Delta close Vic Falls depot, Innscor to invest in Bulawayo

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Delta Beverages, the country’s largest beverages manufacturer is closing its Victoria Falls depot, as part of a rationalization exercise, the company has confirmed. Delta corporate affairs director, Alex Makamure yesterday said the Zimbabwe Stock Exchange-listed firm had plans to convert some of its sites throughout the country to purely distribution depots, with no customer collection facility. Delta said it periodically reviewed its services, which had seen the company reducing depots run by the company from 35 in 2014 to the current 23 centres. – NewsDay, 26 July 2017

Innscor’s bakery unit, Bakers Inn says it has invested about $2 million in a new factory in the country’s second largest city, Bulawayo, as it moves to drive its 450 000 per day output. Bakers Inn chief executive, Ngoni Mazango said the move had been prompted by bread shortages which the country experiences especially during public holidays. This comes as the company also announced plans to install $5 million third production line at Belmont plant in Bulawayo, a development anticipated to increase its production. – Daily News, 26 July 2017

Zimbabwe has generated about $22,6 million from 153 000 tonnes of chrome ore exported through toll arrangement since last year. Minerals Marketing Corporation of Zimbabwe (MMCZ) acting general manager responsible for marketing Masimba Chandavengerwa said has moved 153 000 tonnes since that arrangement (toll arrangement). Right now the country has realised $22,6 million; under that arrangement, the miner gets upfront the value of ore and then together with MMCZ, we then follow the alloy. Under the toll arrangement, some of the exported chrome ore was smelted in South Africa generating the additional $6 million. Turning to the Government’s Special Purpose Vehicle, Apple Bridge, which was established to facilitate the exportation of chrome ore or concentrate by small-scale miners, Chandavengerwa said in the first year of its formation about 25 000 tonnes were exported. He said the exports by small-scale miners through Apple Bridge in the first year were not significant due to a myriad of challenges that the miners in the sector faced. – The Herald, 26 July 2017

Cotton farmers have appealed to Government to increase cash payouts, arguing they were losing a significant part of their money from cotton sales when it is deposited into mobile accounts. This comes after Reserve Bank of Zimbabwe last week reduced cash payouts to cotton farmers from $200 per delivery to $40 per bale with the remainder being directly deposited into bank or mobile accounts. While the central bank has made it mandatory for cotton merchants to pay spot cash of up to $40 per bale, farmers have felt short changed, citing huge premiums charged when transacting using mobile platforms. While an average bales fetches about $100, farmers end up receiving as low is $65 after paying a premium to dealers to access cash.Cotton farmers have appealed to Government to increase cash payouts, arguing they were losing a significant part of their money from cotton sales when it is deposited into mobile accounts. This comes after Reserve Bank of Zimbabwe last week reduced cash payouts to cotton farmers from $200 per delivery to $40 per bale with the remainder being directly deposited into bank or mobile accounts. While the central bank has made it mandatory for cotton merchants to pay spot cash of up to $40 per bale, farmers have felt short changed, citing huge premiums charged when transacting using mobile platforms. While an average bales fetches about $100, farmers end up receiving as low is $65 after paying a premium to dealers to access cash. – The Herald, 26 July 2017

Finance minister Patrick Chinamasa has conceded there is lack of quality in parastatal boards, saying Cabinet has committed to rectifying this issue after gazetting the Public Entities Corporate Governance Bill. Chinamasa said core board members should be professionals drawn from the accounting, human resources and law occupation. He said the lack of quality in parastatal boards and management was making it impossible to turn around their fortunes. – NewsDay, 26 July 2017

Land developers are crying foul over a principle, known as commonage, which forces contractors to surrender 10 percent of serviced residential stands and all the commercial and institutional stands when developing State land saying it is making them incur losses incapacitating them to carry out other projects. Developers bear the costs of servicing the land but surrender to Government at no charge putting the cost of housing development unbearable. It costs as much as $100 000 to service one stand especially in prime low density areas. The Infrastructure Development Bank of Zimbabwe showed that it may be forced to rethink residential stands development because of commonage, where most of the prime land in Masvingo’s Clipsham suburb was taken under commonage. IDBZ chief executive officer Thomas Zondo Sakala highlighted the concern while addressing Government Ministers and beneficiaries of stands at the handover ceremony for Clipsham Housing Project in Masvingo Monday– The Herald, 26 July 2017

By |July 26th, 2017|Categories: Headlines|

About the Author:

Kudzanai Sharara
Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.