Business

Business

Poor wages cited for reduced demand in goods and services

By Alois Vinga BUSINESS experts have attributed the current decline in the demand for products and services to poor wages and other earnings by the majority. Commenting on the situation, Confederation of Zimbabwe Industries president, Henry Ruzvidzo admitted that the impact of the nation’s wage structures is severely affecting local demand goods and services. “While

The tobacco industry has been left reeling by a plethora of problems including lack of finance

Wadyajena dresses down tobacco executive

By Costa Nkomo A senior executive at Ethical Leaf Tobacco, Andrew Mupfawa has been accused of trying to stop a parliamentary committee hearing after attempting to meet chairperson Justice Mayor Wadyajena privately. Wadyajena the chairperson of the Parliamentary Committee on Lands, Agriculture, Climate, Water and Rural Resettlement told an oral evidence hearing into the problems

Another fuel price hike

Fuel Prices up again

By Idah Mhetu THE Zimbabwe Energy Regulatory Authority (Zera) Tuesday announced new prices of fuel. The latest increases comes two weeks after Finance Minister Mthuli Ncube indicated he would be comfortable with an increase that would bring the precious liquid’s value per litre at par with the interbank rate of the US$. According to a

RBZ Governor John Mangudya

RBZ frees NGOs, embassies foreign currency

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has issued additional exchange control regulations which have categorised all foreign currency held by Non-Governmental Organisations (NGOs) and embassies as “free funds” which can be used to finance local contracts. Through the Central Bank’s circular 8 of 2019 released Wednesday, the funds should however be liquidated

Cassava Smartech chief executive officer Eddie Chibi

Econet’s Cassava Smartech set to challenge Whatsapp dominance in Africa

By Alois Vinga ECONET Wireless Zimbabwe Limited’s (EWZL)’s subsidiary, Cassava Smartech, has successfully developed a multi-purpose application, Sasai which will be launched soon in a development that is set to challenge Whatsapp’s dominance on the African continent. In statement, the financial technology company said the new application will enable users to go beyond sending texts

Beverages market tanking: Delta

Delta records sharp beer sales volumes drop

By Robert Tapfumaneyi THE country’s leading beverages manufacturer, Delta Corporation, has reported a staggering 57% decline in beer sales volumes in the first quarter of 2019, when compared to the same period last year. According to Delta, sorghum beer volumes grew by 2% against prior year figures while sparkling beverages volumes dropped 79% in the

His policy causing confusion...Finance Minister Mthuli Ncube

Confusion rocks insurance sector as US$ policy holders risk losing value

By Alois Vinga CLIENTS who purchased policies using US dollars during the multi-currency system are set to lose their investment value as some insurance firms have moved to liquidate contracts into Zim-dollars using the prevailing interbank rates while other firms have not officially communicated the way forward. A visit to several insurance providers by NewZimbabwe.com

Econet feels the pinch of Zimbabwe’s repeated power outages

Business Report Mobile operators are feeling the pinch of power outages in Zimbabwe, with blackouts disrupting connectivity and transactions in a country that relies heavily on electronic transactions. Econet Wireless, the country’s biggest mobile operator, said yesterday that even diesel generators had failed to alleviate the problem as power cuts continued for up to 18

Sifelani Jabangwe

Business blasts new govt’s industrial policy for lack of support systems

By Alois Vinga TOP industrialists and economic experts have expressed concerns over the recently launched Zimbabwe National Industrial Policy’s (ZNIDP) lack of a clear road map and supporting strategies to attain set targets in its endeavour to transform the country’s fortunes. The ZNIDP comes at a time when the country has experienced serious de-industrialisation with

Top airlines suspend flights to Cairo, security concerns cited

Aljazeera British Airways and Lufthansa have suspended flights to Egypt’s capital, Cairo, over unspecified security concerns, giving no details about what may have prompted the move. “We constantly review our security arrangements at all our airports around the world, and have suspended flights to Cairo for seven days as a precaution to allow for further

Minister Mangaliso Ndlovu

Govt revises manufacturing sector growth down to 1%

By Alois Vinga INDUSTRY Minister, Mangaliso Ndlovu has revised Zimbabwe’s manufacturing sector growth for 2019 down to 1% from the initially projected 2.5% growth rate owing to a host of contributory factors outside government control. Briefing delegates at the state of industry breakfast meeting recently, Ndlovu attributed the downward projection mainly to natural disasters. “We

Ecocash rules mobile money market with 99 percent share

By Alois Vinga CASSAVA Smartech’s subsidiary, Ecocash is enjoying almost 100% dominance of mobile money transactions and continues to maintain a lead ahead of other service providers. The Postal Telecommunications Regulatory Authority’s report entitled Consumer Satisfaction Report observes that Ecocash platform is conducting almost 99% of the total money transfer services. The stats prove that

Minister Mangaliso Ndlovu

Fragmented business representative groups vex government

By Alois Vinga Government has raised concerns over the confusion being caused by the existence of numerous Business Member Organisations (BMOs) operating in the country. Industry Minister, Mangaliso Ndlovu recently told NewZimbabwe.com Business that this was hindering effective representation of business players in the country hence the need to form a unified apex council. Ndlovu

Truckers make mockery of ZIMRA tracking system as violations increase 96%

By Alois Vinga THE Electronic Cargo Tracking System (ECTS) violations registered a 96% increase signifying accelerated efforts by truck drivers to avoid the Zimbabwe Revenue Authority’s (ZIMRA) cargo compliance systems, it has emerged. ECTS is a technology solution that enables real-time tracking of cargo from point of loading to point of offloading. The system was

Zim mobile tariffs now lowest in the region, threatening viability

TechnoMag Zimbabwe mobile tariffs compared to the SADC region and other African countries have become insanely too low and no longer make business sense, a survey has revealed. In a survey done by TechnoMag, Zimbabwe is currently charging tops of 22cents rtgs per minute which when converted against the bank rate, amounts to $0.024 USD