Strive Masiyiwa

Strive Masiyiwa’s Econet donates RTGS$5 million towards Cyclone victims

By Business Reporter STRIVE Masiyiwa’s Econet Zimbabwe and its subsidiary companies have extended a RTGS$5 million assistance for victims of the deadly Cyclone Idai in Manicaland. The fund will be disbursed through Higher Life Foundation, a charity organisation founded by Tsitsi Masiyiwa, wife to the tycoon, to assist the under-privileged. The foundation’s chief executive, Doctor

Callisto Jokonya

ZIMRA workers blast ‘arrogant’ new board chair Jokonya

By Alois Vinga ZIMBABWE Revenue Authority and Allied Workers Trade Union (ZIMRATU) employees have registered dissatisfaction over the newly appointed board chairperson, Callisto Jokonya for allegedly describing all staffers as corrupt, using provocative language and usurping management functions. In a statement released Tuesday, ZIMRATU described Jokonya as “lacking leadership qualities” and not experienced enough to

Minister Jorum Gumbo

New ZESA board appointed, tasked to end corruption in the parastatal

By Alois Vinga ENERGY Minister, Joram Gumbo Tuesday unveiled a new seven-member ZESA management board which has been tasked to end corruption in the state enterprise and implement the recently completed forensic audit recommendations, among other functions. Announcing the appointments Monday afternoon, Gumbo said the occasion had come at an opportune time when ZESA Group

Tafadzwa Musarara

Cyclone disrupts wheat transportation from Beira – GMAZ boss

By Anna Chibamu GRAIN Millers Association of Zimbabwe (GMAZ) chairman, Tafadzwa Musarara says the recent Cyclone Idai which battered parts of Mozambique and Zimbabwe’s eastern region has disrupted the transporation of wheat from the Mozambican port city of Beira. Under the current wheat shortages caused by the forex crunch however, Musarara said, his organisation has

Isabel dos Santos

Africa’s richest woman to be ousted at Angola telecoms company

Fin24 Africa’s richest woman is set to be ousted from the helm of Angola’s biggest telecommunications company as shareholders meet Tuesday to discuss corporate governance in the wake of legal action by one of its biggest investors. The meeting at Unitel SA, whose chairwoman Isabel dos Santos owns 25%, comes after an arbitration court ruled

IDBZ to scale up capital base to US$1 billion through partial privatisation

By Alois Vinga THE Infrastructure Development Bank of Zimbabwe (IDBZ) has embarked on medium term recapitalisation programme targeting US$1 billion through partial privatisation in a development that will see the bank being capacitated to undertake demanding projects. A notice published in a recent Government Gazette says that the IDBZ is targeting a US$500 million in

NRZ introduces new routes to boost revenue

By Alois Vinga ZIMBABWE’S loss making rail transporter, National Railways of Zimbabwe (NRZ) will soon launch new routes in a development aimed at generating more revenue for the parastatal. This was revealed by company press officer, Nyasha Maravanyika while briefing guests at the Zimbabwe Infrastructure Summit in Harare on Wednesday. Maravanyika said that new trade

Some of the beneficiaries

ILO, Sweden fund 27 environmentally friendly Zim businesses

By Alois Vinga THE International Labour Organisation (ILO), in partnership with the Swedish government, has committed to supporting the best 27 environmentally friendly Zimbabwean business project proposals which were selected through a rigorous adjudication process under the Green Enterprise Innovation project. The 27 were selected out of over 90 submitted project proposals by participants from

Zimchem customers to bring own raw material as forex shortages persist

By Kwekwe Correspondent STRUGGLING chemical manufacturer, Zimchem could soon start asking customers to bring their own raw material for processing as it battles recurrent shortages which are threatening the firm’s viability. This was revealed by Acting General Manager Tendai Shoko in a recent interview with Shoko said the firm would soon require potential customers

Monica Chinamasa

Monica Chinamasa TIMB board in corruption storm

By Alois Vinga PARLIAMENT’S lands and agriculture committee has ordered the Tobacco Industry Marketing Board (TIMB) managers to submit financial statements amid claims of corruption against the Monica Chinamasa chaired board. Committee chair, Justice Mayor Wadyejena Tuesday ordered TIMB chief executive, Andrew Matibiri to submit the entity’s financial statements dating back to 2015, with clear

Sifelani Jabangwe

Banks reject government’s 99-year leases

By Alois Vinga CONFEDERATION of Zimbabwe Industries (CZI) president, Sifelani Jabangwe says local banks continue to reject government’s 99-year land leases as security for loans. Jabangwe told NewZim Business on Monday that financial institutions were rejecting land based loan applications made through 99-year leases by some industrialists. “Despite getting 99 year leases from government, most

Zimbabwe’s Simbisa Brands ready to expand with Nando’s and Ocean Basket

Business Report Zimbabwe’s Simbisa Brands – which runs Ocean Basket, Chicken Inn, Nando’s and Steers counters – has set its eyes on local and regional expansion after deciding against listing in London, with a dividend of 0.45 (USD) cents declared for the interim period to end December. The dividend declaration is on the back of

Property and lives were lost during the protests in January

Protests distress facility ready- gvt

Bulawayo Correspondent BUSINESSES whose  property was destroyed and had goods looted, during the violent protests  in January will next week start accessing the $30 million loan facility availed by government to restock their businesses, Industry Minister Mangaliso Ndlovu has revealed.. Ndlovu told captains of industry attending a dinner organised by the Grain Millers Association GMAZ

RBZ monetary policy review hits Canada-based gold miner

By Agencies DUAL-LISTED Caledonia Mining has announced that, as a result of the revised monetary policy adopted by the Reserve Bank of Zimbabwe (RBZ), the export credit incentive (ECI) programme for Zimbabwean gold producers will be withdrawn. This will likely reduce Caledonia’s earnings a share for 2019 and thereafter by about $5.4-million, or by $0.40 to $0.46 a share.   Caledonia is a majority

Econet adjusts tariffs after RBZ introduction of inter-bank forex market

By Xinhua THE country’s largest mobile network services provider Econet Wireless on Tuesday announced an adjustment in tariffs for roaming and international calling services to reflect movement in exchange rate as determined on the inter-bank market. This follows the introduction of an inter-bank foreign exchange market by the Reserve Bank of Zimbabwe last week where

Industry minister Mangaliso Ndlovu

Premier African Minerals surges as it reaches agreement with Zim government over financing of RHA tungsten mine

By Agencies PREMIER African Minerals Limited shares surged in late-morning Wednesday after it said it had reached “a general agreement” with the Zimbabwe Ministry of Industry regarding the financing and restarting of production at the RHA Tungsten mine. The firm said agreements were in the process of being drafted and that it expects to announce details and

China’s Huawei unveils 5G phone with folding screen

By Associated Press BARCELONA: China’s Huawei unveiled a new folding-screen phone on Sunday, joining the latest trend for bendable devices as it challenges the global smartphone market’s dominant players, Apple and Samsung. Huawei revealed its Mate X phone on the eve of MWC Barcelona, a four-day showcase of mobile devices, as the company battles U.S.