Page 313 – The Financial Gazette

State accelerates AI drive

Zim advances China horticulture export talks

Insurance, pensions sector set for overhaul

NetOne confident despite Starlink arrival

Mishma Chakanyuka, Staff WriterFebruary 12, 20240672 views

STATE-owned telecoms operator NetOne is confident it will maintain its market position despite the impending arrival of Starlink, Elon Musk’s satellite internet service provider. The company believes its offerings cater to a distinct segment compared to Starlink’s focus on remote and underserved areas. Starlink, currently operational in 65 countries including several African nations, leverages low-orbit…

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ZSE poised for ‘mixed fortunes’ in 2024

Almot Maqolo, Staff WriterFebruary 12, 20240504 views

THE Zimbabwe Stock Exchange (ZSE) is likely to experience a mixed bag of results in 2024, with the El Niño-induced drought posing a significant challenge to agriculture-focused companies, according to Securities and Exchange Commission of Zimbabwe (SecZim) chief executive Anymore Taruvinga. Taruvinga acknowledged the potential impact of the drought on agro-value chain counters, which dominate…

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NTS focuses on full business recovery

Mishma Chakanyuka, Staff WriterFebruary 10, 20240823 views

NATIONAL Tyre Services (NTS) is targeting a full business recovery in the second half of the year following a series of cost-cutting initiatives. The firm saw a 106,25 percent rise in inflation adjusted operating expenses to $6,6 billion in the half year ended September 30, 2023 (H1 2024) from $3,2 billion in the comparative period.…

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Do more to boost industry, government told

Almot Maqolo, Staff WriterFebruary 8, 20240772 views

AUTHORITIES need to do more to protect local businesses and to make them more competitive, captains of industry and commerce say. Speaking to The Financial Gazette this week — after the government reimposed customs duty on 12 basic commodities — the business leaders cheered the move, adding that this would help to lift the country’s…

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Seed Co banks on small grains

Mishma Chakanyuka, Staff WriterFebruary 8, 20240591 views

SEED CO says the delayed rains in the 2023/24 agricultural season, which led to an increase in demand for small grains, hold a significant potential to claw back annual sales volume performance. Zimbabwe experienced delayed rains in the 2023/24 agricultural season owing to the El Nino phenomenon which is also expected to result in low…

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Steward Bank to fly solo in Econet restructure

Omega UkamaFebruary 8, 202401.1K views

STEWARD Bank is set to become a standalone listed entity as its parent, EcoCash Holdings, prepares to transfer its non-banking assets back to Econet Wireless Zimbabwe (Econet). This move marks the latest chapter in a multi-year saga of separation and specialisation within the Econet group. Five years after spinning off EcoCash — then known as…

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Packaging industry needs US$100 million makeover

Almot Maqolo, Staff WriterFebruary 8, 20240843 views

ZIMBABWE’S packaging industry, grappling with outdated equipment and fierce competition, requires a US$100 million shot in the arm to remain relevant, according to a recent report. The industry, crucial for various sectors along the value chain, faces capacity constraints despite local producers having the potential to meet domestic demand. The report, titled ‘Development of Local…

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Fiscal headwinds blow as dollarisation tightens grip

Mishma Chakanyuka, Staff WriterFebruary 8, 20240657 views

ZIMBABWE’S government could face significant challenges funding its spending in 2024, with dwindling access to local financing due to the country’s deepening dollarisation, research firm Imara Investing in Africa (Imara) has warned. In a recent note, Imara argued that widespread adoption of the US dollar has severely restricted the government’s ability to print money to…

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Khaya volumes more than double

Mishma Chakanyuka, Staff WriterFebruary 8, 20240748 views

KHAYA Cement, formerly Lafarge Cement Zimbabwe, recorded a 117 percent increase in volumes during the half year to June 30, 2023, attributable to the restoration of its mill and the commissioning of a new one. The cement maker said it earned 89 percent of its revenue in foreign currency, an increase of 100 percent from…

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Zimplats expansion projects on course

Almot Maqolo, Staff WriterFebruary 8, 202401.2K views

ZIMBABWE Platinum Mines (Zimplats) says all key capital projects are proceeding according to plan as it ramps up production. The Australia Stock Exchange-listed platinum miner’s mining operations consist of four underground mines located in Mhondoro Ngezi while the processing operations comprise three concentrators, located in Ngezi and at the Selous Metallurgical Complex. In a quarterly…

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