Bloomberg ECONET Global Ltd., owned by Zimbabwean billionaire Strive Masiyiwa, is keen to acquire a telecommunications licence in Ethiopia, which is opening up the industry to foreign investment for the first time. The Horn of African nation has announced plans to sell as much as 49% of the state-owned monopoly, Ethiopian Telecommunications Corp., and issue two
By Robert Tapfumaneyi THE ongoing 6th African Regional Forum on Sustainable Development (ARFSD) has brought smiles to many landlords in the resort town of Victoria Falls as hotels and lodges run of out accommodation. Delegates have been forced to look for alternative accommodation in private homes. More than 3000 delegates are attending the conference from
By Ndatenda Njanike THE Grain Millers Association of Zimbabwe (GMAZ) has dismissed reports some of its members were holding on to stocks of roller meal and causing artificial shortages in the process. In a statement Monday, GMAZ Media and Public Relations Manager Garikai Chaunza said current shortages being experienced were a result of transport challenges
By Alois Vinga MEIKLES Limited says it recorded sale declines across its hospitality, agriculture and supermarket segments in both the last trading quarter and nine-month period ending December 31 2019. Presenting a trading update recently, the group’s company secretary, Thabani Mpofu said all segment performances were lower than those recorded in the prior year. “The
By Staff Reporter THE fight between Lands parliamentary committee chair, Justice Mayor Wadyajena, and Grain Millers Association of Zimbabwe chairman, Tafadzwa Musarara, continues Tuesday despite millers last week having rallied behind the later on how the US$27 million wheat facility extended to the association’s suppliers of the cereal by the Reserve Bank of Zimbabwe was
By Alois Vinga A top economist says industrial capacity utilisation could decline to 27 % this year if government does not take a step to dumping its destructive policies. Confederation of Zimbabwe Industries (CZI), chief economist, Tafadzwa Bandama made the remarks while presenting CZI’s 2019 Manufacturing Sector Survey in Harare recently. “The decline signifies 9.4
By Alois Vinga PRESIDENT Emmerson Mnangagwa has blamed poor support from funding partners for his government’s slow-paced economic reforms. He was speaking at the official opening of the Political Actors Dialogue (POLAD) Economic Summit in Harare Friday. Mnangagwa said negligible support Zimbabwe was receiving from global financiers was very limited but vowed to continue with
By Matabeleland North Correspondent VICTORIA Falls: Energy and Power Development Minister Fortune Chasi Wednesday told energy regulators from the region that power challenges faced by SADC countries were a form of punishment by nature for defiling the environment. Chasi was guest speaker at the Regional Electricity Regulators Association of Southern Africa (Rera) conference in the
By Bulawayo Correspondent GOVERNMENT says it has come up with a raft of strategies to both resuscitate and restructure distressed industries in Bulawayo. Once the country’s industrial hub, Bulawayo has suffered company closures and the relocation of firms to Harare in the last two decades, resulting in loss of jobs for thousands of residents. Speaking
By Robert Tapfumaneyi GOVERNMENT will not hesitate to withdraw mining title to companies which are in default of annual renewal fee payments, Mines Minister Winston Chitando has said. He was speaking during a post-cabinet media briefing in Harare Tuesday. Chitando said miners owed government up US$200 million in unpaid fees. “All holders of mining title
By Robert Tapfumaneyi RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya says the country was wasting a lot of scarce foreign currency through importing carrots and potatoes, among things that could be produced locally. Mangudya said it was disheartening that a country with many dams which were full of water throughout the year could find
By Leopold Munhende GOVERNMENT is happy with the manner with which it has been implementing state enterprise reforms despite stagnation on major parastatals such as power utility ZESA, National Railways of Zimbabwe (NRZ) and the Cold Storage Company. This was said Tuesday by Information Minister Monica Mutsvangwa at a post-cabinet media briefing. Asked to explain
BBC Apple has warned that disruption in China from the coronavirus will mean revenues falling short of forecasts. The tech giant said production and sales were affected, and that “worldwide iPhone supply will be temporarily constrained”. The iPhone maker is the first major US company to say that the epidemic will hit its finances. Apple,
By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya is optimistic the country’s economy will grow by 3 % in 2020 despite unresolved problems affecting industry and the economy. Speaking during a Monetary Policy Statement presentation in Harare Monday, the central bank boss said good rains in the current agricultural season will also
Equity Axis News “This means that prices as measured by the all times Consumer Price Index (CPI) increased by an average rate of 2.23 percent from December 2019 to January 2020,” ZIMSTAT said. The surprise drop was driven by the smaller increases in price of food and non-alcoholic beverages which shed 13.20 percentage points on
Xinhua Zimbabwe received 635 million U.S. dollars in diaspora remittances in 2019, up 2.6 percent from 619 million dollars in 2018, Reserve Bank of Zimbabwe Governor John Mangudya said on Monday. International remittances received through normal banking channels on behalf of international organizations amounted to 521 million dollars in 2019, down 9 percent from the
By Robert Tapfumaneyi RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya has assured Zimbabwean NGOs and individual depositors the apex bank has no intentions to dip into their foreign currency bank accounts to finance government operations. He was presenting his Monetary Policy statement focusing on Price and Exchange Rate Stability at the RBZ building in
Bloomberg GARY Green is no stranger to adversity. The burly Zimbabwean has survived a brain tumor and rebuffed the seizure of his machinery business by people who claimed he was a foreigner and demanded he hand over control. Now even Green’s resolve will be tested as an imploding economy, rampant inflation, and Zimbabwe’s crippling shortage
By Alois Vinga COMPANIES operating in Zimbabwe have bemoaned the continuous depreciation of the local dollar’s value making the operating environment highly unpredictable. To stabilise, some companies have called for the government to immediately implement political reforms. In a recent trading update, Paper and Packaging Group, NAMPAK Zimbabwe, said the three month period from 1
By Alois Vinga PAPER and packaging group Nampak Zimbabwe’s volumes continue to decline after seeing another quarter registering a downward trend across all portfolios by 30%. According the group’s trading update covering the firm’s first quarter shows a trend of sales declines. “Volumes at Hunyani for the first quarter were down on the prior year
