THE government wants to ensure the utilisation of local resources in the pharmaceutical value chain to reduce over-reliance on imports and create employment. According to Industry and Commerce minister Sekai Nzenza, one of the greatest challenges was that the sector was hugely dependent on imported active ingredients. “So, going forward we want to ascertain how…
Empower Bank says it had to increase its provision for impairment losses by 649 percent during the half year to June 30, 2021 after the deterioration of its loan book, due to the Covid-19 pandemic. Chief executive Shadreck Mhembere said the bank’s client base — small businesses and the youth — were among the worst…
A DERIVATIVES market for tobacco could soon be set up in Zimbabwe after the industry’s marketing board last week entered into an agreement with the Zimbabwe Stock Exchange (ZSE) and Victoria Falls Stock Exchange (VFEX) to collaborate on innovation in marketing the golden leaf. A derivative is a contract between two or more parties whose…
HIPPO Valley (Hippo) is exploring opportunities to install solar energy generation plants on its estates to ensure uninterrupted power supply for its cane irrigation during peak growing periods. In a statement accompanying financial results for the year to March 31, 2021, Hippo’s chief executive, Aiden Mhere, said power challenges have of late negatively affected irrigation…
THE Covid-19 pandemic has resulted in a surge in demand for ICT services. Demand has, however, outstripped installed infrastructure. The Financial Gazette’s Staff Writer, Farai Mabeza (FM), speaks to internet access provider Dandemutande’s chief executive, Never Ncube (NN), pictured, on developments in the sector and his views on the state of connectivity in Zimbabwe. FM:…
METBANK reported an inflation adjusted profit of $113 million and a historical profit after tax of $105,3 million for the half year ended June 30, 2021, driven by a 30 percent growth in its loan book. The bank’s loan book grew by $80 million to $347,8 million during the period under review. In a statement…
ECOBANK Zimbabwe (Ecobank) says it is gearing to exploit new opportunities in the second half of the year, with inflation expected to decline further, while the economy is forecast to grow by 7,8 percent on the back of a successful agricultural season and firming international mineral prices. This comes as Zimbabwe’s annual inflation has fallen…
THERE has been a widespread outcry over Zupco’s failure to cope with the thousands of people who use public transport in Zimbabwe’s urban areas. The truth is Zupco is overwhelmed. Efforts to augment Zupco’s fleet are commendable, but more has to be done to include more players in the market and satisfy the obviously overwhelming…
DIVERSIFIED digital solutions firm, Cassava Smartech Zimbabwe has reported a 70 percent increase in revenue for the quarter ended August 31, 2021, driven by its insurtech business. In a trading update this week, Cassava board chair Sherree Shereni said the business remains focused on growing transactional volumes and improving operating efficiencies to maintain the growth…
ZECO Holdings (ZECO), gained 300 percent on the Zimbabwe Stock Exchange (ZSE) last week, marking its best weekly performance in six years. The engineering company put on 200 percent last Monday before gaining a further 100 percent on the following day to close at 0,12 cents ($0,0012). Trades in ZECO have been few and far…
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