HARARE – Zimbabwe must put all public projects bidding to open tender as shadowy processes are costing the country millions, industry experts have warned. Bankers Association of Zimbabwe immediate past president George Guvamatanga last week said government had to re-look its position on awarding tenders for national projects as “unfit” bidders were getting strategic national…
HARARE – The Zimbabwe Stock Exchange (ZSE) turnover for the month of May marginally rose by 1,92 percent to $14,3 million after it tumbled 14,5 percent in April, a local research firm has said. Equities firm IH Securities (IH) in its snapshot for May said average daily trades of $715 770 were realised in the…
HARARE – One of Zimbabwe’s largest supermarket group, OK, says it has taken steps to improve its profit margins through refurbishments and opening new stores to ward off stiff competition from other retailers. The listed company, which saw its profits tumbling to $0,7 million in the full year to March 2016 from $7,5 million a…
HARARE – Tongaat Hulett’s Zimbabwean unit, Hippo Valley (Hippo), says national sugar output is expected to decline to an average of 400 000 tonnes this year compared to 412 000 tonnes produced last year due to drought. Zimbabwe is experiencing an El Nino-induced drought that has left over 5,5 million people in need of food…
HARARE – Zimbabwe Open University (ZOU)’s Vice Chancellor Primrose Kurasha was last week crowned Zimbabwe National Chamber of Commerce (ZNCC) businesswoman of the year while the late property mogul Sammy Levy’s son, Serge, walked away with the businessman of the year accolade. Kurasha, who has been at the helm of the university since 2003, was…
HARARE – The United States of America must engage with the Zimbabwean private sector to help the southern African nation revive its ailing economy, a top academic and researcher has said. Global Economy and Development, Africa Growth Initiative fellow Witney Schneidman said it was important for the US to assist in restoring growth and confidence…
HARARE – National airline, Air Zimbabwe, on Saturday re-introduced its Harare-Dar es Salaam route after a seven-year absence. The parastatal’s Flight UM438, operated with an Airbus A320, reached its destination at the Tanzania coast, with a full passenger load, the majority of whom participated in the celebration of the new air link. [GoogleAd] Transport minister…
HARARE – Zimbabwe’s largest coal miner, Hwange Colliery Company Limited (HCCL), has engaged financial services advisory firm, Brainworks Capital (Brainworks), to assist in debt restructuring and capital-raising initiatives. HCCL, with a $310 million debt overhang, last week said it was currently engaged in negotiations with its creditors in order to come up with a mutually…
HARARE – Zimbabwe Stock Exchange-listed diversified concern, Art Corporation (Art), says its operations are being constrained by a $17 million debt. The group’s chairman, Thomas Wushe, on Thursday said Art’s total borrowings are at $6,5 million and the creditor’s balance of $10,7 million remained a challenge to the business that is trying to stay afloat…
HARARE – Zimbabwe’s tobacco deliveries have breached the 100 million kilogrammes (kg) mark — earning the country over $303 million — latest data show. Statistics released by the Tobacco Industry and Marketing Board (TIMB) show that 20 million kg tobacco worth $51 million went under the hammer at the country’s three auction floors — Boka…
