HARARE – Zimbabwe’s hard pressed government has started effecting the disputed 15 percent value added tax (VAT) on foreign tourists despite attempts by tour operators to block the levy. Hospitality industry players argue that the tax — levied on foreign tourists’ accommodation — could make Zimbabwe a more expensive tourism destination, dampening efforts to revive…
HARARE – Salary increments are “unsustainable and short-sighted” in a depressed economy like Zimbabwe’s, Finance minister Patrick Chinamasa said. The country faces waning economic prospects, with its gross domestic product (GDP) expected to barely grow this year. According to the World Bank, Zimbabwe’s GDP growth declined to 1,7 percent last year from 2013’s 3,2 percent….
HARARE – Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says the numerous bank closures seen in recent years are normal in tough economic environments and insisted that the country’s banking sector remains “safe and sound”. “This happens everywhere. In the United States, banks closed in 2008 (after a) financial crisis,” he said last week…
HARARE – Innscor Africa Limited (Innscor)’s newly-appointed South African chief executive (CE), Antonio Fourie, is yet to secure a Zimbabwean work permit. Fourie told Business Live last week that he submitted the required papers to Zimbabwe’s Immigration Department and was waiting for the processing of the work permit. Foreigners are required to have a permit…
HARARE – State-owned NetOne’s active subscribers have surpassed Telecel Zimbabwe (Telecel)’s to become the country’s second largest mobile network operator, according to latest statistics from the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz). In its report for the quarter to September 2014, the telecoms industry regulator said NetOne’s active subscribers went up 13,8 percent…
HARARE – Zimbabwe’s five year economic blueprint, ZimAsset, is too ambitious and risks failing to meet its targets because it depends on rapid export growth in a sluggish world economy, a top economist has said. Tony Hawkins, the University of Zimbabwe Economics lecturer said targets set out in the economic blueprint were impossible to achieve…
HARARE – Finance minister Patrick Chinamasa says Zimbabwean companies are repelling foreign investors due to their uncompetitiveness. “For the past few years I have been engaging with various investors from different countries and they have all repeatedly said local companies are unattractive for investment because there are no new ideas being generated in the economy…
HARARE – Global miner Rio Tinto says production at its Zimbabwe-based Murowa Diamonds (Murowa) went up seven percent to 344 000 carats in the year to December 2014 from 322 000 carats produced prior year. It said the performance is on the back of improved throughput and grades, and increased ore processed. Carats recovered during…
HARARE – Two banks are yet to sign an agreement that will pave way for the resumption of the interbank market, the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said. This comes as the central bank missed a January 1, 2015 target to relaunch the system, phased out in 2009 upon introduction of the…
HARARE – A Telecel International (TI) delegation is expected in Zimbabwe today to brief regulators of its plans to offload its local unit, the Daily News has learnt. This comes as the regional telecoms player’s parent Vimpelcom has signalled plans to divest from the industry and there is growing uncertainty over Telecel Zimbabwe (Telecel)’s licence…
