THE United Nations (UN) resident and humanitarian coordinator, Edward Kallon, says Zimbabwe needs access to global finance to boost industrialisation.Advertisements Kallon made the remarks at the Confederation of Zimbabwe Industries’ recent annual congress. He said Zimbabwe should take advantage of the ongoing global transition to a greener economic and social order to leapfrog into contemporary…
THE Zimbabwe Mercantile Exchange (ZMX) says it is set to benefit from the African Continental Free Trade Area (AfCFTA)’s standardisation and mutual recognition of commodity grades, and prices. AfCFTA, the world’s largest free-trade area, began trading on January 1, 2021, creating a market of 1,2 billion people. It is the world’s eighth economic bloc with…
A GLOOMY investment environment, inadequate foreign exchange, and infrastructure bottlenecks have been noted as key variables weighing down confidence in the mining sector. This also comes as anxiety is mounting over the threat of softening mineral prices hurting the sector, as well as Zimbabwe’s economic progress, with analysts warning that the escalating tensions in the…
AFRICAN Distillers Limited (Afdis) reported a US dollar turnover of US$25,7 million during the half year ended September 30, 2023, buoyed by competitive pricing and election spending. The wines and spirits maker said Zim dollar revenue increased by 156 percent to $134 billion in inflation-adjusted terms compared to $52 billion recorded in the comparable period.Advertisements…
STEWARD Bank (Steward) recorded a 48 percent decline in net interest income to $10,5 billion for the half year ended August 31, 2023, owing to tight liquidity conditions. This comes as authorities have maintained a tight monetary policy since the start of the year, which has in some cases resulted in an acute shortage of…
EDGARS Stores (Edgars) “continues to remodel its business to capitalise on opportunities” that arise in the uncertain operating environment. This comes as the clothing manufacturer reported a 14,8 percent decline in total group units sold during the half year ended July 2023 to 1,09 million compared to 1,28 million recorded during the same period last…
OK ZIMBABWE says it will be branding its financial services unit to Vimbai Capital, as the group continues to expand and diversify its income streams. “We want to expand on our money transfer agencies and insurance companies so that our financial services arm, which will be branded Vimbai Capital, will be a key focus area…
SIBANYE-Stillwater (Sibanye) says platinum, palladium, rhodium and gold 4E PGM production from its local unit, Mimosa Mining Company (Mimosa), was one percent higher than prior period at 29 060 ounces, during the quarter ended September 30, 2023. The group said all-in sustaining cost increased by 10 percent year-on-year to US$1,359/4E ounce due to inflationary pressures…
THE US dollar prices of basic food and non-food commodities in Zimbabwe are expected to remain stable in the short to medium-term, a new report has said. In its latest report on food security in the country, the Famine Early Warning Systems Network (Fewsnet) said short-lived price increases associated with the end-of-year festive season would,…
LOCAL bus manufacturer AVM Africa (AVM) says it misses the business it used to get from the government, which saw it producing a bus daily. Now, the company produces five buses in a good month and its capacity utilisation has fallen to less than five percent, managing director Jacob Kupa told The Financial Gazette. “Our…
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