Browsing: zimbabwe

Invictus Energy received environmental impact assessment (EIA) renewal approval from the Zimbabwe Environmental Management Agency (EMA) for the Cabora Bassa project.

The renewal will be valid until July 2023 and permits the company, which owns 80 per cent of the project, to operate in accordance with Part XI of the Environmental Management Act.

Additionally, the renewal concludes the permitting requirements and enables the company to undertake activities in the field, including seismic acquisition and exploration drilling.…

The government later resolved that the state would use the city’s devolution funds forcing the Combined Harare Residents Association (CHRA) to approach the courts. The Combined Harare Residents Association (CHRA) also cited the city of Harare (CoH) and Geogenix B.V as a respondent in an urgent chamber application filed through Zimbabwe Lawyers for Human Rights (ZLHR).

CHRA is seeking to bar an order issued by Moyo on July 7 ordering CoH to stop all investigations into the Pomona deal and reverse its suspension.

They want the courts to declare that the directive by Moyo as well as the utilization of devolution funds to pay Geogenix B. V contractual obligations unlawful.

In a letter by Scanlen and Holderness addressed to Moyo dated July 18, the residents’ lawyers said the council had a right to govern its affairs in line with the Urban Councils Act.…

According to an article by BotsCrew, a WhatsApp chatbot is an automated software powered by rules or artificial intelligence (AI) and runs on the WhatsApp platform. People communicate with WhatsApp chatbot via the chat interface, like talking to a real person. It’s a set of automated replies that simulates a human conversation on WhatsApp.

In May 2022, WhatsApp opened the API for businesses of any size. Previously, it was available only for medium and large businesses, so smaller companies had to contact other providers to access WhatsApp API.

Today, any business can directly sign up or get started with one of the business solution providers to access a New Cloud-based API.…

• Zimbabwe Stock Exchange has been one of Africa’s best performing stock markets during the years 2019 to 2021
• Zimbabwe’s economy officially dollarized for the second time since 2009 when it first abandoned the use of the Zimbabwe dollar.
• The Zimbabwe Stock Exchange is home to some high quality companies that generate consistent quality returns.
• When dollarization first occurred in 2009 companies in Zimbabwe were left poorly capitalized and in need of fresh capital in hard currency.
• The need for fresh capital resulted in a flurry of rights issues from companies listed on the Zimbabwe Stock Exchange which for the most part were poorly subscribed leading to the dilution of existing shareholders who could not pursue their rights when dollarization initially occurred.
• This second phase of dollarization will be like the initial phase for investors who are not prepared for it but will also be a significant opportunity for those with

Zimbabwe’s economic and currency woes run much deeper than the finance minister can allude to. For starters, the country heavily relies on imports; it produces little in the form of manufactured goods for exports. This means that the country’s means of generating income in the form of foreign exchange consist largely of producing and selling raw goods with no value addition.

This phenomenon constrains the country’s ability to generate the foreign exchange it is in desperate need of to help underscore the value of its currency. This is perhaps the biggest stumbling block to the universal adoption and warm reception of the Zimbabwe dollar.

Zimbabwe’s citizens have had unpleasant experiences with the Zimbabwe dollar even before it collapsed in 2009. The country’s citizens have seen numerous bank failures with their savings and receiving no compensation for their losses. This was in 2004 when the banking crisis claimed the scalps of …

• In renewing the commitments to end Malaria and Neglected Tropical Diseases (NTDs) by 2030, Commonwealth heads pledged over $4 billion
• Heads recognised that global financial support to halt and reverse biodiversity loss in the ocean and on land remains insufficient
• Dedicating a ‘living land’ in respective countries would reinforce commitment to keep the rise in global average temperature below 2 degrees Celsius above pre-industrial levels

The week-long Rwanda-hosted Commonwealth Wealth Heads of Government Meeting 2022 (CHOGM) came to a close in Kigali on June 25, 2022.

The summit which is held every two years – last held in 2018 in the UK due to the pandemic – was themed “Delivering a Common Future: Connecting, Innovating and Transforming”, the first post COVID-19.

The summit was attended by over 50 heads of government and joined by business, philanthropy, royal and civil society leaders to reaffirm shared values and agree on actions …

• The 2022 edition of the Top Companies Survey Awards was sponsored by the Financial Gazette and Old Mutual Zimbabwe
• Delta Corporation has been crowned the company of the year
• This year’s theme was ‘Innovating for Growth in a VUCA (Volatile, Uncertain, Complex, and Ambiguous) Environment’

The Top Companies Survey is an annual event held to honour top-performing companies on the Zimbabwe Stock Exchange (ZSE) and the best performers in the insurance and banking sectors.

According to an article by StartupBiz dated July 26, 2022, the vision behind this initiative is best summarized by what Old Mutual once said: “Since the launch of the Top Company Survey, the survey has proved invaluable in promoting transparency, good corporate governance, ethical conduct, and corporate social responsibility as well as providing a platform for networking among corporate leaders and other guests”.

The 2022 edition of the Top Companies Survey Awards was sponsored by the …

The Traditional Chinese Medicine (TCM) and Acupuncture Centre at the Parirenyatwa Hospital in Harare, the capital of Zimbabwe, has started training on TCM and acupuncture for the first batch of local health workers to meet the growing demand for Chinese medicine in the country.

According to Xinhua, the centre was established in 2020 as part of efforts to offer Zimbabweans affordable medical treatment and has in recent months seen a multitude of patients seeking medical attention free of charge

Zhu Wei, a TCM doctor and chief of the centre, said the three-month program aims to train a group of local health professionals who can provide an alternative medical option to Zimbabweans.…

Last week, the biggest power generation plant in Zimbabwe, Kariba South, was generating only 758MW against an installed capacity of 1 050MW.

Hwange Power Station was generating 411MW against an installed capacity of 920MW.

Completing Unit 7 in November this year and Unit 8 at Hwange Power Station by March next year will add 600MW to the grid and help ensure reliable and sustainable supplies to meet growing demand.

Meanwhile, ZESA can now legally incorporate drones in its service delivery. This announcement was made at an event the national power company held to mark its acquisition of a Remotely Piloted Aircraft Operator’s Certificate (ROC).…

This shortage of hard currency implies that those businesses that rely on foreign exchange have often had to source it from the parallel market, where it is easily available relative to the formal market.

To mitigate the inflationary pressures caused by businesses looking for foreign exchange on the parallel market and passing on the effect of higher exchange rates to consumers in the form of higher prices, the central bank instituted the foreign currency auction system, which allocates foreign exchange to importers.

This foreign exchange shortage affects all businesses across the economic spectrum and is not limited to retailers only. Manufacturing companies import raw materials and spares. They have recently experienced viability challenges from charging prices in local currency.…