HARARE – National power utility, Zesa Holdings (Zesa), has been told to bring its own costs under control before asking business and customers to pay increased tariffs. Industry stakeholders yesterday said the looming 49 percent electricity tariff hike would condemn the country into an economic abyss. “Zesa group needs to be restructured at all levels…
HARARE – Zimbabwe Stock Exchange (ZSE)-listed diversified group, Innscor Africa Limited (Innscor) is divesting from its supermarket portfolio to focus on core restaurant business. “Pursuant to Innscor Africa Limited’s strategy of focussing on core business, the board of directors announces that the group has, with effect from January 1, 2016, divested its interests in the…
HARARE – Zimbabwe’s largest beverages maker, Delta Corporation (Delta), says it recorded subdued volume and revenue performance for the quarter to December 31, 2015, on the back of depressed aggregate demand. Delta — 38 percent-owned by global brewer SABMiller and with over $1 billion market capitalisation on the Zimbabwe Stock Exchange (ZSE) — said during…
HARARE – Zimbabwe’s low-cost airline, Fastjet, has been granted permission to operate new flights on Harare-Victoria Falls and Harare-Johannesburg routes. Industry experts say the launch of these popular and currently underserved routes is a significant step forward for the budget airline. Flights between Harare and Johannesburg will operate daily and flights on the Victoria Falls…
HARARE – Zimbabwe risks plunging into a fiscal crisis this year due to governance failure, The World Economic Forum (Wef) has warned. “Given the public service situation that the country is faced with and its failure to meet the International Monetary Fund (IMF) prescription to drastically cut its wage bill, a fiscal crisis is looming…
HARARE – Zimbabwe’s consumer prices fell by 2,47 percent in December 2015, slightly unchanged from the same rate in November which was at -2,46 percent, statistical agency Zimstats said on Friday. On a month-on-month basis, prices declined by 0,11 percent shedding 0,27 percentage points on November 2015 rate of 0,16 percent. The latest figures come…
HARARE – Concerns surrounding the structural health of the Kariba Dam have risen following an announcement that the region could be facing a shutdown of its hydroelectric plants, as water levels drop “dangerously” low. Zambian Energy minister Dora Siliya raised the alarm last week when she announced that water levels in the dam had dropped…
HARARE – The listing of microfinance institution GetBucks Zimbabwe (GetBucks) on Friday failed to excite the market after the Zimbabwe Stock Exchange main industrial index lost 1,13 percent to close the week at 109,88 points. The local bourse — on a consistent slump and has lost close to $2,1 billion since the July 31, 2013…
HARARE – Sugar producer Tongaat Hullet (Tongaat) has dangled a six percent wage increase for its workers as the company moves to quell a potentially-damaging industrial action that could result in sugar shortages. The group’s corporate affairs and communications manager, Adelaide Chikunguru, yesterday told the businessdaily in a telephone interview that while the workers had…
HARARE – Zimbabwe will soon come to the market to seek more funds, through the issuance of treasury bills, aimed at clearing the $1,3 billion central bank debt, businessdaily has learnt. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said government has already paid over $600 million to creditors since the Debt Assumption Bill was…
