HARARE – Listed diversified group, Innscor Africa Limited (Innscor), is scaling down its bakeries due to depressed demand in the retail sector. Its chairperson, David Morgan, said the group’s confectionery division produced disappointing results in the half year to December 2013, with volumes declining 10 percent from comparative period. “As a result of current market…
HARARE – Impala Platinum Holdings (Implats) says its Zimbabwean operation, Zimplats, is set to spur the group’s growth forecasts despite economic and political shortcomings. This comes as the South Africa-based platinum group metals producer — an 87 percent shareholder in Zimplats — has suffered a setback from massive labour unrest at most of its mines….
JOHANNESBURG – Platinum mining companies are paying their chief executive officers 199 times more than they are paying mineworkers, the Association of Mineworkers and Construction Union (Amcu ) said. “The CEO of Lonmin, Ben Magara, was paid R6 million; Impala paid its former CEO, David Brown, R13 million; and, Anglo American Platinum paid its CEO,…
HARARE – Lafarge Cement Zimbabwe (Lafarge) missed its $90 million revenue target by 24,8 percent to record $67,6 million in the year to December 2013 due to reduced local and export sales volumes. The realised revenue was 3,3 percent down from prior year’s $69,9 million. Cement demand has generally been depressed due to depressed construction…
HARARE – Zimbabwean bakers are financially distressed with most of them producing at way below capacity, the National Bakers Association of Zimbabwe (NBAZ) says. Givemore Mesoemvura, the association’s president, said while the bread price has remained unchanged at $1 per loaf since dollarisation in 2009, the bakers have been facing escalating operating costs, particularly of…
HARARE – China has ruled out budgetary support to Zimbabwe. Finance minister Patrick Chinamasa, who recently returned empty-handed from Washington after being denied funding by the International Monetary Fund (IMF), has bging for external budgetary support to finance the ambitious Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset). The economic blue-print, launched last year by the…
HARARE – Zimbabwe is among 10 least attractive mining investment destinations, ranking 106 out of 112 countries, according to the latest Fraser Institute survey. Among the 10 lowly- rated jurisdictions, the Canada-based think tank included Angola, Côte d’Ivoire and Madagascar. In its previous 2012/13 survey, Zimbabwe was also among the bottom 10 at 91 out…
HARARE – Samsung Africa Electronics (Samsung) says it will need to gain trust in government before optimally investing in Zimbabwe. The electronics group — targeting a $10 billion investment in Africa by 2015 — insisted that it will be careful in channelling capital in the local market, in which it commands a 52 percent share….
HARARE – Zimbabwe needs about $18 billion to modernise its infrastructure and recapitalise, a top government official has said. Stanislaus Mangoma, director of Enterprise Development in the ministry of Industry and Commerce, told delegates during a World Bank seminar on trade and competitiveness held at a local hotel in Harare yesterday, that the hyper inflation…
HARARE – Zimbabwe has auctioned tobacco worth $16 million since the opening of the 2014 selling season mid-February. The figure, according to statistics from Tobacco Industry and Marketing Board (Timb), is up four percent from $15,4 million realised in the same period last year. Timb said that farmers who sold 2,7 million kg of the…
