AXIA Corporation (Axia) aims to leverage its expertise and resources to explore new markets and increase its customer base despite the challenging operating environment. In today’s fast-paced and competitive business environment, it is crucial for companies to keep evolving and expanding to stay relevant. “The Zimbabwean operating environment remains challenging. Management remains hopeful that progressive…
THE Zimdollar (Z$) will experience double-digit depreciation next year and the local economy will remain highly dollarised, a leading researcher has said. Confidence in the local currency has taken a knock, with the domestic unit losing more than 80 percent of its value versus the US dollar on the official market. In its Africa Outlook…
AMID rising local use of the greenback, many companies are increasingly reporting their financials in US dollars or seriously considering doing so going forward. Experts who spoke to The Financial Gazette this week said while this was giving more meaning to published statements, it also highlighted the many challenges that faced the government in its…
LOCAL companies expect the operating environment in Zimbabwe to remain challenging in the medium term on the back of declining disposable incomes amid persistent currency volatility. Companies listed on the Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange said the third quarter of the year was characterised by liquidity constraints, as banks and major…
ZIMBABWE’S platinum output is estimated to have increased by 11 percent, year-on-year, during the third quarter of 2023, reaching 129 000 ounces (oz), an all-time high, according to the World Platinum Investment Council’s (WPIC) latest report. The growth came from Zimplats, which realised additional volumes from its new concentrator plant. “Output from other producers, Unki…
Mick Schumacher will race in the World Endurance Championship for Alpine next season. The 24-year-old German, son of seven-time F1 world champion Michael, will remain as Mercedes’ F1 reserve driver for a second year. “I sorely missed racing this year. It’s what I’ve loved to do since I was a kid,” said Schumacher, who lost…
SANDAWANA Mine (Sandawana) says it is holding talks with potential partners to raise about US$220 million to start further beneficiation of spodumene concentrate. Sandawana was previously one of the world’s largest emerald mines, but closed years ago after production fell and markets dried up. Kuvimba Mining House (KMH) now intends to restart the mine as…
IN September, Fitch Solutions revised downwards its forecast for Zimbabwean credit growth to 200 percent in 2023, from 220 percent previously, reflecting the slight strengthening of the Zim dollar following…
TURNALL Holdings (Turnall) remains focused on its strategy to re-capitalise its factories, enhance production efficiencies and contain costs. This comes as the construction materials manufacturer is currently investing in several projects, which are expected to be operational next year. In a trading update for the quarter ended September 30, 2023, Turnall said the acquisition of…
FIRST Mutual Holdings (FML) says its inflation-adjusted insurance contract revenue (ICR) rose 103 percent to $414 billion in the nine months ended September 30, 2023. “The year-on-year growth in the ICR was driven by the continued revaluation of insurance policy values to match inflation and exchange rate movements to ensure adequate cover for clients, as…
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