Business

Business

STANBIC Bank Limited, a subsidiary of the South African based Standard Bank of South Africa Limited, advanced its employees ZWL$1 000 in allowances to avert a strike last week as the economic situation continues to deteriorate. ...

Cooking oil manufacturer Surface Wilmar says it has cut back production at its Chitungwiza plant to below 15% of its installed capacity as a result of incessant power cuts. ...

A NEW investor, who has taken up the majority shareholding of David Whitehead Textiles (DWL), says he has access to finance facilities which can resuscitate the ailing company and give it a new lease of life. ...

...

The Average Revenue Per User (ARPU) for December 2018 was $5.58 from $5.92 recorded in the third Quarter of 2018. This figure comes from total number of subscribers ...

Confidentiality is the bedrock principle of capital market ethics. ...

There are a myriad of factors that determine the price of stock on a stock exchange. ...

...

...

STANDARD Chartered has launched its digital bank in Zimbabwe, Botswana and Zambia as part of its digital transformation strategy in Africa. ...

THE Zimbabwe Electricity Supply Authority (Zesa) plans to install prepaid meters on government buildings to curb wastage and contain government’s debt to the power utility. ...

South Africa’s Eskom group treasurer, Andre Pillay, will leave the power utility at the end of August, it was announced yesterday. ...

Zambia’s president has fired Finance minister Margaret Mwanakatwe and appointed central bank deputy governor Bwalya Ng’andu to replace her, the president’s office said ...

ZIMBABWE’S year-on-year inflation rate for the month of June 2019 rose sharply by 77,75 percentage points to 175,66% from 97,85% in May 2019, driven by increases in the price of basic goods, the statistics agency reported yesterday. ...

...

...

...

South African diversified packaging group Nampak has made significant progress in negotiations to sell its Glass business, it said yesterday. ...

State-owned mobile network operator, NetOne, recorded a US$10 million profit in 2018 from a loss position of US$77 million in the previous year driven by an increase in revenue and improved efficiency. ...

...

ZIMBABWEAN firms which recently attended the Democratic Republic of Congo (DRC)’s Mining Week say they are hopeful of generating business from the trade forum. ...

MOBILE money cash in transactions rose 11,5% to $1,17 billion in the first quarter of 2019 from $1,05 billion in the previous quarter as the country’s cash woes continued. ...

ZIMBABWE’S trade deficit narrowed by 71% to $325 million between February and May this year, with analysts attributing the decline to foreign currency shortages as well as a drop in the budget deficit. ...

The World Bank has allocated US$300 000 towards implementation of International Public Standards (IPSAS), which will see government adapt an accrual-based reporting framework to enhance transparency and financial accountability, an official has said. ...

GOVERNMENT will soon pounce on unregistered shops in downtown Harare, which it blames for fuelling the parallel market for foreign currency and other illegal activities, Industry and Commerce Minister, Mangaliso Ndlovu, has said. ...

THE Pharmaceutical Wholesalers’ Association (PWA) says international suppliers have put them on advance payment terms because its members owe the external suppliers over US$30 million in legacy debt, spanning over 18 months. ...

The Grain Millers Association of Zimbabwe (GMAZ) says the country’s flour stocks have improved, but has warned bakers not to “waste” supplies on confectionary and biscuits because the situation was still delicate. ...

ZIMBABWE’S power utility, Zesa Holdings says the Reserve Bank of Zimbabwe (RBZ) has not provided with foreign currency to import power since last October. ...

Cassava Smartech, part of the Econet group, last week launched Clean City, a new business whose goal is to provide sustainable waste management in urban areas, in partnership with local authorities and the private sector. ...

National Tyre Services (NTS) recorded an increase in profit after — tax to ZWL$570 848 in the year ended March 31, 2019 from ZWL$117 851 last year, driven by improved revenue flows. Revenue was up 12% to ZWL$15,5 million from ZWL$13,8 million in the previous year. ...