PAN African financial institution Ecobank says it is finalising a US$20 million facility for local exporters. This comes as total exports in 2022 stand at around US$3,3 billion as of July 2022, according to official figures, and are expected to reach the 2023 target of US $7 billion in 2022. Export figures for 2021 were…
SEED CO International’s (Seed Co) stock is now trading at a 90 percent premium on the Victoria Falls Stock Exchange (VFEX), relative to the Botswana Stock Exchange (BSE), amid a bull run on the former. The pan-African seed processor has its primary listing on the BSE, and was the first counter on the VFEX when…
SIMBISA Brands (Simbisa) says the migration of its listings from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX) will be completed on December 2, 2022. The move, which was initially announced at the end of September is, however, subject to shareholder and regulatory approvals. Shareholders of the quick-service restaurant operator will…
NEDBANK Group (Nedbank) says the conversion of its shares to depository receipts on the Victoria Falls Stock Exchange (VFEX), which individual stockholders can elect to do before November 11, will shorten trade settlement by six days, among other benefits. The financial services group announced Friday that the option was open to shareholders “who are interested…
INPUT VAT should be claimed within the tax period by a registered operator who is required to furnish a return, but not longer than 12 months from that date. The law further grants the Commissioner discretionary power to either accept or decline a tax invoice that would have been submitted after the 12 months prescribed…
BUSINESS wants the upcoming 2023 national budget to provide tax relief and support to both commerce and industry, which are still wrestling with the effects of the Covid-19 pandemic and imported inflation. The president of the Zimbabwe National Chamber of Commerce (ZNCC), Mike Kamungeremu, said this week that his business lobby group had already made…
HWANGE Colliery (Hwange) is targeting increasing coking coal production and sales in a bid to increase capacity to discharge obligations to creditors. This comes as the local and export demand for high-value coking coal continues to surge, driving revenue for the coal miner, which is under administration. Hwange was placed under administration by a reconstruction…
RISING costs of raw materials, inefficiencies in the allocation of forex through formal channels, rolling blackouts and the high cost of capital continue to stifle business in the country, a local research firm has said. As the global supply chains were disrupted by Covid-19 and the Russo-Ukrainian war, local manufacturers, especially agro-processors were left to…
NMB Bank (NMB) this week signed a US$10 million, three-year line of credit facility to support export-focused companies with the Eastern and Southern African Trade and Development Bank (TDB). NMB chief executive Gerald Gore said the credit line would be deployed to support corporates with trade-enabling working capital needs and capital expenditures. “NMB has been…
THE Zimbabwe National Chamber of Commerce (ZNCC) says it will take advantage of the International Manufacturing Conference and Exhibition (IMCE) in Cairo, Egypt this weekend to create business links for local companies. ZNCC president Mike Kamungeremu will attend the event, which will run from October 29 -31, following an invitation by the Federation of Egyptian…
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