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…
HARARE – Zimbabwe’s move to impose a 15 percent tax on unprocessed platinum exports could threaten producers’ viability, compromise future mining investments and is yet another instance of policy discord by authorities, analysts said. The country — holding the second-largest known platinum reserves in the world after South Africa — recently effected the levy, which…
HARARE – The Reserve Bank of Zimbabwe (RBZ) is negotiating with creditors in an effort to reduce and find ways to pay off its staggering $1,35 billion debt. John Mangudya, the RBZ governor, told Parliament this week that discussions are on-going with the various creditors, some of them owed for more than a decade. “…at…
HARARE – Businessman Zachary Wazara’s companies – Spiritage Zimbabwe Limited (Spiritage) and Suremed Medical (Suremed) – are claiming nearly $400 000 from collapsed Royal Bank Limited (Royal). According to Royal liquidator’s preliminary report, the bank owes defunct Spiritage $311 387 and another $86 530 is due to Suremed. Apparently, Wazara’s brother, Matthew, sat on Royal’s…
HARARE – Finance minister Patrick Chinamasa says government is crafting measures to save indigenous banks from collapse. This comes as numerous local banks have closed down due to mismanagement, poor corporate governance, reckless lending and tight liquidity among other challenges. Low depositor confidence has also negatively affected the banks. Chinamasa, who told Parliament on Monday…
HARARE – Royal Bank Zimbabwe Limited (Royal) liquidator Cecil Madondo is facing a legal challenge from the bank’s creditors for failing to “take care of their interests” by selling the institution’s assets for a song. This comes as the Deposit Protection Corporation (DPC) agent has disclosed that the $3 million realised from the sale of…
HARARE – An America-based company Got Produce Incorporated (Got Produce) is hoping to “revolutionise” African agriculture with its hydroponic and technology-driven greenhouses, executives say. Backed by group founder Deborah Walliser and Zimbabweans such as Herbert Chadehumbe, the company is hoping to make a difference in the country’s horticultural sector through its climate-controlled vegetable facilities, which…
HARARE – The European Union (EU) has resumed direct financial aid to Zimbabwe, with the bloc availing $60 million, the EU ambassador Phillipe van Damme said. Zimbabwe last received direct aid from the EU about 13 years ago. Van Damme, in an interview with an America-based news agency last week, said “direct aid will resume…
HARARE – Troubled AfrAsia Zimbabwe Holdings Limited (AZHL)’s banking and microfinance subsidiaries are contesting $16,4 million lawsuits from various clients. Among the aggrieved is Alphavic Management Consultancy (Private) Limited which is suing the group’s flagship unit AfrAsia Bank Zimbabwe Limited (ABZL) for $15,3 million in damages for alleged financial prejudice suffered when it failed to…
HARARE – Listed agro group CFI Holdings Limited (CFI) says its losses widened in the year to September 2014 due to a $1 million retrenchment exercise at its depressed poultry unit. The group’s operating loss from operations before depreciation and financial costs widened to $5,2 million during the period under review from $2,2 million incurred…
