Lancashire revival deal collapses

By Staff Reporter THE deal between government and a Botswana based Indian company Whinstone Enterprises to revive Lancashire Steel has collapsed. Botswana based Whinstone Enterprises, which signed a five year deal to revive moribund government owned Lancashire Steel, insists it is committed to revive the parastatal once government signed trade agreements. Government has however, argues the deal is off after the company failed to meet expectations. In an interview with newzimbabwe.com, Industry Minister, Mangaliso Ndlovu confirmed government’s new position. “As government, the position is that the agreement failed to meet…

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Fertiliser manufacturers to engage RBZ over foreign currency support

By Alois Vinga GOVERNMENT has been called upon to channel foreign currency towards the manufacturer of fertlisers in order to preserve jobs and prevent damage to soil by imported chemicals. This came out in a statement issued by the Zimbabwe Fertiliser Manufacturers Association (ZFMA), which is now compiling a draft paper which will be tabled before authorities. Hard currency is required to purchase raw materials used in the manufacture of fertiliser. Players in the sector contend that if government avails the foreign currency, more money which is currently going towards…

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Agribank, FBC Bank raise RTGS$40 million agro bills in support to farming season

BY Alois Vinga TWO local financial institutions put together RTGS$40 million worth of agro-bills to support the 2018/19 farming season. Agribank and FBC Bank jointly raised the money a 100 percent increase from the RTGS$20 million raised in the previous farming season according to officials. Sam Malaba the Agribank chief executive officer told an analysts briefing, Tuesday that the financial institution also received money under government’s livestock facility programme. “In line with farming, Agribank also received RTGS$6 million livestock facility in 2018 from the shareholder earmarked for restocking and growth…

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Zimbabwe International Trade Fair roars into life

By Bulawayo Correspondent THE 60th edition of the Zimbabwe International Trade Fair (ZITF) kicked off in Bulawayo on Tuesday, with Belarus making its maiden participation while the United States of America (USA) is also exhibiting after a three year hiatus. Belarus‘s participation at the trade fair follows President Emmerson Mnangagwa’s recent visit to the East European enclave. Companies from Belarus are showcasing a wide-range of machinery and medical products. The machinery includes tractors, mining dump trucks and heavy-duty vehicles. Senior specialist of foreign exhibitors chamber of commerce and industry, Slava…

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ZITF opens with Harare firms dominating annual showcase

23rd April 2019 Business, Markets By Business Reporter The 60th edition of the Zimbabwe International Trade Fair (ZITF) opens in Bulawayo this Tuesday with Harare firms dominating the country’s premier business exhibition. This was revealed by ZITF Company board chairperson Ruth Ncube while briefing journalists in Bulawayo Monday. A record-breaking subscription at 532 direct local exhibitors and 16 countries are participating. In terms of geographical mix, 55 percent of confirmed local exhibitors are from Harare, 25 percent from Bulawayo, 15 percent (other towns) and five percent from the international sector.…

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2 % tax injects RTGS$284 million into govt coffers first quarter 2019

2 % tax injects RTGS$284 million into govt coffers first quarter 2019 5

By Alois Vinga THE 2 percent tax introduced on electronic transactions October last year has generated RTGS$284 million for government in the first three months of 2019, a Zimbabwe Revenue Authority performance report has revealed. According to report for the first quarter ended March 31, ZIMRA collected $282,843,450.27 surpassing the initially set target of $150 million. This means the tax authority collected $132 million more than it had anticipated at the quarter’s outset. Collections from Individual Tax amounted to $235 million while corporate tax collections amounted to $242 million. This…

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ED: Zim now 20 years behind SADC neighbours on prosperity

ED: Zim now 20 years behind SADC neighbours on prosperity 7

By Anna Chibamu PRESIDENT Emmerson Mnangagwa says Zimbabwe has fallen behind fellow SADC countries by 20 years in terms of economic prosperity as a result of western imposed sanctions. He was speaking in an interview with state media recently to mark the country’s 39th Independence Day anniversary. The Zimbabwean leader, who is under fire for presiding over a slippery economic terrain that has brought strain among locals, urged patience among his people. To remedy the crisis, Mnangagwa said the country was in dire need of an industrialisation regime that will…

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Zimra lifts Zisco garnishee order

Zimra lifts Zisco garnishee order 9

By Freedom Mupanedemo The Zimbabwe Revenue Authority (Zimra) has lifted its garnishee order on Ziscosteel following Government intervention, bringing relief to former workers who were failing to get their outstanding salaries. Zimbabwe Iron and Steel Company workers walk to its plant in Redcliff, Kwekwe The steel giant, which switched off its fourth and last furnace at the height of economic challenges in 2008 and was left saddled with a US$500 million debt, has been struggling to court new investors to resume production. Government assumed Zisco’s debt in 2017 under the…

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Premier abandons Shamva gold deal

Premier abandons Shamva gold deal 10

By Tawanda Musarurwa Zimbabwe – focused mining group Premier African Minerals, has abandoned its earlier plans to acquire a 50 percent stake in Honey Badger Resources, a gold project along the Harare-Shamva Highway. George Roach is Premier African Mineral chief executive The company has also terminated plans to acquire another 50 percent stake in the KME Plant (Proprietary) Limited (also known as KME Plant Hire). KME Plant Hire’s assets include six exploration drill rigs, surface and underground dump trucks, light vehicles and support equipment with a book value of approximately…

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Nedbank ordered to return $3m to client

Nedbank ordered to return $3m to client 11

Nedbank Zimbabwe has been ordered to return close to $3 million it had unlawfully taken from its client, Mega Market (Private) Ltd, after making some foreign currency payment to the client’s suppliers. Mega Market had sued Nedbank for unilaterally debiting and crediting its bank accounts applying the new monetary policy, promulgated under Statutory Instrument (SI) 33 of 2019, which made a distinction between US dollar RTGS. Mutare High Court judge Justice Isaac Muzenda granted an application for a provisional order sought by Mega Market compelling the bank to return a…

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