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NetOne to embark on 3rd phase of capital expansion project

00HARARE Netone will soon embark on the third phase of its capital expansion project at a cost of nearly half a billion dollars, as it emerged it is finalising the second phase where it is investing $218 million. Information Communication Technology, Postal and Courier Services Minister Supa Mandiwanzira said in a recent interview that NetOne…

Externalisation probe begins

00HARARE Finance and Economic Development Minister Patrick Chinamasa has said government has started investigations to identify individuals and companies involved in externalising foreign currency from Zimbabwe and in turn fuelling the current cash crisis. Zimbabwe is battling an acute cash shortage attributed to several factors chiefly externalisation and low exports. The country’s monetary authorities have…

Is capacity utilisation overrated?

00  Is capacity utilisation overrated? HARARE – It is that month of the year when the Confederation of Zimbabwe Industries announces results of its annual manufacturing sector survey. And, of all the variables that the survey touches on, the spotlight is going to be on capacity utilization, which is a measure of installed capacities of…

IMF Executive Board removes remedial measures applied to Zimbabwe

00 The Executive Board of the International Monetary Fund (IMF) approved yesterday on a lapse of time basis,  the removal of the remedial measures applied to Zimbabwe that had been in place because of the member’s overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT), effective November 14, 2016. Under IMF rules, the…

Colcom’s Q1 GP weighed down by price reductions

00 Colcom’s Q1 GP weighed down by price reductions HARARE, Colcom Holdings revenue for the first quarter of 2017 is slightly higher than prior year comparable period largely on increased volumes traded. Group Chief Executive Dino Tumazos told the AGM that the increased revenue however could not directly translate to a growth in gross profit…

PPC seeks to develop fully integrated plant in Harare after commissioning $85m Mill

00 PPC seeks to develop fully integrated plant in Harare after commissioning $85m Mill HARARE – PPC Zimbabwe commissioned its $85 million milling Harare plant today, which will see combined annual production capacity rising to 1.4 million tonnes. The plant, constructed mainly by Chinese contractors as part of the financing package, will do 700 000…

Asa Resources closes Harare,Joburg admin offices as nickel production rises

00 Asa Resources closes Harare,Joburg admin offices as nickel production rises HARARE – ASA Resources has closed the Harare and Johannesburg administrative offices as part of a wider group restructuring exercise which seeks to ultimately lower operational costs. Group Chief Executive Officer Yat Hoi Ning in a quarterly update for Q2 ended 30 September 2016…

Parliament to push mostly pro-economy Bills including amendments to the Indigenisation Act

00HARARE President Robert Mugabe has tabled over 20 Bills that should be expedited during the Fourth Session of the 8th Parliament, majority of which are aimed at stimulating the economy and re-aligning with the new Constitution. Officially opening the 4th Session of the 8th Parliament, President Mugabe said while the economy is faced with a…

SecZim issues first ATP licence to the Escrow group

00HARARE Following the gazetting of Securities Alternative Trading Platform rules in August, the Securities and Exchange Commission of Zimbabwe has issued the first licence to a local company. An alternative trading platform is a system that provides or maintains a market place or facilities for bringing together buyers and sellers of securities but does not…

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