THE Dubai-based ASB Hospitality, a subsidiary of Albwardy Investment takes over Meikles Hotel on March 1, 2020 following the finalisation of sale and purchase agreements with Miekles Limited. Thabani Mpofu, Meikles Limited company secretary, yesterday issued a statement advising the closure of the deal. “The Directors wish to advise shareholders that the requisite terms for…
A NEW economic blueprint that is set to replace the Transitional Stabilisation Programme (TSP) will be launched in September, according to the Finance ministry. The ministry said the National Development Strategy (NDS) will cover the period 2021 to 2025, while its successor NDS2, will run from 2026 to 2030. The TSP was rolled out in…
ECOBANK Zimbabwe Limited has been awarded the International Organisation for Standardisation (ISO) certification giving it a competitive advantage above other financial institutions in the country. The ISO certification given by the British Standards Institution (BSI) are according to Ecobank’s Regional Executive for Central and Southern Africa Cheick Travaly a reflection of the bank’s legal and…
THE Finance and Economic Development minister Mthuli Ncube has come under fire for exempting Huawei from paying tax, with legislators saying it’s against the principles of good public finance management. Ncube exempted the Chinese telecommunications giant from paying tax under Statutory Instrument 25 of 2020 recently. MDC Member of Parliament for Mabvuku-Tafara James Chidhakwa told…
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya last week presented his monetary policy statement (MPS) anchored on price and exchange rate stability. This came at a time when Zimbabwe is battling economic woes, including inflation, domestic cash and foreign currency shortages, accumulation of arrears, fuel and power problems, among others. Our reporter Pauline Hurungudo…
SUGAR producer, Tongaat Hulett Limited, says local sales of sugar at its unit, Hippo Valley Estates were significantly impacted by low consumer disposable incomes which continue to lose value due to high inflation. Aiden Mhere, the Hippo Valley’s chief executive, said sugar sales for the six months period to September 30, 2019, were 11,2 percent…
IRVINE’S Zimbabwe says it has a monthly foreign currency requirement of at least US$45 million for working capital and importation of stockfeed raw materials. David Irvine, the company’s chief executive, said during a tour of the company that the firm is currently importing over 90 percent of maize and soyabeans which are key raw materials…
THE Reserve Bank of Zimbabwe (RBZ) has scaled up efforts to avail funding for private sector operations to boost the economy, according to the bank’s governor, John Mangudya. He told bankers during presentation of the February 2020 Monetary Policy Statement on Monday that the central bank’s Monetary Policy Committee (MPC) agreed to increase financial support…
THE Zimbabwe Government, last year gazetted over 250 Statutory Instruments (SIs) as a way of economic management yet it has become a threat to investment, Chris Mugaga, Zimbabwe National Chamber of Commerce chief executive said. Addressing participants at the Employers’ Confederation of Zimbabwe symposium recently, Mugaga said it had become difficult to attract foreign direct…
LISTED property firm Mashonaland Holdings Limited (MHL) says reduced capacity utilisation and declining disposable incomes have resulted in a fall in demand for real estate space and properties. In a trading update for the first quarter ended December 31, 2019, MHL said occupancy levels marginally declined to 76,2 percent in 2019 from 77 percent. “Occupancy…
