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OK Zim’s Q1 sales below budget as group seeks to improve margins

00HARARE OK Zimbabwe sales for the first quarter ending 30 June 2016 are 1.6% below budget and 4.8% below prior year with the group anticipating company performance for the full year to mirror the general Zimbabwean economy. In a trading update at the company’s AGM, chief executive officer Willard Zireva said in light of all…

ZSE Daily Price Sheet – 28 July 2016

00 Here is the latest news, investor relations documents and a summary recap of the previous days trading from listed companies in Zimbabwe.  Brought to you by Financial Express. Reports & Presentations Indices Traders Gainers Losers Calendar Reports & Presentations Mining Hwange Colliery Company Limited 2015 Annual Report Agricultural Seed Co Limited 2016 Annual Report…

Olivine to engage OFAC sanctions

00HARARE Olivine Industries said on Tuesday it will soon engage the United States’ Office of Foreign Assets Control (OFAC) to be removed from the sanctions list after its former parent firm, the Industrial Development Corporation of Zimbabwe (IDC) divested out of the manufacturing company. IDC is on the US embargo list. OFAC is tasked with…

Chinamasa urges banks to rise to competition

00HARARE Finance and Economic Development Minister Patrick Chinamasa has called on the banking sector to adjust to the competition posed by the rising use of mobile money transfer platforms, which are less costly to consumers. Mobile money platforms allow users to make cash transfers or payments to service providers using cell phones without need for intermediary…

Govt mulls Rural and Agric Financing Policy

00HARARE Government is working on different strategies including the development of a Rural and Agriculture Financing Policy to tackle challenges faced by tobacco farmers in producing the golden leaf. Minister of Agriculture, Mechanisation and Irrigation Development Joseph Made said tobacco farmers are still facing a lot of challenges. He said Government is considering the development…

Govt to make Dimaf bigger, accessible

00HARARE Government may consider revisiting the Distressed Industries and Marginalised Areas Fund to make it bigger and more accessible to more companies. Informed by the increased capacity at companies that benefited from the $40 million pot, Industry and Commerce Minister Mike Bimha said with recapitalisation companies can make a difference. He was speaking after touring a…

Zim Cotton output down

00HARARE The 2015/2016 cotton production estimates indicate that the country will this year produce between 70 000 and 80 000 tonnes of cotton, down from 104 000 tonnes produced last season. The decline in output is due to poor prices and a marketing regime that cotton growers feel favours merchants against farmers. Some experts, however,…

Brainworks rebrands Nettcash to GetCash, launches mobile money service

00HARARE Investment holding company Brainworks Capital which acquired the entire shareholding of mobile wallet company Nettcash has rebranded the mobile money platform to GetCash in order to identify with the group’s flagship companies. Speaking at the official launch which was attended by three Cabinet Ministers, Group CEO George Manyere said the company will leverage on…

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