BUSINESS NEWS

Zim launches migration governance project

The Zimbabwe government on  Thursday launched the Promoting Migration Governance in Zimbabwe (PMGZ)  project aimed at supporting the development of improved migration policies and frameworks...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Zim panic sends Bitcoin soaring over $6,000?

Bitcoin is the latest indicator to show that Zimbabwe's attempts to defy economic gravity will, as before, result in unplanned-for ­con­sequences and bruises on the way down.According to TheNational...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Zimbabweans stash forex as economy sinks

IN recent weeks some financial institutions have announced they are further reducing limits for foreign card payments such as MasterCard, Visa Card and debit card settlements with some suspending the ...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Forex delays wreak havoc

THE delay in the allocation of foreign currency to companies by the Reserve Bank of Zimbabwe (RBZ) has resulted in businesses cancelling orders and suppliers doubling of prices to allow them to source...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Government repeals imports restriction law

THE Govermment has repealed Statutory Instrument 64 of 2016 and consolidated various import licensing regulations under the newly gazetted Statutory Instrument 122 of 2017, Industry and Commerce Minis...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Zesa reeling under $1 billion debt

THE debt and scandal-ridden Zimbabwe Electricity Supply Authority (Zesa) owes its local and international suppliers close to US$1 billion and is only managing to service interest accrued on loans with...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Govt issues $200 million worth of TBs

Government has issued about $200 million worth of Treasury Bills to settle debts owed by parastatals and local authorities to the country's power utility, Zesa Holdings. This is the part of $535 milli...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Govt to engage experts on SEZs

Government will work in collaboration with local and international partners with requisite expertise in the implementation of Special Economic Zones. According to minutes of the meeting held between M...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Pharmacies in 70% price hike

PHARMACIES in Zimbabwe have hiked drug prices by up to 70 percent over the past three weeks and some are demanding payment in United States dollars only, it has emerged.In a statement, the Association...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Govt has final say on Air Zim boss

The Air Zimbabwe board, which met last Friday to deliberate on the fate of suspended chief executive officer Captain Ripton Muzenda, has no mandate to unilaterally sack him, Business Weekly has establ...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

RBZ appoints bankers for Portfolio Fund

Standard Chartered Bank, Stanbic and CBZ have been appointed bankers for the Zimbabwe Portfolio Fund which was established by the Reserve Bank of Zimbabwe in August this year. Although the fund was su...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Aspindale Park gets council approval

Property development firm, Aspindale Park, has secured title deeds from the Harare City Council for its multipurpose house project situated at the junction of High Glen Road and Kambuzuma, a developme...

By Staff reporter | Published: 20 October 2017

BUSINESS NEWS

Zim narrows trade deficit by 62% since 2015

Zimbabwe has made significant strides over the last two years in reducing its trade deficit from $3,5 billion in 2015 to $1, 3 billion presently. ZimTrade board chairman Lance Jena revealed the statis...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

Tax refund nightmare for companies

COMPANIES have expressed concern over delays by the country's tax collection agency, the Zimbabwe Revenue Authority (ZIMRA), in processing tax refunds, which they said created cash-flow problems for b...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

Debt to equity plan for Merlin

THE judicial manager of troubled Bulawayo-based textiles firm, Merlin (Pvt) Limited, will this week present a report to creditors in which he is proposing the conversion of debt into equity.The move i...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

ZIMRA proposes severe penalties

THE Zimbabwe Revenue Authority (ZIMRA) is contemplating legislative measures to ensure severe penalties to tax evaders in a bid to force compliance and boost revenue.ZIMRA board chairperson, Willia Bo...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

Miners meet Mangudya over forex crisis

THE Reserve Bank of Zimbabwe (RBZ) recently held a meeting with miners to resolve a deteriorating foreign payments situation for miners, whose foreign payments backlog had been significantly reduced d...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

Over 50 people apply for SEZA top job

MORE than 50 people applied for the job to head the Special Economic Zones Authority (SEZA), which was on the market for a chief executive officer.SEZA's chairman, Gideon Gono , said his organisation ...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

One stop border project abandoned

CHIRUNDU border officials have abandoned the one stop border post (OSBP) concept, which was meant to enhance customs clearances and trade facilitation. They have resorted to the old, cumbersome system...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

Zim misses statutory, Sadc limit on debt

ZIMBABWE'S debt to GDP ratio is estimated to exceed the statutory limit of 70% this year due to excessive borrowing from the domestic market, Treasury has warned, imploring the need for fiscal consoli...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

Zimra beats revenue targets again

The Zimbabwe Revenue Authority gross collections for the third quarter were 19% above target boosted mainly by higher collections in Value Added Tax, individual tax, excise duty and company tax.Gross ...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

ZSE, former CEO fight rages on

Fired Zimbabwe Stock Exchange (ZSE) chief executive officer Alban Chirume has filed a counter claim arguing he is entitled to a company vehicle his employers wants him to return.The ZSE two weeks drag...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

NSSA eyes CSC equity

THE National Social Security Authority (NSSA) says its $18 million investment deal to revive Cold Storage Company (CSC) was on course, with positive engagements underway that will culminate in the eve...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

Love for imports create internal economic challenges

BUY Zimbabwe says the country's love of imports has created the internal economic challenges prevalent today which has led to a highly imbalanced economy.In a statement on Tuesday, Buy Zimbabwe said t...

By Staff reporter | Published: 19 October 2017

BUSINESS NEWS

'SEZs to drive increased FDI, exports'

THE implementation of the Special Economic Zones (SEZ) policy is expected to attract increased foreign direct investment in different sectors and create export-led economic growth.Macro-Economic and I...

By Staff reporter | Published: 19 October 2017
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