News

Hippo Valley Estates has reported a net profit of $9 million for the six months to September, matching its performance for the 2013/2014 year after sales volumes in both the domestic and export markets despite falling prices which could hit revenues in future.

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The City of Harare’s revenue could be understated as council does not have effective controls in place to stop fraud, an eternal auditor’s report has showed.

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Beverage maker Delta Corporation attributable income for the six months to September was down seven percent to $44 million as the group seeks to commission two sorghum beer plants to boost the group’s revenue after lager beer sales fell on weakening demand.

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The Zimbabwe Microfinance Wholesale Facility (ZMWF) says it has disbursed $4 million to micro finance institutions for working capital purposes since January up from $1.3 million last year.

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Anjin Diamond Mine is set to retrench an undisclosed number of workers barely a month after employees downed tools demanding outstanding salaries and better working conditions.

(131 VIEWS)

Zimbabwe’s Treasury will with immediate effect remit a quarter of mining royalties to the Sovereign Wealth Fund (SWF) after President Robert Mugabe yesterday signed into law a bill to set up the fund, which is meant to secure investments for future generations and support economic growth.

(192 VIEWS)

Tobacco Industry Marketing Board (TIMB) has approved four new firms to finance contract farming, a move likely to help improve tobacco output, an official said yesterday.

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In one of its first surveys on corruption in Harare, Transparency International Zimbabwe, found that quite a substantial number of Zimbabweans believed that corruption promotes development.

(134 VIEWS)

The underperformance of the banking sector will force struggling financial institutions to look offshore for support to satisfy prescribed capital requirements and rising bad loans, a local brokerage and advisory firm has said.

(128 VIEWS)