EMPOWER Bank says it will increase its foreign currency income generation going forward, despite recording the first six months of 2023 as the most difficult operating period in its five-year operating history. The state-owned lender was launched in July 2018 with the primary mandate of funding marginalised youths who fail to get capital from commercial…
THE Zimbabwe Investment and Development Agency (Zida) says it witnessed an improvement in investment this year, as compared to last year, despite 2023 being an election year. In an interview with The Financial Gazette, Zida’s acting chief executive, Theresa Muchinguri said the agency has registered almost 800 foreign investors with an estimated total investment value…
Bindura Nickel Corporation (BNC) says it will be embarking on a solar power plant project as it seeks to transition to clean energy sources to reduce its carbon footprint. The nickel miner consumed 1,04 million litres of diesel in the year ended March 31, 2023, down 12,08 percent from 1,18 million litres in the comparable…
KUVIMBA Mining House (Kuvimba, a state-owned company, says it is not acquiring a new asset this year, but is considering listing some of its existing units on the Victoria Falls Stock Exchange (VFEX). Established in 2020, Kuvimba is 65 percent owned by the government, with the balance held by management through a Mauritius-based company, Quorus.…
STARAFRICA Corporation (Starafrica) says it is looking forward to the government reinstating duty on imported sugar, a development that will positively impact the local sugar industry. The listed sugar refiner’s chairman, Rungamo Mbire, said sales volumes of granulated sugar produced by the group’s Goldstar Sugars (GSS) were stagnant, amounting to 82,321 tonnes during the…
THE Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) says Zimbabwe’s active mobile telephone subscriptions were down by 100 000 during the second quarter of 2023 to 13,95 million. The mobile penetration rate was down by 0,7 percent to 91,9 percent during the same period. Potraz said Econet was the only mobile network operator (MNO)…
THE government says the recently commissioned 300 000 tonne Sabi Star Mine flotation plant is a significant step towards the fulfillment of the Mapinga mines-to-energy park grand plan. A memorandum of understanding was signed between the government of Zimbabwe and Chinese investors, the Eagle Canyon group, last September signalling the intent to set up the…
CBZ Holdings says it is looking into potential acquisitions with other financial institutions after tying up its merger with First Mutual Holdings (FML). CBZ acquired 31 percent of FML, giving it a foothold in one of the country’s largest insurance and property companies. “I put emphasis on the issue making sure that we strengthen our…
FARMERS say land tenure should be finally resolved to unlock private sector funding, as President Emmerson Mnangagwa settles into his second term in office. This comes as Mnangagwa has set a new agriculture economy target of almost US$14 billion by 2025, having eclipsed the initial US$8,2 billion target ahead of schedule last year, according to…
THE National Competitiveness Commission (NCC) says it is working on a strict institutional regulatory impact assessment to improve the ease of doing business climate in Zimbabwe. It comes as the government has been accused of “over-regulation,” which critics say is inhibiting economic progress and an encumbrance to ease-of-doing-business. Regulatory impact assessment is a globally accepted,…
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