PADENGA Holdings (Padenga) plans to recommence exports of crocodile meat to Europe in the last quarter of the year. In a trading update for the quarter ended September 30, 2021, the Victoria Falls Stock Exchange-listed company last week said it did not export any crocodile meat during the period due to Covid-19 restrictions. “The Covid-19…
THE Confederation of Zimbabwe Industries (CZI) last week held its annual congress, after a Covid-19 pandemic-induced hiatus, amid concerns over renewed threats to macroeconomic stability from inflationary pressure and power shortages. The CZI is Zimbabwe’s largest business organisation with members from manufacturing as well as trade, transport, information communication technology, finance, education and professional services,…
THERE has been several initiatives on the local capital markets aimed at increasing retail investor participation. There has been a lot of interest, particularly in new products such as Exchange Traded Funds (ETFs). For example, the Old Mutual ZSE Top 10 Exchange Traded Fund (ETF) was launched in January 2021, and has helped diversify product…
ZIMBABWE’S manufacturing sector is asking for changes to the country’s duty regime, which it says impedes the importation of critical raw materials and gives an unfair advantage to importers of finished products. According to local industrialists, the country currently allows the duty-free importation of certain semi-finished and finished products, while local processors of the same…
CALEDONIA Mining Corporation (Caledonia)’s capital expenditure at its bullion asset ― Blanket Mine ― is now expected to be US$27 million in 2022, due to the urgent need to remedy the poor electricity supply and upgrade workers’ dwellings. At peak capacity, Zesa Holdings (Zesa) produces less than 70 percent of the national demand for power…
The widening gap between the official and parallel market exchange rates has created valuation and accounting difficulties, Fidelity Life Assurance (Fidelity) has said. It comes as a scarcity of foreign currency on the Reserve Bank of Zimbabwe (RBZ) auction system has pushed demand for the greenback on the parallel market, widening the ZWL’s discount. “The…
INDUSTRY and commerce minister, Sekai Nzenza says the government is working on a new Commerce Sector Development Strategy that will usher in an improved environment for businesses, as the country targets an US$8 billion manufacturing and commercial industry. This comes after the manufacturing sector increased its contribution to the gross domestic product (GDP) by almost…
NATIONAL Foods Holdings (NatFoods) was the best returning counter on the Zimbabwe Stock Exchange (ZSE) in October, with gains of 135 percent. The stock gained $919 to close the month at $1 600 per share. It was bested only by CFI Holdings (CFI), which gained 8 260 percent on its return since a 2018 suspension.…
FIDELITY Printers and Refiners (FPR), the sole buyer and exporter of refined gold in Zimbabwe, is seeking an allocation of US$50 million under the 2022 National Budget, for its Gold Mobilisation Initiative Fund (GMIF). FPR has so far expended at least $1,7 billion in working capital loans under the GMIF to small-scale miners to enhance…
BRITISH American Tobacco Zimbabwe (BAT)’s export volumes rose by 44 percent during the nine months to September 30, 2021 on the back of increased demand. Overall, the tobacco processor recorded a volume growth of 32 percent, versus the same period last year. BAT chairman Lovemore Manatsa said this came as the operating environment was improving,…
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