Business

Business

MPs grill Perm Sec over two-year delay on Mines and Minerals Amendment Bill

By Anna Chibamu MINES ministry permanent secretary, Onesimo Mazai Moyo, was Monday grilled by legislators over delays in re-tabling the Mines and Minerals Amendment Bill. Moyo told the Mines Parliamentary Portfolio Committee that the draft Bill has since been received by the ministry from the Attorney General’s office. “We now have a draft from the

UK inflation rate hits new 40-year high of 9.1%

By Associated Press LONDON: Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia’s war in Ukraine drove food and fuel prices ever higher. The Office for National Statistics said consumer price inflation rose slightly from 9% in April, itself the highest level since 1982. Chief

Harare’s Northway Holiday Homes: Your exquisite, charming and tranquil vacation package

By Staff Reporter THIS exquisite gated community sitting on over 4,000 sqm with four beautiful lodgings in Harare’s Waterfalls suburb (Prospect), has become the go-to spot for many who dream of enjoying a quiet, homely environment while on vacation. When you think of holidaying, think of Northway Holiday Homes. The four properties are warm, tranquil

‘Jackpot’ oil discoveries may help Namibia double GDP

By Bloomberg News Namibia expects its biggest oil discoveries since independence to help double its economy by 2040, Jennifer Comalie, chairperson of National Petroleum Corp. of Namibia, said in a Bloomberg TV interview. TotalEnergies in February said it had made a “significant” oil discovery off the coast of Namibia, three weeks after Shell announced a

Mining veteran and former Kuvimba CEO David Brown dies aged 59

By moneyweb.co.za FORMER chief executive officer of Impala Platinum and Zimbabwe’s Kuvimba Mining House David Brown has died aged 59. Brown was also the chairman of Northam Platinum and lead independent director of Vodacom Group in South Africa. “It is with great sadness that Vodacom advises shareholders of the untimely passing of David Brown,” the

Zimplow Holdings defies headwinds, records growth across segments

By Alois Vinga LISTED mining and agriculture implements supplier, Zimplow Holdings Limited, has defied the headwinds to record growth across its segments. Presenting a trading update for the first quarter of 2022, company secretary, Sharon Manangazira said despite the inflationary headwinds experienced during the period coupled with the Russia/Ukraine disturbances, the group managed to see

Zim’s foreign currency generation sustains growth

By Alois Vinga OVERALL foreign currency performance  has registered growth, with deposits recording a 139% increase, in what market watchers believe to be an indicator of relative confidence in the country’s banking sector. Latest Reserve Bank of Zimbabwe (RBZ) statistics show that despite exchange rate depreciation, there was a significant improvement in the foreign currency

RBZ to handover exchange rate manipulators for prosecution

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) is set to hand over 15 loans abusing entities for prosecution after investigations revealed they accessed loans for speculative reasons which destabilized the exchange rates market. The central bank also moved to tighten screws on bank loans to avoid similar occurrences in future. This comes shortly

China’s Sinomine invests $200 million in Zimbabwe lithium project

By Reuters HARARE : China’s Sinomine Resource Group on Friday launched a $200 million project to build a plant and expand existing mining operations at its recently acquired Bikita lithium mine in Zimbabwe. The southern African country holds some of the world’s largest deposits of lithium, a key battery mineral, and hopes for an economic

African Sun chief executive officer, Peter Saungweme

African Sun pins recovery hopes on UK and US Covid-19 restrictions easing 

By Alois Vinga TOP hotelier, African Sun Limited, has expressed hopes that the local tourism industry will tap into the European and American markets’ potential on the back of the region’s Covid-19 restrictions easing. The emergence of the Covid-19 pandemic in 2020 prompted widespread lockdown restrictions globally, which continue to disrupt travel, and exposed local

Ariston suffers 22% tea export decline due to Covid19 disruptions

By Alois Vinga LISTED agricultural concern, Ariston Holdings Limited, has suffered a 22% tea volumes export decline on the back of Covid19 related shipping logistics disruptions. Presenting the group’s financial performance Ariston’s Chairman Alexander Jongwe said the export volumes did not perform so well. “Export tea sales volumes suffered a 22% decline to 511 tonnes,

Northway Holiday Homes – your vacation package is complete

By Anna Chibamu THIS exquisite gated community sitting on over 4,000 sqm with four beautiful lodgings in Harare’s Waterfalls suburb (Prospect), has become the go-to spot for many who dream of enjoying a quiet, homey environment while on vacation. When you think of holidaying, think of Northway Holiday Homes. The four properties are warm and

Tobacco sales down by 11,64 % as drought effects take toll

By Alois Vinga TOBACCO sales have so far recorded a 11,64% decline when compared to the same period last year, signifying reduced yields this selling season as effects of poor rains in the last selling season took a toll. A recent Tobacco Industry Marketing Board (TIMB) trading update shows that on day 49 of the selling season

Tobacco sales down 12 % as drought impact takes toll

By Alois Vinga TOBACCO sales have so far recorded a 11,64% decline compared to the same period last year, signifying reduced yields as effects of poor rains in the last selling season took a toll. A recent Tobacco Industry Marketing Board (TIMB) trading update shows that on day 49 of the selling season, a total

CBZ credits economic reforms for stimulating local demand

By Alois Vinga ZIMBABWE’s largest banking group, CBZ Holdings has applauded monetary authorities for pursuing strategic inflationary containment measures in a bid to preserve relative economic stability and productivity. The remarks come shortly after authorities reacted swiftly to introduce stern measures last month which included the temporary ban on extension of loans by banks on

Home-grown video conferencing platform aims to make inroads

By itweb.co.za Home-grown video-conferencing platformGlue Virtual Platform (Glue VP) is eyeing accelerated growth after signing a partnership deal with the Fourth Industrial Revolution Incubator (4IRI), an enabling platform for local tech SMEs. The web-based start-up says it is looking to take on international players − such as Microsoft, Google, Zoom and Cisco − in SA’s video-conferencing market by

UK finance minister commends appointment of Zimbabwean to Bank of England committee

UK correspondent UK Chancellor of the Exchequer, Rishi Sunak has welcomed the appointment of Zimbabwe-born Marjorie Ngwenya as an external member of the Bank of England’s Prudential Regulation Committee (PRC). The committee supervises the conduct of banks, insurers and major investment firms. Ngwenya, a former president of the UK Institute and Faculty of Actuaries, will

ZCTU slams Mthuli Ncube’s “anti-people” policies

By Alois Vinga THE Zimbabwe Congress of Trade Unions (ZCTU) have criticised Finance and Economic development minister Mthuli Ncube for pursuing economic policies which have worsened the plight of workers and ordinary citizens since his appointment back in 2018. The conglomeration of trade unions raised concerns over the galloping inflation, which rose to 131,7% as

Kuvimba Mining House aquires 50% stake in Great Dyke Investments

By Andrew Kunambura KUVIMBA Mining House has acquired 50% stake in Great Dyke Investments from Afromet Joint Stock Company, thereby becoming the majority shareholder in the platinum mine. Kuvimba has invested heavily in the minin sector, having snapped Freda Rebecca Gold Mine, Bindura Nickel Corporation, Shamva Gold Mine, Jena Mine, Elvington Mine and Zim Alloys.

Youths demand removal of collateral on Empower Bank loans 

By Clayton Shereni, Masvingo Correspondent  MASVINGO youths Tuesday demanded removal of huge collateral on bank loans by Empower Bank, claiming they were incapacitated to raise capital. This emerged during a public hearing meeting which was conducted by the Ministry of Youth, Sport, Arts and Recreation Committee at Civic Centre. The committee is on a fact-finding