Business

Business

Inflation nightmare returns to haunt Zimbabwe

AFP The price of bread almost doubled for Zimbabweans last week, as the inflation nightmare that marked the rule of long-time authoritarian leader Robert Mugabe returns to haunt his successor Emmerson Mnangagwa. There have been warnings of the mental and physical toll the rampant price increases will have on Zimbabweans after the cost of a

Minister Mthuli Ncube

Ncube promises to resolve tobacco farmers’ grievances

By Anna Chibamu FINANCE Minister Mthuli Ncube has pledged his immediate attention to concerns raised by tobacco farmers who are stranded at most of the tobacco auction floors in Harare due to non-payment of their produce. Ncube told NewZimbabwe.com on the sidelines of the country’s main independence day celebrations at the National Sports Stadium Thursday

CZI president Sifelani Jabangwe

Be realistic: business tells ED, scoffs at President’s “inhumane” comments

By Alois Vinga GOVERNMENT needs to be realistic about the economic situation in the country, captains of industry have said. They were reacting to statements made by President Emmerson Mnangagwa in his keynote speech at celebrations to mark the country 39th Independence anniversary. An angry Mnangagwa described recent price increases of basic commodities as “inhumane

File Pic: Zimbabwe has lost another 200 000 cattle to tick borne diseases this year

Government moves to curb livestock diseases as 200 000 cattle die

By Alois Vinga AT least 200 000 cattle, have been lost to the tick borne diseases but government is working to stop the spread of problem, President Emmerson Mnangagwa has said. Mnangagwa told thousands of people who braved the rains to attend the country’s 39th Independence celebrations in Harare, that the move by government will

President Emmerson Mnangagwa has warned business against inhumane price hikes

ED: Price hikes alarm government, business slammed

By Anna Chibamu GOVERNMENT has been shocked by the rate at which industry is increasing prices of basic commodities, with the latest being the 50 percent hike by bread makers, President Emmerson Mnangagwa has said. In his speech at celebrations to mark the country’s 39th Independence anniversary, Mnangagwa said the increases were inhumane. “Government is

Finance Minister Mthuli Ncube is expected to be guest of honour at the 4th Buy Zimbabwe annual indaba

Buy Zimbabwe to host public procurement conference

By Staff Reporter  IN an effort to raise awareness among decision makers and procurement entities Buy Zimbabwe will late this month host a Public Procurement Conference. The lobby group, in a statement Tuesday said the conference is aimed at raising consciousness among business leaders and stakeholders on the benefits of buying local products. Buy Zimbabwe

President Emmerson Mnangagwa has sought to project himself as a reformer

World Bank  to ED: Speed up ease of doing business reforms

By Alois Vinga GLOBAL multilateral lender the World Bank’s (WB) has called on President Emmerson Mnangagwa’s government to hasten economic reforms. WB technical expert, Sveltlana Bagaudinova said if the reforms are expedited this could help in attracting “foreign direct investment.” Bagaudinova told newzimbabwe.com business, on Monday that while the willingness is apparent the pace has

Metallon halts output at three Zim gold mines over debts

Bloomberg Gold producer Metallon Corp. halted output at three of its four mines in Zimbabwe because of mounting debts, as a South African newspaper reported the owner is considering selling the operations. The suspension is the latest sign of stress in the southern African nation’s gold industry, which has been hampered by a shortage of

SA mining mogul puts Zim gold mines under business rescue

Forbes Metallon Corporation, a gold mining group owned by Mzi Khumalo, one of South Africa’s most prominent mining entrepreneurs, has reportedly filed for business rescue for two of its subsidiaries, Goldfields of Mazowe Limited and Goldfields of Shamva Limited, in order to protect the companies’ assets from being seized by creditors. The Business rescue process,

Finance Minister Mthuli Ncube

Zim’s 2018 revenue targets surpassed by US$1 billion

By Alois Vinga ZIMBABWE surpassed its revenue collections targets for the year 2018 by US$1.18 billion, a 2018 fourth quarter report released by the Finance Ministry has revealed. The report observes that the policies aimed at widening the tax revenue base in the final quarter contributed to the surplus earned. “Revenue collections during the fourth

Finance Minister Mthuli Ncube is fronting President Emmerson Mnangagwa's reform effort

IMF: Zim’s foreign exchange distortions severely affecting the economy

By Alois Vinga ZIMBABWE’s current foreign currency distortions are severely affecting the smooth running of the economy, an (IMF) delegation that has been visiting the country has concluded. The delegation’s head, Gene Leon said foreign currency exchange rates coupled with natural disasters like the recent Cyclone Idai, have a negative bearing on the economy. “Zimbabwe

Environment and Tourism Minister Priscah Mupfumira addressing the Indaba Thursday

Zim hosts regional conservation indaba

By Staff Reporter ENVIRONMENT and Tourism Minister, Priscah Mupfumira is leading a delegation from Zimbabwe that is attending the Kavhango-Zambezi Transfrontier Conservation Area (KAZA- TFCA) meeting underway in the resort town of Victoria Falls. The meeting according to officials is being attended by Ministers from KAZA partner countries, Botswana, Zambia, Angola, Namibia and Zimbabwe. “The

File Pic: Vast Resources is moving to diamond after selling off a 25 percent stake in gold producer Pickstone Mine

Vast Resources disposes 25 percent stake in Pickstone-Peerless gold mine

By Alois Vinga   MINING conglomerate Vast Resources plc, has agreed to sell its entire 25 percent stake in Zimbabwe based Pickstone-Peerless Gold Mine in a development that will enable the mining giant to stabilise its balance sheet. In a statement released Monday, the multi- commodity resource company confirmed the development. “Vast Resources Plc has

Mines Minister Winston Chitando

China relations led Zimbabwe to allow Anjin back into gem mining

Bloomberg Anjin Investments Ltd. was last month allowed to resume diamond mining in Zimbabwe as the African country moved to improve relations with China, according to a senior government official. Zimbabwe has signed cooperation agreements with China spanning infrastructure and agriculture, Polite Kambamura, the deputy mines minister, said in an interview in Johannesburg on Wednesday.