THE Insurance and Pensions Commission (Ipec) has reviewed its minimum reinsurance standards framework in a move designed to reduce foreign currency outflows and bolster the local insurance industry. The revised framework came into effect in January this year. In a circular to the industry, the regulator said the changes were intended to ensure that a…
SIMBISA Brands (Simbisa) is strengthening its cost optimisation efforts to protect margins pressured by multiple taxes and increased operational expenses. The Victoria Falls Stock Exchange-listed regional fast food restaurant chain has also been offering various promotional activities, including discounted prices to customers, which has inadvertently impacted margins. In Zimbabwe, the group’s largest market, contributing 72…
THE Tobacco Industry and Marketing Board (TIMB) says the adoption of biometric systems at all auction floors has significantly reduced side marketing in the tobacco sector. Side marketing occurs when contracted farmers sell their crop to unauthorised buyers instead of the contractors who financed their production. For years, the practice has cost the industry millions…
TOBACCO Sales Floor (TSF) has upgraded its internal farmer payment system, enabling it to credit farmers’ accounts in under an hour after settling sales across all banking networks. TSF, a subsidiary of the Zimbabwe Stock Exchange-listed TSL, has been using TSL Pay for the past four years, paying farmers soon after they completed their sales…
FIRST Capital Bank has upgraded its Internet Banking platform to allow corporate clients to make Telegraphic Transfers online, a move aimed at streamlining cross-border trade payments. The bank said the enhancement is designed to provide faster, more convenient services, particularly for businesses involved in foreign trade and regional transactions. Speaking at a recent Mining Indaba…
CABLE manufacturer CAFCA is expecting to commission its 1,1-megawatt solar plant soon as it moves to rein in rising energy costs and support production. In an interview on the sidelines of the company’s annual general meeting last week, chief executive Vimbayi Nyakudya said the solar system is expected to go live anytime this week. He…
ACCESS to affordable funding is critical to sustaining record production, as high borrowing costs and low profits continue to weigh down farmers, tobacco growers have said. The remarks come ahead of the sector’s marketing season, which opens next Wednesday. Tobacco Growers Association chairman Bright Bvukumbwe said improved funding arrangements largely drove last season’s record output.…
THE continued migration of businesses from Harare’s central business district (CBD) into residential suburbs is driving up rentals and property prices in affected areas, property experts have said. Companies are relocating to suburbs such as Highlands, Newlands, Eastlea and Borrowdale in search of modern facilities, easier road access and more reliable utilities. As a result,…
NAMPAK Zimbabwe is planning to significantly increase its capital expenditure to enhance production capacity and profitability amid growing demand for packaging products. Although the group did not disclose the capital outlay, its plans are based on projections of firming demand across all business units. Notably, the group is banking on the anticipated record-breaking tobacco output…
LIBERALISATION of the energy sector has opened the door for private capital investments, enabling Independent Power Producers (IPPs) to take on projects supplying electricity directly to businesses, industry players say. The reform follows government approval allowing IPPs to generate electricity for their own use or for sale to third parties, access the national transmission network,…
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