The Business Sun Newspaper

Zimbabwe's Premier business newspaper.


Budget Speech: National Assembly, 24 February 2016

14:00 PLENARY (Budget Speech) Introduction: Appropriation Bill [B - 2016] (prop s77) and tabling of Division of Revenue Bill [B - 2016] (prop s76)(1)) 09/12/2015

Business in investment rut as economic gloom dents confidence Fixed investment spending by private companies contracts 0.6% in third quarter as sentiment sours 09/12/2015

SA must ‘maintain credible fiscal stance’ to avoid junk status, warns Mboweni Policy conflicts need to be sorted out and better co-ordination and leadership is required, says former Reserve Bank governor

[10/29/15]   DuPont Pioneer appoints Nkatazo to run consolidated Zimbabwe business

NEW York Stock Exchange-listed global seed producer, DuPont Pioneer has appointed Temba Nkatazo, as country manager for its business in Zimbabwe.

Nkatazo’s appointment is effective immediately and follows the confirmation of the Competition and Tariff Commission of Zimbabwe’s approval to implement their agreement for Pioneer Hi-Bred (Zimbabwe) (Private) Ltd. to acquire the assets and liabilities of Pannar Seed Zimbabwe.

“Temba brings extensive expertise and experience to the role,” said Prabdeep Bajwa, DuPont Pioneer Regional Director, Africa. “I am confident that he will drive our strategy to continue to help farmers significantly increase agricultural productivity and food production through improved crop yields.”

The company said Nkatazo will oversee the business’ commercial operations in his new role and will provide leadership to the DuPont Pioneer and Pannnar Seed brands in the market.

“I am very excited about the business’ future and look forward to the growth and opportunities this merger will yield for our employees and customers,” said Temba Nkatazo, Country Manager, DuPont Pioneer Zimbabwe.
“I look forward to working with the team to build on the strong relationship that the two brands enjoy with our loyal and valued customers in Zimbabwe.”

Nkatazo joined Pannar Seed, then Savana seed, in 1986 as a small scale marketing officer and has served in several leadership positions.

Prior to his new role, Nkatazo also served as the country manager for Pannar Seed Zimbabwe, where he established the company’s position as leading crop seed producer and supplier in the market.

DuPoint is the world’s leading developer and supplier of advanced plant genetics, providing high-quality seeds to farmers in more than 90 countries

[10/29/15]   South Africa’s PetroSA looks for equity partners in offshore blocks

SOUTH Africa’s cash-strapped national oil and gas company, PetroSA, is looking to sell up to 49% equity stakes in around 10 offshore blocks, a document showed on Tuesday.

Among the stakes on offer was between 10 and 20% of PetroSA’s current equity holding of 40% in Block 1 on the West Coast. Cairn India holds the remaining 60 percent interest.

“PetroSA intends to farm out its equity interests in various blocks in South Africa to a technically and financially robust partner(s),” it said at an African oil and gas conference in Cape Town.

An exploration well is planned for 2017 to test prospectivity in Block 1, situated in an area where Shell and Anardarko were also doing evaluations.

PetroSA was also looking to farm out stakes in its Block 9 North, which was close to its under-performing gas-to-liquid refinery at Mossel Bay.

“1,2 trillion cubic feet (TCF) of gas and 120 million barrels of oil/condensate has been recovered and the estimated remaining potential is more than 3 TCF of gas,” PetroSA said.-Reuters

[10/29/15]   Fastjet launches inaugural flight to Vic Falls

LOW–COST airline fastjet will on Wednesday launch its maiden flight to Zimbabwe’s premier tourist destination, Victoria Falls as competition in the local aviation sector intensifies.

Fastjet’s one way fare to Victoria Falls will cost US$38, giving torrid competition to cash-strapped national carrier Air Zimbabwe which is charging US$74 for the same trip excluding departure tax of US$15 under an ongoing promotion. Victoria Falls is one of Air Zimbabwe’s most lucrative routes outside Harare-Johannesburg.

The launch comes after the Civil Aviation Authority of Zimbabwe (Caaz) granted an Air Operating Certificate to the airline recently.

Fastjet will be flying the Harare – Victoria Falls route three times a week.

The country’s civil aviation sees airlines trebling to 40 in 2018 from the current figures. At peak 34 airlines which include German’s Lufthansa and British Airways were landing in Harare.

The emergence of low cost airline on Zimbabwe’s airspace under government’s open sky policy is now seen as an aggressive strategy to woo big airlines to Zimbabwe that left after relations with the West soured over alleged human rights abuses and violations of property rights following the chaotic land reform program.

Caaz’s plan also seeks boost the country’s tourism sector. Official figures show that the tourism sector is projected to grow by 5,1%, buoyed by aggressive destination marketing efforts.-Staff Writer 29/10/2015

EIB to open new credit lines HARARE - The European Investment Bank (EIB) will next year open new lines of credit to Zimbabwe’s banking and private sector, a top European Union (EU) envoy has said. EU Ambassador to Zimbabwe Philippe Van Damme yesterday said a technical team from the European Union financial services was cu... 29/10/2015

Nssa to review investments HARARE - National Social Security Authority (Nssa) says it is reviewing all its investments in the country with a view to dispose loss-making entities in a move aimed at unlocking shareholder value. Nssa's newly-appointed chairman, Robin Vela, said the new board was moving to put a hold on que...


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