ZIMBABWE’S economy grew by 1,3 percent during the third quarter of 2023, latest figures from ZimStat show. The national statistics agency said the main drivers of economic activity during the period were the energy sector, manufacturing and ICT. Electricity production, a key indicator of the electricity industry’s value-added, grew by 12,7 percent in the third…
THE country’s informal sector is set to expand even further as business struggles to survive the competition, a new report by the Zimbabwe National Chamber of Commerce (ZNCC) says. The 2023 ZNCC annual state of industry and commerce report said it was therefore critical for policymakers to start viewing the informal economy as the normal…
THE Securities and Exchange Commission of Zimbabwe (SecZim) says there are unclaimed shares worth about $13 billion on the country’s markets. The regulator said it would eventually move unclaimed holdings to a guardian fund or the investor protection fund if it fails to identify owners within 10 years. The shares were traded before the establishment…
OK Zimbabwe (OK Zim) called on the government to remove a 2022 law that limits in-store pricing margins based on the official exchange rate. The law has agonised retailers because official exchange rates tend to be much lower than those on the street, which dictates pricing in the broader economy. This comes as the Industry…
NATIONAL Foods (NatFoods) says it is adequately stocked to meet heightened demand usually associated with festive season. This comes amid widespread doubts over business’ preparedness for the season given the headwinds faced during the year. “We don’t expect shortages over the festive season,” NatFoods chief executive, Michael Lashbrook, told The Financial Gazette last week. “We…
INDIAN truck manufacturer Ashok Leyland has sealed a new distribution deal with Tsapo Group. Ashok Leyland is the flagship company of the Hinduja Group and a top commercial vehicle manufacturer in India. Under the deal, Tsapo Group has been appointed as the sole authorised distributor of Ashok Leyland trucks and buses. “Ashok Leyland is a…
ZIMBABWE’S power imports increased by 13,1 percent to 425,5 gigawatts (GWh) during the third quarter of 2023, according to ZimStats. Zimbabwe’s peak electricity demand is 1 850MW, but generation capacity from the country’s two main power plants — Hwange Thermal Power Station and the Kariba Hydrothermal Power Station — currently falls below 1 200MW. Meanwhile,…
THE Revitus Property Opportunities Real Estate Investment Trust raised $48,6 billion through its initial public offering (IPO), fund administrator CBZ Asset Management has said. The offer, which opened on November 15 and closed on December 14, was followed by the listing of the REIT on the Zimbabwe Stock Exchange (ZSE) this Monday. Trading in units…
THE Zimbabwe Energy Regulatory Authority (Zera) says fuel prices could keep falling in Zimbabwe if global relief persists. It comes as local prices have been on a downward trend since October, with diesel selling for not more than US$1,68 per litre in December compared to US$1,79 two months ago. Blended petrol is being sold for…
ZIMBABWE’S inaugural State of Services Economy Survey (SOSES) found some gaps within various sectors of the country’s economy.
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