Zimbabwe retailers in trouble

Zimbabwe's retailers are facing a new threat as some companies in the fast-moving consumer goods (FMCG) sector are pushing their products on the streets, bypassing supermarkets and wholesalers in sear...

By Staff reporter | Published: 17 July 2017

FINANCIAL SERVICES

Allied Bank pension fund liquidation approved

The Insurance and Pensions Commission (Ipec) has approved the liquidation of Allied Banking Group Pension Fund, after it found it practicable to bring the fund into sound financial position.The liquid...

By Staff reporter | Published: 17 July 2017

BUSINESS NEWS

Bulawayo rejects FBC housing proposal

THE Bulawayo City Council has rejected a bid by FBC Building Society, which sought a joint partnership in developing 517 high density residential stands in Luveve suburb.Following an engagement over t...

By Staff reporter | Published: 17 July 2017

FINANCIAL SERVICES

Women's Bank to open by September

WOMEN Affairs, Gender and Community Development Minister Nyasha Chikwinya has said the much awaited Women's Bank will open for business by September this year.Mooted some years ago, the bank has taken...

By Staff reporter | Published: 17 July 2017

MINING & RETAIL

Zimbabwe mining royalties go up 22.84%

REVENUE from mining royalties has, in the first half of 2017, gone up by 22.84 percent to $34.27 million against a target of $27.9 million, buoyed by rising gold and platinum output.During the period ...

By Staff reporter | Published: 17 July 2017

MINING & RETAIL

Zambezi Gas coal output increases

ZAMBEZI Gas has increased coal output to 40 000 tonnes per month compared to 10 000 tonnes the colliery was producing when it started full-scale production last year.The Matabeleland North-based compa...

By Staff reporter | Published: 17 July 2017

TRANSPORT & TOURISM

Wild Horizons basks in increased business

ONE of the leading tour operators in Victoria Falls, Wild Horizons, says it is enjoying a new lease of life in business on the back of increasing demand for its services.The commissioning of the $150 ...

By Staff reporter | Published: 17 July 2017

TRANSPORT & TOURISM

Zimbabwe tourism master plan out soon

Zimbabwe will soon unveil a national tourism master plan (NTMP) which will be hinged on promoting domestic travel and focusing on establishing an initial 11 tourism development zones (TDZs) across the...

By New Ziana. | Published: 17 July 2017

MINING & RETAIL

Metallon Gold set to increase production by 20%

ZIMBABWE'S largest gold mining group, Metallon Gold is targeting to increase its gold production by 20% by year-end driven by increased capacity utilisation, a company official has said.The company pr...

By Staff reporter | Published: 17 July 2017

TRANSPORT & TOURISM

New airlines boost Victoria Falls tourism boom

The recently-commissioned $150 million Victoria Falls International Airport has spurred brisk tourism business in the resort town.This comes after Kenya Airways and Ethiopian Airways - in April - intr...

By Staff reporter | Published: 17 July 2017

TRANSPORT & TOURISM

Ex-employees sue NRZ for $93,500 salary arrears

FIVE former National Railways of Zimbabwe (NRZ) workers have sued their ex-employer over a total of over $93 500 owed to them in salaries and benefits.The five - Oliver Nkomo, Gilbert Chiwaura, Elliah...

By Staff reporter | Published: 15 July 2017

LANDS & AGRICULTURE

Middlemen rip off communal farmers

COMMUNAL farmers in rural areas are reportedly being ripped off by middlemen, who armtwist them into selling a tonne of maize for less than $200, only for them to resell it at the Grain Marketing Boar...

By Staff reporter | Published: 15 July 2017

TRANSPORT & TOURISM

NRZ loses wagons worth $1.6m to fire

THE National Railways of Zimbabwe (NRZ) lost wagons worth about $1,6 million in two fire incidents yesterday and on Thursday night.The Bulawayo Fire Brigade Chief Fire Officer, Mr Richard Petersen, co...

By Staff reporter | Published: 15 July 2017

MINING & RETAIL

Mzi Khumalo's company 'externalises' $30m

Metallon Gold Zimbabwe (Pvt) Ltd, owners of How Mine near Bulawayo and other gold mines in the country, has been taken to court on allegations of externalising more than $30 million.Preminent South A...

By Staff reporter | Published: 15 July 2017

INDUSTRIALS & ENERGY

CFI boss at the centre of cash scandal

An internal audit centred on whether CFI Holdings deputy chief executive Shingirayi Chibhanguza, who represents the interest of Nicholas Van Hoogstraten in the group, could have misused US$200 000 in ...

By Staff reporter | Published: 15 July 2017

FINANCIAL SERVICES

Zimbabwe faces financial meltdown

GOVERNMENT is facing a fiscal meltdown triggered by excessive borrowing that has crowded out private sector lending, while destabilising the banking sector at the same time, it has been established.Zi...

By Staff reporter | Published: 14 July 2017

FINANCIAL SERVICES

Zimbabwe banks see profits skyrocket

Zimbabwean banks are seeing their profits skyrocket despite the tough operating environment, making more money from trading and mostly electronic transactions, financial research firm Equity Axis has ...

By Staff reporter | Published: 14 July 2017

BUSINESS NEWS

British diplomats raise red flag over Zimbabwe debt clearance plan

British diplomats in Harare have privately expressed serious concerns over Zimbabwe's plans to mortgage gold reserves to guarantee a syndicated long-term loan arranged by the African Export and Import...

By Staff reporter | Published: 14 July 2017

CONSTRUCTION & PROPERTY

BCC, CBZ bank partners in stands development

The Bulawayo City Council (BCC) has entered into a partnership with a local bank to develop medium density residential stands in Mahatshula West in a bid to ease the city's housing backlog, currentl...

By Staff reporter | Published: 14 July 2017

CONSTRUCTION & PROPERTY

Home-seekers shun CABS project

Harare City Council is concerned with the low uptake of houses at the Budiriro CABS Housing Scheme and is now considering leasing the houses after only 800 out of 2 879 were occupied even after scrapp...

By Staff reporter | Published: 14 July 2017

TRANSPORT & TOURISM

Mzembi demands 1% of national budget

TOURISM minister Walter Mzembi wants Treasury to allocate 1% - about $41 million - of the government's budget to his ministry to create a development fund and market the country.This comes as Mzembi l...

By Staff reporter | Published: 14 July 2017

CONSTRUCTION & PROPERTY

NBS to construct 14 000 housing units

THE National Building Society (NBS) is set to construct more than 14 600 low cost houses in Bulawayo and Harare, as part of its efforts to reduce the country's over 1,25 million housing backlog, an of...

By Staff reporter | Published: 14 July 2017

INDUSTRIALS & ENERGY

ZimRe to the rescue as CFI bleeds

The company is completely de-capitalised. Every unit has a working capital deficit. This is clear from the financials. This, in my view, clearly shows he doesn't know how to run a business of this mag...

By Staff reporter | Published: 14 July 2017

INDUSTRIALS & ENERGY

Proton introduces new product line

PROTON Bakers has introduced a new product on the market as a way to satisfy customer needs and offer them value for their money.has introduced a new product on the market as a way to satisfy customer...

By Staff reporter | Published: 14 July 2017

FINANCIAL SERVICES

Zimbabwean banks face solvency crisis

ZIMBABWEAN banks face insolvency due to a growing portfolio of Treasury bills (T-bills) and electronic funds transfers unsupported by cash reserves, the International Monetary Fund (IMF) has warned.T-...

By Staff reporter | Published: 13 July 2017

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