Business

HARARE – Zimbabwe’s government is mortgaging the country’s future by using its resources to secure offshore loans, a renowned economist has said. The hard-pressed southern African nation recently brokered infrastructure and platinum deals with China and Russia respectively. Tony Hawkins, an economist, said “in this process, Zimbabwe’s future is being mortgaged because servicing and repaying…

HARARE – The Zimbabwe Stock Exchange (ZSE) is likely to remain depressed, with hope for recovery in the last quarter of the year, EFE Securities (EFE) says. The equities research and financial advisory group said while the bourse’s benchmark industrial index reached a high of 195,25 points in the third quarter to September on the…

HARARE – Zimbabwe must fix and clarify its legal framework around investment laws, the new EU ambassador to the country Phillipe van Damme said. This comes as the bloc is set to advance Zimbabwe $300 million in funding support after it lifted decade-long trade restrictions imposed on the southern African country — criticised for disregarding…

HARARE – Business and industry –— through the Zimbabwe National Chamber of Commerce (ZNCC) — have launched a survey to ascertain the impact of the recently imposed import duty regime. ZNCC will get technical assistance from the International Trade Centre in conducting the study, funded by the European Union. The survey’s findings will enable the…

HARARE – Electronic transactions processed through the national payment system increased from $962 million to $1,1 billion in the week ending October 24, 2014, latest Reserve Bank of Zimbabwe (RBZ) statistics revealed. This is the second time the e-based transactions have surpassed $1 billion this year. In its weekly economic report released yesterday, the central…

HARARE – National Foods Holdings Limited (NatFoods) plans an $8,3 million capital expenditure targeted at upgrading its flour and maize units in the eight months to June 2015. Michael Lashbrook, the group’s acting chief executive, said a significant amount of the funds will be invested in their flour business. “…about $4 million will go into…

HARARE – The European Union (EU) is set to advance Zimbabwe $300 million in funding support after the bloc lifted decade-long trade restrictions on the southern African country. Last week, the EU indicated that it would, from 2015, start a $300 million five-year funding programme to support Zimbabwe’s health, agriculture and governance initiatives. Zimbabwe requires…

HARARE – Budget airline Flyafrica is expected to make its maiden Johannesburg to Harare flight today, in a development that is expected to see air travelling becoming affordable for most Zimbabweans. Mati Karase, the carrier’s country manager, said flying is widely perceived “as a preserve for the affluent” in Zimbabwe and low cost airlines will…

HARARE – The Special Court for Income Tax Appeals has reserved judgement on Zimbabwe Platinum Holdings (Zimplats’) tax cases. The miner – 87 percent-owned by South Africa-based Impala Platinum Holdings – is challenging the Zimbabwe Revenue Authority (Zimra) on an imposed additional profits tax (APT) bill and a penalty on income tax. It said the…

HARARE – The Zimbabwe Investment Authority (Zia) says some British investors are keen on investing $100 million in the country’s energy sector. Nigel Chanakira, the Authority’s chairman, said the investors have enquired with Zia about the investment — an engagement he said was “the first of its kind in 15 years”. “That was specifically for…