LISTED sugar miller Hippo Valley Estates says the scrapping of the suspension of duty on basic commodities will improve the local industry’s viability, as the cost structure continues to harden in foreign currency. In May this year, the government suspended duty on commodities including cooking oil, maize meal, toothpaste, bath soap, rice and others for…
NATIONAL Foods (NatFoods) says it plans to develop a solar plant capable of producing at least 60 percent of energy requirements at the Aspindale site by the end of 2024. This comes at a time when Zimbabwe is facing acute power outages and is hastening investments in renewable energy like solar. Other companies in different…
LISTED sugar refiner Starafrica Corporation (Starafrica) says it opted not to pay a dividend for the year ended March 31, 2022, and has instead channelled its internal resources towards retooling. It comes as the company’s access to affordable credit has been limited due to high-interest rates in Zimbabwe set by the central bank to curb…
TANGANDA Tea Company (Tanganda) says it expects yields of avocado and macadamia to increase with enhanced maturity profiling of plantations over the next three to five years. In a statement accompanying results for the year ended September 30, 2022, chairman Herbert Nkala said the company will enhance mechanised efficient farming practices to maximise production output.…
2022 will be remembered as the year when the Zimbabwe Stock Exchange (ZSE) effectively lost its usefulness as the economy’s last-resort hedge. It has been depressed since May when the government enacted a slew of measures aimed at reducing “speculation” on the country’s main bourse. This marks the market’s longest slump since 2016 when bond…
CIVIL Aviation Authority of Zimbabwe (Caaz) director-general Elijah Chingosho says more international airlines have expressed interest to fly into the country as the government embarks on a drive to renovate airports. This comes as the southern African nation has been taking a competitive approach through policy changes aimed at reviving the country’s aviation industry after…
FINANCE minister Mthuli Ncube says the government has come up with a standardised implementation agreement (GIA) for all solar independent power producer (IPP) projects with 1000MW worth of projects already identified. The projects, which have been recommended for government support, are worth US$1 billion. This comes at a time the country is reeling from persistent…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-287079.mp3?cb=1732294483.mp3FINANCE minister Mthuli Ncube proposed to revise the VAT rate from 14.5 percent to 15 percent with effect from January 1, 2023. This comes three years after a downward revision from 15 percent to the current 14.5 percent. The reduction or increase in the VAT rate triggers transitional time of supply rules. The change in…
CLOTHING retailer Truworths says sales and profitability continue to be adversely affected by restrictive pricing laws, which negatively affect competitiveness against unregulated sectors. In a trading update for the quarter ended October 9, 2022, Truworths chief executive Bekithemba Ndebele described the environment as uncertain and questioned the sustainability of the bank policy rate of 200…
THE Zimbabwe National Chamber of Commerce (ZNCC) says timber companies in Manicaland need more support for the sector to regain lost ground cover. ZNCC national deputy president Charlton Chimbira told The Financial Gazette last week that companies were already undertaking their own initiatives to rebuild the industry. The industry was disrupted by the country’s land…
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