HARARE – Zimbabwe’s retail sector has embarked on a growth trajectory that could see the industry become a major hub for growing businesses, despite the declining economic situation in the country. Although retailers have existed in Zimbabwe for a long time, the introduction of global brands and outlets has really kick-started the sector forcing local…
HARARE – Hwange Colliery Company Limited (HCCL) has strongly rejected claims that it had acquired second hand equipment from BEML of India, saying the allegations were “malicious and unfounded.” Farai Mutamangira, the HCCL chairman, yesterday said there was “need for the nation to focus on developmental issues as opposed to unfounded allegations”. “We cannot detain…
HARARE – Zimbabwe’s largest mobile telecommunications company by subscriber base, Econet Wireless (Econet) has asked most of its local and international suppliers to cut the prices of their supplies to the company by more than 15 percent. The measures, which are part of Econet’s cost-cutting drive, affect all suppliers of goods and services. A task…
HARARE – Zimbabwe is moving to plug leakages and reduce corruption in State-owned companies through various measures proposed under the Public Debt Management Bill. Finance minister, Patrick Chinamasa, last week said parastatals would be obliged to report their liabilities twice per year, to promote accountability and transparency. Chinamasa told a parliamentary debate session on the…
HARARE – The Zimbabwe Stock Exchange (ZSE) made history yesterday after the local bourse started trading online through the Automated Trading System (ATS). The latest development comes after the automated trading system took a false start on Friday last week as a result of technical glitches on one of Africa’s oldest bourses. Stockbrokers told businessdaily…
HARARE – The reintroduction of a 15 percent ethanol mandatory blending will not lead to a decrease in petrol prices, analysts and fuel retailers say. This comes after Energy minister Samuel Undenge last week announced that government had increased the mandatory blending ratio of unleaded petrol from 10 to 15 percent, with immediate effect following…
HARARE – The Civil Aviation Authority of Zimbabwe (Caaz) is currently technically insolvent and is saddled with a $240 million debt that is weighing down its operations, a top official has said. Joel Masuku, Caaz’s finance director, yesterday told the Transport and Infrastructure Development parliamentary portfolio committee that the aviation body has a negative net…
HARARE – Zimbabwe has shortlisted four companies for the construction of a combined 300 megawatt (MW) solar power plant, with the winner expected to be announced “later in the year”, a senior official has said. Charles Kuwaza (pictured), the State Procurement Board (SPB) executive chairman, told journalists yesterday that his organisation was currently adjudicating on…
HARARE – Finance minister Patrick Chinamasa says Cabinet has approved new mining and income tax drafts aimed at enhancing transparency in revenue collection. “Treasury is working on two pieces of legislation. A mining fiscal tax regime — we want to come up with a new mining tax regime and I’m happy to announce that the…
HARARE – Contributions to the National Pension Scheme administered by the National Social Security Authority (Nssa) went up last year by 43 percent, from $173,4 million in 2013 to $248,3 million in 2014. This was despite the challenging economic climate, which saw at least 52 companies closing last year, with the loss of almost 7…
