Business

Business

Hotelier, Rainbow Tourism Group (RTG) is working on securing management contracts for hotels in the region as part of measures to augment the company’s capacity to generate foreign currency. ...

GOVERNMENT has, in the first two months of the year, only managed to pay $195 million, or 2%, towards the country’s domestic debt which is currently hovering around $9,5 billion, Finance and Economic Development minister Mthuli Ncube has said. ...

One of the country’s top gold producers, RioZim reported a net loss of US$2,3 million in the year ended December 2018 from a net profit of US$8,1 million in 2017 due to a 13% decline in gold output. ...

Zimbabwe has the lowest data tariffs in the region but needs to ensure the industry is sustainable going forward as 5G is here. ...

THE Botswana Investment and Trade Centre (BITC) says it hopes to increase trade with Zimbabwe from the current US$30 million to US$105 million buoyed by the export credit line scheme currently under discussion, an official has said. ...

ECOBANK Zimbabwe Limited reported an 82% increase in after-tax profit to US$40,04 million for the year ended December 31, 2018 due to increased net interest and non-interest income. ...

LawBasket is a start-up from Zimbabwe, providing online legal services on the market for small businesses and start-ups in Africa. The company also offers free client relationship management technology for lawyers on LawBasket, as well as online payment processing for domestic and multi-jurisdictional payments for legal services. ...

DELTA Corporation Limited has reported a 26%increase in revenue in the full year ended March 31, but the company says the numbers do not reflect a true picture of its financial performance after a change in reporting currency during the last quarter. ...

STANDARD Chartered Bank Zimbabwe (Stanchart) has posted a 38% increase in profit-after-tax to US$18,36 million in the full year ended December 31, 2018, driven by the bank’s digitisation strategy. ...

Industry and Commerce deputy minister Raj Modi says business should uphold ethical standards and repay borrowed funds. ...

The issue of capital markets and what they actually do, is perceived to be complex, confusing and a reserve for the financially muscular and big institutions. ...

AUSTERITY measures introduced by government this year will be over by next year when the country starts experiencing economic growth, Finance and Economic Development minister Mthuli Ncube has said. ...

STEWARD Bank has partnered Chinese financial services firm, UnionPay International (UPI), to provide payment services for Zimbabweans travelling between the southern African country and Beijing. ...

LOCAL car dealer, Autoworld Zimbabwe, on Tuesday launched the Isuzu D-Max vehicle, targeting to sell over 500 units by year-end. ...

THE 60th edition of the Zimbabwe International Trade Fair (ZITF) kicked-off on a high note yesterday in Bulawayo with more than 530 companies participating in this year’s trade showcase. ...

BANCABC’S after tax profit increased more than two-fold to US$10,8 from US$5,2 million in the full year ended December 31, 2018, driven by growth in net interest income as the bank upped its lending. ...

Regional lender, African Export-Import Bank (Afreximbank) has disbursed a €100 million facility to a revolving global credit facility to support Mota-Engil Africa implement key developmental projects in Africa. ...

AGRIBANK is targeting between US$40 million and US$50 million in fresh lines of credit from international financial institutions for on-lending to exporters, the bank’s chief executive Sam Malaba has said. ...

The IASB published IFSR16 'Leases' which completed its long- running project on lease accounting periods after 1 January 2019, requires lessees to account for leases ón balance sheet'by recognising a 'right of use' asset and a lease liability. ...

ZIMBABWE’S livestock sector could earn about $1,5 million annually from the exportation of low-grade cattle hides, a report has revealed. ...

GOVERNMENT plans to support small bakeries and confectionaries in small towns around the country to help increase their capacity and eventually bring down the cost of bread, Industry and Commerce minister, Mangaliso Ndlovu has said. ...

GOVERNMENT is working on a climate smart irrigation policy framework to combat the current drought conditions, Agriculture deputy minister Vangelis Haritatos (pictured) has said ...

JOHANNESBURG — Less than a week after the boss of South Africa’s Eskom Holdings SOC Ltd declared “the days of surprises are over,” documents show the government was forced to pay R5 billion ($355,2 million) in emergency funds so the State-based utility could meet obligations. ...

ZIMBABWE’S public finance management is characterised by growing fiscal leakages, lack of transparency, accountability and continuous violation of legal and constitutional provisions, the Zimbabwe Coalition on Debt and Development (Zimcodd) has said. ...

GOVERNMENT needs to be realistic about the economic situation in the country, captains of industry have said. ...

ZIMBABWE will in coming weeks name two new investors who will develop separate platinum mining projects west of the capital as the country ramps up mining output in an attempt to ease a severe dollar shortage, the mines minister said last week. ...

The price of bread almost doubled for Zimbabweans last week, as the inflation nightmare that marked the rule of long-time authoritarian leader Robert Mugabe returns to haunt his ...

ZIMBABWE’S trade deficit dropped by 90% to $22,1 million in February this year with analysts attributing the decline to foreign currency shortages. ...

THE Rainbow Tourism Group (RTG) has invested about $2,5 million in the refurbishment of its Bulawayo hotel, an official has said. ...

FIRST Mutual Holdings Limited recorded a 44% growth in after-tax profit to US$17,6 million in the year ended December 31, 2018, down from US$12,2 million in 2017 driven by increased investment income and a positive fair value on investment property. ...