Business

BNC retrenches 300 employees 27 September 2016 HARARE - Bindura Nickel Corporation (BNC) says it has retrenched 300 employees as a cost-cutting measure under the current harsh economic environment. The Zimbabwe Stock Exchange-listed miner’s chairman, Yim Kwan, said the company is now outsourcing development services in the mining departmen...
ZSE loses $1,1 billion 27 September 2016 HARARE - The Zimbabwe Stock Exchange (ZSE) shed $1,1 billion between July 2015 and July 2016 as foreign investor scepticism saw the local bourse register large divestments, the Reserve Bank of Zimbabwe (RBZ) said. As a result of the divestments, the central bank pointed out that net foreign ca...
RTG in $2m hotels renovation 22 September 2016 HARARE - Zimbabwe Stock Exchange-listed Rainbow Tourism Group (RTG) said it is close to completing its $2 million refurbishment and refashioning of three major hotels. The hospitality group's corporate communications manager, Pride Khumbula, said the renovation exercise, which was started earl...
Green Fuel ramps up production 22 September 2016 HARARE - Green Fuel is moving to ramp up ethanol production at its Chisumbanje site through a hectarage increase exercise anticipated to see the group with about 13 000 hectares (ha) of land by year end, one of its shareholders has said. Arda chairman Basil Nyabadza told the businessdaily that...
Insurance firms struggle to meet requirements 22 September 2016 HARARE - Credit Insurance Zimbabwe (Credsure) and Sanctuary Insurance Company (Sanctuary), have failed to meet the $1,5 million minimum threshold during the first half of this year due to deteriorating economic conditions, an Insurance and Pensions Commission (Ipec) report has shown. This come...
Econet partners Mukuru 22 September 2016 HARARE - Zimbabwe's leading mobile operator, Econet, has partnered with South Africa's Mukuru Money Transfer (Mukuru) in a move aimed at increasing cross-border remittances. Econet chief executive Douglas Mboweni yesterday said the partnership between Mukuru, a key player in the South African ...
Zim must prepare for post-Mugabe era 21 September 2016 HARARE - Zimbabwe must urgently implement key economic reforms to regain its once-prized position as a thriving economy within sub-Sahara Africa in the post-Robert Mugabe era, a top American researcher has said. This comes as the country, which has known Mugabe, 92, as its only leader since 19...
Smart, comfy all-new Kia Sportage 21 September 2016 HARARE - Conceived for urban adventure, the completely redesigned Kia Sportage is the most extraordinary compact crossover on the road today. With an imposing appearance, a rock-solid stance, an upgraded cabin and the torque to take you wherever the journey leads you — including the pothole-fi...
Zim insurers rely on foreign markets 20 September 2016 HARARE - Zimbabwe’s insurance companies are now relying on foreign markets for survival in the face of worsening economic conditions in the country. The latest report by the Insurance and Pension Commission (Ipec) shows that non-life reinsurers generated $7,71 million from outside Zimbabwe in ...
NetOne empowers rural communities 20 September 2016 HARARE - State-owned mobile telecommunications service provider, NetOne, said its continued network expansion programme is aimed at stimulating economic activities in the country’s rural communities. Officially launching a base station in Hurungwe last week, NetOne acting chief operations offi...
British firm commences diamond drilling in Zim 20 September 2016 HARARE - British miner Premier African Minerals (Premier) said it has commenced an extensive diamond drilling programme on its Zulu Lithium Project in Zimbabwe. The programme, which Premier said will be on the largest undeveloped lithium-enriched resource in Zimbabwe, is aimed at testing for s...
Zim, a nation of debtors 18 September 2016 HARARE - Zimbabwe, which owes multilateral institutions over $10 billion, is sinking beneath a tide of debt. A spate of recent reports have revealed how perilously close to the edge many are. In a nation where as many as 70 percent of people live on less than a $1 a day, according to the Un...
'Banks marginalise women' 18 September 2016 HARARE - Reserve Bank of Zimbabwe governor John Mangudya has warned the country’s banking sector against marginalising women from financial services products. In his mid-term policy statement on Thursday, the central bank chief said statistics recently collected from the financial services sec...
Inflation up marginally 18 September 2016 HARARE - Zimbabwe's annual inflation for August gained 0,18 percentage points on the July 2016 rate of –1,60 percent to close the month at –1,43 percent, latest figures show. According to the Zimbabwe statistical agency, ZimStat, this means that prices as measured by all items Consumer Price I...
RBZ's Mangudya calls for salary cuts 16 September 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) says there is need to slash salaries and high production costs across all sectors to restore the country's competitiveness. Central bank governor John Mangudya yesterday said the country's loss of competitiveness can only be reversed through internal...
CBZ raises $50m to buy maize 16 September 2016 HARARE - Zimbabwe’s largest commercial lender, CBZ, is back on the market to canvas $50 million through Agricultural Marketing Authority bills, to finance the purchase of maize by the Grain Marketing Board (GMB). The bills, which opened on Monday this week, have an interest rate of 8,5 percent...
'Implement effective laws to end corruption' 16 September 2016 HARARE - Vice President Emmerson Mnangagwa said the country should build an effective institution and penalties to reduce increasing corruption. Addressing delegates at an anti-bribery and anti-corruption conference in Harare yesterday, Mnangagwa said the government must come up with active pe...
Rudland hammered again 15 September 2016 HARARE - Controversial businessman Simon Rudland has lost his bid to continue selling his Rudland & George (RG) cigarette brand in Zimbabwe after the High Court upheld its previous order barring the distribution of the product. In a follow up to its September 2 provisional ruling that Livera T...
Power utility fails to pay Eskom, HCB 15 September 2016 HARARE - The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has said it is failing to service its payment obligations to South Africa's Eskom and Mozambique's Hidroeléctrica de Cahora Bassa (HCB) due to a $1 billion debt the firm is owed by consumers. ZETDC managing directo...
Pension funds default increases 15 September 2016 HARARE - Millions of Zimbabweans who are counting on pension benefits to fund their retirements risk being severely disappointed amid indications of rising pension fund defaults. A recent report by the Insurance and Pensions Commission (Ipec) revealed that in the six months to June this year, ...
Zim struggles to service DBSA loans 14 September 2016 HARARE - Zimbabwe's cash-strapped government said it is struggling to service its $206 million loan sourced from the Development Bank of Southern Africa (DBSA) due to deteriorating economic conditions. The funds, which were secured during the Government of National Unity period, were used for ...
Zim cancels motor show 14 September 2016 HARARE - Zimbabwe has cancelled this year’s edition of the Motor Show that was slated for next weekend until further notice due to deteriorating economic conditions in the country. This comes as sad news to thousands of motoring fanatics and enthusiasts who were looking forward to one of the f...
Hwange Colliery to shed workforce 12 September 2016 HARARE - Troubled coal miner, Hwange Colliery Company Limited (HCCL), is set to retrench over 1 000 employees and dispose of its non-core assets in an effort to streamline operations, a Cabinet minister said. Finance minister Patrick Chinamasa last week announced that government — with a 37 pe...
Zimra to introduce 10pc withholding Vat 12 September 2016 HARARE - The Zimbabwe Revenue Authority (Zimra) will, with effect from October 1, 2016, introduce a 10 percent withholding Value Added Tax (Vat) on output tax charged by suppliers of goods and services, it has emerged. Finance minister Patrick Chinamasa last week announced the development in h...
Arda courts German investor 9 September 2016 HARARE - The Agricultural Rural Development Authority (Arda) says it is in talks with a potential German partner to ramp up production at its Mutorashanga Estate, as it also moves to secure investors to fund under-capacitated commercial farmers in the 2015/17 farming season. Arda chairman, Bas...