AFP The price of bread almost doubled for Zimbabweans last week, as the inflation nightmare that marked the rule of long-time authoritarian leader Robert Mugabe returns to haunt his successor Emmerson Mnangagwa. There have been warnings of the mental and physical toll the rampant price increases will have on Zimbabweans after the cost of a
By Anna Chibamu FINANCE Minister Mthuli Ncube has pledged his immediate attention to concerns raised by tobacco farmers who are stranded at most of the tobacco auction floors in Harare due to non-payment of their produce. Ncube told NewZimbabwe.com on the sidelines of the country’s main independence day celebrations at the National Sports Stadium Thursday
By Alois Vinga GOVERNMENT needs to be realistic about the economic situation in the country, captains of industry have said. They were reacting to statements made by President Emmerson Mnangagwa in his keynote speech at celebrations to mark the country 39th Independence anniversary. An angry Mnangagwa described recent price increases of basic commodities as “inhumane
By Alois Vinga AT least 200 000 cattle, have been lost to the tick borne diseases but government is working to stop the spread of problem, President Emmerson Mnangagwa has said. Mnangagwa told thousands of people who braved the rains to attend the country’s 39th Independence celebrations in Harare, that the move by government will
By Anna Chibamu GOVERNMENT has been shocked by the rate at which industry is increasing prices of basic commodities, with the latest being the 50 percent hike by bread makers, President Emmerson Mnangagwa has said. In his speech at celebrations to mark the country’s 39th Independence anniversary, Mnangagwa said the increases were inhumane. “Government is
By Alois Vinga TURNALL Holdings Limited (THL) has unveiled plans to divert from asbestos products and increase its footprint into the region in search of better revenue prospects. at a time when the entity has registered a revenue increase of 69 percent for the year ended December 2018. THL managing director, Roseline Chisveto told an
By Alois Vinga FIRST Mutual Holdings Limited (FMHL), plans to strengthen its Botswana unit in a bid to spread risk, group chief executive officer Douglas Hoto has said. Hoto told newzimbabwe.com Business, that the move has been motivated by factors centered on risk diversification. “The motive is to diversify the local country risk because Botswana
By Staff Reporter IN an effort to raise awareness among decision makers and procurement entities Buy Zimbabwe will late this month host a Public Procurement Conference. The lobby group, in a statement Tuesday said the conference is aimed at raising consciousness among business leaders and stakeholders on the benefits of buying local products. Buy Zimbabwe
By Alois Vinga FIRST Capital Bank Zimbabwe (FCB) managed to register a 157 percent surge in revenue from the purchase of Treasury Bills, the financial institution said Monday. The bank said it had also posted a profit of RTGS$ 24.3 million after tax in the 2018 financial year. First Capital managing director, Samuel Matsekete confirmed
By Alois Vinga GLOBAL multilateral lender the World Bank’s (WB) has called on President Emmerson Mnangagwa’s government to hasten economic reforms. WB technical expert, Sveltlana Bagaudinova said if the reforms are expedited this could help in attracting “foreign direct investment.” Bagaudinova told newzimbabwe.com business, on Monday that while the willingness is apparent the pace has
Bloomberg Gold producer Metallon Corp. halted output at three of its four mines in Zimbabwe because of mounting debts, as a South African newspaper reported the owner is considering selling the operations. The suspension is the latest sign of stress in the southern African nation’s gold industry, which has been hampered by a shortage of
Forbes Metallon Corporation, a gold mining group owned by Mzi Khumalo, one of South Africa’s most prominent mining entrepreneurs, has reportedly filed for business rescue for two of its subsidiaries, Goldfields of Mazowe Limited and Goldfields of Shamva Limited, in order to protect the companies’ assets from being seized by creditors. The Business rescue process,
By Alois Vinga ZIMBABWE surpassed its revenue collections targets for the year 2018 by US$1.18 billion, a 2018 fourth quarter report released by the Finance Ministry has revealed. The report observes that the policies aimed at widening the tax revenue base in the final quarter contributed to the surplus earned. “Revenue collections during the fourth
By Alois Vinga ECONET Wireless 466 KW Willowvale solar power plant commissioned Wednesday will supply 45 percent of the entity’s electricity needs, it has been learnt. In a statement the mobile network operator said that the solar plant was engineered and designed by Distributed Power Africa (DPA) in tandem with the Econet’s commitment towards the
By Alois Vinga ZIMBABWE’s current foreign currency distortions are severely affecting the smooth running of the economy, an (IMF) delegation that has been visiting the country has concluded. The delegation’s head, Gene Leon said foreign currency exchange rates coupled with natural disasters like the recent Cyclone Idai, have a negative bearing on the economy. “Zimbabwe
By Staff Reporter ENVIRONMENT and Tourism Minister, Priscah Mupfumira is leading a delegation from Zimbabwe that is attending the Kavhango-Zambezi Transfrontier Conservation Area (KAZA- TFCA) meeting underway in the resort town of Victoria Falls. The meeting according to officials is being attended by Ministers from KAZA partner countries, Botswana, Zambia, Angola, Namibia and Zimbabwe. “The
By Alois Vinga MINING conglomerate Vast Resources plc, has agreed to sell its entire 25 percent stake in Zimbabwe based Pickstone-Peerless Gold Mine in a development that will enable the mining giant to stabilise its balance sheet. In a statement released Monday, the multi- commodity resource company confirmed the development. “Vast Resources Plc has
By Alois Vinga INDUSTRY and Commerce Minister, Mangaliso Ndlovu has charged the recently appointed members of the Rent Board to urgently deal with issues affecting tenants and landlords in the country. The appointment of the board was confirmed under General Notice 674 of 2019 published in the Government Gazette. “It is hereby notified that the
By Alois Vinga THE Zimbabwe Stock Exchange (ZSE) has delisted PG Industries Zimbabwe Limited (PGIZ) and Willdale Limited preference shares. According to a statement, the decision was on the basis that the PGIZ requested for shares termination while Willodale opted for voluntary delisting upon realising that it no longer had the required public shares for
Bloomberg Anjin Investments Ltd. was last month allowed to resume diamond mining in Zimbabwe as the African country moved to improve relations with China, according to a senior government official. Zimbabwe has signed cooperation agreements with China spanning infrastructure and agriculture, Polite Kambamura, the deputy mines minister, said in an interview in Johannesburg on Wednesday.
