Business

RBZ encourage whistle blowing

Whistle blowers who report individuals and businesses involved in cash hoarding, selling or engaging in illicit dealings will be rewarded, Reserve Bank of Zimbabwe (RBZ)  Governor Dr John Mangudya  has said. Mangudya said information provided to the bank would be kept in confidence between the whistle blower and the bank. “To promote and enforce compliance with best practice and anti-money ...

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Zimbabwe open to investment

Statement by His Excellency, The President of the Republic of Zimbabwe, Comrade R.G. Mugabe at the 27th World Economic Forum on Africa, on the topic, “Eye on Fragile States”, Durban, South Africa, May 4th, 2017 EXCELLENCIES, Heads of State and Government here present, distinguished panellists and delegates, Ladies and Gentlemen. I would like to extend my profound gratitude and appreciation ...

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fastjet Zimbabwe adds new flight between Harare and Vic Falls

fastjet Zimbabwe has added a new flight between Harare and Vic Falls. The airliner announced the developments through its Facebook page. “We’ve added a new Friday afternoon flight between Harare and Victoria Falls. Depart Harare at 16:15, arriving in Victoria Falls at 17:25. Or, depart Victoria Falls at 17:50, arriving in Harare at 18:55,” reads the post. “Book your weekend ...

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Harare council fails to account for $208 million

Auditor-General (AG) Mildred Chiri has found that Harare City Council (HCC) did not account for $208 million of public funds in the 2012 financial year. In her 2015 local authorities report tabled in the National Assembly recently, Chiri reported that the majority of councils’ audited financials were not up to date, with HCC as far behind as 2012. Officials running ...

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Zimra tells tobacco body to withhold 10pct of payments to suppliers without clearance certificates

By Ruth Ngwenya Zimbabwe’s tax agency has directed the tobacco industry regulator to withhold 10 percent of the money payable to suppliers without valid tax clearance certificates. In a letter directed to Tobacco Industry Marketing Board (TIMB) and seen by The Source, the Zimbabwe Revenue Authority  (Zimra), said the instruction was in line with section 80(2) of the Income Tax ...

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Zimbabwe/Zambia eye $4bln Hydro power plant

By Kuda Chideme Zimbabwe and Zambia say they are prepared to undertake deep reforms to attract investors for the $4 billion Batoka Gorge Hydro power plant which would produce 2,400 megawatts and ease power shortages in the two countries. The two countries, which are bordered by the Zambezi River, are on a charm offensive to court financiers for the development ...

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Agribank recovers to post $5mln FY profit

Agricultural Development Bank of Zimbabwe (Agribank) on Monday reported a profit after tax of $4,8 million in a full-year to December 2016 from a loss of $6,3 million in the prior year, driven by an increase in net interest income. Net income interest rose by 45 percent to $25,9 million from $17,8 million in 2015, while non-interest income remained flat ...

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ZITF set for $11mln, three-year reboot

By Ruth Ngwenya The Zimbabwe International Trade Fair Company (ZITF) on Tuesday set out an ambitious plan to build a 300-bed hotel and convention centre at its Bulawayo grounds over three years. Chairperson Ruth Ncube told a meeting in Harare that the reboot includes a push to make ZITF’s exhibition halls an all year round international business hub at a ...

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U S dollar black market thrives in broke Zimbabwe

BLACK market in Zimbabwe is gaining popularity as cash shortages persist, with many people moving onto streets in search of the now elusive U.S. dollar. Among the busiest spots is a trans-border bus terminus to the east of Harare and around a shopping mall in the city center, where dealers wave wads of foreign currency to potential clients. As at ...

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AirZim deal collapses

PLANS by the country’s beleaguered airline, Air Zimbabwe (AirZim), to lease modern passenger aircraft from Malaysia Airlines have hit a brick wall after the two parties could not agree on terms underpinning the multi-million dollar deal, the Financial Gazette can exclusively report. Zimbabwe had made giant strides in negotiating the acquisition of Boeing 787 Dreamliners from Malaysia Airlines to turn ...

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