Business

Zim fails to shine in Madrid 22 January 2018 MADRID - Zimbabwe's exhibition stand ranked lowly compared to African and global counterparts at the just-ended 2018 International Tourism Fair (Fitur), with the Zimbabwe Tourism Authority (ZTA) citing poor funding towards preparations. This year, Zimbabwe exhibited at the Fair — which attract...
StanChart invests $7,1m in branch modernisation 22 January 2018 HARARE - Standard Chartered Bank (StanChart) says the opening of its relocated Avondale branch underscores the financial institution’s commitment to provide an ambient and convenient banking environment for its customers. Harton Maliki, the bank’s head of retail banking in Zimbabwe, said the r...
Potraz trains 8 000 in ICTs 22 January 2018 HARARE - The Postal and Telecommunications Regulator of Zimbabwe (Potraz) said it has trained over 8 000 people in information and communication technologies (ICTs) in the last six months. Potraz director general Gift Machengete said evidence from other countries show that ICTs can contribute ...
Zim bids to host UNWTO again 20 January 2018 HARARE - After re-emerging on the global map following the coming in of a new political dispensation, Zimbabwe is seeking to regain lost shine by making moves to host one of the United Nations World Tourism Organisation (UNWTO)’s key calendar events in 2019. Under deposed president Robert Muga...
Domestic tourism campaign kick-starts 20 January 2018 HARARE - Zimbabwe has launched a domestic tourism campaign aimed at enhancing communities’ participation in the sector and creating wealth for ordinary people. According to Zimbabwe Tourism Authority (ZTA), domestic tourism is one of the segments of tourism that plays a vital role in any count...
RTG $22,5m rights issue approved 20 January 2018 HARARE - Listed hospitality concern Rainbow Tourism Group (RTG) was this week given the nod by its shareholders to raise $22,5 million to enable the company to clear some of its debt. The groups’ shareholders voted to pass resolutions to approve a rights issue and a debenture issue. Shareho...
New era dawns at Potraz 20 January 2018 HARARE - The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) director general Gift Machengete has promised to transform the once opaque organisation into a transparent one. Machengete, who was addressing journalists at a Potraz media engagement forum in Kadoma yesterday...
Chinamasa rapped over 2018 budget 18 January 2018 HARARE - Finance minister Patrick Chinamnasa was on Tuesday taken to task by parliamentarians for understating the country’s budget deficit and violating the Constitution in many areas of fiscal management. MDC legislator Eddie Cross said the $700 million budget deficit envisaged by Chinamasa ...
Zim prioritises lithium project 18 January 2018 HARARE - President Emmerson Mnangagwa's government is prioritising the mining of lithium as it moves to revive the country's economy. Australia-based mining firm Prospect Resources said its Arcadia Lithium Deposit has been identified as a priority mining development project by the Office of th...
Zim tourist attractions charm Korean ambassador 18 January 2018 HARARE - South Korean ambassador to Zimbabwe Cho Jaichel has committed himself to marketing the country's tourism products in the Asian global economic giant after being charmed by its beauty. He said this after paying a courtesy call to the offices of the Associated Newspapers of Zimbabwe (AN...
'Tobacco earnings to improve forex situation' 17 January 2018 HARARE - The foreign currency situation will continue to be dire until the beginning of the tobacco selling season, a senior Reserve Bank of Zimbabwe (RBZ) official has said. William Manhimanzi, the apex bank’s deputy director of financial markets, told tourism operators in Harare last week th...
Ziscosteel revival on course 17 January 2018 HARARE - The revival of Zimbabwe Iron and Steel Company (Ziscosteel) is on course as the firm’s shareholders are set to meet next month to ratify its disposal to Hong Kong-based firm Tian Li. Ziscosteel chairperson Nyasha Makuvise yesterday said the company will hold an extraordinary general m...
Caledonia records 56 135 ounces of gold 16 January 2018 HARARE - New York Stock Exchange-listed gold mining firm, Caledonia, recorded 56 135 ounces of gold last year, ahead of the 54 000 ounces target. The Zimbabwe focused gold producer's chief executive Steve Curtis said 2017 production represents a new annual production record for the Blanket Min...
David Whitehead to re-open after $2m govt injection 16 January 2018 HARARE - Zimbabwe's government has injected $2 million into David Whitehead to resume operations. David Whitehead, a large textile firm that used to employ 2 500 people in Chegutu, 100km southwest of Harare, collapsed in 2011 after being placed under judicial management since 2006. [Adz] ...
High electricity tariffs crippling industry: CZI 15 January 2018 HARARE - The Confederation of Zimbabwe Industries (CZI) is pleading with the Zimbabwe Energy Regulatory Authority (Zera) to slash power tariffs in order to ensure viability of its members' businesses. In its presentation to Zera, Zimbabwe's largest industrial representative group wants Zera to...
Shabanie Mine re-opening delayed 15 January 2018 HARARE - Mines minister Winstone Chitando said Shabanie Mashava Mine (SMM) will not be resuming operations due to lack of capital and massive water bodies that have clogged the mine. “There is currently some activity happening in the area which is two-fold,” he told legislators in the National...
Foreign currency shortages to persist 15 January 2018 HARARE - Foreign currency shortages are expected to persist throughout this year despite promising economic turnaround following the inauguration of Emmerson Mnangagwa as Zimbabwe's President late last year. Market experts, Equity Axis, said local companies should brace for further dire shorta...
Zim targets 2,5m tourists 13 January 2018 HARARE - Zimbabwe is targeting to have at least 2,5 million tourists visiting the country this year, Tourism minister Priscah Mupfumira has said. The minister told stakeholders yesterday that tourism is a key economic sector that has the potential to contribute towards economic growth. “In ...
RTGS slump drags NPS payments down 13 January 2018 HARARE - The value of transactions processed through the National Payments System (NPS) declined by 37 percent, to close the week ending December 29, 2017 at $1, 675 billion according to the latest Reserve Bank of Zimbabwe (RBZ) Weekly Economic Highlights. RBZ said the decline was mainly drive...
EcoCash, Untu Capital partner 13 January 2018 HARARE - In yet another opportunity to create financial inclusion, EcoCash has partnered a local micro-finance company to allow the public to participate in the purchase of tradable bonds, set to raise $1 million in debt financing for start-ups and small businesses. EcoCash customers can purch...
Balasore confirms Zim Alloys deal 11 January 2018 HARARE - Indian firm Balasore Alloys (Balasore) yesterday confirmed its intention to acquire a majority shareholding in leading chrome producer, Zimbabwe Alloys (Zim Alloys). Balasore, formerly Ispat Alloys, said it will acquire either by itself or through its nominees and affiliates, 70 perce...
Mystery over Zinara audit 10 January 2018 HARARE - Transport minister Jorum Gumbo has been accused of stalling progress at the Zimbabwe National Roads Administration (Zinara) by refusing to implement recommendations made by international audit firm Grant Thornton. Gumbo ordered a forensic audit on the operations of the Zinara in June ...
Masawara in $3,6m profit 10 January 2018 HARARE - Africa-focused investment firm, Masawara Plc, has registered a $3,6 million profit in the half year to June 2017 up from $2,3 million in the same period in 2016. Masawara — a jersey registered investment company — has interests in insurance, hotels, agrochemicals, property (Joina City...
'Zim economy to improve in 2018' 9 January 2018 HARARE - Zimbabwe's economy is expected to perform better in 2018 compared to last year due to a stable political environment, financial analysts have said. The country's economy was estimated to have grown by 3,4 percent in 2017 on the back of a improved agriculture season and gains in the mi...
Econet ventures into solar energy 9 January 2018 HARARE - Econet Wireless Zimbabwe (Econet) is set to become one of the first companies in Zimbabwe to set up a photovoltaic power plant at its premises in Willowvale for own consumption. This comes as the country has been experiencing power outages in the past decade due to low electricity pro...