HARARE – Finance minister Patrick Chinamasa said he is against the current lifestyle audit being carried out by various statutory boards on a number of individuals across the country. Chinamasa said the audits, which are being done to combat corruption, are “inaccurate and inhumane.” “You know we have had a debate in my ministry over…
HARARE – Local fertiliser manufacturer Zimphos’ Msasa sulphuric acid plant is now 25 percent complete amid indications it will come online by first quarter 2018, a junior minister said. Deputy Industry minister Chiratidzo Mabuwa said the country has invested about $1,8 million in the project to date. This comes as government recently expressed optimism that…
HARARE – London Stock Exchange-listed mining exploration and production company, Premier African Minerals Limited (Premier), anticipates beginning commercial mining at its Zulu Lithium and Tantalum mine following positive metallurgical results on the site. Premier’s chief executive George Roach said while the group was going to conduct additional tests, the initial results were “very encouraging.” [GoogleAd]…
HARARE – Zimbabwe has the potential to create a billion dollar economy by empowering its entrepreneurs and small to medium enterprises (SMEs), a local firm has said. Global Entrepreneurship Trust Club (Get Club) said SMEs play an important role in the world economy and contribute substantially to income, output and employment. “In Japan SMEs constitute…
HARARE – Zimre Property Investments (ZPI) has embarked on another cost-cutting drive aimed at keeping the company afloat in an increasingly challenging economic environment. The realtor’s managing director, Edson Muvingi, said despite another retrenchment that took place last year, the firm still wanted to reduce personnel costs to match dwindling rental revenues. “We can’t run…
HARARE – Zimbabwe Stock Exchange-listed seed producer, SeedCo, is seeking alternative listing on a regional stock exchange to raise capital for its expansion projects. This comes as the country is experiencing a crippling cash shortage that has left a black hole in the financial system that is crushing the rest of the economy. The liquidity…
HARARE – At least eight elephants have been killed by suspected poachers using cyanide at Hwange National Park, the businessdaily has learnt. The latest development has brought the number of elephants killed by cyanide in the country to over 300 in the last four years. The Zimbabwe Parks and Wildlife Management Authority (ZimParks) confirmed the…
HARARE – The Agricultural Bank of Zimbabwe (Agribank) has unveiled $70 million earmarked to stimulate export trade and horticulture production. Agribank public relations manager Olam Marufu told the businessdaily yesterday that the new loan facilities — made up of a $50 million export facility as well as $10 million facilities for horticulture and business linkages…
HARARE – The fate of Barclays Bank Zimbabwe (BBZ) managing director George Guvamatanga (pictured) is hanging in the balance after his company was recently taken over by Malawi First Merchant Bank (FMB). This comes as the British bank, Barclays Plc, ended its 105-year presence in Zimbabwe by agreeing to sell its controlling stake in BBZ…
HARARE – Kwekwe-based gold mine, Gainwell Investments (Gainwell), has lapsed into liquidation due to worsening economic conditions in the country. The miner’s liquidator, Modern Mutumwa, told the businessdaily that the company — which began operations in 2012 — had been pushed out of business by the country’s toughening operating environment, despite firming gold prices and…
