HARARE – The Zimbabwe Tourism Authority (ZTA) yesterday said it has started preparations for this year’s edition of Sanganai/Hlanganani World Tourism Expo to be held in September after getting funding from government. ZTA chief executive Karikoga Kaseke told a media briefing in the capital that government had committed to fund the premier tourism event and…
HARARE – The National Building Society (NBS) is set to construct 700 houses in Chinhoyi as part of the organisation’s thrust to reduce the country’s over 1,25 million housing backlog. NBS managing director Ken Chitando said construction equipment was on its way to Chinhoyi to kick-start the housing project in Batanai Township. “We have come…
HARARE – A consotium led by Arkein Industrial Holdings (Arkein) and Mauritius-based DBF Capital (DBF) is spearheading the construction of a Rand 4 billion (about $300 million) titanium oxide plant in South Africa (SA)’s Richards Bay industrial zone to feed the region’s paint market. While the former is headed by Zimbabwean-born businessman Donovan Chimhandamba, the…
HARARE – Zimbabwe is believed to have lost over $2,5 billion in capital flights and trade misinvoicing between 2008 and 2013 due to the country’s controversial empowerment laws, a local think-tank has said. A latest report by the Zimbabwe Economic Policy Analysis and Research Unit (Zeparu) revealed that unrecorded capital outflows occur through trade with…
HARARE – The Reserve Bank of Zimbabwe (RBZ) says the country should adopt bond notes as a primary currency to alleviate cash shortages and solve economic challenges. RBZ director Economic Research Simon Nyarota said calls for the formal adoption of the South African rand as an anchor currency were not going to solve the country’s…
HARARE – Nestle Zimbabwe (Nestle) has launched a new lower-priced sachet product line, as the group targets low income earners. The company’s managing director Ben Ndiaye last week said Nestle had realised most Zimbabweans could barely afford its products, leading to the launch of the new lower-priced line. The new line — made up of…
HARARE – Tax collector, Zimbabwe Revenue Authority (Zimra), on Friday said it surpassed its first quarter 2017 collection target on the back of improved collections. Zimra said it had surpassed its first quarter target with gross collections coming in at $862,4 million, six percent above target. “. . . The national revenue target for the…
HARARE – Industry minister Mike Bimha says government has completed the takeover of the country’s largest pharmaceutical manufacturer, CAPS Holdings (CAPS), which collapsed five years ago, in a bid to revive its operations. At its peak, CAPS accounted for 75 percent of the local healthcare products market and was involved in the manufacture, wholesale distribution,…
HARARE – Simbisa Brands bread-making subsidiary, Baker’s Inn, has ramped capacity utilisation to 65 percent and is now selling almost three million loaves per week. The company’s chief executive, Ngoni Mazango, said his organisation increased bread output by over 200 000 loaves a day in the last six months. “It is quite interesting that between July…
HARARE – Zimbabwean opposition parties and street protest movements yesterday vowed to demonstrate in Harare’s Central Business District (CBD) despite a police ban. Yesterday’s meeting of a coalition of opposition parties — collectively known as the National Electoral Reform Agenda (Nera) — including all major opposition groupings and protest movements, including the various MDC formations…
