Companies

Companies

Pamwe Capital Partners offers $20 million support for agricultural projects

By Alois Vinga PAMWE Capital Partners (Pvt) Limited (PCP) have announced setting aside a $20 million agricultural support fund to be availed to farmers who need to rejuvenate their investments. PCP is a company which brings together investors in the diaspora and negotiates on behalf of the members in areas of investment in Zimbabwe. The

S. Africa’s MTN settles repatriation dispute in Nigeria with $53m payment

Africa News South African telecoms operator MTN Group has finalised a settlement with the Nigerian government, worth $53 million to resolve a four-month multi-billion dollar dividend repatriation row that has hammered its share price. Nigeria is MTN’s biggest market, accounting for a third of the African telecoms heavyweight’s annual core profit, but it has proven

Delta Beverages blacklists errant retailers

Bulawayo Correspondent DELTA Beverages have stopped supplying alcohol to Bulawayo retailers found charging exorbitant prices for the company’s alcoholic products. Delta charges $19.20 for a case of 340 ml while the recommended price of each bottle is $1.00. The recommended price for a 375 ml is $15.67 while the approved retail price is $0, 80.

China’s Huawei faces new setbacks in Europe’s telecom market

By Associated Press LONDON: The U.S. dispute with China over a ban on tech giant Huawei is spilling over to Europe, the company’s biggest foreign market, where some countries are also starting to shun its network systems over data security concerns. Some European governments and telecom companies are following the U.S.’s lead in questioning whether

Profiting off presidency? Trump biz takes hit since election

By Associated Press NEW YORK: When workers pried the Trump name off another Manhattan building earlier this year, it capped a bad few weeks for the president’s businesses. Donald Trump’s golf resorts in Scotland had just posted millions of dollars in losses, one of his hotels in Panama had rebranded itself a Marriott, and New

President Mnangagwa

Zim to start conglomerate diamond mining after commissioning plant

Xinhua Zimbabwean President Emmerson Mnangagwa on Thursday commissioned a diamond crushing plant at Zimbabwe Consolidated Diamond Company (ZCDC), which will see the country migrating from alluvial to conglomerate diamond mining. The plant and equipment were sourced from Belarus following initiatives by the president when he visited that country in 2015 as vice president, the Herald

Airbus shares plunge on reported US corruption probe

By Bloomberg.com SHARES in European aircraft maker Airbus tumbled nearly nine percent Thursday after French daily Le Monde reported that it could face fines of several billion dollars under a US corruption inquiry. The newspaper said the US Department of Justice opened a probe for “improper practices” at the end of 2017 and informed Airbus

Uber loses UK case on worker rights, expected to appeal

By Associated Press LONDON: Uber pledged Wednesday to challenge a U.K. Court of Appeal decision that drivers should be classed as workers rather than self-employed employees, a verdict that has potentially wide-ranging implications for the rapidly growing gig economy and the rules that govern it. The challenge sets up a showdown in Britain’s Supreme Court

Government demands progress on $2 billion RioZim Sengwa project

By Kwekwe Correspondent GOVERNMENT is demanding progress on the $2 billion Rio Zim run Sengwa Coal project. The diversified resources group RioZim, which has been actively pursuing the project since 2014, has been failing to secure financial muscle to help the mooted thermal project take off. Speaking to journalists in Kwekwe recently, Midlands Provincial Affairs

Angry ex-workers lock up management at State-owned gold mine

By Kwekwe Correspondent PROTESTING former employees recently locked management up and blockaded the entrance to Jena Mine in Silobela as the demanded payment of their outstanding salaries and severance packages. Jena Mine is owned by mining parastatal, the Zimbabwe Mining Development Corporation (ZMDC). Nearly 50 ex-employees took part in the protest, picketing the company’s premises

Executive’s arrest, security worries stymie Huawei’s reach

By Associated Press BEIJING: While a Huawei executive faces possible U.S. charges over trade with Iran, the Chinese tech giant’s ambition to be a leader in next-generation telecoms is colliding with security worries abroad. Australia and New Zealand have barred Huawei Technologies Ltd. as a supplier for fifth-generation networks. They joined the United States and

NSSA confers Safety and Health certificates on 133 officers

By Alois Vinga NATIONAL Social Security Authority (NSSA) has conferred certificates to 133 officers drawn from the country’s economic sectors after their completion of the Occupation Safety and Health Environment Management course (OSHEMAC). Speaking at an event held to honour theSafety and Health officers Friday morning, NSSA Acting Chief Occupational Safety and Health Benjamin Mtetwa

Tawanda Nyambirai

Small shareholders cry foul over commercial bullying, neglect in Zim companies

By Alois Vinga SMALL shareholders in various companies in Zimbabwe claim they were being bullied and sidelined by those holding bigger stakes in the firms when it came to decision making processes. Addressing delegates at a Securities and Exchange Commission of Zimbabwe (SECZ) stakeholder engagement forum Tuesday, Investment Managers representative, Jubelah Magutakuona said smaller investors

RBZ Governor John Mangudya

Four suspended RBZ bosses cleared of corrupt forex deals

By Alois Vinga FOUR central bank bosses who were recently suspended on claims of illegally dealing in foreign currency by controversial former Zanu PF youth empowerment activist Acie Lumumba, have all been cleared of any wrongdoing. This followed an investigation that was instituted to prove Lumumba’s sensational accusations during the latter’s short-lived employment as chairman

Zimbabwe asks Tiger Brands and millers to grow wheat

Business Report ZIMBABWE is asking grain millers in the country – which include the National Foods unit of South Africa’s Tiger Brands – to venture into wheat farming as a way of limiting demand for forex which the country is battling to make available to pay for crucial imports. Poor performance by the country’s export

McDonald’s unveils plan for cutting antibiotics in beef

By AFP McDonald’s announced a plan on Tuesday for a phased reduction of antibiotics in beef, expanding a health-oriented reform to a new meat source other than chicken. The fast-food giant described a three-stage process where it would first undertake a study of its top 10 beef sourcing markets of current antibiotic use in livestock

Pardon Mujakachi

WorldRemit partners BancABC to boost cash-based remittances

By Business Reporter LEADING digital money transfer service WorldRemit has partnered with BancABC, a part of Atlas Mara, for digital money transfers to Zimbabwe. Using the WorldRemit app or website, the estimated three million Zimbabweans living in over 50 countries such as the United Kingdom, the United States, Canada and Australia, can now send money