© LISTED asbestos products manufacturer Turnall Holdings says sales volumes for the quarter ending September de- clined by 31 percent compared to a similar period last year attributable to low aggregate demand. Rita Likukuma, the firm’s chairperson, said Turnall’s overall sales volumes for the year to date were also 28 percent below the previous year…
HARARE – Emerging Asian economic giant South Korea is increasing its presence and contribution to Zimbabwe’s economy, the country’s envoy to Harare has said. Ambassador Lew Kwang-chul said this after paying a courtesy call on the Daily News where he met with senior assistant editor Guthrie Munyuki on Wednesday. “Koreans are moving in a very…
HARARE – Within four months, listed banking group BancABC has survived two raids from Mackie Diamonds BVBA (Mackie)-led bailiffs after a $10 million dispute. Although the company’s attorneys and executives have declined to comment on the basis that “proceedings leading up to Wednesday’s raid were held in camera”, businessdaily witnessed a second mini drama at…
HARARE – In the past two or so years, Zimbabwean banks have significantly increased their lending. But that has mainly been local banks. Foreign-owned banks have been quite averse, despite a push by some elements to unzip their purses. Generally, the foreign institutions have been on the cautious side. The issue here is about responsible…
HARARE – Indigenisation minister Saviour Kasukuwere yesterday said the mining sector has been fully indigenised and he is now ready to transform the banking sector. The government, under its controversial indigenisation laws, ordered Zimbabwe-based foreign mining companies to surrender 51 percent of their shares to Zimbabweans, in a move that is expected to have a…
© GOVERNMENT has significantly reduced diamond mining royalties from 15 percent to 10 percent, a move which it says will promote more investment in exploration and extraction. Finance minister Mthuli Ncube announced this on Thursday while presenting the 2020 National Budget. [GoogleAd] “However, diamond miners are exploiting conglomerate deposits, hence the cost of extrac- tion…
© SIMBISA Brands said its consumer count in Zimbabwe declined by 28 percent during the first quarter ended September 30, 2019 compared to the same period as the country’s eco- nomic situation takes a toll on spending. “Average spend in Zimbabwe increased 480 percent year- on-year; however, as salaries significantly lag inflation, erosion of customer…
PROPLASTICS, says sales volumes for the third quarter ending September declined by 50 percent compared to a similar period last year as demand for its products continued to be subdued. Proplastics’ board chairperson Gregory Sebborn said tonnage for the nine months was 37 percent below prior year. [GoogleAd] “Demand is expected to remain subdued given…
© THE Zimbabwe Congress of Trade Unions (ZCTU) says Finance minister Mthuli Ncube’s 2020 National Budget falls short on addressing matters affecting ordinary citizens. [GoogleAd] On Thursday, Ncube presented a budget targeting $63,6 billion expenditure and $58,6 billion revenue. The minister said the budget is premised on economic development and outlook that points to a…
© SASAI, the new all-in-one App from Cassava Fintech International (CFI), exhibited at AfricaTech, the fintech and digital expo that runs concurrently with AfricaCom, the continent’s largest telco and tech conference held in Cape Town, South Africa, annually. The conference, which brings togeth- er hundreds of telco, fintech and digital technology players, financial services providers,…
