FACED with what it describes as a complex and challenging environment, Edgars Stores Limited (Edgars) says it has introduced US dollar accounts, while developing a resilient business model to withstand future shocks. In a trading update for the 13 weeks ended October 9, 2022, group chief executive Tjeludo Ndlovu, acknowledged measures introduced by the central…
INDUSTRY minister Sekai Nzenza says there is need for increased awareness and widespread application of standards by Zimbabwean companies to enhance the overall economy of the African continent. This comes as African standards are now playing a central role as they signal the quality of goods channelled into the export markets, which determines their competitiveness.…
ZIMBABWE saw an overall growth in the production of horticulture crops in the 2021/2022 season, the Agricultural Survey Report has revealed. The country is currently targeting an increase in high-value products for export markets for continued diversification of the agricultural production base and increased production for local markets to give consumers a wider range of…
AGRICULTURE minister Anxious Masuka says the government seeks to develop innovative marketing and financing approaches for smallholder farmers under a new thrust to industrialise rural communities. Speaking at the launch of the 2022 Agriculture Sector Survey in Harare on Wednesday, Masuka said the government was focusing on agriculture development as a catalyst for rural industrialisation.…
ANALYSTS are anticipating that the fiscal authorities will strengthen funding for economic drivers in the 2023 National Budget to allow for economic growth. The budget is expected to be presented in parliament today by Finance minister Mthuli Ncube. Speaking to The Financial Gazette this week, economist Clemence Machadu said because 2023 is an election year,…
HOTELIER African Sun (AfSun) says it is cautiously optimistic that its units will record greater business during the holiday season. One of the most cherished times of the year for hoteliers is Christmas, because they always have an excuse to celebrate: either because their hotels are open and decked out in their best holiday attire,…
FIRST Capital Bank (FCB) says strong performance on interest income which was driven by growth in the foreign currency loan book spurred the bank’s income for the first nine months of the year. The bank’s September 2022 year-to-date inflation-adjusted total income increased to $26 billion, a jump of $9,6 billion from the second quarter of…
THE Public Accountants and Auditors Board (PAAB) says the implementation of a new standard of accounting and reporting for insurance contracts, IFRS 17, which effectively begins next year, will assist the industry in dealing with some of the reporting issues that have arisen in Zimbabwe. Local businesses have continued to face significant accounting and reporting…
MASIMBA Holdings (Masimba) has applauded government policy interventions that have culminated in a stable foreign currency exchange rate regime, resulting in an improved environment for infrastructure projects. This year saw the government implement a number of policies aimed at stabilising the exchange rate and taming inflation. Some of the policies include hiking interest rates to…
MORE companies on the Zimbabwe Stock Exchange are declaring dividends in foreign currency as domestic US dollar earnings soar across the economy, with rising usage of the currency.
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