Barclays profit up 83 percent

Barclays profit up 83 percent

Barclays profit up 83 percent By Ndafadza Madanha BARCLAYS recorded an 83 percent jump to US$19.8M  in profit after tax spurred by net interest income and non funded income. Net Interest income was up 17 percent and non funded income rose by 26 percent owing to transactional volume growth. “The period under review reflects financials buttressed by strong revenue growth led by treasury income which grew by 55 percent. Interest earning assets grew by 10 percent whilst fees and commissions grew by 13 percent year on year, largely from volume on card…

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Nigerians promise more tourists

Nigerians promise more tourists

NIGERIAN Tour Operators who recently went on a familiarization tour of Zimbabwe from 11 – 15 March in Bulawayo, Hwange and Victoria Falls have heaped praises on the country’s tourist sites and have committed to bringing groups of visitors. Ndubuisi Ukpabi of Tour Brokers International said they were amazed at what the country has to offer, adding that Nigerian tourists would gladly come. “We are amazed at what Zimbabwe has to offer and would proudly want to announce that we are committing to bringing groups of Nigerian tourists without fail…

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Tourism re-engagement efforts paying off: Kaseke

Tourism re-engagement efforts paying off: Kaseke

By Daniel Chigundu ZIMBABWE Tourism Authority (ZTA) chief executive Dr Karikoga Kaseke says the recent tourism re-engagement mission in the United Kingdom by the Minister of Tourism and Hospitality Industry, Honourable Prisca Mupfumira has begun paying, as the country is set to host a 12 –member media delegation. The delegation’s objective is to primarily profile the Zimbabwe story on different media platforms across Europe. During the reengagement mission, Minister Mupfumira conduct a series of roundtables and meetings with the travel industry, diasporans and airlines as well as interviews with influential…

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ZTA/ CSTB sign partnership agreement

ZTA/ CSTB sign partnership agreement

By Daniel Chigundu ZIMBABWE Tourism Authority (ZTA) and the Civil Service Travel Bureau (CSTB) have signed a memorandum of understanding that we see the two the organisations promoting domestic tourism in the country. The partnership comes at a time when Zimbabwe through the Ministry of Tourism and Hospitality Industry is pushing domestic tourism strategy under the 100 days action plan announced by Minister Prisca Mupfumira. Domestic tourism is said to have a direct bearing on the choice of destinations of international tourists as they normally follow where locals are going…

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Domestic Tourism Strategy takes shape

Domestic Tourism Strategy takes shape

By Daniel Chigundu ZIMBABWE Tourism Authority (ZTA) says it is ready to implement ideas and proposals on domestic tourism that came out of the stakeholder workshops in Harare, Bulawayo and Victoria Falls. Domestic tourism has not been performing well in the country owing to various challenges that range from poor marketing strategies by the industry and also exorbitant pricing structure at a time when most people have very little disposable income which they would rather channel towards basic commodities as food and rentals. In a statement, ZTA head of corporate…

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ED commissions Nestle plant

ED commissions Nestle plant

By Ndafadza Madanha PRESIDENT Emmerson Mnangagwa yesterday commissioned a US$500 000 Cremora filling line that is expected to bolster the import substitution policy and save foreign currency. The plant is expected to the save country US$2m annual which was used to import powdered milk. “This investment clearly shows Nestlé’s commitment to ensuring consistency in supplying and meeting local demand for their powder milk brand. I am advised that this plant investment has created additional jobs and will result in savings of foreign currency. This investment will thus contribute towards import…

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POTRAZ sets aside US$7 million for Tech start-ups

POTRAZ sets aside US$7 million for Tech start-ups

By Malcolm Meja POSTAL and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has set aside US$7m to support fledging startups. Muchengete urged local young innovators to come up with viable and bankable projects that his organisation can finance. “it is quite notable that all of the technologies we use are from America. And we want you, young local innovators, to come up with bankable projects so that we can also compete with companies. That’s why as Potraz we have set aside US$7 million to finance such projects,” said Muchengete The postal…

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SMEs are open for business

SMEs are open for business

By Lucy Tandi “ZIMBABWE is open for business” is the mantra by President Emmerson Mnangagwa to attract Foreign Direct Investment (FDI). The move has been welcomed by the captains of industry and commerce as an avenue for economic growth. Small to Medium Enterprises (SMEs) in Zimbabwe are open for business and ready to engage regional and international investors. SMEs make up more than 70 percent of all businesses; employ 60% of the country’s workforce while contributing above 50% to Zimbabwe’s GDP. 85 percent of Micro-SMEs remain unregistered who include mostly…

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DHL to bring a bigger aircraft

DHL to bring a bigger aircraft

By Ndafadza Madanha INTERNATIONAL logistics company DHL says it is bringing in a 30-tonne plane to service the local market as volumes increase and the country economic prospects improve. Currently, Zimbabwe is serviced with a 12-tonne plane but that will double shortly according to DHL Zimbabwe managing director Jeff Phiri. “We shall be bringing in a 30tonne plane this month currently we are using a 12 tonne plane but we are changing because of what we are witnessing in the market and we are confident that business will grow” said…

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Zim needs US$400m for retooling

Zim needs US$400m for retooling

By Ndafadza Madanha ZIMBABWE’s industry requires a staggering US$300-400m to retool and rehabilitate its machinery in order to compete on the international market. Most companies, particularly in the manufacturing sector, are using obsolete equipment acquired prior to independence and have struggled to access mid to long-term capital to modernize their operations. Without long-term financing, the private sector has grappled with numerous challenges that include lack of working capital, liquidity constraints, inadequate foreign currency for manufacturing companies to import much needed raw materials. The influx of cheap imported products in addition…

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