Business

HARARE -Tourism minister Walter Mzembi says Zimbabwe must value property rights to ensure that the country attracts more tourists. Zimbabwe’s tourism sector hit an all-time low in the decade ending 2008 following diplomatic rows with Western countries, resulting in travel warnings being issued against visiting the southern African country. But thawing relations — following the…

HARARE – The Zimbabwe Stock Exchange is unlikely to have any new listings while depressed trade will persist in the next 18 months due to continued economic deterioration, a recent report has said. In a first half study of the economy released last week, economic research firm Econometer Capital Global (Econometer) said prospects for delisting…

HARARE – Financial group Tetrad Holdings Limited (Tetrad) losses widened to $11,8 million in the half year to March 2014 from $2,9 million incurred in prior comparable period. The group’s banking unit Tetrad Investment Bank (TIB) was the worst performer, contributing $10 million to the total loss. During the period under review, TIB recorded a…

HARARE – The Zimbabwe Revenue Authority (Zimra) will continue issuing garnishee orders to companies that evade tax, Finance minister Patrick Chinamasa has said. He told Parliament last week that “Zimra’s mandate is tax collection and the revenue collector will do all it can to fulfil this mandate. “Although Cabinet has not deliberated on Zimra garnishee…

HARARE – South-Africa-based miner DRDGold Limited (DRDGold), with operations in Zimbabwe, expects a 13 percent increase in gold production in the quarter ended June 2014. In a trading update released this week, the group said cash operating costs are expected to be down by about six percent while cash and cash equivalents have surged from…

HARARE – Zimbabwe is seeking the International Monetary Fund (IMF)’s technical assistance in bolstering its Treasury management as the country reengages the central bank as its banker. The government is moving its exchequer account from CBZ Bank (CBZ) to the Reserve Bank of Zimbabwe (RBZ). “With this reform in mind, RBZ staff has for some…

HARARE – Former Economic Planning minister Tapiwa Mashakada has called for the establishment of an all-stakeholder National Economic Council (Nec) in order to arrest Zimbabwe’s economic collapse. Mashakada said the council will “sit down and work out modalities of recovering the economy…and reversing the economic decline”, which he alleged, “cannot just be done by Zanu…

HARARE – Aquarius Platinum (Aquarius)’s Zimbabwean unit Mimosa Mine revenue increased by 26 percent to $79 million in the quarter to June 2014 from $63 million realised in previous comparable period. During the period, gross cash profit margin increased to 30 percent from 26 percent. Production went up nine percent to 648 944 tonnes, quarter-on-quarter,…

HARARE – Zimbabweans must re-establish the saving culture and also practice trading on the stock market, the Securities Commission of Zimbabwe (SecZim) has urged. This comes as most Zimbabweans — earning way below the poverty datum line and consumer basket of around $588 per month — are failing to save as they lead a hand-to-mouth…

HARARE – Listed furniture retailer Pelhams Limited (Pelhams)’s losses widened to $3,3 million from $1,7 million in the year to March 2014 as sales declined by 69 percent to $2,62 million. The group chairperson Tawanda Nyambirai said the decline in sales was due to a combination of factors which included stocking challenges and declining demand….