Economy

Economy

President Emmerson Mnangagwa

ED to announce ‘extraordinary’ measures; security chiefs meet as govt claims ‘sinister’ plots

By UK Bureau PRESIDENT Emmerson Mnangagwa will soon announce “extraordinary” measures aimed at ending the crisis in the country’s public health system as the government claims an opposition hand in the ongoing strike by junior doctors. Presidential spokesman George Charamba confirmed  Wednesday that his boss was cutting short his vacation as the devastating strike entered

Industry and commerce minister Mangaliso Ndlovu

Stop it! Minister tells Delta over US$ prices; threatens to unleash law on booze company

By Kingston Ndabatei THE government has reacted angrily to an announcement by the country’s second biggest tax contributor, beverages manufacturer Delta, that it will begin selling its products in hard currencies beginning Friday describing the decision as “illegal.” Delta’s decision comes barely weeks after another conglomerate, Simbisa brands which operates a variety of fast foods

Zimra boss Faith Mazani

Zimbabweans among the least taxed in the world, says Zimra boss

By Alois Vinga ZIMBABWEANS are among the world’s least taxed citizens hence the need to continue broadening the country’s tax base, Zimbabwe Revenue Authority (ZIMRA) has said. At a recent media briefing, ZIMRA Commissioner General, Faith Mazani dismissed wide assertions Zimbabweans were among the world’s most taxed citizens. “When we speak about broadening the tax

Zim struggling to reap economic benefits from its active youth population – report

By Alois Vinga ZIMBABWE may not be able to reap the full benefits from its populous active working youths due to poor economic policies that are failing to tap into the age group, a recent United Population Fund (UNFPA) supported study has revealed. The report, “Harnessing the Demographic Dividend in Zimbabwe” reveals patterns in the

Strive Masiyiwa

Strive’s foundation to revamp infrastructure in cholera prone areas

By Alois Vinga STRIVE Masiyiwa’s charity organisation, HigherLife Foundation (HLF) has partnered with City of Harare in revamping the sewer infrastructure in the city’s cholera prone areas in a development meant to find a lasting solution to recurrent outbreaks of the deadly disease. A notice published Sunday by HLF requested for proposals for the formative

‘Tired’ Namibia mulls dumping volatile SA rand

Bloomberg Namibia is growing tired of the economic pain caused by the volatile rand and is considering ending a 25-year-old peg to the SA currency. The government in Windhoek is weighing options to amend the currency arrangement or forge a new path for the Namibian dollar, Finance Minister Calle Schlettwein said in an interview in

Finance minister Mthuli Ncube

New ZIMRA board draws mixed reactions over Perm Sec Guvamatanga’s inclusion

By Alois Vinga THE NEWLY appointed Zimbabwe Revenue Authority (ZIMRA) board been criticized over the inclusion of finance ministry permanent secretary George Guvamatanga. Critics say finance minister Mthuli Ncube’s inclusion of Guvamatanga raises serious conflict of interest issues which can create room for inefficiencies experienced in the past.    Ncube revealed the lean new board

Information minister Monica Mutsvangwa

Govt raises wheat price by 26% amid shortages

By Bloomberg.com   THE government increased farm-gate wheat prices to encourage more deliveries of the grain amid a shortage.   Producers will be paid $630 per ton for wheat produced in the June-Aug. growing season, Information Minister Monica Mutsvangwa told reporters Tuesday in the capital, Harare. The price last season was $500 per ton.  

Nandos & Chicken Inn says to charge in US$; cites foreign currency shortages

By Staff Reporter ONE of Zimbabwe’s biggest fast foods group Simbisa brands, Wednesday announced it was effectively reverting to the use of US dollars as the country’s financial problems continue to deepen. In a statement the company said its bankers are failing to provide it with its requisite foreign currency allocations it needs for operations.

Basic commodity prices increase by 10 percent, ZimStat

By Alois Vinga PRICES of basic commodities increased by over 10 percent in the month of November, Zimbabwe National Statistics Consumer Price Index (CPI) has revealed. The percentage increase has seen the month on month inflation rate increasing to 31.01 percent up from 20.85 percent recorded in October 2018. The year-on-year inflation rate is given

Zimbabwe’s banking sector boosts profits amid turmoil in rest of economy

By Xinhua Zimbabwe’s banking sector boosted profitability in the nine months to Sept. 30, posting an aggregate net profit of 283.98 million U.S. dollars, latest Reserve Bank of Zimbabwe (RBZ) figures show. This was a 76.68 percent increase from a net profit of 160.73 million dollars for the corresponding period in 2017, the Herald newspaper

US President Donald Trump

US lashes out at ‘predatory’ China, Russia in Africa

AFP The United States lashed out on Thursday at”predatory” Chinese and Russian policy in Africa and unveiled a new strategy for using economic muscle to counter its rivals’ grips on the continent.  An increasingly assertive Beijing and Moscow “pose a significant threat to US national security interests” in resource-rich Africa, White House national security advisor

Chinese businesses prepare to open shop in Zimbabwe

By African News Agency Chinese businesses are preparing to open shop in Zimbabwe which could boost the country’s desperate need for foreign investment. The acting Chinese Ambassador to Zimbabwe, Zhao Baogang, confirmed that his country was ready to enter into deals with companies in Zimbabwe, Pindula News reported on Tuesday. Baogang made the comments when

Power cuts hit South Africa, hurting economy

By Associated Press JOHANNESBURG: South Africa’s troubled power utility on Tuesday implemented power cuts nationwide, intensifying concern about growth in one of Africa’s biggest economies. State-owned Eskom said it took the measure, which followed similar cuts in recent days that disrupted businesses, as a “last resort to protect the power system from a total collapse

President Emmerson Mnangagwa

Mnangagwa says surprised by price increases

By Kwekwe Correspondent PRESIDENT Emmerson Mnangagwa says he was surprised by the recent wave of increases in prices of goods and services as he went on to urge business operators to lower them. He was addressing traditional leaders in Kadoma on Monday. “We were surprised to wake up one morning to an outrageous increment of