Business

Zimbabwe black market running amok

GOVERNMENT is facing renewed pressure on the economic front, with the parallel foreign currency market once again running amok — pushing the prices of basic consumer goods like bread beyond the reach of many Zimbabweans, the Daily News reported. This comes as many leading schools around the country have also sharply hiked their fees, further piling on the stress on ...

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Zesa to cut power at Kariba by 59%

Zesa Holdings will need to drastically reduce power output at anchor power station, Kariba South by 58.7 percent, after the Zambezi River Authority (ZRA) cut water allocation for electricity generation by 2 percent to 36 billion cubic metres. ZRA warned that if water allocation at Kariba was not reduced and power generation continued at levels above 1 000 megawatts, all ...

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NRZ slowly rebounding

THE National Railways of Zimbabwe (NRZ) needs about $120 million for infrastructural development and a further $100 million for signaling and communication, general manager, Lewis Mukwada has said. “Out of that $400 million (recapitalisation deal), about $120 million or so is going towards the track infrastructure itself, a further $100 million or so is going towards signaling and communication, information ...

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Perrance Shiri ejects A2 farmers from Tongaat houses

Lands minister Perrance Shiri has ejected new A2 sugarcane farmers who grabbed Tongaat Hulett houses and evicted company employees in the process, claiming they had five-year leases. In a letter addressed to Zanu PF legislator for Zaka North, Robison Mavhenyengwa and the farmers, Shiri said the homestead leases had been put on hold. The letter dated January 25, 2019 read: ...

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Tobacco income down 76%

TOBACCO sales have generated $19,4 million in the first 17 days of the marketing season this year compared to $81 million realised over the same period last year, statistics from the industry regulator have shown. According to the Tobacco Industry Marketing Board (TIMB) deliveries of the crop are down 62% to 11,2 million kg. Average prices dipped to $1,73 per ...

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Zimbabwe’s US$1 billion steel project kicks off

ONE of the world’s largest stainless steel producers, Chinese company Tsingshan Holding Group, has begun work on setting up of the US$1 billion steel plant in the country that will eventually produce two million tonnes of steel annually, Mines minister Winston Chitando told businessdigest. Zimbabwe signed a US$1 billion deal with Tsingshan for the establishment of a steel plant in ...

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Zimbabwe’s national budget shrinks to US$2bn

Zimbabwe’s US8,2 billion 2019 national budget, presented by Finance minister Mthuli Ncube at a time the UD dollar was officially trading par with the country’s quasi-currencies on November 22 last year, has effectively shrunk to RTGS$2,6 billion using the official rate due to currency and exchange rate volatility. It is now about RTGS$2 billion using the parallel market rate. The ...

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Major shake-up looms at NSSA

A major shake-up is expected at the National Social Security Authority (Nssa) after a recent audit unearthed shocking corporate governance irregularities, it has been learnt. Public Service, Labour and Social Welfare Minister Dr Sekai Nzenza told The Sunday Mail Business that the 2018 forensic audit into Nssa revealed glaring governance deficiencies by the Mr Robin Vela-led board. Former managing director ...

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Old Mutual Zimbabwe may retrench 10% of its staff

Old Mutual Zimbabwe may shed 10% of its workforce in an effort to resize the business. In an email to employees, seen by Fin24, Old Mutual Zimbabwe said it is offering a retrenchment package to at least 10% of its staff. The company has given staff until the end of April to consider the exit package. This, according to sources, ...

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Long fuel queues resurface…frustrate citizens

Long fuel queues have resurfaced all over the country and have irked citizens who have to stop their productive lives and spend the time queuing for the precious liquid. Zimbabweans have taken to social media to vent their experiences at the fuel queues. “I had a nasty experience at Rhodesville Puma today. They had fuel but there were two queues. ...

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