Business

HARARE – After shunning Zimbabwe during its years of hyper-inflation and political strife, foreign investors are finding the country increasingly attractive following the lifting of  European Union (EU) economic sanctions last year. Simon Khaya Moyo, the Economic Planning and Investment Promotion minister this week revealed that over the past six months the investment starved country…

VICTORIA FALLS – Zimbabwe is considering scrapping travellers’ rebates on basic commodities to boost local industry, Finance minister Patrick Chinamasa said on Thursday. Chinamasa told delegates attending the Buy Zimbabwe Summit that government “had the good mind of making local goods appealing through stiffening the terrain for all locally available imports”. “We are seriously moving…

HARARE – Zimbabwe  tobacco farmers have so far auctioned 164 million kg of the crop worth $484 million since the opening of the 2015 selling season in March. Statistics released by the Tobacco Industry and Marketing Board (Timb) yesterday revealed that the golden leaf sales were down by 19 percent for day 72, compared to…

HARARE – Angeline Vere has been appointed as Telecel Zimbabwe (Telecel)’s new chief executive with effect from June 1, 2015. The trained lawyer, who has been the company’s general manager for years, takes over from Francis Mawindi who was axed in 2013. James Makamba, Telecel’s board chairman, on Thursday said Vere’s appointment was “in line…

VICTORIA FALLS – Zimbabwe will craft a “debt repayment plan” to address the country’s over $10 billion debt overhang by August, the African Development Bank (AfDB) to Zimbabwe representative said. Mateus Magala, the AfDB local chief envoy, told delegates at the ongoing Buy Zimbabwe 2015: Buy Local Summit, in Victoria Falls, that the ministry of…

GWERU – The Zimbabwe Association of Dairy Farmers (ZADF) says 85 percent of milk consumed by citizens is imported, a situation that has forced government to come up with a policy to stop milk imports in three years. ZADF Midlands chairman Emmanuel Zimbandu said in the wake of such disturbing statistics, government will be working…

HARARE – The Zimbabwe National Roads Administration (Zinara) has launched a prepaid tolling card for the motoring public’s “convenience and especially those in the logistics sector to have total control, and oversight of their operations”. In launching the initiative Wednesday, Transport minister Obert Mpofu said the use of information communication technologies was critical in the…

HARARE – The new Land Rover Discovery Sport, the world’s most versatile and capable premium compact sport utility vehicles (SUV), is now available in Zimbabwe following its launch in the country on Wednesday. Nigel Clarke, operations director of Jaguar Land Rover sub-Sahara, said the vehicle’ progressive new design approach defines the new Discovery family with…

HARARE – Brainworks Capital Management Limited (Brainworks), the company at the centre of Zimbabwe’s controversial indigenisation deals says government abandoned the implementation of the transactions almost two years ago. Zimbabwe’s indigenisation laws compels foreigners to cede 51 percent shareholding to locals. The deals were stopped after the Daily News exposed anomalies which would have seen…

HARARE – Atlas Mara Co-Nvest Limited (Atlas Mara) on Wednesday disposed its 10,1 percent stake in Zimbabwe-focused private equity and advisory firm Brainworks Capital Management Limited (Brainworks) valued at $8,72 million. In a statement, the company said the deal was “consistent” with its focus on sub-Saharan African banking operations and strategy of selling non-core investments…