Foreign Investors Threaten ZSE Pullout

The inability by foreign investors to repatriate capital and disinvestment proceeds from the country is hampering the performance of the Zimbabwe Stock Exchange, amid reports custodians are threatening to block foreigners from investing into the country’s capital markets. This comes as the payments backlog has grown substantially from the US$126m reported as at February this year while it is also difficult to repatriate proceeds made after the February 20 Monetary Policy Statement, in spite of the Reserve Bank of Zimbabwe’s priority addition on portfolio funds. Investments on the stock market…

Elon Musk On taking Tesla Private

Elon Musk  would prefer if Tesla,  which is known for its volatile share price and is among the most heavily shorted stock, were a private company, but acknowledged during an earnings call Wednesday that it wasn’t likely. Musk can dream, can’t he? “Unfortunately that ship had sailed,” Musk said flatly, in response to a question from Morgan Stanley analyst Adam Jonas. Musk said Tesla as a public company was a distraction at times and then added, “I’m not sure what to do about it.” The question came up as an increasing number of…

Outcry As NetOne Increases The Price Of OneFussion Bundles

Zimbabwe have cried foul  over the announcement by Telecommunications company NetOne that it has reviewed the price of its OneFussion bundles starting from Thursday 25 April.  The new prices are as follows: $10 will give the client 180MB $20 wil give the client 400MB $50 will give the client 100MB The bundles last for 30 days.  NetOne however assured its customers that their current subscriptions and those done before 2359hrs on Wednesday  will not be affected by the adjustments.

ZITF kicks-off on high note

THE 60th edition of the Zimbabwe International Trade Fair (ZITF) kicked-off on a high note yesterday in Bulawayo with more than 530 companies participating in this year’s trade showcase. The show is running under the theme: “Propagating Industrial Growth through Trade and Investment” which according to the organisers, is a rallying call for industry and commerce to explore and cement synergies that promote trade and investment. Ugandan President Yoweri Museveni is expected to officially open the fair on Friday. ZITF board chairperson Ruth Ncube told journalists on Monday that the…

Govt Moves To Slash Bread Price

GOVERNMENT plans to support small bakeries and confectionaries in small towns around the country to help increase their capacity and eventually bring down the cost of bread, Industry and Commerce minister, Mangaliso Ndlovu has said. The country’s bread industry is dominated by three major bakeries Lobels, Bakers Inn and Proton which all hiked the price of a standard loaf of bread from $2,50 to more than ZWL$3. The increase is the fifth this year as inflationary pressures continue to grip the southern African nation. In March, year-on-year inflation reached 66%.…

FBC Adds Venture Capital To Its Portfolio, PAT Nearly Doubles

FBC Holdings Limited has established a venture capital business to invest in start-ups as the institution seeks to diversify revenue streams. The company nearly doubled its profit-after-tax to US$44,43 million last year from a 2017 comparative of US$23,24m. Chief executive John Mushayavanhu told NewsDay on the sidelines of an analysts briefing that the FBC group was currently assessing proposals and applications. “We realised there was a missing link in terms of the capital requirements in terms of SMEs (small-to-medium enterprises) because the tendency is for people to think that when…

Tobacco Income Down 76%

TOBACCO sales have generated $19,4 million in the first 17 days of the marketing season this year compared to $81 million realised over the same period last year, statistics from the industry regulator have shown. According to the Tobacco Industry Marketing Board (TIMB) deliveries of the crop are down 62% to 11,2 million kg. Average prices dipped to $1,73 per kg from $2,74 per kg recorded over the same period last year. An industry source told reporters that the high cost of transport had affected deliveries of tobacco. “This season…

Econet Injects $250m In Renewable Energy

ECONET Zimbabwe says it has invested about $23 million in clean energy projects through its Distributed Power Africa (DPA) unit. The company has an ambitious plan to spend $250 million in clean energy. The business primarily focuses on rooftop solar power systems for commercial and industrial customers. DPA has signed up several commercial and industrial clients totalling 2,7MW. These include organisations in the food, beverages and dairy sectors, schools, farms and small business enterprises. Speaking at the launch of the company’s Willovale solar plant yesterday, Econet Zimbabwe chief executive officer…

Price Hikes Choke Zim Growth Prospects: World Bank

THE World Bank (WB) says the currently spiralling price increases in Zimbabwe will have a negative impact on the country’s growth prospects. Earlier this year, the World Bank projected that Zimbabwe’s Gross Domestic Product (GDP) would grow by 3,7% in 2019 while Finance and Economic Development minister Mthuli Ncube had put the growth rate at 3,1%. “The increases in prices that we have witnessed since October last year will affect the growth rate for 2019. For 2018, in the first quarter the growth was real, but it was then disturbed…

Cowdray Park Mall Project Hit By Inflation

Sai Enterprises says it is reviewing its capital budget for the $12 million shopping complex in Bulawayo due to cost escalations. The multi-million-dollar complex, being set up in Bulawayo’s Cowdray Park suburb, is expected to house over 40 shops, banks, a medical service centre, fast foods and parking bays, among others. The company’s proprietor, Raj Modi, who is also Industry and Commerce deputy minister, told reporters that shortage of cement and price escalations experienced since last October had affected the project, causing them to miss deadlines. “We have to revise…