HARARE – Government has turned to the private sector seeking at least $120 million in financial support to fund the 2013-14 agricultural season. Patrick Chinamasa, newly-appointed Finance minister, said the funds would be disbursed to various agricultural inputs suppliers. “That commitment ($120 million) is there from the private sector to go and beef up capacity…
HARARE – The financial sector’s contribution to gross domestic product (GDP) has declined to its lowest since adoption of the multi-currency system in 2009, according to Zimbabwe Economic Policy Analysis and Research Unit (Zeparu). The institution said the sector’s contribution has declined to posting an average of 4,1 percent from close to 10 percent. It…
HARARE – Zimbabwe’s manufacturing sector remains in a crisis, with capacity utilisation plummeting to 39 percent from 44, 2 percent in the year to September 2013, a latest industry survey has revealed. According to the Confederation of Zimbabwe Industries (CZI)’s 2013 manufacturing sector report released yesterday, the country’s industry continues to be depressed despite improvements…
HARARE – Zimbabwe’s largest mobile telecommunications company Econet Wireless (Econet) has ventured into the insurance sector to assist small scale farmers. Agriculture experts say the move by Econet — to develop a weather-indexed drought insurance service which allows farmers to make a financial claim if their crops fail because of either inadequate or excessive rainfall…
HARARE – Listed forestry group Border Timbers Limited (Border) says it has lost nearly 10 000 hectares of its plantations worth millions of dollars to fire since year 2 000. The group reported that it lost 133 hectares in the full year to June 2013. This comes as its revenue went down 14 percent to…
HARARE – PG Industries Zimbabwe Limited (PG) has recorded a $2,5 million loss for the six month period to June, compared to $2,7 million recorded in the prior year casting the company’s future in doubt. The listed industrial firm has been recording consecutive annual losses since dollarisation despite disposing of non-core assets in order to…
HARARE – Zimbabwe Stock Exchange-listed wines maker, African Distillers Limited (Afdis), says it is finalising funding options with key shareholders over its expansion drive. Afdis — whose major shareholders include SABMiller associate Delta Corporation and insurance giant Old Mutual — has of late been seeking new funding, earmarked for maximising production efficiencies as well as…
HARARE – Hwange Colliery Company Limited (Hwange) says it plans to acquire a multi-million dollar drilling equipment from South Africa. Farai Mutamangira, the group’s chairperson, said the equipment — which is expected to take delivery during the last quarter of 2013 — will augment the mining machinery that was procured by the company recently. “There…
HARARE – Foreign investors are still keen on investing on the Zimbabwe Stock Exchange (ZSE), despite scepticism and uncertainty obtaining in the economy, analysts say. This comes as the equities market, which fell a combined 21 percent after the election result in August, is now slowly rebounding. On Friday the market closed the week in…
HARARE – Mauritius-based AfrAsia Holdings Limited (AfrAsia) plans to inject over $100 million into its Zimbabwean subsidiary to help ease liquidity challenges in the country. This comes as the financial group recently increased its interest in AfrAsia Kingdom Zimbabwe Limited (AKZL) to 54 percent from 35 percent after acquiring 30 percent shareholding previously held by…
