© THE National Railways of Zimbabwe (NRZ) has written to the government requesting permission to collect revenue from exporters in foreign currency after recording a sharp decline in freight cargo volumes last year. Through Statutory Instrument (SI) 142 of 2019 gazetted in June, the government outlawed the use of multi-currencies and reintroduced the Zimbabwean dollar…
© ZIMBABWE’S dairy industry narrowly missed the 2019 annual national milk production target of 86 million litres by 6,5 million litres due to drought. Zimbabwe Association of Dairy Farmers (ZADF) chief executive Paida Chadoka said drought “resulted in heat stress in cows, poor veld condition and reduced drinking water for animals, causing a decline in…
© ART Corporation (Art) says it has halved its foreign currency exposure to US$2 million during the year ended September 30, 2019, largely due to increased export receipts. [GoogleAd] The diversified group’s financials show that exports grew five percent during the year despite an 18 percent overall decline in volumes. “The challenges in the economic…
© OIL Castor Zimbabwe (OCZ) says it is planning to venture into the US$4,4 billion bio lubricants market with the launch of biodegradable brake fluid and engine oil products later this month. This comes as there is increased demand for biodegradable lubricants across the world due to their non-toxic, environmentally friendly and renewable nature. OCZ…
© RUSSIAN mining corporate Alrosa’s top geologists have been arrested for illegally prospecting for gold in the Nyanga National Park as they washed gold ore in Nyangombe River. Tension Hlatini, 36, and Igor Shmakov, 49 — who are employed as a geologist and chief geologist respectively — were not asked to plead when they appeared…
© ZIMBABWE-FOCUSED gold miner Caledonia Mining Corporation (Caledonia) has announced a 9,1 percent increase in its quarterly dividend from US$0,068 to US$0,075 on each of the company’s common shares. [GoogleAd] The New York Stock Exchange firm’s financial performance has improved significantly in the last few months due to increased production and the continued higher gold…
© FIDELITY Life Assurance says it is still in the market to raise capital through a rights offer. [GoogleAd] “Fidelity wish to advise all shareholders and the investing public that the company is still engaged in discussions that involve a potential transaction that may have a material impact on the value of the Company’s shares. The…
© ZIMBABWE Stock Exchange-listed entity Cassava Smartech Zimbabwe Limited (CSZL), which has interests in mobile money, digital banking, insurtech and on demand services, reported revenue of $946 million for the half year ended August 31, 2019. [GoogleAd] The published results were inflation adjusted in line with International Accounting Standard 29 on Financial Reporting in Hyperinflationary…
© MOBILE network giant Econet Wireless Zimbabwe has posted results that reflect the impact of hyperinflation on entities operating in the country. For the half year ended August 31, 2019, reve- nue increased by 45 percent in its inflation adjusted figures to $1,25 billion. [GoogleAd] However, the company grew its market share voice and data traffic…
© SOUTHERN Cotton Company (SCC) plans to build a ginning plant in Chiredzi next year where it recorded the highest levels of cotton production in the 2018/2019 cotton farming season. SCC managing director Caos Nzenze said they have opted to build the ginning plant in Chiredzi because out of about 5 500 tonnes of seed…
