Business

Business

Finance Minister Mthuli Ncube

Mthuli declares $59.3 million budget surplus

By Alois Vinga TREASURY has declared a budget surplus of $59.3 million in the third quarter of 2019, a third quarter bulletin by the finance ministry has revealed. According to the document, revenue collections during the year’s final quarter performed above target by $875.1 million, with tax and non-tax revenue surpassing targets by 16.1 %.

More job losses loom for Zim’s banking industry

Bloomberg   AFTER shedding 8% of their workforce last year, Zimbabwean banks may cut more jobs in 2020 as the economy shrivels and the sector increasingly shifts away from cash and toward digital services. “The banking industry, just like the rest of the economy, will suffer negative growth this year, which could result in even

Coca-Cola Company, Delta Finalise Renewal Deal

By Alois Vinga LISTED beverages giant, Delta Corporation Limited is working closely with The Coca –Cola Company (TCCC) towards the renewal of a bottler’s agreement, company chairman, Canaan Dube has revealed. Dube made the remarks in a recent trading update to shareholders accompanying financial results for the period ended September 30 2019. The company has

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Zimbabwe’s Delta lager sales hit by power, fuel shortages

By Reuters HARARE – Zimbabwe’s Delta Corporation, the country’s largest drinks maker, reported a 48% fall in half-year lager sales compared with the same period last year after output and distribution were hit by shortages of electricity and fuel. The worst economic crisis in a decade in Zimbabwe has been compounded by a drought that

GMAZ chairperson Tafadzwa Musarara

Millers confront top govt official for favouring cronies with grain subsidy

By Staff Reporter MILLERS have threatened legal action against one of the Finance Minister, Mthuli Ncube’s top aides for allegedly creating artificial shortages of mealie-meal. Andrew Bvumbe, who heads the ministry’s Zimbabwe Aid Debt Management, is accused of denying over 40 millers access to state-funded maize for affordable mealie-meal production. On 5 December, Ncube announced,

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Vic Falls Hotels Record Low Occupancy

By Matabeleland North Correspondent Tourism players and hoteliers in Victoria Falls have experienced mixed fortunes after a subdued festive season that has seen most hotels and lodges failing to reach maximum capacity. Without giving statistics, tourism players said hotel occupancy had remained lower than last year where bookings were an average 75 percent. This is

NetOne’s back to basics strategy pays off as firm’s product offerings gain ground

By Alois Vinga ZIMBABWE’S second largest mobile telecoms operator, NetOne’s back to basics strategy continues to pay off as reflected by the recent Postal and Telecommunication Regulatory Authority of Zimbabwe (POTRAZ) third quarter sector performance report which shows the firm’s product offerings are gaining considerable ground. The report says that NetOne recorded the biggest growth

We have the capacity to feed the nation...GMAZ chair Tafadzwa Musarara

Govt dumps favouritism on subsidy beneficiary milling firms to ease roller meal shortages

By Staff Reporter GOVERNMENT will, starting this coming week, indiscriminately place all millers in the country on the subsidy programme so they all access maize from the GMB and intensify roller meal production. This came out Friday at a meeting which the country’s Millers’ apex representative body, Grain Millers Association of Zimbabwe GMAZ held with

Econet’s market share increases by 3.5 %

By Alois Vinga ZIMBABWE’S largest mobile network operator, Econet’s market share increased by 3.5% between the first and third quarter of 2019 after registering substantial growth in most areas of business, Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) director general, Gift Machengete has revealed. The POTRAZ boss made the remarks recently while presenting the

RBZ governor John Mangudya

RBZ says monthly Inflation down 0.35%

By Alois Vinga ZIMBABWE’S monthly inflation, which has been on a downward trend for the last six months, reduced further by another 0.35%. This is according to the latest Reserve Bank of Zimbabwe (RBZ) monthly economic review. “Monthly inflation decelerated further to 17.72% in September 2019, from 18.07% in August 2019. This was underpinned by

Zim cash shortages persist over Christmas holidays

BusinessDay Cash shortages persisted in Zimbabwe the day before Christmas, with many citizens saying they were unable to withdraw money for the festive season, despite spending several hours queueing at banks. In November, the Reserve Bank of Zimbabwe promised to inject Z$1bn to ease the country’s cash crunch but has released only Z$110m, which has

StarAfrica’s sugar production down 4 000 tonnes due to power shortages

By Alois Vinga LISTED sugar producer, StarAfrica Corporation Limited (SACL) production went down 3 744 tonnes in the firm’s first half ended September 30 2019 owing to choking electricity shortages obtaining nationwide. Speaking during the presentation of financial performance recently, SACL chairman, Joseph Mutizwa said power shortages affected productivity. “Our subsidiary, Gold Sugars Harare produced

Finance Minister

RBZ Injects Additional $20m Into Circulation

By Business Reporter THE Reserve Bank of Zimbabwe has injected an additional $20 million of banknotes into circulation, with much of it channelled to the People’s Own Savings Bank (POSB). However, the latest cash injection seems not to have done much in easing the demand for hard cash as witnessed by the long winding queues

StarAfrica’s Sugar Production Down 4 000 tonnes Due to Power Shortages  

By Alois Vinga LISTED sugar producer, StarAfrica Corporation Limited’s (SACL) sugar production went down 3 744 tonnes in the firm’s first half ended September 30 2019 owing to choking electricity shortages obtaining nationwide. Speaking during the presentation of financial performance recently, SACL chairman, Joseph Mutizwa said power shortages had seriously affected productivity. “Our subsidiary, Gold Sugars

Hippo Valley’s Sugar Production Increases By 21%

By Alois Vinga HIPPO Valley Estates Limited managed to increase sugar cane production by 21% resulting in a profit increase of $85 million in the financial year ended March 31 2019, company’s chairman, Dan Marokane, has announced. He made the remarks Friday in a statement accompanying the sugar producer’s financial performance. “Revenue for the year