Zim urged to adopt currency board

BY TATIRA ZWINOIRA ZIMBABWE should introduce an independent currency board which would stop the Reserve Bank of Zimbabwe (RBZ) from controlling the foreign currency exchange rate, an industry expert has said. In a recent opinion piece in American magazine, Forbes, financial expert Steve Hanke said a currency board would help …

Read More »

Workers win Merlin management wrangle

BY MTHANDAZO NYONI The Supreme Court has ruled in favour of the Zimbabwe Textile Workers’ Union which had sought to have Merlin and Merspin Limited put under corporate rescue proceedings. The ruling gives Tudor House Consultants boss Cecil Madondo relief to continue presiding over the companies. Madondo had acted as …

Read More »

Premier recommences drilling at Zulu lithium project

Tawanda Musarurwa Senior Business Reporter Zimbabwe-focused diversified miner, Premier African Minerals has announced plans to recommence drilling at its wholly-owned Zulu lithium and tantalum project. The Zulu Lithium and Tantalum Project is an advanced stage lithium development project. It covers about 3,5km² and is located 80km north east of Bulawayo. …

Read More »

IPEC mulls risk-based capital framework

Kudakwashe Mhundwa Business Reporter The Insurance and Pensions Commission (IPEC) is working on a risk-based capital framework that is aimed at reducing minimum regulatory capital requirements that an insurer is supposed to meet based on the type of risk that their books carry, as the insurance regulator moves to increase …

Read More »

Petrotrade to construct 8 more service stations

Business Reporter State petroleum entity, Petrotrade, has reaffirmed its commitment to grow its market share in Zimbabwe by constructing at least eight more service stations across the country in the next two years. Petrotrade commenced operations after the unbundling of its forerunner, the National Oil Company of Zimbabwe (NocZim). The …

Read More »

Vivo Energy completes Engen deal

Business Reporter VIVO ENERGY Plc has completed a transaction with Engen Holdings (Pty) Limited, which involved an issue of 63,2 million new shares by the former, and US$62,1 million in cash. The cash element of the consideration has been funded by a drawdown on Vivo Energy’s multi-currency facility. Due to …

Read More »

Ministry to probe private cotton firms

Business Reporter Some private cotton companies are under the spotlight amid revelations they inflated figures of hectarage contracted to small scale growers with a view of being allocated huge quotas during the next marketing season. Apart from inflating the supported hectarage, it has also emerged the bulk of cotton growers …

Read More »

Construction work begins at Hwange

Golden Sibanda in Hwange Real construction work has begun on the US$1,4 billion Hwange Power Station 7 and 8 expansion project, following the first pour of concrete into the foundation of the power house which will accommodate two generators of the new power plant, on Friday last week. When complete, …

Read More »

TelOne owes foreign suppliers $20m

BY MTHANDAZO NYONI STATE-OWNED telecoms operator TelOne says its debt to foreign suppliers has accumulated to more than $20 million, a situation that is crippling its operations. Some of the suppliers owed by TelOne include West Indian Ocean Cable Company, China-EximBank, TDM Mozambique and TCF. Last year, the companies threatened …

Read More »

Byo embraces Companies Bill

BY MTHANDAZO NYONI/DUDUZILE NDLUKULWANI BULAWAYO business community yesterday welcomed the Companies and Other Business Entities Bill and proposed that the law should, among other things, set aside sectors reserved for participation by locals. Presenting their concerns to the Parliamentary Portfolio Committee on Justice, Legal and Parliamentary Affairs during the Companies …

Read More »