HARARE – National Social Security Authority (Nssa) says it is reviewing all its investments in the country with a view to dispose loss-making entities in a move aimed at unlocking shareholder value. Nssa’s newly-appointed chairman, Robin Vela, said the new board was moving to put a hold on questionable investments made by the previous management…
HARARE – The European Investment Bank (EIB) will next year open new lines of credit to Zimbabwe’s banking and private sector, a top European Union (EU) envoy has said. EU Ambassador to Zimbabwe Philippe Van Damme yesterday said a technical team from the European Union financial services was currently in the country assessing the private…
HARARE – The National Social Security Authority (Nssa) has embarked on a major top management shake-up that resulted in the departure of former general manager James Matiza who has been immediately replaced with ex-BancABC Zimbabwe managing director Hashmon Matemera. Nssa on Monday said Matemera’s appointment is, however, not expected to extend beyond the latest date…
HARARE – Newly-appointed Indigenisation minister Patrick Zhuwao will next week headline the Zimbabwe Mining and Tax Law Market Briefing 2015 in South Africa where he is expected to clarify the country’s empowerment laws. Enacted in 2008, the indigenisation law requires foreign firms to hand over 51 percent of shares to local partners. However, there is…
HARARE – Zimbabwe’s trade deficit widened to $2,3 billion in the nine months to September 2015, in a latest clear sign of the Zanu PF government’s failure to reign in the country’s moribund economy. Figures released on Friday by the Zimbabwe National Statistics Agency (Zimstat) revealed that the country imported goods worth $4 billion between…
HARARE – Zimbabwe has conceded failure on addressing the current power crisis and yesterday urged mining companies to import electricity on their own to mitigate the situation. Energy minister Samuel Undenge told delegates at the on-going Mining Indaba that the acute power crisis currently being experienced in the country would only be addressed by the…
HARARE – The Zimbabwe Stock Exchange (ZSE) has lost more than $2,5 billion since President Robert Mugabe’s controversial re-election in the disputed 2013 national elections, in what analysts say is a clear sign of low business confidence in the country. Economic and political experts who spoke to the Daily News yesterday also said the post-congress…
HARARE – Zimbabwe must introduce tax breaks to emerging companies as a way of boosting the country’s economic growth, a leading industrial body has said. Zimbabwe National Chamber of Commerce (ZNCC) tax expert Tendai Mavhima told delegates attending a pre-budget seminar yesterday hosted by the ZNCC, that small-to-medium enterprises, start-up businesses and corporates require tax…
HARARE – Finance minister Patrick Chinamasa says the agreement between Zimbabwe and international lenders on the repayment of the country’s $1,8 billion arrears will pave way for long-term financing to Zimbabwe. The Treasury chief, who attended the IMF convention in Lima, Peru which ended yesterday, is optimistic that the debt-repayment deal will result in the…
HARARE – Pominent lawyer Farai Mutamangira has stepped down as Hwange Colliery Company Limited (HCCL) board chairman to pursue other pressing commitments, the company has announced. Although Mines minister Walter Chidakwa could not be reached for comment yesterday as his mobile went unanswered, Hwange released a statement yesterday saying the minister had accepted the resignation….
