Business

SOUTHERN NEWS | Poll surveys dubious, say Mujuru coalition 20 June 2018 BULAWAYO - People's Rainbow Coalition (PRC) has dismissed the recent poll surveys which have literally thrown them out of the election race, in the process concluding it to be a two-horse race pitting the MDC Alliance and Zanu PF. Zimbabwe's Mass Public Opinion Institute (MPOI), in partnership...
FlyAfrica suspended 20 June 2018 HARARE - Budget airline FlyAfrica Zimbabwe (FlyAfrica) has grounded its fleet to facilitate recertification after the Civil Aviation Authority of Zimbabwe (Caaz) suspended its operator’s certificate. Last week, Caaz suspended FlyAfrica’s Air Operator’s Certificate before coming into agreement ...
Zimra auctions confiscated goods 19 June 2018 HARARE - The Zimbabwe Revenue Authority (Zimra) is set to auction confiscated goods and those seized for flouting various customs regulations, with the proceeds set to go towards the fiscus. This comes after the Authority’s commissioner general Faith Mazani ordered rummage sales to be held bet...
Ghana investors eye Zim 19 June 2018 HARARE - Several Ghanaian investors are expected in Zimbabwe this month to explore investment opportunities. Ghana is likely to have one of the world’s fastest-growing economies this year, according to the World Bank, the African Development Bank, the International Monetary Fund and the Brooki...
Alex Forbes extends footprint to Zim 18 June 2018 HARARE - South Africa’s Alexander Forbes Group Holdings on Friday said its acquisition of a significant stake in African Artcurial Consultants (AAC) has received all the necessary relevant regulatory approvals. Andrew Darfoor, Alexander Forbes group chief executive, said AAC gives the speciali...
Pepsi boss bemoans forex shortages 14 June 2018 HARARE - Zimbabwe needs to fix its foreign exchange shortage if it is to attract more investment, RJ Corporation chairperson Ravi Jaipuria said. RJ Corporation owns Varun Beverages which in turn holds the PepsiCo licence in Zimbabwe. He told journalists that while his group was not in a hur...
Ex-Delta workers picket firm's HQ 14 June 2018 HARARE - Former Delta Corporation Limited (Delta) workers have picketed the company’s headquarters demanding pension payouts. Delta said it has no responsibility to pay pension payouts to its rioting former employees since its pension scheme had a different administrator. The company also s...
Employers abusing PAYE 12 June 2018 HARARE - In the face of a declining economy, local companies are diverting workers' employment tax (PAYE) due to the Zimbabwe Revenue Authority (Zimra) and converting it to support their own cash-flows and overhead expenses, it has emerged. Companies, by virtue of the law, act as agents and ar...
Powerspeed PAT surges 12 June 2018 HARARE - Zimbabwe Stock Exchange-listed Powerspeed Electrical Limited (Powerspeed) profit after tax for the half year to March 31, 2018 surged to $2 million from $581 000 prior comparable period buoyed by an increase in throughput. The group said its turnover, at $37,2 million, was 55,3 percen...
SeedCo contends with production shortfall 12 June 2018 HARARE - SeedCo says it is occupied with dealing with product shortfalls which have negatively impacted on the seed company. The Zimbabwe Stock Exchange listed pan-African company’s chief executive officer Morgan Nzwere said the company is working hard to fix its product shortfall issues whi...
ED calls for increased use of plastic money 11 June 2018 HARARE - President Emmerson Mnangagwa yesterday acknowledged the worsening cash crisis and encouraged increased use of plastic money. Addressing mourners during the burial of the late national hero John Chimbandi at the National Heroes Acre, Mnangagwa — hoping to retain power in the first vote...
Econet completes HQ solar installation 10 June 2018 HARARE - Econet Wireless Zimbabwe (EWZ), the country’s largest telecom and technology company, has completed the installation of a solar power system at its head office in Msasa, Harare. The 99.9KW solar system, which was installed by Distributed Power Africa (DPA), a pan-African renewable ene...
Dutch trade mission visits Zim 7 June 2018 HARARE - A fourteen-member trade mission from the Netherlands is in the country to explore possible opportunities of trade in horticulture and livestock. Addressing the delegation at an event organised and hosted by BancABC and its partners the Netherlands African Business Council (NABC) and t...
Zim firms urged to tap into EU food market 7 June 2018 HARARE - The global trend towards healthy living through healthy eating, especially of sugar and additive-free foods, super foods, and organic, nutrient-rich supplements provides an excellent opportunity for Zimbabwe, especially in developed markets such as Europe. Zimbabwe’s trade promotion b...
Bank profits surge as economy dies 6 June 2018 HARARE - Zimbabwe's banks are posting startling profits that are buttressing economists and investors' belief that revenues from electronic transactions charges were reinvigorating the long-struggling financial sector. This comes as most transactions are now being done electronically as buyers...
Zinara managers to face the music 6 June 2018 HARARE - Zimbabwe National Roads Administration (Zinara) managers, who are accused of siphoning close to $119 million from the parastatal, will have their day of reckoning in the next few days, sources say. This was after a recent report compiled by a five-member independent committee revealed...
AFC ready to invest in Zim 6 June 2018 HARARE - Africa Finance Corporation (AFC), which holds $3,2 billion in assets under management, says it is ready to pour in millions of dollars needed for the construction and refurbishment of infrastructure in Zimbabwe. This was after the southern African country last week became the latest m...
Barclays donates to ZFU 6 June 2018 HARARE - Barclays Bank Zimbabwe has donated $70 000 to the Zimbabwe Farmers Union (ZFU) under third phase of the “Fit for Life” programme which is aimed at contributing to financial inclusion and food security in the country. Speaking at the handover ceremony at Nyamashato Primary School in ...
Zim receives $400m in FDI 6 June 2018 HARARE - Zimbabwe has in the past few months received over $400 million in foreign direct investment and the country has potential to rake in billions of dollars, a top economist has said. Neville Mandimika, an economist at South Africa’s Rand Merchant Bank, said local markets have been buoyed...
Renault targets Zim with all new 'climber' 4 June 2018 HARARE - Renault, one of the fastest growing automotive brands, created history with its Renault KWID. This attractive, innovative and affordable car, is a true game-changer and volume driver for Renault. Staying true to its commitment to keep building on the success of KWID with breakthrough ...
Munyeza's franchise businesses crumble 2 June 2018 HARARE - Business Shingi Munyeza seems to have failed to grow the businesses he acquired several years ago as he is reportedly set to dispose the franchises. Munyeza started by scaling down operations at some of the franchises such as Ocean Basket, News Café and Mugg & Bean before closing them...
'Foreign, local investment can work together' 2 June 2018 HARARE - Buy Zimbabwe chief executive Munyaradzi Hwengwere says there is no contradiction between his organisation's mission and the government's “Zimbabwe is open for business” mantra. Hwengwere, who was speaking in Harare yesterday at the launch of meeting of the 8th Buy Local Summit to be h...
Women's bank finally licensed 2 June 2018 HARARE - Zimbabwe's Women's Microfinance Bank Limited which had missed several proposed launch deadlines has finally been licensed to conduct deposit-making microfinance business with effect from May 29. The bank represents one of the strategies put in place by government to empower women by e...
ED claims economy is recovering 1 June 2018 HARARE - President Emmerson Mnangagwa’s, spokesperson, George Charamba, has claimed that the economy is recovering, suggesting the ongoing cash and fuel shortages were symptoms of an upsurge in purchasing power arising from a growth streak likely to continue thanks to improving domestic demand. ...
Fuel imports consume $474m in four months 1 June 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) allocated about $474 million towards the importation of fuel in the first four months of the year, which is way above the $383, 1 million disbursed by the apex bank during the comparative period last year. Despite the significant jump in foreign curr...