Business

Business

Invictus Energy Limited has entered into a non-binding memorandum of understanding (MoU) with local fertilizer maker, Sable Chemical Industries, to progress gas supply from the Cabora Bassa Project subject to commercial gas discovery being made. ...

ZIMPOST is working on extending its money transfer service, Zipcash, onto the mobile platform in a bid to boost traffic and increase revenue, acting managing director Sifundo Moyo has said. ...

The High Court yesterday reserved judgment in a case in which a local firm is challenging the decision by its bank CABS to give it bond notes for the United States dollars deposited in its account in 2016. ...

Brick maker, Willdale, says its latest product, Topaz, will reposition the company in the market and go a long way in substituting imports. ...

MINES minister Winston Chitando has disclosed that government has not yet increased statutory mining fees, but was in the process of reviewing them. ...

STRUGGLING coal miner, Hwange, widened its after-tax loss by 80% to US$78,4 million in the year ended December 31, 2018, down from US$43,8 million in the previous year as the company failed to meet market demand and contain rising input costs. ...

INVESTORS are the back-bone of any capital market. They not only determine the level of activity in the capital market but also inform the level of activity in the economy. It is imperative for the healthy growth of the economy that investors’ confidence in the market is maintained. ...

ALPHA Omega Dairy, a company owned by former President Robert Mugabe is singing the blues with operations at below capacity and low uptake of its products in the market. ...

SIMBISA Brands’ US dollar pricing model is now servicing its monthly US$1 million demand for raw materials bill which has upped the company’s initial capital expenditure to $15 million on 20 more outlets, NewsDay has learnt. ...

THE widening gap between prices of food and stagnant wages has led to 44% of poor households in the urban areas spending more of their incomes on food, from 16% in 2016, a USAID official has said. ...

Gweru City Council has partnered Holiday Inn to construct a hotel in the Midlands capital, a senior council official has said. ...

MOST of us who are close to 80 years survived the Second World War, including the nuclear bombing of Hiroshima and Nagasaki, and countless other wars in Korea, Vietnam, on the Indian subcontinent, in Central America, in the Middle East and last, but not least, in our beloved Africa. ...

CEMENT producer PPC Zimbabwe has, in the last five years, spent over US$140 million in plant refurbishments and it aims to invest some of its dividends in government bonds to increase local procurement. ...

PROSPECT Resources (Prospect) says it is currently reviewing multiple financing strategies for its Arcadia lithium project in Zimbabwe. ...

Lafarge Cement Zimbabwe Limited reversed its prior year-after-tax loss of US$0,6 million to a profit margin of US$1,3 million in the year-ended December 31, 2018, driven by growth in revenue and an expansion of its distribution footprint into regional markets. ...

Zimbabwe’s tax agency says it is concluding implementation of its fiscalisation programme and that it will undertake the exercise without affecting business. ...

As we navigate into the realm of the new accounting standard on leases IFRS 16, we are going to take a look at the accounting specifics of Lessee and Lessor accounting as outlined in the new standard. ...

It wasn’t that long ago that the ability to trade shares online and through mobile phones seemed like a scary prospect to individual investors. ...

The Reserve Bank of Zimbabwe (RBZ) is negotiating fresh lines of credit worth US$500 million to help industry import raw materials and produce cheaper goods, a cabinet minister has said. ...

Cigarette manufacturer, British American Tobacco (BAT) posted a 18% increase in after tax profit to US$31,4 million in the year ended December 31, 2018 from US$26,7 million in the previous year driven by an increase in sales of 16% and improved operational efficiencies. ...

Coal miner, Makomo Resources, says production in the first quarter of the year remained subdued, with output only reaching half of the company’s target due to the unavailability of key raw materials. ...

Zimbabwe can further enhance travel experience through the use of emerging technologies, stakeholders at the on-going Arabian Travel Market have said. ...

THE Confederation of Zimbabwe Industries (CZI) says price hikes currently obtaining in the country are a reflection of government’s anti-export policies and not the fault of industry. ...

Zimbabwe will this month host the inaugural Wines of South Africa (WoSA) Sommelier Cup Zimbabwe semi-finals in Victoria Falls, with the winner set to represent the country at the fourth grande finale in Cape Town, South Africa in September, alongside other 11 invited countries from across the globe. ...

ZIMRE Property Investments Limited (ZPI) says the restructuring of its portfolio led to a loss of US$1,42 million for the year ended December 31, 2018 from a profit after tax of US$2,48 million in the previous year. ...

ECONOMIC analysts have called for the sub-division of the Zimbabwe International Trade Fair (ZITF) into sector-driven fairs as the business exhibition is struggling to attract big international corporations. ...

ZB Financial Holdings says it has successfully mobilised offshore lines of credit to support the productive sector of the economy as the group increased its profit after tax by 54% to US$21,8 million in the year ended December 31, 2018. ...

CBZ Holdings Limited reported that its asset base grew to US$2,44 billion in the full year to December 2018 from US$2,1 billion in the previous year, making it one of the largest companies by asset size in the country, but worrying is the size of its liabilities at US$2,1 billion. ...

HWANGE Colliery Company Limited (HCCL) is demanding US$272 000 from former managing director Thomas Makore as restitution for alleged shady payments made to him during his tumultuous four-year tenure at the company, it has emerged. ...

STANBIC Bank Zimbabwe reported a 42% increase in after-tax profit to US$39,15 million in the year to December 2018, but the bank has warned that growth prospects for 2019 remain weak. ...