Business

HARARE – Delta Corporation’s feat of attaining a $1 billion market capitalisation could attract more foreign investor participation on the local bourse, which has been under-performing due to liquidity challenges, analysts say. Last week the beverages manufacturer became the first company listed on the Zimbabwe Stock Exchange (ZSE) to reach $1 billion market capitalisation. Foreign…

HARARE – Toronto Stock Exchange-listed miner New Dawn Mining Corporation was last week given the green light by the High Court to acquire all outstanding minority shares of its Falcon Gold (Falgold) subsidiary in Zimbabwe. New Dawn conducts operations in the country through various subsidiaries, including Falcon Gold Zimbabwe Limited, a subsidiary in which New…

HARARE – Clothing retailer, Truworths, says the group’s cost-cutting measures were now bearing fruits, impacting positively on its performance. Truworths’ managing director Themba Ndebele said the first quarter from July 11 to October 6 after the full year ended July 8 experienced a modest increase in turnover as a result of a significant reduction in…

HARARE – Zimbabwe expects to double its current trade with Russia from the current $30 million annually following the signing of a Bilateral Investment Promotion and Protection Agreement (Bippa) on Sunday. Economic Planning and Investment Promotion minister Tapiwa Mashakada said the Bippa signed by Russian Industry and Trade minister Denis Mantrurov will increase the flow…

HARARE – Non-performing investments has seen National Social Security Authority (Nssa) writing off $18 million from its balance sheet. General manager, James Matiza however, said there was hope to recover $16 million which went down with the closure of Interfin Bank. “The total write-off of $18,153 million impacted negatively on the bottom line coupled with…

DELTA Corporation, owned 40 percent by SABMiller, became the first Zimbabwean company to reach $1 billion market capitalisation on the Zimbabwe Stock Exchange. In trade  on Friday the company picked up 0,48 percent to close at 83,5 cents and take its market capitalisation to $1,004 billion, a first for any Zimbabwean company. In its last…

HARARE – Zimbabwe Platinum Mines processing plant has been awarded the 2011 National Award for Occupational Safety and Healthy ahead of 2 088 inspected companies by the National Social Security Authority (Nssa). Bitumen Construction Services and Zimasco Shurugwi came second and third respectively. Mbada Diamonds, one of the biggest winners, scooped three awards, gold in…

HARARE – Many business leaders do not take time to assess the impact that an effective culture has on the financials of their organisations. As a result they have let the opportunity to improve the bottom line of their companies pass by. Culture, being a way of life, has a say on how organisations fulfil…

HARARE – Industrrial counters on the Zimbabwe Stock Exchange continue to sing the blues under the liquidity crunch as high financial costs eat into their profits. Weighed down by a persistent liquidity crisis and unrelenting overheads in a market where demand had remained subdued, several manufacturing companies, including Turnall Holdings, said they were still burning,…

HARARE – Tobacco processor British American Tobacco Zimbabwe (BAT) is set to launch an Employee Share Ownership Trust (Esot) as the company gears to comply with the controversial Indigenisation laws. Zimbabwe’s indigenisation and economic empowerment regulations gazetted in 2010 compel non-indigenous-owned businesses operating in the country to achieve part compliance with the law through the…