Business

Business

Industry and Commerce Minister Nqobizita Mangaliso Ndlovu

Government promises Zimchem bailout

By Kwekwe Correspondent THE government has pledged to assist struggling chemical producing firm Zimchem Refiners return to operating at full capacity. Industry and Commerce Minister Nqobizita Mangaliso Ndlovu recently told Zimchem senior management that government is committed to ensuring that the country’s industries are operating at full throttle. Zimchem is currently battling serious challenges with

UK-based Vast Resources reports solid quarter for Zimbabwe gold mine

By Agencies LONDON listed Vast Resources PLC has reported a solid third quarter for its Pickstone-Peerless gold mine in Zimbabwe with tonnes mined and milled beating the record achieved in the last three-month period. The mine delivered a 3% increase in tonnes of ore mined to 104,156 in the three months to September 30 from

Marlboro maker places $2.4 billion bet on marijuana

By Associated Press NEW YORK: One of the world’s biggest tobacco companies is diving into the cannabis market with a $2.4 billion buy-in. Marlboro maker Altria Group Inc. is taking a 45 percent stake in Cronos Group, the Canadian medical and recreational marijuana provider said Friday. Altria will pay another $1.4 billion for warrants that

Oil producers join forces and cut production again

By Associated Press VIENNA: Oil prices spiked sharply higher Friday as major oil producers, including the OPEC cartel, agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply. Following two days of meetings, the Organization of the Petroleum Exporting Countries that includes the likes of Saudi Arabia and Iraq said

Indian diamond processors engage Zimbabwe over prices

By Alois Vinga INDIAN diamond processors have urged the Zimbabwe to consider scrapping the reserve price on its diamonds and, instead, come up with a flexible system, it has emerged. The Gems and Jewellery Export Promotion Council (GJEPC) of India made representations on the matter during meetings with Zimbabwe’s deputy industry minister Rajesh Modi who

Zim gold production in surprise slump

By Fin24.com Zimbabwe’s gold production has nosedived, if the latest official figures from the country’s sole buyer, Fidelity Printers, are anything to go by. Having breached last year’s gold production levels of 28 tons and this year’s target of 30 tons, the Zimbabwe authorities projected year-end gold output to reach an unprecedented output of 34

AngloPlat commissions 10MW Unki smelter in Zimbabwe

By Business Report HARARE: Anglo Platinum has completed construction of a smelter at its Unki mine in Zimbabwe and the mining group’s chief executive will open the beneficiation facility together with President Emerson Mnangagwa next week. AngloPlat, alongside Impala Platinum and Sibanye-Stillwater, is the operational platinum group metals miners in Zimbabwe. The mineral-rich southern African

Econet boss, Douglas Mboweni

ECONET boss, Mboweni urges company investments against cyber attacks

By Alois Vinga ECONET Wireless chief executive, Douglas Mboweni has urged companies to invest towards protecting their computers and networks against cyber related attacks which may lead to serious losses. Addressing delegates Tuesday at a Cyber Security Executive Breakfast meeting hosted by the Information Communication Technology ministry, Mboweni said that time had come to raise

Flour shortage looms as National Foods closes down mills

African News Agency Cakes could be in short supply at Christmas as National Foods, one of the largest food manufacturers in Zimbabwe announced it would be shutting its doors because it had been unable to pay its suppliers due to a crippling shortage of foreign currency. In a letter to its “valued customers” the company

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

Natalie Jabangwe

EcoCash boss appointed into UN secretary general’s advisory team

By Alois Vinga ECOCASH chief executive, Natalie Jabangwe has been appointed into the inaugural global Task Force on Digital Financing by United Nations Secretary-General António Guterres. The taskforce will recommend strategies to harness the potential of financial technology in advancing the Sustainable Development Goals. It will be co-chaired by ABSA chief executive, Maria Ramos and

Bank workers plan demos over job cuts by StanChart

By Alois Vinga BANK workers in Zimbabwe are planning a demonstration against job cuts by Standard Chartered Bank, a development they blame on the central bank’s alleged failure to contain the crisis. This was revealed by the Zimbabwe Banks and Allied Workers Union (ZIBAWU) in a letter sent for members across the country inviting them

Tafadzwa Musarara

Millers okay rice, mealie meal and flour price hikes

By Alois Vinga THE Grain Millers Association of Zimbabwe (GMAZ) has given the green light to local traders to hike mealie-meal, flour and rice prices within cost structures that are affordable to the general public. A price list released by the association’s technical and committee on finance and costing says that 5 kgs of mealie

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

Microsoft to assist Zim schools in technology upgrade

By Alois Vinga MICROSOFT has entered into an agreement with the Zimbabwe government which will pave the way for the creation technology sensitive classrooms in the country’s education sector. The development comes after government’s introduction of a technology-based education curriculum in 2016 which has however, failed to fully take off due to financial challenges that

ECOCASH FCA wallet transactions exempt from 2 percent tax

By Alois Vinga THE recently launched EcoCash Foreign Currency Account wallet is exempt from the 2 percent Intermediated Mobile Transfer Tax, NewZimbabwe.com Business has learnt. The FCA wallet was launched last week by EcoCash parent Cassava Smartech in response to the Reserve Bank of Zimbabwe directive for all banks to open separate foreign currency accounts.

The Meikles group has also defaulted on loans

Auctions boom in Zimbabwe as economic woe takes its toll

By Fin24.com Auction companies are booming in Zimbabwe as companies and individuals – including Tongaat Hulett CEO Sydney Mutsambiwa and Mzi Khumalo’s Metallon Corporation – default on loan payments or other financial obligations. The booming auctioning industry is unique in a country where companies in other sectors such as mining, construction and manufacturing are struggling

Finance Minister Mthuli Ncube

Zimbabwe’s bid to get out of bankruptcy

rFi President Emmerson Mnangagwa finds himself between a rock and a hard place, after marking his first year in charge of bankrupt Zimbabwe. Zimbabwe President Emmerson Mnangagwa marked his first year in office this week by rolling out a series of biting austerity measures aimed at bailing out the bankrupt economy. Mnangagwa who succeeded long-time