DAIRIBORD Holdings (Dairibord) says it has put in place risk mitigation measures to ensure consistent supply of products in response to the coronavirus pandemic (Covid-19) outbreak. The milk producer said its processing technology is such that all products are exposed to sterilisation temperatures that render the intrinsic product safe from disease causing organisms such as…
ZIMBABWE Stock Exchange-listed wine and spirit maker African Distillers (Afdis) says business outlook for the company remains bleak as hyperinflation, poor agricultural season and the continued foreign currency shortages impact negatively on business performance. According to the company’s half year financial results, volumes for the half year ended December 31, 2019, the company registered a…
NEDBANK Zimbabwe Limited has appointed Sibongile P Moyo as its new managing director, taking over from Charity Jinya, who held the leadership rope for the past decade. In a statement last week, Nedbank company secretary Farai Sithole said Jinya retires on March 31, 2020, adding that her commercial acumen, wealth of knowledge and wisdom will…
NATIONAL Foods has said anticipated reduced yields for the 2019/20 agricultural season will result in the company continuing to import significant quantities of raw materials. The group’s main raw materials are maize, wheat, and soyabeans. Todd Moyo, the group’s chairperson, in a statement of financials for the half year period ended December 31, 2019, said…
THE coronavirus (Covid-19) pandemic, which first broke out in China’s Wuhan Province in December and has since spread to over 150 countries, has had devastating effects across the globe. Close to 10 000 people have succumbed to the virus, while thousands others are infected daily as the world grapples to find a cure. Covid-19 has…
ENERGY minister Fortune Chasi says government is planning to increase petrol-ethanol blending from the current 10 percent to 20 percent by 2025 to cut import expenses. Zimbabwe has suffered persistent shortages of fuel for more than a year due to foreign currency illiquidity in the official markets. Speaking at the launch of the Biofuels Policy…
TRANSPORT minister Joel Matiza says the government is upgrading the country’s air traffic communication systems and equipment in line with technological advancements. This was after the Air Traffic Controllers’ Association of Zimbabwe (ATCAZ) had expressed concern over the “continued deterioration in air navigation communication performance” and warned that failure to address the navigation communication system…
BRITISH financial institution Standard Chartered Bank (StanChart) says it is committed to invest in the future of Zimbabwe. StanChart Zimbabwe chief executive Ralph Watungwa said the bank has launched its flagship corporate social responsibility initiative — Futuremakers — as a way of empowering young people. “As a bank we have proudly declared that we are…
VOLATILITY of the local currency and the prevailing hyperinflationary environment have made it difficult to give a satisfactory valuation of listed companies, a new report has revealed. This comes as property valuers have been urged to revisit traditional valuation models as concerns have been raised over the huge variations on property values. According to real…
AFRICAN Economic Development Strategies (AEDS) has urged government to adopt for a dual currency — where the Zimbabwean dollar and the US dollar are used as the main currency. Presenting the State of the Economy report in collaboration with the Daily News on Sunday, AEDS chief executive officer Gift Mugano, said government is already under…
