NIGERIA says it expects commercial ties with Zimbabwe to improve as the two countries work to open up access to each other’s markets. This comes as national trade development and promotion organisation, ZimTrade, this week disseminated results from a market survey it recently completed in Nigeria exploring the potential for Zimbabwean products in the West…
KUVIMBA Mining House (Kuvimba) says it is mobilising internal resources to raise around US$500 million to kick-start operations at its Darwendale platinum asset, Great Dyke Investments (GDI). This comes as Kuvimba is of the persuasion that enlisting another foreign investor would further delay the resumption of the keenly anticipated project. “This project is now valued…
HOSPITALITY Association of Zimbabwe (HAZ) president, Farai Chimba, says new investments in the industry have provided a boost to domestic tourism by offering more affordable products. This comes amid a push to boost the domestic segment, which began at the height of the Covild-19 pandemic after the introduction of crippling restrictions on international travel, as…
PIPING products manufacturer, Proplastics, has set annual capital spending at $2,6 billion despite reporting an 86 percent dip in its 2022 inflation adjusted profit. A total of US$2,7 million was spent by the group on capital equipment in the nine months ended September 30, 2022. This includes the newly-commissioned PVC line. The plant modernisation efforts…
A LOCAL research firm says it expects Padenga Holdings’ (Padenga) revenue for this year to rise by almost 30 percent to US$166,81 million, underpinned by the expansion of gold mining activities, and an increase in crocodile. In 2022, the group generated US$127,89 million in revenue, which was a 68 percent increase from US$76,10 million in…
THE National Competitiveness Commission (NCC) has urged Zimbabwean authorities to ban the exportation of raw hides to support value addition in the leather industry, which has been billed as a key prospect for the country’s export diversification. In a recent report, the NCC said value addition in the leather value chain will enhance the industry’s…
MASHONALAND Holdings (Mash Holdings) says it expects its foreign currency denominated full year revenue to stand at 75 percent in an increasingly dollarising economy. More than three-quarters of domestic spending is now in foreign currency, according to the Zimbabwe National Statistics Agency. The chief executive of the property concern, Gibson Mapfidza, told The Financial Gazette…
FIRST Mutual Properties (FMP) says the office segment was subdued in 2022 owing to the need to re-adjust from the newly-formed remote working models. Market watchers have since attributed the current trends to the “new normal” conditions prompted by the Covid-19 pandemic, which saw many companies shifting to online-based work practices as opposed to physical…
Amazon Web Services (AWS) experienced a wide-reaching outage on Tuesday afternoon, which affected countless major websites. AWS is a cloud computing offering that makes money by charging businesses to host websites and other applications. While the company says the issue is largely resolved now, the outage lasted about two hours. “We are continuing to work…
SINCE the 2000s, Standard Chartered Bank (StanChart) has been “fading away” from Zimbabwe.
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