HARARE – The Energy ministry has been raiding parastatals under its control to sustain its expenditure as Treasury fails to cater for the Samuel Undenge-led ministry, it has emerged. Auditor and Comptroller General (AG) Mildred Chiri, in notes accompanying her appropriation accounts for the ministry for the year to December 2015, said over $1 million…
HARARE – Chinese investor, Beijing Pinchang, is set to inject $100 million to revive Kamativi Tin Mine which has been closed for almost 21 years, Mines deputy minister Fred Moyo has said. “Government entered into this agreement through Zimbabwe Mining Development Corporation (ZMDC) and the parties have started working on the financial closure issue,” Moyo…
BEIJING – China finance experts have warned that Britain’s decision to leave the European Union will “cast a shadow over the global economy”. Finance minister Lou Jiwei said the “repercussions and fallout” will emerge over the next five to 10 years. Huang Yiping, a member of China’s central bank monetary policy committee, said the Brexit…
HARARE – Troubled coal miner Hwange Colliery Company Limited (HCCL) is set to retrench over 1 000 employees to remain viable, a Cabinet minister has said. Deputy Mines minister Fred Moyo on Wednesday told Parliament that government, with a 37 percent shareholding in HCCL, was implementing various measures to revive the country’s largest coal producer….
HARARE – State-owned mobile telecommunications operator NetOne has said its revenue in the five months to May 2016 grew 9,48 percent to $48,5 million compared to $44,3 million in the previous corresponding period. The company’s chief finance officer, Sibusisiwe Ndlovu, on Monday told a parliamentary portfolio committee on Information Communication and Technology that NetOne’s gross…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has given Old Mutual and PPC the green light to increase fungibility of their shares from 40 percent to 49 percent. Fungibility implies that two things are identical in specification, where individual units of the commodity or good can be mutually substituted. In this case, local shareholders…
HARARE – PRO Air Zimbabwe founder George Munengwa is an unassuming entrepreneur. Despite harvesting seven prestigious awards since his air conditioning and refrigeration services company was formed four years ago, the youthful businessman remains hungry for more. Our business editor John Kachembere caught up with the affable businessman, who recently won the Institute of Directors…
HARARE – Zimbabwe’s insurance regulator has suspended short-term insurance firm, Heritage, from issuing or renewing policies due to poor financial position. The Insurance and Pension Commission (Ipec) yesterday said it will provide the market with updates on the companies under suspension “as and when any notable developments are reported”. This was after the authority deregistered…
HARARE – The Zimbabwe Consolidated Diamond Company (ZCDC) is operating illegally, after Mines minister Walter Chidakwa formed the entity without an Act of Parliament to guide its operations, it has emerged. Mines ministry permanent secretary Francis Gudyanga was yesterday grilled by the parliamentary portfolio committee on Mines and Energy chaired by Masvingo urban Member of…
HARARE – Zimbabwe Stock Exchange-listed hospitality group, African Sun, said it has retrenched nearly 250 employees as a survival strategy in the face of dwindling tourists’ arrivals and the harsh economic environment. The group’s managing director, Edwin Shangwa, said the staff rationalisation exercise will result in improved efficiency. “In 2015, our corporate oversight structure was…
