EDGARS Stores Zimbabwe (Edgars) says it has the majority share of all units procured from Zimbabwean clothing manufacturers as it vows to continue supporting local companies. This comes as the group’s high-end fashion chain last week moved its Borrowdale branch to a new and bigger location at Sam Levy’s Village which, according to the company’s…
Withholding tax on non-executive directors’ fees was introduced on January 1, 2007 in respect of fees paid to a non-executive director by a corporate. A corporate body is defined as anybody or association incorporated or registered under any law relating to asset managers, banks, building societies, unit trust schemes, companies, financial institutions, insurers or pension…
THE Reserve Bank of Zimbabwe (RBZ) says Nedbank Zimbabwe (Nedbank) has raised additional capital through a rights issue and is now compliant with the minimum capital requirement of US$30 million. The apex bank had announced in the Monetary Policy Statement — published February 7 — that Nedbank was non-compliant with the minimum capital requirement as…
CONTRACTS are always signed in the anticipation of mutual benefit. It could be the beginning of good things for both parties. It could also be the beginning of never-ending problems if the agreement was not drafted properly. No matter the case, a contract binds the signatories to duties and obligations that they should not ordinarily…
THE Reserve Bank of Zimbabwe (RBZ) says foreign dividend payments were up by 40 percent to US$328 million in 2021, from US$234 million in 2020. Payments to foreign investors have surged since the introduction of the apex bank’s weekly currency auctions in 2020, which have been credited by a number of constituencies for improving foreign…
BINDURA Nickel Corporation (BNC) says it has begun replacing its old underground mining fleet in a bid to contain rising costs in maintaining antiquated equipment. This comes as the Kuvimba Mining Group subsidiary reported a 11 percent dip in nickel concentrate production during the nine months ended December 31, 2021. Apart from the decrease in…
ONGOING and completed capital expenditure projects by local mining companies promise to further drive earnings this year on the back of firming commodity prices on the global market. The increased investments in the mining sector come on the back of concerted efforts by the government to raise mineral receipts through policy incentives as part of…
THE business community — and especially the travel and tourism sector — is getting ever more optimistic about its prospects this year, as the threat posed by Covid-19 around the world continues to tail off. This comes as more and more countries, including Zimbabwe, have been moving away from hard lockdowns, as new coronavirus infections…
A TOTAL of 1,307 million metric tonnes of grain valued at $61 billion have so far been delivered to the Grain Marketing Board (GMB), latest official figures show. The deliveries consisted of 987 367 metric tonnes of maize, 12 113 metric tonnes of soybeans, 208 103 metric tonnes of wheat, and 99 667 metric tonnes…
THE government says it intends to establish Gold Service Centres this year in order to plug the smuggling of the yellow metal, which is touted as one of the major minerals to anchor the country’s economic growth. Addressing a post-Cabinet media briefing on Tuesday, Information minister Monica Mutsvangwa said the centres were meant to streamline…
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