NAMPAK Zimbabwe (Nampak) saw a reduction in spending for the first quarter ending December 31, 2023 owing to lower cash levels from last year’s two interim dividend payouts. In FY 2023, Nampak spent $13,14 billion on capital expenditure focused mainly on projects to increase capacity and improve plant services. The country’s leading packaging product supplier…
A BILL introduced in the US House of Representatives seeking to review relations with South Africa has prompted warnings from analysts about potential economic repercussions for the Southern African Development Community (SADC). The Bill, initiated by Congressmen John James and Jared Moskowitz, criticises South Africa’s military ties with Russia and China, its involvement in an…
MARKETS are anxiously awaiting the release of the Reserve Bank of Zimbabwe’s (RBZ) impending monetary policy statement (MPS), amid the escalating currency and inflation crisis. This comes as the Zim dollar continues to slump on both the official and parallel markets — raising serious concerns about the country’s economic growth prospects this year, while also…
THE Zimbabwe Construction Industry Association has expressed optimism that the sector’s growth in 2024 will surpass that of the previous year. In an interview with The Financial Gazette, the association’s president, Tsitsi Dzvukamanja, expressed hope that the government will address several issues that the industry has raised over the past few years. “The construction industry…
FITCH Solutions warns that Zimbabwe’s persistent currency volatility poses a significant threat to banks’ asset quality in 2024. The risk stems from the inflationary impact on borrowers’ ability to service their debts, potentially leading to an increase in non-performing loans (NPLs). “Currency weakness directly impacts a large portion of the loan book, as foreign currency…
THE Zimbabwe National Statistics Agency (ZimStat) says 86,8 percent of employed individuals worked in the informal economy during the fourth quarter of 2023. This underscores the growing role of the sector amidst ongoing economic pressures, as highlighted in the Zimbabwe National Chamber of Commerce (ZNCC) 2023 State of the Industry and Commerce report, which projects…
TANGANDA Tea Company (Tanganda) says packed tea exports into the region grew by 100 percent during the quarter ended December 31, 2023 attributed to the company’s successful penetration of the Democratic Republic of Congo market. The diversified group said the implementation of diversification of regional markets for packed teas as a growth strategy has begun…
BRICK manufacturer Willdale the brick has expressed concern over the immediate impact of the imposition of value-added tax (VAT) on clay bricks. This comes in the wake of a slew of new government taxes, fees, and levies that took effect at the beginning of the year, causing a surge in prices for a wide range…
EDGARS Stores’ (Edgars) share price was up by 14,7 percent last Friday following the retailer’s announcement of its intention to delist from the Zimbabwe Stock Exchange (ZSE) and relist on the US dollar-denominated Victoria Falls Stock Exchange (VFEX). The surge represents the most significant single-day gain for Edgars in over six months. The company’s proposed…
STARAFRICA Corporation (StarAfrica) says its going concern was momentarily hampered by the spike in pricing by the company’s sole supplier of raw sugar but rectified the situation by securing a new supplier. In February 2023, Gold Star, a StarAfrica affiliate, placed staff on indefinite leave and temporarily shuttered its refinery in Harare in protest of…
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