THE Chamber of Mines of Zimbabwe (CoMZ) is anticipating the mining industry to recover in the second half of 2023, on account of an expected improvement in the country’s power situation. Zimbabwe has been experiencing severe power shortages due to insufficient local generation and the inability of state utility Zesa to import the deficit. “Just…
CLOTHING retailer Truworths expects sales to increase after the introduction of US dollar credit at the beginning of the second quarter this year. Zimbabwe has been fast dollarising, with statistics from the Zimbabwe Statistics Agency revealing that 78 percent of transactions for food and goods purchases are now being done in foreign currency, while 70…
INCREASED demand for foreign currency to fund operations and import raw materials, as well as plant and equipment, is weighing on the competitiveness of local industry, business leaders have said. This also comes as the government has lifted restrictions on the importation of basic goods, including duties and taxes, which is also threatening local industry.…
INDUSTRY and Commerce minister Sekai Nzenza says businesses in Mozambique and Zimbabwe should aggressively pursue investment and trade possibilities in the two nations as both attempt to harness long-dormant economic potential. During Mozambique President Felipe Nyusi’s state visit to Zimbabwe last week, Nzenza told a Zimbabwe-Mozambique business event organised by ZimTrade that it was critical…
EXPOSURE to Zimbabwe dollars in an increasingly dollarising economy is putting supermarkets’ profit margins under pressure, a local research firm has warned. This comes as experts have continuously warned that the worsening volatility of the Zimbabwe dollar is creating uncertainty within the economy. More than three-quarters of domestic spending is now in foreign currency, according…
THE Cass Saddle Agriculture Exchange Traded Fund (ETF) managers are bullish about local companies in the sector, which they expect to benefit from ongoing geopolitical tensions. The fund invests primarily in Zimbabwe Stock Exchange-listed (ZSE) stocks in the agriculture sector and its associated value chain. In a statement accompanying the fund’s results for the year…
GETBUCKS Microfinance Bank (GetBucks) says it in the process of negotiating transactions, as part of its capital raise initiative to be completed this year. The institution’s recapitalisation, which was anticipated to be completed in 2022, will take place this year, which should allow it to underwrite additional business. The capital raise will help the microfinance…
BRITISH American Tobacco Zimbabwe (BAT) says it remains optimistic about growth despite mounting economic and political concerns. The country has a history of contested and violent elections, as well as poll “high jinks” by elected officials, which have affected economic stability and growth. The country’s harmonised elections are set to be held in August this…
ZB FINANCIAL Holdings (ZB) says it recorded a 29 percent increase in foreign currency earnings during the quarter ended March 31, 2023, up from a 15 percent increase in the corresponding period last year. In a statement this week, the group said it also saw growth in local currency earnings across the business. ZB provides…
AFDIS says it is targeting to increase production efficiencies and implement cost containment initiatives this year to improve profitability. This comes as the spirits and wines maker anticipates that the trading environment will remain challenging and uncertain this year. In a statement to accompany financial results for the full year ended March 31, 2023, Afdis…
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