CLOTHING retailer Truworths says sales and profitability continue to be adversely affected by restrictive pricing laws, which negatively affect competitiveness against unregulated sectors. In a trading update for the quarter ended October 9, 2022, Truworths chief executive Bekithemba Ndebele described the environment as uncertain and questioned the sustainability of the bank policy rate of 200…
THE Zimbabwe National Chamber of Commerce (ZNCC) says timber companies in Manicaland need more support for the sector to regain lost ground cover. ZNCC national deputy president Charlton Chimbira told The Financial Gazette last week that companies were already undertaking their own initiatives to rebuild the industry. The industry was disrupted by the country’s land…
FINANCE minister Mthuli Ncube’s projected 2023 inflation targets will be difficult to meet as the country heads towards elections amid rolling power cuts, the Confederation of Zimbabwe Industries (CZI), has said. In its November 2022 Inflation and Currency Developments update, CZI said the country’s annual inflation was still extremely high compared to its regional counterparts.…
SUMMER crop production in 2022 fell across all sectors as the country battled now all too common drought patterns and an unfavourable cost environment, with the Russia-Ukraine war adding pressure on preparations for the 2022/23 season. However, a bright winter wheat season saw record production, with Zimbabwe producing its highest-ever output. The Grain Millers Association…
PROCUREMENT Regulatory Authority of Zimbabwe (PRAZ) chief executive Clever Ruswa says Zimbabwean businesses must step up and improve the quality of their products in the face of coming competition under new regional and international trade agreements. Zimbabwe has already ratified the African Continental Free Trade Area and is engaged in trade talks with the European…
LITHUIM mining projects were this year at the forefront of Zimbabwe’s efforts to build a US$12 billion mining industry by 2023. The element is used in lithium-ion batteries which are commonly used in electronics, and now also in the emerging electric vehicle industry. The year saw the coming on board of the Sabi Star Lithium…
THE year 2022 was good for the tourism sector after tourist arrivals increased by 165 percent during the nine months to September, as the industry recovered from a two-year Covid-19-induced setback. Tourism is one of Zimbabwe’s top foreign currency earners, contributing around six percent to the country’s gross domestic product. During the year, the government…
THE Hospitality Association of Zimbabwe (Haz) says Victoria Falls hotels’ occupancy is now above 60 percent, adding that it expects the situation to further improve during the peak of the festive season. Haz president Farai Chimba told The Financial Gazette that they expect most of the hotels to be fully booked by Christmas Day. “The…
NMBZ Holdings (NMB) says its banking subsidiary will continue to focus on maintaining healthy liquidity, while prudently growing its loan book with a special focus on utilisation of the recently approved Trade and Development Bank (TDB) line of credit. In a trading update for the third quarter that ended September 30, 2022, company secretary Violet…
CONVEYOR belts manufacturer, General Beltings Holdings (GB), says it expects a significant recovery in the fourth quarter, underpinned by a strong order book at the rubber division and consistent demand at the chemicals division. In a trading update for the third quarter that ended September 30, 2022, company secretary Patrick Munyanyi said GB has secured…
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