WHEN Lazarus Muchenje joined NetOne as chief executive officer in 2018, the State-owned telecommunications company had suffered a staggering $77 million loss and was tottering on the brink. In two years, Muchenje has turned around the firm. Our Daily News on Sunday reporter Pauline Hurungudo sat down with Muchenje in his splash office in the…
GOVERNMENT has ordered Shabanie Mashaba Mines to stop evicting former mine workers, the Daily News can report. The 78 families which had been targeted for eviction have been occupying the company houses for the past 20 years before the mine properties were sold to Great Zimbabwe University. The occupants included miners who have reached retirement…
ZIMBABWE’S second largest cotton firm, Southern Cotton Company (SCC) is optimistic of higher yields this year as the recent rains are expected revive plants that had started to show signs of moisture stress. Although cotton is naturally a drought tolerant crop, most cotton farmers feared huge losses as their fields were adversely affected by the…
A NEW report has revealed shocking drops in Zimbabwe’s power output, pointing to a far worse economic crisis ahead. The report by analysts at Econometer Global Capital showed electricity generation almost becoming grounded across Zimbabwe’s power plants, with Kariba’s 1 050-megawatt (MW) hydro facility likely to be the hardest hit due to a prolonged drought…
By Blessings Mashaya and Pauline Hurungudo ZIMBABWE is facing myriad challenges, with the economy unstable and volatile, both hallmarks of excessive government interference and mismanagement. The overall business environment is opaque and vulnerable to government intervention. Amid this crisis, our reporters Blessings Mashaya and Pauline Hurungudo speak to deputy Finance minister Clemence Chiduwa. Excerpts…
ZIMBABWE’S horticulture export earnings fell to around US$65 million last year, compared to over $70 million recorded in the same period in 2018 mostly due to drought, latest figures show. The southern African country experienced one of its worst droughts in two decades, which left over 4,5 million people in need of food aid. According…
FALCON Gold Zimbabwe (Falgold) says it is still seeking fresh capital to revamp its operations. The Zimbabwe Stock Exchange-listed miner saw its losses widening by 1 519 percent to $27 million in the half-year to March 2019. Falgold company secretary Qubeka Nkomo this week said “the company is still contemplating a capital raise which, if…
© THE decision to reduce value added tax (Vat) from 15 percent to 14,5 percent and to change the intermediated money transfer tax (IMTT) tax-free threshold from $20 to $100, had a minimal impact on prices of basic goods. Vat is an indirect tax on consumption, charged on the supply of taxable goods and services…
CIMAS Medical Aid Society, one of the country’s largest health insurers, says it grew its membership by over 10 percent in 2019 to over 215 000. This comes as the medical insurance sector has been recording a decline in growth battling inflation, which has ravaged subscriptions and members’ disposable incomes. Cimas group chief executive Vulindlela…
Cassava Smartech Zimbabwe (Cassava) says it recorded a 19 percent increase in mobile transactions for the nine months ended November 30, 2019 due to prevailing cash shortages. This comes as the country’s mobile money transactions grew 91 percent to $11 888 760 224, in the third quarter last year, according to the Postal and Telecommunications…
