BUSINESS NEWS

Mnangagwa's govt commends Chinese tiles firm

Government has commended the work done by a Chinese-owned tiles manufacturing company, Sunny Yi Feng based in Norton, which has already started exporting some of its products. The company began produc...

By Staff reporter | Published: 04 July 2019

FINANCIAL SERVICES

Residents slam poor banks service delivery

BULAWAYO residents are complaining about poor service delivery at banks in the city when changing their foreign currency into local currency. The residents said they are made to wait for long hours be...

By Staff reporter | Published: 04 July 2019

MINING & RETAIL

Simbisa Brands slashes prices

LISTED quick service business, Simbisa Brands, has set the pace by slashing prices of its major products by 20 percent margins in response to monetary and fiscal consolidation measures being implement...

By Staff reporter | Published: 04 July 2019

MINING & RETAIL

Vast talks up Zimbabwe investment

AIM-listed mining and resource development concern, Vast Resources, is expecting a turnover of US$53 million per annum in its envisaged diamond mining investment in the country, the firm told an inves...

By Staff reporter | Published: 04 July 2019

INDUSTRIALS & ENERGY

David Whitehead re-opening imminent

DAVID Whitehead Textiles (DWT) intends to "immediately" restart operations at Chegutu factory after several years of intermittent operations, following acquisition of the company's majority shareholdi...

By Staff reporter | Published: 04 July 2019

TELECOMS & TECHNOLOGY

Potraz, telcos in base stations deal

The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) has come into agreement with mobile network operators for the establishment of new base stations under a Build-Operate-Trans...

By Staff reporter | Published: 04 July 2019

LANDS & AGRICULTURE

15 000ha farmland for war vets

GOVERNMENT has allocated war veterans 15 000 hectares of farmland in the country's eight agricultural provinces following complaints that the liberation war fighters were excluded from the Land Reform...

By Staff reporter | Published: 04 July 2019

MINING & RETAIL

Chrome smelters sued over US$7 million ore

Chrome mining and smelting company, Afrochine Smelting, has been taken to the High Court by NR Barber (Private) Ltd, for allegedly unlawfully removing its chrome ore worth US$7 million.Afrochine Smelt...

By Staff reporter | Published: 03 July 2019

TELECOMS & TECHNOLOGY

Govt, parastatals owe TelOne $93m in unpaid bills

Telone trimmed its debtors' book by 7% from $162 million in 2017 to $151 million in 2018, but is still struggling to recover debts owed by government departments and parastatals totalling $93 million ...

By Staff reporter | Published: 03 July 2019

TELECOMS & TECHNOLOGY

NetOne partners youth organisation in training 75 software developers

MOBILE communications company NetOne has partnered a youth leadership organisation, Elevate Trust, in training 75 local software developers in a programme that was launched by Google to train thousand...

By Staff reporter | Published: 03 July 2019

FINANCIAL SERVICES

Interbank rate overtakes black market

THE interbank exchange rate has surpassed parallel market rates with some banks offering more in local currency for those exchanging their foreign currency. Government last week outlawed the use of mu...

By Staff reporter | Published: 03 July 2019

TELECOMS & TECHNOLOGY

Econet foresees brighter future for Zimbabwe

THE country's largest telecommunications firm, Econet Wireless Zimbabwe, believes that the country will conquer the immediate economic setbacks and attain a brighter future.  Group chairman, Dr J...

By Staff reporter | Published: 03 July 2019

INDUSTRIALS & ENERGY

Batoka power plant construction set for next year

Zambia and Zimbabwe will start building the 2 400MW Batoka Gorge hydropower plant next year, a company jointly owned by the two governments said yesterday. The Batoka project involves construction of ...

By Reuters | Published: 03 July 2019

INDUSTRIALS & ENERGY

Eskom confirms Zimbabwe paid back the money

Eskom has confirmed that payment from Zimbabwe regarding outstanding debt is reflecting in the power utility's account. Earlier on Tuesday, Fin24 reported that Zimbabwe Energy minister Fortune Chasi p...

By Staff reporter | Published: 02 July 2019

TRANSPORT & TOURISM

Fastjet's hope for profit pinned on Zimbabwe currency

Low-cost African airline Fastjet Plc expects to be profitable on an underlying basis in 2019, Chief Executive Officer Nico Bezuidenhout said on Thursday, a year after a cash crunch nearly drove the ca...

By Staff reporter | Published: 02 July 2019

FINANCIAL SERVICES

Zimbabwe banks paying more than the black market rates

THE interbank market exchange rates have registered increases with most banks are now paying more than the parallel market rate.NewZimbabwe.com says it's market assessment shows that the once thriving...

By newzimbabwe | Published: 02 July 2019

MINING & RETAIL

PPC Zimbabwe revenue declines by 20%

PRETORIA Portland Cement (PPC) says revenue at its Zimbabwean entity declined by 20%, compared to last year, due to a weaker cement market, clinker shortages and depreciation in the functional currenc...

By Staff reporter | Published: 02 July 2019

TELECOMS & TECHNOLOGY

Econet swings to $106,4m loss after tax

Econet Wireless Zimbabwe Limited (EWZL) posted a loss after-tax of ZWL$106,4 million in the year ended February 28, 2019, from a profit after-tax of ZWL$132,3 million recorded in 2018 following the un...

By Staff reporter | Published: 02 July 2019

INDUSTRIALS & ENERGY

Massive Zesa disconnections loom

POWER utility Zesa could soon embark on massive disconnections in an effort to recover over $1,2 billion owed to it by defaulting customers, most of whom are Cabinet ministers and top civil servants.E...

By Staff reporter | Published: 02 July 2019

FINANCIAL SERVICES

Agribank declares US$5,5m dividend

The Agricultural Development Bank (Agribank) has declared a US$5,5 million dividend to Government after recording a 63 percent growth in profit to $13 million in the year to December 2018, breaking aw...

By Staff reporter | Published: 02 July 2019

INDUSTRIALS & ENERGY

Zimbabwe confirms Eskom payment

Government yesterday confirmed paying US$10 million to South African power utility, Eskom, to service the debt to the power utility - and the money was set to be in the receiver's bank by end of day y...

By Staff reporter | Published: 02 July 2019

BUSINESS NEWS

Mthuli Ncube's quotes on currency reforms . . .

"Replacing the multi-currency regime anchored in the United States dollar by the South African rand as the sole transaction currency would help reduce over-valuation and stimulate exports and growth. ...

By Lisa Tazviinga | Published: 01 July 2019

MINING & RETAIL

Police officers clash over lucrative Gokwe mine

There was drama when police from Nembudzia Police Station fought and disarmed their counterparts from the Criminal Investigations Department (CID) in Gokwe after they tried to arrest an officer implic...

By Staff reporter | Published: 01 July 2019

TELECOMS & TECHNOLOGY

SI 142 force changes on Cassava shareholding

Smartech Zimbabwe Limited (CSZL) says debentures held by the company's local shareholders will be valued in the local currency in line with recent monetary policy developments.In a statement accompany...

By Staff reporter | Published: 01 July 2019

INDUSTRIALS & ENERGY

Zesa insolvent

THE Zimbabwe Electricity Supply Authority (Zesa) is insolvent with its liabilities outstripping its assets by over US$92 million, a report by the Auditor General Mrs Mildred Chiri reveals. The report ...

By Staff reporter | Published: 01 July 2019
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