HARARE – Zimbabwe’s airtime levy missed its January target of $4 million after the country collected only $3 million due to worsening economic conditions. The government introduced a five percent levy on all airtime purchases for mobile telecommunications firms in 2014 as part of strategies to bolster its dwindling revenue streams. However, the deteriorating economic…
HARARE – UnitedD Arab Emirates conglomerate Albwardy Investment (Albwardy) has called off its multi-million dollar deal with the Zimbabwe Stock Exchange-listed hospitality concern, Meikles Limited (Meikles). This was after the Dubai firm — owned by billionaire Ali Albwardy — had expressed interest to buy the entire shareholding in Meikles with a market capitalisation of $61…
HARARE – The Grain Marketing Board (GMB) has been thrown into a quandary, as its general manager Rockie Mutenha faces a lengthy medical layoff — barely two months after taking control of the strategic parastatal. While board chairman Charles Chikaura has briefly confirmed the ex-Agricultural Marketing Authority (AMA) boss’ rush to India for medical attention,…
HARARE – Listed hospitality concern African Sun Limited (ASL) said its revenues in the five months to May went up by 15 percent compared to last year due to an increase in occupancy to 43 percent from 36 percent in 2016. The group’s managing director Edwin Shangwa said there was growth in rooms sold from…
HARARE – Zimbabwe’s government is responsible for the current cash crisis due to its high level expenditure and the widening budget deficit, economist Ashok Chakravarti has said. The veteran economist said government’s excessive spending, with more than 91 percent of this year’s $3,7 billion national budget going to salaries, was putting pressure on the limited…
HARARE – The Insurance and Pensions Commission (Ipec) is threatening to de-register insurance companies and brokers that are failing to meet client claims on time in the wake of a worsening economic situation, the businessdaily can report. With the operating environment buckling to a serious liquidity crisis occasioned by the cathartic company closures, and soaring…
HARARE – The pay-as-you-go pension scheme, the National Social Security Authority (Nssa), received $7 million from government in the second quarter of the year for facilitating the acquisition of Telecel Zimbabwe (TZ) by the State-run Internet access provider, Zarnet. All in all, Nssa will receive $43,3 million from government, which will be paid in quarterly…
HARARE – Government is still struggling to contain its wage bill as it emerged that this expenditure accounted for 86 percent of its overheads in the first month of the year. President Robert Mugabe’s administration, under pressure to live within its means, has previously pledged to lower its salary bill to 40 percent of total…
VICTORIA FALLS – Securico Security Services (Securico) founder Divine Ndhlukula has been elected the new Zimbabwe National Chamber of Commerce (ZNCC) president. The feisty businesswoman, who took over from Davison Norupiri, will be deputised by hotelier Tamuka Macheka. Ndhlukula and her deputy shall hold office for two years, eligible for re-election. The Securico boss said…
HARARE – Zimbabwe Stock Exchange-listed diversified concern, Zimre, is planning to list its subsidiary Emeritus International Reinsurance Company (Emeritus) in Botswana. The group’s chief executive, Stan Kudenga, said exchange controls approvals for the setting up of Emeritus — an offshore company registered in Botswana — have already been obtained. “Restructuring of the shareholding that will…
