Business

HARARE – A board and management shake-up is looming at State-run Grain Marketing Board (GMB), following recommendations from an audit conducted by the National Assembly Public Accounts Committee, it has emerged. In a four-year audit report presented to Parliament last week, the committee recommended government to immediately change management at the Charles Chikaura-chaired parastatal. “On…

HARARE – NMB Zimbabwe (NMBZ) is close to clinching a $40 million line of credit aimed at strengthening the bank’s liquidity position. “Our approved lines stand at $60 million from six different funders and we are negotiating for additional lines in the region of $40 million,” the finance institution’s group chief executive Benefit Washaya said…

HARARE – Zimbabwe is targeting to grow its economy by 2,7 percent next year driven by agricultural recovery and growth in the mining sector, businessdaily has learnt. The figure — described by analysts as “very optimistic” — came out in the budget strategy paper prepared by Treasury released over the weekend. “Accordingly, in 2016, overall…

HARARE – Budget airline Fly Africa Zimbabwe was last week granted an interdict by High Court judge Emmy Tsanga to resume operations. This comes after the low-cost airline’s operations were suspended last month after the company’s majority shareholder Chakanyuka Karase voluntarily submitted the carrier’s Airline Operator Certificate (AOC) to the Civil Aviation Authority of Zimbabwe…

HARARE – Zimbabwe’s trade deficit widened to $2,6 billion in the 10 months to October 2015, as the country’s economy continues to slide into recession in the absence of strong economic reforms. Latest figures released by the Zimbabwe Statistical Agency (Zimstat) yesterday showed that the country imported goods worth $4,6 billion between January and October…

HARARE – Zimbabwe Stock Exchange-listed cables manufacturer Cafca Holdings Limited  (Cafca) says its operating profit slumped 8,3 percent to $2,4 million in the full year to September 2015 from $2,7 million in the prior year due to declining economic conditions in the country. In a statement accompanying the company’s financials for the period under review,…

HARARE – Diversified insurance giant Old Mutual says Zimbabwe’s target to have paid off its $1,8 billion arrears to its preferred creditors by April 2016 is ambitious and demands strong political will. The company’s research unit, Old Mutual Securities, said Zimbabwe still has a long way to go before servicing its debts and accessing funds…

HARARE – Local construction firms are demanding a say in the implementation of multi-million mega infrastructure deals signed between Zimbabwe and other countries such as China and India. Zimbabwe Institute of Quantity Surveyors president George Mutyanda told businessdaily at the sidelines of the on-going ZimBuild Conference in Harare that local firms are well-equipped to undertake…

HARARE – In an effort to challenge conventional wisdom and create something dynamic to replace the static, public relations and advertising agencies in Africa this week met in South Africa to discuss latest trends in the industry. The conference, ending today, organised by TBWA, Magna Carta and HDI Youth Marketers Event, is the largest to…

HARARE – Zimbabwe will this month hold another Small and Medium Enterprises (SMEs) Expo on engineering, production machinery and equipment aimed at creating awareness of technologies available in the country for agro-processing. SMEs minister Sithembiso Nyoni yesterday said the expo, to run from November 26-28, 2015 at the Exhibition Park, will run under the theme…