Business

Business

Finance Minister Mthuli Ncube

Mthuli Ncube suspends duty on bus assembling spares

By Alois Vinga FINANCE Minister, Mthuli Ncube has suspended duty payment on imported spares used to assemble buses in what feeds into speculation this could be aimed at facilitating government’s Belarus deal in which Zimbabwe is set to receive buses from the eastern European nation. In line with Statutory Instrument 8 of 2020, the Treasury

Electricity Woes Worsen As Hwange Floods Take Out Power Plant

Bloomberg ZIMBABWE’s thermal power plant in Hwange was knocked off line because of local flooding amid daily power cuts in the African nation. “The weather has conspired against us,” Energy Minister Fortune Chasi tweeted on Sunday, adding that 400 megawatts of capacity had been lost and that power utility Zesa Holdings was working to bring the plant back. The

South Africa, Zimbabwe Lead Regional Mining (M&A) Activity With $323.8m Deals

Business Report HARARE – South Africa and Zimbabwe had the biggest mining investment deals, which accounted for about $323.8 million (R4.66 billion) of global mergers and acquisition (M&A) activity in the mining and metals sector in 2019, new data has shown. The global M&A deals for 2019 were, however, lower than the prior year, global

PPC Clears Bond Programme With S&P Global Ratings

By Alois Vinga LISTED cement producer, Pretoria Portland Cement Company says it has cleared the bond program debt and cut off the ratings service agreement with the ratings agency S&P Global Ratings. In a statement, PPC said the termination of the agreement came soon after settling the debt. “We wish to inform shareholders that it

CBZ reintroduces international travel insurance

By Business Reporter CBZ Insurance has reintroduced its international travel insurance set to benefit policy holders on matters of personal safety, baggage damage and other unforeseen financial losses going away for trips. The programme covers business or recreational travellers. Under the insurance initiative, CBZ Insurance undertakes to ensure those covered receive immediate and direct assistance

Blanket Mine’s Gold Production Jumps 24%

By Alois Vinga   BLANKET Mine’s gold production in the fourth quarter of 2019 increased by 24%, surpassing initially set targets in a development indicating positive output from the mining giant’s strategic plans.   Speaking on the performance, Caledonia Mining Corporation’s chief executive, Steve Curtis said gold output in the last quarter exceeded past records.

Raw Materials Dominate Zim’s Export List 

By Alois Vinga ZIMBABWE’s export list continues to be dominated by raw materials despite the existence of vibrant policies aimed at boosting industrial productivity. The latest Reserve Bank of Zimbabwe’s (RBZ) monthly economic review shows that there was no transformation in the quality of goods leaving the country. “The country’s export basket continued to be

ZESA Reinstates Whistle-Blower Workers

By Alois Vinga ZIMBABWE Electricity Supply Authority (ZESA) has reinstated eight employees who were dismissed from work last three years ago after exposing massive corrupt activities happening at the parastatal. After their dismissal, the workers appealed against the decision to President Emmerson Mnangagwa who ordered their immediate reinstatement, but ZESA declined to carry out the

Mthuli Ncube

Mthuli Ncube Sticks To 3% Growth Forecast Despite Poor Rains

Reuters Zimbabwe’s finance minister maintained on Monday that the country’s economy would grow 3% this year despite poor rains that have hurt some crops and persistent power cuts that have hit mines and industry. The southern African nation is experiencing its worst economic crisis in a decade, compounded by shortages of foreign exchange, fuel and

Zim miner’s rare ore used in manufacturing glass passes secondary test stage

By Alois Vinga ZIMBABWEAN lithium company, Prospect Resources, which is listed on the Australian Stock Exchange, says its ultra-low iron petalite product has progressed through the secondary qualification process with one of the world’s largest glass-ceramic manufacturers, based in Europe. Within the glass-ceramics market, ultra-low iron petalite is a key ingredient in the manufacture of

Under fire...Telecel boss Angeline Vere

Telecel boss dismisses incompetency claims, blames economy for company woes

By Alois Vinga TELECEL Zimbabwe’s chief executive officer, Angeline Vere has come out guns blazing dismissing claims she was too incompetent to effectively run the struggling mobile telecoms firm. Vere blamed the tough economic environment and power outages for the organisation’s poor performance. In an official response Friday, Vere said Telecel’s plunge in profits –

AFDB country manager, Damon Kitabire Damon Kitabire

African Development Bank hands over US$10 million grant to Zimbabwe

By Anna Chibamu GOVERNMENT has received US$10.4 million for tax accountability and enhancement project (TAEP) from the African Development Bank (AFDB). The signing ceremony of the grant protocol agreement took place in Harare on Thursday between Finance Minister Mthuli Ncube and AFDB’s country manager Damon Kitabire. Announcing the grant, Ncube said, “Zimbabwe Revenue Authority (ZIMRA)

South African Airways ordered to pay US$870k weather fees

By Mary Taruvinga SOUTH African Airways (SAA) has been ordered by Zimbabwean High Court judge Ephraim Tagu to pay the country’s Environment, Water and Climate Ministry a total of US$877 435 in meteorological weather fees. The judgment comes after a six-year legal battle during which SAA was challenging the claim. The claim was made by

Power outages prompt 20% mining sector output losses for 2019

By Alois Vinga ZIMBABWE’S ongoing power shortages contributed to at least 20% output losses to the country’s mining sector, the 2019 third quarter treasury bulletin published by the Finance Ministry has reported. The bulletin acknowledged that the majority of players in the extractive sector experienced severe power outages. “Power shortages was the major challenge for

Finance Minister Mthuli Ncube

Mthuli declares $59.3 million budget surplus

By Alois Vinga TREASURY has declared a budget surplus of $59.3 million in the third quarter of 2019, a third quarter bulletin by the finance ministry has revealed. According to the document, revenue collections during the year’s final quarter performed above target by $875.1 million, with tax and non-tax revenue surpassing targets by 16.1 %.

More job losses loom for Zim’s banking industry

Bloomberg   AFTER shedding 8% of their workforce last year, Zimbabwean banks may cut more jobs in 2020 as the economy shrivels and the sector increasingly shifts away from cash and toward digital services. “The banking industry, just like the rest of the economy, will suffer negative growth this year, which could result in even

Coca-Cola Company, Delta Finalise Renewal Deal

By Alois Vinga LISTED beverages giant, Delta Corporation Limited is working closely with The Coca –Cola Company (TCCC) towards the renewal of a bottler’s agreement, company chairman, Canaan Dube has revealed. Dube made the remarks in a recent trading update to shareholders accompanying financial results for the period ended September 30 2019. The company has