HARARE – KLM Royal Dutch Airlines (KLM)’s suspension of Zimbabwe flights will deal a heavy blow to the country’s tourism sector revival efforts, the Zimbabwe Tourism Authority (ZTA) has said. This comes as KLM on Wednesday said it would discontinue its flights to Harare and Lusaka, two years after resuming the service. The Dutch airline is…
MUTARE – Indian conglomerate Essar Holdings (Essar) is set to begin liquid steel operations at NewZim Steel — formerly Ziscosteel — in the next 24 months, Industry minister Mike Bimha said. He told the Confederation of Zimbabwe Industries (CZI) congress in Mutare that the steel maker will have to rebuild 70 percent of its plant….
HARARE – European energy group Schneider Electric (Schneider) hopes to generate $10 million in revenue over the next three years following re-engagement with the Zimbabwean market. This comes as the France-based Schneider has partnered Zimbabwean firm, Samansco. The two on Tuesday signed an exclusive agreement that will see Samansco distribute Schneider’s solar equipment. “The three…
HARARE – Hard-pressed Starafrica Corporation (Starafrica) narrowed its losses to $12 million in the year to March 2014 from $16,4 million incurred prior year. During the period under review, operating losses went down to $5,48 million from $6,4 million. Net finance costs declined to $4,78 million from $5,32 million. This comes as the listed diversified…
HARARE – Zimbabwe’s largest platinum producer Zimplats says it will import electricity from the region to power its base metals refinery if it fails to secure enough supply locally. The miner — 87 percent owned by South Africa-based Impala Platinum Holdings — plans to invest up to $690 million towards refurbishing its existing base metals…
HARARE – Zimbabwe must eliminate the United States dollar (US$) and adopt the South African rand (Rand) as a main currency to promote regional competitiveness, former Confederation of Zimbabwe Industries CZI president said. Joseph Kanyekanye, who is also Allied Timbers group chief executive, told a CZI congress in Mutare that the greenback was making Zimbabwe…
HARARE – Zimbabwe’s largest wireless network operator, Econet has unveiled an international debit card linked to its mobile money transfer facility, Ecocash, in partnership with MasterCard. The move is part of the telecommunications group’s escalated efforts to increase financial inclusion through Ecocash, particularly in the country’s thriving informal market. As much as $7 billion is…
HARARE – Zimplats appeal hearing against a $26,9 million additional profits tax (APT) bill imposed by the Zimbabwe Revenue Authority has been set for September 15, 2014. The case, which has been dragging for years, will be heard by the Special Court for Income Tax Appeals. A few years back, the Zimbabwean tax collector issued…
HARARE – The weak performance of property firms listed on the Zimbabwe Stock Exchange (ZSE) continues as high prices, debt and a tougher operating environment deters investment, analysts said. According to stock broking firm IH Group (IHG), the sector’s year-on-year to June 2014 contribution to the local bourse’s turnover went down 15,41 percent while it…
HARARE – Government is wary of setting a cotton producer price due to a lack of funds to purchase the commodity, Agriculture minister Joseph Made said. “We must be careful when we set the price as government. We may not have the funds to buy, he told Parliament last week. He added that government was…
