Business

HARARE – Zimtrade’s operations are seriously under threat owing to lack of adequate financial resources, hampering its efforts to revitalise export-led economic growth. Presenting the trade body’s maiden report for the year ended December 2011 last week, board chairperson Jethro Siziba said the high operational and administration costs weighed heavily on the organisation. “A deficit…

BULAWAYO – The government should come up with a trust fund to bailout Bulawayo industries as the $40 million Distressed Industries and Marginalised Areas Fund (Dimaf) has failed to bail the industry, an official has said. The Zimbabwe Confederation of Trade Unions (ZCTU) western regional officer Percy Mcijo said the economic situation in Bulawayo has…

HARARE – The Zimbabwean government should maintain its position to bar Essar Africa Holdings (Essar) from exporting raw iron ore, a leading mining expert said. Paul Jourdan — an independent South African mineral policy analyst and former Mintek chief executive, last week told the Zimbabwe High level Economic Forum in Victoria Falls that government could…

HARARE – Zimbabwe and Botswana yesterday signed a P500 million ($63,4 million) Credit Line Facility Memorandum of Agreement aimed at reviving the country’s ailing industries. The conclusion of the deal comes more than three years after Botswana had pledged the funds following the formation of the inclusive government to support Zimbabwe’s Short-Term Emergency Recovery Programme…

HARARE – The high-level economic forum on Zimbabwe last week ended on a high note with Finance minister Tendai Biti saying the conference’s resolutions will be factored into the 2013 national budget and other economic policies. “I can assure you that we will consider everything, because there has to be a departure from the way…

HARARE – Debt-ridden Reserve Bank of Zimbabwe (RBZ) has re-invited tenders for the disposal of its shareholding in food processor Cairns Holdings Limited (Cairns) and paint maker Astra Industries Limited (Astra), as the central bank moves to shed quasi-fiscal operations. The apex bank is currently offloading all non-core assets bought during the economic downturn resulting…

HARARE – NMBZ Holdings (NMBZ) and its subsidiary NMB Bank Limited (NMB Bank) said they raked in a total $3,7 million from the disposal of an investment property and shares in associate companies during the half year to June 30, 2012. The group said it had accepted offers for the purchase of half of an…

HARARE – The growing concern of how Africa can benefit from its vast mineral resources is put under spotlight at the forthcoming mining indaba, as the continent seeks a bigger profit share from the lucrative resources business. Zimbabwe is expected to host the indaba on September 12 with regional mining experts and executives expected to…

HARARE – Zimbabwe Stock Exchange-listed diversified concern Lifestyle Holdings (formerly TN Holdings) is making strategic plans to penetrate the regional market as the group gears to increase revenue streams and unlock shareholder value. With liquidity challenges prevailing in the country biting into companies’ operating revenue, lack of foreign direct investments and clogged external credit lines,…

HARARE – Embattled hospitality concern Rainbow Tourism Group (RTG) is set to embark on an $800 000 retrenchment exercise aimed at reducing operation costs. The Zimbabwe Stock Exchange-listed concern has for the past few years failed to turn the corner and is desperately seeking ways to return to profitability despite a challenging operating environment characterised…