AVM Africa, a long-established Zimbabwean bus manufacturer, has outlined a bold revitalisation strategy targeting a return to its prior capacity of 50 buses per month. The plan hinges on a strategic partnership with Minsk Automobile Plant of Belarus and a substantial capital injection of US$20 million. The memorandum of understanding (MoU) with Minsk Automobile Plant…
THE Mukuyu Field, operated by Australian explorer Invictus Energy, has secured prominent recognition as the second-largest discovery in Sub-Saharan Africa for 2023, according to a leading energy consultancy, Wood Mackenzie. The independent assessment places the estimated reserve at 230 million barrels of oil equivalent (boe), underscoring the significant potential of Zimbabwe’s Cabora Bassa basin. “This…
EVERSHARP volumes rose 19 percent to 15,18 million units in the first quarter ended December 31, 2023 attributed to improved product availability. It also comes as the business increases its marketing expenditures in response to growing competition from imports. The leading manufacturer of ballpoint pens, rulers, and markers is a division of Amalgamated Regional Trading…
NATIONAL Tyre Services (NTS) is optimistic that the new regulations on tax introduced by the government to enforce compliance will minimise unfair competition in the market. The government recently introduced a raft of new tax regulations to enforce tax compliance on the informal sector, following concerns from the formal sector that not taxing the informal…
ZIMBABWE Stock Exchange (ZSE)-listed financial services giant, ZB Financial Holdings, yesterday unveiled an innovation hub as part of the group’s ongoing digital transformation journey. Speaking at the launch of the new platform in Harare, ZB group chief executive Shepherd Fungura said the financial institution wanted to maintain its position as the leading financial digital company…
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…
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