ED launches USD12 billion mining sector roadmap

ED launches USD12 billion mining sector roadmap

Anyway Machani PRESIDENT Emmerson Dambudzo Mnangagwa recently launched a road map to achieving of a USD12 billion mining sector by 2023, which is expected to spearhead recovery of the ailing domestic economy. Speaking at the event, president Mnangagwa said that the roadmap is equally pivotal to the attainment of vision 2030, which is aimed at upgrading the country to Upper Middle-Income status. He said the blueprint, which was set out in 2018, would result in significant economic reforms and acceleration of the country’s reengagement efforts. “Trough the Transitional Stabilization Program…

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Simbisa brands to pursue dining restaurants

Simbisa brands to pursue dining restaurants

By Malcolm Meja  FAST food chain operator, Simbisa Brands, is looking to expand into the casual dining space after it recorded a 5% customer count decline in Zimbabwe. The Chicken Inn operator says it has identified significant market opportunities within its existing markets and food triangle for casual dining brands in the region and beyond. In a recent analyst presentation for the year ended June 2019, Simbisa said it would leverage its existing infrastructure to pursue opportunities to add casual dining brands to its portfolio. The firm reiterated that this…

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BAT ZIMBABWE APPOINTS NEW MD

BAT ZIMBABWE APPOINTS NEW MD

BAT ZIMBABWE APPOINTS NEW MD  By Staff Reporter British American Tobacco (BAT) has appointed Kimesh Naidoo as its new General Manager, Business Connect has learnt. In a brief statement posted on the Zimbabwe Stock Exchange website, BAT said Naidoo has over 11 years experience. “The Board of Directors of British American Tobacco Zimbabwe Holdings hereby notifies its shareholders that Mr Kimesh Naidoo has been appointed as the Managing Director of British American Tobacco Zimbabwe with effect from 22 October 2019. “Mr Naidoo is a qualified Chartered Accountant with the South…

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Hwange revenues soar 128%

Hwange revenues soar 128%

By Staff Reporter  Hwange Colliery posted a profit of ZW$3.5 million against a loss of ZWL$23 million recorded in 2018 for the half-year ended 30 June 2019. This was largely attributable to the company’s revenue, which increased by 128% from ZWL$30.5 million for the six months ended 30 June 2018 to ZWL$69.8 million for the period under review. On the operational front, Hwange noted that the contract miner stopped mining on or about 15 December 2018 and only resumed mining in August 2019. In addition, the company only resumed open…

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Ecocash agents thrive despite cash-out cap

Ecocash agents thrive despite cash-out cap

By Tendai Sahondo MOBILE money agents have resorted back to selling cash at a premium after the Central Bank removed a temporary ban on the Cash-out facility, instead, capping it at $100 per transaction. A snap survey conducted by The Business Connect revealed that agents, most prominently from EcoCash, were selling cash at a premium of between 35-45% for coins, while notes were being sold at a 60% premium. The development has effectively rendered useless the new cash-out cap, as agents are still able to sell cash within the $100 bracket….

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RBZ caps Cash Out at $100

RBZ caps Cash Out at $100

The Reserve Bank of Zimbabwe (RBZ) has tightened screws around the cash-out facility, capping it at $100 per transaction as a mitigatory measure against abuse of the facility, RBZ Governor, Dr John Mangudya has said. In a press statement released yesterday, Mangudya said the new measures would also ensure that abusers are bought to book. “Payment systems by their nature play an important role of providing a mechanism or highway to facilitate economic activities in the country. As such, the Reserve Bank continues to promote digital financial services which contribute…

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ICT Ministry launches Cyber security campaign

ICT Ministry launches Cyber security campaign

Staff reporter  THE ministry of ICT, Postal and Courier Services yesterday announced the launch of the National Cyber Security Awareness Month (NCSAM), which will run from the 1st to the 31st of October under the theme “Safe surfing”. Addressing the press, ICT Minister Kazembe Kazembe said the campaign provides a perfect opportunity to promote cyber security awareness thereby instilling behavior change to protect people against cyber threats. He said the campaign is relevant as the world is almost entirely dependent on hackable technology. “Today we are almost entirely dependent on…

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SME stock exchange on cards

SME stock exchange on cards

  By Staff Reporter GOVERNMENT will soon establish a second tier stock exchange for Small to Medium Enterprises (SME) in the country, President Emmerson Mnangagwa has said. In a recent speech delivered at parliament, Mnangagwa said the alternative stock exchange will unlock value for the SME sector. “To further support the development of the financial services sector, Government has revived the issuance of treasury bills and bonds through the Auction system. In this vein, the RBZ has established Savings Bond instruments to facilitate safe and secure investment for the public….

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Currency manipulation unacceptable: ED

Currency manipulation unacceptable: ED

By Staff Reporter PRESIDENT Emmerson Mnangagwa says manipulation of the exchange rate by members of the business community should not be tolerated as this amounts to economic sabotage. This comes on the heels of a directive by the central bank to freeze the accounts of leading firms in the country including Sakunda, owned by Kudakwashe Tagwirei, Croco Motors and Spartan Security on suspicion of currency manipulation. Delivering his State Of The Nation Address (SONA) yesterday, Mnangagwa called for fiscal discipline from all sectors. “I am encouraged by the nation’s positive…

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African Sun rises above gloomy clouds

African Sun rises above gloomy clouds

By Tendai Sahondo Listed hospitality firm, African Sun continued to perform exceptionally despite the economic headwinds bedeviling the country and recent termination of the company’s management contract with Legacy Hospitality. African sun posted a profit of ZWL26.90 million compared to ZWL3.11 million recorded in the same period for the half-year ended 30 June 2019. Profit before income tax for the six months was at ZWL39.15 million (profit margin of 49%) compared to a profit of ZWL3.55 million (profit margin of 13%). Improvement in profit margin was a result of the…

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