CONSTRUCTION work on the modernisation of the Robert Gabriel Mugabe International Airport, which had been shelved due to the Covid-19 outbreak, has resumed with completion set for 2023. Airports Company of Zimbabwe (ACZ) board chairman Devnanda Popatlal told The Financial Gazette that the US$153 million project had been paralysed for months. “The Covid-19 pandemic has…
HIPPO Valley Estates (Hippo Valley)’s sugar production was up by 35 percent to 66 664 tonnes during the quarter ended June 30, 2021, following a successful off-crop maintenance programme. In a trading update last week, chief executive Aiden Mhere said the company benefitted immensely from Covid-19 lockdown exemptions and an earlier start to the harvesting…
THE government is focusing on boosting local production of pharmaceutical products to reduce over-reliance on imports and create employment, a cabinet minister said. Speaking during a webinar hosted by The Financial Gazette last week under the theme “Pharmaceutical Manufacturing Strategy for Zimbabwe (2021-2025) ― Opportunities for Investors”, Industry minister Sekai Nzenza, pictured, said increasing local…
PROSPECT Resources Limited (PRL) managing director Sam Hosack says Zimbabwe’s mining sector is on the rise following significant policy changes in the sector to enhance production over the last two years. Hosack said the dissipating inflationary pressures and relative currency stability as well as policy stability will see a return in foreign investment in the…
THE Confederation of Zimbabwe Industries (CZI) says coalitions between the government and business that existed between 2013 and 2015, when the country was pursuing economic development through the ZimAsset blueprint, should be reinstated to buttress current efforts to revive the economy. Speaking during a plenary session at the Institute of Chartered Accountants’ 2021 Winter School…
The US federal agency in charge of road safety is opening an official investigation into Tesla’s “self-driving” Autopilot system. The National Highway Traffic Safety Administration (NHTSA) said it was acting following 11 Tesla crashes since 2018 involving emergency vehicles. In some cases, the Tesla vehicles “crashed directly into the vehicles of first responders”, it said.…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-274515.mp3?cb=1732295249.mp3WHEN input VAT accumulates, one recourse allowed by law is a claim for a refund. But, oftentimes, these claims are partially or totally denied. There are various reasons the claims are denied, among them failure to file the claim within the 12 months prescription period, lack of valid tax invoice, failure to keep records etc.…
ABC Holdings (ABC)’s performance, across its subsidiaries in 2020 was negatively affected by the Covid-19 pandemic, resulting in a loss of US$27 million. ABC is parent company to a number of sub-Saharan Africa banks operating under the BancABC brand and according to its results, which were published last week, the contagion affected businesses across the…
THE Reserve Bank of Zimbabwe (RBZ) says foreign dividend remittances out of the country were up by 213 percent to US$209,7 million during the six months to June 2021, compared to the same period last year. It comes as the apex bank’s weekly currency auctions have improved foreign exchange availability. Foreign investors had previously struggled…
RECENT news flow on capital markets indicates that the People’s Own Savings Bank (POSB), has submitted a proposal to Cabinet for the listing of the bank on the local bourse. Sources reveal that the proposal will be ready for consideration in the second half of 2021. In line with the listing strategy, POSB has been…
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