Business

Business

THE 2019 National Budget fails to adequately fund the industrialisation programme that would help revive Zimbabwe’s ailing economy after only $27,5 million was allocated to the Industry and Commerce ministry for the purpose against a bid of $306,1 million, a parliamentary committee has said. ...

FARMERS taking part in the government-funded Command Agriculture programme will soon be getting 20 million litres of fuel per week, Energy deputy minister Magna Mudyiwa, told Parliament last week. ...

THE Auditor-General’s Office is facing budgetary constraints that have limited audits to 317 stations out of 3 320, raising alarm among parliamentarians. ...

GOVERNMENT mismanagement and profiteering elites have destroyed Zimbabwe’s markets for food and fuel while lying to the public about actual foreign currency on hand, a former United States government official has said. ...

TURNOVER on the Zimbabwe Stock Exchange (ZSE) dropped 22,37% to $118,03 million in November from $152,05 million in October as lower volumes were traded on the local bourse. ...

FUEL shortages have intensified in recent weeks leading to debate over the sustainability of continuing to have the imported product sold in bond notes and the real-time gross settlement (RTGS) system or electronic dollars. ...

SUGAR manufacturer starafricacorporation reported profit before tax of $0,5 million in the six months to September from a loss position of $1,3 million in the prior year, driven by a reduction in costs and interest burden following the conversion of debt to equity by creditors. ...

BUSINESS has urged government to take a cautious approach to the reform process, warning that a big-bang approach may result in unintended consequences and plunge the country into further crises. ...

ZIMBABWE is undertaking research to improve its wheat yields in order to reduce reliance on imports, a Cabinet minister has said. ...

ZIMBABWE’S retail sector is seen picking up in the short-term as consumer spending is expected to firm up following Treasury’s timely payment of bonuses for civil servants this year. ...

BINDURA Nickel Corporation Limited (BNC) registered a 26% increase in profit after tax to $2,8 million in the six months to September, buoyed by firm mineral prices on the international market. ...

ONE of the biggest millers in the country, National Foods Limited (NFL) says it will today switch off its wheat milling machines, citing non-payment of its foreign suppliers, with the country facing possible flour and bread shortages as the foreign currency crunch continues to bite. ...

ZIMBABWE’s economy needs to grow by 7% in order to meet the sustainable development goals (SDGs), Ministry of Finance officials told Parliament yesterday. ...

ZIMBABWE’S hotel occupancy level grew to 61% in the 10 months to October compared to 59% during the same period last year, with industry officials attributing the trend to government’s stance on improving the country’s business climate. ...

SEED CO posted a $69,03 million profit after tax for the half-year ended September 30, 2018 following a fair valuation of its subsidiary, Seed Co International Limited. ...

THE value of shares that were traded on the Zimbabwe Stock Exchange (ZSE) was up 74% in the first 10 months of the year to $715,3 million as resurgent inflationary pressures forced investors to seek refuge in equities, an official has said. ...

ACCOUNTANT-General Daniel Muchemwa has been ordered by Parliament to produce and publish government’s consolidated financial statements for 2016 and 2017 before year-end. ...

FINANCE minister Mthuli Ncube has urged banks to diversify and develop business models tailored to meet special requirements of the unbanked and underserved segments of the population. ...

Cassava Smartech has launched an education insurance cover product called Enda Education Cover, an official has said. ...

ZIMRE Property Investment (Zimre) has so far spent $9,2 million on its shopping mall in Victoria Falls which is now 65% complete. ...

Zimbabwe’s telecoms sector generated revenue in excess of $1 billion and contributed 7,2 % to the country’s gross domestic product (GDP) in 2017, the industry regulator has said. ...

AXIA Corporation has acquired a significant stake in one of the suppliers of its subsidiaries, Restapedic Bedding, the chief executive John Koumides has said. ...

FINANCE minister Mthuli Ncube says government will scale back its participation in the specialised farmer support programme command agriculture and rope in the private sector to provide financing as Treasury seeks to cut back spending on costly subsidies. ...

SHORTLY before Finance minister Mthuli Ncube delivered his maiden National Budget statement in Parliament, Bulawayo city was showered with rains. The Botswana pula, a strong and stable currency which literally means rain, immediately came to mind. Was this a good omen for Zimbabwe, a mineral-rich country like Botswana, but with sharply contrasting economic trends? ...

Local research firm IH Securities sees parallel market rates falling in the medium term, as government implements fiscal discipline and moderating consumer demand. ...

The Zimbabwe Independent will tomorrow release findings of its 2018 edition of the prestigious Banks and Banking Survey. ...

Most parastatals are not adhering to new public procurement procedures, with some resisting the changes meant to encourage transparency in the process, the regulatory authority has said. ...

PARLIAMENT has to keep strict checks and balances on government expenditure to control the budget deficit, economists have advised. ...

ONE of the country’s leading shoe manufacturers, Millennium Footwear, has fallen on hard times. It manufactures shoes from exotic leathers, which include elephant, crocodile, ostrich, buffalo and giraffe skins. Company director Stuart Simali (SS) speaks to NewsDay (ND) business reporter, Mthandazo Nyoni. ...

In September, while meeting fund managers in New York, Finance minister Mthuli Ncube said what the economy needed was a “big bang”, a shock to the system. ...