Business

Zimbabwe: Noic, Sakunda Sucked in U.S.$17m Loan Scandal

Explosive details show that the state-owned National Oil and Infrastructure Company (Noic) was advanced by Sakunda Holdings US$17,5 million of a US$22,75 million loan agreement to buy out Lonmin’s 50% stake in the ownership of the strategic Feruka fuel pipeline, leaving the parastatal saddled with a debt, which is now …

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Zimbabwe: Positioning for Post Covid-19

The IMF report of June 2020 on Sub-Sahara Africa (SSA), has revealed a 3,2 percent contraction of economies in SSA for the period 2020-2021 a serious hike from the 1,6 percent projection estimated in April 2020. The containment measures ranging from lockdowns to closure of borders reduced economic activity in …

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Strive Masiyiwa Forced To Sell Massive Shares From Company After Failing To Repay Loan Debt For Defunct Kwese TV Venture

Strive Masiyiwa. Craig Warga/Bloomberg The coronavirus pandemic is hampering efforts by Zimbabwean billionaire Strive Masiyiwa to sell a stake in Africa’s largest fibre company. Masiyiwa is seeking buyers for 20% to 34% of Liquid Telecommunications Holdings for as much as US$600-million (R10-billion), according to four people with direct knowledge of the …

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Zimbabwe: Stock Exchange to Resume Trading

Trading on the Zimbabwe Stock Exchange (ZSE) resumes next Monday, but without Old Mutual, Seed Co International and PPC, following an inquiry by the Financial Intelligence Unit (FIU) which compiled a number of recommendations to be taken up by relevant security and criminal investigative arms of Government. Trade on the …

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Zimbabwe: Forex Auction Rate Eases to $76.76

The exchange rate between the Zimbabwe dollar and US dollar eased to $76.7596 following yesterday’s auction which saw US$14.3 million allotted with almost all successful bids in the very narrow range of $75 to $80, the top bidder offering $82. Yesterday’s auction, which is the sixth since inception of the …

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Zimbabwe: Two Gold Panners Die As Illegal Kwekwe Mine Collapses

Two artisanal miners died in Mbizo, Kwekwe Tuesday after an illegal gold mine they were prospecting collapsed on them. Another miner, who survived the collapse, was rushed to Kwekwe General Hospital but escaped before he could be treated. Police confirmed the incident saying five illegal miners Monday night entered the …

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Zimbabwe: Zanu-PF Vows to Defend Peace

AMID deafening sabre-rattling from the country’s opposition parties, Western embassies and civil society organisations that want to subvert the will of the people on July 31, Zanu PF yesterday vowed to defend the prevailing peace saying Zimbabweans should form the first line of defence if anyone violates their rights. In …

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Zimbabwe Will Only Meet Local Milk Demand in 2030

Zimbabwe will only be able to satisfy its milk demand in 2030, a cabinet minister has said. The once agriculturally independent country is currently failing to meet its milk demand which is projected at 150 million litres per annum against the national milk collection of about 80 million litres. In …

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