HARARE – Aquarius Platinum Limited (Aquarius) — a 50 percent shareholder in Zimbabwe’s second-largest platinum producer, Mimosa Mining Company (Mimosa) — says it has engaged government over the recently-imposed 15 percent tax on raw platinum exports. In its half year to December 31, 2014 results, Aquarius, which jointly owns Mimosa with Impala Platinum Holdings, said…
HARARE – A nineteen-member delegation of British private investors — led by Invest Africa — is expected in Zimbabwe today to explore investment opportunities in the country. The visit is on the back of a United Kingdom (UK) government-sponsored one in October last year. Invest Africa — a global private members club with a multi-service…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has engaged Easylink Money Transfer Agent (Easylink) to compliment banks in the distribution of the recently launched bond coins. Easylink — a money transfer unit owned by RBZ’s subsidiary, Homelink — will issue the special currency without charging commission or withdrawal fees. John Mangudya, RBZ governor, said…
HARARE – Zimbabwe has reintroduced a $200 million interbank market, six years after the facility was abolished. The Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, said in his 2015 monetary policy statement presented yesterday that resumption of the facility is expected to boost confidence in the financial system. This comes after an injection of…
HARARE – Industry minister Mike Bimha says Zimbabwe’s labour law reforms are far from being implemented despite repeated calls by employers to do so. Among the reforms, employers are recommending the elimination of national employment councils — workers’ representative bodies — and have bargaining done at company level. “Reforms on labour laws are not going…
HARARE – The National Oil Infrastructure Company of Zimbabwe (Noic) is planning a $6 million ethanol storage facility at its main Harare depot, which will also complement other fuel assets such as Sakunda Energy (Private) Limited (Sakunda)’s $12 million gantry. This comes as Energy minister Samuel Undenge has emphasised the need for buffer stocks of…
HARARE – The Zimbabwe Revenue Authority (Zimra) has extended its tax amnesty again to end of this year from the initial March 31, 2015 deadline. This comes on the back of a poor response by business to the earlier grace period granted by the tax collector. Zimra yesterday said the amnesty — for penalties, interest…
HARARE – Toronto Stock Exchange-listed gold producer Caledonia Mining Corporation (Caledonia) says government’s move to amend gold pricing structures for its Zimbabwean gold mine will improve cost efficiency. The group operates Blanket Mine (Blanket) in Matabeleland South. Steve Curtis, Caledonia chief executive, said the move was a “sign of commitment by government to the development…
HARARE – Panic has gripped over 108 Tetrad Investment Bank (Tetrad) employees after the financial institution’s judicial manager, Winsley Militala of Petwin Executor and Trust Co, suspended their contracts on Monday. The troubled bank was placed under provisional judicial management last month after failed recapitalisation efforts. The institution — part of the Tetrad Holdings Limited…
HARARE – Government created the economic mess currently being experienced in the country and is lacking capacity to turn around the country’s economic fortunes, an economist has said. Brains Muchemwa, a renowned economist told delegates at the Mandel/GIBS 2015 economic outlook symposium held last week that government lacked capacity and will power to implement necessary…
