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 %.
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
By Staff Reporter Millers have imported 30 000 metric tonnes of bread-making wheat to replenish the depleting cereal stocks. The consignment, which arrived in Harare Sunday, marks the first phase of private wheat imports by millers using their own foreign currency after the state in November okayed grain imports by corporates and individuals. “We are
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
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
By Alois Vinga THE country’s volatile economic situation has made the trading environment more unstable, resulting in sales volume of leading retail giant, OK Zimbabwe declining by 23 % in the half year ended September 30 2019. OK Zimbabwe’s chairman, Herbert Nkala announced the latest figures recently while presenting the company’s financial performance for the
AFP An Angolan court, acting in a graft investigation, has frozen bank accounts held by Isabel dos Santos, the daughter of former president Jose Eduardo dos Santos, the public prosecutor said. Dos Santos – who has been nicknamed Africa’s wealthiest woman – is being investigated with her husband Sindika Dokolo in a corruption affair involving
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,
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
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
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
By Staff Reporter GOVERNMENT has summoned Zimbabwean milling firms for a fresh registration process this Friday with hopes to unlock mealie meal stashes players have elected to withhold from the consuming public as the farce around the staple’s pricing regime continues to threaten families’ food needs. This was revealed Thursday by Grain Millers Association of
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
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
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
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
By Staff Reporter PRESIDENT Emmerson Mnangagwa has projected a plus 3 percent growth in the country’s Gross Domestic Product (GDP) in the first three months of 2020, adding that the country has not registered any growth this year. He said this while launching the Mutare Urban Renewal project at Sakubva stadium last Wednesday. The project
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
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
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
