Business

What do we do with Zisco Steel?

In the middle of the Second World War in 1942, the Rhodesian Government established the Iron and Steel Company that we now know as ZISCO at Redcliff just 14 kilometres from the town of KweKwe. By 1957 it was producing a quarter of a million tonnes of steel a year and at its peak, production was about 1,2 million tonnes a year. In 1990 its staff exceeded 5000 and it was perhaps the largest industrial undertaking in the country with four wholly owned subsidiaries – the Mining Company BIMCO, Lancashire Steel, Frontier Steel and the Zisco Distribution Centres. Its combined turnover must have exceeded US$1 billion a year. In 1998, in an attempt to revive the company, it borrowed money from a Chinese company and the German Bank KfW GBMH in Frankfurt to update its blast furnace number 4 with a ca...

Athletes shaping the future of Zimbabwe

Things may be starting to change, however, as sports are now growing faster than ever, and by accessing this website, you can get instant access to some of the top betting markets available right now. In 2020, Zimbabwe really is starting to pick up the pace in terms of improving the quality of life and giving athletes the chances they deserve, as seen through the information given here. It’s an exciting time right now for the country, and there are a couple of major athletes who are helping Zimbabwe to develop in these areas. Let’s find out exactly who is helping to make such radical changes in the country right now. Image source: https://news.pindula.co.zw/2019/04/03/roger-federer-andy-murray-offer-support-to-cyclone-idai-survivors/ Zimbabwe heroes Serena Williams Serena Williams isn’t al...

Zimplats gets exception to Zimbabwe order

Mining Magazine is making some of its most important coverage of the COVID-19 pandemic freely available to readers. For more coverage, please see our COVID-19 hub. To subscribe to Mining Magazine, click here. The miner, which was originally part of the 21-day lockdown order by government officials supported by Mines and Mining Development minister Winston Chitando, applied for and was granted a permit for the continuation of mining and processing operations. Officials said it has allowed the company to “continue relatively uninterrupted” during the lockdown. “Zimplats supports the decision taken by the government of Zimbabwe to help flatten the curve of the COVID-19 infection rate and is committed to contributing where it can to the country’s socio-economic stability,” the compan...

VAYA provides critical transport relief during the lockdown

The outbreak of COVID-19 has forced many countries, including Zimbabwe, to impose 21 to 30-day restrictive lockdown periods – some even longer, where the epidemic has been more widespread. The lockdowns are designed to protect citizens from the spread of the deadly and infectious disease by restricting contact among people. In Zimbabwe, the restriction on movements, which has been extended to the transport services sector, has, however, meant even those whose services are considered essential will also find it difficult to move around as conveniently as they would, prior to the lockdown. Some of the services that have been recognised as essential include provision of services such as healthcare, food, medicines, power, water, telecoms, rescue services and others. But if these services are ...

COVID-19: RTG expects 6% fall in revenue

THE Zimbabwe Stock Exchange-listed Rainbow Tourism Group (RTG) says closure of its hotels this month to contain the spread of coronavirus will reduce its annual revenue generation by at least 6%. BY FIDELITY MHLANGA In its financial statement for the full year ended December 2019, the company said the board would, however, quantify the total impact of the coronavirus pandemic on its wholesome operations. During the year under review, the group realised inflation-adjusted revenues of $45,6 million after it grew by 62% from $279,8 million in 2018. Historical growth was 539% from $34,3 million to $219,4 million. “The group in response temporarily closed down all of its hotels during the lockdown period. The closure will have a significant impact on the group’s month of April 2020 revenues, wh...

‘Lockdown to hit livelihoods hard’

Zimbabwe’s nationwide lockdown will likely hit hard livelihoods and markets for both rural and urban households, a leading provider of information and analysis on food insecurity has said. BY TATIRA ZWINOIRA The 21-day nationwide lockdown, which started last Monday, came as a measure to arrest the spread of the virulent coronavirus, with the country so far having recorded 11 confirmed positive cases and two deaths. “This lockdown restricts the normal movement of people, goods, and services, including a ban on some public transportation and closure of borders to non-essential travel. However, the restrictions exempt critical producers and services, including humanitarian assistance distributions,” the Famine Early Warning Systems Network (FEWSNET) said in its latest update. “These measures,...

Zimbabwe’s CBZ Holdings unveils new board of directors to steer transformation and growth

AMHVoices: Education system needs facelift newsday April 8, 2020 ALTHOUGH it was on the eve of school holidays, the coronavirus pandemic, which has had a devastating effect worldwide, had an immediate … NewsDay Zimbabwe

Fastjet to resume flights on April 21

Low cost carrier, fastjet Zimbabwe intends to resume operations on April 21, two days after the lapse of the country’s lockdown period, a trading statement has resumed. By Staff Reporter The trading statement revealed that all fastjet employees have accepted a voluntary salary reduction effective from the beginning of April Furthermore, the company had reduced salaries of its staff. The company was, however, optimistic that its financial situation would not take a massive knock, as it expects that reduced global oil prices will help cushion it from the financial impact from the projected low passenger demand. In March, fastjet said they were confident they had sufficient resources to meet its operational needs until the end of June 2020, but this was before the COVID-19 pandemic disrupted ...

Zimbabwe’s FX Shortage to Worsen as Virus Upends Tobacco Season

Zimbabwe’s severe shortage of U.S. dollars is set to worsen as the coronavirus threatens the start of sales of tobacco, its second-biggest source of foreign exchange. “It’s the cash flow that’s the biggest concern for everyone,” Ben Gilpin, executive director of the Commercial Farmers Union, said by phone from the capital, Harare, on Tuesday. “The people that provide finance to tobacco farmers did so until the end of March, with the expectation that from April debts are being serviced, but there is no money now.” Like its neighbors, Zimbabwe has imposed a 21-day lockdown to halt the spread of the virus. That’s shuttered mines, while remittances from abroad have also declined. The International Monetary Fund said in its latest Article IV report that the country had $109 ...

Fastjet Says Fastjet Zimbabwe Planning To Restart Flights On 21 April

* TRADING STATEMENT * FASTJET ZIMBABWE IS CURRENTLY PLANNING TO RESTART FLIGHT OPERATIONS ON TUESDAY 21 APRIL 2020 * ALL FASTJET GROUP EMPLOYEES HAVE ACCEPTED A VOLUNTARY SALARY REDUCTION EFFECTIVE FROM 1 APRIL 2020 OF UP TO 30% * SALARY REDUCTION DEPENDING ON THEIR CURRENT SALARY SCALES, WITH LOWEST EARNERS AFFECTED LEAS * EXPECTS REDUCED GLOBAL OIL PRICES TO HELP TO CUSHION FINANCIAL IMPACT OF FORECAST LOWER PASSENGER DEMAND WHEN OPERATIONS RESTART * TIMELINES DISPOSAL OF CO’S HOLDING IN FASTJET ZIMBABWE ARE NO LONGER PRACTICALLY ACHIEVABLE * FASTJET ZIMBABWE HAS FULLY PAID OFF ALL OF ITS EMBRAER EMB145 AIRCRAFT * INVESTOR CONSORTIUM CONFIRMED THAT IT REMAINS COMMITTED TO DIVESTMENT PROPOSAL * INVESTOR CONSORTIUM INDICATED THAT IT WOULD POTENTIALLY FORESEE MODIFIED TERMS OF SALE NEEDING ...

COVID-19 holds up Prospect

Zimbabwe may have to wait a little bit longer to see development of its newest lithium mine, all due to the impact of coronavirus on raising capital on the world markets. — newZWire Prospect Resources, the Australian-listed company that is developing the Arcadia mine near Goromonzi, says it is to launch a rights issue and lay off workers, in response to the recent world market turmoil that has made raising working capital difficult. The company had planned to start development at Arcadia in 2020, but progress may now be delayed as the company cuts costs and looks to shareholders for extra money. Prospect will make a non-renounceable share rights issue to raise as much as US$2 million to keep operations running, pending finalisation of funding and off-take talks with Afreximbank and Russia’...

Half of Zimbabwe’s population could starve if aid is not received, IMF warns

The Southern African nation needs hundreds of millions of dollars in foreign aid in coming months to fend off a humanitarian crisis that’s likely to leave more than half of the population hungry, the Washington-based institution said. “The outbreak has greatly amplified uncertainty and downside risks around the outlook,” the IMF said in an Article IV report, released on Friday. To date, Zimbabwe has nine confirmed infections and, like much of the region, the government has imposed a lockdown to halt the spread of the virus. An economic crisis marked by a dire shortage of foreign currency and power supply, coupled with the drought has increased the number of poor people in what was once one of Africa’s most industrialised countries. The fund estimates that the economy contracted 8.3% in 201...