HARARE – Zimbabwean mining companies must brace for a further plummet in commodity prices on the international market this year, a World Economic Forum (Wef) report has said. According to the report, released last week commodity prices for everything, from crude oil to industrial metals such as iron ore and copper, plummeted even further by…
HARARE – Finance minister Patrick Chinamasa says he is moving to establish a special division in the ministry of Finance to implement recommendations from Auditor and Comptroller General (AG), Midred Chiri’s reports. Chinamasa, who has also created a dedicated Public Enterprises Reform and Monitoring Unit in the Accountant General’s Department under his ministry —recently told…
HARARE – Fidelity Life Assurance Limited (Fidelity) chairman Lawrence Tamayi has resigned amid serious allegations of corporate governance infractions by the listed insurer’s executive team led by chief executive Simon Chapereka. The retired banker’s abrupt departure came as another non-executive director and human capital consultant Memory Nguwi also left “on principle” — apparently unwilling to…
HARARE – Reserve Bank of Zimbabwe governor John Mangudya has declared 2016 “a transformative year” in which companies must increase production to help improve the country’s competitiveness on the international market. The central bank chief told businessdaily on Monday that the solution to halt economic decline lies in improved production from all sectors of the…
HARARE – Zimbabwe-focused mining concern Caledonia is proposing to move its headquarters from Canada to Jersey, Channel Islands, as part of strategies to reduce tax obligations. Jersey, the largest of the Channel Islands, between England and France, is an independent, English-speaking territory with a mix of British and French cultures and is known for its…
HARARE – Tongaat Hulett Zimbabwe (Tongaat) says it has enough sugar to meet the country’s needs despite a three-week industrial action by its workers. This comes as the country has been gripped by market rumours of impending sugar shortages, which witnessed many consumers buying the product in bulk in the past few days to avoid…
HARARE – Zimbabwe Stock Exchange-listed bricks manufacturer Willdale Limited (Willdale) has bounced back to profitability on the back of volume increases and better cost management. In the year to September 2015, Willdale recorded a $214 086 profit compared to a loss of $931 011 registered in the previous corresponding period. The company’s chairman, Alexander Jongwe,…
HARARE – Zimbabwe’s worsening economic crisis is having adverse impact on the country’s struggling property sector with vacancy rates in the industry increasing by 100 percent this year, a recent survey has shown. Property consultancy firm, Bard Real Estate (Bard), say voids have ballooned from an average of 15 percent last year to between 25…
HARARE – Zimbabwe has started mobilising resources for the establishment of a commercial court to deal with rising corporate and white-collar crimes in the country, it has emerged. The deputy chief secretary to the President and Cabinet Ray Ndhlukula on Thursday told delegates at an Ease of Doing Business workshop in the capital that the…
HARARE – Diaspora remittances to Zimbabwe have overtaken foreign direct investments (FDI) due to the country’s controversial economic policies that continue to push foreign investors away, latest data from Treasury shows. Figures released by the Finance ministry this week revealed that Diaspora remittances in the 11 months to November this year increased by 97 percent…
