Business

Business

ECONET Wireless Zimbabwe Limited (EWZL) will reduce its shareholders’ equity by diluting their shares from its conversion offer to debenture holders to convert every 100 debentures to 93,3 new ordinary shares. ...

The sharp rise in inflation figures from 5,39% to 20,85% highlights worsening fiscal and monetary situation in the country, bringing in sharp focus the challenges Finance minister Mthuli Ncube is facing. ...

DIVERSIFED agro-processor United Refineries Limited (URL) last month sent home its entire workforce in the soap department due to shortage of raw materials, an official said yesterday. BY ...

CALEDONIA Mining Corporation’s gold production for the nine months to September 30, 2018 fell by 0,4% to 39 558 ounces from 39 710 ounces recorded over the same ...

STATE-OWNED telecoms operator, TelOne, has been threatened with service disruption by critical foreign suppliers, who include West Indian Ocean Cable Company (Wiocc) and China-EximBank, among others, over an $18 million debt. ...

TOURISM players have pleaded with Treasury to review the 15% value-added tax (VAT) on foreign accommodation, the 2% transactional tax and duty exemption for car rental owners in order to make the country a cheaper destination ahead of the budget presentation next Thursday. ...

Some unscrupulous bakers are reportedly colouring white flour brown in making bread as a substitute to using brown flour, NewsDay has learnt. ...

Zimbabwe’s inflation rate shot up to 20,85% in October, the highest since 2008 from 5,39% in September as the rate of price increases quickened, rekindling memories of hyperinflation. ...

GOVERNMENT has invited bids for the troubled national airline, Air Zimbabwe, as it pushes ahead with privatisation of its loss-making parastatals. ...

Econet Wireless Zimbabwe’s financial and insurance business, Cassava SmarTech will list on the Zimbabwe Stock Exchange on December 11 as it seeks to tap into the country’s growing digital technology space. ...

STATE-OWNED logistics firm Road Motor Services (RMS) says its dry land port project at Walvis Bay in Namibia is now 70% complete, four years after work began on it. ...

THE Cotton Company of Zimbabwe (Cottco) has proposed that cotton farmers be exempted from the 2% tax on electronic transactions as well as from the 10% withholding tax to help them build capacity. ...

ZIMBABWE yesterday received a $3,6 million grant from Japan to help fight cybercrime. ...

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says inflation is likely to stabilise around 7% in the medium term. ...

ECONET Group has announced that it was selling its entire 51% stake in Liquid Telecom in a move meant to create an independent internet services provider. ...

CABINET has resolved that Zimbabweans living in the diaspora should pay for Air Zimbabwe services in United States dollars, Transport and Infrastructural Development minister Joel Biggie Matiza has said. ...

SPEAKER of Parliament, Jacob Mudenda has urged government to fight inertia, whereby deals worth billions of dollars are signed every time, but not implemented on time or never. ...

DELTA Corporation Limited posted a profit of $57,2 million in the six month period ended September 30, from the $32,3 million recorded last year due to a firm ...

MINES minister Winston Chitando says he expects to announce a diamond policy later this month, which will also regularise the operations of the State-owned Zimbabwe Consolidated Diamond Company (ZCDC). ...

In 2006, Bike and Boat Bar (BBB), a Bulawayo company, started manufacturing motor cycles, a first for the country and the region. Soon after, however, the economy tanked as hyperinflation rendered the local currency worthless and the company could not afford to import key parts and parked the idea. ...

ZIMBABWE’S gold production topped 30 tonnes for the 10 months to October, with 34 tonnes expected in the full year, anchored by small-scale miners. The previous high was 27,1 tonnes produced in 1999. ...

FINANCE minister Mthuli Ncube has said he will present his maiden budget statement on November 22, in what will be a litmus test of how he will address Zimbabwe’s economic crisis. ...

AGRO-PROCESSING concern United Refineries Limited (URL), together with its partners, says it will invest about $30 million in soyabean outgrowers’ project with a target to satisfy its demand for the edible oil seed. ...

THE Zimbabwe Stock Exchange (ZSE) Limited has suspended Hwange Colliery Company from trading on the bourse following its placement under administration. ...

MILLERS will on Wednesday meet with packaging material manufacturers after the latter raised their prices by over 500%, sparking fears of another round of increases for flour, mealie-meal and bread. ...

FINANCE minister Mthuli Ncube yesterday said Zimbabwe should take advantage of the upcoming Intra-African Trade Fair (IATF) set for next month in Egypt to improve export market diversification and tap into new markets in the wake of plummeting intra African trade. ...

DUTCH macadamia expert, Hans Werweij, who wrapped up a two-week scoping exercise in Zimbabwe last Friday, says Zimbabwean macadamia growers are technically competent but need to collaborate better to ensure consistency and quality of Zimbabwean nuts. ...

DELTA Corporation says it has not received foreign currency allocation in the past three weeks, leading to sporadic supply of its products on the market ...

THE Botswana Stock Exchange Limited (BSEL) has suspended retail giant Choppies shares from trading after it missed a deadline to publish audited financial results. ...

THE Zimbabwe National Chamber of Commerce (ZNCC) will next week host a meeting in Bulawayo to discuss the major drivers of cash shortages in the economy and proffer sustainable solutions, with Finance minister Mthuli Ncube the star attraction at the event. ...