Business

Econet speaks on network disruption

ECONET Wireless Zimbabwe, the country’s largest telecom operator, has said the disruption of service it experienced Monday morning was due to issues arising from some of its billing nodes. A company spokesman acknowledged the network had experienced some challenges on Monday morning, which was resolved before midday. “Yes, we experienced intermittent challenges on our network yesterday morning, due to issues ...

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Bata calls on RBZ to hike incentive

ZIMBABWE’s largest shoe manufacturer, Bata Shoe Company, has called on the Reserve Bank of Zimbabwe (RBZ) to increase the export incentive to 15 percent to boost exports by local companies. The Central Bank last year announced that it had increased export incentives from 5 percent to 12 percent for top exporters as part of efforts to boost foreign exchange generation. ...

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CFU against SA farmers moving into Zimbabwe

THE Commercial Farmers Union of Zimbabwe (CFU) said it was against people in South Africa who want to cross the border and gain from the country’s agricultural opportunities. CFU called on the government to give preference to its members as the country works to stabilise the economy. “We know that there are people in South Africa who want to come ...

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Global banks shun ‘high risk’ Zimbabwe

Zimbabwe has over the past few years lost 102 correspondent banking relationships due to high country risk, Reserve Bank of Zimbabwe Governor Dr John Mangudya said. Correspondent banking represents the cornerstone of the global payment system designed to facilitate the settlement of cross border financial transactions. The development has left Zimbabwean financial institutions struggling to access the global financial systems ...

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Chiwenga’s price intervention bears fruit

THE Zanu-PF politburo yesterday claimed that its taskforce to enforce prices stability in the country had made significant progress in reducing the prices of several goods and services, which had risen beyond the reach of most citizens. The taskforce is headed by Vice-President Constantino Chiwenga. Addressing journalists after a politburo meeting, Zanu-PF spokesperson, Simon Khaya Moyo said the ruling party ...

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UK eyes Zimbabwe investments

THE British government’s development finance institution, the Commonwealth Development Corporation (CDC), is actively considering investing in Zimbabwe under a $1 billion fund targeting Africa over the next three years, sources familiar with developments revealed this week. Former coloniser Britain fell out with former president Robert Mugabe’s government in 2000 over Zimbabwe’s land reforms, alleged rights abuses and electoral fraud. Both ...

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Econet Wireless ventures into car insurance

LEADING telecommunications company, Econet Wireless Zimbabwe has ventured into car insurance business to provide road traffic accident cover and comprehensive cover for vehicles. The firm said its insurance called iDriveSure, is a product that comes with three packages which include the third party, comprehensive standard and comprehensive plus. “It is unique and appealing because of the added benefits which include ...

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Mnangagwa son in-law’s business interests

There is a man right here in Zimbabwe who happens to be a seasoned lawyer, major shareholder in one of the telecommunications companies and son in law to a prominent politician in Zimbabwe. All this is no crime but it is quite an attractive story for a curious cat. Techzim is a curious cat. That man is Gerald Mlotshwa Gerald ...

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David Whitehead resumes operations

TEXTILE Company, David Whitehead Limited (DWTL), has resumed operations at its Chegutu factory after receiving a $2 million bailout from the Reserve Bank of Zimbabwe. The company had ceased operations about two years ago due to working capital constraints. “We started last week and we have been building the stocks of fabric and I can safely say that we have ...

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Foreigners in Zimbabwe mine wrangle

A FIVE-YEAR–OLD mine wrangle between a Lebanese-born Australian businessman and a Russian working with local partners has affected operations at two chrome mines in Midlands after one of the parties applied for liquidation of the holding company, High Court papers have revealed. The wrangle, which has sucked in lawyer, Gerald Mlotshwa, has seen two mines, Gothic and Pengamesu, which belong ...

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