Business

Business

Lenovo Group Ltd said on Wednesday it expected to make a one-off charge of $400 million for nine months ended in December due to a reassessment of US deferred tax assets. ...

A LOCAL tech startup has created an instant messaging application to connect Zimbabweans worldwide. ...

PARLIAMENT has to exercise its oversight role to curb unnecessary expenditure in ministries and parastatals, as this has been fuelling the widening of the fiscal deficit, a top government adviser has said. ...

Prices have continued on an upward trajectory in the new year despite marathon meetings by the new government led by President Emmerson Mnangagwa with retailers and manufacturers aiming to curb increments. ...

South African civil engineering firm, Terracotta, is set to move on site next month as the rehabilitation of Basch Street Terminus commonly known as Egodini begins. ...

Although it has existed for more than 100 years, middlemenship or intermediation continues to be misunderstood in agro-based African countries. Contrary to what most farmers and policy makers think, it’s not about people acting as middlemen, but middlemenship as a practice whose features range from excellent to bad. Depending on the type of commodity, market integration and many other factors, there are more than a dozen shades of middlemenship in African agriculture. ...

ZIMBABWE’S chartered accountants are pushing for more seats on the boards of State-owned entities, amid revelations that only two were sitting on the boards of six sampled entities. ...

ZIMBABWE recorded a $185 million trade surplus against its major trading partner, South Africa, after exporting goods worth $2,182 billion to the neighbouring country in the 11 months to November 2017, official figures have shown. ...

Zimbabwe has one of the largest concentration of mineral deposits in the world along the “Great Dyke” corridor, which measures 550km in length and 4km across. It has presence of high quality diamond deposits, which are highly demanded on the global market. ...

THE Zimbabwe National Road Administration (Zinara) is generating less than $200 million per annum against $5,5 billion needed to cover the maintenance backlog, Transport and Infrastructural Development minister Joram Gumbo has said. ...

The savings bonds introduced by the Reserve Bank of Zimbabwe (RBZ) are not appealing to institutional investors due to lack of confidence in the fixed income instrument and inflation fears, a survey by an association of chartered financial analysts has said. ...

CONFEDERATION of Zimbabwe Retailers (CZR) president, Denford Mutashu has urged the government to issue more import permits as a way to curb shortages of goods on the local market. ...

Bank of Ghana second deputy governor, Johnson Asiama tendered his resignation in a move that will complete an overhaul of the central bank’s three most senior positions in the past year, according to sources familiar with the matter. ...

Porter’s five forces reviews the bargaining power of both the suppliers and buyers in preparation for a strategy and this is also applicable to the development of a procurement strategy. ...

Bread prices in Sudan have doubled, the country’s Bakeries Union said on Friday, a few days after the government eliminated subsidies under its 2018 budget. ...

THE Competition and Tariff Commission (CTC) has cautioned wholesalers and retailers against charging maximum set prices for goods, warning the watchdog will not hesitate to investigate sectors colluding on pricing. ...

SMUGGLING of onion and apples from South Africa is depriving the fiscus of millions of dollars worth of potential tax revenue, the Fresh Produce Marketers’ Association of Zimbabwe has said. ...

Last year, the Insurance and Pensions Commission (Ipec) rolled out the Microinsurance Framework to tap into the group in a bid to increase insurance penetration. In this question and answer with NewsDay (ND) business editor Ndamu Sandu, Ipec commissioner Tendai Karonga (TK) speaks of the journey travelled so far as part of the financial inclusion thrust. Find excerpts below. ...

THE Zimbabwe Stock Exchange (ZSE) has suspended CFI Holding Limited from trading on the main bourse for allegedly breaching free float requirements of its shares. ...

FORMER NetOne managing director, Reward Kangai has claimed the country’s second biggest telecommunications company is suing him for $2 million to avoid paying his early release package. ...

THE Tobacco Industry and Marketing Board (TIMB) has mobilised $2 million for planting of trees earmarked to cure tobacco as part of efforts to dissuade farmers from using the soon-to-be-banned coal. ...

Ant Financial’s plan to acquire US money transfer company MoneyGram International Inc collapsed on Tuesday after a US government panel rejected it over national security concerns, the most high-profile Chinese deal to be torpedoed under the administration of US President Donald Trump. ...

LANDS and Agriculture minister Perrance Shiri yesterday met stakeholders in the horticultural sector to discuss ways to revamp the sector’s foreign currency earnings, which have been nosediving over the years. ...

Over 10 megawatt peak (MW) of electricity will soon be added to the national grid after Distributed Power Africa (DPA) announced plans to install solar power stations within the next 12 months ...

CASH premiums for United States dollar on electronic transfers have increased to 65% from 40%, ending the optimism the new government has been enjoying since the inauguration of President Emmerson Mnangagwa in November. ...

While many people have made resolutions for 2018, eMKambo is devoting this brand New Year to questions that open doors, uncover solutions and spark positive change among farmers and other agricultural value chain actors in developing countries. ...

RURAL businesses are still lagging behind in the use of electronic money, which is now largely the mode of transacting in urban areas. ...

FIDELITY Printers and Refiners (FPR) will no longer pay 40% of gold deliveries from small-scale gold miners in bond notes citing the currency’s unavailability on the market, NewsDay has learnt. ...

The country’s trade promotion and development organisation, ZimTrade, has urged Zimbabwean women in various business sectors to attend the 2018 edition of SheTrades Global aimed at linking them to various investors and buyers. ...

ZIMBABWE’S financial institutions are set to engage the Oil Expressers’ Association of Zimbabwe (OEAZ) to put a plan to fund soyabean farmers at about 7,5% interest per annum, the Confederation of Zimbabwe Industries (CZI) has said. ...