Business

HARARE – Poor corporate governance within Zimbabwean companies has contributed to the country’s poor ranking in global corruption indices, Deposit Protection Board (DPB) chief executive John Chikura said. Chikura said the hapless corporate governance structures were responsible for the collapse of many Zimbabwean companies, leading to the nose dive in international indices. “Lack of business…

HARARE – Registered tobacco growers have doubled to 50 418 so far for the forthcoming 2013 season despite threats to Zimbabwe’s tobacco production as a result of global smoke reduction strategies and recent anti-tobacco marketing bans. According to statistics released by Tobacco Industry Marketing Board (TIMB) this week, the number of registered tobacco growers grew…

HARARE – The proliferation of imported counterfeit and sub-standard products will soon be under control in Zimbabwe following government’s promulgation of a raft of trade policies specifically aimed at protecting consumers and the local industry. Abigail Shoniwa, Industry ministry secretary, said the proposed Metrology Act, which replaces the outdated Trade Measures Act, will be used…

HARARE – Reserve Bank of Zimbabwe (RBZ) says it is not in a position to divulge the number of banks that have complied with its capitalisation plan and September 30 submission deadline. RBZ spokesperson Alson Mfiri told businessdaily that the central bank was still compiling submissions from banks. “There is nothing at this point in…

HARARE – Zimbabwean consumers prefer to buy clothes from flea markets than stores such as Edgars and Truworths as high interests’ rates and liquidity challenges in the country continue to erode their low disposable incomes, a recent report has shown. Lynton Edwards Stockbrokers (Les) reported that the decline in sales from traditional fashion stores can…

HARARE – Economic growth in Zimbabwe is expected to slow down to four percent by 2017, the International Monetary Fund (IMF) said on Tuesday. In its recent World Economic Outlook report, the IMF said Zimbabwe’s economy is expected to register a five percent gross domestic product (GDP) growth this year and six percent next year…

HARARE – Delta Corporation’s feat of attaining a $1 billion market capitalisation could attract more foreign investor participation on the local bourse, which has been under-performing due to liquidity challenges, analysts say. Last week the beverages manufacturer became the first company listed on the Zimbabwe Stock Exchange (ZSE) to reach $1 billion market capitalisation. Foreign…

HARARE – Toronto Stock Exchange-listed miner New Dawn Mining Corporation was last week given the green light by the High Court to acquire all outstanding minority shares of its Falcon Gold (Falgold) subsidiary in Zimbabwe. New Dawn conducts operations in the country through various subsidiaries, including Falcon Gold Zimbabwe Limited, a subsidiary in which New…

HARARE – AfrAsia Kingdom Zimbabwe Limited (AKZL) chief executive Lynn Mukonoweshuro has been awarded the inaugural Most Customer Focused Executive (Private Sector Category) by the Contact Centre Association of Zimbabwe (CCAZ). The prestigious award was presented to Mukonoweshuro at the Zimbabwe Service Excellence Awards dinner held last week at the Rainbow Towers Hotel. In the…