Business

Business

VP Mohadi

VP Mohadi: Victoria Falls now too expensive for tourists

Matabeleland North Correspondent VICE President Kembo Mohadi Friday said government was concerned about exorbitant rates charged by hotels and tour operators for accommodation and other leisure activities which make the country an expensive tourist destination. This is despite the country being named one of the best trending destinations in the world by various tourism organisations

Beer prices go up again

Bulawayo Correspondent THE price of clear beer has gone up again, hardly a month after Delta Corporation Limited increased the asking price of the commodity by 100 percent following the company’s decision to sell some of its products in US dollars. According to the new prices, a 375 ml green bottle now costs RTGS$2.50, up

Minister Mthuli Ncube

Ncube launches 7 year IPSAS implementation strategy plan

By Alois Vinga FINANCE Minister Mthuli Ncube Wednesday launched the Migration to Accrual Based International Sector Accounting Standards implementation plan that will see government institutions move up to speed with global accounting systems. This is after President Emmerson Mnangagwa has already appended his signature on the plan which will be run for seven years. Ncube

Treasury secretary George Guvamatanga

Government’s $10 billion balance sheet being manned by one man

By Alois Vinga GOVERNMENT’s RTGS $10 billion balance sheet is being manned by just one chartered accountant Finance Ministry permanent secretary, George Guvamatanga has revealed. Guvamatanga was speaking at the Zimbabwe International Public Sector Accounting Standards (IPSAS) working group meeting, at which he argued the shortages of chartered accountants was slowing down the completion of

Tendai Biti, Malawi is more accountable than Zimbabwe

Biti: Gvt Command Agriculture programme rocked by corruption

By Alois Vinga FORMER Finance Minister Tendai Biti has hinted that government’s Command Agriculture programme has been hampered by corruption. Speaking at the International Public Sector Accounting Standards third meeting Wednesday morning, Biti drew parallels between Zimbabwe and Malawi claiming the country’s northern neighbour spends far less and produces more in maize production. “I met

President Emmerson Mnangagwa's reform agenda is facing resistance from bureaucrats

Public sector reluctant to adopt new accounting standards

By Alois Vinga GOVERNMENT is facing resistance from senior bureaucrats unwilling to adopt new accounting standards being introduced as part of President Emmerson Mnangagwa’s new thrust to bring accountability in the public sector, Accountant General Daniel Muchemwa has revealed. Muchemwa told guests at the third meeting of the Zimbabwe International Public Sector Accounting Standards (IPSAS)

ZAA founder Conrad Mwanza

9th Anniversary ZAA UK Nominees Out

By Business Reporter The Zimbabwe Achievers Awards UK (ZAA UK) have released the much anticipated list of nominees for the 9thAnniversary ZAA UK event set for Saturday 25 May 2019 in London at The Millennium Gloucester Hotel, London, 4-18 Harrington Gardens, Kensington, London SW7 4LH. The list features nominees from the fields of academics, business,

Sifelani Jabangwe

Credit to Zim’s private sector up 9 percent

By Alois Vinga DESPITE recurrent currency instability in the country, Zimbabwe’s financial institutions have seen their credit facilities extended to the private sector register an annual growth of 9.12 percent in what players hope could help resuscitate local industry. This is according to the latest Reserve Bank of Zimbabwe economic monthly update. The document entitled,

Minister Chitando

Govt to grab all unused mining concessions by month-end, Chitando

By Tonderai Saharo GOVERNMENT will repossess all mining concessions lying idle in the country end of this April, Mines Minister Winston Chitando has said. The move is in line with the dictates of the country’s Mines and Minerals Act which has not been used since its enactment into law, according to Chitando. The top government

Finance Minister Mthuli Ncube

Zim’s new currency has shed 20% since introduction

FIN24 Zimbabwe’s local currency, the RTGS dollar, has shed more than 20% of its value since its introduction as the availability of foreign currency on the formal market remains subdued. By Friday the RTGS dollar had weakened to RTGS$ 3.0120 against the US dollar, a 20% drop. Analysts attribute the continued slide of the local

Old Mutual

Old Mutual registers 36 percent profit increase

By Alois Vinga THE Old Mutual group has recorded a profit increase of 36 percent in the financial year ending December 31 2018 owing to growth in total revenue, chairman Johannes Gawaxab has revealed in a statement. The increase in tax has seen a significant jump as compared to the group’s previous financial year. “Profit

Fresh trouble for Zisco

ZIMRA garnish Ziscosteel accounts, ex-workers wallow

By Staff Reporter THE Zimbabwe Revenue Authority (ZIMRA), has reportedly garnished the accounts of the former integrated steel works giant Ziscosteel. In 2017 former Ziscosteel employees started receiving part of the RTGS$38 million windfall availed by government as part of their outstanding salaries backdated to 2009 after agreeing to settle the former workers’ arrears in

Prospects for this year's winter wheat look bleak

Wheat farmers struggle to get US$12 million from Interbank market

By Alois Vinga ZIMBABWE’s contract wheat farmers are struggling to access US$12 million from the interbank foreign exchange market, urgently needed for inputs head of the winter cropping season, growers’ coordinator Graham Murdoch has revealed. Addressing delegates at the Grain Millers Association of Zimbabwe (GMAZ) extra ordinary meeting Friday, Murdoch said that the farmers have

Edgars projects 35 percent turnover growth

By Alois Vinga LEADING clothing retail outlet, Edgars Stores Limited has set an annual revenue turnover target of 35 percent having recorded a profit of RTGS$8 million after tax for the 52 weeks ending January 6, 2019. Addressing stakeholders Wednesday, Edgars group Managing Director, Linda Masterton said the firm posted RTGS$11 513 275.00 million in

Econet hikes call tariffs to 22 cents per minute

By Alois Vinga LEADING mobile telecoms operator, Econet Wireless has increased mobile call tariffs to 21 cents (($0.21257) per minute, up from around 16 cents while per-second charges now stand at 0.0036 cents which will come into force on the first of April. Econet’s Media Relations and Analytics Executive, Fungai Mandiveyi told NewZimbabwe.com that Fixed

RBZ governor John Mangudya

RBZ attempt to throttle USD black market falls flat

Bloomberg Zimbabwe’s attempt to ease a dollar shortage and stop its currency from plunging in the black market is showing little sign of working. The southern African nation’s currency, known as the RTGS$, fell to 4.2 per U.S. dollar Wednesday, its weakest level in more than five months, according to marketwatch.co.zw, a website run by