PUMA Energy Zimbabwe is set to expand its retail network and storage facilities under a US$30 million investment over the next three years. This, the company said, is in anticipation of an imminent surge in domestic fuel and energy consumption. Additionally, resources will be directed towards the development of renewable energy solutions, as well as…
ZIMBABWE’S diamond production declined by 22,1 percent to 1,03 million carats in the third quarter of 2023 as load shedding disrupted mining activities, a new report shows. Zimbabwe has over the years experienced severe power shortages due to insufficient local generation and Zesa’s inability to import the deficit, which the state utility company attributes to…
INNSCOR Africa (Innscor) says despite a challenging operating environment in Zimbabwe, it sees several growth opportunities.Advertisements This comes as the country is expected to receive normal to below-normal rainfall this season, which analysts fear will pose a serious threat to economic growth going into next year. “We are very bullish about the country, about the…
PERSISTENT power shortages and high levels of corruption top the list of drivers of low levels of capacity utilisation in the major sectors of Zimbabwe’s economy, according to a new report.Advertisements According to the 2023 Zimbabwe National Chamber of Commerce State of Industry and Commerce survey, the two topped several other reasons affecting economic activities…
BUSINESS remains optimistic about 2024 despite the myriad challenges facing the economy in the outlook, which includes a possible drought, a new survey shows.Advertisements While the Treasury has projected growth to slow to 3,5 percent next year from 5,5 percent this year, on the back of the El Niño conditions, as well as a slump…
SEED Co International (Seed Co) says it is currently investing in back-up power for its processing plants across the region as electricity shortages persist. This comes as the seed producer’s group chief executive, Morgan Nzwere confirmed that its newly-commissioned US$12 million Zimbabwe drier handled its design capacity 5 000 metric tonnes this year. “Processing plants…
THE Reserve Bank of Zimbabwe says it is going to refine the framework around the recently introduced gold-backed digital tokens, known as Zimbabwe Gold (ZiG). Advertisements The gold-backed digital tokens, which were introduced in May to supplement physical bullion coins and allow for wider trade in the asset, can now be used in peer-to-peer transactions.…
FINANCE secretary George Guvamatanga says “sanctioned Zimbabwe” must find new ways of funding infrastructure projects and cushioning the poor through creative taxes, as domestic capital mobilisation remains key for the economy. Advertisements This comes as the southern African nation is facing a severe drought and there has been a hue and cry over the raft…
BINDURA Nickel Corporation (BNC) says it has strategically implemented timed measures to ensure that the group ends the 2024 fiscal year in a strong position. The Victoria Falls Stock Exchange-listed miner’s chairman, Muchadeyi Masunda, said despite the challenging nickel price outlook, it anticipates an improvement in the financial year 2025. “The average London Metal Exchange…
INNSCOR Africa (Innscor) says despite a challenging operating environment in Zimbabwe, it sees several growth opportunities. This comes as the country is expected to receive normal to below-normal rainfall this season, which analysts fear will pose a serious threat to economic growth going into next year. “We are very bullish about the country, about the…
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