SYDNEY Mtsambiwa has resigned from Hippo Valley Estates (Hippo Valley) after serving the sugar producer for close to three decades. Mtsambiwa, who was the group’s managing director since 1998, last year briefly assumed a top post at Tongaat Hullet South Africa. The Johannesburg Stock Exchange (JSE)-listed sugar maker is a major shareholder in Hippo Valley…
PRESIDENT Emmerson Mnangagwa has appointed American-born Kazakhstan businessman Marc Holtzman, as CBZ Holdings Limited (CBZ) chairman amid governance and procedural concerns regarding the move, and Eurasian groups’ growing clout in the economy. The surprise announcement came as Akribos Wealth Managers (Akribos) ― reportedly fronting energy tycoon Kuda Tagwirei’s interests ― has bulked up a 26…
MASHONALAND Holdings (Masholdings) says it may delay its planned property developments because of the tough operating environment obtaining in the country. The operating environment is increasingly becoming tough characterised by rising inflation, shortages of electricity, fuel and foreign currency. “The challenging operating environment may delay the timing of development projects that the group has in…
THE Confederation of Zimbabwe Industries (CZI) says inflation pressures are still embedded in the economy due to a huge budget deficit, lack of a sustainable agriculture financing model and productive inefficiencies emanating from electricity outages. The country’s largest industry body said July’s month-on-month inflation of 21 percent ― though it receded from June’s 39,3 percent…
ZIMBABWE’S trade deficit with South Africa (SA) has declined by about 83 percent to $96 million in the seven months to July 2019 compared to $574 million recorded in the same period last year, official data has shown. A worsening foreign currency shortage and rising inflation have eroded purchasing power, leading to suppressed demand…
PACKAGING materials producer Nampak Zimbabwe (Nampak) says the recent reintroduction of the Zimbabwean dollar as the sole currency has worsened the country’s foreign currency shortages. The country — whose government banned a multi-currency system — is experiencing an acute foreign currency shortage, which has been caused by a persistent trade deficit and waning investor confidence,…
SEED CO (Seed Co) says it is hopeful that government funded agricultural programs will help keep it afloat amid an “unpredictable operating environment”. Government recently supplemented the 2019 budget allocation to agriculture by $3,4 billion, bringing the total to $4,4 billion and making the sector the biggest beneficiary. “Whilst as a business we are doing…
ZIMBABWE should reconsider its position on genetically modified (GMO) crops as they have the potential to increase production and earn the country foreign currency, a parliamentary committee heard on Tuesday. The country has an anti-GMO policy. Stewart Mubonderi, the Cotton Producers and Marketers Association chairman, told the Lands and Agriculture portfolio committee that government’s anti-GMO…
TRANSACTIONS worth $7,17 billion were processed through the National Payments System (NPS) during the week ending August 2, a marginal decline from the $7,22 billion recorded on July 26, latest figures have shown. In its latest weekly economic highlights, the Reserve Bank of Zimbabwe (RBZ) said there was a decline in transactions processed through the…
ZIMBABWEAN miners have embraced government’s decision to reduce mining royalties and making them deductable for tax purposes. The country’s miners had, for years, complained that the previous arrangement was prohibitive. “In line with practices in other countries, I propose to allow mining royalties as a deductible expense in the determination of taxable income, with effect…
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More