OPTIMISM is high among both authorities and analysts about the prospects of the country’s key mining industry. This is especially so in the wake of the recent crafting of a new lithium policy by the government, which is expected to further lift the sector’s contribution to the economy significantly. Zimbabwe has the largest lithium reserves…
ZIMBABWE faces a risk of failing to carry out the necessary reforms for its debt resolution plans due to a number of hurdles, research firm Fitch Solutions has warned. The country remains in debt distress with a total consolidated debt of US$17,5 billion of which US$14,04 billion is owed to international creditors, while domestic debt…
A LACK of macroeconomic stability and policy credibility are Zimbabwe’s biggest hurdles in its de-dollarisation plan, a local research firm says. The southern African country reintroduced its currency in 2019 after a decade of dollarisation, but the local unit has depreciated sharply against the US dollar due to low confidence. The country has been fast…
ZIMPLOW says it is reorganising its business after its distribution deal with leading earth-moving equipment brand, Caterpillar, was terminated last year, resulting in a $1,25 billion loss compared to a $1,49 billion profit in 2021. The group’s Barzem subsidiary exited the Caterpillar distributorship on September 30, 2022, due to “changes in strategic direction by both…
TRADE development and promotion body, ZimTrade recently concluded a market survey of Nigeria to explore export opportunities for Zimbabwean companies. According to ZimTrade, the survey, whose full results will be presented to local companies, revealed huge opportunities for Zimbabwean products across sectors, including services. Nigeria is located on the western coast of Africa and has…
NMBZ Holdings (NMBZ) says it expects its property subsidiary to contribute at least 10 percent to the bank’s income, with the proceeds increasing as the unit grows. The group diversified its operations into the property market by establishing a fully-fledged property division, which is part of the banking unit. Speaking at the official launch of…
DAIRIBORD Holdings says its business demonstrated steady volume growth month-on-month in the first quarter, ending at 14 percent compared to last year. In a trading update for the period ended March 31, 2023, Dairibord said the performance was driven by a sustained increase in production and improved distribution across the country. This comes as the…
EDGARS Stores (Edgars) says it seeks to expand its geographic footprint through the opening of new stores in strategic locations. The apparel retailer said it continues to remodel the business to capitalise on opportunities that arise in the very uncertain operating environment. The chairman of the group, Thembinkosi Sibanda, said the recovery of the business…
FIRST Capital Bank (First Capital) says it has had to temporarily resort to historical accounting only after failing to comply with the international accounting standard that pertains to hyperinflation reporting, due to Zimbabwe’s recent adoption of a blended consumer price index (CPI) as the official inflation benchmark. It comes as reporting companies in the country…
KUVIMBA Mining House (Kuvimba) has engaged a consulting company to drive the resuscitation of Zimbabwe Iron and Steel Company (Zisco). Speaking after a cabinet meeting this week, Information minister Monica Mutsvangwa said Strategen Company has been engaged by Kuvimba as the lead consultancy for the steel-making plant revival. “The nation will recall that in March…
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More