TELONE’S profitability in 2018 was inhibited by unpaid government invoices after the Zimbabwe Revenue Authority (ZIMRA) charged the company penalties and interest amounting to $11 million for unpaid taxes, which related to the outstanding bills. Chipo Mtasa, TelOne’s managing director, told the Parliamentary Portfolio Committee on ICT in December last year that the company was…
SIMBISA Brands (Simbisa) and Hippo Valley Estates (Hippo Valley) have been bumped out of the Zimbabwe Stock Exchange’s (ZSE) Top 10 index by newcomers Cassava Smartech Zimbabwe (Cassava) and SeedCo International. The index’s constituents were reviewed in line with the ZSE Indices ground rules as at the last day of trading in the quarter ending…
HARARE City Council (HCCL)’s parking management subsidiary, City Parking, is reeling from revenue losses on the back of economic challenges in Zimbabwe. Just in the first half of 2018, the subsidiary lost out on over $1,5 million in potential revenue to touts, vendors and government institutions. The Financial Gazette’s Online Editor, Paul Nyakazeya (PN), interviewed…
ZIMBABWE Stock Exchange-listed cables maker CAFCA said sustainability of its September 30, 2018 profit will be based on government supporting local manufacturers and availability of foreign currency for raw material imports. CAFCA recorded a $3,5 million profit after tax in the year to September 30 2018, up from $726 213 posted in prior comparable period.…
FALCON Gold Zimbabwe (Falgold) says its financial results for the period ending September 30, 2018 will be delayed due to a number of factors. In a cautionary statement, the company said it is in communication with its advisors on the impact of matters of concern on the company’s operations and financial condition. “This will result…
Kaizer Chiefs attacker Khama Billiat says the pressure at the club is good because it means he will never relax. Billiat made the big move from Mamelodi Sundowns to Amakhosi, arguably the most talked about transfer during the last window, and he has without a doubt been the club’s best player, with nine goals and…
GOVERNMENT has admitted that its fiscal and monetary measures have contributed to a slump in gold deliveries by small-scale miners, who have been tendering 60 percent of Fidelity Printers and Refiners (FPR)’s bullion haul or receipts for some time. This also comes amid concerns that Zimbabwe has continued to lose tens of millions of dollars…
BINDURA Nickel Corporation’s (BNC) says it has put its $20 million smelter project on hold due to declining nickel prices. When the company raised funds for the smelter project through a bond in 2014, it had assumed that nickel prices would rise from $16 500 per tonne in 2014 to $21 000 in 2016 before…
ASTRO Mobile (Astro) says it has shelved plans to set up a mobile phone manufacturing plant in the country due to lack of government support. The company, which was established in 2011, has been relying on toll manufacturing arrangements with Chinese firms. Munyaradzi Gwatidzo, Astro’s chief executive, said the company has been sitting on plans…
SEEDCO, one of Africa’s largest seed producers, says it continues to face some difficulties associated with the general sub-optimal business environment on the continent. This comes as research has it that the size, diversity and inherent complexity of doing business across the continent test even the best-laid corporate strategies for growth in Africa. Morgan Nzwere,…
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