Business

Business

PRAZ, CIFOZ sign MoU ahead of massive infrastructure project roll out

By Alois Vinga THE Procurement Regulatory Authority of Zimbabwe (PRAZ) had signed a Memorandum of Understanding (MoU) with the Construction Industry Federation of Zimbabwe (CIFOZ) ahead of plans to roll out massive infrastructure projects in the country. The 2019 Infrastructure Investment Plan highlights the fiscal support for infrastructural development with a marked increase in fiscal

Mthuli budget: Experts worry over reduced social expenditure, growth financing

By Alois Vinga ECONOMISTS have expressed concerns over reduced social expenditure and lack of clarity on the sources of finance to fund the proposed 2021 budget growth projections. This comes soon after Finance Minister, Mthuli Ncube $421.6 billion budget delivered Thursday projected that the economy in the forthcoming year was expected to grow by 7.4

Finance Minister Mthuli Ncube

Traders reject ‘insensitive’ US$30 Mthuli tax

By Bulawayo Correspondent INFORMAL traders in Bulawayo have angrily reacted to Finance Minister Mthuli Ncube’s proposal to tax them US$30 per month, saying the move will promote underground business dealings. On Thursday, the minister unveiled a ZWL$421, 1 billion national budget for 2021 projecting an ambitious economic growth of 7,4 percent next year against the

Finance Minister Mthuli Ncube

Mthuli tightens tax grip as he delivers $421.6 billion budget

By Alois Vinga FINANCE Minister Mthuli Ncube Thursday moved to widen governments tax collection nets as he delivered his $421.6 billion budget for 2021 which will see new tax measures being applied on Small to Medium Enterprises (SMEs) and self-employed professionals among others. Delivered under the theme “Building Resilience and Sustainable Economic Recovery”, the blueprint

Mthuli introduces US$30 monthly tax on trinket traders

By Business Reporter SMALL business operators plying their trade in partitioned compartments in the country’s CBDs have been slapped with a US$30 monthly presumptive tax to be collected and relayed to government by building owners. The harsh policy move was announced in parliament by Finance Minister Mthuli Ncube while presenting his 2021 budget Thursday. “Honourable

Treasury bans second hand private cars above 10 years old

By Business Reporter FINANCE Minister Mthuli Ncube has imposed a ban on second-hand private use vehicles above 10 years from the date of manufacture. Ncube made the policy pronouncement while delivering his 2021 budget in parliament this Thursday. “Mr Speaker Sir, about US$1.3 billion was spent on imported buses, light commercial and passenger motor vehicles

Finance Minister Mthuli Ncube

2021 budget: Zimbabweans want govt to dump bias towards security ministries

By Anna Chibamu AS Finance minister Mthuli Ncube presents the 2021 National Budget this Thursday, many locals say they were expecting government to dump its traditional bias towards security ministries in terms of budgetary allocation often at the expense of social services sectors. They were speaking in separate interviews with NewZimbabwe.com Wednesday. Harare researcher Tjenesani

Tendai Biti

Biti says RBZ forex auction system a charade, headed for collapse

By Robert Tapfumaneyi FORMER Finance Minister and legislator Tendai Biti has dismissed the Reserve Bank of Zimbabwe (RBZ) foreign currency auction system as a charade that is set implode once all economic fundamentals begin to kick in. Biti made the comments while presenting his State of the Economy Address at SAPES Trust in Harare Tuesday.

Jeff Sango

Burmain Properties announces Jeff Sango appointment as UK sales rep

By Business Reporter SOUTH AFRICA real estate agency, Burmain Properties, has announced the appointment of UK-based sales representative, Jeff Sango, to service the growing diaspora market. In a statement, the company said Jeff will “advise, coordinate, facilitate, guide and bring to finality real estate deals and transactions on behalf of international investors and the diaspora

RBZ governor John Mangudya

RBZ forex auction allotment to industry jumps to US$33 million

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) allotments to industry Tuesday rose, further reaching a new high of US$32.9 million coupled with the official exchange rate stability. The auction first reached the peak in September this year after allotting US$31.6 million to industry. A fortnight ago, the auction reached the second highest figure of

African Sun hotel occupancy drops to 37 percent

By Alois Vinga LEADING hospitality group, African Sun has reported a 37 % room occupancy levels decline due to low disposable incomes, unemployment further complicated by the tight Covid-19 lockdown travel restrictions. Presenting a trading update Monday, the hotel group’s company secretary, Venon Musimbe attributed the poor performance to tight Covid-19 travel restrictions. He also

Edgars stores increases customer credit amid exchange rate stability

By Alois Vinga LISTED clothing retailer, Edgars Stores Limited says the obtaining exchange rate stability ushered in by the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction has prompted the increase of more credit to customers. The exchange rate instability experienced before the inception of the auction system had forced several credit giving stores to

Cargo trucks delayed for over 500 days at Zim border posts

By Robert Tapfumaneyi AUDIT obtained data on goods in transit for the period 2015 to 2018 for trucks that entered the country has shown that trucks were taking up to 586 days awaiting border clearance. Delays in clearing goods in transit had resulted in some goods being illegally offloaded into the country, Mildred Chiri said

Powerspeed In Shock ZSE Exit

By Alois Vinga POWERSPEED Limited is exiting the Zimbabwe Stock Exchange (ZSE) due to limited capacity to unlock capital, lack of realistic valuation representation, and high compliance costs among other issues. The leading supplier of electrical, hardware and home improvement products announced the move in a recent circular. In the circular to shareholders issued last

Zimbabwe Importing 600MW to Cover Power Supply Gap

Construction Review ZIMBABWE is currently importing up to 600MW of electricity from regional producers in order to cover the supply deficit, caused by subdued energy generation capacity mainly by aging thermal power stations. The country is currently producing an average of about 900MW electricity daily against a demand of between 1400MW and 1500MW. Kariba Dam

Ambassador Amer during a recent meeting with VP Chiwenga

Egypt Urges Zim Companies To Engage Global Business Community

By Makanaka Masenyama ZIMBABWEAN companies must engage the international community and create relations that foster economic growth, the Egyptian Ambassador to Zimbabwe Mahmoud Amer has said. In a television interview on the NewZimbabwe.com Business Brief programme Wednesday, Ambassador Amer said the southern African country had a lot of economic potential and it had to take