Business

CONSTRUCTION industry players have called on the government to address the regulatory challenges faced by most contractors in formalising their operations. This comes after the Zimbabwe Building Contractors Association (ZBCA) revealed that approximately 30 percent of contractors in the country’s southern region operate informally. Speaking at a southern region contractors’ workshop yesterday, former ZBCA president…

THE government has urged power companies to prioritise the productive sector by ensuring access to affordable and reliable electricity, thereby spurring the country’s economic growth. Speaking in Harare during a tour of Grindale Engineering Company, which has interests in manufacturing, engineering services, agriculture, and mining, the permanent secretary in the ministry of Energy, Gloria Magombo,…

MAKOMO Resources (Private) Limited has officially completed its corporate rescue proceedings, marking a significant rebound in the company’s financial status. The company’s corporate rescue practitioner, Bulisa Mbano, yester- day announced that the restructuring and reorganisation efforts concluded on February 27, restoring optimism in the firm’s future. “This announcement brings relief to shareholders and creditors who…

LEADING retail outlet OK Zimbabwe has announced that the closure of its four branches in Harare has affected 56 workers who lost their jobs. This development comes as Parliament launches a nationwide probe into the closure of formal retail shops, which is contributing to the country’s economic woes. During a fact-finding mission by the parliamentary…

INNSCOR Africa Limited (Innscor)’s agriculture unit, PHI/ Agrowth, invested US$10,4 million in the current summer cropping season as part of its objectives to ensure a continuous supply of raw materials to group units while also contributing to national food security. As the largest buyer of local maize, soya products, and wheat in Zimbabwe, the group…

RELATIONS between Zimbabwe and the European Union (EU) are set to deepen with the Polish presidency of the EU council stating that this could mark the end of the bloc’s sanctions regime on the country. This comes as the EU imposed a number sanctions on Zimbabwe in February 2002 some of which have been lifted…

EXPORTING companies say the five-percentage point increase in foreign currency surrender threshold to 30 percent by the government last month has put a heavy discount on operations and they want it reduced to improve competitiveness.  The new measures dictate that exporting companies will now retain 70 percent of their foreign currency proceeds with the remainder…

ZIMBABWE is set to host the AfCFTA Association of Commodity Exchanges (A-ACX) Annual Conference in Victoria Falls on March 26-27. The Zimbabwe Mercantile Exchange (ZMX) -the country’ sole commodity exchange- said Agriculture minister Anxious Masuka will headline the conference as guest of honour. Running under the theme “Scaling Intra-African Trade: Leveraging Commodity Exchanges for Economic…

THE People’s Own Savings Bank (POSB) has entered into an agreement with the government to sell tractors procured from Belarus to local farmers on behalf of the State. The tractors, sourced through the ministry of Agriculture, are meant to enhance farm mechanisation and productivity in the country. In a statement, POSB chief executive Garainashe Changunda…

ORGANISERS of the Zimbabwe International Trade Fair (ZITF) have announced that this year’s expo is generating interest from both local and international exhibitors, with 24 foreign investors confirming attendance. Speaking at a media briefing on Thursday, ZITF board chairperson Busisa Moyo stated that the space uptake by exhibitors was notable.  “As preparations for the international…