HARARE – Zimbabwe Platinum Mines (Zimplats) – a subsidiary of South African miner Impala Platinum Holdings (Implats) – says there are no developments on its legal challenge of their land compulsorily acquired by government. Last March, the State repossessed 27,948 hectares of land held by Zimplats, nearly half of its mining claims, a move which…
HARARE – Cost has become a major factor and consideration in Zimbabwe’s business, including the transport sector, a top motoring industry player has said. Farai Matsika, the Croco Holdings (Croco) group chief executive, also said at the launch of the Higer franchise that government’s look-east policy had brought fortuitous benefits in that consumers could enjoy…
HARARE – Industry minister Mike Bimha has lambasted protectionism measures recently imposed by government arguing they are protecting inefficient local firms. He said government will not take part in conserving industries that, without competition, “will kill the people of Zimbabwe”. “Shutting out all borders would be a brilliant idea as politicians but as government we…
HARARE – Finance minister Patrick Chinamasa has told industry to be innovative in dealing with economic challenges facing the country, rather than wait for government to tackle them alone. He said when a revolution happens within the economic field organisations need to come up with creative solutions and it was “high time institutions coped with…
HARARE – Government has amended the Income Tax Act to accommodate the levy imposed on mobile money transfers as part of efforts to augment its dwindling revenue. Finance minister Patrick Chinamasa, in his 2014 National Budget presented in December, stated that every mobile money transaction will attract a $0,05 levy. Treasury is desperate to boost…
JOHANNESBURG – Platinum (Implats)’ share price has dropped 10 percent on the Johannesburg Stock Exchange in the past week following investor concerns over threatened beneficiation requirements by Zimbabwean government on its unit Zimplats. This comes on the back of escalated pressure by Harare to have platinum miners construct a refinery in the country with President…
HARARE – Zimbabwe’s indigenisation policy dampens the country’s prospects of attracting the desperately needed foreign direct investment (FDI) and is irreconcilable with employment growth forecasts, says economist John Robertson. This comes as President Robert Mugabe’s administration has maintained its stance on the policy — compelling foreigners to cede majority stakes to black locals — with…
HARARE – The State Procurement Board has floated a tender for the upgrade of the Harare and Joshua Mqabuko Nkomo international airports’ navigation and communication systems. In the Government Gazette published on Friday, the board invited bidders for the supply and installation of air traffic control (ATC) radar surveillance systems, navigational aid equipment and ATC…
HARARE – Economic think tank, Business Monitor International (BMI), has forecast Zimbabwe’s economy to grow by 3,4 percent this year due to limited foreign direct investment in the country. It said the country’s moribund economy will remain stagnant as the much-needed foreign investment will continue being constrained by investor wariness over government policy. “The risks…
HARARE – The International Monetary Fund (IMF) has extended Zimbabwe’s Staff Monitored Programme (SMP) by six months following Finance minister Patrick Chinamasa’s request when he visited Washington last October. The global lender said the extension was necessary “to allow time for the national authorities to strengthen their policies and deliver on outstanding commitments under the…
