Business

HARARE – A housing project in which businessman Adam Molai has an interest, has transformed residential outpost of Caledonia. The project, being spearheaded by the Housing Corporation of Zimbabwe (HCZ) and the National Social Security Authority (Nssa), has raisedhopes of an end to accommodation woes in the capital when the project is completed. With housing…

HARARE – ZIMRE Property Investment Limited (ZPI) has declared a $515 000 dividend for the full year to December 31, 2018 spurred by a commendable performance during the period under review. This was after the property firm’s operating profit grew by 100 percent to $1,44 million mainly buoyed by sales of stands from its current…

HARARE – United States (US) dollar exchange rate speculation has significantly driven up property prices in Zimbabwe’s capital, Harare, as buyers move to hedge against the volatile bond notes, a latest Knight Frank Zimbabwe (KFZ) report has revealed. This comes as bond notes — a unique currency introduced by the Reserve Bank of Zimbabwe in…

HARARE – A de-watering exercise at former asbestos mining giant, Shabanie and Mashaba Mines Holdings (SMM), is expected to be complete by the first quarter of next year as it seeks to restore underground access to the mines’ main working levels, Mines and Mining Development minister Winston Chitando has disclosed.  This comes after the mines’…

HARARE – The times they are a changing. The Zimbabwe government has finally reached out to its richest and most generous citizen, Strive Masiyiwa, who lives in London, in exile, and is named as a billionaire by Forbes magazine but was seen by former president Robert Mugabe as an enemy. Masiyiwa previously financed the Movement…

HARARE – Stanbic Bank Zimbabwe (Stanbic) has unveiled an export facility aimed at enhancing production for local companies to export and generate foreign currency for the country. This comes as Zimbabwe is currently experiencing acute foreign currency shortages due to a high import bill, excessive government spending and illicit financial flows among other things. This…

HARARE – Internal government auditors, who are charged with ensuring public money is spent properly, say auditing the public service is a nightmare. The secretary for corporate governance unit in the Office of the President and Cabinet Stuart Comberbach said he was aware of government employees’ concerns, which include lack of weight given to their…

HARARE – Zimbabwe is a little-known tourism destination in the affluent Gulf region, and the country targets to grow arrivals from the market four-fold by 2020, Tourism minister Prisca Mupfumira has said. The Gulf — whose member nations are among the wealthiest in the world on a per capita basis — is a key tourism…

HARARE – The Zimbabwe Prospectors Association (ZPA) has raised objections to the Minerals Amendment Bill saying if passed, it will severely affect their operations. They have since petitioned Parliament to present their objections to the bill, which is in its second reading. ZPA president Samson Dzingwe said they had presented their objections through public hearings…