Mtsambiwa appointed Tongaat Hulett CEO

Tawanda Musarurwa Johannesburg Stock Exchange-listed sugar producers Tongaat Hulett Limited, has appointed Zimbabwean Sydney Mtsambiwa as its interim chief executive officer. This follows the pending retirement of current CEO Peter Staude at the end of next month. “Further to the announcement on 6 August 2018 that Mr Peter Staude will …

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Petrotrade in $3,75m tax profit

Ishemunyoro Chingwere Business Reporter State petroleum company, Petrotrade has – for the third year running declared a dividend to Government after registering an after tax profit of $3,75 million for the year ended December 2017. Speaking to journalists after the firm’s Annual General Meeting (AGM) on Thursday, secretary for Energy …

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Gold steadies

LONDON. — Gold steadied yesterday as the dollar trod water against a basket of currencies, with investors reticent to bid up the metal in the face of looming US interest rate increases and escalating Sino-US trade tensions. Since its April peak gold has dropped more than 12 percent as a …

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SA rand firms

JOHANNESBURG. — South Africa’s rand firmed against the dollar early yesterday as some emerging market currencies that sold-off sharply in recent weeks regained some lost ground. At 0650 GMT the rand was 0,77 percent stronger at 15.0925 per dollar compared to a close of 15,2100 in New York. Investors remain …

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Imports rise 26%, forex pressures worsen

ZIMBABWE’S import bill rose 26% in the six months to July 31 this year, driven by firming demand for fuel and food. Data for January is missing. BY MTHANDAZO NYONI The growing import pressures also saw the country’s trade deficit rising 27% to $1,48 billion from $1,15 billion in the …

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Metbank to focus on mortgage financing, e-banking

METBANK says it will focus its lending business on mortgage financing and commercial banking products that promote financial inclusion under a strategic plan that will determine the direction of the institution on a five-year horizon. BY FIDELITY MHLANGA The lender’s mortgage business will prioritise property development, while its commercial banking …

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Sable Chemicals warns of fertiliser crisis

SABLE Chemicals Industries (Sable), Zimbabwe’s only manufacturer of ammonium nitrate (AN), says it will only be able to meet just about 38% of national demand this year. BY MTHANDAZO NYONI AN is a top-dressing fertiliser used to boost yields. In an email interview with NewsDay, the agro-chemicals company disclosed that …

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New Treasury chief eyes urgent reforms

Golden Sibanda Senior Business Reporter Newly appointed Finance and Economic Planning Minister Mthuli Ncube, has pledged extensive economic reform measures expected to begin with scrapping of Zimbabwe’s surrogate currency, bond notes and reining in Government spending to restore macro-economic stability and sustainable growth. Minister Ncube, a professor of economics and …

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Business endorses new Cabinet

Enacy Mapakame Business Reporter ZIMBABWE’s largest business representative bodies, the Confederation of Zimbabwe Industries (CZI) and Zimbabwe National Chamber of Commerce (ZNCC), have endorsed President Mnangagwa’s newly appointed Cabinet, and pledged private sector collaboration to propel the industrialisation agenda. The president has appointed a leaner 20-member Cabinet blending youth, experience …

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