HARARE – Zambia has guaranteed a total $250 million loans jointly accessed with Zimbabwe — through the Zambezi River Authority (ZRA) — from international financiers, targeted at funding refurbishment of Kariba Dam. The two countries signed the deal — set to increase Kariba Power Station’s generation capacity — last Friday, with Finance minister Patrick Chinamasa…
HARARE – Zimbabwe is seeking the African Development Bank (AfDB)’s technical assistance to manage and clear its multi-billion dollar debt. The country, which owes the AfDB $566 million, is saddled by debts — domestic and foreign — of nearly $10 billion. Finance minister Patrick Chinamasa told the press on Monday that Harare had engaged the…
HARARE – Zimbabwe risks losing 100 000 potential jobs in the tourism industry following the introduction of 15 percent value added tax (Vat) on foreign tourists, the Zimbabwe Council for Tourism (ZCT) has warned. Francis Ngwenya, the ZCT president, told businessdaily that the tourism sector targeted to grow its workforce from the current 300 000…
HARARE – Finance minister Patrick Chinamasa says the European Investment Bank (EIB) should set up office in Zimbabwe, a move he believes is a sign of confidence as the two work towards normalising relations. Heavily indebted Zimbabwe — saddled by nearly $10 billion in domestic and foreign obligations — is currently making token payments to…
HARARE – Empowerment Corporation (Private) Limited (EC) shareholders have “buried the hatchet”, with company chairman James Makamba calling off a Friday extraordinary general meeting (EGM) and subsequent deal to sell their 40 percent stake in Telecel Zimbabwe (Private) Limited (Telecel). The development comes after a bruising battle between Indigenous Business Women’s Organisation (IBWO) founder Jane…
HARARE – At least 70 percent of Zimbabwe’s adult population in not insured at all — be it medical aid or funeral cover — a survey has revealed. According to FinScope Consumer Survey Zimbabwe 2014 (FinScope), 68 percent of the 70 percent say they cannot afford insurance cover at all. “… most of those claim…
HARARE – Zimbabwe is likely to miss its 2015 tobacco target of 220 million kilogrammes due to poor weather and handling losses, Tobacco Industry and Marketing Board (TIMB) chief executive Andrew Matibiri told businessdaily. The development will dent revival of the country’s agriculture sector, targeted at boosting production of key crops such as tobacco. Matibiri…
HARARE – Zimbabwe’s year-on-year inflation rate receded to -1, 28 percent in January 2015 after shedding 0, 48 percentage points on December 2014’s – 0, 80 percent. The Zimbabwe National Statistics Agency (Zimstats) on Monday said prices, as measured by the all items Consumer Price Index, decreased by an average 1,28 percentage points between January…
HARARE – Impala Platinum Holdings (Implats) — the world’s second-largest platinum producer — has projected lower earnings for the half year to December 2014 due to disruptions caused by the collapse of its Zimbabwean unit Zimplats’ Bimha Mine. Bimha, the largest of Zimplats’ four mines, collapsed in July last year due to accelerated deterioration of…
HARARE – Zimbabwean banks recorded a combined profit of $52, 8 million in the year to December 2014, up 1 453 percent from $3, 4 million recorded in prior comparable period, central bank statistics revealed. John Mangudya, the Reserve Bank of Zimbabwe governor, said despite a few banks struggling to stay afloat, a total 14…
