Companies

Companies

Caledonia Mining Corporation commissions new oxygen plant at Blanket Mine

By Alois Vinga CALEDONIA Mining Corporation Plc has successfully installed and commissioned a new oxygen plant at Blanket Mine in a move which will see overall metallurgical recoveries as well as environmental safety improving. In a statement, the corporation explained the new plant will go a long way in improving operating efficiencies. Said the company’s

Industry and Commerce Minister Mangaliso Ndlovu

Basic cost of running a business continues to increase sharply

TechnoMag The Zimbabwean business operating environment continues to weaken with an ever unpredictable rising cost structure. This comes as production inputs are always on the rise with weekly fuel price increases leading the charge while load shedding has also crippled production with unstable exchange rates further worsening the situation. Businesses across various industries are failing

Defence Forces Commander Philip Valerio Sibanda

POTRAZ hands over computer lab to army run school

By Alois Vinga THE Postal and Telecommunications Authority of Zimbabwe (POTRAZ) has handed over a state-of-the-art computer laboratory to Masvingo High School after refurbishing a classroom block, reequipping and supplying internet connection. Addressing guests at the handover ceremony Wednesday, POTRAZ director general, Gift Machengete said several milestones were encountered in making the project a reality.

Hwange now out of the woods

HCCL recovers from loss position, posts $3.5 million profit

By Alois Vinga HWANGE Colliery Company Limited (HCCL) has recorded a profit of $3.5 million amid significant improvement in revenue generation after a prolonged period in a loss position triggered by poor management. HCCL acting managing director, Charles Zinyemba, Thursday said the move to place the coal mining giant under administration is bearing results. “Financial performance

POTRAZ director general Gift Machengete

Telecel subscriber base down 5 % amid CEO’s incompetence allegations

By Alois Vinga TELECEL Zimbabwe’s subscriber base has dwindled 5 %, a Postal Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) sector performance released Friday showed. The revelations come amid allegations that the company’s chief executive officer Angeline Vere is failing to set a recovery trajectory. Presenting the findings, POTRAZ director general, Gift Machengete said the mobile operator

Nyaradzo bemoans high operating costs

By Alois Vinga NYARADZO Life Funeral Assurance Company (NLAC) has bemoaned increasing business operating costs which cannot be adequately cushioned by premium increases as the majority of clients continue to earn very low salaries. Speaking to NewZimbabwe.com Business in a trading update interview, NLAC chief executive, Phillip Mataranyika singled out the high fuel costs and

StanChart Bank, employees in standoff over US$ rated salaries

By Alois Vinga STANDARD Chartered Bank (StanChart) and its employees are embroiled in a stalemate over the latter’s demands to be paid salaries using RTGS dollars perked against the prevailing US dollar inter-market rates. Speaking to NewZimbabwe.com Business on condition of anonymity, a StanChart Bank staffer alleged that all is not well at one of

Godfrey Kanyenze

Wages lag behind consumption poverty line as businesses struggle to survive

By Alois Vinga SALARIES across the country’s key economic sectors have remained subdued with employers continuing to award increments way below the Total Consumption Poverty Line (TCPL). This comes as most companies battle for survival amid the country’s deteriorating economic situation. Information on the current minimum wages gathered by NewZim Business from the respective employment

BNC finalising takeover bids amid Tagwirei shadow

By Alois Vinga AFRICA’s only integrated nickel mining company Bindura Nickel Corporation (BNC) is in the final stages of evaluating a takeover bids process which is set for finality in the next two weeks. This comes amid reports that a firm linked to under-fire oil mogul Kudakwashe Tagwirei is set to acquire the mining giant.

Gold producer Falcon has been granted a reprieve

New Dawn Mining Corporation grants Falcon Gold 12 month’s loan reprieve

By Alois Vinga CANADIAN based gold miner,New Dawn Mining Corporation has given its Zimbabwean subsidiary, Falcon Gold a year’s breathing space to repay their loans amid evidence that the latter is in financial dire straits. The decision was communicated recently by Falcon Gold’s board chairperson, Ian Saunders after clarifying the critical financial position which the company is

Property market slows down as inflation, Zim dollar resistance takes toll

By Alois Vinga COMPANIES in the property sector say business has slowed down due to the negative impact of the Zimbabwe dollar on their systems as well as shrinking levels of disposable incomes among potential clients. Speaking on the recent performance of the property sector in the first half of 2019, First Mutual Properties (FMP)

Companies rake in profits despite depressed demand

By Alois Vinga COMPANIES in Zimbabwe continue to rake in huge profits on the back of continued price increases despite operating in an environment characterised by reduced product demand and poor customer purchasing power. Companies such as National Tyre Services’ revenue came in at ZWL$8.6 million which was 42% above budget and 113% above the

Govt: Thermal Coal to produce 2 400 megawatts of electricity by 2023

By Alois Vinga MINES and Mining Development Minister, Winston Chitando on Thursday said government was planning to work towards generating energy by taking advantage of thermal coal which has the potential to generate over 2 400 megawatts by 2023. Speaking at the second quarter state of the economy business breakfast forum, Chitando expressed optimism over

Chicken production is becoming more expensive due to license fees

Expensive and repetitive licence fees choke chicken producer

By Alois Vinga THE country’s largest chicken and egg producer, Irvines has called on government to review expensive licence fees being charged by the National Biotechnology Authority (NBA) and the Agriculture Marketing Authority (AMA) in order to improve the ease of doing business. Irvine’s chief executive officer David Irvine bemoaned the exorbitant fees being charged.

Zim banks profit out of transaction charges

By Alois Vinga BANKING institutions which have so far reported their financial performances for the first half of 2019 raked in millions derived from transaction fees, monthly account service charges and commission fees among others, registering a revenue growth of between 40% and well above 100% . An analysis of various financial statements that have

Agribank roped in to manage govt’s US$100 million plus projects

By Alois Vinga THE Agricultural Development Bank of Zimbabwe (Agribank) has been requested by government to manage its various repayment facilities. The move is aimed at improving accountability as well as plug leakages which have resulted in the loss of tax payers’ revenue in the past. Speaking on the financial institution’s appointment Thursday, Agribank chief

Padenga Holdings approves acquisition of majority stake in Dallaglio

By Alois Vinga CROCODILE skin exporter, Padenga Holdings Limited (PHL)’s shareholders on Wednesday approved the decision to acquire 50.1% stake in the renowned mining giant Dallaglio Investments in a move which will give the company controlling stake. The decision was reached at an Extra Ordinary General meeting held in Harare. “The 50.1% stake which is

Tobacco cigarette manufacturers have lost revenue due to smuggling in the sector

Cigarettes manufacturer: ZIMRA is losing US$2 million annually due to tax leakages

By Alois Vinga LEADING cigarette manufacturer, British American Tobacco (BAT) on Monday said the Zimbabwe Revenue Authority (ZIMRA) is losing around US$2 million annually due to leakages in the country’s taxation system. BAT said the long-term effects are that law abiding companies are exposed to unfair competition by smugglers. The company’s acting managing director  Stephen