ZIMBABWE’S chrome and chromium exports are this year seen firming on growing demand from China, a local securities trading firm has said. According to the Zimbabwe Statistics Agency, chromium ore and concentrate exports rose to US$45,6 million during 2020 compared to US$45 million in the previous year. During that same period ferrochromium (iron and chrome)…
MEIKLES expects its revenues to take a hit due to Covid-19 restrictions, despite its main business segments being classified as essential services and exempted from lockdown measures. It comes as the hospitality industry has suffered the brunt of the economic disruptions caused by the contagion with hotel bookings taking a heavy blow. Meanwhile, retailers say…
ZIMBABWE is stepping up efforts to increase its soya bean production, amid a growing shortfall that has increased the country’s import bill. Production of the crop, which serves as livestock feed and is also used to produce cooking oil, has dropped from around 140 000 metric tonnes (MT) in 2000 to below 40 000 MT…
POWERSPEED Electrical (Powerspeed) expects to post a profit for the half-year to March 2021, having lately seen a recovery in sales volumes. The company’s hardware retail chain, Electrosales, has been facing stiff competition from informal traders and its earnings had declined as its market share was starting to shrink. “Our volumes have largely recovered, but…
ZIMBABWE’S palladium production increased by 600kg in 2020 to 12 000kg — worth about US$900 million — despite a seven percent decline in global output, the US Geological Survey (USGS) has said. The element accounted for the lion’s share of the southern African country’s production of platinum group metals (PGMs), which are now its biggest…
As a research house, we have maintained a strong stance that government interventions are a major factor contributing to inefficiencies in the operation of markets. Generally, economic inefficiencies can be caused by various factors which include imperfect competition, common property resources (public goods), the presence of externalities in consumption and production, information asymmetry and government…
The Value Added Tax system is premised on documentation such as tax invoices, credit and debit notes. There are, however, instances wherein some VAT transactions can be accounted for without the need for such documentation because there are no third parties involved in the transactions. These include where there is a decrease or increase in…
Agriculture minister Anxious Masuka recently outlined a new mandate for the Agriculture Marketing Authority (AMA) as the government holds high expectations for the agricultural sector to anchor the country’s economic revival. The Financial Gazette’s Staff Writer Farai Mabeza (FM) spoke to AMA’s chief executive officer, Clever Isaya, (CI), on the organisation’s plans. M: In a…
ZIMBABWE’S trade deficit increased by US$75 million to US$590 million in 2020, data released by the Zimbabwe National Statistics Agency (Zimstats) shows. Total imports during the year were US$4,98 billion, up from US$4,79 billion in 2019, while exports increased to US$4,39 billion from US$4,28 billion. The southern African country has persistently recorded trade deficits since…
BANKS say they are not snubbing credit guarantees being offered by the government to lend to the private sector to mitigate the effects of Covid-19 and to back major national projects. This comes after the private sector claimed banks were rejecting the guarantees, leaving them battling to secure both infrastructural and working capital. Of late,…
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