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Ariston expects tea sales to rise 6%

00Ariston expects tea sales to rise 6%  HARARE – Agro-concern, Ariston Holdings expects tea  sales  to rise 6%  to 2700 tonnes  in FY17  up from 2048 tonnes  the previous year boosted by good rains and a lower than expected production in Kenya. Ariston chief executive Paul Spear in a trading update at the company’s annual general…

Dairibord pins hope on rationalisation and recapitalisation after $5.4m loss in F16

00Dairibord pins hope on rationalisation and recapitalisation after $5.4m loss in F16 HARARE – Dairibord Holdings’ full year 2016 performance largely mirrors its interim results where the Group posted close to $2 mln loss in net profit on similar market sentiments and challenges. At the company’s analyst briefing, chief executive officer Antony Mandiwanza concluded that…

SADC Member States not committed to private sector development’ – Industrialist

00SADC Member States not committed to private sector development’ – Industrialist HARARE – The Southern African Development Community (SADC) has shown very little commitment to the importance of genuine private sector engagement, an industrialist has said. This comes as SADC Heads of State, who recently held an Extraordinary Summit in Swaziland approved the Costed Action…

Morning Express March 31, 2017

FINANCIAL & ECONOMIC HEADLINES Investors to fund $4bn Batoka project HARARE, Herald (March 31, pg B1) The development of the Batoka Gorge Hydro-Electric Scheme has received stimulus with international financial institutions and private investors agreeing to finance the $4 billion power project. This came out at an investment conference called to solicit for finance for…

Rains affect Willdale’s operations but 5-month sales to Feb grow 23%

00Rains affect Willdale’s operations but 5-month sales to Feb grow 23% HARARE -Brick manufacturer, Willdale Limited,says sales volumes in the five months to February 2017 were 23 percent ahead of budget, largely driven by individual housing development projects. Chief executive officer, Nyasha Matonda,told FinX that the company’s $2 mln investment in a transport logistics business…

NSSA set to acquire First Mutual’s 20% stake in RTG

00NSSA set to acquire First Mutual’s 20% stake in RTG HARARE – The National Social Security Authority is in negotiations to acquire First Mutual Holdings stake in the Rainbow Tourism Group as part of efforts to take full control of all its “troubled” investee companies.   The authority already holds a 40% stake in the group….

FMB Malawi eyeing Barclays Bank PLC stake in BBZ

00FMB Malawi eyeing Barclays Bank PLC stake in BBZ HARARE – First Merchant Bank Malawi is engaged in discussions with Barclays Bank Plc in relation to the potential acquisition of its interests in Barclays Bank Zimbabwe. In a cautionary statement released by FMB in Malawi this morning, the group said discussions with BB PLC are…

Higher volumes, good prices and RBZ incentive increase Padenga’s F16 profits

00Higher volumes, good prices and RBZ incentive increase Padenga’s F16 profits HARARE – Crocodile skins and meat producer Padenga Holdings Limited, says the business’ export orientation thrust insulated it from the difficult local operating environment, resulting in it achieving a steady growth. The company dynamically surpassed its targeted skin sales volume. In the alligator business…

RBZ directives caused liquidity challenges – Research

00RBZ directives caused liquidity challenges – Research HARARE – Directives by the Reserve Bank of Zimbabwe on cash and Nostro holdings in the dollarisation era “to an extent” had a negative impact on liquidity and liquidity risk management in the country’s financial markets, a research paper shows. The paper was presented at the University of…

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