ZIMBABWE Investment and Development Agency (Zida) says it is confident that Foreign Direct Investment (FDI) will increase this year to reach the US$4 billion set target, given the interest shown by both regional and global investors. Since the turn of the millennium, Zimbabwe has struggled to attract significant FDI due to a host of problems,…
TANGANDA Tea Company (Tanganda) says it remains focused on its strategic value addition thrust despite challenges in the operating environment pushed by both local and external factors. The diversified group’s chairman, Herbert Nkala, said Tanganda would also focus on cost management to mitigate pressures on profit margins. “The first half of the financial year was…
VICTORIA Falls Anti-Poaching Unit (VFAPU) has received a major boost in its operations from African Sun (Afsun), which handed the unit US$21 000 to cater for the 16-member scouts’ full-year salaries and medical aid. The Afsun’s one-year sponsorship comes as a major boost to VFAPU’s wildlife and natural resources conservation efforts. The Victoria Falls’ teeming…
RUBBER and chemicals specialists, General Beltings (GB Holdings), is expecting its plant refurbishments to eliminate 70 percent of its lost production time. GB Holdings’ chairman, Godfrey Nhemachena, told The Financial Gazette that 80 percent of the company’s lost production through plant breakdown was emanating from its boilers, hence the decision to dismantle and refurbish them.…
PIPING products manufacturer Proplastics says it secured a US$4 million contract in Malawi as the group continues to widen its export market. The group said it has identified two new export markets in the region that are expected to improve foreign currency revenue streams. In a recent interview, the chief executive of Proplastics, Kuda Chigiya,…
THE Insurance and Pensions Commission (Ipec) says foreign currency-denominated assets are cushioning the industry from loss of value in the face of rampant inflation. Month-on-month inflation was reported at 74,5 percent in June, after gaining 58,8 percentage points on May’s rate. Annual inflation hit three digits to 175,8 percent from 86,5 percent recorded in the…
THE National Handling Services Zimbabwe (NHS) says the current hyperinflationary environment has destabilised its procurement processes. This comes as the country has entered into another hyperinflationary cycle after prices increased by over 50 percent in June, with the nation having already experienced two other episodes of hyperinflation in the last 15 years. Hyperinflation refers to…
IN business and in life every transaction is characterised by risk. For instance, when you buy food, there is the risk that it may be bad. When you buy a gadget, it might not work as advertised. This is the reason why in every transaction, the buyer must exercise a great amount of discretion, and…
ZIMBABWE’S electricity imports surged by 26,8 percent to 863,4-gigawatt hours (GWh) during the first quarter of 2023, latest figures from ZimStat show. State power utility Zesa says local production was 29 percent below target for the quarter, which worsened power cuts in the country and created more demand for imports. In a report, ZimStats revealed…
Powerspeed Electrical (Powerspeed) says the ever-increasing regulation, complexity, and rising cost of doing business will continue to threaten its business. Zimbabwe has seen several policy measures implemented over the past months to boost confidence in the local currency, which has been on a free fall, with formal businesses feeling the heat. “The ever-increasing regulation, complexity,…
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