HARARE – London-listed Stock Exchange-listed financial services group, Atlas Mara, has recorded a $4 million profit in the nine months to September 2016, down 44 percent from $7,1 million registered in the same period last year. Atlas Mara, which owns BancABC Zimbabwe, yesterday attributed the decline in profits to falling currencies in Africa. [Adz] “Although…
HARARE – One of Zimbabwe’s leading cement companies, Lafarge, last week unveiled 85 houses it build for its employees who do not have decent accommodation under a $1,8 million scheme. Lafarge chief executive Amal Tantawi (pictured) said the housing scheme at Adelaide Park in Harare was aimed at reducing the country’s 1,25 million housing backlog…
HARARE – Zimbabwe’s imports ban has created opportunities for the local manufacturing industries to boost their production capacity, a consumer pressure group has said. This was after the government in June imposed an imports ban Statutory Instrument 64 of 2016 (SI64) on a number of basic goods, the majority of which pass through South Africa….
HARARE – Zimbabwe’s leading gold producer Metallon Corporation (Metallon) picked the perfect quarter to deliver robust production growth. According to the company’s preliminary third-quarter production report, its gold production jumped 18 percent to 26 622 ounces in the three months to September at a time when prices of the precious metal are at their 2016 peak….
HARARE – Zimbabwe Stock Exchange-listed engineering firm, Zeco Holdings, says it is banking on new energy projects in the country to boost its revenues and operations. The group’s chairman, Philip Chiyangwa, yesterday said his company was confident of striking the right cords and return to profitability in the coming few months despite the country’s deteriorating…
HARARE – We are now officially in the summer season and the meteorological department has already warned of very high temperatures and these can be deadly both to humans and cars. In case you are tempted to go for a drive — either for a day trip or to go on holiday — to escape…
HARARE – Industry has rallied behind Finance minister Patrick Chinamasa’s recently rejected civil service restructuring reforms and salary cuts saying the measures were a necessary evil for economic revival. The Confederation of Zimbabwe Industries (CZI) on Monday said the government’s wage bill, which gobbles up $0,97 of every $1 collected, remained unsustainable and detrimental to…
HARARE – Zimbabwe’s leading retailer TM Supermarkets’ strong performance in the six months to August saw its South African partner Pick n Pay earning close to $27 million in profits. Pick n Pay chief executive Richard Brasher yesterday attributed the growth in profits to further efficiency gains and cost savings across the group’s procurement and…
HARRE – For the umpteenth time, Simon Rudland has lost his bid to continue marketing his Rudland & George (R&G) cigarette brand in Zimbabwe after the Constitutional Court threw out his appeal for the continued promotion of the product this week. This also comes as the controversial businessman — along with Livera Trading (Livera) —…
HARARE – Zimbabwe needs to deal with, and address corruption levels to unlock funding, a European Union official has said, amid indications that the country’s high levels of domestic debt and fiscal deficit are being driven by rampant corruption. EU envoy to Zimbabwe, Philippe Van Damme, last week told delegates at his half-term commemoration meeting…
