HARARE – Zimbabweans could pay higher taxes if Parliament adopts the proposed Reserve Bank of Zimbabwe (RBZ) Debt Assumption Bill, analysts say. This comes as the government recently hiked taxes on fuel, airtime and basic foodstuffs. Under the bill, government — through the Finance ministry — will assume the Central Bank’s debt, amounting to about…
HARARE – Zimbabwe is targeting to produce nearly 240 million kilogrammes (kg) of tobacco in the 2014/15 season on the back of increased cropping. This comes after the country surpassed a targeted 200 million kg this year — the first time in a decade — to produce 216 million kg of the golden leaf. Andrew…
HARARE – Crocodile skin products producer Padenga Holdings Limited (Padenga) incurred a $2,4 million loss in the half year to June 2014 compared to a $2,1 million profit realised in prior comparable. The Zimbabwe Stock Exchange-listed group’s chairman, Ken Calder, said the depressed performance was on the back of changes in the culling season. He…
HARARE – Listed Zimre Property Investments Limited (ZPI) is seeking $5 million to develop residential properties as part of strategies to boost revenue. Edson Muvingi, the group’s managing director, said the project — involving servicing of 238 stands in Ruwa — is expected to ease the national housing backlog, estimated at 1,3 million. He said…
HARARE – Energy secretary Partson Mbiriri has signed a memorandum of understanding with a Shanghai Electric (Shanghai)-led group for electricity generating projects countrywide. This comes as Zimbabwe grapples with an acute power shortage and the consortium has unveiled plans for the construction of a $4 billion coal-fired plant in north western Zimbabwe. “We are short…
HARARE – Zimbabwe expects to receive $416 million from bilateral partners and multi-lateral institutions by year end, Finance minister Patrickm Chinamasa said. He said the funds would be channelled towards bankrolling various economic activities outside the national budget framework. Zimbabwe received $370,6m from bilateral partners and multilateral institutions in the first half of 2014. “Of…
HARARE – Zimbabwe plans to seize unused mines and hand them to productive local and international miners, the country’s Mines minister Walter Chidhakwa said. He said government would repossess the non-productive miners’ claims. “Those fortunate enough to have these claims must use them. Let me take this opportunity to encourage those that sit on concessions…
HARARE – International lenders are reluctant to advance Zimbabwe credit lines because the country is heavily indebted and does not have capacity to repay, Finance minister Patrick Chinamasa has said. He said Zimbabwe’s debt reputation made it difficult for the hard pressed country to secure loans. “Wherever I go to ask for money I am…
HARARE – Zimbabwe Stock Exchange-listed financial group, First Mutual Holdings Limited (FMHL), has lost $1,8 million to collapsed banks. The group, which incurred a $4,1 million loss in the half year to June 2014 compared to a $2,4 million post tax profit realised in prior comparable period, said the funds were money market investments with…
HARARE – Funeral assurance firm Sunset recorded a 23 percent decline in written premiums to $47 000 in the six months to June 2014 compared to $67 000 in the prior period, while Moonlight, Doves and First Funeral snapped up 80 percent of the $19 million written in the sector. A recent report by the…
