HARARE – Finance minister Tendai Biti yesterday presented a $3,8 billion 2013 national budget, with key reforms expected in the banking sector. While the budget remains largely unchanged due to depressed fiscal space and lack of credit lines, Biti proposed a cocktail of measures to bring sanity into the banking sector. “Where there is market…
HARARE – Finance minister Tendai Biti comes under spotlight today when he presents the 2013 National Budget, amid high expectations from a depressed industry and cash strapped populace, which has borne the brunt of current liquidity challenges. His budget comes on the back of rising public sector wage pressures and calls for elections, which have…
HARARE – Zimbabwe’s operable Marange mines have the potential to produce nearly 110 to 160 million diamond carats per year, a key global buyer and industry executive has said. Vipul Shah, chairperson of the Gem and Jewellery Export Promotion Council (GJEPC) of India, said this level of production — and prospect — would double the…
HARARE – Sugar producer Tongaat Hulett (Tongaat) says its Zimbabwean operation Hippo Valley (Hippo) recorded a $53 million operating profit in the half year to September 30, 2012 compared to $52 million same period prior year. The Johannesburg Stock Exchange-listed group — whose main business is sugar production and milling, but also with interests in…
HARARE – Government’s five-year economic recovery programme, the Medium Term Plan (MTP), has failed to achieve its set goals in the first year of implementation. Tapiwa Mashakada, Economic planning minister, has blamed a poor agriculture season, contraction of the manufacturing sector, policy inconsistency, unremitting power shortages and inadequate funding among other challenges. Though it has…
HARARE – Zimbabwe is losing over $100 000 in revenue daily — approximately $36 million annually — due to failure by citizens to claim Value Added Tax (Vat) refunds from South Africa (SA), the Zimbabwe Cross Border Traders Association (ZCBTA) said. SA is Zimbabwe’s biggest trading partner, with trade between the two reaching R19,2 billion…
HARARE – Naturally workers expect to be paid annual bonus come November or December every year. After almost a year of hard work with little or nothing to show, workers expect to get a boost in a form of a bonus to spend during the festive season and beginning of the following year. Workers take…
HARARE – Economists have warned of further economic growth decline following the contraction of the manufacturing industry capacity utilisation by 13 percent due to constricted credit lines, power outages and high utilities bills. Manufacturing industry capacity utilisation is one of the key indicators of the economy’s health. According to the 2012 Confederation of Zimbabwe…
HARARE – Government should commercialise the Zimbabwe Power Company (ZPC) and subsequently list it on the Zimbabwe Stock Exchange as a way of attracting foreign investors into the power industry, Zimbabwe Energy Council (Zec) says. Zimbabwe’s state-owned sole power utility, Zesa Holdings, is struggling to raise $125 million needed to repair outdated power station generators,…
HARARE – Zimbabwe Stock Exchange listed Art Corporation (Art)’s stationery manufacturing subsidiary Eversharp has entered into a strategic partnership with Indian-based Luxor International. The partnership is expected to boost Eversharp’s competitiveness in the local market, where it is facing competition from cheaper stationery imports from China. The deal involves Eversharp acquiring exclusive distribution rights, a…
