Business

Business

Oswell Binha (right)

CEOs urge economy dialogue between business and govt

By Matebeleland North Correspondent COMPANY executives who attended the 6th CEO Africa Round Table conference in Victoria Falls called for dialogue between business and government, saying this was key to addressing socio-economic and political problems affecting the country. Oswell Binha, who chairs the CEOs Africa Round Table, lamented that government has “always been unwilling to

Black market forex rates fairly stable since January

By Alois Vinga BLACK market foreign currency exchange rates have remained fairly stable for almost two months with dealers attributing the trend to a reduction in demand. A random assessment by NewZimbabwe.com Business confirmed that the rates have not shifted much over the past two months. “If one exchanges one United States dollar, they receive

Uganda deports MTN chief over ‘national security’

By AFP Uganda has deported the Belgian head of South African telecoms giant MTN’s local branch, the company said Friday, making him the fourth employee to be kicked out of the country this year. Police spokesman Fred Enanga said that MTN Uganda’s chief executive Wim Vanhelleputte had been deported on Thursday night “over national security”.

US Congress urged to fully open banks to marijuana industry

By Associated Press Bank officials and others urged Congress on Wednesday to fully open the doors of the US banking system to the legal marijuana industry, a change that supporters say would reduce crime risks and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan. Most Americans live in

Speaker Jacob Mudenda

MPs urged to scrutinise Zim’s trade agreements by the executive

By Alois Vinga SPEAKER of Parliament, Jacob Mudenda has urged his MPs to develop a habit of scrutinising trade agreements negotiated by the executive on the country’s behalf so that they could knowledgeably approve deals that will not burden generations to come. Mudenda made the remarks this week while addressing parliamentarians at a Harare function

Industry Minister Mangaliso Ndlovu

Zim shelves plans to join Continental Free Trade Area

By Alois Vinga GOVERNMENT has shelved plans to fully join the Africa Continental Free Trade Area (ACFTA) so that it could find space to stabilise local industry which is struggling to produce enough quality goods to compete outside. This was revealed by Industry and Commerce Ministry’s director of International Trade, Beatrice Mutetwa while addressing parliamentarians

Finance Minister Mthuli Ncube

Zim inflation rate surges to 57 percent

By Alois Vinga ZIMBABWE’S inflation rate has surged to a ten year record of 56.90 percent, according to figures released by the country’s statistics agency. Measured on a yearly basis against the Consumer Price Index, the monthly inflation rate is up from 42.09 percent recorded December 2018. According to a recent Zimbabwe National Statistics (ZIMSTATS)

Fertiliser manufacturers struggle to meet local demand due to forex shortages

By Alois Vinga LOCAL fertiliser manufacturers say production capacity has dwindled as foreign currency shortages continue to choke the sector. This was revealed this week by Fertiliser Manufacturers Association official, Phillip Nyakudziwanza in an interview with NewZimbabwe.com. “Despite that the sector has a combined production capacity to produce 1.5 million tonnes of fertiliser, last year

Distributors urge scrapping of VAT and duty on condoms

By Idah Mhetu CONDOM distributors have called on government to scrap VAT and duty on contraception to make them more affordable to ordinary Zimbabweans. Speaking during the International Condom Day commemorations in Harare on Thursday, Magna Chawira, a pharmacist, said the imposition of duty on condoms also affected pricing on the imported product. Chawira further

Baking sector sends over 1 000 workers on forced leave

By Alois Vinga THE baking sector has sent over 1 000 workers on forced leave as bread stocks continue to dwindle due to raw material shortages. This was revealed by Bakery Industry Workers Union deputy secretary general, Munyaradzi Shanga in an interview with NewZim Business. The situation has been worsened by government’s continued imposition of

Minister Mangaliso Ndlovu

Government failing to tap into sugar industry potential, says MP

By Alois Vinga CHIREDZI West legislator, Farai Musikavanhu has accused government of failing to tap into the vast economic potential offered by the country’s sugar industry which he says has remained a viable sector at a time the country was experiencing economic difficulties. Musikavanhu, who is a seasoned agronomist, was speaking during a Value Chain

Orders are piling in and new workers are being recruited at the Courteney boot company -- that seems to defy all the odds as Zimbabwe is battered by decades of economic misery

Handmade Zimbabwe shoes an unlikely global hit

By AFP IN a tiny factory producing handmade boots and shoes in southwestern Zimbabwe, leather cutter Misheck Sibanda is on another hectic shift as he tries to keep up with soaring global demand. Orders are piling in and new workers are being recruited at the Courteney boot company — that seems to defy all the

40 countries agree cars must have automatic braking

By Associated Press GENEVA: Forty countries led by Japan and the European Union — but not the U.S. or China — have agreed to require new cars and light commercial vehicles to be equipped with automated braking systems starting as soon as next year, a U.N. agency said Tuesday. The regulation will require all vehicles

US president Donald Trump

US National debt hits new milestone, topping $22 trillion

By Associated Press WASHINGTON: The national debt has passed a new milestone, topping $22 trillion for the first time. The Treasury Department’s daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Donald Trump took office on Jan. 20, 2017. The debt figure has been

Forex-short Zim fails to pay US$18m Ethiopia Airlines debt

By Idah Mhetu ETHIOPIAN Airlines is failing to repatriate funds amounting to US$18 million from Zimbabwe due to the shortage of foreign currency in the country. President Emmerson Mnangagwa was quoted in a local newspaper admitting that Ethiopian Airways is failing to access its funds from the country. The Zimbabwean leader was speaking from Addis

Mozambique's Transport and Communications Minister Carlos Mesquita

Mozambique calls for one-stop boarder with Zimbabwe

By APA Mozambique’s Transport and Communications Minister Carlos Mesquita has called for the Machipanda boarder post with neighbouring Zimbabwe to be developed into a one-stop border post to build competitive advantages over other regional routes. The official was quoted by state-controlled Radio Mozambique on Monday as saying that he has noticed an improvement in the

Dr. Benedict Okey Oramah

Afreximbank says Ready To help Zimbabwe tackle fuel shortages

The African Export-Import Bank(Afreximbank) stands ready to provide all necessary support to aid Zimbabwe in tackling its fuel shortage. This was said by the president and chairman of the bank’s board of Directors Dr. Benedict Okey Oramah on the sidelines of the 32nd African Union summit on Sunday. “We have to operate within the country limits they have. We are always available to support

Mozambique NGOs call on Credit Suisse to write off debt

By AFP SEVERAL non-governmental organisations in Mozambique on Saturday called on Credit Suisse to write off debt their government contracted with the Swiss bank as part of a massive “hidden debt” scandal. In a letter addressed to Credit Suisse CEO Tidjane Thiam seen by AFP, 21 civil society groups said the scandal over allegedly illegal