HARARE – Foreign iron and steel producers are still attracted to Zimbabwe despite a delay in the consummation of the Essar deal, Industry and Commerce minister Mike Bimha has said. Zimbabwe signed a $750 million deal in 2011 with Indian firm Essar Africa Holdings (Essar) to revive fortunes of the Kwekwe-based steel manufacturer Ziscosteel, but…
HARARE – Finance minister Patrick Chinamasa yesterday appointed Willia Bonyongwe as the new Zimbabwe Revenue Authority chairperson with immediate effect. Bonyongwe, who takes over from prominent lawyer Sternford Moyo, will be deputised by town planning consultant, Percy Toriro. Other members of the board include Nation Madongorere, Moffat Nyoni, Arnold Chidakwa, Sarudzai Njerere, Betty Katiyo and…
HARARE – Zimbabwe has granted electricity tenders worth $2,4 billion to national power utility Zesa Holdings in an effort to ease power outages in the country, a top official has said. Charles Kuwaza, State Procurement Board (SPB)’s chairman, yesterday told the Mines and Energy Parliamentary portfolio committee that the parastatal has since 2010 granted 205…
HARARE – Zimbabwe’s foreign direct investment (FDI) figures do not necessarily translate into instant improved economic conditions, authorities say. Richard Mbaiwa, Zimbabwe Investment Authority (Zia) chief executive, said not all approved projects will see the light of day for various reasons. “Another thing to note is that when a project has been approved it does…
HARARE – The Zimbabwe Revenue Authority (Zimra) granted tax amnesty on defaulters expires today, amid indications that cash-strapped corporates did not yield to the taxman’s call. Last year, government made a provision for tax defaulters to approach the authority with payment plans, but Zimra had to continuously extend the deadline. The initial provision granted a…
HARARE – Amatheon Agri Group (Amatheon), a Germany-owned company with agriculture interests in the southern Africa region has partnered with a Japanese company Toyota Tsusho Corporation in an agro-partnership project worth $10 million. Carl Heinrich Bruhn, chief executive and founder of Amatheon explained that the project represents both companies’ shared understanding of responsible and profitable…
HARARE – The Competition and Tariff Commission (CTC) has warned the Cotton Ginners Association of Zimbabwe (CGAZ) to forthwith desist from restrictive practices of setting uniform prices for seed cotton bought from cotton farmers. This comes as cotton farming in the country is under serious threat mainly due to low uptake as farmers are turning…
HARARE – Foreign Direct Investment (FDI) into Zimbabwe increased by 36 percent to $545 million in 2014 from $400 million registered in 2013, according to the latest United National Conference on Trade and Development United Nations (UNCTAD) report. Richard Mbaiwa, Zimbabwe Investment Authority (Zia) chief executive on Wednesday said that the growth in FDI was…
HARARE – Finance minister Patrick Chinamasa says the Zimbabwe Asset Management Company (Zamco) has so far taken nearly $100 million in bad loans from banks to help restore viability in the financial services sector. Zamco — government’s special purpose vehicle to house non-performing loans (NPLs) created in August last year — was established so that…
VICTORIA FALLS – Industry minister Mike Bimha has conceded that the revival of Ziscosteel might take longer than anticipated due to some complications in the deal. “It’s a very complicated deal,” Bimha told delegates attending the ZNCC annual congress here on Wednesday. “We did something unusual by going out to look for a partner who…
