ZIMPLOW says the acquisition of a 49 percent stake in Barzem is close to conclusion as the new entity emerging from that transaction, Tractive Power Solutions (TPS), is already positioning itself on the market. Zimplow is acquiring a 49 percent shareholding in Barzem, held by its partner Barloworld, at a discount in line with the…
RAINBOW Tourism Group (RTG) says hotel occupancies in tourist resort areas are closing in on pre-Covid-19 levels. This comes as the group’s average hotel occupancies closed the quarter ended March 31, at 43 percent, which was on par with the same period in 2022. “City hotels continue to drive activities for the group mainly through…
NEWLY established hotel chain Sterling Group of Hotels is bullish about both its future and the prospects of the tourism sector after the reception it has received on the market. Sterling operates three hotels in Harare, Mvurwi, and in Bulawayo. “We are very optimistic of lots of potential business because of the traffic we have…
NATIONAL Building Society (NBS) has launched ‘Platinum Pavilion Club’, a private banking unit to offer lifestyle banking and beyond to facilitate for bespoke financial solutions to high and ultra-high-value clients. The private banking initiative marks another key milestone in its growth following the recent launch of Corporate and Institutional Banking. As the bank continues on…
OLD Mutual Zimbabwe this week launched its newly established fintech business, Old Mutual Digital Services, which will be operating as O’mari. O’mari will provide mobile money services, insurtech, investech, digital lending, e-commerce, payments, and digital products and services for the retail mass market. “We are pleased to launch O’mari into the market, a business that…
LOCAL firms have implored authorities to take corrective action on the economy amid concerns that the operating environment will negatively weigh on companies’ earnings and adversely affect output. According to recent trading updates, the operating environment continued to be challenging throughout the year as the exchange rate has continuously depreciated. Power supply challenges also worsened…
THE country’s mounting economic woes mean that the minister of Finance, Mthuli Ncube, will be compelled to come up with a significant supplementary budget soon, experts say. Speaking to The Financial Gazette this week, the experts were also doubtful that the under pressure Treasury boss would be able to stabilise Zimbabwe’s bleeding economy in the…
THE Zimbabwe National Chamber of Commerce (ZNCC) has joined the growing chorus of criticism of Zimbabwe’s recently adopted blended Consumer Price Index (CPI), saying the new inflation baseline distorts market realities. This comes as the Confederation of Zimbabwe Industries (CZI) has resorted to producing its own inflation estimates as an alternative to official figures, which…
THE Chamber of Mines of Zimbabwe (CoMZ) is anticipating the mining industry to recover in the second half of 2023, on account of an expected improvement in the country’s power situation. Zimbabwe has been experiencing severe power shortages due to insufficient local generation and the inability of state utility Zesa to import the deficit. “Just…
CLOTHING retailer Truworths expects sales to increase after the introduction of US dollar credit at the beginning of the second quarter this year. Zimbabwe has been fast dollarising, with statistics from the Zimbabwe Statistics Agency revealing that 78 percent of transactions for food and goods purchases are now being done in foreign currency, while 70…
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