Business

Business

ZIMBABWEAN businessman, Frank Buyanga’s African Medallion Group (AMG) has taken control of South Africa-based, Pagliari Group, a subsidiary of Rand Refinery, which manufactures and supplies high quality minted products. ...

CRAFT Properties (Pvt) Ltd has been selected to receive the International Star for Leadership in Quality (ISLQ) Award in the Gold category at the International Business Initiative Directions (BID) Quality Ceremony. ...

ZIMBABWE Revenue Authority (Zimra) commissioner-general, Faith Mazani has approached President Emmerson Mnangagwa and Finance and Economic Development minister Patrick Chinamasa for help to get foreign companies to pay ...

Powermec Zimbabwe, a subsidiary of Zimplow Group, has been engaged as official distributors of products made by United Kingdom-based engineering firm, Perkins Engines. ...

THE local pharmaceutical industry access only 10% of its foreign currency requirements from the Reserve Bank of Zimbabwe (RBZ) monthly, a situation that has left the industry teetering on the brink of collapse. ...

UNITED Nations Development Programme (UNDP) Zimbabwe economic advisor, Amarakoon Bandara, has challenged other sectors to help jumpstart the economy, saying agriculture alone would not make much impact given the size of the population. ...

OLD Mutual Private Equity (OMPE) has announced it acquired a 50% interest in South African healthcare firm Medhold Group Proprietary Limited (Medhold) for a yet undisclosed amount, pending approval by the Competition and Tariff Commission Zimbabwe (CTCZ). ...

GOVERNMENT and the African Risk Capacity (ARC) have combined forces in a bid to mitigate the effects of natural disaster risks. ...

RETAIL giant, OK Zimbabwe released its financial results this week at an analyst briefing where the company’s profit after tax ballooned 174,6% to $16,6 million during the period ended March 2018 from $6 million recorded the prior year. The company bemoaned the cost of sourcing foreign currency which had the inevitable effect of increasing prices during the period. ...

THE Tobacco Research Board (TRB) is in the process of developing a new hybrid of cigar wrappers as it seeks to boost the golden leaf industry. ...

THE business community appears to have lost confidence in President Emmerson Mnangagwa’s new political dispensation, with the latest Confederation of Zimbabwe Industries (CZI)’s composite Business Confidence Index (BCI) indicating a negative trajectory, particularly in the first quarter of this year. ...

THE Reserve Bank of Zimbabwe (RBZ) has increased the foreign exchange allocation for fuel by more than 50% to $20 million per week to cater for increased demand and a rise in international fuel prices, governor John Mangudya (pictured) said yesterday. ...

THE Confederation of Zimbabwe Retailers (CZR) has urged consumers to shun retailers refusing to embrace electronic transactions as the country migrates to use of plastic money due to shortages of hard cash. ...

ZIMBABWE will in two weeks complete a deal with Canadian wheat suppliers for 290 000 metric tonnes of wheat from the North American country up to December 2019. ...

BANKS can make huge savings by adopting blockchain technology that supports cryptocurrencies due to its secure and low cost nature, research has shown Responding to a NewsDay article on virtual currencies, a banker, who requested anonymity, said banks could leverage off blockchain technology as the progression to digital currencies was inevitable. ...

Retail giant, OK Zimbabwe says it was forced to raise prices in the past year due to cost of sourcing foreign currency, as cash shortages continue to haunt the economy. ...

MINERAL sales by volume increased by 29% to 592 179 metric tonnes (mt) in the first four months of the year, with most minerals registering a growth, statistics ...

FERTILISER, Seed Grain (FSG) managing director, Steve Morland was yesterday questioned by Parliament over how his company got the contract to supply fertiliser to the presidential input scheme, ...

Workers in the banking sector have issued a two-week ultimatum to their employers demanding a 60% salary increase or they will embark on a strike. ...

A NUMBER of financial institutions in Zimbabwe have discontinued manual real-time gross settlement (RTGS) payments, as they go paperless, banking on increasing their efficiencies. ...

African Development Bank Group (AfDB) president Akinwumi Adesina has said State-led industrialisation will drive millions out of poverty, as the bank announced a $35 billion investment over 10 ...

TelOne is in the process of upgrading its nationwide system and exchanges as part of its US$98 million national Broadband Backbone (NBB) project. As a result of the ...

A NUMBER of Bulawayo companies have not been allocated foreign currency for raw material imports since last year from their banks, as priority is being given to Harare-based companies, an industry official has claimed. ...

BRITISH American Tobacco (BAT) managing director, Clara Mlambo says the company is struggling to get foreign currency and has described 2018’s first quarter as “drier” than other first year quarters. ...

FINANCE minister Patrick Chinamasa says the tabled civil servants salary hikes will increase the wage bill to 120% from its current levels and widen the country’s fiscal deficit. ...

THE local fertiliser industry needs $120 million in foreign currency to meet this year’s demand of 600 000 tonnes of fertiliser. ...

CONFEDERATION of Zimbabwe Industries (CZI) has said the $100 million British package will give fresh impetus to industry, which has been battling to access credit lines. Yesterday, Standard Chartered Bank announced that it was partnering with CDC Group PLC to avail a $100 million investment facility for the local private sector, thereby providing the much-needed lines of credit for manufacturers. ...

THE Civil Aviation Authority of Zimbabwe (CAAZ) is this year embarking on a number of projects such as the development and expansion of the Robert Mugabe International Airport and Joshua Mqabuko Nkomo International Airport, among others, in anticipation of growth in the aviation sector following the ushering in of the new dispensation. ...

THE Progressive Agriculture and Allied Industries Workers’ Union of Zimbabwe (Paawuz) has asked the government to increase the minimum wage for farm workers by at least 100% to $150 per month, saying the current payments were peanuts. ...

THE Cold Storage Company (CSC) recapitalisation deal is expected to be finalised early next month, Lands, Agriculture and Rural Resettlement deputy minister, Davis Marapira has said. ...