Companies

Companies

Samsung folding phone is different – but also almost $2,000

By Associated Press SAN FRANCISCO: Samsung unveiled a highly anticipated smartphone with a foldable screen in an attempt to break the innovation funk that has beset the smartphone market. But it’s far from clear that consumers will embrace a device that retails for almost $2,000, or that it will provide the creative catalyst the smartphone

Former UBS Group AG's wealth management for Western Europe Dieter Kiefer arrives for the the Swiss bank's trial at the Paris courthouse in Paris, France, Wednesday, Feb. 20, 2019

Swiss bank UBS fined 3.7 bn euros in French tax fraud case

By AFP A Paris court on Wednesday fined Swiss banking giant UBS 3.7 billion euros ($4.2 billion) in a tax fraud case, a record for such a case in France. The bank was convicted of illegally helping French clients to hide billions of euros from French tax authorities. The trial opened last autumn after seven

Cassava Smartech CEO Eddie Chibi

Zim’s tech company launches Uber-type app for tractors

By Fin24.com ZIMBABWE Stock Exchange listed tech company, Cassava Smartech, an off shoot of Econet Wireless Zimbabwe, has launched a tractor sharing service app modelled along ride hailing service Uber. Cassava, which already has its ride sharing services app, Vaya, plans to make ploughing tractors available to farmers within minutes anywhere in Zimbabwe.  According to

Honda to shut plant in Brexit-shaken Britain

By Associated Press TOKYO: Japanese carmaker Honda plans to close its car factory in western England in 2021, a fresh blow to the British economy as it struggles with the uncertainty associated with leaving the European Union next month. The company announced the decision, which will imperil 3,500 jobs and possibly many more, at a

Facebook needs regulation as Zuckerberg ‘fails’ – UK MPs

By BBC Facebook needs far stricter regulation, with tough and urgent action necessary to end the spread of disinformation on its platform, MPs have said. A Commons committee has concluded that the firm’s founder Mark Zuckerberg failed to show “leadership or personal responsibility” over fake news. Untrue stories from foreign powers were risking the UK’s

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”.

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

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

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

Gushing profits for oil majors on crude price

By AFP The world’s top energy companies booked enormous profits last year thanks to higher oil prices and keeping a tight lid on spending, even if that risked limiting their medium-term production capacity. The five “supermajors” — US firms Chevron and ExxonMobil, Britain’s BP, Anglo-Dutch Royal Dutch Shell and Total of France – earned nearly

Instagram tightens rules on self-injury images

By AFP Instagram late Thursday announced it is clamping down on images related to self-injury such as cutting. The move came after British Health Secretary Matt Hancock met with social media companies about doing more to safeguard the mental health of teenagers using their platforms. British teenager Molly Russell was found dead in her bedroom

Top milk processor Dendairy in troubled waters

By Kwekwe Correspondent KWEKWE based Dendairy Limited says the harsh economic environment has plunged the milk processor into a viability crisis with current operations now only aimed to keep the company afloat with hopes the country’s sagging economy could bounce back soon. Company director Carly Archibald told NewZimbabwe.com the firm has even also fallen behind

London Stock Energy ranks Zim’s ZONFUL Energy among Africa’s most inspiring firms

By Alois Vinga LONDON Stock Exchange (LSE) has rated Zimbabwean entity, ZONFUL Energy among Africa’s top 360 inspiring companies in a development indicating vast potential in the firm. The LSE Inspire Africa 2019 report, which identifies a new cohort of fast growing and dynamic private businesses across the continent, confirmed the development which has seen

Air Zimbabwe to take over ‘Mugabe airline’ planes – says Minister

By Kingston Ndabatei THE Government on Tuesday effectively killed a shadowy airline established by former Transport Minister Jorum Gumbo with reported links to former First Lady Grace Mugabe. New Transport Minister Biggie Matiza told journalists at a post-cabinet press briefing that the four planes initially purchased for Zimbabwe Airways by government would now be taken

Information minister Monica Mutsvangwa

Govt sets up fund for companies looted & torched during violent protests

By Staff Reporter THE government has set up a special fund to assist businesses and communities affected by the violent protests which rocked the country last month. Information minister Monica Mutsvangwa confirmed the development during a post-cabinet media briefing held in Harare late Tuesday. “Following a presentation of an interim report by the ad-hoc committee

Facebook faces 7 data probes as Irish watchdog gets tough

Bloomberg Facebook faces seven separate data-protection probes in Ireland as the country’s privacy regulator looks to take advantage of new rules that allow it to impose hefty fines. The investigations are among 16 cases targeting big technology companies including Twitter, Apple, LinkedIn, and also Facebook’s WhatsApp and Instagram, Helen Dixon, Ireland’s data protection commissioner, said

Cambria Africa swing to profit; warns of dimmed outlook in Zimbabwe

By Agencies UK-BASED Cambria Africa swung to an annual profit after it generated higher revenue from its investments in Zimbabwean payments services and industrial solvents companies. The company, however, noted that recent political unrest in the African nation had dimmed the outlook for foreign investment there. Net profit for the year through August amounted to