Day: April 24, 2017

Govt to avail funding for manufacturing firms

A few selected firms will receive funds from an US$18 million facility during the Zimbabwe International Trade Fair (ZITF) to enable the manufacturing of mining equipment for small scale miners. The US$18 million facility will be availed to companies during this year’s ZITF with a view to promoting production and eliminating the importation of mining equipment. Briefing journalists on the upcoming ZITF, Minister of Industry and Commerce Dr Mike Bimha said local and financial institutions have raised US$18 million for companies to boost productivity. Dr Bimha said 14 countries are participating at this year’s trade fair. He said while there is a decline in occupancy by four percent from last year’s figures there is however an increase in foreign exhibitors. This year’s ZITF is being held under the theme, “Harnessing Linkages for Industrial Development”. The theme is in line with government efforts to promote production within the...

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ZSE records marginal loss

The industrial index opened the week on a lower note after dropping 0.18 points to close at 141.32 points with the resources index opening the week stronger by adding 0.08 points to close at 66.33 points. The loss was on the back of Econet which went down by 0.45 cents to settle at 17.00 cents. Delta, Edgars, Innscor and OK Zimbabwe traded unchanged at 86.25 cents, 4.00 cents, 45.15 cents and 6.10 cents in that order. The loss was partially offset by gains in PPC which added 2.50 cents to settle at 65.50 cents, CFI Holdings gained 1.30 cents to trade at 14.05 cents and Old Mutual put on 0.55 cents to close at 363.00 cents. Padenga traded 0.25 cents higher to settle at 19.30 cents. The mining index added a further 0.08 points to close at 66.33 points following a gain in RioZim which moved up by 0.11 cents to close at 50.00 cents. Bindura, Falgold and Hwange remained unchanged at previous trading levels at 3.00 cents, 1.00 cents and 2.90 cents in that...

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Tobacco rakes in over US$159m

Tobacco has raked in over US$159 million which translate to over 31 percent increase compared to the forex the crop generated the same period last year. The tobacco marketing season has reached its peak with deliveries hitting 58.5 million kgs which is over 34 percent higher compared to same period last year. Long queues could be seen at the floors as more deliveries come in. The high volumes by farmers can be attributed to the fast ripening of the crop caused by incessant rains and the lucrative price on offer at the floors says Ethical Leaf Tobacco founder David Machingaidze. The latest statistics by the Tobacco Industry and Marketing Board show new growers increased from 9 674 in 2016 to 18 188 in...

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Castle Tankard’s final acceptances event held

The biggest and oldest most prestigious horse race in Zimbabwe, the 55th edition of the Castle Tankard will have strong but small field of 14 serious local and international horses over the 2 000 metres distance on Saturday May 6 at the Borrowdale Race Course in the capital. The Castle Tankard, Southern Africa’s biggest horse race in terms of stakes prize money, consumer appeal and racing entertainment held a final acceptances event at the Borrowdale Race Course today where the final field of horses and jockeys were unveiled to the media. The horses that will compete in the oldest and richest horse race on the local calendar include Mathematician and Roman Discent from the Bridget Stido stable, Windigo and Cool Solution from Kirk Swanson stable, Duffi’s Call, Eurakilon Comanche Brave and Wlde Tyle-the only Zimbabwean bred horse from the Amy Bronkhorst stable, Rock the country, Ashton Park and Lava Flow from the Penny Fisher stable and Royal Honour. The Castle Tankard’s appeal cuts across borders and attracts the cream of thoroughbreds locally and across the region. Delta Beverages director lagers Dr Munyaradzi Nyandoro said their partnership with Mashonaland Turf Club over the years has led to the Castle Tankard being the most anticipated and competitive horse race on the local horse racing calendar. Questions were raised on why there are no horses being bred in the country and yearling...

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Black Rhinos Queens duo back from Egypt

Northern region women’s football champions Black Rhinos duo of striker Rutendo ‘Madzimai’ Makore and goalkeeper Process Chatsamwa on Monday (today) returned from a two month trial stint in Egypt. The players broke new ground as the first female players to ply their trade abroad after being invited for trials by Egyptian club El Elameyeen FC in Cairo. The Black Rhinos Queens FC pair returned after featuring in the newly established Egyptian women’s football league and emerged as the top goals corer and best keeper. Black Rhinos Queens FC chairman Colonel Charles Mashingaidze said the trial opportunity was good for the club and country because of  the recognition and opportunity given to the girl child. The players were scouted during a friendly international match and Women’s Africa Cup of Nations played in Cameroon in November last year. The trial stint saw the two players at El Elameyeen FC in Cairo from 26th of February to the 24th of this month after being cleared by their Zimbabwe National Army side Black Rhinos Queens FC, ZIFA and Sports Commission to travel. Black Rhinos Queens provided the majority of payers who participated during the 2016 August Rio Olympic games and 2018 AWCON in Cameroon. Zimbabwe women’s football does not have a national league following the withdrawal of sponsorship of US$1.2 million sponsorship package by Marange Diamonds. The national women’s league was dissolved by...

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VP Mphoko defends Kasukuwere

Vice President Phelekezela Mphoko has come out in defence of the under fire Zanu PF National Political Commissar Cde Saviour Kasukuwere claiming those calling for his ouster are being used by war veterans expelled from Zanu PF. Cde Mphoko indicated that a fight between Cde Kasukuwere and the duo of war veterans leaders, Cde Christopher Mutsvangwa and Cde Victor Matemadanda had been brought into the party in an effort to have a new political commissar wanted by the errant war veterans. Vice President Mphoko also noted that any province that makes a decision for the firing of Cde Kasukuwere...

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Namibian president Geingob to open ZITF

Namibian president Hage Geingob is expected to officially open this year’s 58th edition of the Zimbabwe International Trade Fair (ZITF) on Friday April 28 in Bulawayo. The trade fair is set kickoff in the City of Kings and Queens (Bulawayo) tomorrow. ZITF, a traditional five-day event focuses on deliberations on key economic figures both locally and internationally, with participants engaging in production, investment and trade talks. Born in Grootfontein area, president Geingob attended college in Okahandja and proceeded to acquire training in teaching, a time during which he started thinking of the then prevailing racism. He started taking part in South West Africa People’s Organization (SWAPO) political activities by April 1960 and officially joined SWAPO in 1962 at the party’s rally where he was chosen to interpret english into damara for the masses. After termination of South Africa direct responsibility for Namibia, Dr Geingob worked closely with organisations and countries that supported his country’s liberation struggle and contributed a lot to the formation of modern day Namibia through his contributions. After independence president Geingob served as the first prime minister for 12 and half years before taking a brief political sabbatical after which he returned to politics as a back bencher and chaired the economic parliamentary committee in the national house of assembly. He was then appointed SWAPO’s chief whip by Namibia’s second president Hifikepunye Pohamba. In 2008 Dr...

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All set for ZITF 2017

All is set for the start of the 2017 Zimbabwe International Trade Fair (ZITF) with confirmation of 91 percent out of the availed 48 000 square metres of exhibition space already taken. With hours before the start of this year’s edition of the country’s premier trade exhibition, the ZITF, various exhibitors were by Monday (today) afternoon busy putting final touches to their stands in readiness for the start of the business expo set for Tuesday (tomorrow). In an interview with the general manager of the ZITF Mrs Nomathemba Ndlovu, it was revealed that all was set for the exhibition with the events diary that includes the international business conference, manufacturers forum and the charity golf tournament being confirmed. 13 countries drawn from the SADC region, North Africa, Middle East and Europe were among the foreign exhibitors with Senegal taking part at the ZITF for the very first time. With the influx of visitors to the City of Bulawayo, accommodation facilities were confirmed having received maximum business with a resident ZITF partner set aside to assist any of the exhibitors that may have any challenges in securing places to stay. Most side businesses will look at taking advantage to make profits during this period that is characterised by a lot of people in the City of...

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Farmers urged to engage in conservation farming

Farmers have been urged to take advantage of the huge moisture content which was created by the heavy rains this year to plan and engage in conservation agriculture in preparation for the coming season. It was a learning opportunity as farmers in Chiendambuya area gathered for a field day at the Gurure and Chirambavamwe homesteads to share experiences and knowledge on the best conservation farming. Host farmers attributed their success to government’s command agriculture programme. Agronomist Mr Ivan Craig urged the farmers to take advantage of the high moist content available and engage in conservation farming. Many farmers are now busy harvesting their crops and the nation has projected a bumper harvest owing to the command agriculture...

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Unki records 2% increase in production

Shurugwi-based platinum mining firm Unki Mine has recorded a 2 percent increase in gold to 18 000 ounces according to the parent company Amplats’ production report for the first quarter ended 31 March 2017. Total output for the group was up 1 percent to 571 900 ounces in the first quarter to the end of March. The platinum mining group has since maintained its full year guidance of 2.35-2.40 million ounces. According to the production update report, sales volumes for the quarter of 518 800 ounces were up 26 percent due to the increase in refined platinum production, however was less than refined production of 576 900 ounces, due to rebuilding refined inventory. Zimbabwe which is home to the world’s second biggest known deposits of platinum after South Africa, estimated at 2.8 billion tonnes is hopeful of increased platinum output this year on the back of improved investments in the sector and recovery in metal prices. The local platinum sector is optimistic of increasing national platinum output from the current average of 13 tonnes to 20 tonnes by 2020 and 26 tonnes by...

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