OM Insurance launches vehicle assessment centres

OLD Mutual Insurance Company (Omico) has launched vehicle assessment centres in Harare and Bulawayo in a bid to eliminate excess processing costs within the claims value chain. The newly-launched centres allow policyholders the convenience of vehicle pre-insurance inspections, valuations, claim registrations and accident assessments. The centres will also have facilities for Zimbabwe National Roads Administration…

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Botswana explorer eyes Zimbabwe diamonds

BOTSWANA Diamonds (BOD), an exploration and mining development company that holds licences in Botswana and South Africa, says it is in discussions with Zimbabwean authorities about entering the country’s diamond sector. BOD is focused on short-term production targets at Marange and advanced kimberlite pipe projects elsewhere, in partnership with Vast Resources. The two companies would…

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Hippo Valley lauds end of duty-free imports

LISTED sugar miller Hippo Valley Estates says the scrapping of the suspension of duty on basic commodities will improve the local industry’s viability, as the cost structure continues to harden in foreign currency. In May this year, the government suspended duty on commodities including cooking oil, maize meal, toothpaste, bath soap, rice and others for…

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NatFoods plans solar plant

NATIONAL Foods (NatFoods) says it plans to develop a solar plant capable of producing at least 60 percent of energy requirements at the Aspindale site by the end of 2024. This comes at a time when Zimbabwe is facing acute power outages and is hastening investments in renewable energy like solar. Other companies in different…

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Starafrica retools

LISTED sugar refiner Starafrica Corporation (Starafrica) says it opted not to pay a dividend for the year ended March 31, 2022, and has instead channelled its internal resources towards retooling. It comes as the company’s access to affordable credit has been limited due to high-interest rates in Zimbabwe set by the central bank to curb…

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Tanganda anticipates improved yields

TANGANDA Tea Company (Tanganda) says it expects yields of avocado and macadamia to increase with enhanced maturity profiling of plantations over the next three to five years. In a statement accompanying results for the year ended September 30, 2022, chairman Herbert Nkala said the company will enhance mechanised efficient farming practices to maximise production output.…

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2022 ends in agony for ZSE

2022 will be remembered as the year when the Zimbabwe Stock Exchange (ZSE) effectively lost its usefulness as the economy’s last-resort hedge. It has been depressed since May when the government enacted a slew of measures aimed at reducing “speculation” on the country’s main bourse. This marks the market’s longest slump since 2016 when bond…

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More airlines keen on Zimbabwe route

CIVIL Aviation Authority of Zimbabwe (Caaz) director-general Elijah Chingosho says more international airlines have expressed interest to fly into the country as the government embarks on a drive to renovate airports. This comes as the southern African nation has been taking a competitive approach through policy changes aimed at reviving the country’s aviation industry after…

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Government crafts solar IPP implementation agreement

FINANCE minister Mthuli Ncube says the government has come up with a standardised implementation agreement (GIA) for all solar independent power producer (IPP) projects with 1000MW worth of projects already identified. The projects, which have been recommended for government support, are worth US$1 billion. This comes at a time the country is reeling from persistent…

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TAX MATTERS: What the proposed VAT increase means

FINANCE minister Mthuli Ncube proposed to revise the VAT rate from 14.5 percent to 15 percent with effect from January 1, 2023. This comes three years after a downward revision from 15 percent to the current 14.5 percent. The reduction or increase in the VAT rate triggers transitional time of supply rules. The change in…

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