Business

Millions in #Zimbabwe diamond proceeds siphoned ANJIN Investments, a joint venture between the Anhui Foreign Economic Construction (Group) Co Ltd (Afec), and Matt Bronze Enterprises — a front for the Defence ministry and the Zimbabwe Defence Forces through Glass Finish Investments (Pvt) Ltd — formed a subsidiary company, Sogecoa Zimbabwe …

Photo Credit: Keat Siong When disaster strikes, sometimes the best move is a pivot. Rebranding has been the need of the hour for airlines on several occasions in the past, whether prompted by a tarnished image, a merger or a financial crisis. Air Zimbabwe has just rebranded for the first …

VICTORIA FALLS, June 20 (The Source) – Zimbabwe has signed a comprehensive agreement with unnamed Chinese investors for the construction of its ‘Disneyland in Africa’, a tourism and conference theme park in the resort town of Victoria Falls, the tourism minister said on Wednesday. In 2013, the impoverished southern African …

Fire threatens Bulawayo’s Magnet House  Members of the public had to assist the Bulawayo Fire Brigade in efforts to control a fire that had broken out at a building in Bulawayo around 3pm on Wednesday. The building, which is suspected to have been abandoned, is located at the corner of …

Second hand clothing imports hurting Edgars – MD BULAWAYO, June 19 (The Source) —Clothing retail chain Edgars Stores says the rapid increase in unregulated commerce in the country is hurting its operations as it is made to compete with businesses that do not pay tax. Edgars – a local unit …

Research for this report calculates the movement of financial resources into and out of Africa and some key costs imposed on Africa by the rest of the world. We find that the countries of Africa are collectively net creditors to the rest of the world, to the tune of $41.3 billion in 2015. Thus much …

Mugabe’s #Zimbabwe Ruling Party Zanu-PF introduces electronic membership cards  Munyaradzi Musiiwa, Midlands Correspondent THE ruling Zanu-PF party has started issuing electronic cards to its members and supporters with a number of features among them being linked to the holder’s bank account to allow automated subscriptions ahead of next year’s harmonised …

Sino Hydro, the Chinese company which won the engineering procurement and construction contract for the 600 megawatt expansion of Hwange Power Station, will have a 36 percent stake in the power project for at least six years. National power utility Zesa Holdings will hold the balance of 64 percent in …

Zimbabwean President Robert Mugabe’s recent call for his supporters to “kick out” all remaining white commercial farmers from their properties has triggered a new wave of land invasions in the southern African country. Mugabe, 93, told a rally in Marondera two weeks ago that all white commercial farmers who remained …

By Elias Mambo and Obey Manayiti THE single biggest local beneficiary of Anjin Investments Pvt Ltd’s diamond mining revenues was the military as it controlled a 30% stake in the joint venture with the Chinese government-owned corporation, the Anhui Foreign Economic Construction (Group) Co Ltd (Afec), the Zimbabwe Independent has …