BULAWAYO – Zimbabwe needs at least $10 billion to revive its distressed manufacturing sector, Industry minister Mike Bimha has said. The sector, which had stabilised from a decade-long recession following the formation a coalition government in 2009, is now showing signs of strain with capacity utilisation hitting new lows. According to the Confederation of Zimbabwe…
HARARE – Tourism minister Walter Mzembi says Zimbabwe is ready to set up a $200 million tourism revolving fund aimed at strengthening growth of the sector in the country. Zimbabwe’s tourism sector ? which contributes approximately 10 percent to the country’s gross domestic product — is also a major employer, especially for the communities around…
HARARE – The African Development Bank (AfDB) has approved a grant earmarked to capacitate Zimbabwe to undertake a debt sustainability analysis and to formulate a roadmap to accessing funds under the Heavily Indebted Poor Countries (HIPC) facility. The regional institution yesterday said the loan will also help the debt-ridden country “to build national capacity to…
HARARE – Bindura Nickel Corporation (BNC) says it expects production at its Trojan Mine to increase by nearly 30 percent to 32,975 metric tonnes per annum after implementation of a proposed business plan by United Kingdom-based SRK Consulting (SRK). The SRK plan indicates that Trojan had proven and probable reserves of 3,168 metric tonnes at…
HARARE – Zimbabwe needs to urgently create an independent financial sector regulatory body or privatise the Reserve Bank of Zimbabwe (RBZ), analysts say. They argue that the current financial regulatory and supervisory model is no longer suitable for the country “as indicated by bank failures and loss of public confidence in the financial sector”. Chris…
HARARE – Zimbabwe has been ranked among the slowest growing economies in sub-Saharan Africa this year, lagging behind war-ravaged Democratic Republic of Congo and Mozambique, due to lack of sustained economic activity. According to the International Monetary Fund (IMF)’s 2013 world economic outlook (WEO) report released on Tuesday, the southern African nation is expected to…
HARARE – Tetrad Holdings Limited (Tetrad) says it is yet to get a license from the Reserve Bank of Zimbabwe (RBZ) to transform its investment bank into a commercial entity. The group’s subsidiary Tetrad Investment Bank (TIB) applied for a commercial banking license in 2011. Christina Muchekeza, Tetrad’s marketing head, yesterday told businessdaily that meanwhile,…
HARARE – Old Mutual Zimbabwe Limited (OM)’s shareholders on Tuesday unanimously approved a $12,5 million loan to the group’s former chief executive Luke Ngwerume and associates to acquire a 3,5 percent stake in the company. The move is part of the insurance giant’s efforts to comply with Zimbabwe’s indigenisation policy – compelling all foreign-owned firms…
HARARE – The following is an interview with South Africa-based businessman and entrepreneur Vinay Naran, who will a key note speaker at the forthcoming Islamic Expo launch. 1. What does this Expo mean to you personally and your business? The Orischart Islamic Expo will allow for the creation of an established platform for the generation,…
WASHINGTON – US Commerce Secretary Penny Pritzker has warned that business is starting to suffer from the federal shutdown. Her comments at the Asia-Pacific Economic Cooperation (Apec) came as leaders gathering for the summit voiced worries about the US situation. Philippine President Benigno Aquino said that what happens in the US “affects us all”. On…
