Business

Agriculture reels from economic crisis 13 January 2019 HARARE - The agriculture sector has been hit hard by a worsening cash crisis, fuel shortages and price hikes. Commercial Farmers Union (CFU) chief executive officer Ben Purcell-Gilpin told the Daily News on Sunday this week that the prevailing economic crisis has dented production. He said ...
Inside AMG: A money-making machine like no other 13 January 2019 HARARE - In the heart of Sandton - a vibrant, high energy commercial centre in Johannesburg - is a premier business centre minting top dollar. The mansions here, with their long, gated driveways and million-dollar views, are part of a hamlet called African Medallion Group (AMG). Locals have...
Forex shortages cripple Delta 12 January 2019 HARARE - Delta Corporation says acute foreign currency shortages in the country have led to disruptions in business operations, leading to a 66 percent decrease in soft drinks volumes during its strongest period that covers Christmas. In its latest trading update, the Zimbabwe Stock Exchange (...
Delta speaks on cross-border investment 12 January 2019 HARARE - Delta Corporation says its acquisition of a controlling stake in Lusaka Stock Exchange-listed National Breweries PLC (Natbrew) in December last year was approved by all the relevant regulatory bodies. Zimbabwe's largest beverages producer acquired a 70 percent stake in Zambia's Natbre...
Lafarge appoints Zambian Kaulule as new CEO 11 January 2019 HARARE - Lafarge Cement Zimbabwe Limited last week appointed a new chief executive officer (CEO), after the former one left to pursue personal interests after five years of service. The newly-appointed CEO, Kaziwe Siame Kaulule, is a Zambian national who joins Lafarge Cement Zimbabwe Limited f...
ZSE Top Ten Index swings into the black 11 January 2019 HARARE - The Zimbabwe Stock Exchange (ZSE) swung back into the black in the mid-week session after its top ten index put on a marginal 0,07 percent to close at 140,96 points, following a weak start to the second week of 2019. After opening the new year in losses as three of the benchmark indic...
Microfinance loans up 9pc 10 January 2019 HARARE - Loans and advances in the microfinance sector increased nine percent from $272,95 million in March 2018, to close June at $297,52, the Reserve Bank of Zimbabwe (RBZ) said. In its report for the quarter to June 2018, the central bank said total assets for the sector grew by 14,38 perce...
NRZ targets 4,2m tonnes of freight 9 January 2019 HARARE - The cash-strapped National Railways of Zimbabwe (NRZ) has said it is projecting to move more than 4,2 million tonnes of freight this year alone. This will be an increase of 25,6 percent to the cargo it transported in the just-ended year where it moved 3 367 073 tonnes between January ...
Willdale laments 'rapid policy changes' 9 January 2019 HARARE - Willdale has expressed concern over recent government policy changes, which have been largely blamed for worsening the country's deteriorating economic situation. Government implemented a number of abrupt reforms, shortly after the controversial July harmonised elections, headlined by...
Meikles unfazed by property auction 9 January 2019 HARARE - Meikles Limited (Meikles) has taken legal overtures in relation to a recent auction of its assets valued at about $1,5 million by a creditor. Thabani Mpofu, Meikles' company secretary, yesterday said Core Solutions last December auctioned off assets relating to Meikles' investments in...
Net closes in on under-capitalised assurers 8 January 2019 HARARE - The Insurance and Pensions Commission (Ipec), is closely monitoring three under-capitalised life assurance firms — Evolution Life, Heritage and Fidelity Life — after the assurers closed the third quarter of 2018 below the regulatory $5 million capitalisation threshold. In its third qu...
Zera seeks prepaid meter deals 8 January 2019 HARARE - Zimbabwe Energy Regulatory Authority (Zera) says it is set to establish a pool of agents to sell prepaid electricity meters. Prepaid meters have recently been in high demand after Zesa Holdings (Zesa) began to bill consumers using the prepayment model, which has been vital for control...
Poor agric prospects for Zimbabwe 8 January 2019 HARARE - The Famine Early Warning Network System (FEWSNET) anticipates that the macroeconomic challenges will persist in Zimbabwe, until May 2019, negatively impacting on the country's agricultural prospects.  Forecasting on the economic and agricultural prospects for 2018/19 season, FEWSNET n...
Finance Act (No 3) of 2018 tackles phoenix behaviour 6 January 2019 HARARE - A phoenix is believed “to be a unique bird that lived for five or six centuries in the Arabian desert, after this time burning itself on a funeral pyre and rising from the ashes with renewed youth to live through another cycle”. Companies that are wound up and then resurrected through...
Forex allocation committee unveiled 6 January 2019 HARARE - Finance minister Mthuli Ncube has announced names of the foreign currency (forex) allocation committee in line with his 2019 National Budget statement. The nine-member committee will be co-chaired by senior officials from the Finance ministry and the Reserve Bank of Zimbabwe (RBZ). ...
CZI is right: Dollarisation is bad for Zimbabwe 5 January 2019 HARARE - It is not a secret that I am not a fan of the current government's economic policies and choices. I especially find it reprehensible that they continue to avoid solving the prevailing currency crisis choosing to focus instead on bizarre projects such as building a new capital city- ta...
Coal miner hauled to court over debt 5 January 2019 BULAWAYO - Liberation Mining (Private) Limited in Gwayi area has been dragged to court by a Harare-based engineering firm for allegedly failing to settle over US$34 400 owed in earthmoving equipment hire. The coal mining company was established in 2006 by three Zimbabweans, Peter Mutsinya, Rai...
ED backs push for permanent Zim UNSC seat 2 January 2019 HARARE - Zimbabwe can win one of five UN Security Council seats up for election in the next two years, President Emmerson Mnangagwa's spokesman has said, although analysts doubted the southern African country would win approval by two-thirds of the world body's General Assembly members to secure ...
Zimbabweans among top property buyers in SA 2 January 2019 HARARE - In spite of a crippling foreign currency crisis ravaging the Zimbabwean economy, locals are finding the hard currency to buy real estate in South Africa. Interestingly, when it comes to splurging on property down South, Zimbabweans are in the same league as nationals from the United K...
Ariston Holdings revenue up 1 January 2019 HARARE - Ariston Holdings Limited’s 2018 revenue increased by 29 percent, from $11 million recorded in the previous year to $14 million. According to the group’s chairperson, Alexander Jongwe, gross margin for the year improved by 36 percent from 31 percent in 2017. “As a predominantly fore...
Zimplow appoints new group CEO 1 January 2019 HARARE - Diversified construction, infrastructure and agricultural equipment manufacturer and distributor Zimplow Holdings has appointed Vimbayi Nyakudya as the company’s new CEO. In a press statement, Zimplow secretary general Maxwell Chinorwadza said Nyakudya’s appointment is effective today...
Firm unveils multi-million dollar houses 1 January 2019 HARARE - Local firm West Property Company (WPC) has unveiled a multi-million- dollar housing project in the leafy northern suburbs as part of complementing government on its five-year National Development Programme which seeks to provide decent housing to the populace. WPC developed Harare's m...
2pc tax raises $572 million in Dec 31 December 2018   HARARE - Government says it has surpassed its monthly target for December and raised $572,4 million through the controversial two percent tax. According to Finance minister Mthuli Ncube, revenue generated through the tax, also referred to as the Intermediated Money Transfer Tax (IMTT), wi...
'Inflation rate drops' 31 December 2018 HARARE - The country's inflation rate has dropped by over seven percent as government has been working tirelessly to contain price increases, Finance and Economic Development Minister Mthuli Ncube has said. Ncube recently told members of Parliament that as of November (last month) the inflatio...
Tax exemption for Chinese company 31 December 2018 HARARE - Finance and Economic Development minister Mthuli Ncube said government will refund and exempt China Jiangsu International from Value added Tax (Vat) and income tax dating back to 2012. China Jiangsu international, a Chinese company, completed the upgrading of Victoria Falls Internatio...
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