ZIMPLOW subsidiary Barzem will exit the Caterpillar distributorship on September 30, 2022, due to changes in the strategic direction by both parties, the group announced this week. Barzem has been the sole distributor of Caterpillar earthmoving equipment in Zimbabwe for 70 years. Caterpillar is the world’s leading manufacturer of construction and mining equipment. “Whilst this…
THE Infrastructure Development Bank of Zimbabwe (IDBZ) says it is engaging the government to secure land assets, which would help bolster its balance sheet. This comes after the financial institution recently undertook a rights issue for $1,75 billion in the last quarter of 2021 as part of its recapitalisation programme, which it says will see…
BUSINESS expects little improvement in the operating environment in the short to medium term, amid continuing policy inconsistencies, rising inflation and high Zimbabwe dollar volatility. Experts who spoke to The Financial Gazette this week said the economy was showing increasing signs of stress — with the local cost of doing business set to rise further…
INDUSTRY and Commerce minister Sekai Nzenza says the manufacturing sector shall continue to get priority at the Reserve Bank of Zimbabwe’s foreign currency auction. This comes after capacity utilisation grew to 66 percent in Q4 of 2021 from 47 percent at the beginning of the year — with the drinks, tobacco and beverages sector having…
STANDARD Chartered Bank says it has accelerated its digital strategy to fully automate service provision capabilities to customers and stakeholders, while improving productivity and lowering operational costs. In a statement accompanying the bank’s financial results for the year ended December 31, 2021, Standard Chartered chief executive Mubayiwa Mubayiwa said the bank’s self-service capabilities have made…
RIOZIM has lost millions of dollars in potential revenue due to low-capacity utilisation, at a time international gold prices have enjoyed a sustained rally. The resources group missed out on gold price rallies in 2019 and 2021 due to power cuts and the Covid-19 pandemic. In a trading update for the first quarter of 2022,…
THE treasury has suspended implementation of statutory instrument (SI) 130A of 2022 made by President Emmerson Mnangagwa last month, due to some errors in the statute. The decree, which was announced on the 27th of last month, was meant to enforce, among other things, the prohibition of third-party funding for trades on the Zimbabwe Stock…
This is a continuation from last week’s installment. Know-how transfer A distributor could be a very successful reseller without receiving any know-how from the manufacturer. However, the transfer of know-how is an important part of the franchise relationship, even if it is only know-how, which enables each franchisee to present itself as offering the same…
THE Zimbabwe Stock Exchange (ZSE) suffered its biggest loss in more than three years last month after shedding $722 billion to end with a market capitalisation of $2,89 trillion. This follows the bourse’s huge knock following President Emmerson Mnangagwa’s economic measures that were, in part, meant to deter speculation on the market, which authorities say…
THE government has allowed Hwange Electricity Supply Company (Hesco) to enter into long-term coal supply contracts, a move anticipated to increase electricity generation and improve the industry’s capacity utilisation. Hesco is currently undertaking a US$1,5 billion expansion at the Hwange plant, which is expected to put an additional 600 megawatts on to the national grid.…
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