Adcock exits Zim

BY MTHANDAZO NYONI SOUTH African pharmaceutical group Adcock Ingram has exited the Zimbabwean market after disposing of its operating subsidiary for an undisclosed amount. The Johannesburg Stock Exchange (JSE)-listed company had interests in Bulawayo-based manufacturer and distributor of pharmaceutical, Datlabs, through a wholly-owned subsidiary, Pharmalabs (Jersey). According to the group’s …

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‘Fuel import liberalisation to ease forex demand’

BY FIDELITY MHLANGA BUSINESS and analysts say the move by government to liberalise fuel imports will ease pressure on forex demands and improve supply of the commodity across the country. Zimbabwe relies on fuel imports which were previously centrally controlled by the Reserve Bank of Zimbabwe (RBZ), but on Tuesday …

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79 Mat’land milling firms close shop: Musarara

BY MTHANDAZO NYONI AT least 79 milling companies have folded up in the Matabeleland region due to economic hardships which have seen an increase in grey imports, an official has said. Addressing journalists after touring milling companies in Bulawayo, Grain Millers’ Association of Zimbabwe (GMAZ) chairman Tafadzwa Musarara said the …

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Simbisa Brands doubles half-year profits

ZIMBABWE’s largest fast-food group, Simbisa Brands posted an increase in profit after tax of $16,5 million from US$7,9 million for the half year ended December 31, 2018 despite operating in a tough trading environment. The company’s revenue for the period under review increased 44% to $143,2 million with 40% of …

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Govt to remove shareholding cap on diamonds, platinum

ZIMBABWE is working on scrapping the Indigenisation Act which restricts foreign shareholding in platinum and diamond ventures to 49% as the country seeks to attract foreign capital, Finance minister Mthuli Ncube has said. Appearing on Bloomberg on Wednesday, Ncube, who is in Washington to court investors, said the law would …

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Understanding crop water requirements

On April 1, 2019, the water year will begin. At the opening of the water year, raw water users, inclusive of irrigating farmers are required to sign water abstraction agreements which allow them to draw water from the dams. So as we approach the water year, farmers should use the …

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‘Consumer protection should not deter business’

Business Reporter The Zimbabwe Consumer Protection Bill should strike a balance between the needs of consumers and private enterprise growth to ensure sustainable economic development, the Chartered Institute of Customer Relations Management has warned. The Zimbabwe Consumer Protection Bill is set to replace the Consumer Contracts Act (Chapter 8:03) and …

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SA rand falls

South Africa’s rand fell yesterday, tracking the euro lower after the European Central Bank pushed back its forecast for an interest rate hike and offered banks more cheap loans, while at home state power utility Eskom got smaller tariff hikes than sought. Stocks weakened as market heavyweight Naspers came under …

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Gold prices steady

Gold prices steadied yesterday ahead of a European Central Bank (ECB) policy meeting expected to present a cut in economic growth forecasts, with investors also awaiting US jobs data. Spot gold was flat at $1 285,94 an ounce at 1038 GMT, trading close to a more than five-week low hit …

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AXIA records 68 percent profit

Michael Tome Business Reporter RETAIL and distribution group, AXIA Corporation Limited posted a 68 percent jump in operating profit to $22,4 million for the six months up to December 2018 from $13,3 million in the comparative prior period. The group’s revenue grew 74 percent with nearly a $100 million margin …

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