AT LEAST 28 000 workers in the clothing industry have lost their jobs since 2013 due to the imports of second-hand clothes into the country, a sector expert has said. The National Union of the Clothing Industry’s general secretary, Joseph Tanyanyiwa, told The Financial Gazette this week that the government must put measures in place…
NEDBANK Zimbabwe (Nedbank) says its cost-to-income ratio fell within its target during the 12 months to December 2022, spurred by improved efficiency. Cost-income is the ratio between the costs involved in running a business and the income the business produces. The ratio is important for determining a bank’s profitability because it shows how efficiently the…
POWERSPEED Electrical (Powerspeed) says controls limiting pricing ratios between the local currency and the US dollar continue to make it expensive for customers with the greenback to purchase from formal retailers. This comes as there is an evident increase in customers opting to buy on the informal markets using the US dollar, as it is…
LISTED agricultural concern Ariston Holdings (Ariston) plans to install a solar system at one of its tea plantations, Southdown Estate, to cope with Zimbabwe’s current power shortages. The country has been experiencing erratic power challenges since last year, with power cuts of up to 19 hours per day, which has adversely affected businesses that have…
A ZIMBABWE Anti-corruption Commission (ZACC) officer Smart Mandofa who was arrested last week for abuse of office has been granted a ZWL100 000 by a Harare magistrate.
REGIONAL retailer Choppies says cost constraints were only partially relieved by increased prices for the six months ended December 31, 2022. Choppies is the largest retailer in southern Africa outside of South Africa, with over 161 stores across Botswana, Zimbabwe, Zambia and Namibia and eight distribution centres. “The group faced a demanding economic environment characterised…
CBZ Holdings (CBZ) says it is negotiating with international banks to secure financing for farmers in Zimbabwe. The country’s biggest financial services group already has significant exposure to the agricultural sector through its involvement in Command Agriculture and other government-driven agricultural funding schemes. “So, you recall that, or you are aware that we play a…
ZIMBABWE’S milk production was up by 10,13 percent to 8,14 million litres this January, the latest figures from the Agriculture ministry’s Dairy Services Department show. In the same period last year, the country’s milk production stood at 7,39 million litres. This year’s January milk output, however, was down by a negligible 0,02 percent compared to…
MINERS say Zimbabwe’s high royalty fees will impact negatively on the country’s quest to create a US$12 billion mining industry by the end of this year. This comes as Zimbabwe’s mining royalty charges, at up to 10 percent, are among the highest in the world. In neighbouring South Africa, for comparative purposes, mining royalty rates…
TANGANDA Tea Company (Tanganda) says it has invested extensively towards increasing the economic value of its major crops to mitigate its exposure to price volatility in primary agricultural markets. In a recent interview with The Financial Gazette, Timothy Fennell, Tanganda’s chief executive, said increased value addition would be a key long-term strategy for the company.…
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