AXIA Corporation Limited (Axia) says profit surged 64 percent to $74,76 million in the six months ended December 31, 2019 from $45,42 million in prior period, despite inflationary pressures on costs. The listed speciality retail and distribution group’s revenue was up four percent to $1,729 billion during the review period compared to $1,665 billion in…
LAFARGE Cement Zimbabwe (Lafarge) yesterday unveiled a US$2,2 million dry mortar mix products plant, which is part of the group’s US$25 million phased projects. Precious Nyika, Lafarge’s newly appointed chief executive, said the project will bring in additional cement milling capacity as well as additional capacity for agricultural lime production. “Lafarge has been manufacturing Dry…
TRANSPORT minister Joel Matiza, pictured, says government is currently evaluating the cost of Zimbabwe’s integration into the Kazungula one-stop border-post and bridge after it completed all of the pre-construction works. Plans for the 923-metre-long bridge linking Kazungula in Zambia with Botswana were first announced in 2007 by the governments of Zambia and Botswana to replace…
ZIMBABWE recorded over $500 million budget deficit in the 11 months to November 2019, official figures show. The latest development is in sharp contrast to Finance minister Mthuli Ncube, pictured ’s assertion that the country registered a budget surplus for the greater part of last year. Statistics from Treasury showed that government spent $18,329 billion…
THE International Monetary Fund (IMF) says Zimbabwe’s target to reduce annual inflation to 50 percent by the end of the year from 500 percent in December 2019 is achievable. IMF’s representative Patrick Imam, however, said the central bank should exercise financial discipline to achieve this feat. “Yes, technically it’s absolutely feasible,” he said in an…
THE Zimbabwe Coalition on Debt and Development (Zimcodd) has urged the government to heed International Monetary Fund (IMF) which recently warned against borrowing to finance another debt. In addition to slamming the government for failing to implement reforms meant to address external debt, to improve the foreign exchange market and to promote international re-engagements, the…
BUSINESSES have been urged to invest in solar energy to beat the electricity crisis which is crippling the country’s industrial and manufacturing sectors. Prolonged power cuts have forced several companies that cannot afford powerful generators to significantly cut production hours, with many small and large businesses turning to solar energy to try and overcome the…
THE government should adopt and put emphasis on pro-business reforms to enhance export earners’ capacity to earn foreign currency and capacitate industry in order to reduce the need for imports and improve foreign currency inflows correspondingly, a research service has said. This comes as the Reserve Bank of Zimbabwe (RBZ) says it is targeting a…
THE Zimbabwe Stock Exchange (ZSE) will recover this year as valuation mismatches on stocks brought by the de-dollarisation of the economy are corrected, a latest report has said. In their 2020 market outlook analysis, Fincent securities said stocks were seen gaining this year despite liquidity challenges constraining the markets as investors relook at the earnings…
OLD Mutual Zimbabwe Limited has partnered with Easy Power Limited to install a ground-mounted solar system at its Mutual Gardens which will be commissioned in August, this year. The solar plant will have an installed capacity of 650kW — which is enough to cover all the electricity needs for the entire office complex at any…
