THE dairy sector has lowered its annual milk output target by nine million litres to 100 million due to high production costs. This comes as the latest figures from the Agriculture ministry’s dairy services department show that milk production in the first nine months of 2023 increased by eight percent to 71,91 million litres from…
ANXIETY is mounting over the threat of softening mineral prices hurting Zimbabwe’s economic progress this year and the next, with analysts this week warning that escalating tensions in the Middle East could worsen the situation. The country recorded a 20 percent decline in foreign currency receipts to US$3,6 billion during the nine months to September…
WEB-based trade infrastructure solutions provider Kulies.com says payment processing systems across the continent’s borders need to be fixed to improve the ease of doing business climate, as it eyes opportunities under the African Continental Free Trade Area (AfCFTA). “Kulies is an African trade infrastructure that helps African businesses to transact business to business. We operate…
EXPERTS say the bulk of Zimbabwean businesses are not yet prepared to participate in the African Free Continental Trade Area (AfCFTA) even though it presents a new impetus for investment, trade and industrialisation in line with the country’s development plans. AfCFTA, the world’s largest free-trade area, began trading on January 1, 2021, creating a market…
LOCAL research firm says it expects Innscor Africa’s revenue to grow by 3,2 percent to US$829,60 million in the full year 2024, driven by enhanced production capacities and route-to-market initiatives. In the fiscal year to June 2023, Innscor’s revenue grew by 14,7 percent to US$804,040 million driven by improved capacity utilisation across the group’s core…
THE Zimbabwe Energy Regulatory Authority (Zera) says the US$0,02 per kilowatt-hour power (kWh) tariff adjustment it approved this week was part of its pursuit for a cost-reflective tariff in the country. It comes as the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has persistently said sub-economic tariffs are nearly entirely to blame for the country’s…
THE Reserve Bank of Zimbabwe this week cut its benchmark interest rate by 20 percent to 130 percent, amid concerns that a Zimdollar credit squeeze was threatening stability. It comes as the Zimbabwe National Chamber of Commerce (Zncc) had raised the alarm, saying high interest rates were keeping lending in the domestic unit low, with…
PADENGA Holdings (Padenga) says it is on a drive to reduce borrowings and the associated interest charges to sustainable levels and improve profitability. The Victoria Falls Stock Exchange-listed firm’s chairman, Themba Sibanda, said the group witnessed a 15 percent reduction in net interest expenses for the group at US$3,6 million during the half year ended…
NATIONAL Foods’ volumes for its maize products will post a marginal growth in the current fiscal year, amid the El Niño phenomenon, a local research firm has said. The southern African nation is expected to receive normal to below-normal rainfall in the coming summer season, with analysts fearing that it will pose a serious threat…
TRADE development and promotion body ZimTrade says it has developed around 20 export clusters across the country, as it integrates different sectors into mainstream export business. ZimTrade chief executive, Allan Majuru, told the annual exporters conference that some clusters had already started exporting to markets such as the Netherlands and Dubai. “Over the last year…
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