Business

Business

$4.2 billion investment for Zimbabwe platinum mining

bullionbypost.co.uk Cypriot mining company Karo Resources, also known as Karo Mining Holdings, is to begin a platinum mining operation in central Zimbabwe, with an expected investment of $4.2 billion in order to assess the land, establish the mine, and begin operations. The company already operates around the Great Dyke area, northwest of the capital Harare,

Shortages, price hikes choke tourism sector, says Hwingwiri

By Alois Vinga TOURISM Business Council of Zimbabwe (TBCZ) says the past two months have been very hectic for the sector due to increased prices and shortages of raw materials. Briefing journalists on the state of affairs in the sector, TBCZ president, Tich Hwingwiri said price increases and shortages were affecting the smooth flow of

Government seeks bidders for Air Zimbabwe privatisation

By Alois Vinga THE government has invited investors to bid for the struggling national airline, Air Zimbabwe which went into administration in October this year. Air Zimbabwe owes local and international creditors more than $300 million with the obligation forcing the airline to abandon lucrative routes such as Harare-London after its aircraft was seized some

ZTA boss Karikoka Kaseke

EU tourist arrivals in Zimbabwe up 29 percent

By Alois Vinga THE number of tourists visiting the country from the European Union (EU) has increased by 29 percent, the Zimbabwe Tourism Authority (ZTA) has revealed. According to the ZTA chief executive Karikoga Kaseke, the positive swing is indicative of the potential for recovering lost ground in what was previously a key source market

Mnangagwa resorts to temporary powers over crippling forex shortages in Zim

By Fin 24.com PRESIDENT Emmerson Mnangagwa has resorted to the use of temporary powers to deal with illegal currency traders as the southern African country continues to experience crippling foreign currency challenges. Under regulations that come into effect this Monday, the Zimbabwean authorities will track unexplained movement of money in the financial system. Those caught

Econet Group founder, Strive Masiyiwa

Econet to surrender Liquid Telecom equity

By Alois Vinga ECONET Group has announced that it was selling its entire 51 percent stake in Liquid Telecom in a move meant to create an independent internet services provider. In a statement, Econet Group founder, Strive Masiyiwa has said he is considering a separate listing next year for subsidiary Liquid Telecom which could be

Ncube urged to release $100 million for digitalisation completion

By Alois Vinga THE information and publicity parliamentary committee has pleaded with Finance Minister, Mthuli Ncube to set aside atleast $100 million from his 2019 national budget for the completion of the country’s digitalisation project. Making submissions at the 2019 pre-budget seminar in Victoria Falls Friday, committee chair, Prince Sibanda said there was urgent need

KFC reopens in Zimbabwe after month-long economic closure

By Fin24.com HARARE: KFC reopened its outlets in the Zimbabwean capital of Harare on Friday after closing its stores about a month ago citing pressures on the Zimbabwean economy.  On Friday morning the American fast food restaurant chain posted on Facebook that it was “excited to announce that we will be reopening our restaurants across

Finance minister Mthuli Ncube

September fiscal deficit down to $19m from projected $100m

By Alois Vinga THE government’s total expenditure for September exceeded income by $19 million, against a projected target $100 million, finance minister Mthuli Ncube has said. Addressing Members of Parliament at a pre-budget seminar in Victoria Falls, Thursday morning, Prof Ncube said measures implemented since August this year were yielding positive results. “In September, after

Zimbabwe’s currency woes continue

By Financial Mail After a month-long run on Zimbabwe’s petrol stations, there seems to be more fuel available in Harare this week. The queues have tapered off — but not everyone believes the supply is now reliable. Fuel — 120Ml is imported by the government every month — is a central supply concern, given the

Finance minister Mthuli Ncube and permanent secretary George Guvamatanga

Banks Fear Hyperinflation Return in Plea for Zimbabwe Reforms

By Bloomberg News Zimbabwean banks urged the government to introduce wide-ranging reforms amid signs the country is facing an economic crisis reminiscent of a hyper-inflationary spiral a decade ago. Finance Minister Mthuli Ncube is preparing to announce the 2019 budget later this month. He’s juggling a ballooning budget deficit, foreign-exchange shortages that are fuelling inflation, and

Canada-based Caledonia buys back 15% interest in Zimbabwean gold mine

By Agencies JUNIOR resource group Caledonia Mining has signed a binding agreement to purchase Fremiro Investments’ 15% shareholding in the Blanket gold mine in Zimbabwe. The agreement comes after the parties signed a memorandum of understanding (MoU) for the acquisition of the 15% stake for $16.66m in August this year. The consideration for the stake comprises the

China’s reserves fall, suggesting Beijing propping up yuan

By Associated Press BEIJING: China’s foreign currency reserves declined in October in a sign Beijing might be intervening in the market to keep its yuan from falling too far against the dollar and triggering a possible U.S. backlash amid a tariff battle. The reserves, the world’s largest, declined by about $34 billion to just over

German Chancellor Angela Merkel arrives for the weekly cabinet meeting at the chancellery in Berlin, Germany, Wednesday

German government advisers slash economic growth forecast

By Associated Press BERLIN: The German government’s panel of independent economic advisers has cut its growth forecast for this year, citing a tougher foreign trade environment, among other issues. The five advisers on Wednesday predicted growth of 1.6 percent this year in Europe’s biggest economy, down sharply from the 2.3 percent they forecast in March.

Karikoka Kaseke

ZTA hires Aljazeera in bid to market country’s tourist attractions

By Alois Vinga THE Zimbabwe Tourism Authority (ZTA) has engaged global news network, Aljazeera in efforts to market the country as a suitable tourism destination for world tourists. ZTA did this through signing a Memorandum of Understanding with the world news giant. The arrangement will see Aljazeera’s English channel broadcasting and listing all the facilities

Finance Minister Mthuli Ncube

93 percent of Zim exports destined for Africa, Ncube

By Alois Vinga FINANCE Minister, Mthuli Ncube has revealed that 93 percent of the country’s exports are destined for the African market as he urged local industry to up its game and take advantage of the vast international opportunities. He was addressing delegates at an Afreximbank trade briefing in Harare Monday morning. “In 2017, 93