HARARE – Zimbabwe’s largest commercial lender, CBZ, is back on the market to canvas $50 million through Agricultural Marketing Authority bills, to finance the purchase of maize by the Grain Marketing Board (GMB). The bills, which opened on Monday this week, have an interest rate of 8,5 percent per year and a 360-day tenure. This…
HARARE – The Reserve Bank of Zimbabwe (RBZ) says there is need to slash salaries and high production costs across all sectors to restore the country’s competitiveness. Central bank governor John Mangudya yesterday said the country’s loss of competitiveness can only be reversed through internal devaluation. “Internal devaluation in Zimbabwe can be achieved through two…
HARARE – Millions of Zimbabweans who are counting on pension benefits to fund their retirements risk being severely disappointed amid indications of rising pension fund defaults. A recent report by the Insurance and Pensions Commission (Ipec) revealed that in the six months to June this year, self-administered funds recorded contributions amounting to $448 million albeit…
HARARE – The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has said it is failing to service its payment obligations to South Africa’s Eskom and Mozambique’s Hidroeléctrica de Cahora Bassa (HCB) due to a $1 billion debt the firm is owed by consumers. ZETDC managing director Julian Chinembiri yesterday said the State-owned institution, which is…
HARARE – Zimbabwe’s cash-strapped government said it is struggling to service its $206 million loan sourced from the Development Bank of Southern Africa (DBSA) due to deteriorating economic conditions. The funds, which were secured during the Government of National Unity period, were used for the rehabilitation of the 820-kilometre highway from Plumtree-Bulawayo-Harare-Mutare. However, since President…
HARARE – Zimbabwe has cancelled this year’s edition of the Motor Show that was slated for next weekend until further notice due to deteriorating economic conditions in the country. This comes as sad news to thousands of motoring fanatics and enthusiasts who were looking forward to one of the few remaining, most exciting and memorable…
HARARE – The Zimbabwe Revenue Authority (Zimra) will, with effect from October 1, 2016, introduce a 10 percent withholding Value Added Tax (Vat) on output tax charged by suppliers of goods and services, it has emerged. Finance minister Patrick Chinamasa last week announced the development in his mid-term fiscal review statement saying it was aimed…
HARARE – Troubled coal miner, Hwange Colliery Company Limited (HCCL), is set to retrench over 1 000 employees and dispose of its non-core assets in an effort to streamline operations, a Cabinet minister said. Finance minister Patrick Chinamasa last week announced that government — with a 37 percent shareholding in HCCL — was implementing various…
HARARE – Diversified group Masimba Holdings (Masimba) is now back in the black after recording a $111 000 after tax profit for the half year to June from a loss position of $353 000 buoyed by improved business from the mining sector. Group chairman Gregory Sebborn yesterday said while the country’s political and economic environment remained…
HARARE – Grain Millers Association of Zimbabwe (Gmaz) and the Grain and Oilseeds Traders Association of Zimbabwe (Gotaz) are set to engage contract farmers to cultivate 100 000 Hacters (ha) of soya beans and maize during the 2017 farming season to plug local deficit, it has emerged. In a statement released yesterday, the associations indicated…
