HARARE – Government will soon stop bailing out loss-making companies, but those “run efficiently and deserve to be rescued”, as it seeks to curb its expenditure, Finance minister Patrick Chinamasa said. He said while the authorities “will only protect those companies that demonstrate that they deserve to be protected”, it is not sustainable to keep…
HARARE – Government must rein in its expenditure and stop relying on the depressed private sector, feedback from a recently held parliamentary post-budget meeting indicated. This comes as Finance minister Patrick Chinamasa recently presented a $4,1 billion 2015 National Budget, in which he said 81 percent of the funds will go towards recurrent expenditure, particularly…
HARARE – Zimbabwe’s largest platinum producer Zimplats has begun rebuilding its collapsed Bimha Mine. Its chief executive, Alex Mhembere, said the move follows comprehensive risk assessments, but did not disclose the cost of resuscitating the mine. “The scope entails redeveloping along strike, 30m above the current footprint. It is anticipated that it will take 36…
HARARE – Listed stationary and batteries maker Art Corporation (ART) has engaged government over compulsory acquisition of part of its timber plantations. Franklin Mukarakate, the group’s company secretary, said the Mutare land “is 42 hectares at the extreme end of the estate”. The group has applied to government for a 99-year lease to secure the…
HARARE – Zimbabwean equities market remained largely unchanged yesterday despite Tuesday’s mass purges of Cabinet ministers and Vice President Joice Mujuru, and President Robert Mugabe’s appointment of his two deputies. This comes as the bourse’s key industrial index lost a marginal 0,08 percent to close at 167,64 points and as the Zanu PF leader named…
HARARE – Zimbabwe and the African Development Bank (AfDB) are expected to sign a two-year $110 million facility today. This comes as the country has had to rely on developmental partners and multi-lateral institutions for financial support on capital projects. Finance minister Patrick Chinamasa, in his recently presented $4,1 billion 2015 national budget, said out…
HARARE – Capitalisation of the central bank is not a priority at the moment as government has adopted a sequential approach to fixing the economy, Reserve Bank of Zimbabwe governor John Mangudya said. He told businessdaily that curbing ballooning non-performing loans (NPLs) was of greater importance. “Our plan is very simple if you do follow……
HARARE – President Robert Mugabe’s government has indigenised 185 mining firms out of a total 405 applications, businessdaily has learnt. Zimbabwe’s empowerment policy — enacted in 2008 — compels foreigners to cede 51 percent shareholding to black locals. According to Zanu PF’s sixth national congress central committee report, government has received 1 480 indigenisation policy…
HARARE – Zimbabwe can save over 1 500 megawatts (MW) annually by adopting international best practices in energy usage in all sectors of the economy, Sustainable African Energy Consortium (Saec) has said. In its national energy efficiency audit for Zimbabwe released on Thursday, Saec revealed that energy saving was key to reducing power shortages. Edward…
HARARE – South Africa-based Tongaat Hulett (Tongaat) has declined to comment on the compulsory acquisition of 29 000 hactres of its sugar cane plantations in the Lowveld by Zanu PF, amid fears the land grab may disrupt operations. According to local media reports, the Zanu PF leadership in Masvingo Province allegedly wants to use the…
