NATIONAL Tyre Services (NTS) says foreign currency shortages for the importation of new tyres from China and India continue to negatively impact margins. Though the Reserve Bank of Zimbabwe re-launched the foreign currency auction system two years ago in an effort to avail cheap hard currency to industry, local companies continue to grapple with shortages…
MASS market banking institution POSB says it got US$7,6 million from the Reserve Bank of Zimbabwe (RBZ) foreign currency auction system for the first half of this year ending June 30, 2022. POSB chief executive officer Admore Kandlela told shareholders at the bank’s 8th AGM in Harare this week that forex auction allocations pending settlement…
MEIKLES says its revenue grew by 88 percent during the quarter to June 2022 due to the easing of Covid-19 restrictions during the period. The quarter under review had much less Covid-19 restrictions in comparison to the same period of the previous year, a development that Meikles said “bodes well for the group’s sales volume…
THE rehabilitation of the Cold Storage Commission (CSC), which was closed almost two decades ago due to viability challenges, will increase the daily slaughter of cattle from 60 to 2 000 per day, the government has said. Addressing a post-Cabinet media briefing in Harare this week, Information minister Monica Mutsvangwa said CSC was already negotiating…
ZIMBABWE’S foreign currency receipts increased to US$5,45 billion in June, a 33,6 percent increase from US$4,07 billion recorded during the same period last year, the Reserve Bank of Zimbabwe…
IN a bid to curb power supply disrutions, StarAfrica Corporation (StarAfrica) has invested in alternative power to finally deal with energy issues that have for a long time curtailed throughput and negatively impacted plant uptime. For the past two years, the listed sugar production firm has made a significant investment in re-tooling the Harare unit…
SEED Co Limited says it will leverage its business on various food production programmes being implemented by African governments in the face of uncertainty on the continent. The seed producer has operations in over 15 countries in different regions in Africa. In a trading update for the first quarter ended June 30, 2022, Seed Co…
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya last week said Harare is moving on with plans to create a central bank digital currency (CBDC). In his monetary policy statement in February, the governor advised of the apex bank’s intention to explore the CBDC on a phased approach pursuant to the Cabinet decision of November…
WILLDALE Limited (Willdale) says increasing demand for bricks to meet the high demand for housing will drive revenues in the second half of the year. In a trading update for the quarter ended June 30, 2022, the listed building aggregates maker said it had already started stocking up bricks in anticipation of a boom in…
COTTCO Zimbabwe (Cottco) is aiming for enhanced capacity utilisation of its delinter facility at Kadoma Ginnery by the end of next year, in keeping with the government’s strategy to turn around the fortunes of the underperforming out-grower enterprise. The 15 000 tonnes capacity plant, which separates cotton seed from lint, is currently running at 70…
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