GOVERNMENT says it will set up a Horticulture Export Revolving Fund to support companies in the sector that are struggling with foreign currency requirements. Speaking during a post-Cabinet media briefing on Wednesday, Information minister Monica Mutsvangwa said the government had resolved to use part of the Special Drawing Rights received from the International Monetary Fund…
THE government has so far spent $41 billion on payments for grain deliveries this year, with a record 1,3 million tonnes being received by the Grain Marketing Board (GMB), Information minister Monica Mutsvangwa has revealed. Speaking after a cabinet meeting on Tuesday, the minister said the government is now making efforts to expedite payment of…
THE all-new Nissan Navara launched in Harare last week is a fusion of comfort, smartness and a marvel for car enthusiasts. Speaking during the vehicle launch, Nissan marketing director Stefan Haasbroek said the new model manufactured in Africa, specifically for the continent’s conditions, delivers an enhanced level of safety, comfort and driving pleasure. “This new…
GETBUCKS Microfinance Bank (Getbucks) is unlikely to meet the Reserve Bank of Zimbabwe’s US$5 million minimum capital requirement by year end. This comes as the financial institution recorded inflation-adjusted regulatory capital of $192 million (US$2 million) during the quarter ended September 30, 2021. “Shareholders will pursue equity transactions to bridge the gap between the minimum…
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…
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