TANGANDA Tea Company (Tanganda) says it expects the operating environment to remain difficult but is confident that demand for its products will remain firm. In a trading update, the group said the operating environment is expected to remain difficult owing to inflationary pressures, currency instability, fast rising operational costs and external exogenous shocks. “The company…
NATIONAL Tyre Services Limited (NTS) says tyre retreading volumes declined by 13 percent in the third quarter ended December 31, 2022 as power outages severely affected the company’s factories. Zimbabwe requires over 2 000 megawatts of power per day with regional imports, which require up to US$17 million per month, compensating for the deficit. The…
BRICKMAKER Willdale says sales volumes for the quarter ended December 31, 2022 declined by two percent compared to the same period prior year due to liquidity shortages in the market. In a trading update, Willdale said measures introduced by monetary authorities at the beginning of the quarter to bring stability to the exchange rate and…
ZIMBABWE’S trade deficit widened by US$567 million to US$2,06 billion in 2022 as the growth in imports outpaced the rise in exports. The southern African country has persistently recorded trade deficits since 2009, and official data shows that its cumulative shortfall over the period has breached US$22 billion. Latest data from the Zimbabwe Statistics Agency…
ZIMBABWE’S employment levels have returned to pre-Covid-19 pandemic levels, according to the World Bank (WB). This was revealed by the latest report of the Poverty Income Consumption and Expenditure Survey (PICES), a telephone survey based on a prototype that the Bretton Woods institution developed after the onset of the pandemic, to quickly assess the poverty…
INDIA’S ambassador to Zimbabwe, Vijay Khanduja, says companies from his country are eager to seize investment opportunities in Zimbabwe’s energy sector and help alleviate the country’s and southern Africa’s crippling power crisis. Due to de-industrialisation, Zimbabwe now requires approximately 1 500 MW of electricity per day, down from 2 000 MW previously. The country had…
FBC Securities says monetary authorities must be consistent when dealing with retention thresholds to attract investment into the country. This comes after Reserve Bank of Zimbabwe governor John Mangudya increased and standardised export retention at 75 percent across all sectors of the economy, including firms listed on the Victoria Falls Stock Exchange, with effect from…
ZIMBABWE’s inflation will gradually decline to single-digit levels by 2025, research firm Fitch Solutions (Fitch) has said. The southern African country’s annual inflation is currently at 229,8 percent, having ended the year 2022 at 243,8 percent. “We expect inflation to return to single-digit levels (on an average annual basis) from 2025 and remain broadly contained…
NEWLY-listed Victoria Falls Stock Exchange (VFEX) counter, National Foods (NatFoods), says it remains positive on Zimbabwe’s economic outlook as it targets investments totalling US$30 million by year-end.
ZIMBABWE’S largest telecommunications company, Econet Wireless (Econet), says the regulated tariff reviews are being done at a below inflation rate. The group’s revenue for the nine months ended November 30, 2022 grew by nine percent compared to the same period last year largely driven by voice and data volumes, which were however weighed down by…
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