ECONET Wireless (Econet) says it invested US$66 million as part of its network modernisation programme in the year ended February 28, 2023. The country’s largest telecommunications company has invested over US$3 billion in infrastructure since its inception. “Network expansion and upgrades remain imperative to support business sustainability, which has been hampered by several years of…
Turnall Holdings (Turnall) says it is finalising the procurement of a fibre-cement sheeting plant and a Glass Reinforced Plastic (GRP) pipe plant this year in a bid to expand its product portfolio and return to profitability. In a trading update for the first quarter ended March 31, 2023, Turnall’s board chairman, Grenville Hampshire, said the…
THE Famine Early Warning Systems Network (Fewsnet) sees the sustained depreciation of the Zimbabwe currency as a danger to food security for some low-income households, according to an update from the USAid programme. The apparent lack of confidence in the Zimbabwe dollar (ZWL) has resulted in the unit’s significant devaluation, reducing most household incomes. “Across…
WITH mining experiencing a downturn in the first quarter due to myriad challenges, in particular a huge power deficit in the economy, interest in new minerals such as lithium is expected to provide the sector with a lift as the government prepares new production targets. This comes amid efforts by the government to export the…
THE Treasury says the complete re-dollarisation of the economy will make it difficult for local businesses to join the Africa Continental Free Trade Area (AfCFTA) and remain competitive. The Zimbabwe dollar’s depreciation against major currencies has led to fears of re-dollarisation, as confidence in the domestic unit has reached new lows with some formal retailers…
LISTED timber producer Border Timbers posted a 125 percent growth in revenue to $7,6 million for the nine months ending March 2023 driven by the consistent quality of the kiln dried timber, resulting in better average selling prices. The surge in revenue is from a 2022 comparative of $3,4 million. A high profit before tax…
VICTORIA Falls Stock Exchange (VFEX) chief executive Justin Bgoni says the foreign currency exchange denominated bourse will have a commodity exchange by the end of this year. VFEX, whose launch in 2020 marked the operationalisation of the Victoria Falls Special Economic Zone, has been working towards the establishment of the commodity exchange to pave the…
AFRICAN Sun (Afsun) says it remains focused on its strategy to upscale the state of its properties through the ongoing various hotel refurbishment programmes. The VFEX-listed hotelier recently completed refurbishments at Leopard Rock and also the first phase upgrades of the iconic Victoria Falls Hotel. The refurbishments are in line with the group’s vision to…
STEWARD Bank says it disbursed at least 900 000 loans to small and medium enterprises (SMEs) through its digital loan platform, Kashagi, during the year ended February 28, 2023. This comes as the bank continues to focus on promoting digital financial intermediation to reduce disparities in financial access within the country. “Driven to achieve financial…
AXIA Corporation (Axia) says it continues to face significant foreign currency gaps as retail and distribution does not rank in higher forex allocation tiers on the auction market. The auction market was introduced in June 2020 to improve productive sectors of the economy’s accessibility to much-needed foreign currency. Some of the sectors that benefit from…
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