Business

Zupco Adds 294 Buses, Kombis to Urban Fleet

At least 294 privately-owned buses and kombis recently cleared by the Central Mechanical and Equipment Department (CMED) will now join the Zupco franchise. CMED in the past week inspected 326 buses and kombis and 294 passed the test. In addition, 221 drivers were also tested and 197 of them passed. …

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Hccl Volumes, Revenue Spike

HWANGE Colliery Company Limited has recorded a 50 percent increase in coal production to 175 849 tonnes in the quarter ended March 31, 2020 from 117 165 tonnes achieved in the corresponding period last year. In a trading update for the quarter under review, Hwange Colliery Company Limited (HCCL) also …

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‘Overreliance On China to Derail Zimbabwe’s Recovery’

Zimbabwe is highly exposed to any sharp economic slowdown in China due to what will likely be an overreliance on the Asian economic powerhouse for financial support. There are fears the escalating political turmoil in Zimbabwe, coupled with a worsening human rights situation, could scare off Western investors and international …

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Two Zim Banks Off Sanctions List

Agribank and the Infrastructure Development Bank of Zimbabwe (IDBZ) have now been fully removed from the US sanctions list, the American Department of the Treasury has announced, allowing them to do international business more easily and obtain lines of credit. The two banks were put under US sanctions in July …

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Fuel, Forex Shortages Eat Into Hwange Bottom Line

Hwange Colliery Ltd has reported an after-tax loss of 65% for the first quarter ended March 31, 2020, owing to high inflation, as well as shortages of fuel and foreign currency. During the same quarter, the company’s sales decreased by 33%.In a trading update, Hwange’s acting company secretary Rugare Dhobbie …

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Fuel, Forex Shortages Eat Into Hwange Bottom Line

Hwange Colliery Ltd has reported an after-tax loss of 65% for the first quarter ended March 31, 2020, owing to high inflation, as well as shortages of fuel and foreign currency. During the same quarter, the company’s sales decreased by 33%.In a trading update, Hwange’s acting company secretary Rugare Dhobbie …

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Anjin Gets Fresh Diamond Chiadzwa Mining Claims

President Emmerson Mnangagwa’s government has allocated fresh diamond mining claims to Anjin Investments in Chiadzwa, in Manicaland province, four years after the company was evicted from the mineral-rich area alongside other miners on allegations of under-declaring proceeds, the Zimbabwe Independent can reveal. Anjin, which resumed operations in December after the …

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RBZ Not Printing More Money – Mthuli Ncube

Finance Minister Mthuli Ncube has said the printing of new $10 and $20 denominations does not translate to the Reserve Bank of Zimbabwe (RBZ) printing more money, but it was merely swapping RTGS balances into hard cash. The RBZ this week put into circulation new $10 notes while $20 notes …

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WB Approves U.S.$2,2m Grant

The World Bank (WB) has approved a US $2,2 million grant for Zimbabwe’s recovery and resilience projects to address the devastating impact of Cyclones Idai and Kenneth in March last year. The grant represents one of rare occasions when Zimbabwe gets funding from the global lender, which has not given …

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48% of Local Sanitisers Fail Standards Tests

Recent laboratory tests have shown that 48 percent of hand sanitisers and face masks produced locally have failed to meet the mandatory health standards and Government is now working with the manufacturers to improve the quality of the products, a Cabinet minister has said. Since the gazetting of Statutory Instrument …

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