Business

HARARE – Zimbabwean firms are facing stiffer competition from their South African counterparts as opposed to Chinese companies, the latest Confederation of Zimbabwe Industries’ (CZI) survey report has shown. The report noted that while most players in the manufacturing sector face competition from many countries, South Africa remains the largest competitor of Zimbabwean industries. “85…

HARARE – Zimbabwe’s gold production continued on the downward trend, slumping 11,8 percent to 1 049,30 kg in August 2013 from 1 189,28 kg produced in prior month as depressed international metal prices continue to hamper the industry. According to figures released by the African Development Bank (AfDB), primary producer deliveries declined by 4,72 percent…

HARARE – Ecopnet Wireless Zimbabwe (Econet) says its banking subsidiary Steward Bank (Steward) is now the largest bank in the country in terms of account holders with over 500 000 subscribers registered on its EcoCashSave platform. This comes as EcoCashSave — an interest bearing mobile-based savings account riding on the back of Econet’s mobile money…

HARARE – Zimbabwe Platinum Mines Limited (Zimplats) says government is reviewing the group’s empowerment plan following the appointment of a new Indigenisation minister. Government recently appointed Francis Nhema in charge of the Indigenisation and Empowerment ministry, taking over from Savior Kasukuwere. During Kasukuwere’s time, government had approved Zimplats’s indigenisation proposal, under which the Impala Platinum…

HARARE – India-based Essar Holdings (Essar)’s top management is in the country to conclude the $750 million deal aimed at reviving NewZim Steel, Industry minister Mike Bimha has said. “Senior partners in Essar were here yesterday (Tuesday) and they met with officials in my ministry as well as officials in the Mines ministry. Minister Walter…

HARARE – Listed Meikles Limited says its five-star Meikles Hotel has experienced increased occupancy following the completion of a $8,5 million refurbishment. However, the group could not disclose the figures as they are in a “closed period”, but said occupancy levels had surpassed last year’s, comparatively. “The feedback and response post refurbishment has been very…

HARARE – Chemco Holdings Limited (Chemco) narrowed its losses in the half year to April 2013 to $139 000 from $427 000 incurred in prior comparable period. The agro-chemicals manufacturer and distributor — suspended from the Zimbabwe Stock Exchange in August last year — has been trading in the red since adoption of the multi-currency…

HARARE – Lack of investor confidence in doing business in Zimbabwe remains a major stumbling block in efforts to revive the country’s broken economy, the Zimbabwe National Chamber of Commerce (ZNCC) has said. The country is battling to resuscitate its economy — still suffering a hangover from a decade-long recession — dogged by depressed foreign…

HARARE – Zimbabwe exported tobacco worth over $500 million in the 2013 selling season, with China remaining the biggest buyer, latest statistics from the Tobacco Industry and Marketing Board (TIMB) reveal. As of last week, the Asian economic giant bought 23 353 750 kg tobacco worth $196 638 575 at an average $8,42 per kg….