ECONET Wireless (Econet) says viable pricing of telecommunication services remains a key factor for the continued growth and sustainability of the industry. In a statement accompanying the company’s financial statements for the half year ended August 31, 2023, Econet’s chairman, James Myers, said the current volatile operating environment continued to significantly erode the benefits of…
ZIMBABWE’S trade deficit narrowed by 26,4 percent to US$69,6 million in October, as exports rose faster than imports, latest data from the Zimbabwe National Statistics Agency (ZimStat) shows. The country’s exports increased by 22,7 percent to US$831,9 million during the period. According to the Reserve Bank of Zimbabwe, the country’s average balance of trade between…
VICE President Kembo Mohadi says economic and policy think-tanks have a critical role to play in economic development by providing alternative and evidence-based policy proposals. Mohadi made these remarks as he officially opened the Zimbabwe Institute of Strategic Thinking (ZIST) annual conference in Nyanga this week. “Everyone at this conference represents the proverbial incubation hub…
NATIONAL Foods has invested US$26 million over the past two financial years, which has seen the group moving up the value chain to produce a broader range of products. The country’s largest food manufacturer said the board has also approved additional projects valued at US$15 million, which are currently at various stages of execution, most…
PADENGA Holdings (Padenga) says it is engaging the Reserve Bank of Zimbabwe after the lowering of the foreign currency retention threshold from 85 percent to 75 percent to ensure business activities are sufficiently sustained. The move, according to policymakers, would improve the foreign exchange resources that the government and the central bank could use to…
THE Zimbabwe Energy Regulatory Authority (Zera) says it is lobbying Treasury to scrap value-added tax (VAT) on renewable energy products and energy-efficient merchandise to boost local power generation. Solar and electrical equipment are exempted from import duty, but importers still pay 15 percent VAT. “We commissioned a study with a consultant on the upside of…
CAFCA, Zimbabwe’s only cable manufacturer, is looking to expand its export market by entering new frontiers as well as strengthening its presence in the countries it operates in. The strategic move is expected to not only boost the company’s overall growth, but also generate foreign exchange earnings for Zimbabwe, contributing to strengthening the country’s currency…
SIMBISA Brands (Simbisa) is eyeing entering into forward foreign contracts with banks and where practicable use local suppliers to substitute imported raw materials to limit the impact of exchange rate movements. In a trading update for the first quarter ended September 30, 2023, Innscor’s group chief executive, Basil Dionisio, said persistent high inflation rates and…
CONSTRUCTION firm Masimba Holdings says the recent multi-currency regime extension will unlock opportunities in infrastructure development. The government extended the term of the currency system from 2025 to 2030. “We welcome the extension of the multi-currency regime … This will enable the unlocking of opportunities in infrastructure development. “However, in the short-term, the operating environment…
THE African Union’s InterAfrican Bureau for Animal Resources (AU-IBAR) has begun engagements with the local finance and insurance sector to capacitate women-run livestock businesses with appropriate resources. AU-IBAR is the specialised technical office of the department of Agriculture, Rural Development, Blue Economy and Sustainable Environment (DARBE) of the AU Commission. It is mandated by AU…
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