NATIONAL trade development and promotion organisation, ZimTrade, expects local companies to tie up deals worth at least US$20 million at the third Intra-Africa Trade Fair (IATF), held in Cairo, Egypt last week. This comes after Zimbabwean companies sealed deals worth US$15 million at the previous IATF held in South Africa in 2021. ZimTrade has facilitated…
EXPERTS say the adoption of US dollar-pegged tariffs for telecommunication services could boost the sector’s capacity to invest in critical infrastructure. The Postal and Telecommunication Regulatory Authority of Zimbabwe (Potraz) recently approved a 100 percent industry-wide Zimbabwe dollar tariff increase with effect from November 1, 2023, saying the move was necessary to ensure the viability…
THE Zimbabwe Building and Construction Association (ZBCA) says disruptions in the supply of cement have significantly slowed momentum in the sector, which had gathered pace. This comes as the industry has been on a rebound following Covid-19, which saw a number of projects coming to a halt due to movement restrictions. It also comes as…
BUSINESS is dismayed that authorities continue to approve power utility Zesa Holdings (Zesa)’s electricity tariff hikes without ensuring increased energy supply in the country. At the same time, worried captains of industry and commerce also emphasised this week that business did not have issues with cost-reflective electricity price increases, which guaranteed supply. This comes after…
THE United Nations (UN) resident and humanitarian coordinator, Edward Kallon, says Zimbabwe needs access to global finance to boost industrialisation. Kallon made the remarks at the Confederation of Zimbabwe Industries’ recent annual congress. He said Zimbabwe should take advantage of the ongoing global transition to a greener economic and social order to leapfrog into contemporary…
THE Zimbabwe Mercantile Exchange (ZMX) says it is set to benefit from the African Continental Free Trade Area (AfCFTA)’s standardisation and mutual recognition of commodity grades, and prices. AfCFTA, the world’s largest free-trade area, began trading on January 1, 2021, creating a market of 1,2 billion people. It is the world’s eighth economic bloc with…
A GLOOMY investment environment, inadequate foreign exchange, and infrastructure bottlenecks have been noted as key variables weighing down confidence in the mining sector. This also comes as anxiety is mounting over the threat of softening mineral prices hurting the sector, as well as Zimbabwe’s economic progress, with analysts warning that the escalating tensions in the…
AFRICAN Distillers Limited (Afdis) reported a US dollar turnover of US$25,7 million during the half year ended September 30, 2023, buoyed by competitive pricing and election spending. The wines and spirits maker said Zim dollar revenue increased by 156 percent to $134 billion in inflation-adjusted terms compared to $52 billion recorded in the comparable period.…
STEWARD Bank (Steward) recorded a 48 percent decline in net interest income to $10,5 billion for the half year ended August 31, 2023, owing to tight liquidity conditions. This comes as authorities have maintained a tight monetary policy since the start of the year, which has in some cases resulted in an acute shortage of…
EDGARS Stores (Edgars) “continues to remodel its business to capitalise on opportunities” that arise in the uncertain operating environment. This comes as the clothing manufacturer reported a 14,8 percent decline in total group units sold during the half year ended July 2023 to 1,09 million compared to 1,28 million recorded during the same period last…
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