NEDBANK Zimbabwe (Nedbank) says its half-year profit after tax increased by 631 percent to $4,8 billion in inflation-adjusted terms from $663,7 million in the corresponding period last year. In a statement accompanying the bank’s six months to June 30, 2022 financials, Nedbank’s managing director Sibongile Moyo said the financial institution recorded a significant increase in…
CBZ Holdings (CBZ), the biggest financial services group in the country, has commended the Reserve Bank of Zimbabwe’s (RBZ) for introducing gold coins, saying investors would find a store of value in the instruments. Entities and individuals with excess cash have been struggling to find investment options amid high inflation, which was stood at 285…
WHILE business supports efforts by authorities to stabilise the economy, it is concerned that some of the measures being implemented could seriously affect the operations of many companies.
INDUSTRY and commerce minister Sekai Nzenza, says the manufacturing sector will grow by 3,7 percent this year, as the government focuses on developing local industry’s capacity. This comes after manufacturing capacity utilisation rose from 47 percent in 2020 to 56,25 percent in 2021, while the 2022 national budget had predicted a 5,5 percent growth for…
AGRICULTURE minister Anxious Masuka says three million households targeted by the government’s climate-proof farming support scheme, Pfumvudza/Intwasa, will be covered by weather-based insurance. Pfumvudza/Intwasa is a conservation agriculture technique adopted by the government to help climate proof agriculture production in the wake of recurring droughts in the country and the region. This comes as agriculture…
INDUSTRIAL Development Corporation-owned Chemplex Corporation says the country will by the 2023/24 agriculture season be able to meet its 400 000 tonnes annual basal fertiliser requirements through local production. Chemplex acting chief executive James Chigwende said the installation of a US$1,1 million fertiliser blending plant at its subsidiary, Zimphos, coupled with the acquisition of a…
ZIMBABWE and China are keen on reviving the Harare-Beijing air route, which was abandoned in 2012, economic and commercial counsellor of the Chinese Embassy Huang Minghai has said. Speaking during the opening ceremony of a civil aviation cooperation and capacity building seminar in Harare last week, Minghai said China and Zimbabwe “enjoyed pragmatic and mutually-beneficial…
YOUTH-focused financial institution, EmpowerBank, is waiting for $700 million capital injection from the government to complete a slew of business development initiatives lined up for this year. In a statement accompanying half-year results to June 30, 2022, the bank’s board chairman Rudo Kumirai said the delay in capital disbursement also affected other business development initiatives,…
The Association of Healthcare Funders of Zimbabwe (AHFoZ) will convene an all-stakeholders conference this month in Victoria Falls to examine, among other things, effective medical aid coverage, at a time when many health insurance policy holders are complaining about deficiencies. Our News Editor Tendai Kamhungira (TK) spoke to AHFoZ chief executive Shylet Sanyanga (SS) to…
PPC Zimbabwe says housing pressure in the country continues to work in its favour as individual home builders are driving cement sales, with 79 percent of sales being in bags and the remainder in bulk. Zimbabwe’s housing backlog is estimated at 1,2 million units. Addressing journalists after a tour of the Harare plant last week,…
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