
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
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
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
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
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
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
