HARARE – Mines minister Walter Chidhakwa says Zimbabwe must introduce economic reforms to support the reintroduction of the Special Economic Zones (Sez). Speaking at a Special Economic Zone (Sez) workshop — jointly organised by government, World Bank, United Nations Development Programme and the African Development Bank — in the capital last week, Chidhakwa said Sezs…
HARARE – Angola’s national carrier, Linhas Aereas de Angola (Taag), plans to introduce frequent direct flights between Harare and Luanda on the back of increased business between the country and Zimbabwe. Titus Chapfuguma, the airline’s divisional manager, said the plans are at an advanced stage. At the moment, Taag flies the route once a week….
HARARE – Tobacco sales volumes for the 2014 season have reached 71,6 million kilogrammes (kg), 19,37 percent higher than 60 million kg recorded in the same period last year. This translates to $228 million earned since the beginning of the season mid-February compared to $224 million realised in 2013. Statistics released by Tobacco Industry and…
HARARE – Government will prosecute Zimbabweans fronting in empowerment deals, Indigenisation minister Francis Nhema said. This comes amid reports that some locals are conspiring with foreigners in the crafting of indigenisation compliance proposals, resulting in the latter remaining major shareholders of Zimbabwean firms. Zimbabwe’s indigenisation policy compels foreigners to cede 51 percent shareholding to black…
HARARE – Zimbabwe plans to re-establish special economic zones (SEZ) in hope to boost economic growth. SEZs are designated geographical regions that operate under special economic regulations different from other areas in the same country. Finance minister Patrick Chinamasa told workshop – jointly organised by government, World Bank, United Nations Development Programme and the African…
JOHANNESBURG – A few weeks ago, Zimbabwe was in a celebratory mood. For a week or so the nation forgot about the bad corporate results that were being released and turned its focus on the latest deal in town. The deal in question was the one in which former Barclays Plc chief executive officer Robert…
HARARE – Innscor Africa’s meat processor Colcom Foods Holdings (Colcom) plans to set up a unit in Angola. The move is part of the Zimbabwe Stock Exchange-listed firm’s drive to expand its footprint in Africa. Its sales and distribution executive, Thabani Dhliwayo, said the company — currently operating at below 40 percent capacity — expects…
HARARE – Chemco Holdings Limited (Chemco) shareholders have approved the group’s plans to convert a debt owed to TSL Limited (TSL) into equity. Approximately 93,23 percent of Chemco’s minority shareholders accepted the share-swap deal. Accordingly, TSL will compulsorily acquire remaining Chemco minority shares in terms of section 194 of the Companies Act. Consequently, TSL owed…
HARARE – State enterprises’ accountants say they cannot control the misappropriation of funds in the institutions as there are “untouchables” within. Wesley Sibanda, the Public Accountants and Auditors Board (Paab) chairman, told an Accountants of Zimbabwe conference last Thursday that their hands were tied and could not control how funds were spent in the parastatals…
HARARE – Zimbabwe’s largest wireless network operator Econet seeks a local partner as it moves to resume its mobile-based insurance service, EcoLife. Its chief executive Douglas Mboweni last week told businessdaily that they were ready to re-launch the service after an international arbitrator ruled in their favour after a long-running dispute with Namibia’s Trust Co….
