HARARE – Lafarge Cement Zimbabwe Limited (Lafarge) says its domestic cement volumes tumbled eight percent to 160 kilo tonnes in the half year to June 2013 due to the depressed construction activity. This comes as building materials manufacturers, which traditionally thrive when the country is experiencing economic growth, have been severely hit by an acute…
HARARE – Zimbabwe’s gold production slumped 8,64 percent in June 2013 as the sector remains under pressure from falling price of the yellow metal. Gold prices plummeted to $1, 198 per ounce as at June 7, the lowest since April 2013. Figures released by the African Development Bank (AfDB) show that the country’s month-on-month total…
HARARE – Dual-listed NMBZ Holdings Limited (NMBZ) says it will continuously seek for more international credit lines to help ease the liquidity crunch in the country. This comes as Zimbabwe’s economy has been marred by uncertainty following President Robert Mugabe’s election victory, which critics say were rigged in his favour. Tendayi Mundawarara, the group chairperson,…
HARARE – Zimbabwe Stock Exchange (ZSE)’s automation will begin next year following the appointment of a Mauritius-based consultant. Alban Chirume, the bourse’s chief executive, on Thursday said that the automated trading system – expected to go live in the first quarter of 2014 — is poised to treble the ZSE’s annual turnover to over $1…
HARARE – Listed milk processor Dairibord Zimbabwe Holdings Limited (Dairibord) incurred a $3,1 million operating loss in the half-year to June 2013, wieghed down by plant rationalisation and retrenchement costs. Early this year, the group shut down its Bulawayo and Mutare plants to remain with two in Harare and Chitungwiza. The move was targeted at…
HARARE – Zimbabwe Platinum Mines Limited (Zimplats) recorded a marginal decline in revenue to $472 million in the year ended June 2013 down from $473 million realised in comparable period on the back of rising costs and depressed metal sales. The group, led by chief executive Alex Mhembere, said total operating costs for the year…
HARARE – Most Zimbabwean firms are highly geared and lack creditworthiness, leading to their failure to access credit lines, the African Development Bank (AfDB) says. The regional lender said while there are bank facilities created to bail out the distressed companies, most of them “generally fail the due diligence test”. It said the funds are…
HARARE – Zimbabwe Stock Exchange-listed coal producer Hwange Colliery Company Limited (HCC)’s mine workers went on strike Monday over unpaid salaries. Jemister Chininga, the company’s acting managing director, yesterday confirmed that the employees, who claim they are owed five months’ salaries, had downed tools. “Yes we are experiencing demonstration problems at the site,”Chininga told businessdaily,…
HARARE – The African Development Bank (AfDB) says Zimbabwe must utilise the interim Economic Partnership Agreement (EPA) it signed with the European Union (EU) to help boost exports and reduce a burgeoning trade deficit. In 2009, Zimbabwe, together with Madagascar, Mauritius and Seychelles signed an agreement with the EU — which came into force in…
HARARE – Togo-Based Ecobank International plans to expand its footprint in Zimbabwe. The financial group, whose local unit Ecobank Zimbabwe Limited (EZL) already has 11 branches across the country, says it will open three more this year. “Ecobank aims to build a bank which not only provides total banking solutions to individual customers, but is…
