HARARE – Zimbabwe has registered a 17 percent increase in tourist arrivals to 404 282 in the first quarter of 2013, figures released by the Zimbabwe Tourism Authority (ZTA) reveal. “The ever increasing regional trade and commerce also contribute immensely to the growth through indirect transiting tourists and business tourists as shown by the current…
HARARE – Zimbabwe has partnered India to form a mining joint venture. The venture — planning to develop four mining reserves in Zimbabwe — targets chrome, gold, iron and diamonds. Last week, India’s State-owned NMDC Limited (NMDC) signed a memorandum of understanding (MoU) with Mosi oa tunya Development Company (MtDC) — a special purpose vehicle…
HARARE – Lafarge Cement Zimbabwe (Lafarge) says it plans to double output to one million tonnes per year within the next decade. The cement maker currently has an installed capacity of 450 000 tonnes per annum. “At some point we will have a brand new plant in place. Today in our industry we are one…
HARARE – Art Holdings Limited (Art)’s negotiations over a new investment in its battery venture with JSE-listed First National Battery (FNB) have flopped. “…negotiations which have been subject of cautionary statements in recent months have been discontinued,” the group’s secretary Frank Mukarakate said in a statement on Friday. “Accordingly, shareholders should exercise caution when dealing…
HARARE – The Reserve Bank of Zimbabwe (RBZ)’s plans to offload non-core businesses forge ahead with the institution seeking an evaluation of its property subsidiary Homelink Private Limited (Homelink). Yesterday, the central bank invited tenders from registered accounting firms to fully assess Homelink’s value as part of efforts to finalise disposal of the firm. In…
HARARE – Zimbabwe is a step closer to adopting a residence-based tax system from the current source principle after Finance minister Tendai Biti this week acquiesced to proposed amendments of the Income Tax Bill. The Bill — unveiled in 2010 — is expected to enhance the country’s tax and accounting system in line with international…
HARARE – AfrAsia Kingdom Zimbabwe Limited (AKZL)’s anchor shareholder AfrAsia Bank Limited (ABL) has won the African Banker Awards (ABA)’s best bank in southern Africa 2013 prize. The Mauritius-based regional banking group was acknowledged by ABA — at an annual ceremony held in Morocco last week — for its consistent performance, quality of financial products…
MUTARE – Indigenisation minister Savior Kasukuwere yesterday threatened to expel from Zimbabwe foreign-owned banks that fail to fund youth empowerment programmes. He said institutions reluctant to finance youths’ projects “had no business to be in the country.” “They must come on board and fund the youths,” Kasukuwere said at a handover of field equipment for…
HARARE – Zimbabwe will offer free visas for delegates attending the forthcoming six-day United Nations World Tourism Organisation (UNWTO) general assembly in Victoria Falls. The country is co-hosting the event from August 24 to 29 with neighbour Zambia, which has also suspended the visa requirement. “We will be granting free visas to anybody who is…
HARARE – TN Bank Limited (TN Bank)’s major shareholder Econet Wireless Zimbabwe Limited (Econet) has reshuffled the financial institution’s top management. The shake-up — involving the appointment of new executives, including United Kingdom-based financial analyst Lance Mambondiani, to the bank’s key positions — comes as Econet increased its shareholding to 98, 6 percent in TN…
