Companies

Companies

United Refineries chief executive Busisa Moyo

Bulawayo’s United Refineries Shuts Down Plant Due To Severe Water Shortages

By Bulawayo Correspondent ONE of the country’s leading cooking oil and soap manufacturing companies, United Refineries has temporarily shut down its operations due to the severe water shortages being experience in the city of Bulawayo. The Bulawayo is experiencing an unprecedented water shortage which has seen most residents going for months without the precious liquid

Econet Bemoans 52% Smartphone Penetration Rate

By Alois Vinga LISTED telecommunications giant, Econet Wireless Zimbabwe (EWZ) has bemoaned the country’s poor smartphone penetration rate currently at 52% saying the figure is far behind many African countries. The company further urged policymakers to reconsider lowering the duty on smartphones to boost imports. Presenting the group’s financial report recently, EWZ chairman James Myers

Dairibord foreign currency earnings up 50 % 

By Alois Vinga ZIMBABWE Stock Exchange Food and dairy products processor Dairibord Zimbabwe Limited (DZL) has recorded a 50 % foreign currency earnings increase as the firm’s export strategy continues to deliver dividends. Several manufacturers are still grappling to secure foreign exchange to supplement the gaps left behind by the Reserve Bank of Zimbabwe (RBZ)

Transport Minister Joel Biggie Matiza

NRZ on the verge of insolvency – Minister Matiza

By Bulawayo Correspondent THE National Railways of Zimbabwe (NRZ) has accumulated a huge debt which has left the giant state-owned transport utility on the verge of collapse, a cabinet minister has revealed. Speaking at the commissioning of the company’s museum as a National Tourism Development site in Bulawayo Friday, Transport and Infrastructure Development minister Joel

Minister Anxious Masuka

Minister seeks CSC placement under judicial management

By Bulawayo Correspondent LANDS and Agriculture Minister Anxious Masuka has approached the High Court seeking an order to place the Cold Storage (Pvt) Limited under judicial management. According to court documents seen by NewZimbabwe.com, Masuka wants the meat processer placed under corporate rescue proceedings in terms of Section 124 of the Insolvency Act Chapter 6:07)

President Emmerson Mnangagwa announced the rescue package

Business group says keen on knowing Covid-19 rescue beneficiary firms

By Alois Vinga A LOCAL employers’ group has challenged treasury to release a list of companies which have so far benefited from government’s $18 billion Covid-19 stimulus package. The package was announced May this year by President Emmerson Mnangagwa to assist local businesses whose operations were severely disrupted by the height of the Covid-19 induced

UniFreight seeks shareholder approval to cede stake in two subsidiaries

By Alois Vinga LISTED transport logistics group, Unifreight Africa Limited is seeking shareholder approval to cede stake in two of its subsidiary companies in a transaction that will result in a shares swap with ZimPlow. A circular to shareholders issued this week revealed that Unifreight Africa Limited’s sub-subsidiary, Clan Services (Private) Limited intends to dispose

Mines Minister Winston Chitando

Prospectors take fight with Chitando to ED doorstep

By Staff Reporter ZIMBABWEAN prospectors have taken their fight with Mines Minister Winston Chitando to President Emmerson Mnangagwa whom they besought to rein in on his subordinate. They claim being side-lined by the minister in ongoing Mines and Minerals Bill Consultations. Under their representative Zimbabwe Prospectors Association, they told the President they were disheartened by

RIOZIM bemoans escalating operating costs despite exchange rate stability

By Alois Vinga DIVERSIFIED miner, RioZim has bemoaned continuous price increases on essential raw materials, blaming these for pushing up the cost of production in contradiction to relative stability brought by the Reserve Bank of Zimbabwe (RBZ)’s foreign exchange auction system. The auction system has managed to stabilise exchange rates at a premium of around

Olivine Hails RBZ’s Foreign Exchange Auction For Easing Instability

By Alois Vinga OLIVINE Industries Ltd, a local unit of Wilmar International, has commended the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction system for achieving market predictability and weeding out the instability brought about by errant parallel market dealers. The central bank launched the auction system in June this year after abandoning the interbank

SAA In Talks To Recoup R350-million Funds From Zimbabwe

Mail and Guardian SAA is in talks with Zimbabwe-based mining company Imani to repatriate blocked funds from the neighbouring country. The airline’s rescue practitioners, Les Matuson and Siviwe Dongwana, have already accepted the mining company’s offer to pay SAA in exchange for access to its funds in Zimbabwe, but are waiting for the approval from

Pick n Pay starts renovating building after flood damage

Matabeleland North Correspondent TOP supermarket chain, TM Pick n’ Pay has started renovating its Hwange branch premises, some nine months after it was forced to close because of flash floods which entered the building and submerged some of its groceries. Flash floods hit Hwange in January following heavy rains that pounded the coal mining town

Minister Winston Chitando

Bill crafting: Prospectors blast Minister Chitando over segregation

By Staff Reporter MINES Minister Winston Chitando has invited scorn from the Zimbabwe Prospectors after sidelining them in ongoing Mines and Minerals Bill Consultations. Zimbabwe Prospectors Association president Samson Dzingwe slammed Chitando for the segregation. “We are surprised to hear the minister saying nobody will be consulted except ZMF and Chamber of Mines. That is

Concerns raised as Redwing Mine hires artisanal miners

By Manicaland Correspondent Mutasa – Residents of Penhalonga say environmental rights violations by Redwing Mine have worsened after the company subcontracted more artisanal miners who are indiscriminately polluting their surroundings posing a serious health hazard. This came out during a local stakeholders’ engagement meeting to promote implementation of the devolution policy. The event was organised

Businessman Mutumwa Mawere

Mutumwa Mawere’s seized company to sell 43% stake

By Alois Vinga FALLEN asbestos producing giant, Shabanie Mashava Mines Holdings (SMM Holdings) has entered into an agreement to shed off its 43.22 % stake in rubber and chemicals producer, General Beltings Holdings Limited (GB). SMM, formerly owned by South Africa based Zimbabwe businessman Mutumwa Mawere, has since reported plans to dispose of land and

Minister Soda Zhemu

Minister says 6% rural electricity levy not enough

By Staff Reporter ENERGY Minister Zhemu Soda says the current 6% rural electrification levy was not enough in terms of meeting the ambitious programme. Speaking in Silobela at the switching on ceremony in Donsa, Soda said the programme was being hampered by financial challenges. “The rural electrification programme has not been spared from the economic

PRAZ boss Vimbai Nyemba

PRAZ boss on licencing, ethics in procurement processes

By Robert Tapfumaneyi     PROCUREMENT officers and bidders have both been urged to engage in ethical behaviour during procurement processes. Speaking during the Procurement Regulatory Authority of Zimbabwe (PRAZ)’s virtual Summer School Thursday, board chair Vimbai Nyemba said the integrity and professionalisation issues will be completely addressed once the Professionalisation Regulations are Gazetted and this

Peter Mutasa

NSSA halts ZB employees’ demonstrations

By Alois Vinga THE National Social Security Authority (NSSA), a shareholder in ZB Bank, has convinced the latter’s employees to halt plans to stage a demonstration at the former’s premises to allow dialogue to take place. The Zimbabwe Banks and Allied Workers Union (ZIBAWU) had planned to stage the demonstrations at the NSSA headquarters in