Business

MIMOSA Mining Company has embarked on cost reduction and cash conservation initiatives after being hit by low global metal prices. As a result, the company said, it would rationalise more than 30 managerial and supervisory employees.In a statement yesterday, the Zvishavane mechanised platinum group of metals and base metal mining operation said it was forced…

THE Zimbabwe Energy Regulatory Authority (Zera) says they have managed to licence more than 120 Independent Power Producers (IPPs) as they bid to improve electricity generation and availability. Speaking to the Daily News yesterday, Zera chief executive officer Eddington Mazambani said if more IPPs were licenced, it would improve electricity availability and competition amongst themselves…

THE World Bank has reiterated the immediate need to restructure the Reserve Bank of Zimbabwe’s (RBZ) quasi-fiscal operations to restore macroeconomic stability. This echoes the recent statement by the International Monetary Fund urging the central bank to shift its focus from such activities to fostering private sector growth, which is critical for economic recovery. The…

FITCH Solutions predicts the Zim dollar to weaken by over 80 percent against the US dollar his year. The outlook, however, highlights a potential deviation, contingent on the pending monetary policy statement. The local unit has depreciated by over 40 percent against the US dollar this year underscoring economic turbulence, raising the spectre of further…

LEADING financial services institution, Stanbic Bank, has launched an innovative programme aimed at propping up the operations and welfare of small to medium enterprises (SMEs). Named “Rise Above Incubator Programme”, the initiative will see 15 small to medium entrepreneurs, who have promising ideas and early-stage businesses, undergo a rigorous but rewarding three-month intensive training and…

ECOCASH, the leading financial services platform in the country, has expanded its payroll services to include security companies. The latest development allows employees of companies in the security sector across the country to conveniently receive their full pay directly into their EcoCash wallets.“Extending payroll services to security companies — whose personnel are scattered across the…

A SUSPECTED Harare fraudster who allegedly funnelled money from a housing consortium for Donnybrook and Mabvuku residents has been charged with 13 counts of fraud. Lloyd Maungira, 48, and Murambiwa Makumire, 46, the chairperson and secretary of the Mabvuku/Donnybrook Housing Consortium respectively, were yesterday arraigned before Harare Magistrate Apolonia Marutya where they were released in…

MINING lobby group, Chamber of Mines of Zimbabwe (CoMZ), has raised concerns over government’s high levies and charges which it said were having a negative impact on the viability of mining projects in the country. In its latest state of the mining industry survey report and mining industry prospects for 2024, the CoMZ said some…

AUTHORITIES say they are in the process of repurposing the recently decommissioned Munyati Power Station by turning it into a solar energy or gas plant. Munyati Power station is a five-unit coal-fired power plant with a total capacity of 100 megawatts and the plant was completed between 1953 and 1958, and is owned by Zimbabwe…