Business

BULAWAYO – Zimbabwe’s industry recovery, particularly in Bulawayo, is minimal in 2013 due to challenges which are likely to persist, a leading independent economist Eric Bloch said. “Nationwide, industry is confronted with grievous insufficiency of working capital, catastrophically decimated financial resources exacerbated by money market illiquidity and miniscule investor interest,” Bulawayo-based Bloch said. Zimbabwe’s industries…

HARARE – Tax collector Zimbabwe Revenue Authority (Zimra) said sterner measures in monitoring mines’ activities have improved revenue collections from the mining sector. Sternford Moyo, Zimra chairperson, said mining royalties collections were five percent higher than target in 2012 at $136, 9 million. “This was mainly due to increased audits and investigation activities,” Moyo said….

HARARE – Zimbabwe has slipped down two places in the World Bank’s ease of doing business 2013 survey, ranking 172 out of 185 economies. The report, released on January 14, ranks economies based on ease of doing business in registering property, getting electricity, protecting investors, enforcing contracts and trading across borders among others, is a…

HARARE – Beverages maker Delta Corporation (Delta) says its lager beer volumes went up seven percent in the nine months to December 2012, largely spurred by substantial demand during the festive season. The Zimbabwe Stock Exchange-listed group said lager beer volumes increased by five percent in the third quarter ended December 31, 2012. “Sparkling beverages…

HARARE – Zimbabwe will only know its fate in hosting the United Nations World Tourism Organisation (UNWTO) general assembly next month, Walter Mzembi, Tourism minister said. He said a report by UNWTO’s inspectorate team, currently in the country to conduct the third and final assessment of Zimbabwe’s preparedness to host the premier tourism event, will…

HARARE – Zimbabwe is expected to benefit from a deal to construct a railway line passing through the country from Durban, South Africa, to the Democratic Republic of Congo. The railway line — to also go through Zambia — will allow copper-rich southern African countries to increase exports through Durban. It will also boost trade…

HARARE – Zimbabwe Stock Exchange-listed horticulture concern Interfresh could suffer major operational challenges after almost half of its Mazoe Citrus Estate (MCE) has been acquired by the Lands ministry. The ministry allocated 46 percent of MCE’s arable land to an unspecified party. Tawanda Namusi, Interfresh’s company’s secretary said an appeal had been lodged with the…

HARARE – Zimbabwe Platinum Mines Limited (Zimplats) says it is forging ahead with its multi-million dollar expansion project targeted at boosting production by almost a 100 000 ounces in the next two years. This follows the miner’s compliance with the country’s Indigenisation Act. Last Friday, the platinum group metals producer — 87 percent owned by…

HARARE – Kingdom Bank Limited (Kingdom) has secured a bond through a High Court order to acquire assets belonging to troubled telecommunications company, Valley Technologies (Valley Tech), over a $20 million debt. Valley Tech is a subsidiary of Zach Wazara’s Spiritage group. The bank made an urgent High Court application last December seeking an order…

HARARE – A United Nations World Tourism Organisation (UNWTO) inspectorate team is expected in Zimbabwe today to assess the country’s preparedness to host its forthcoming general assembly. Zimbabwe will co-host the event with Zambia in August in the resort town of Victoria Falls. The UNWTO delegation, which will be in the country for two days,…