BATZ secures shareholder backing as profits surge
via NewsDay Zimbabwe1 min read
BATZ has received shareholder approval following a significant increase in profits. This development comes amidst various economic and political updates in Zimbabwe, including Zimra tightening import regulations, a proposal to segregate trucks sparking debate, and 300,000 farmers set to benefit from chilli production. Tobacco sales have reached US$74 million, while the Karo Platinum Project is on track for 2027 production, with open-pit clearing and infrastructure works progressing. ART operations have been affected by power outages and raw material shortages, leading to declines in export and paper division volumes. Stanbic is connecting Zimbabwean farmers with Chinese buyers to boost exports, and Afreximbank has committed US$11 billion to South Africa, signaling a new trade order. Concerns are also rising among farmers due to a predicted Super El Ni帽o.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Zimbabwe's hospitality sector is facing a significant funding deficit of US$30 million in preparation for the IATF 2029. In related news, Stanbic Bank has committed US$30,000 towards clean-up initiatives in Victoria Falls. Other developments include Fidelity unveiling Zimbabwe's first large-scale residential piped gas project and the ZMX reporting rising confidence with trades reaching US$1.28 million. Zimbabwe also commissioned a specialized honey testing laboratory to enhance export competitiveness and delivered a historic milestone by hosting world-class Table Tennis regional championships. Political tensions at grasslands plots have led to violent attacks and forced evictions, while squatters continue to struggle with trauma from Gukurahundi and state-sponsored violence. The VFEX shows stability, though underlying value is masked, and there are concerns that Zanu PF may ambush Zimbabwe towards a referendum. Despite outdated equipment, Zimbabwe's para-athletes are achieving success, and junior water polo teams are poised for global recognition.
Must ReadZimbabwe has commissioned a specialized honey testing laboratory, a move aimed at enhancing the country's export competitiveness in the honey market. This initiative is expected to support local honey producers in meeting international quality standards and accessing global markets.
Must ReadStanbic Bank has committed US$30,000 to support clean-up initiatives in Victoria Falls. Separately, former legislator Dubeko has filed a challenge with the Constitutional Court regarding President Mnangagwa's term extension. Other news includes government efforts to revive the cotton industry, rising confidence in the Zimbabwe Mercantile Exchange ZMX with trades reaching US$1.28 million, and a report on ART operations being affected by power outages and raw material shortages, leading to a 6% decline in exports and a 26% decline in paper division volumes in the third quarter to June 2022. Additionally, Zimbabwe has commissioned a specialized honey testing laboratory to enhance export competitiveness.