HARARE – The Zimbabwe Stock Exchange (ZSE) says it is investigating Rio Tinto’s disposal of its shareholding in Murowa Diamonds to a foreign firm amid allegations that local listing rules were violated. This comes as government also recently indicated that it was seized with the matter after it became clear that Murowa was sold to…
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…
HARARE – The Zimbabwe Revenue Authority (Zimra) says the country’s mining tax regime must be reviewed, in the wake of shrinking royalties over the past year from the sector. Zimra chairperson Willia Bonyongwe last week said the authority continued to hold discussions with government over the issue with the view that the current regime is…
HARARE – A local lobby group, Buy Zimbabwe (Buy Zim), has slashed the country’s economic growth to a paltry 1,5 percent, from an initial 2,7 projection, arguing that economic headwinds were increasing. The local procurement advocate organisation last week joined the International Monetary Fund and World Bank in slashing the country’s economic projection for 2016…
HARARE – The central bank has moved to clarify on how it intends to award tobacco exporters with a five percent export bonus, following concerns around the printing of bond notes as a way of disbursing the proposed levy. In a statement released to business last week, the Reserve Bank of Zimbabwe (RBZ) announced that…
HARARE – Zimbabwe Stock Exchange (ZSE) listed engineering group Zeco Holdings (Zeco) is banking on the country’s ongoing power generation projects to boost its revenue streams and return to profitability in the near future. Zeco chairman Philip Chiyangwa on Thursday said the engineering group, which narrowed its losses to $1,6 million from $1,7 million in…
HARARE – London Stock Exchange-listed resources firm Caledonia Mining Corporation Plc (Caledonia) says it has registered better than expected results in its first quarter due to tight cost control. In the three months to March 2016, Caledonia’s Blanket mine saw its gold production increasing by eight percent to 10 822 ounces while both cash and…
HARARE – Zimbabwe Revenue Authority (Zimra) says tax arrears have ballooned to $2,58 billion from $1,97 billion last year as privately-owned enterprises are increasingly failing to service their tax obligations due to the country’s continued economic meltdown. The national tax collector’s chairperson, Willia Bonyongwe, yesterday said private companies contributed over 70 percent to the national tax…
HARARE – Information Communication Technology (ICT) minister Supa Mandiwanzira has appointed a new Zarnet board mandated to turn around fortunes of the cash-strapped parastatal. This comes as the little-known government Internet service provider last year acquired 60 percent shareholding in Telecel Zimbabwe (Telecel) from Netherlands-based VimpelCom for $40 million. The transaction was, however, facilitated by…
HARARE – Finance minister Patrick Chinamasa says government is happy with the performance of State-owned People Own Savings Bank (POSB), which registered a $7,9 million profit in the full year to December 2015. Addressing the bank’s board and management at an annual general meeting held in the capital yesterday, Chinamasa said other parastatals must emulate…
