HARARE – Powerspeed Electrical (Powerspeed) says its profit after tax surged 285 percent to $4,201 million during the year ended September 30, 2018 from $1,091 million reported during the previous comparable period due to an increase in volumes. Powerspeed’s chairperson Simba Makoni, said turnover for the year was up 53,2 percent to $82,5 million while gross…
HARARE – Violation of procurement procedures by a procuring entity now attracts a maximum fine of $5 000 and a jail term not exceeding 12 months, a government official has said. George Guvamatanga, the permanent secretary in the Finance ministry, said every procuring entity shall plan with a view to achieving maximum value for public…
HARARE – The separation of the Grain Marketing Board (GMB) strategic grain reserve and commercial activities, which was announced four years ago, should be done before the beginning of 2019, Parliament has been told. Tafadzwa Musarara, the Grain Millers’ Association of Zimbabwe (GMAZ) chairperson, told members of the Parliamentary Portfolio Committee on Industry that the…
HARARE – The Zimbabwe Red Cross Society (ZRCS) participated in the 2018 edition of the Friends of the Environment Walkathon which saw walkers marching from Cross Dete to Binga in Matabeleland North province. The annual walkathon, a brainchild of Nyaradzo Funeral Services’s Friends of the Environment programme also roped in partners like Old Mutual, OK…
HARARE – TV Sales & Home (TV Sales) has acquired bed manufacturer Restapedic Bedding (Restapedic) for an undisclosed fee. The furniture retailer’s parent company, Axia Corporation (Axia), said the acquisition was anticipated to see the furniture retailer export into the region, while hinting there were two more acquisitions on the way. “We bought one of…
HARARE – Zimbabwean serial entrepreneur Frank Buyanga is backing government’s drive to seek global investors to engage in the privatisation of struggling State-owned companies as part of wide-ranging reforms set in motion by President Emmerson Mnangagwa since he came to power. Buyanga has since 2016 been making a clarion call on government to reform the…
HARARE – Econet Wireless has launched YoMix, a flexible value package that empowers customers to design customized bundles of voice, data, SMS, media, and other value-added services to suit their own needs. Customers will access the service via USSD, using a mobile App, or through a web interface. Speaking at the launch of the YoMix…
HARARE – Industrialist Busisa Moyo has re-ignited the rand adoption debate by saying Zimbabwe can encourage “the wider circulation of the South African currency under its multi-currency system”. This also comes as the country’s liquidity crisis has worsened and economist-cum-banker Persistence Gwanyanya says the rand would help to stabilise prices, and reduce money supply in…
HARARE – Zimbabwe’s platinum production increased 20 percent during the third quarter of 2018 to 120 000 ounces from 100 000 ounces recorded in previous comparable period, on the back of furnace maintenance. However, according to the World Platinum Investment Council (WPIC), output from Zimbabwe could drop by three percent (-15 000 ounces) to 465…
HARARE – The Export Credit Guarantee Corporation of Zimbabwe (ECGC), a wholly owned subsidiary of the Reserve Bank of Zimbabwe, was formed in 1999 as part of measures to offer credit insurance and guarantee to exporters. Dakarai Mashava recently spoke to ECGC Managing Director Sekai Chirume on the operations ECGC. Below are excerpts of the…
