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,
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
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
By Alois Vinga THE Japanese government has extended a $3.6 million grant to Zimbabwe which will be used for the acquisition of cyber security equipment. The grant comes at a time the number or technology abuse crime is on the rise in the form of bank card cloning, poaching and smuggling of wildlife, motor vehicle
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
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
By Staff Reporter AfricaCoin’s Chief Executive Officer, Amos Tsopotsa has urged the use of crypto-currency as it was one of the most convenient methods of electronic money transfers in a world that is fast taking to digital forms of trade. Crypto-currency allows online users to process transactions through digital units of exchange called AfricaCoin. Speaking
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
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
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
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
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
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
By Nkosana Dlamini TOURISM and Hospitality Minister Prisca Mupfumira Thursday leads a Zimbabwean delegation to a high-profile London investment forum with hopes to convince a largely hesitant foreign investor base to come and set up businesses in the country. The one-day Indaba, set to be held at London Hilton Canary Wharf in central London, will
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
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
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.
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
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
By Staff Reporter Mutare: THE Grain Millers Association of Zimbabwe (GMAZ) has allayed fears of a looming bread and flour shortages during the forthcoming festive season, telling the media in Mutare weekend that the group has just imported 60 000 tonnes of wheat to meet the demand. GMAZ chairperson Tafadzwa Musarara visited Forbes Border post
