In a statement accompanying financial results for the half year ended June 30, 2022, FCB chairman Patrick Devenish said this figure was US$74,8 million as at December 31, 2021.
A US$200 million facility will be rolled out to finance supply chain, while a further US$100 million would be deployed towards several other key areas requiring foreign currency.
Masunda, who also heads the Zimbabwe Sugar Association, said his elevation was a huge milestone in that it was the first time, since the inception of the sugar industry in the late 1950s and early 1960s.
CSC entered administration in 2020 after the government claimed that the Livestock Joint Farming Concession Agreement (LJFCA) it entered into with Boustead in 2019 was difficult to implement.
Zimbabwe National Chamber of Commerce (ZNCC) president Mike Kamungeremu confirmed that business leaders met with the government.
Last month the Reserve Bank of Zimbabwe (RBZ) chose to introduce gold coins to help it mop up excess liquidity and tackle the inflationary surge.
The policy rate was increased from 60% in January 2022 to 80% at the end of April 2022, and further to 200% on June 24, 2022.
In a shock move that sent markets tumbling in May, President Emmerson Mnangagwa announced several actions to help his government cool off economic turmoil, as the domestic unit suffered extensive write-downs against the United States dollar.
In the 2022 mid- term monetary policy statement unveiled Thursday, RBZ governor John Mangudya said smaller denomination gold coins would be introduced in November as part of a strategy to mop up excess liquidity and tame an inflation rage.
He had a commitment to his trade of earning a living by analysing novels, drama scripts and poetry and did not leave anything to chance. I am of the opinion that business, just like my teacher, Mr. Muzunze’s approach to teaching literature should leave no stone unturned.
People leave. People die. People forget”. Yet we agreed that successful brands are immortal. That’s the reason we need to keep riding on brands. Since they can talk even more louder/clearer to the coming generations just like what they are doing in our current markets (sustainable business through brand management)
There have been several reports of impropriety at NSSA, which runs a fund worth over US$1 billion for Zimbabwe’s workers.
I am yet to fully grasp the actual statistics as to the unemployment numbers within the reality of the Zimbabwe formal job space.
Power outages have crippled the operations of companies with the Zimbabwe National Chamber of Commerce estimating that it has resulted in the cost of doing business going up by 150%.
According to Morgan & Co, the country remains an import dependent market and as a result is affected by the geo-political situation that has caused global energy and food prices to rise sharply.
Hippo Valley Estates, in partnership with sister company Triangle Limited, government and banks are undertaking the project that is set to transform the sugar industry.
Finance and Economic Development minister Mthuli Ncube had projected in November that growth would come through at 5,5% this year, riding on rebounding international commodity prices, as pandemic jitters fizzle out.
On Monday, the Reserve Bank of Zimbabwe (RBZ) released 2 000 gold coins, which kicked off trading at US$1 823.
The country’s largest dairy processor slipped into the eye of a storm two weeks ago after a minority shareholder raised issues over the appointment of finance director, Mercy Ndoro, a DZL veteran, to succeed outgoing CEO, Anthony Mandiwanza who leaves the firm at the end of September.
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“Other challenges faced by businesses during the year under review include electricity supply bottlenecks, procurement delays due to Covid-19 induced supply risks, increased costs of raw materials (imported inflation), rising production costs and demand for wage increases,” Zimra chairperson Anthony Mandiwanza said.
BTL is making its first steps to re-establish itself after stepping out of administration in March when the High Court lifted its seven year long judicial management.
Zimbabwe’s annual inflation rate is being driven by the local currency continually losing value, falling from $108,66 to a current $413,43 against the US dollar.
According to ZRA’s 2021 annual report, as of December 31, 2021, the power utilities had cumulatively utilised 49,76 billion cubic metres (BCM) of water, which translated to 11% above the 2021.
Zimbabwe Miners Federation president Henrietta Rushwaya was arrested at the Robert Gabriel Mugabe International Airport in October 2020 for allegedly trying to smuggle six kilogrammes of gold.
This was assured by the government at the Buy Zimbabwe 2022 Public Procurement conference which was running under the theme, ‘Unlocking Zimbabwe’s Economic Potential through Public Procurement”.
In the past week, consumers were paying up to $750 to buy US$1, a figure that has surged many folds from January last year, when US$1 cost about $120.
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The Zimbabwe Investment Forum will be held under the theme, “Sustainable Long Term Investment Options” and is a brainchild of the Zimbabwe Independent.
GMAZ chairman Tafadzwa Musarara told Standardbusiness on Friday that operators were working around the clock to secure raw materials in order to sustain production, supply markets and protect jobs, which have declined to 13 800 workers from about 16 000 a few years ago.
War veteran Frederick Mutanda, who for many years presided over CAPS Holdings Limited, the drugs empire, before government said it was moving in seven years ago, has written to the ministries of finance and industry introducing an investment banker charged with handling his divestiture, Standardbusiness can report.
TSL chairman Anthony Mandiwanza said on Friday the firm came under pressure from Zimbabwe’s constrained environment highlighted by hyperinflation currency depreciation.
Presenting a paper titled,‘Recovery and Re-imagination: The Future of Work’, National Blood Service Zimbabwe chief executive officer (CEO) Lucy Marowa said while organisations promoted virtual work models and virtual collaboration with global virtual teams, they had not simultaneously redesigned the physical and digital workplace, organisational structures and leadership capabilities required to optimise individual and team potential in a flexible work environment.
But OK chairman, Herbert Nkala, a veteran of navigating through Zimbabwe’s never ending crises, struck a defiant tone as he shared the full year financial statements with investors.
In his statement accompanying the commission’s 2021 report, SecZim acting chief executive officer Gerald Dzangare said the 2021 hyperinflationary environment presented challenges for market direction and monitoring of trends.
The idea behind this is to make pension pay outs that accommodate for inflation that has ravaged the value of the local currency.
The deal entailed ASL issuing 616 129 718 new ordinary shares, to be listed on the Zimbabwe Stock Exchange, for 2 457 172 108 shares in Dawn Properties representing 100% of the issued shares, a deal valued at $982,87 million or US$11,79 million.
According to the sector’s performance report for the first quarter of this year, the microfinance sector recorded a marginal growth in capital base of $2,49 billion from $2,24 billion achieved as at December 31, 2021.
The Zimbabwe Stock Exchange listed firm added wealth creation and management to its product offering during the period.
Schweppes corporate affairs manager Ropafadzo Gwanetsa said the firm was scaling up investments into solar energy to give it capacity to sustain operations.
Prince Sultan Khalil Ibrahim Albalishi, the founder and chief executive officer of Dubai-based Rind Properties, marked his first Zimbabwe move with FlyStream Airlines.
While agriculture is the dominant sector in many African countries, employing more than 60% of the population and contributing about 23% of GDP. And yet, the Food and Agriculture Organisation estimates that the continent could produce two to three times more grains, cereals, horticultural crops and livestock among others.
“We further note that due to currency depreciation coupled with salary increases in line with inflation, employees now invariably fall in higher tax brackets thereby lowering disposable income,” the letter reads in part.
The scenario at the Graniteside food outlet plays out at many businesses across the country as the Zimbabwe dollar continues on a downward spiral against major currencies.
Miners say many operations have relapsed into serious cash flow problems as the component of earnings coming through a currency that has been battered by relentless exchange rate crises is too huge, and they cannot do much with a currency in free fall.
Zimbabwe’s industry is already burdened with foreign currency shortages, high production costs, lack of cheap credit lines, obsolete equipment, rising inflation, depressed demand and a cocktail of taxes among other challenges.
Gross domestic product (GDP) growth has also been held back by exchange rate turbulences, along with a relentless inflationary charge.
Lafarge chairman Kumbirai Katsande revealed the incident became a nerve centre of write – downs during the year ended December 31, 2021.
Speaking to journalists last week, the former Nigerian agriculture minister insisted “we were not ready for Covid-19. But for agriculture, for food, we are ready. Africa will not face a food crisis.”