🇿🇼ZimbabweSouthern Africa
National Foods invests US$25m in local milling operations
via NewsDay Zimbabwe1 min read
National Foods has invested US$25 million in its local milling operations. This investment comes as the Zimbabwe Stock Exchange's market capitalization reached approximately US$3.26 billion as of last Friday, while the Victoria Falls Stock Exchange VFEX stood at US$3.54 billion. Other news includes a prison HIV program improving awareness among inmates, foreign military attachés touring ARDA projects, and ART operations being affected by power outages and raw material shortages. Additionally, the manufacturer reported a decline in export and paper division volumes by 6% and 26% respectively in the third quarter to June 2022.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Must ReadZimbabwe and Zambia have officially drawn a physical borderline on Lake Kariba. This development comes amidst various other news items, including the US's interest in increasing investment in Zimbabwe, and local agricultural initiatives such as the WIFE festival and foreign military attachés touring ARDA projects. Economically, the Zimbabwe Stock Exchange's market capitalization was approximately US$3.26 billion, while the Victoria Falls Exchange VFEX stood at US$3.54 billion as of last Friday. National Foods has invested US$25 million in local milling, and Mpilo Hospital is installing a new cancer treatment machine. Challenges include power outages and raw material shortages affecting ART operations, with its exports and paper divisions seeing volume declines of 6% and 26% respectively in the third quarter to June 2022. There are also reports of political tensions leading to violence and forced evictions at grassland plots.
Tawanda Nyambirai, Cyber Bank chief executive officer, has called on Zimbabwean businesses to explore diaspora remittances as a key source of investment capital to foster growth and competitiveness. Speaking at the Zimbabwe National Chamber of Commerce Matabeleland Annual Business Awards in Bulawayo, Nyambirai emphasized the need for innovative and friendly capital forms, noting that traditional sources have often fallen short. He highlighted the significant flow of millions of dollars into the country through remittances, stressing the emotional connection and long-term nature of this capital. Nyambirai argued that these remittances, which fund income-generating projects like rental properties and small businesses, should be recognized and supported similarly to foreign direct investment. He also encouraged Zimbabweans abroad to pool resources for collective investment and criticized traditional insurance and pension models for their failure to stimulate economic growth. Chief Dakamela, a traditional leader, also urged investment in rural areas due to their abundant land and economic potential.
Alphamedia Holdings, an independent media house, publishes four newspapers: The Zimbabwe Independent, The Standard, Southern, and NewsDay, each with an online edition. Recent headlines from these publications include the rewarding of former Chief Justice Malaba by Mnangagwa after his retirement, a hailed prison HIV program, and a glimpse into the Zimbabwe Industrial Hemp Trust. Other news covers agricultural innovation at the WIFE festival, foreign military attachés touring ARDA projects, and the ZSE's recent developments. Sports news features Zim A playing Bangladesh A and wins for Gladiators and Takashinga. Political tensions at grasslands plots have led to violent attacks and forced evictions. Premium content highlights National Foods' US$25 million investment in local milling, Mpilo beginning installation of a new cancer treatment machine, and the urgency of high-integrity carbon markets and local credit ratings for climate finance.