Companies

Companies

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

Strive Masiyiwa

Strive Masiyiwa To Bid For Ethiopian Telecoms Licence

Bloomberg ECONET Global Ltd., owned by Zimbabwean billionaire Strive Masiyiwa, is keen to acquire a telecommunications licence in Ethiopia, which is opening up the industry to foreign investment for the first time. The Horn of African nation has announced plans to sell as much as 49% of the state-owned monopoly, Ethiopian Telecommunications Corp., and issue two

Meikles Limited registers sale declines across all segments

By Alois Vinga MEIKLES Limited says it recorded sale declines across its hospitality, agriculture and supermarket segments in both the last trading quarter and nine-month period ending December 31 2019. Presenting a trading update recently, the group’s company secretary, Thabani Mpofu said all segment performances were lower than those recorded in the prior year. “The

Tafadzwa Musarara

Millers rally behind Musarara as Wadyajena resumes fight with GMAZ boss

By Staff Reporter THE fight between Lands parliamentary committee chair, Justice Mayor Wadyajena, and Grain Millers Association of Zimbabwe chairman, Tafadzwa Musarara, continues Tuesday despite millers last week having rallied behind the later on how the US$27 million wheat facility extended to the association’s suppliers of the cereal by the Reserve Bank of Zimbabwe was

Industry Minister Sekai Nzenza

Massive companies closure loom as industry productivity drops to 27 % – CZI

By Alois Vinga A top economist says industrial capacity utilisation could decline to 27 % this year if government does not take a step to dumping its destructive policies. Confederation of Zimbabwe Industries (CZI), chief economist, Tafadzwa Bandama made the remarks while presenting CZI’s 2019 Manufacturing Sector Survey in Harare recently. “The decline signifies 9.4

Industry Minister Sekai Nzenza

Govt pledge to revive Bulawayo industry

By Bulawayo Correspondent GOVERNMENT says it has come up with a raft of strategies to both resuscitate and restructure distressed industries in Bulawayo. Once the country’s industrial hub, Bulawayo has suffered company closures and the relocation of firms to Harare in the last two decades, resulting in loss of jobs for thousands of residents. Speaking

Mines Minister Winston Chitando

Govt owed US$200 million in outstanding mine fees

By Robert Tapfumaneyi GOVERNMENT will not hesitate to withdraw mining title to companies which are in default of annual renewal fee payments, Mines Minister Winston Chitando has said. He was speaking during a post-cabinet media briefing in Harare Tuesday. Chitando said miners owed government up US$200 million in unpaid fees. “All holders of mining title

Apple warns coronavirus will hurt iPhones supplies

BBC Apple has warned that disruption in China from the coronavirus will mean revenues falling short of forecasts. The tech giant said production and sales were affected, and that “worldwide iPhone supply will be temporarily constrained”. The iPhone maker is the first major US company to say that the epidemic will hit its finances. Apple,

Factories Grind to a Halt as Zimbabwe’s Economy Implodes

Bloomberg GARY Green is no stranger to adversity. The burly Zimbabwean has survived a brain tumor and rebuffed the seizure of his machinery business by people who claimed he was a foreigner and demanded he hand over control. Now even Green’s resolve will be tested as an imploding economy, rampant inflation, and Zimbabwe’s crippling shortage