Bakers Inn opens new bakery in Bulawayo

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Bakers Inn on Friday opened a half-a-million dollar bakery which will increase daily production output to 220 000 loaves per day from 120 000. Innscor chairperson Addington Chinake said the new production line at Belmont Industrial site will significantly ramp up daily production output. He added the new production line was in response to failure by the bread maker to meet demand in southern region especially during the holidays. Bakers Inn, which is a division of Innscor, had been forced to turn to Harare for additional 40 000 loaves of bread to meet demand. – Daily News, 19 August 2017

Millers have threatened to institute legal proceedings if Health minister David Parirenyatwa does not invalidate the food fortification policy, as health inspectors are threatening to arrest and shut down milling companies who do not abide by fortification guidelines. In an August 16 letter to Parirenyatwa, Grain Millers Association of Zimbabwe chairperson Tafadzwa Musarara gave the minister a 7-day ultimatum to invalidate the Statutory Instrument 120 of 2016 requiring all maize meal, sugar, cooking oil and flour to be added with micronutrients starting 1 July, 2017.  – Daily News, 19 August 2017

Government has established the legal framework to allow individuals to carry $2000 -up from $1 000 – outside Zimbabwe. The law follows a pronouncement to that effect by Reserve Bank of Zimbabwe Governor John Mangudya in the Mid-Term Monetary Policy Statement in early August. According to Statutory Instrument 93 gazetted last week: “The maximum of the currency that may be taken out of Zimbabwe on the person or in the baggage of a person who is leaving Zimbabwe, is a total of two thousand United States dollars in any currency or the combination of the currencies or in bond notes or coins. The amount of currency that a person who is about to leave Zimbabwe may possess, without authorisation in terms of . . . the principal regulations, in the departure or transit lounge of an airport or other port, is a total of two thousand United States dollars, or its equivalent in any currency or combination of the currencies or in bond notes and coins.  – Sunday Mail, 20 August 2017

Olivine Industries Limited, which is 51% owned by government through the Industrial Development Corporation (IDC), expects to ramp up the production of margarine and bakers’ fats, riding on the suspension of customs duty on hydrogenated soyabean oil by government. Currently, the margarine and bakers’ fats sector is operating at about 35%, weighed by challenges in procuring raw materials, of which hydrogenated soyabean oil is one of the key inputs. Government gazetted Statutory Instrument 90 of 2017 to allow the fast moving consumer goods manufacturer to push up its raw material stock and consequently increase production. Singapore-based shareholder, Wilmar International, and Midex Group hold the remaining 49% stake in Olivine.   – Sunday Mail, 20 August 2017

The new Mines and Minerals Amendment Act is expected to create a favourable operating environment for small-scale miners, who are currently bearing the brunt of a punitive colonial law that criminalises their activities. The Mines and Minerals Amendment Bill is currently being reviewed by Parliament. Amendments to the Mines and Minerals Act (Chapter 21:05), which was enacted in 1963, have been in the pipeline since 2007, but have since been accelerated under the auspices of the ease of doing business. Government, through the Office of the President and Cabinet (OPC), is leading the reforms under the Rapid Results Initiative. A Technical Working Group has since been created by government to ensure that all amendments to the Mines and Minerals Act conform to the aspirations of the ease of doing business reforms. Team leader of the Technical Working Group, Ashok Chakravarti said last week that: “The Bill is with Parliament and is going to be reviewed by the Portfolio Committee (on Mines and Energy). That review has not been completed. There will be some input coming from this ease of doing business (Technical Working) Group; the input will be given to the Parliamentary Portfolio Committee,” said Chakravarti. – The Herald, 21 August 2017

By |August 21st, 2017|Categories: Headlines|

About the Author:

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.