Business

Qatar Airways introducing flights to Harare

Harare – Qatar Airways will soon introduce flights to Harare, initially flying into Zimbabwe three times a week, the new envoy from the oil rich country said on Thursday. Qatar’s new ambassador to Zimbabwe Salem Al- Jaber told journalists soon after presenting his credentials to President Robert Mugabe at State …

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The Cold Storage Company in dire straits

The Cold Storage Company’s (CSC) Bulawayo abattoir is now in a state of ruin as the beleaguered company is failing to maintain it. The huge factory premises in Belmont industrial area is now surrounded by overgrown grass, making the place hardly visible from outside. Save for the main gate and …

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No clue in Harare on solving crisis

ZIMBABWE’s investment climate has deteriorated drastically along with the economy over the past decade. The World Bank Doing Business Report has repeatedly ranked Zimbabwe 158th out of 183 countries. The World Economic Forum’s global competitiveness index has rated Zimbabwe poorly at number 133 out of 134 countries over the past …

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Reserve Bank of Zimbabwe cancels Capital Bank’s licence

HARARE — The Reserve Bank of Zimbabwe on Thursday announced the cancellation of Capital Bank’s banking licence, sowing fresh doubt into the stability of indigenously-owned banks in the country. Zimbabwe’s financial services sector has been hard-hit by a persistent liquidity crunch and depositor flight, with indigenously owned banks hardest hit. …

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Winter Wheat Production Down 29 Percent

ZIMBABWE’S winter wheat production is this year seen dropping by as much as 29% to 10 000 metric tonnes (mt) as structural challenges affecting viability of the cereal’s production persist, a top farming expert says. The country will fail to meet last year’s production levels of 14 000mt as the …

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Russia Group Forms for $3 Billion Zimbabwe Platinum Mine Project

Vi Holding, a closely held Russian company, and state corporations Rostec and Vnesheconombank formed a group to develop the world’s second-largest platinum deposit in Zimbabwe, Rostec’s press office said. Today’s comments from Moscow-based Rostec confirmed Russian press reports from earlier this week. The partners may invest as much as $3 …

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First Mutual Holdings Reports U.S.$1 Million Profit

First Mutual Holdings Ltd (FML) has reported a US$1 million technical profit in the first four months of 2014 to April despite a difficult operating environment, group CEO Douglas Hoto said. In a trading update to shareholders at an annual general meeting held in the capital this week, Hoto said …

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Air Zimbabwe board pushes to recover stolen funds

The new Air Zimbabwe board led by Mr Valentine Sinemane is pushing for the arrest and specification of five senior managers implicated in the aviation insurance scam in an attempt to trace and recover $10 million the national airline was defrauded. An audit conducted by BCA Forensic Audit Services last …

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