Mauritians happy with reforms

Africa Moyo Senior Business Reporter Zimbabwe is set to become an investment magnet in the next few years buoyed by the sweeping political and economic reforms that Government has embarked upon, a top Mauritian investor has said. AfricAsia Electronic Manufacturing Limited chief executive officer Mr Jonid Dowlut told The Herald …

Read More »

New twist to Lenox mine ownership wrangle

Business Reporter The protracted ownership wrangle of Lenox Gold Mine in Mashava, Masvingo Province, has taken a new twist after police launched fresh investigations into how the local firm Tambanashe Enterprises lost control of the company, sources have revealed. This follows a controversial takeover of the gold mine by a …

Read More »

RioZim records net loss of US$2,3m

BY MISHMA CHAKANYUKA 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. The miner’s gold production dipped to 1,792 tonnes from …

Read More »

Govt only repays 2% of $9,5m domestic debt

BY MTHANDAZO NYONI 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. The southern African economy is sinking in domestic …

Read More »

RTG goes regional to raise forex

BY TATIRA ZWINOIRA 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. RTG chief executive officer Tendai Madziwanyika told NewsDay that the company was targeting northwards of US$3 million in …

Read More »

State closes MDC-A MP’s electoral case

Panashe Machakaire Herald Reporter The State has closed its case in the matter of Mt Pleasant legislator Samuel Banda (MDC-Alliance) who is facing charges of violating the Electoral Act. Prosecutor Mr Peter Kachirika closed the case after calling two witnesses and proceeded to the defence case. Banda was arrested last …

Read More »

US sanctions damage oil markets

US sanctions against Iran’s oil industry will damage the stability of global oil markets, a senior Iranian official was quoted as saying yesterday. “These sanctions are an example of America’s bullying reaction in trying to change the balance of power in the world,” Amir Hossein Zamaninia, a deputy oil minister, …

Read More »

Gold prices ease

Gold prices eased yesterday, having touched a more-than one week high in the previous session, as stronger equity markets lifted risk-sentiment, thereby eroding safe-haven demand of the metal. Spot gold fell by 0,3 percent to $1,281.87 per ounce at 0847 GMT, having hit its highest since April 16 at $1,288.59 …

Read More »

Pilots raise red flag over 737 max training proposals

American Airlines pilots have warned that Boeing Co’s draft training proposals for the troubled 737 MAX do not go far enough to address their concerns, according to written comments submitted to the US Federal Aviation Administration and seen by Reuters. The comments were made by the Allied Pilots Association (APA), …

Read More »

Rainbow Tourism on sustainable growth path

Tawanda Musarurwa and Walter Muchinguri Hospitality group, Rainbow Tourism Group Limited (RTG) is optimistic that it is now on a sustainable growth path after posting a good set of numbers for the year to December 31, 2018. Underpinning the optimism is the successful completion of the group’s balance sheet restructuring. …

Read More »