Mobile phone penetration rate drops

Zimbabwe’s mobile penetration rate  dropped 9,8 percentage points in the first quarter of 2019 to 83,3 percent compared to the fourth quarter in 2018 as a result of the tough economic times, latest data from the telecommunications sector  regulator shows. Cellphones became the biggest telecommunications tool in the last  decade, …

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NetOne posts US$10m profit

Tawanda Musarurwa Senior Business Reporter State-owned mobile telecommunications firm, NetOne, recorded a US$10,2 million profit for the year ended December 31, 2018, a massive turnaround from a US$77 million loss position previously. Revenue for the period grew 13 percent to US$119,1 million from US$105,5 million on the back of improved …

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Power cut claims at JM Nkomo airport dismissed

Africa Moyo The Civil Aviation Authority of Zimbabwe (Caaz) has dismissed claims that a fastjet aircraft failed to land at Joshua Mqabuko Nyongolo Nkomo International Airport in Bulawayo on Wednesday evening due to load shedding. Social and online media platforms went into a frenzy, claiming that Caaz officials considered having …

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Down-town traders to regularise operations

Fradreck Gorwe and Kumbirai Tarusarira Local and foreign shop-owners operating in down-town Harare have been directed to regularise their operations and embrace fair business practices within three months while building owners have been implored not to demand rentals in foreign currency. Government outlawed the use of foreign currency when transacting, …

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US$17m stone crasher for Beta

Martin Kadzere Senior Business Reporter Construction firm, Beta Holdings, is set to commission a US$17 million stone crusher in Mvurwi, about 40km north east of Harare as it seeks to diversify the range of its products. The Mvurwi plant is expected to directly create 200 jobs and thousands in the …

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CIPF asset base tops $50m

Business Reporter THE Construction Industry Pension Fund (CIPF) says its asset base has grown to $50 million as at May 31, 2019, and views this as a milestone achievement in its 50 years of  existence. CIPF is one of the oldest pension funds in the country having been established on …

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SA trade conditions remain under pressure

Trade conditions in South Africa remained under pressure in June 2019, according to the South African Chamber of Commerce and Industry (Sacci). Sacci released its Trade Activity Index (TAI) and Trade Expectations Index (TEI) yesterday. All components of present trade activity came under slightly more pressure in June 2019, compared …

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Application of Act

One of the inadequacies that was often cited in connection with the repealed Procurement Act (Cap 22:14) was its limited application with regards to certain procurement process. In order to redress such weaknesses, the Public Procurement and Disposal of Public Assets (Cap 22:23) (PPDPA) Act’s section three (3) provides for …

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Income received by beneficiaries to a Trust

This article serves to inform that income received by a beneficiary from a trust is subject to tax. What is a trust? Section 2 of the Income. Tax. Act. (Chapter 23:06). Defines a “trust instrument” as “a deed, will, contract of settlement or other disposition, including a verbal declaration, by …

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Byo water crisis hits business

Pride Mahlangu Business Reporter THE business community in Bulawayo would meet the city council executives today to discuss the prolonged shut down in water supplies, which they say is negatively affecting their operations. Although the council has said the water cuts, which are entering into the second week, are meant …

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