HARARE – Government has failed to provide the $20 million it pledged towards the Distressed and Marginalised Areas Fund (Dimaf), compelling hard-pressed industries to rely on private sector funding. Under the $40 million Fund, established in 2011, government was supposed to provide $20 million while Old Mutual’s CABS would avail the balance. On Wednesday, Industry…
HARARE – State-owned Infrastructure Development Bank of Zimbabwe (IDBZ) targets to grow its asset base more than ten-fold from $87 million to $1 billion in the next four years. Willard Manungo, the bank’s chairperson, said the financial institution has crafted a new strategic plan to guide its business operations from 2013 to 2018. “The plan…
HARARE – Quest Motors Manufacturing (Quest) says Zimbabwe must ban car imports. The group — with capacity to produce 105 cars per day and 100 buses monthly — said government should shift its policy towards promoting the local car manufacturing industry. This comes as approximately 80 percent of cars on Zimbabwe’s roads are imported. “It’s…
HARARE – Listed diversified group FBC Holdings (FBCH) says it expects its loss-making roofing materials manufacturer Turnall Holdings (Turnall) to return to profitability by year end. John Mushayavanhu, FBCH’s chief executive, recently said Turnall’s performance was below expectation, prompting the group to change its business model from a credit sale approach to a cash sale…
HARARE – Award-winning Afro-fusion band Mokoomba will undertake a nationwide tour and perform more in high density areas as part of a strategy to bolster their following in the country. The Victoria Falls group, currently on a tour of the United States of America (USA) and Canada, have won a string of international awards including…
HARARE – Rising stars Selmor Mtukudzi and Tendai Manatsa are in the process of recording their first albums in South Africa since their professional “divorce” at the beginning of last year. The two, who will both hold shows at the Book Café tonight, believe recording across the Limpopo will help take them to a new…
HARARE – Award-winning artiste Blessing Shumba will lead an exciting line-up of gospel musicians who will take part in the Winter Family Show to be held at Mucheke Hall in Masvingo tomorrow. The Mutare-based artiste will share the stage with Kudzi Nyakudya, the rising Tatenda Mahachi, Rumbi Zvirikuzhe and Albert Munyanyi. Karoi-born Mahachi, whose albums…
HARARE – Incarcerated Sunday Mail editor who is accused of being Baba Jukwa , Edmund Kudzayi, was finally freed yesterday by the courts, on stringent bail conditions. He was ordered by High Court Judge Joseph Musakwa to pay $5 000 bail, and to surrender the Baba Jukwa gmail password that he possesses as part of…
HARARE – Zimbabwe’s principal debt has ballooned by nearly 40 percent from $6,1 billion last year to $9,9 billion, Finance minister Patrick Chinamasa has said. The lawyer-cum-politician yesterday said the country’s total external debt stood at $8,9 billion as at December 31, 2013, which is 69 percent of its Gross Domestic Product (GDP), and the…
HARARE – The $10 million Youth Fund aimed at enabling youths to start income-generating projects did not reach its intended beneficiaries as it was accessed mainly by Zanu PF youths. The fund, availed in 2011 through the Kurera/ Ukondla Youth Development Fund and accessed through CABS and CBZ banks, was tailored to empower the country’s…
