Markets

Markets

Byo Pig Growers To Built Abattoir To Beat High Slaughter Prices

By Bulawayo Correspondent PIG producers in Bulawayo are planning on establishing their own abattoir to cushion themselves from exorbitant slaughter prices charged by private slaughterhouses. The farmers said they have engaged the Pig Industry Board (PIB) and the Zimbabwe Commercial Farmers Union (ZCFU) in setting the project. Leading igneous pig producers in the city, Happson Nkomo

Gvt Appoints New Board For Troubled AirZim

By Leopold Munhende TRANSPORT minister Felix Mhona has announced a new six-member interim board to the run affairs of the troubled national carrier, Air Zimbabwe (AirZim) following the unceremonious departure of administrator, Reggie Saruchera. Mhona announced the appointments on Twitter Thursday. The appointments followed reports published by NewZimbabwe.com over the past few days highlighting the

Strive Masiyiwa

Strive Masiyiwa’s Liquid Partners Facebook In DRC Fibre Network Expansion

By Alois Vinga UNITED KINGDOM-based Zimbabwean business magnate, Strive Masiyiwa’s firm, Liquid Intelligent Technologies has partnered with Facebook in a landmark fibre network expansion project in the Democratic Republic of Congo (DRC). The project will also connect the East and West Africa regions, and in the process improve internet access to over 30 million people

Biggest China Bank Dumps Plan To Fund Zim’s US$3b Coal Power Plant

Bloomberg CHINA’S biggest bank has dumped plans to fund a $3 billion coal-fired power plant in Zimbabwe, in a blow to a two-decade effort to develop the project, according to a coalition of 32 environmental groups. Industrial and Commercial Bank of China Ltd. told Go Clean ICBC, which includes environmental activist group 350.org, that it

Kuvimba Declares Giant US$5,2 Million Dividend

By Staff Reporter GOLD-focused miner Kuvimba Mining House Wednesday declared its first dividend, paying US$5,2 million to its to investors after it reported record production. The dividend will be paid to shareholders in the first quarter of 2022, earlier than expected. Government, the largest investor in the mining company with 21,5 % stake, will get

New Hope For Cattle Farmers As Mastercard Blockchain Is Launched

Finextra E-LIVESTOCK Global Thursday launched a first-of-its kind solution powered by Mastercard’s blockchain-based Provenance solution, empowering Zimbabwean farmers to prove the origin and health records of their cattle, while reducing risks to buyers. A first in the Middle East and Africa, the solution brings new hope to the country’s agricultural sector after an outbreak of

Drug Companies’ Production Remains Low As Forex Shortages Bite

By Anna Chibamu ZIMBABWE’S pharmaceutical industry continues importing critical medicines such as anti-retroviral drugs (ARVs) as the sector faces low levels of production due to a vast number of challenges including foreign currency shortages. Giving oral evidence to the Thematic Portfolio Committee on HIV/Aids Monday, Industry Ministry secretary Mavis Sibanda revealed local manufacturers’ production of

IFC To Increase Vic Falls Flights By 5% To Boost Tourism

By Alois Vinga A NEW partnership between the International Finance Corporation (IFC) and the government will see flights between Harare and Victoria Falls registering a 5% increase. The increase in passengers will be on pre-Covid19 seat capacity at the end of the project. In emailed responses to NewZimbabwe.com Business,  the IFC communications department said the project is

Cheap Smuggled Mealie Meal Imports Choke Local Milling Industry

By Bulawayo Correspondent ZIMBABWEAN millers have raised concern over the proliferation of cheaper brands of smuggled mealie-meal which they say continued to threaten the local milling industry. Mealie-meal brands mostly from neighbouring Botswana and South Africa has flooded the local market, a development that has seen local millers scale down operations, and in some instances,

Tobacco Sales Almost US$400 Million On Day 44

By Alois Vinga TOBACCO sales reached US$396.4 million on day 44, surpassing levels reached in a similar period last year, Tobacco Industry Marketing Board (TIMB) statistics have revealed. The TIMB update which contains stats compiled up to the 9th of June 2021 shows that farmers at the Auction Floors had sold a total 9.5 million

NSSA Building

Pension Industry Registers 255% Growth

By Alois Vinga   THE pension industry has pinned projected growth plans on the prevailing economic stability after registering 255% income growth in 2020. Speaking to NewZimbabwe.com Business, Insurance and Pensions Commission (IPEC) commissioner, Grace Muradzikwa said going forward, the sector’s growth will be hinged on sustained economic stability. “We expect real growth on account

As Tobacco Booms, Small-Scale Growers Complain Of High Debt

AP ZIMBABWE’S tobacco is flourishing again. And so are the auctions where premium prices are being paid for the “golden leaf” that is exported around the world. Most of the growers are Black, a historic change from when tobacco was largely produced by white farmers. But many of the small-scale farmers complain they are being

Finance Minister Mthuli Ncube

Mthuli Ncube Scraps VAT On Rice Imports

By Alois Vinga FINANCE Minister Mthuli Ncube Friday scrapped the payment of Value Added Tax (VAT) on rice imports effectively bowing down to pressure mounted by millers and retailers. Under new measures enshrined in Statutory Instrument (SI) 15 of 2021, the Treasury boss scrapped duty on various types of 25kg of rice pre-packaged for retail

GMAZ Predicts Fall In Mealie-Meal Prices

By Bulawayo Correspondent THE price of mealie-meal is set to go down drastically for the next three months following a bumper harvest among both commercial and subsistence farmers this year. The government is expecting to harvest 2,8 million tonnes of maize for the 2020/21 agricultural season following the good rains that pounded the country in

RBZ Forex Auction Allots Over US$1 Billion To 3 000 Companies

By Alois Vinga THE Reserve Bank of Zimbabwe Foreign Exchange (RBZ) Auction has to date allotted over US$1 billion to more than 3 000 large and Small to Medium Enterprises companies becoming the largest foreign currency source. In a Wednesday update, RBZ governor, John Mangudya said the announcement was in line with the bank’s commitment

Zimbabwe To List Bond On Stock Exchange For First Time In 20 Years

Bloomberg ZIMBABWE plans to list a bond on the local exchange for the first time in 20 years to raise funds for the expansion and upgrade of a main highway that links the country to its largest trading partner, South Africa. The $250 million listing by the Infrastructure Development Bank of Zimbabwe will be the