Business

Facelift on cards for Mbare Musika 17 May 2018 HARARE - The Harare City Council will soon embark on a facelift of Mbare Musika vegetable market and bus terminus, which had become an eyesore. Council spokesperson Michael Chideme said the upgrade will make the popular market and bus terminus more user friendly for both commuters and transpor...
Reprieve for pensioners 15 May 2018 HARARE - Many Zimbabweans who were offered $5 for their life's savings and pensions by the country's bankrupt government in 2015 could get more money if latest findings are anything to go by. Three years ago, the Reserve Bank of Zimbabwe announced that would pay $5 to all those who held Zimbab...
Zimra surpasses April target 15 May 2018 HARARE - National tax collector, the Zimbabwe Revenue Authority (Zimra), yesterday said it surpassed its April target by 6,14 percent due to significant improvement in revenue collections.  “Gross collections for the month amounted to $361,88 million, which translates to 9,18 percent above the...
Caledonia cash flow up 296pc 15 May 2018 HARARE - London Stock Exchange-listed resources firm, Caledonia Mining Corporation (Caledonia), says its cash from operating activities surged by 296 percent to $7 million in the first quarter from $1,77 million in the 2017 first quarter due to “substantial increase in cash from operating activit...
Africa Investment Hub launched in Zim 14 May 2018 HARARE - Zimbabwe's business community on Friday launched the Africa and Investment Hub, a vehicle to boost trade and investment in the country. The African Trade and Investment Hub is an investment vehicle with representation in South Africa, Nigeria and the USA. The Zimbabwe chapter launc...
OneMoney subscribers get free school fees 14 May 2018 HARARE - Lucky subscribers of NetOne’s mobile money service, OneMoney, have been paid back the money they used to pay school fees through the service, as part of a promotion being run by the mobile network operator. The promotion dubbed “OneMoney 100 percent School Fees Back Promotion”, starte...
Gold to hit record highs of 30 tonnes 13 May 2018 HARARE - Zimbabwe’s gold production is projected to rise to a record 30 tonnes year as producers’ ramp up output, Finance and Economic Planning minister Patrick Chinamasa has told Parliament. Chinamasa said gold production has been rising steadily, buoyed by higher output from small and inform...
Zim Airways circus continues 12 May 2018 HARARE - The circus behind the country's new national airline, Zimbabwe Airways, has reached fever-pitch with the government now moving to remove former president Robert Gabriel Mugabe's initials from one of the company's planes. Transport minister Joram Gumbo said the initials were causing co...
Hwange Colliery scheme of arrangement on course 12 May 2018 HARARE - Hwange Colliery Company Limited (HCCL) says it has been paying monthly instalments to its employee creditors since December, 2017, and it will continue until the $70 million arrears are paid in full. This is in accordance with the provisions of a scheme of arrangement agreed upon last...
Farmers urged to deliver maize to GMB 11 May 2018 HARARE - The 2018/19 maize marketing season kicked off on April 1, with the Grain Marketing Board urging farmers to deliver grain to all GMB depots that are ready to receive grain crops. The summer cropping season ended on March 31 and harvesting of the early-planted maize crop has already sta...
Hwange Colliery strike now political: Minister 11 May 2018 HARARE - Labour minister Petronella Kagonye yesterday claimed striking Hwange Colliery workers and their wives were being influenced by opposition parties. Responding to questions during the National Assembly question time about the strike, Kagonye said: “At first, I initially thought it was a...
Cannabis licence fees too steep: Zanu PF MP 11 May 2018 HARARE - The Member of Parliament for Uzumba, Simbaneuta Mudarikwa has called on government to scrap the $50 000 licensing fees for growers of cannabis saying the fee was too steep. Contributing to the National Assembly’s question time on Wednesday, Mudarikwa — who first unsuccessfully introdu...
Tobacco farmers face prosecution 11 May 2018 HARARE - The Tobacco Industry and Marketing Board (TIMB) says farmers who do not destroy their golden leaf stalks by next Tuesday will be prosecuted. According to the country’s regulations, farmers are expected to comply with the Plant Pests and Diseases Act to prevent the carryover of disease...
Zamco to dispose of its Starafrica stock 11 May 2018 HARARE - The Zimbabwe Asset Management Corporation (Zamco) says it intends to dispose some of its shareholding in Starafrica Corporation (Starafrica) if the sugar producer’s stock price reaches three cents. Zamco acquired control of Starafrica following the company’s debt to equity conversion ...
New rules to shake-up insurance sector 11 May 2018 HARARE - Players in the local insurance industry will in three years’ time be required to adopt a new version of the International Financial Reporting Standard 17 (IFRS 17) issued by the International Accounting Standards Board (IASB). Experts told The Financial Gazette that the new regulation...
Zimbabwe signs MOU with India 10 May 2018 HARARE - Zimbabwe has signed a memorandum of understanding (MoU) with the Indian government aimed at upgrading the Indo-Zim technology Centre in Harare. The Indo-Zimbabwe project was established in 2006 following an agreement between the two governments, which included a grant of $5 million fr...
Tobacco farmers rake in $236 million 10 May 2018 HARARE - Zimbabwe's tobacco farmers have so far earned over $236 million from 83 million kilogrammes (kg) that have gone under the hammer at the country’s auction floors in the last 30 days. Statistics from the Tobacco Industry and Marketing Board show that last year during the same period, th...
Econet wins top HR awards 10 May 2018 HARARE - ECONET Wireless Zimbabwe has demonstrated its stellar organisational capabilities by bagging top global and national awards for outstanding human capital development. The company was recently awarded the top SMI (Success Motivation International) World Client of The Year prize in the ...
Ford's smart window displays view to blind passengers 10 May 2018 HARARE - From rolling hills to mountain ranges, views make any road trip memorable, but for blind passengers this is part of the experience that they miss. A prototype smart car window aims to change this by enabling blind or partially-sighted people to visualise passing scenery through touch....
Suspended CFI remains defiant 10 May 2018 HARARE - CFI Holdings Limited says its board is compliant with the provisions of its articles of association and the Zimbabwe Stock Exchange (ZSE) must provide evidence showing that it has violated listing requirements in terms of directors. The ZSE suspended CFI in January for reasons that in...
Vast mulls Zim expansion 10 May 2018 HARARE - AIM-listed mining company Vast Resources (Vast) says it plans to invest significantly in its operating mines in Zimbabwe and Romania. This was after the miner, which operates Pickstone-Peerless Gold Mine, recently partnered Botswana Diamond Plc to seek opportunities in diamond explo...
Farmers shun insurance 9 May 2018 HARARE - Newly-resettled farmers continue to shun insurance products despite efforts by government and the corporate sector to provide cheaper programmes targeting the agriculture sector, industry experts have said. Zimbabwe’s insurance penetration rate, which reached a high of 10 percent in t...
Special Economic Zones Authority names Kondo as new chief executive 8 May 2018 HARARE - The Gideon Gono-led Zimbabwe Special Economic Zones Authority (Zimseza) said yesterday its board had appointed strategic marketer and manager Edwin Kondo as its new chief executive.  The SEZ, mandated with spearheading the country's quest for increased foreign direct investment throug...
ZSE extends CFI suspension 8 May 2018 HARARE - The Zimbabwe Stock Exchange (ZSE) has extended the suspension of CFI Holdings’ shares from trading on the local bourse by additional 30 days to June 2, 2018. The move, aimed at giving  the agro-business group more time to comply with certain requirements of the listing rules, has ruin...
Emeritus to provide offshore capital for ZHL 8 May 2018 HARARE - ZIMRE Holdings Limited (ZHL) says the consolidation and restructuring of its reinsurance operations under Emeritus Reinsurance is expected to provide a vehicle to mobilise offshore capital required to strengthen operations and embark on regional expansion. ZHL chairperson Ben Kumalo s...