Property developer Mash Holdings records 7% jump in revenue

BY MISHMA CHAKANYUKA PROPERTY investment and development company Mashonaland Limited Holdings recorded a 7% increase in revenue to $1,68 million in the four months to January, driven by higher occupancy levels across the company’s portfolio. Revenue, however, was 3% below target, a reflection of the delays in sales of the …

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Forex shortages gnaws fertilizer industry

ZIMBABWE’S fertilizer industry says it is constrained by forex shortages, but it still has the capacity to produce enough to meet the country’s demand this year and export excess production. Zimbabwe Fertilizer Manufacturers’ Association chairman Tapuwa Mashingaidze told NewsDay that this year, the industry would produce in excess of 600 …

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Ipec to adopt risk-based supervision framework

BY FIDELITY MHLANGA The Insurance and Pensions Industry (Ipec) plans to adopt a risk-based supervision framework, moving from the current compliance-based model in a move that is expected to improve the regulator’s oversight of the industry. The new framework should determine the capital that players in the sector may hold, …

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Corruption still rife in Zim: US report

BY TATIRA ZWINOIRA CORRUPTION remains a major problem in Zimbabwe despite government pronouncements to fight the rot, a report by the United States has revealed. According to a 2018 Human Rights Report prepared by the US Department of State, Bureau of Democracy, Human Rights and Labour, “police frequently arrested citizens …

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National Blankets faces imminent liquidation

BULAWAYO-BASED textile maker National Blankets is facing imminent liquidation after failing to court a suitable investor to inject fresh capital into the ailing company. The company, which was placed under judicial management in 2012 due to viability concerns, experienced a drastic fall in demand as the market for woven blankets …

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Ending climate change requires end of capitalism

Climate change activism is increasingly the domain of the young, such as 16-year-old Greta Thunberg, the unlikely face of the school strike for climate movement, which has seen many thousands of children walk out of school to demand that their parents’ generation takes responsibility for leaving them a planet to …

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Zera hunts for CEO

Fradreck Gorwe Business Reporter THE Zimbabwe Energy Regulatory Authority (Zera) has begun the search for a substantive chief executive officer to replace former CEO Engineer Gloria Magombo. Eng Magombo left Zera in September last year following her appointment by President Mnangagwa to assume the position of Permanent Secretary in the …

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IPEC launches integrated capital, risk project

Kudakwashe Mhundwa and Prince Chidzvondo Zimbabwe’s insurance and pensions regulator, Insurance and Pensions Commission (IPEC), yesterday launched the Zimbabwe Integrated Capital and Risk Project (ZICARP) which is aimed at creating market discipline and improving confidence levels in the country’s insurance sector. Currently, lack of confidence continues to haunt the country’s …

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‘Interbank market won’t be manipulated’

Tawanda Musarurwa and Golden Sibanda Mechanisms have been put in place to ensure that the foreign currency interbank market will not be manipulated, Finance and Economic Development Minister Professor Mthuli Ncube has said. This comes as the Confederation of Zimbabwe Industries (CZI) says it is too early to judge the …

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Cyclone Idai: Business calls for help

Companies in Manicaland Province are appealing to the Government for temporary relief measures such as duty free on fuel after power supplies were disrupted by a tropical storm over the weekend, which has left dozens dead and scores missing. Cyclone Idai, which brought flood water and destruction to areas of …

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