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…
THE Tobacco Industry Marketing Board (TIMB) says it is working on a minimum standards framework for contracting companies as the 2022/23 season commences. As much as 93 percent of the country’s tobacco crop is funded by contractors as the local financial sector remains reluctant to provide funding to agriculture due to lack of collateral and…
COMPANIES tend to make prepayments because suppliers may insist on receiving payments before they make a supply. This is often a custom in the insurance industry, where they request for premiums before the insurer covers the insured against a risk. Also, licences are often paid for in advance before granting right of use to the…
POISED for the full resumption of local and international travel following the rescission of most coronavirus restrictions in the country, the tourism industry is lobbying authorities for an additional stimulus package to galvanise the sector. Speaking to The Financial Gazette this week, a buoyant president of the Tourism Business Council of Zimbabwe (TBCZ), Wengayi Nhau,…
DIVIDEND payments to foreign investors climbed by 24 percent to US$269 million for the six-month period ending in June 2022, continuing a pattern that began in 2020 with the introduction of weekly currency auctions by the Reserve Bank of Zimbabwe (RBZ). These numbers are from the midterm monetary policy statement by RBZ governor John Mangudya,…
STATE-OWNED mobile communications company NetOne recorded inflation adjusted revenue of $14,4 billion during the first half of the year, a $3,4 billion variance from a budget of $17,8 billion. Giving a trading update at the company’s 2021 annual general meeting yesterday, NetOne acting chief executive Raphael Mushanawani said during the six months under review, the…
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