THE Reserve Bank of Zimbabwe this week cut its benchmark interest rate by 20 percent to 130 percent, amid concerns that a Zimdollar credit squeeze was threatening stability. It comes as the Zimbabwe National Chamber of Commerce (Zncc) had raised the alarm, saying high interest rates were keeping lending in the domestic unit low, with…
PADENGA Holdings (Padenga) says it is on a drive to reduce borrowings and the associated interest charges to sustainable levels and improve profitability. The Victoria Falls Stock Exchange-listed firm’s chairman, Themba Sibanda, said the group witnessed a 15 percent reduction in net interest expenses for the group at US$3,6 million during the half year ended…
NATIONAL Foods’ volumes for its maize products will post a marginal growth in the current fiscal year, amid the El Niño phenomenon, a local research firm has said. The southern African nation is expected to receive normal to below-normal rainfall in the coming summer season, with analysts fearing that it will pose a serious threat…
TRADE development and promotion body ZimTrade says it has developed around 20 export clusters across the country, as it integrates different sectors into mainstream export business. ZimTrade chief executive, Allan Majuru, told the annual exporters conference that some clusters had already started exporting to markets such as the Netherlands and Dubai. “Over the last year…
INDUSTRY minister Sithembiso Nyoni says the government will continue to craft policies that encourage productivity, improve industry competitiveness and grow the manufacturing sector in a manner that promotes exports. Nyoni made these remarks at the annual exporters conference hosted by trade development and promotion body, ZimTrade last week. “One of my ministry’s targets under the…
GRAIN Millers Association of Zimbabwe (GMAZ) says its members have started to import maize to bolster national stocks ahead of the expected El Niño-induced drought. Normal to below-normal rainfall is expected in the 2023-24 summer season, which is expected to impact the production of major crops such as wheat, tobacco and maize. GMAZ chairman Tafadzwa…
THE Zimbabwe Football Association (ZIFA) has appointed Yvonne Mapika Manwa as the new chief executive officer with effect from next month.Advertisements The media shy- Manwa took over the role which was left vacant following the expiration of Joseph Mamutse’s contract in August this year. In a statement today, Zifa Normalisation Committee Chairperson Lincoln Mutasa said…
A METAL prices slump following a spike that was triggered by the Ukraine war has continued to hit miners, with Tharisa announcing this week that its Karo platinum project would be delayed by a year. This also comes as the Chamber of Mines of Zimbabwe (CoMZ) has called on the government to intervene, warning that…
ZIMBABWEAN companies that were part of the Global Expo Botswana in Gaborone last week are confident that the impression they made has not only enhanced the country’s reputation but will also result in increased business. The local companies showcased their products in the Zimbabwean pavilion under ZimTrade. The expo saw the participation of some of…
FIRST Capital Bank (FCB) Zimbabwe says appetite for its lines of credit has been encouraging to the extent that it is now in fresh negotiations with the European Investment Bank (EIB) to get another facility to support exporters in the coming year. The bank says financing the productive sectors of the economy continues to be…
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