Business

HARARE – Mines minister Winstone Chitando said Shabanie Mashava Mine (SMM) will not be resuming operations due to lack of capital and massive water bodies that have clogged the mine. “There is currently some activity happening in the area which is two-fold,” he told legislators in the National Assembly last week. “Firstly…there is in progress…

HARARE – The Confederation of Zimbabwe Industries (CZI) is pleading with the Zimbabwe Energy Regulatory Authority (Zera) to slash power tariffs in order to ensure viability of its members’ businesses. In its presentation to Zera, Zimbabwe’s largest industrial representative group wants Zera to bring down the local electricity tariff in line with the going rates…

HARARE – In yet another opportunity to create financial inclusion, EcoCash has partnered a local micro-finance company to allow the public to participate in the purchase of tradable bonds, set to raise $1 million in debt financing for start-ups and small businesses. EcoCash customers can purchase the bonds, issued by Untu Capital — and called…

HARARE – The value of transactions processed through the National Payments System (NPS) declined by 37 percent, to close the week ending December 29, 2017 at $1, 675 billion according to the latest Reserve Bank of Zimbabwe (RBZ) Weekly Economic Highlights. RBZ said the decline was mainly driven by a 46 percent decrease in the…

HARARE – Zimbabwe is targeting to have at least 2,5 million tourists visiting the country this year, Tourism minister Priscah Mupfumira has said. The minister told stakeholders yesterday that tourism is a key economic sector that has the potential to contribute towards economic growth. “In Zimbabwe the tourism sector is an acknowledged economic pillar that…

HARARE – Affirmative Action Group president Chamu Chiwanza has left the local economic empowerment pressure group following the expiry of his term last year. Flamboyant businessman and AAG founding president, Philip Chiyangwa, has since assumed leadership of the organisation. “Following the expiry of the term of office of the AAG national executive committee led by…

HARARE – Executives of the Zimbabwe Diaspora Investment Group (ZiDIG) — an equity investment company of diasporans in the UK — are scheduled for 10-day trade and investment mission in Zimbabwe. The delegation, currently in Denmark engaging private and institutional investors, will start the mission on Monday. ZiDIG chief executive Taffi Nyawanza and investments executive…

HARARE – Indian firm Balasore Alloys (Balasore) yesterday confirmed its intention to acquire a majority shareholding in leading chrome producer, Zimbabwe Alloys (Zim Alloys). Balasore, formerly Ispat Alloys, said it will acquire either by itself or through its nominees and affiliates, 70 percent shares of Zim Alloys. Zim Alloys, which is under judicial management, holds…

HARARE – Africa-focused investment firm, Masawara Plc, has registered a $3,6 million profit in the half year to June 2017 up from $2,3 million in the same period in 2016. Masawara — a jersey registered investment company — has interests in insurance, hotels, agrochemicals, property (Joina City) and technology clusters. [Adz] The group’s insurance unit…