GOVERNMENT should review mining royalties to encourage large scale investments in precious metals, Christina Muzerengi, a tax expert, has said. A royalty is a usage based tax, which is calculated as a percentage of the gross fair market value of minerals produced. Zimbabwe’s mining royalties are among the highest in the region. “There is a…
THE Zimbabwe Stock Exchange (ZSE) has been ranked as the best performing market in Africa in the last five years. The local bourse has intermittently surged on the deterioration of economic fundamentals in the country, resulting in most investors preferring stocks to hedge against cash shortages and rising inflation. According to InvestingInAfrica, the ZSE’s return…
THE Zimbabwe Stock Exchange (ZSE) is yet to appoint a substantive chief executive officer (CEO), 22 months after Alban Chirume’s dismissal. Chirume was suspended in January last year after he sanctioned a listed company’s cash call, despite reservations from the listing committee. Operations manager Martin Matanda has been acting CEO since February last year. Speaking…
Bobi Wine, Uganda’s most prominent opposition leader and former reggae star, has hit out at Kanye West for meeting President Yoweri Museveni at the State House.Advertisements West is in Uganda with his wife, the reality TV star Kim Kardashian West, to shoot a video in a game park where the rapper is recording his ninth album in a…
RIOZIM says Empress Nickel Refinery (ENR) has commenced production of matte and copper anodes as part of a programme to resuscitate the mothballed plant. The refinery was put under care and maintenance in 2015 due to the unavailability of matte ― a semi-processed ore. Lovemore Chihota, Riozim’s board chairman, said ENR was able to produce…
Bafana Bafana goalkeeper Itumeleng Khune joked and said he asked for a cup of hot coffee during their 6-0 rout of Seychelles over the weekend. Khune was a peripheral figure as his teammates ran riot at the FNB Stadium and went untested in the entire 90 minutes – at some point he began to watch…
FINANCE minister Mthuli Ncube says government is working on measures to ensure that corporates and individual nostro foreign currency accounts (FCAs) are not easily raided by the central bank as a way of boosting confidence in the economy. Last week, the central bank directed all banks to effectively ring-fence policy on nostro foreign currency accounts…
THE Zimbabwe National Roads Administration (ZINARA)’s board has been dissolved for failing to “uphold good corporate governance”, deputy Transport minister Fortune Chasi says. This also comes as Information Communication and Technology Minister Kazembe Kazembe equally axed the NetOne board. Wilfred Ramwi’s ZINARA tribunal had been under the spotlight for a number of reasons, including its…
INNSCOR Africa (Innscor) says volumes at Irvine’s were severely impacted by the effects of the highly pathogenic avian influenza (avian flu) epidemic which occurred at the end of the last financial year. Between May and August last year, avian flu hit the region, killing more than one million chickens in South Africa (SA) and Zimbabwe.…
GETBUCKS says its profit after tax for the year ended June 30, 2018 went up by a significant 25 percent to $4,5 million on the back of smart loan servicing. The lender’s chairman Rungano Mbire said “the growth was driven by lower impairments of $0,2 million, from $1 million in 2017 and reduced operating expenses…
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