Business

Zimbabwe: Parly Committee Condemns Umfurudzi Tollgate

Umfurudzi Tollgate along Bindura-Mt Darwin Road set up in 2018 as a temporary structure pending the construction of a standard tollgate, is a security risk and is providing a conducive environment for employees to steal from the roads authority. This came out during a tour of the tollgate by the …

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Zimbabwe: NSSA to Acquire Stake in Silo Foods

Zimbabwe’s state owned pension fund, the National Social Security Authority (NSSA) intends to acquire about 35 percent shareholding in Silo Foods. According to a latest report on the update of privatisation of state enterprises by the Treasury, Silo Foods is currently undertaking a due diligence exercise and Ernst & Young …

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Zimbabwe: Hospitality Industry Hit Hard By COVID-19

The hospitality industry is one of the sectors significantly affected by the Covid-19 pandemic with operations down to as little as 10 percent of usual capacity. With the situation this bad, players in the industry have been left with a tough decision to turn away some of the few customers …

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Zimbabwe: COVID-19 – Firms Take Swift Action

As Covid-19 infections within Zimbabwean communities grow, two medical aid societies in Harare, the Catholic Cathedral, and three companies have recorded infections, and two deaths, which have resulted in some temporary closures of facilities for disinfection and extensive testing of staff. Firms closing a branch or a unit see this …

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Zimbabwe: Telone Targets Us$300m Capitalisation

Fixed telecommunications operator, TelOne, says it is looking for investors to inject around US$300 million into the recapitalisation of the business. The company has just concluded a network enhancement project, dubbed the National Broadband Project, which was funded by a US$98 million China Exim Bank loan facility. Managing director Chipo …

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Zimbabwe: Zim Economy to Shrink By 4,5 Percent

FINANCE minister Mthuli Ncube forecasts Zimbabwe’s fragile economy to contract by 4,5%, buffeted by the devastating impact of Covid-19, drought and prolonged power outages, but sees inflation dropping to 300% by year-end. His projection on gross domestic product is at variance with forecasts from various multilateral lending institutions. Inflation is …

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Zimbabwe: Nyanga Youths Venture Into Mining

Youths in Nyanga North have embarked on an intensive small-scale mining venture expected to change the economy of the mineral-rich area and spur development that has been lagging behind. The youths, operating under Nyanga Resources, have three claims in Nyazingwe, Mudomwe and Fombe areas, two of which were given special …

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Zimbabwe: Miner Relives Hired Hit-Men Attack

The Shurugwi miner, who recently survived an attack by three hit-men allegedly hired by his wife, yesterday said he was now recuperating at home and still coming to terms with his wife’s betrayal. Mr Drick Mudzengi (26) was early this week abducted from his home in Makusha suburb, Shurugwi, by …

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Zimbabwe: Incentives to Lure Investors to Vic Falls Bourse Dangled

The Government yesterday announced incentives aimed at attracting offshore capital on the Victoria Falls Securities Exchange (VFSE) to be launched soon. These include exception from certain taxes including capital gains and withholding tax on disposal of shares as well as corporate income tax, Finance and Economic Development Minister Professor Mthuli …

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