FOREIGN Direct Investment (FDI) to Zimbabwe declined by 64 percent to US$259 million in 2019 from US$717 million in the previous year as President Emmerson Mnangagwa’s under-fire government struggles to attract the much-needed capital to Harare. The southern African nation, which is shut out from international development financiers because of its history of defaults, is…
ZIMBABWE’S premier business and financial newspaper, The Financial Gazette, says all is set for the annual tax review meeting to be held on Thursday. The meeting, held in partnership with the Zimbabwe Revenue Authority (Zimra) and the Institute of Chartered Accountants of Zimbabwe (Icaz), would give insights, trends and tax developments in the country. The…
CENTRAL bank governor John Mangudya yesterday announced US-dollar-benchmarked minimum capital requirements for the banking sector, which he said will safeguard local financial institutions. These are set to ensure that banks and depository institutions’ holdings are not dominated by investments that increase the risk of default and are able to sustain operating losses while still honouring…
Nyasha Mutseyekwa, a minivan transporter in Zimbabwe’s capital Harare, cannot afford new tyres for his ramshackle kombi, selling at US$45 for a good second hand. Whether he opted to pay in US currency or in the devalued local bond notes at the equivalent black market price, Mutseyekwa would have to save up for months to…
ETHANOL producer Green Fuel Private Limited dismissed recent allegations by suspended Zanu PF secretary for the commissariat Godfrey Tsenengamu that the company was engaged in corrupt and unethical business practices to obtain a monopoly in ethanol blending. Tsenengamu, together with former deputy secretary of Zanu PF youth league Lewis Matutu, accused Billy Rautenbach, owner of…
THE parliamentary portfolio committee on Information Communication Technology (ICT) says the government must ensure mobile operators accept infrastructure sharing concept for the country’s telecommunications industry to develop. Speaking after touring the Postal and Telecommunications Regulatory Authority of Zimbabwe (potraz) base station in Maitengwe on Tuesday, the chairperson of the ICT committee Chalton Hwende, pictured, said…
ZIMTRADE, Zimbabwe’s export development and promotion agency, is urging exporters to register under bilateral and multi-lateral trade agreements with the Zimbabwe Revenue Authority (Zimra) for easy access to markets. The country has bilateral trade agreements with South Africa, Mozambique, Malawi, Botswana and Namibia as well as multi-lateral trade partnership including agreements with Sadc, Comesa and…
The disposal of Meikles Hotel to ASB Hospitality (Zimbabwe) (Private) Limited is now nearing finalisation after Miekles Limited received an approval from Exchange Control Authorities to dispose of the hotel in foreign currency. inside Meikles Hotel Transacting in foreign currency in domestic transactions was outlawed by Statutory Instrument (SI) 142 of 2019, hence the listed…
GOVERNMENT’S unpredictability of economic policies, foreign currency allocation and the unstable political and economic climate will continue to undermine foreign investment, analysts have said. This comes as Harare, which urgently requires fresh capital injections of close to US$2 billion to stabilise its economy, according to various independent experts, cannot access loans or a bailout from…
ZIMBABWE’s coal mining companies have hit back at State-run power producer, Zesa Holdings Limited, after the latter accused them of supplying sub-standard coal to the Hwange thermal power station, currently the biggest power facility feeding into the national grid. The firms that operate mining claims around Hwange queried last week why the electricity producer had…
