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…
HARARE – Hwange Colliery Company Limited (HCCL) is sitting on an explosive forensic report detailing a number of financial and procurement irregularities, which allegedly occurred under Deputy Mines minister Fred Moyo’s watch. Despite promising to look into the issue of “legacy debts” running back to 2007 in its December 2012 annual report, the Zimbabwe Stock…
HARARE – Diversified financial services group Old Mutual Zimbabwe Limited (OM) will today start trading 25 percent of its shares worth over $100 million as part of efforts to comply with the indigenisation policy. Jonas Mushosho, the group’s chief executive, said the trade will be conducted by “select and approved potential investors and pre-approved buyers,…
HARARE – Zimbabwe’s largest telecommunications firm Econet Wireless (Econet) has won a Supreme Court case to terminate the Ecolife free life insurance deal with Namibia-based Trustco Mobile Private Limited (Trustco). The court recently ruled that a contract between Econet and Trustco to offer mobile insurance had been legally terminated when the mobile giant accepted the…
HARARE – Awards-winning Emirates is targeting Harare’s trading community with an intensive six-day awareness campaign across the city’s main markets. The airline — which flies daily from Harare to Lusaka and Dubai — is spending this week highlighting the opportunities for traders and shoppers’ looking to buy merchandise at some of the world’s best shopping…
HARARE – Zimbabwe has maintained that it will not embrace genetically modified organisms (GMO) technology despite the country facing imminent hunger threats. More than 2,2 million of the southern African country’s 13 million people will need food assistance this year according to statistics from the United Nations World Food Programme. However, Joseph Made, the recently…
HARARE – Zimbabwe’s non-performing loans have grown substantially by more than 10 percentage points to over 15 percent since dollarisation in 2009, indicating stagnation in the economy. Statistics released recently by the World Bank have shown that non-performing loans in the country have increased from about 3,2 percent in March 2009 to 15,3 percent in…
HARARE – Governments new thrust on housing development and infrastructural projects is expected to give fresh impetus to property developers, including Jockstar Investment (Private) Limited (Jockstar). Although the sector has somehow been constrained or slowed down by liquidity challenges prevailing in the country, the Harare-based firm’s Mount Pleasant Heights estate is progressing well with most…
HARARE – Listed cigarette-maker British American Tobacco Zimbabwe Holdings Limited (BAT Zimbabwe) has been ranked among the top contributors to the fiscus by the Zimbabwe Revenue Authority (Zimra). The group — which in 2012 contributed over $28,6 million in excise duty, value added tax, and other tax payments to the fiscus — was ranked third…
HARARE – London-listed resources group Mwana Africa plc (Mwana) says it is looking up to its Zimbabwe operations to be self-sufficient. The pan-African miner — involved in the production, development and exploration of gold, nickel, copper and diamonds in Angola, Botswana, the Democratic Republic of Congo (DRC), South Africa and Zimbabwe — recently outlined ways…
