GENERAL Beltings (GB) says it plans to expand into alternative markets to capitalise on an increase in demand in its space. The rubber and chemical products manufacturer, which serves the mining and agriculture sectors, posted a profit of $12 million for the half-year to June 30, 2021 compared to $3,3 million recorded in the prior…
INNSCOR is investing US$70 million across its business units in a bid to increase production capacity, improve efficiency and enhance product innovation, as the group seeks entry into new products and categories. In a statement accompanying financial results for the year ended June 30, 2021, Innscor chairman Addington Chinake said the outlay will allow for…
PADENGA Holdings (Padenga) remains buoyant ― despite incurring a US$7 million loss during the six months to June 30, 2021― after finishing the rehabilitation of its flagship plant at Eureka Mine in July, which is expected to boost gold production. Padenga grew by supplying crocodile skins to luxury brands in Europe, but mining is now…
LAFARGE Cement Zimbabwe (Lafarge) is optimistic that opportunities in the infrastructure sector will spur growth for the cement maker. This comes as the construction sector has experienced modest growth, mainly sustained by road rehabilitation, expansion and rehabilitation of energy and water infrastructure projects, as well as individual housing projects throughout the country. “The company is…
THE Zimbabwe Stock Exchange (ZSE) gained 29 percent in September to recover from a three percent loss in August, as inflation increased for the first time since January, amid foreign currency disbursement delays on the central bank’s auction system. Since June, the market, which has rallied on the back of currency instability over the past…
THE Reserve Bank of Zimbabwe (RBZ) says it is increasing open market operations (OMO) to deal with resurgent inflationary pressures. The country’s annual inflation increased to 52 percent in September from 50 percent in August — the first up-tick in eight months — after the ZWL devalued considerably on the parallel market, amid disbursement delays…
THE Bankers Association of Zimbabwe (BAZ) has welcomed the Deposit Protection Corporation (DPC)’s bid to cover foreign currency denominated accounts (FCAs), saying this would boost confidence. Following the separation of depositor accounts into ZWL and FCAs in 2019, there has not been any explicit protection of Nostro funds in the country. The DPC this week,…
RioZim says it has secured funding to complete the BIOX project at Cam & Motor Mine, with commissioning of the project scheduled for Q4 2021. In a statement accompanying the half-year ended June 30, 2021 financial results, RioZim chairman Saleem Rashid Beebeejaun said all the activities necessary to commission the project are being accelerated. “The…
THERE has indeed been several positive economic news flows in Zimbabwe, with the government revising the 2021 economic growth forecast from 7,4 percent to 7,8 percent, mainly driven by the agricultural sector, which is expected to grow by 34 percent. The IMF is projecting a six percent growth rate for the economy. In addition, the…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-275925.mp3?cb=1732295242.mp3Value Added Tax (VAT) is an indirect tax on consumption, charged on the supply of taxable goods and services at a rate of 14.5 percent and zero percent. No VAT is paid on exempt supplies. Input tax is tax incurred by the operator on acquisition or importation of goods or services to be used in…
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