Business

Business

Ravi Jaipurira at official opening the second phase of Varun Beverages’ plant by President Emmerson Mnangagwa (seated left)

Pepsi empowers 22 000 locals

By Thandiwe Garusa INDIAN soft drinks manufacturer, Varun Beverages has employed more than 22 000 locals. Currently, Pepsi, Miranda and Mountain Dew soft drinks produced by Varun are the most trending and cheaper soft drinks on the market. Speaking at the official launch of Pepsi plant in Harare on Friday, Chairman for Varun Beverages, Ravi

RBZ governor John Mangudya

Zim to IMF: Ignore our shortcomings, focus on positives

Bloomberg Zimbabwe’s central bank has asked the International Monetary Fund to overlook the country’s shortcomings in achieving fiscal targets and allow a program to help restore the economy to run its course. Eddie Cross, a member of the monetary policy committee who attended the meetings held with the Washington-based lender’s delegation on Thursday, said policy

GMAZ chair Tafadzwa Musarara

Millers welcome new govt grain subsidy

By Thandiwe Garusa ZIMBABWEAN millers have welcomed government’s decision to restore grain subsidies with their umbrella group, Grain Millers Association of Zimbabwe (GMAZ) saying the move would ensure a “win-win” situation for both the cereal processors and ordinary consumers. Reacting to the development Thursday, GMAZ chair Tafadzwa Musarara hailed the move. “Grain Millers welcomes the

President Emmerson Mnangagwa

Mnangagwa condemns industry ‘superman’ mentality amid economic slide

By Robert Tapfumaneyi PRESIDENT Emmerson Mnangagwa has urged individuals within the country’s business community to abandon their “superman” mentality and try to rally forces towards reversing the country’s negative economic trajectory. He was addressing captains of industry at the Zimbabwe National Chamber of Commerce (ZNNC) Business Review Conference at a hotel in Harare Thursday. “I

Diaspora Insurance CEO, Jeff Madzingo

Diaspora Insurance in LUK sponsorship

UK Correspondent THE Ladies of UK (LUK), a virtual community of Ladies from Zimbabwe, held the group’s 2019 Christmas Ball at the Belfry Resort and Hotel in Sutton Coldfield, United Kingdom over the weekend. LUK this year was fundraising for the Chitungwiza Albino Children. More than 200 ladies gathered to wine and dine, dressed glamorously

FMB Capital acquires Bank of India’s Botswana unit

By Alois Vinga MAURITIUS based FMB Capital Holdings Group (FMBCH), which runs First Capital Bank Zimbabwe, this week concluded the successful acquisition of Bank of India (Botswana) Limited (BOIB) by First Capital Bank Botswana. The decision follows a transaction by the Bank of India to diverse from certain markets outside of India, including Botswana. In

Mines Minister Winston Chitando

Zimbabwe eyes international diamond tenders

Diamond.net The Zimbabwe Consolidated Diamond Company (ZCDC) intends to hold 11 international sales in 2020, the news agency cited the miner’s acting CEO, Rob De Pretto, as saying. Its tenders are currently in Harare, the country’s capital, but the location does not appeal to clients, the report continued. “We are exploring opportunities and new markets

Businessman Amos Tsopotsa

Zim businessman designs Pan-African digital currency

Staff Reporter Zimbabwean-born businessman, Amos Tsopotsa is set to join an exclusive group of African entrepreneurs that have entered the lucrative digital currency space. Tsopotsa and his team will be unveiling the African Digital Coin (ADC) in a few weeks’ time. The ADC$ is an Ethereum based coin (ERC20) designed to “Connect the World” with

Zimbabwe has been struggling to keep the light on despite a jump in power imports

Electricity imports increase US$7.1 million as raw commodities dominate exports

By Alois Vinga ELECTRICITY imports into Zimbabwe increased by US$7.1 million at a time when unprocessed raw materials continue to dominate the export bill, says the Reserve Bank of Zimbabwe’s (RBZ) latest report. The report entitled, “Monthly Economic Review August 2019”  shows that in August 2019, the country gobbled US$12.9 million on electricity imports, up

Calling time of his career Truworths boss Christopher Peech

Christopher Peech retires from Truworths as firm suffers 68 % volumes decline

By Alois Vinga LISTED clothing retailer, Truworths Limited’s (TL)’s Christopher Peech has retired as chairman of the board of directors and non -executive director after almost twenty years at the helm. Peech’s decision to step down comes at a time when the country is stuck in a fresh cycle of hyper-inflationary environment with Truworths shedding 68% in volumes. In an

Local cement maker Lafarge has bemoaned the country's bad operating environment

Hyperinflation bites: Lafarge Cement volumes plummet 19%

By Alois Vinga LAFARGE Cement Zimbabwe Limited (LFZL)’s financial performance has been negatively affected by the obtaining hyper-inflationary environment, prompting a 19 % decline in cement consumption, the company’s secretary, Flora Chinhaire revealed Wednesday. In a trading update, Chinaire said the second quarter of the year was not easy for the firm. “The operating environment

ZSE losses persist as top 10 indices decline 17 %

By Alois Vinga THE Zimbabwe Stock Exchange (ZSE) loss trajectory has persisted resulting in a decline in the all share and top 10 indices, 11 % and 16% respectively, the latest Reserve Bank of Zimbabwe (RBZ) monthly economic review has indicated. The report, which covers the period ending August 2019, observes the losses are coming

NetOne scraps transaction charges on OneMoney transfer platform

By Thandiwe Garusa LOCAL telecoms operator, NetOne has introduced zero-rated transactions on all OneMoney transactions except for the statutory 2% tax and card swipe charges. Speaking to journalists during a press conference at NetOne Headquarters on Monday, Chief Executive Officer Lazarus Muchenje said there will be no transaction fees when subscribers perform a Send-Money transaction

Zesa seeks solar power to keep lights on

Bloomberg News Zesa Holdings Ltd, the utility that’s subjecting Zimbabweans to 18-hour power cuts, is going off the grid. The electricity producer is inviting bids for a roof-top solar power installation at its head office in the capital, Harare, to ensure that its staff enjoy uninterrupted power. The bids open today and will close on

Mthuli Ncube confident of $12 billion dollar minerals industry by 2023

By Leopold Munhende FINANCE Minister Mthuli Ncube has expressed confidence he could steer the country’s mining industry into a lucrative US$12 billion one by 2023. Speaking to journalists at his New Government Complex offices in Harare Friday, Ncube said government was excited about the prospects. “The mining sector is really a source of excitement for

Miekles group sells its Harare hotel for US$20 million

By Robert Tapfumaneyi MEIKLES Limited Friday issued a circular to shareholders seeking approval for the disposal of the Harare Meikles Hotel to ASB Hospitality Zimbabwe, a group company of Albwardy Investment LLC of Dubai for US$20 million. The disposal of the hotel will provide benefits to a broad range of stakeholders such as an increase

Govt to order importers to declare forex sourcing

Reuters Zimbabwe will force importers to declare sources of foreign currency and those who fail to prove they obtained the money from banks will forfeit their goods to the state, a government official said on Friday. Deputy finance minister Clemence Chiduwa said the directive was meant to tame the black market for dollars. Shortages of