HARARE – The Agricultural Rural Development Authority (Arda) says it is in talks with a potential German partner to ramp up production at its Mutorashanga Estate, as it also moves to secure investors to fund under-capacitated commercial farmers in the 2015/17 farming season. Arda chairman, Basil Nyabadza, on Tuesday told the businessdaily that the parastatal…
HARARE – Businessman Shingi Munyeza’s Vinal Investments — which holds several international food outlet franchises, including News Café — is moving to consolidate its operations in light of a deteriorating economic environment. Munyeza — owner of Mugg & Bean, Ocean Basket, Simply Asian and frozen yoghurt serving Smooch franchises in Zimbabwe — on Monday told the…
HARARE – Flight of hard cash from the economy has remained unabated despite moderation in recent months, amid indications that the cash ratio in the first half was six percentage points lower than the same period last year. Local financial market analysts, Equity Axis (EA), yesterday said Treasury Bills (TB) holdings by commercial banks had…
HARARE – The United States of America and Mauritius have stopped importing Zimbabwean tobacco over escalating human rights abuses, sources say. Latest statistics from the Tobacco Industry and Marketing Board (Timb) indicate that the two countries — among Zimbabwe’s top 10 tobacco export destinations and who imported a combined $11,7 million of the golden leaf…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has paid millions of dollars to 472 of its former employees who lost their jobs in a retrenchment exercise carried out by the bank five years ago. “Payments of outstanding 2011 retrenchment package were finalised during the year, save for deceased members who could not submit certificates…
HARARE – Former Harare mayor Muchadeyi Masunda (pictured) is resigning from Zimbabwe’s largest platinum miner, Zimplats, where he has been a director for the past nine years. The prominent barrister was appointed as a director of the platinum producer in 2007. He was subsequently appointed as deputy chairman of the board with effect from March…
HARARE – Zimbabwe’s largest platinum producer, Zimplats, said it has reduced its expenditure on capital projects in the country due to deteriorating economic conditions compounded by a biting liquidity and cash crisis. The group’s chief executive, Alex Mhembere, said Zimplats has postponed the commissioning of its Selous Metallurgical Complex base metal refinery project from July…
HARARE – The Deposit Protection Corporation (DPC) recently doubled the initial amount each depositor gets in the event of bank failure from $500 to a maximum of $1 000. The institution, whose purpose is to compensate depositors when a bank collapses, has in the past 10 years of its existence paid out millions to affected…
HARARE – The Grain Millers Association of Zimbabwe (GMAZ) has petitioned Industry minister Mike Bimha to include wheat flour on the imports ban list. GMAZ chairperson Tafadzwa Musarara yesterday said the latest request was necessitated by the fact that national bread consumption has sharply fallen to under one million loaves per day. “This translates to…
