Business

Business

The Ecocash mobile money platform has helped Zimbabwe build an inclusive financial system

Cassava Smartech scoops top East African Com Award for the second time

By Alois Vinga TELECOMMUNICATION mogul, Strive Masiyiwa’s Econet Group’s subsidiary, Cassava Smartech and its siter technology solutions company, Comviva have scooped the East Africa Com Award, under the “Changing Lives” category for the transformation and impact brought about by the EcoCash platform’s mobile money transfer service. Cassava Smartech chief executive, Eddie Chibi expressed gratitude and

Finance Minister Mthuli Ncube leads President Emmerson Mnangagwa's fight to tame the economy

Zim inflation rate hits 98 % breaks a decade’s record

By Alois Vinga ZIMBABWE’s inflation figures for May have broken a decade old record, officials figures show. According to the Zimbabwe National Statistics Agency (ZimStat), the country’s inflation surged to 97.85% for the month of May 2019 leaving officials alarmed. The record breaking figures were reached after a 22% jump from April’s 75.86%. ZimStat said

Potraz director general Gift Machengete

POTRAZ considering data tariff hikes in line with new interbank rates

By Alois Vinga THE Postal and Telecommunications Regulatory Authority (POTRAZ), has hinted that a data tariff hike could be on the way in order to cushion telecommunication companies from the increasing exchange rate on the Interbank market. In an interview with NewZimbabwe.com Business recently, POTRAZ director general, Gift Machengete admitted that mobile telephone operating companies

The Bulawayo Rainbow Hotel

RTG share price increases tenfold

By Alois Vinga LOCAL hotelier, the Rainbow Tourism Group Limited’s (RTG), has seen its share price increase tenfold owing to good management practices, chief executive officer Tendayi Madziwanyika has said. The performance according to Madziwanyika has helped the company’s balance sheet to a growth trajectory. In an interview with NewZimbabwe.com Business Wednesday, Madziwanyika said the

DPC maintains 1:1 exchange rate in compensating closed banks’ clients

By Alois Vinga THE Deposit Protection Corporation (DPC) has maintained the 1:1 rate between the US dollar and the local RTGS currency when compensating clients whose banks shut down prior to the introduction of the local currency. DPC Public Relations manager, Allen Musadziruma revealed this to NewZimbabwe.com Business at a time local currency has significantly

Finance Minister Mthuli Ncube

Economists dismiss Ncube’s US$443 million budget surplus

By Alois Vinga Top economists, John Robertson, Persistence Gwanyanya and Prosper Chitambara have dismissed Finance Minister, Mthuli Ncube’s budget surplus of US$443 million recorded in the first quarter of 2019 for failing to address the plight of ordinary Zimbabweans. Speaking in seperate interviews with NewZimbabwe.com Business, the three called on government to do more in

CBZ awaits US response on US$385 million penalty

By Alois Vinga THE Commercial Bank of Zimbabwe (CBZ) is waiting for a response from the United States Treasury’s Office of Foreign Assets Control (OFAC) over the status of the US$385 million worth penalty which was slapped on the financial institution for undertaking multiple transactions on behalf of ZB Bank which was then placed under

Henrietta Rushwaya

ZMF, Glow Petroleum strike 5 year fuel supply deal for artisanal miners

By Alois Vinga THE Zimbabwe Miners Federation (ZMF) has struck a deal with Glow Petroleum in a development that will see the country’s small scale miners accessing fuel without enduring long queues. This, according to ZMF president Henrietta Rushwaya is aimed at boosting productivity in the mining sector. Speaking to NewZimbabwe.com Business Friday, Rushwaya said

Rand falls as ANC squabbles over central bank

Moneyweb South Africa’s rand fell early on Thursday to its lowest this year as a dispute within in the ruling African National Congress over the central bank weakened demand. At 0800 GMT, the rand was 0.15% weaker at 14.88 per dollar compared with an overnight close of 14.86. It tumbled to a session low of

ZCTU president Peter Mutasa

TNF launched 20 years later amid visible tensions

By Alois Vinga REPRESENTATIVES from labour, business and government Wednesday successfully launched a legislated Tripartite Negotiation Forum (TNF) which facilitate dialogue towards national development after almost 20 years since the idea was birthed under a heavy cloud of policy and ideological discord. The TNF will be the country’s social dialogue platform to negotiate legislated key

Econet Wireless is struggling with satisfying consumers on the internet front

Econet ranks low on customer satisfaction index

By Alois Vinga TELECOMMUNICATIONS giant, Econet Wireless has relatively lower ratings in both household and corporate satisfaction when compared to all eight internet operators in the country. This is revealed in a recent consumer satisfaction report published by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz). Measured against five service expectations for household consumers,

Dairibord boss Antony Mandiwanza

Dairibord registers 52% decline in milk prices due to RTGS$ weakness

By Alois Vinga GOVERNMENT’s decision to adopt the RTGS$ has caused pain to blue-chip local milk supplier Dairibord Holdings with the company’s income falling 52% for every litre sold. Chief executive officer Antony Mandiwanza, told NewZimbabwe.com Business last Friday, that the current operating environment is pushing the company’s sales value down. “Compared to previous years,

Former Zanu PF bigwigs have been losing properties after being shunted out of the party

Nyamupinga’s Borrowdale property to be auctioned over Agribank debt

By Alois Vinga FORMER Goromonzi West legislator, Biata Nyamupinga’s Borrowdale property is set to be auctioned to offset an unspecified debt which the ex-lawmaker owes a local financial institution. Papers signed by Choruma Marias Valuation and Estates Executives (Pvt) Limited seen by NewZimbabwe.com revealed that Nyamupinga owes Agribank Zimbabwe an undisclosed amount which she has

Lance Mambondiani

Steward Bank: Mambondiani was not pushed into resignation

By Staff Reporter FORMER Steward Bank chief executive officer and crusading financial engineering proponent, Lance Mambondiani resigned on his own accord, the financial institution has said. In a statement, released Friday, Steward Bank poured cold water on media reports that the bank owned by telecommunications mogul Strive Masiyiwa had parted ways with its captain of

Local gold producers cry foul over Fidelity delays

Gold producers bemoan foreign currency disbursement delays, high production costs

By Alois Vinga DELAYS in the disbursement of the foreign currency component due to gold producers by Fidelity Printer and Refineries, has negatively affected operations in the sector, the Chamber of Mines of Zimbabwe Gold Producers Association (CMZGPA) has said. CMZGPA chairman, Thomas Gono said this in a speech at the Zimbabwe Annual Mining conference,

Kupukile Mlambo

RBZ admits black market exchange rate dilemma

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ), has expressed deep concern over the spiraling parallel market exchange rate, which has seen the local currency trading at a ratio of 1:8 against the United States dollar. RBZ Deputy Governor, Kupukile Mlambo, Thursday told NewZimbabwe.com Business that there is a serious mismatch between bank balances

Israel Murefu

Super profits making companies offer poor salary increments

By Alois Vinga COMPANIES in Zimbabwe continue to offer paltry salary increments despite inflation pressures spiraling out of control, while they continue reporting super profits a development that has pushed workers into poverty. Information gathered by NewZimbabwe.com Business revealed that most employers have so far given their workers salary increments not exceeding 50% across most

Cell Insurance and Cell Medical Fund get ISO certification

By Alois Vinga CELL Insurance Private Limited and its subsidiary Cellmed Health Medical Fund, have received the International Standards Organisation (ISO) 9001:2015 certification in a development signifying improved efficiency and quality of service being offered by the company. Speaking at the occasion to hand over the certificates Tuesday, Standards Association of Zimbabwe’s Eve Gadzikwa revealed