Ingwebu finally quenches thirst

Ingwebu finally quenches thirst 1

By Dumisani Nsingo BULAWAYO Municipal Commercial Undertaking (BMCU)’s beverages manufacturing unit, Ingwebu Breweries, which has close to a decade been reeling under massive losses, has had a remarkable turnaround. Ingwebu Brewery Ingwebu Breweries managing director Mr Dumisani Mhlanga said the restructuring exercise, which has been carried out by the sorghum beer manufacturer since last year has seen it moving from being a loss making entity into profitability. “On month on month right now we have grown by nine percent and if you look at our volumes on year on year…

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Fresh bread scarcity fears as wheat stocks dwindle

Fresh bread scarcity fears as wheat stocks dwindle 2

16th June 2019 Business, Markets By Staff Reporter THE Grain Millers Association of Zimbabwe (GMAZ) reports that wheat stocks in the country have “drastically” reduced amid fears this could impact on the availability of bread in the country. GMAZ Media and PR Manager Garikai Chaunza said in a statement Saturday the country’s milling group was in the process of consulting the central bank in attempts to unlock much needed foreign currency to secure the release of the staple cereal from Beira, Mozambique and Harare. “Wheat stocks have drastically declined and…

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June pension pay-outs t risk as Paynet suspends service to all banks

June pension pay-outs t risk as Paynet suspends service to all banks 4

By Anna Chibamu FEARS abound that the National Social Security Authority (NSSA) might not be able to process this month’s pension payouts after service provider of the payment platform (Paynet) used by banks to process transactions this week suspended services demanding payment in foreign currency, Newzimbabwe.com has learnt. In a notice Friday, NSSA) told pensioners that pay-outs that were due on 13th of June, 2019 might come “a little later” due to Paynet’s move to shut out all banks in Zimbabwe from accessing and using its service. Part of the…

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ZIMRA’s cargo tracking system scares off fuel cartels

ZIMRA’s cargo tracking system scares off fuel cartels 6

By Alois Vinga ILLICIT fuel dealing has significantly reduced after the Zimbabwe Revenue Authority (Zimra) adopted an Electronic Cargo Tracking System (ECTS) in 2016, Commissioner General Faith Mazani said Friday. The ECTS system tracks and monitors transit cargo from the point of entry into Zimbabwe to the point of exit using electronic seals attached to the cargo, covering containerized and break bulk cargo as well as fuel tankers. Mazani told the official launch of the tracking system in Harare Friday, that the tax collector has noticed significant decline in the…

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NRZ eyes regional markets for turnaround

NRZ eyes regional markets for turnaround 8

By Oliver Kazunga Government plans to improve the interconnectivity of the National Railways of Zimbabwe with other countries in the region to improve the parastatal’s market share and revenue, a Cabinet Minister said yesterday. Transport and Infrastructure Development Minister Joel Biggie Matiza(centre) yesterday stresses a point to National Railways of Zimbabwe (NRZ) general manager Engineer Lewis Mukwada after touring the Bulawayo Railway station. In an interview after touring NRZ infrastructure and workshops in Bulawayo, Transport and Infrastructural Development Minister, Joel Biggie Matiza said this was part of the parastatal’s turnaround…

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POTRAZ considering data tariff hikes in line with new interbank rates

POTRAZ considering data tariff hikes in line with new interbank rates 9

By Alois Vinga THE Postal and Telecommunications Regulatory Authority (POTRAZ), has hinted that a data tariff hike could be on the way in order to cushion telecommunication companies from the increasing exchange rate on the Interbank market. In an interview with NewZimbabwe.com Business recently, POTRAZ director general, Gift Machengete admitted that mobile telephone operating companies continue to pile pressure for possible tariff increases. “Rates on the Interbank market affects the costs and they were taken into consideration when the tariffs were increased. It was around 3.5 and the current shifts…

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Zimbabwe pensioners face delay in payments amid currency row

Zimbabwe pensioners face delay in payments amid currency row 11

By Nelson Banya | Reuters | Payments to 200,000 retirees on Zimbabwe’s public pensions scheme could be delayed this month, the national social security agency said, after a foreign currency dispute erupted between local banks and a payments software vendor. Pensioners queue to withdraw their cash at a Bulawayo bank in this file photo Zimbabwe is battling an extended foreign currency crisis which has affected key imports such as electricity, fuel and medicines. Many firms with foreign ownership are also struggling to repatriate dividends to non-resident shareholders. Its National Social…

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Zera assures public on blending ratio

Zera assures public on blending ratio 12

By Ishemunyoro Chingwere The Zimbabwe Energy Regulatory Authority (Zera) has assured users that petrol blending in the country is within the threshold stipulated by the law. Energy and Power Development Minister Advocate Fortune Chasi The assurances come in the wake of complaints by sections of the motoring public that the commodity does not last amid fears that unscrupulous fuel retailers were blending beyond the 20 percent stipulated by Government. But in a statement, Zera said it is routinely conducting impromptu checks at blending sites and service stations and all their…

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RTG share price increases tenfold

RTG share price increases tenfold 13

By Alois Vinga LOCAL hotelier, the Rainbow Tourism Group Limited’s (RTG), has seen its share price increase tenfold owing to good management practices, chief executive officer Tendayi Madziwanyika has said. The performance according to Madziwanyika has helped the company’s balance sheet to a growth trajectory. In an interview with NewZimbabwe.com Business Wednesday, Madziwanyika said the details hinting that the hotel group is poised for higher growth. “The group’s share price increased tenfold from ZWL$0.93 cents to ZWL$8.50 cents and going forward we anticipate that the company will perform much better…

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ZPC boss under fire for inflating Hwange Power station boiler price by over US$1,3 million

ZPC boss under fire for inflating Hwange Power station boiler price by over US$1,3 million 15

By Philemon Jambaya Zimbabwe Power Company Managing Director Robson Chikuri is under fire for inflating prices of Unit 4 Boiler Outage Works at Hwange Power Station, from US$808 580 to US$2 205 306, a price adjustment of close to US$1,3 million, the Zim Morning Post can reveal. ZESA Megawatt HQ in Harare ZPC is a Zimbabwe Electricity Supply Authority (Zesa) subsidiary. In a letter dated 29 March 2019 directed to the ZPC Acting Managing Director following a Special Oversight Committee held on 21 March 2019, the Procurement Regulatory Authority of…

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