BUSINESS NEWS

Zimra plans blitz on tax defaulters

The Zimbabwe Revenue Authority (Zimra) has threatened to "descend" heavily on all tax defaulters who ignore the granted amnesty to regularise their outstanding tax bills.Gershem Pasi, the Zimra commis...

INDUSTRIALS & ENERGY

'Damaging agendas' behind RBZ debt saga: Meikles boss

Meikles Limited  (Meikles) executive chairman John Moxon claims there are elements with "negative agendas" behind the group's saga involving its nearly $90 million debt owed by Reserve Bank of Zi...

MINING & RETAIL

Zimplats profit down 88%

Zimbabwe's largest platinum producer Zimplats profit after tax slumped by 88 percent to $3,9 million in the half year to December 2014 from $42 million recorded in prior comparable period due to depre...

TELECOMS & TECHNOLOGY

Another Telecel blow for Mutasa

Zimbabwe's High Court has dismissed businesswoman Jane Mutasa's bid to block the sale of Empowerment Corporation (Private) Limited (EC)'s 40 percent stake in Telecel Zimbabwe (Private) Limited (Telece...

MINING & RETAIL

GEM ups RioZim stake

RioZim's largest shareholder, Gem RioZim Investments Limited (GEM), has increased its shareholding in the listed mining group from 24,97 percent to 28,3 percent.This follows shareholders' approval to ...

INDUSTRIALS & ENERGY

Meikles given 7-day ultimatum

The Zimbabwe Stock Exchange (ZSE) has given Meikles Limited (Meikles) a seven-day ultimatum to "respond to issues" concerning overstatement of its $90 million debt owed by the central bank.This comes ...

INDUSTRIALS & ENERGY

ZPC mulls debt restructure

The Zimbabwe Power Company (ZPC) plans to embark on a debt restructuring exercise, with the group floating a tender seeking a "strategy consultant".The energy company - a subsidiary of power utility Z...

FINANCIAL SERVICES

AfrAsia Bank collapses

Troubled AfrAsia Bank Zimbabwe Limited (ABZL) has surrendered its banking licence after its Mauritian shareholder gave up on turning around the bank's fortunes.Apart from a Reserve Bank of Zimbabwe (R...

INDUSTRIALS & ENERGY

BAT doubles capital expenditure

Cigarette maker British American Tobacco Zimbabwe (BAT Zimbabwe) increased its capital expenditure to $2,2 million in the year to December 2014 from $1,2 million prior year.During the period under rev...

CONSTRUCTION & PROPERTY

'Zim property market remains attractive'

LamudiI, a realtor with operations in 32 countries, says Zimbabwe's property market remains attractive despite the country's deteriorating economy.Mustafa Suleimanji, the group's managing director for...

TELECOMS & TECHNOLOGY

Makamba calls off Brainworks deal

Empowerment Corporation (Private) Limited (EC) shareholders have "buried the hatchet", with company chairman James Makamba calling off a Friday extraordinary general meeting (EGM) and subsequent deal ...

100 000 tourism jobs on the line

Zimbabwe risks losing 100 000 potential jobs in the tourism industry following the introduction of 15 percent value added tax  (Vat) on foreign tourists, the Zimbabwe Council for Tourism (ZCT) ha...

LANDS & AGRICULTURE

Zim to miss 2015 tobacco target

Zimbabwe is likely to miss its 2015 tobacco target of 220 million kilogrammes due to poor weather and handling losses, Tobacco Industry and Marketing Board (TIMB) chief executive Andrew Matibiri told ...

FINANCIAL SERVICES

70% of Zimbabweans uninsured

At least 70 percent of Zimbabwe's adult population in not insured at all - be it medical aid or funeral cover - a survey has revealed.According to FinScope Consumer Survey Zimbabwe 2014 (FinScope), 68...

FINANCIAL SERVICES

Banks' profits in massive surge

Zimbabwean banks recorded a combined profit of $52, 8 million in the year to December 2014, up 1 453 percent from $3, 4 million recorded in prior comparable period, central bank statistics revealed.Jo...

MINING & RETAIL

Zim mine collapse hits Implats earnings

Impala Platinum Holdings (Implats) - the world's second-largest platinum producer - has projected lower earnings for the half year to December 2014 due to disruptions caused by the collapse of its Zim...

MINING & RETAIL

Fidelity, ZMDC in gold venture

Reserve Bank of Zimbabwe (RBZ) subsidiary Fidelity Printers and Refiners (Fidelity) is set to partner the Zimbabwe Mining Development Corporation (ZMDC) in the establishment of a gold mining venture.J...

TELECOMS & TECHNOLOGY

'Bust Telecel needs $300m'

Zimbabwe's third largest telecommunications company, Telecel, is "technically insolvent" and needs about $300 million to stay afloat, businessdaily has learnt.This is at least according to information...

LANDS & AGRICULTURE

Tobacco season opens in March

Zimbabwe's 2015 tobacco selling season will officially open next month amid concerns of a poor crop production due to heavy rains that pounded the country in January.Traditionally, the season official...

FINANCIAL SERVICES

RBZ urges banks to lower charges

The Reserve Bank of Zimbabwe (RBZ) has implored financial institutions to lower bank charges and peg new accounts opening at $5 as a way of promoting financial inclusion in the country.John Mangudya, ...

FINANCIAL SERVICES

RBZ relaxes foreign remittances controls

The Reserve Bank of Zimbabwe (RBZ) is set to introduce relaxed controls on international remittances by April this year, as part of its measures to boost inflows and ease liquidity constraints.John Ma...

TRANSPORT & TOURISM

Air Zimbabwe commercialises technical services

Air Zimbabwe (AirZim) has commercialised its technical and engineering services as part of measures to broaden revenue streams.The airline, which advertised the services recently, is targeting the tra...

MINING & RETAIL

Aquarius engages Zim over platinum tax

Aquarius Platinum Limited (Aquarius) - a 50 percent shareholder in Zimbabwe's second-largest platinum producer, Mimosa Mining Company (Mimosa) - says it has engaged government over the recently-impose...

INDUSTRIALS & ENERGY

PG converts debentures to equity

Struggling PG Industries Zimbabwe Limited (PG) plans to convert a total $7,1 million debentures into equity.The group said the conversion, at a price of $0,001, will include accrued and unpaid interes...

FINANCIAL SERVICES

Interbank market resumes

Zimbabwe has reintroduced a $200 million interbank market, six years after the facility was abolished.The Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, said in his 2015 monetary policy state...