HARARAE – Finance minister Patrick Chinamasa is set to unveil the 2017 national budget in Parliament today, with economic experts urging him to come up with an expansionist spending plan to revitalise the crisis-plagued economy. Chinamasa’s 2017 budget presentation, which comes on the back of an increase in the closure and liquidation of scores of…
HARARE – The Zimbabwe Stock Exchange (ZSE) has been asked to stop halting trade in Zeco Holdings Limited stocks after a plea by businessman Philip Chiyangwa to allow the exchange to relist the troubled security. This comes after Zeco shares were delisted from ZSE for three months from December 1, to allow the stuttering engineering firm…
HARARE – Renaissance Financial Holdings Limited (RFHL) has petitioned the National Social Security Authority (Nssa) to stop an alleged plan to merge its First Mutual Holdings (FMH) subsidiary and Zimre Holdings Limited (ZHL), and subsequently dispose them to a South African investor. In a December 2 letter to the pensions’ administrator’s general manager Elizabeth Chitiga,…
HARARE – Diversified group, Innscor Africa (Innscor), says the delays in foreign transactions are threatening business with suppliers waiting long periods to get their dues. Innscor chief executive Julian Schonken, yesterday told shareholders in the capital that as a result of delays in payments to foreign suppliers, the company faced a threat of critical raw…
HARARE – Zimbabwean miners are targeting increased output next year on the back of improved capacity utilisation, the country’s Chamber of Mines has said. A survey conducted by the mining industry body, launched in the capital yesterday, revealed that most miners expect fortunes to turn around in 2017 after enduring a turbulent 2016 where depressed…
HARARE – Zimbabwe’s cash-strapped government has generated an additional $100 million in revenue with the assistance of an international auditing firm. The latest development will come as a relief to President Robert Mugabe’s government, which has been struggling to pay civil servants on time for the past two years due to declining revenue streams emanating…
HARARE – Zimbabwe Stock Exchange-listed brick-making firm Willdale has invested $1,2 million on six new trucks in a move anticipated to increase and ease transportation of the building materials. Willdale chief executive Nyasha Matonda said the Mt Hampden-based company see itself delivering bricks across the country by end of 2017 through increasing the number of…
HARARE – Cavendish Lloyd Zimbabwe has launched its Zark cigarette brand targeting at least a 10 percent market share and sales forecast of three million sticks per month. The company director, Norbert Chimushamu, said he was confident that Zimbabweans will embrace the new product. “Zark is a full-flavoured cigarette, relatively high in tar and nicotine…
HARARE – Zimbabwe’s insurance sector continues to make losses despite raking in millions of dollars every year due to deteriorating economic conditions, a new report has shown. A third quarter survey conducted by the Insurance and Pensions Commission (Ipec) revealed that life insurance firms recorded a 46 percent decline in profits from $69 513 in…
HARARE – Zimbabwe has crafted a new framework for the appointment of board members and chief executives at public enterprises in a move aimed at fighting corruption and improve corporate governance. Vice President Emmerson Mnangagwa this week told Parliament that an agent was set up to maintain a database of persons who are suitable to…
