ZIMBABWE Investment Development Agency (Zida) recently signed a MOU with Singapore Cooperation Enterprise (SCE) for the cross pollination of ideas to develop special economic zones (SEZs) and other investment promotion initiatives in the country. The Asian nation ranks among the top countries on the World Bank Ease of Doing Business index and is considered a…
INFRASTRUCTURE Development Bank of Zimbabwe (IDBZ) is seeking partners to finance the development of cluster housing in Harare and Kadoma. IDBZ intends to develop the cluster houses at properties it already owns as well as other assets owned by third parties. In a notice last week, IDBZ said the project entails the engineering, procurement, construction…
NATIONAL Tyre Services (NTS) says its sales volumes were up by 162 percent during the quarter ended June 30, 2021, spurred by slowing inflation and Zimbabwe’s bumper harvest this year. In a trading update this week, the company said volumes were also driven by stock availability and focused marketing initiatives. “Notwithstanding the challenges of the…
BUSINESS is lobbying authorities to spend at least half of the US$1 billion windfall from the International Monetary Fund (IMF) on the productive sector, to further stimulate economic growth and help companies recover from the negative effects of Covid-19. Speaking to The Financial Gazette this week, after the IMF released its much-needed Special Drawing Rights…
THE newly launched Zimbabwe Mercantile Exchange (ZMX) says it will introduce derivatives gradually to improve its system, which is meant to revamp agro-produce marketing in the country. In other jurisdictions, derivatives such as futures contracts have been in use for decades, facilitating standardised legal agreements to buy or sell something at predetermined prices at a…
ZIMBABWE’S exports were up by three percent to US$502,5 million in June from US$487 million in May this year, official data shows. According to figures released by Zimbabwe National Statistics Agency (Zimstat) on Tuesday, major exports during the period were gold and platinum group metals (PGMs). Gold accounted for 28 percent of all exports while…
THE Insurance and Pensions Commission (Ipec) is banking on the growth of its US$75 million investment in Kuvimba Mining House to generate more funds for compensation of policyholders who suffered…
TOURISM sector players say the intensifying vaccination programme coupled with the emergence of new source markets and arrival of new airlines have improved recovery prospects for the industry. Zimbabwe recently saw the launch of new flights into the country by global carrier, Qatar Airways, with German carrier, Eurowings to follow suit next March. There is…
POULTRY breeder, ZimAvian says it is expanding into contract farming to cushion itself against fluctuating grain prices in the market as it battles to recover from Covid-19 disruptions. The company, which last week launched a poultry veterinary distribution centre in Ruwa to add to its product range, was already running a poultry production programme with…
ZIMBABWE’S banking sector is set to witness fundamental changes in the near future following a surge in digital banking initiatives in various markets across the world. Digital banking, which strives for convenience in a fast-paced world, enables customers to potentially manage all of their finances from their smartphone and other online channels including payments, investments,…
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