ZNCC bemoans poor infrastructure budget allocations, poor management

ZNCC bemoans poor infrastructure budget allocations, poor management 1

By Alois Vinga ZIMBABWE National Chamber of Commerce (ZNCC) president, Tamuka Macheka has bemoaned poor budget allocations being devoted towards infrastructure development by government. He was speaking at a business meeting held recently. Macheka said if the problem was unaddressed, the country risked losing the much needed Foreign Direct Investment. He urged government and local authorities to prioritise infrastructure development. “We need to increase capital expenditure. Other countries have pegged their infrastructure budget at seven percent but our country’s allocation for infrastructure is currently at one percent. “We therefore need…

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ZONFUL ENERGY’s solar systems to light up 80 percent homes in Bikita

ZONFUL ENERGY’s solar systems to light up 80 percent homes in Bikita 3

By Alois Vinga LONDON Stock Exchange (LSE) listed company, ZONFUL ENERGY (ZE) has launched a massive solar system project aimed at lighting up almost 80 percent of households in Bikita in a development that will avail environmentally friendly source of energy to the area’s inhabitants. Speaking to NewZimbabwe.com Business recently, ZE founder and chief executive, William Ponela gave some details about the project. “There are over 30 000 households in Bikita and we are targeting 80 percent of those who will benefit immensely by getting environmentally clean, quality and affordable…

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Ncube unveils tough tax regulations

Ncube unveils tough tax regulations 5

By Alois Vinga FINANCE Minister, Mthuli Ncube has unveiled new Income Tax regulations compelling companies to disclose more details on transactions in what is aimed at smoothing the process of collecting tax. Under Statutory Instrument (SI) 109 of 2019 published in the latest Government Gazette, Ncube has with immediate effect introduced the new measures. “A taxpayer must have in place contemporaneous documentation that verifies that the conditions in its controlled transactions for the relevant tax year are consistent with the arm’s length principle,” the SI said. The documentation required from…

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First Capital Bank completes IT Systems migration, targets market growth

First Capital Bank completes IT Systems migration, targets market growth 7

By Alois Vinga FIRST Capital Bank chief executive, Sam Matsekete says that the transfer of Information and Technology systems from former franchise holders, Barclays Zimbabwe has been successfully completed. The development positions the fast growing financial institution to generate more business. Speaking at a shareholders meeting recently, Matsekete announced the milestone achievement saying that it aids competitiveness to the financial institution. “We are talking about 56 systems that we had to migrate from an architecture where we were supported from multiple locations previously. “These multiple systems needed to be migrated…

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Old Mutual Zimbabwe to merge its eight subsidiaries into three units

Old Mutual Zimbabwe to merge its eight subsidiaries into three units 9

By Alois Vinga OLD Mutual Zimbabwe (OMZ), is set to merge its eight subsidiaries into three main units, as it moves to synchronise its operations with parent company, Old Mutual plc. The realignment is part of the conglomerate’s push to cut costs and create space for greater financial probity. OMZ chief executive, Isiah Mashinga told shareholders recently that the merger will result in Old Mutual Property Zimbabwe (Pvt) Ltd and Old Mutual Real Estate Zimbabwe (Pvt) Ltd being merged with Old Mutual Zimbabwe Investment limited into Old Mutual Investment Group…

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Delta Beverages resume operations after Coca-Cola Company intervention

Delta Beverages resume operations after Coca-Cola Company intervention 11

By Alois Vinga DELTA Beverages has resumed operations, after months of struggling to secure foreign currency required to restore full operations at the nation’s leading soft drinks manufacturer. In an interview with newzimbabwe.com Business, Thursday   the company’s corporate affairs executive, Patricia Murambinda revealed that production had kicked off athough at a very slow pace. “As communicated in our last trading update for full year ending March 2019, the Coca-Cola business was virtually closed during the quarter due to non-availability of imported raw materials. “Operations have resumed albeit at a slow…

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Mtikitiki appointed new GM for Coca-Cola East and Central Africa

Mtikitiki appointed new GM for Coca-Cola East and Central Africa 13

By Alois Vinga THE Coca-Cola Company, has appointed Phillipine Mtikitiki as its new Franchise General Manager for East and Central Africa with effect from June 1 2019. Mtikitiki will be based in Nairobi, Kenya and has been appointed on the strengths of her experience in fast-moving consumer goods given her has a wealth of experience in operations, marketing, planning and commercial strategy. Her area of jurisdiction will cover Zimbabwe. “She joined the Coca-Cola Company as a graduate associate in 1998 and in her current role she is responsible for stewarding…

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HCCL losses increase to US$78 million despite increased sales and production

HCCL losses increase to US$78 million despite increased sales and production 15

By Alois Vinga THE Hwange Colliery Company Limited (HCCL) has recorded 79% increase in losses which jumped to US$78 million at the close of the financial year ending December 31 2018. Hwange’s losses come despite officials revealing the State owned coal miner had seen an increase in sales volumes. HCCL administrator, Bekithemba Moyo said that the financial performance had worsened when compared to the previous financial term. “The company’s performance worsened in 2018, in comparison to the previous financial year as the loss for the period increased by 79% from…

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RioZim revenues down US$14 million as foreign currency shortages insist

RioZim revenues down US$14 million as foreign currency shortages insist 17

By Alois Vinga GOLD mining giant, RioZim’s revenue went down US$14 million due to consistent foreign currency shortages. According to the mining company’s statement of financial results for the year ended December 31, 2018, revenue for the year declined 15 percent to US$75.4 million from US$88.9 million. “The group’s underperformance was due to low production volumes in the second half of the year and the inability to complete planned capital projects due to foreign currency funding constraints, that could have sustained and increased production,” RioZim said in the statement. Gold…

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Capital Bank Corporation loses 76 million shares in FMHL debt recovery

By Alois Vinga INSOLVENT Capital Bank Corporation (CBC) has lost 76 million shares it held in First Mutual Holdings Limited after Rainbow Tourism Group (RTG) successfully attached the stake to recover a US$2.5 million debt. According to the RTG chief executive, Tendai Madziwanyika, the shares were seized after a prolonged legal battle. “It took us six years to eventually recover that money and when I started in 2012 that money was already owed. “Initially it was difficult to get the money because back then Capital Bank was operational and they…

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