Business

Business

FINANCE minister Mthuli Ncube says government will “do something” about civil service reform and accelerate measures to correct fiscal imbalances currently driving inflation and currency instability. ...

SABLE Chemicals Industries (Sable), Zimbabwe’s only manufacturer of ammonium nitrate (AN), has produced just about half of its target output in the first eight months of the year, an official has said. ...

A SURVEY on the corporate governance practices of companies listed on the Zimbabwe Stock Exchange (ZSE) has shown that a significant number of public companies are in contravention of the Zimbabwe National Code on Corporate Governance (ZimCode). ...

GOVERNMENT plans to scale down on Treasury Bill (TB) issuance to make way for longer-term debt instruments and issue infrastructure bonds in this quarter, Finance minister Mthuli Ncube revealed on Monday. ...

ZIMBABWE Stock Exchange-listed Fidelity Life Assurance (Fidelity Life) has reported an improvement in group earnings, driven by gross premiums written (GPW) and property sales, but expressed concerns with a tiered pricing system, which has undermined the performance of its property subsidiary. ...

RESOURCES group RioZim Limited’s profit after tax dropped by 86% to $406 000 in the six months to June 30, from $2,9 million last year, despite higher gold production after the central bank failed to pay foreign currency earned from gold exports. ...

THE Grain Millers Association of Zimbabwe (GMAZ) has resorted to flour rationing to avert possible bread shortages as the country battles a crippling shortage of wheat, its worst cereal crisis since independence in 1980. ...

The number of tourists to Zimbabwe’s premier resort centre, Victoria Falls, has risen by 21% to 150 000 in the first six months of this year due to improved air connectivity, a survey has shown. ...

FINANCE minister Mthuli Ncube yesterday said Zimbabwe would work to clear all arrears with the African Development Bank (AfDB), a prerequisite for expanding the scope of co-operation. ...

LAFARGE Cement Zimbabwe Limited says it remains upbeat about its business and the future prospects of the construction industry in Zimbabwe due to strong demand of cement in the country. ...

Auditor-General Mildred Chiri (AG) has given assurances that officials of government institutions and State-owned enterprises (SoEs) indicted of corruption in audit reports would be dealt with in terms of the provisions of the Public Entities Corporate Governance Act passed in May this year. ...

ZIMBABWE’S cement industry could run out of capacity by 2020 as national demand grows faster than the expansion in investment, one of the major producers has said. ...

THE Parliament Budget Office (PBO) expects Zimbabwe’s sovereign debt to grow by 8,69% to a record high of $20 billion by year-end, stoked by continuous public borrowings to finance persistent budget deficits through Treasury Bills (TBs) and central bank overdrafts. ...

INNSCOR Africa Limited posted a $48,6 million profit after tax in the full-year ended June 2018 from $34,4 million in prior period, as all its business portfolios reported good performance. ...

AN International Monetary Fund (IMF) team of tax experts has completed a diagnostic assessment of the Zimbabwe Revenue Authority (Zimra)’s tax administration and pointed out areas where reform is required to bring it in line with international best practice. ...

ONE of the country’s largest cement producers, Pretoria Portland Cement (PPC) Zimbabwe, says the liquidity constraints being experienced in the country have resulted in payments for offshore goods and services becoming delayed and difficult to make. ...

THE Bulawayo City Council (BCC) has pledged to formulate policies aimed at promoting the growth of small-to-medium-scale enterprises (SMEs), as part of its strategy to revive the city’s economy. ...

Government yesterday urged tobacco farmers to adopt practices that enhance the sustainability of tobacco production and exports through a greater regulatory compliance. ...

Rainbow Tourism Group (RTG) is optimistic of achieving sustainable growth after recovering from a loss-making position in the first half of the year. ...

SIMBISA Brands Limited (Simbisa), a public-listed company that owns, operates, and franchises quick service restaurants in Africa, has reported a more than double growth in net income in the full-year period to June 30, 2018, driven by “higher revenue streams and improved operating efficiencies”. ...

BULAWAYO textile giant, Archer Clothing Manufacturers, says it is struggling to process orders owing to a shortage of foreign currency for importation of inputs, machinery and equipment. ...

THE Zimbabwe Coalition on Debt and Development (Zimcodd) has called for legislated fiscal rules, which would impose limits on budget deficits to enhance fiscal transparency and restrain further growth in unsustainable sovereign debt. ...

ZymPay, a cross border payments company based in the United Kingdom (UK), has developed a real time cross-border payments service to exploit lucrative opportunities in Zimbabwe’s vibrant cross-border payments market. ...

THE Zimbabwe Revenue Authority (Zimra) and South Africa Revenue Services (Sars) have agreed to cooperate on the facilitation of a seamless movement of goods at Beitbridge, Africa’s largest ...

Kamativi Tailings Company (KTC), in which the State-owned Zimbabwe Mining Development Corporation (ZMDC) is involved through a joint venture, is scheduled to take its tailings project on the ...

THE Confederation of Zimbabwe Industries’ (CZI) annual congress kicks off in Bulawayo today with a focus on industrialisation meant to rebuild production capacity, which is still to recover ...

It is lamentable that, in spite of setting up hundreds of universities and research institutes, developing countries continue to import knowledge. ...

RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya says the currency crisis in the country may drag for three to five years, roughly estimating the time it could ...

ZB Financial Holdings (ZBFH) is in talks with a regional bank for a $30 million line of credit, which will enable ZB Bank, its commercial banking subsidiary, to support international transactions. ...

Local think-tank, CEO Africa Round Table, says it will be touring the United States to revive company-to-company business relations with the world’s largest economy. ...