Business

HARARE – Former Lobels chief executive — Ngoni Mazango — has joined rivals Innscor Africa Limited (Innscor) as chief operating officer for its bakery division, Business Live has established. Mazango, a seasoned executive credited with turning around the fortunes of Lobels, recently left the country’s oldest bread and confectionary company after disagreements over shareholding. But…

HARARE – The European Union (EU) says Zimbabwe is yet to qualify for budgetary support, but the economic trading bloc will continue to channel aid through multinational organisations, EU Ambassador Philippe Van Damme said. In an interview with businessdaily yesterday, Van Damme said there were some conditions that the  country must fulfil before it can…

HARARE – Murowa Diamonds (Murowa) is expected to resume full scale mining operations in a few weeks’ time after it has finalised contracts of companies subcontracted to do work at the mine, deputy Mines minister Fred Moyo has said. This comes as concerns were raised by Senate last week over the 250 jobs losses after…

HARARE – Zimbabwe’s cash-strapped parastatals and town councils are currently saddled with unsecured debts amounting to $2,2 billion owed to various service providers, Finance ministry’s permanent secretary Willard Manungo revealed yesterday. He said that the obtaining depressed macro-economic environment in the country had resulted in most State-owned companies and town councils failing to pay for…

HARARE – Beverages manufacturer Delta Corporation, (Delta), plans to spend nearly $50 million in capital projects aimed at buttressing its operating capacity. Matts Valela, Delta financial director told businessdaily last week at the company’s analysts briefing that part of the capital expenditure (capex) would be used to invest in performing units to cushion the group….

HARARE – Zimbabwe National Farmers Union (ZNFU) says the decline in agriculture production is due to most farmers’ lack of collateral. Edward Dune, ZNFU’s executive director told Parliament this week that close to 90 percent of farmers in the country are in need of security to enhance their chances of borrowing for investment purposes. “Local…

HARARE – London Stock Exchange-listed low-cost airline Fastjet has embarked on a recruitment drive as the company moves to establish operations in Zimbabwe. “We are growing quickly and are on the lookout for talented people to implement our business model and be part of our team,” said the airliner on Thursday. The available vacancies, which…

HARARE – Zimbabwe tobacco farmers have so far earned $315 million from the sale of 112 million kilogrammes (kg) of the golden leaf since the beginning of this year’s selling season in March. Figures released by the Tobacco Industry and Marketing Board yesterday showed that farmers who sold their crop at auction floors earned $81…

HARARE – Deflationary pressures in Zimbabwe continue to persist with the country’s annual inflation shedding 1,45 percentage points to -2,65 percent in April form -1,20 percent recorded in March. Latest figures from Zimstat show that the year on year food and non-alcoholic beverages inflation prone to transitory shocks stood at -2,93 percent whilst the non-food…

HARARE – Zimbabwe’s sole gold buyer, Fidelity Printers and Refiners (Fidelity), has reduced its minimum acceptance threshold for gold from licensed small-scale dealers from 10 to five grammes as the country moves to increase gold production, sources have said. According to information gathered from Fidelity yesterday, the latest measure was aimed at driving volumes and…