HARARE – Businessman Shingi Munyeza has clinched three more international restaurant franchises as he seeks to extend his dominance in the fast-food sector. The former African Sun Limited chief executive, who already owns Mugg & Bean, Ocean Basket and News Café franchises in Zimbabwe, told businessdaily yesterday that he will soon be opening three new…
HARARE – Eight short-term insurance companies reported losses in the full year to December 2014 as Zimbabwe’s moribund economy continues to affect the country’s insurance industry. A report by the Insurance and Pensions Commission (Ipec) released yesterday revealed that the increase in losses was due to a more difficult macro-economic environment faced by insurers in…
HARARE – Zimbabwe has engaged four international diamond cutting and polishing firms as part of the country’s strategies to add value to its natural resources. President Robert Mugabe told thousands of party supporters on Saturday that the move will help boost revenue earnings and employment creation in the country. “To encourage value addition and beneficiation…
HARARE – Zimbabwe’s largest platinum producer, Zimplats, is set to retrench 25 managers as part of the company’s cost-containment measures in the face of declining international metal prices and a challenging economic environment. Busi Chindove, Zimplats head of corporate affairs, told businessdaily yesterday that the retrenchment exercise was being necessitated by challenges the mining company…
HARARE – Zimbabwe’s broad money supply declined marginally from $4,34 billion in January to $4,33 in billion February this year, confirming the country’s economic slowdown, statistics from the central bank show. The Reserve Bank of Zimbabwe (RBZ) in its monthly economic review released on Tuesday said on a year-on-year basis, broad money supply registered a…
HARARE – Zimbabwean mobile operators’ revenues in 2014 tumbled by 18 percent to $907,3 million from $1,1 billion recorded prior year on the back of a weakening economy and lower disposable incomes. Statistics released yesterday by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) show that there was also a 11,3 percent decline in…
HARARE – Beverages manufacturer Delta Corporation (Delta) has warned of lower profits for the full year to March 2015, citing “changes in the sales mix and the deliberate strategies to preserve volumes”. Delta recorded a $104 million profit last year up from $75 million profit registered in 2013. In a trading update released on Tuesday,…
HARARE – Dual-listed financial services group NMB Zimbabwe Holdings (NMBZ) is set to secure $37 million in offshore credits earmarked for on-lending to industry and various sectors of the economy, a top company official has said. Newly-appointed NMBZ chief executive Benefit Washaya told businessdaily in an interview yesterday that the Zimbabwe Stock Exchange and London…
HARARE – The Zimbabwe National Statistics Agency (Zimstat) says 30 100 workers lost their jobs in the mining and manufacturing sectors last year. “There has been a decline in the number of people employed in the manufacturing sector from 118 600 employees to 93 100 in 2014 and the mining sector from 43 000 employees…
HARARE – Prospective South African investors have expressed concern over bureaucracy and inefficiencies in the Zimbabwean business environment. Confederation of Zimbabwe Industries (CZI) president Charles Msipa told businessdaily yesterday that South African investors want the country to have an effective one-stop shop for processing investment proposals. “Prospective investors articulated a desire to have a consolidated…
