HARARE – Zimbabwe hopes to ramp up gold production to 50 tonnes and rake in $1,8 billion in revenue by 2020, as the country moves closer to being re-admitted into the London Bullion Market Association (LBMA). The country, which was disqualified from LBMA in 2008 due to successive declines in gold production, could be readmitted…
HARARE – The mining industry has commended government’s efforts to review the country’s mining tax system in line with international price fluctuations. This was after the Zimbabwe Revenue Authority (Zimra) last week said there was need to redesign the mining taxation regime in a bid to enhance mine operations, reduce job cuts and increase revenue…
VICTORIA FALLS – Government has waived its controversial indigenisation policy to pave way for the recapitalisation of troubled national airline, Air Zimbabwe. Enacted in 2008, indigenisation regulations compel all foreign- owned businesses to cede 51 percent of their shareholding to black Zimbabweans. Transport minister Joram Gumbo on Thursday said the country’s black empowerment laws will…
HARARE – Zimbabwe’s agricultural sector faces collapse after its growth was recently slashed from the projected 1,8 percent to a negative 9,9 percent due to an El Nino-induced drought and lack of investment. This was after government this week revised maize output from the projected 1,2 million metric tonnes (mt) to 450 000 mt, while…
HARARE – Schweppes Holdings Africa (Schweppes) says it has invested $3 million towards the resuscitation of a fruit processing plant in Norton. The plant, which ceased operations in 2009, is being run by Best Fruit Processors (Best Fruit) — a joint venture between Schweppes subsidiary, Beitbridge Juicing, and the Agricultural and Rural Development Authority. Best…
HARARE – Zimbabwean Marjorie Ngwenya is set to make history by becoming the first non-British-based person to be appointed president of the United Kingdom’s Institute and Faculty of Actuaries (IFoA). Currently, the chief risk officer for Old Mutual’s African business unit in South Africa, Ngwenya will take up her position as president-elect in June and…
HARARE – The success of Zimbabwe’s re-engagement efforts with the international community and multilateral lenders is largely dependent on political stability as infighting worsens in the ruling Zanu PF, an international think tank has said. A Fitch Group Company unit, BMI Research (BMI) — in its summary report on Zimbabwe Country Risk released on Monday…
HARARE – Innscor Africa subsidiary Axia listing on the Zimbabwe Stock Exchange is a sign of the diversified conglomerate’s confidence on the local market, the central bank has said. Reserve Bank of Zimbabwe deputy governor Charity Dhliwayo told delegates attending the listing of Axia on yesterday that Innscor has remained resolute despite the economic challenges…
HARARE – Zimbabwe has slashed its economic growth forecast from 2,7 percent to 1,4 percent this year due to an El Nino-induced drought which has left at least 5,5 million people in need of food aid. The new forecast is in line with the World Bank projections of 1,5 percent, as President Robert Mugabe’s government…
HARARE – Prominent businessman Shingi Munyeza has warned the government to reduce its profligate spending and dispose underperforming State-owned enterprises in the wake of current economic challenges and worsening cash shortages. In a strategy paper dubbed the “10-Point Plan” — which he fashioned from an entrepreneur’s perspective — Munyeza said government must immediately cut its…
