ZIMBABWE’S perennially toxic political environment — characterised by malice, harmful policies and threats to business — is choking the economy, business leaders say. This comes as political tensions continue to rise in the country, with the government also threatening to take stern action against businesses that have hiked prices in line with rising production costs…
THE Reserve Bank of Zimbabwe will, starting today, suspend documentation of exporters who have at least US$400 000 in unrepatriated proceeds. The move, which is meant to enforce compliance with “timely acquittal of export proceeds”, comes after government accused exporting business of stashing US$900 million of their earnings in offshore banks, money which it says…
ZIMBABWEAN funeral assurers’ profits decreased by 70,63 percent to $0,58 million during the first quarter of 2019, despite recording a marginal increase in business as operating costs weighed down operations, the industry regulator has reported. In its Funeral Assurance Industry report for the first quarter of 2019, the Insurance and Pensions Commission (IPEC) said the…
CALEDONIA Mining Corporation (Caledonia) says it has revised downwards its gold production for this year due to low grade and electricity supply challenges in Zimbabwe. The southern African country has been experiencing severe power cuts after losing generation capacity at its Kariba hydro plant because of low water levels. This has been worsened by state-owned…
BINDURA Nickel Corporation (BNC) says resuscitation of the country’s railway system is critical for the restart of its smelter project which has been put on hold because of depressed commodity prices. The company said when the smelter eventually comes back online, BNC will be in a position to resume the processing of matte from other…
INTERGRATED Properties founder and managing director, Mike Juru’s (MJ) two-year term as president of the Real Estate Institute of Zimbabwe (REIZ) ended last month. REIZ is the country’s premier real estate professional body which seeks to unite in one body all persons practising various disciplines of the profession of real estate such as estate agency,…
AMID decades of Zimbabwe’s persistent currency woes — which have left the country’s financial system in disarray — the Zimbabwe Stock Exchange (ZSE) has remained steadfast as a hedge of last resort, and a monument of hope. As the nation commemorates the contributions of its heroes and defence forces, to many, it is a…
NISSAN Zimbabwe recorded a market share of 32 percent in Zimbabwe and is planning to extend its range of vehicles to consolidate its position on the local market. Linda Mazimhaka, Senior Sub-Sahara Sales & Operations Regional Business Manager at Nissan SA said Zimbabwe is an immensely special place for the Nissan Group of Africa.…
FINANCE minister Mthuli Ncube last week proposed to increase his ministry’s budget allocation for 2019 by 440 percent from $274 million to $1,48 billion, raising eyebrows among legislators. If approved, this will make Treasury the second biggest beneficiary this year after the Ministry of Agriculture, which was allocated an additional $3,4 billion. “How can he…
PADENGA Holdings (Padenga), Zimbabwe’s largest crocodile skin producer, says it is diversifying into gold mining to increase revenue streams. The company, which is seeking shareholder approval to acquire a majority stake in gold miner Dallaglio Investments (Dallaglio), this week said the latest development is aimed at shifting “exposure away from reliance solely on the production…
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