HARARE – Zimbabwe is expected to remain in deflationary mode until the end of 2016 in the absence of strong economic policies, an international think-tank has said. This comes as the country’s annual inflation rate receded by 0,18 percentage points to -3,29 percent in October from of -3,11 percent recorded in September. [GoogleAd] Oxford economics…
HARARE – The Honde Valley Tea Growers Association (HVTGA) whose 1056 members recently attained the 2015 UTZ and Rainforest Alliance certification, in 2014 reported a 112 percent increase in annual production in comparison with 2013 volumes. During the same period certification has also enhanced the quality of the product which resulted in a 357 percent…
HARARE – The cash-strapped Zimbabwean government has acquired a majority stake in Telecel Zimbabwe (Telecel) for a song in a clear sign of foreign investor intimidation. Telecel’s parent company, VimpelCom Limited, yesterday announced that it had entered into an agreement with government for the disposal of its 60 percent stake in Zimbabwe’s third largest mobile…
HARARE – Indian firm Jaguar Overseas Limited (JOL) has been awarded the tender to rehabilitate Munyati power station in conjunction with its local partner Intratrek Zimbabwe (Private) Limited (Intratrek). This also comes as President Robert Mugabe’s government has sought to accelerate quite a number of energy projects — to plug a chronic 1 200 megawatt…
HARARE – Aviation Ground Services (AGS) has been recognised for its stellar efforts in improving Zimbabwe’s aviation sector after being awarded the best performing ground handling agent (GHA) for southern Africa by the South African Airways (SAA). Caleb Mudyawabikwa, the company’s managing director, believes they were rewarded by one of the world’s biggest carriers due…
HARARE – National Foods Holdings Limited (NatFoods) says its revenue for the quarter to September 2015 slumped three percent to $78,3 million due to unstable market pressures. The company’s chief executive Michael Lashbrook told shareholders at the group’s annual general meeting yesterday that sales volumes for the quarter improved slightly from the same period last…
HARARE – Zambezi River Authority (ZRA)’s intention to allocate reduced water supply to Zimbabwe due to declining water-levels in Kariba Dam will significantly affect the country’s future economic growth prospects, economic analysts have warned. Zimbabwe’s economy is predicted to grow by 2,7 percent next year by the International Monetary Fund up from 1,5 percent this…
HARARE – ASA Resources Plc— formerly Mwana Africa Plc — says its Zimbabwean operations are on the mend following an increase in gold and nickel production in the three months to September 2015. The London Stock Exchange-listed concern’s Freda Rebecca reported a five percent increase in gold tonnes milled to 309 102 tonnes in the…
HARARE – Zimbabwe National Chamber of Commerce (ZNCC) says government must come up with a comprehensive strategy to recapitalise Air Zimbabwe as part of strategies to revive the country’s tourism industry. The industrial body told Finance minister Patrick Chinamasa to take over the $300 million Air Zimbabwe debt and also urged government officials to desist…
HARARE – The value of transactions processed through the Zimbabwe Electronic Transfer Settlement System (ZETSS) system in the first nine months of the year stood at $32,1 billion from the $31,5 billion recorded prior year comparative figures from the central bank show. According to the Reserve Bank of Zimbabwe monthly review for the month of…
