BUSINESS NEWS

Audit unearths rot at Zinara

AN internal forensic audit on the operations of the Zimbabwe National Road Administration (Zinara) has exposed massive financial abuse, including the payment of $71 million and R31 million to contract...

By Staff reporter | Published: 06 October 2017

BUSINESS NEWS

'Zim govt accused of attracting 'cruel' investors'

THE Zimbabwe Congress of Trade Unions (ZCTU) has accused the government of prioritising capital and attracting "cruel" foreign investors, who are subjecting local workers to hazardous working conditio...

By Staff reporter | Published: 06 October 2017

BUSINESS NEWS

Total vehicles sales decline by 13.9%

Total vehicles sales in the country will this year decline by 13.9% on the back of the ongoing liquidity crisis and weak economic growth, a Fitch Group research company revealed. Sales for new vehicle...

By Staff reporter | Published: 06 October 2017

BUSINESS NEWS

Zimra surpasses Sept collections

The Zimbabwe Revenue Authority (Zimra) surpassed its revenue target by 14,34% in September, with net collections of $373,23 million on the back of tax compliance. The net collections target was $326,4...

By Staff reporter | Published: 06 October 2017

BUSINESS NEWS

Brainworks to list on ZSE within a year

Brainworks Limited says it is currently in talks over a secondary listing on the ZSE, which the investment holding company is targeting to complete within the next twelve months. Chief Executive Brett...

By Staff reporter | Published: 06 October 2017

BUSINESS NEWS

Expansion of border post at Beitbridge on ice

Cabinet has raised concerns over investors shortlisted for the multi-million dollar upgrading of Beitbridge Boarder Post, potentially putting on ice Zimbabwe's plans to improve movement of vehicle tra...

By Staff reporter | Published: 06 October 2017

OPINION

Bond notes coming home to roost

LAST week's crashing of the bond note against the United States dollar led to market panic while at the same time evoking memories of the country's unprecedented economic meltdown and hyperinflation e...

By Tinashe Kairiza | Published: 06 October 2017

BUSINESS NEWS

ZSE boss fired

ZSE has fired its controversial chief executive Alban Chirume ending a protracted dispute finally resolved by the Ministry of Labour and Social Welfare, which upheld his dismissal. The ZSE in February...

By Staff reporter | Published: 06 October 2017

BUSINESS NEWS

Preparations for ZimAsset II begin

Government is currently consulting stakeholders on the development of a successor Zimbabwe Agenda for Sustainable Socio Economic Transformation (Zim-Asset) programme covering just two years. The consu...

By Staff reporter | Published: 06 October 2017

BUSINESS NEWS

RBZ wants more POS machines

THE Reserve Bank of Zimbabwe (RBZ) is considering importing more Point of Sale (POS) machines as part of grand efforts to increase transaction points and arrest the high costs being levied by traders....

By Staff reporter | Published: 06 October 2017

BUSINESS NEWS

Govt moves to stamp out ghost workers

The Zimbabwe government will extend the biometric registration exercise that it is carrying out at the National Social Security Authority to the public service to weed out ghost workers, a Cabinet Min...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

Chinamasa fights price controls

FINANCE and Economic Development Minister Patrick Chinamasa has opposed the introduction of price controls, telling lawmakers that the matter came up for discussion in Cabinet last week.President Robe...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

Zim moves to ratify WTO trade agreement

ZIMBABWE has inched closer to ratifying the World Trade Organisation (WTO) Trade Facilitation Agreement that seeks to foster mutual multi-lateral trade processes among member states.WTO member states ...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

Facility for locals to buy Brainworks shares on JSE

Brainworks Capital is working on a facility with the Reserve Bank of Zimbabwe, which will allow Zimbabwean investors to buy shares of the company when it lists on the Johannesburg Stock Exchange, with...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

Zimbabwe relaxes import rules

Government has reduced the number of products that require import licences as part of its ongoing efforts to improve Zimbabwe's ease of doing business while at the same time placing imports of school ...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

'Stop money printing to save economy,' says CZI

THE Confederation of Zimbabwe Industries (CZI) yesterday urged the central bank to stop excessive money printing through the real time gross settlement (RTGS), saying this was fuelling inflation and d...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

'Industry gets 25% forex from black market'

INDUSTRIALISTS and retailers were sourcing at least 25 percent of their foreign currency requirements from the black market, a Confederation of Zimbabwe Industries (CZI)-organised breakfast meet heard...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

Zimbabwe government burns through cash

PRESIDENT Robert Mugabe's government has run up a cumulative budget deficit of more than $3 billion since 2014, funded through local borrowings which have fuelled inflation and compounded a foreign cu...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

Zim oil expressers urged to grow soya beans

RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya, has urged local oil expressers to ensure a steady production of soya beans locally as the country was losing millions to the importation of soya...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

ZCTU demands details of NSSA investments

WORKER representatives have written to the National Social Security Authority (NSSA) demanding information on the entity's investments amid fears that pension funds could be at risk due to mismanageme...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

'Zim's nostro facility to run for 8 months'

RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday said the US$600 million nostro stabilisation facility from the African Export Import Bank (Afreximbank) will help alleviate foreign curr...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

RBZ ready to bail out companies

The Reserve Bank of Zimbabwe (RBZ) says there is cheaper funding for smaller and medium sized companies under the financial inclusion strategy aimed at creating a broad-based economy.Speaking to journ...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

Prices increase by more than 50%

The government says prices have increased by at least 50% in recent weeks, according to preliminary results from a survey it is conducting.Industry and Commerce permanent secretary, Abigail Shoniwa to...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

ZCTU plans national shutdown protests

THE Zimbabwe Congress of Trade Unions (ZCTU) is planning demonstrations to protest against the current economic meltdown, in a bid to pile pressure on government to resuscitate the economy.ZCTU's gene...

By Staff reporter | Published: 05 October 2017

BUSINESS NEWS

EU pumps $50m into Lowveld

THE European Union (EU) has pumped more than $50 million into wildlife conservancies and sugar plantations in Zimbabwe's Lowveld that had been ruined by a chaotic land reform programme.An EU delegatio...

By Staff reporter | Published: 05 October 2017

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