Business

Command livestock on the cards 27 April 2017 HARARE - Government has mobilised funding for command livestock, with the programme's document set to be presented in Cabinet in two weeks' time, Vice President (VP) Emmerson Mnangagwa said. The VP yesterday told delegates at the Zimbabwe International Trade Fair business conference that the p...
Zim spends $45m on road rehabilitation 27 April 2017 HARARE - Zimbabwe has spent $45 million on road rehabilitation, disbursed through State road fund administrator Zinara, with government looking into its coffers for more, Vice President (VP) Emmerson Mnangagwa said. The VP yesterday said the money had been channelled mostly towards road upgrad...
Zim tobacco output rebounds, up 34pc 26 April 2017 HARARE - Zimbabwean farmers have sold 52,5 million kg of the nation's top export earner tobacco as at week four of the marketing season, 34 percent higher than the previous year's output, official data showed. This shows the sector recovering from the damage to commercial farming associated wi...
Unki ramps up production 26 April 2017 HARARE - The world's largest platinum producer Anglo American Platinum (Amplats) says production at its Zimbabwean unit went up two percent to 18 900 ounces in the quarter to March 2017. Amplats owns and operates Unki Platinum Mine (Unki) near Shurugwi. In a statement accompanying its quart...
Govt confirms CAPS debt assumption 26 April 2017 HARARE - Finance minister Patrick Chinamasa says government has assumed pharmaceutical manufacturer, CAPS Holdings (CAPS)'s, legacy debt. Despite growing calls for government to stop warehousing State enterprises' debt, Chinamasa said Treasury was moving to honour the ailing firm's debts throu...
Zim needs $600m cash: RBZ 24 April 2017 HARARE - Zimbabwe needs about $600 million in cash to achieve optimal liquidity ratios, a central bank official said. Reserve Bank of Zimbabwe (RBZ) deputy governor Kupukile Mlambo last week said while the central bank was only going to print $200 million worth of bond notes, this was not enou...
Zim among worst investment destinations 22 April 2017 HARARE - Zimbabwe has been ranked among the worst economies for investments flowing into the Africa. The southern African country was ranked 37 out of 54 countries by the latest Africa Investment Index 2016 by Quantum Global's independent research arm, Quantum Global Research Lab published on ...
Zimra calls for price monitoring 22 April 2017 HARARE - The Zimbabwe Revenue Authority has urged government to monitor prices of basic consumer goods as part of efforts to protect the local consumer. This comes as prices of basic consumer products have risen sharply in the last few months despite the current cash crisis and low inflation o...
Gushungo Holdings boss in top 100 HR list 22 April 2017 HARARE - Gushungo Holdings Human Resources (HR) manager, Farai Jemwa, has been ranked as one of the most influential HR professionals in the world. Jemwa — who was bestowed with the honour at the recently at the World Human Resources Development Congress held in Mumbai, India — joined other po...
Cash crisis a nightmare — Zimra 21 April 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) on Wednesday said the current cash crisis is now a nightmare that is affecting the country’s economic growth. Zimra chairperson Willia Bonyongwe said there was need for all stakeholders to come up with a solution to end the debilitating cash cris...
Zamco mops $0,5bn bad loans from banks 20 April 2017 HARARE - The Zimbabwe Asset Management Corporation (Zamco) has mopped up over $500 million bad loans from the country’s banks in an effort to make them attractive to foreign investors. Finance minister Patrick Chinamasa said since the Special Purpose Vehicle began operations in 2015, it has re...
Coal miner Hwange signs 25-year deals 20 April 2017 HARARE - Zimbabwe's largest coal miner, Hwange Colliery Company Limited (Hwange), has signed two 25-year coal supply agreements with two local companies. The initiatives will see the company supplying more than 400 000 tonnes of coal per month to State-owned Zimbabwe Power Company and independ...
Zanu PF renegades cheer Tyson's troubles 20 April 2017 HARARE - Expelled Zanu PF members are rubbing their hands with glee over moves to oust national political commissar Saviour Kasukuwere, pictured, who they contend is getting “a taste of his own medicine”. This comes as six provinces have so far passed votes of no confidence in the embattled po...
Govt pumps $200m into ailing parastatals 18 April 2017 HARARE - Zimbabwe's cash-strapped government has pumped nearly $200 million into the country’s struggling parastatals. This comes as calls have been getting louder for the cash-strapped country to restructure its loss-making parastatals to make them attractive for foreign investment and recapi...
NBS to build 700 houses in Chinhoyi 14 April 2017 HARARE - The National Building Society (NBS) is set to construct 700 houses in Chinhoyi as part of the organisation's thrust to reduce the country's over 1,25 million housing backlog. NBS managing director Ken Chitando said construction equipment was on its way to Chinhoyi to kick-start the ho...
Sanganai to be held in September 14 April 2017 HARARE - The Zimbabwe Tourism Authority (ZTA) yesterday said it has started preparations for this year’s edition of Sanganai/Hlanganani World Tourism Expo to be held in September after getting funding from government. ZTA chief executive Karikoga Kaseke told a media briefing in the capital tha...
Zim businesses urged to value customer service 14 April 2017 BULAWAYO - Zimbabwean businesses have been urged to value customer services as a way of boosting sales and increasing revenue streams. Contact Centre Association of Zimbabwe (CCAZ) southern region spokesperson Benson Mukandiwa said service excellence is now an indispensable standard of service...
Zim-linked group in R4 billion project 13 April 2017 HARARE - A consotium led by Arkein Industrial Holdings (Arkein) and Mauritius-based DBF Capital (DBF) is spearheading the construction of a Rand 4 billion (about $300 million) titanium oxide plant in South Africa (SA)'s Richards Bay industrial zone to feed the region's paint market. While the ...
'Zim loses $2,5bn in capital flights' 12 April 2017 HARARE - Zimbabwe is believed to have lost over $2,5 billion in capital flights and trade misinvoicing between 2008 and 2013 due to the country's controversial empowerment laws, a local think-tank has said. A latest report by the Zimbabwe Economic Policy Analysis and Research Unit (Zeparu) rev...
'Make bond notes official currency' 11 April 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) says the country should adopt bond notes as a primary currency to alleviate cash shortages and solve economic challenges. RBZ director Economic Research Simon Nyarota said calls for the formal adoption of the South African rand as an anchor currency ...
Govt completes CAPS takeover 10 April 2017 HARARE - Industry minister Mike Bimha says government has completed the takeover of the country’s largest pharmaceutical manufacturer, CAPS Holdings (CAPS), which collapsed five years ago, in a bid to revive its operations. At its peak, CAPS accounted for 75 percent of the local healthcare pro...
Zimra surpasses target 10 April 2017 HARARE - Tax collector, Zimbabwe Revenue Authority (Zimra), on Friday said it surpassed its first quarter 2017 collection target on the back of improved collections. Zimra said it had surpassed its first quarter target with gross collections coming in at $862,4 million, six percent above targe...
Nestle launches sachet line 10 April 2017 HARARE - Nestle Zimbabwe (Nestle) has launched a new lower-priced sachet product line, as the group targets low income earners. The company’s managing director Ben Ndiaye last week said Nestle had realised most Zimbabweans could barely afford its products, leading to the launch of the new lowe...
Baker's Inn ramps up production 7 April 2017 HARARE - Simbisa Brands bread-making subsidiary, Baker’s Inn, has ramped capacity utilisation to 65 percent and is now selling almost three million loaves per week. The company’s chief executive, Ngoni Mazango, said his organisation increased bread output by over 200 000 loaves a day in the la...
Nera threatens to defy demo ban 6 April 2017 HARARE - Zimbabwean opposition parties and street protest movements yesterday vowed to demonstrate in Harare's Central Business District (CBD) despite a police ban. Yesterday's meeting of a coalition of opposition parties — collectively known as the National Electoral Reform Agenda (Nera) — in...