Business

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...
Luxury boutique hotel opens in Vic Falls 30 December 2018 HARARE - A brand new luxury boutique hotel will open its doors to the discerning international traveller in the resort town of Victoria Falls next year. Mbano Manor Hotel will bring a unique bespoke experience to global, high-end tourists visiting Victoria Falls.  The 19 all-suite luxury bo...
Delta to buy SA brewer 30 December 2018 HARARE - Delta Corporation is set to acquire South African sorghum beer business United National Breweries (UNB) after reaching an agreement with owners Diego South Africa Proprietary Limited. UNB which is headquartered in Midrand produces a range of beer brands in South Africa such as Chibuku...
Keep records to discharge tax burden of proof 30 December 2018 HARARE - When running a business is it a requirement on the part of the business person to keep certain records that document and explain all the transactions of his/her business.  Records constitute the basis of financial and tax reporting. Not only is financial information important to th...
Cash crisis persists 29 December 2018 HARARE - The cash crisis is worsening with some banks reportedly turning away their clients as early as 7am yesterday, advising that they had no money. Contacted for comment,  Reserve Bank of Zimbabwe governor John Mangudya, however, said there is no crisis and individuals should resort to pla...
Pamwe Capital Partners targets to invest millions 29 December 2018 HARARE - Pamwe Capital Partners, a Zimbabwean-owned company, is targeting to invest millions in the country's agricultural sector. Pamwe Capital Partners has been investing significantly in key sectors of the economy in Africa and Asia while leading private equity and investment research and a...
New economic policies affect job market 28 December 2018 HARARE - Confederation of Zimbabwe Industries (CZI) has noted that companies scaled down while there was movement on the job market between January and September this year, it scaled down towards year end after government’s introduction of new economic policies. This comes after Finance and Ec...
Delta appoints new non-executive directors 28 December 2018 HARARE - Delta Board of directors has appointed three new non-executive directors to join the panel. In a statement, Delta chairperson Caanan Dube said Ema Fundira, Lucia Swartz and Richard Rivett-Carnac are the new non-executive directors who will effectively commence work from January 1, 201...
Harmonise levies, taxes: ED 28 December 2018 HARARE - President Emmerson Mnangagwa  has demanded the harmonisation of mining levies and taxes if the local extractive industry is to be regionally attractive to foreign investors. Speaking during the recent commissioning of a diamond mining conglomerate plant, the president said government ...
Ran Mine loses case 27 December 2018 HARARE - A Bindura magistrate has stopped Ran Mine from arbitrarily evicting 359 residents who are occupying the mine’s quarters without a court order. The residents who were led by Bindura North Ward 2 councillor Ian Makone, filed an application for an interdict citing Ran Mine and Bindura Ce...
Zim moving towards dollarisation — Economists 24 December 2018 HARARE - Economists have warned government over the continued usage of bond notes as a medium of exchange saying the surrogate currency is at risk of facing rejection from the market. Government is adamant that the bond note, introduced in 2016, should continue to trade at par with the United ...
Ezekiel Guti steals show at Cassava listing 24 December 2018 HARARE - Econet Wireless (Econet) founder Strive Masiyiwa has always attributed his entrepreneurial success to faith and divine intervention, but only last year did he reveal how clergyman Ezekiel Guti was closely involved in his personal journey. Writing on his Facebook wall in October 2017, ...
Hwange continues to burn 23 December 2018 HARARE - The revival of Hwange Colliery Company Limited (HCCL), Zimbabwe’s largest coal producer, seems to be taking longer than anticipated. The company, which has recorded annual losses in the past few years, has seen successive boards coming up with revival strategies, but not even one has ...
Drummond sues AfrAsia in land row 23 December 2018 HARARE - Drummond Zimbabwe Holdings has instituted legal action against AfrAsia Bank after a row erupted over a piece of land. The Mauritian lender AfrAsia closed its Zimbabwe unit in February 2015 after facing cash flow problems and failing to find new shareholders to inject fresh capital in ...
Court slams ZPC in far-reaching judgment 23 December 2018 HARARE - The High Court has described as “false” the Zimbabwe Power Company (ZPC)'s insistence that it was not behind Wicknell Chivayo and Intratrek Zimbabwe (Intratrek)'s criminal charges, in a judgment with far-reaching consequences for some companies with disputes against other parastatals. ...
Rising inflation dampens festive season mood 23 December 2018 HARARE - Zimbabweans have been through a tough year thanks to bad politics and rising inflation, which rose from 3,5 percent in January to an alarming 31,01 percent in November.  The rising inflation, which has seen prices shoot beyond the reach of many Zimbabweans, has compounded the situatio...
Property prices anticipated to remain high 20 December 2018 HARARE - Prices in the property sector are anticipated to remain high going into 2019 compared to regional peers, on the back of inflationary pressures, a local research firm has said. Old Mutual Securities (Omsec) said going into the New Year, the property sector was set to see higher prices ...
SeedCo invests in research 20 December 2018 HARARE - SeedCo has invested immensely towards research to ensure optimum yields in its commitment to support economic growth and poverty reduction through agricultural development. Denias Zaranyika, the group's managing director, said at a media luncheon this week that farmers should treat fa...
Zas partners ZCDC to boost national herd 20 December 2018 HARARE - President Emmerson Mnangagwa is expected to officially launch an artificial insemination project in Manicaland on Thursday, aimed at improving indigenous cattle genetics, which should improve rural incomes ultimately leading to better livelihoods. The programme, which is being spearhe...
Funeral industry gets training institute 20 December 2018 HARARE - The Institute of Funeral Business Management (IFBM) — a training and research institute focussing on skills and information development for the funeral industry has been launched. This comes as demand for skilled undertakers, morticians, embalmers and the industry’s supporting staff w...
Cassava lists on ZSE 20 December 2018 HARARE - Cassava SmarTech (Cassava) made history yesterday when it became the first fully integrated financial technology company to list on the Zimbabwe Stock Exchange. Jesimeni Chipika, the Reserve Bank of Zimbabwe (RBZ) deputy governor who was guest of honour at the ceremony, said the listi...
Boost for Mthuli Ncube's new sovereign wealth fund 19 December 2018 HARARE - Finance and Economic Development minister Mthuli Ncube has proposed setting up a sovereign wealth fund (SWF) to help boost economic growth, but the plan is being hampered by a critical funding shortfall, with a private investor offering to bankroll the initiative. President Emmerson M...
Zim inflation rises to 31pc 19 December 2018 HARARE - Zimbabwe's year on year inflation rate for the month of November stood at 31,01 percent, gaining 10,16 percentage points on the October rate of 20,85 percent following a surge in prices of goods and services, the Zimbabwe National Statistical Agency (Zimstat) said yesterday. This was ...
Zimnat launches automated licensing machine 19 December 2018 HARARE - Zimnat yesterday launched an Automated Licensing Machine through its motor insurance sub brand GeneInsure. This was after the insurance group launched GeneInsure last month, which “targets all motor insurance consumers regardless of their income level”, in a bid to appeal to the mass ...
'Zim govt incurs credibility deficit' 16 December 2018 HARARE - Government is running under a serious credibility deficit, as the long-suffering Zimbabweans continue to lose hope in its economic policies, analysts have observed. The four months preceding the July 30 elections have been a perdition to Zimbabweans after the August 1 army killings of...
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