Hwange in $7,6 million arrears

Africa Moyo Senior Business Reporter Weak management systems have seen Hwange Colliery Company Limited (HCCL) defaulting on the Scheme of Arrangement it entered into with creditors, amid indications the firm has plunged into $7,6 million arrears. HCCL, which owes various creditors $352 million, entered into a Scheme of Arrangement with …

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‘Civil service crucial for Vision 2030’

Ishemunyoro Chingwere Business Reporter The Civil Service has an important role to play towards the attainment of the country’s Vision 2030 as enunciated by President Mnangagwa, Civil Service Commission chairman Dr Vincent Hungwe, has said. Dr Hungwe said this in a speech read on his behalf by Commissioner Ozias Hove …

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Govt to raise $3,4bn from 2 cents tax

GOVERNMENT has potential to raise about $3,4 billion annually through the newly introduced Intermediary Money Transfer Tax of two cents, which will widen room for capital funding and retooling of the manufacturing sector, a tax expert has said. Last Friday, Finance and Economic Development Minister Professor Ncube announced upper and …

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Statutory protection for nostro accounts

Tawanda Musarurwa Senior Reporter Government will soon announce a Statutory Instrument to further protect nostro accounts for individuals and the private sector, Finance and Economic Development Minister Professor Mthuli Ncube has said. Nostro account refers to an account that a bank holds in a foreign currency in another bank. Nostros …

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Cooking oil producers say supply is adequate

At a time the country is battling cooking oil shortages, oil producers say they have sufficient crude oil to meet demand. BY FIDELITY MHLANGA United Refineries, the edible oils producer said it received close to 10 000 metric tonnes of soya beans from the Grain Marketing Board between May 2018 …

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ZSE market capitalisation breaches $16bn mark

THE Zimbabwe Stock Exchange (ZSE) market capitalisation hit $16,7 billion on Tuesday, about 67% of the gross domestic product, as investors took shelter in equities to escape Zimbabwe’s currency crisis. BY TATIRA ZWINOIRA Reserve Bank of Zimbabwe governor John Mangudya on October 1 ring-fenced bank accounts by introducing nostro foreign …

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Govt urged to ring-fence RTGS accounts

GOVERNMENT has been urged to de-dollarise only bank balances built after October 1 when bank accounts were separated into US dollar and real time gross settlement (RTGS) accounts, to protect people’s savings. BY MTHANDAZO NYONI Speaking during the Zimbabwe National Chamber of Commerce Matabeleland Chapter policy review in Bulawayo on …

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RioZim plans legal action against RBZ

Enacy Mapakame Business Reporter Diversified resources group RioZim Limited, is planning legal action against the Reserve Bank of Zimbabwe (RBZ) over failure to meet its obligation to avail foreign currency saying this is choking its business. RioZim said due to lack of access to foreign currency for its operations, business …

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Trade deficit down 44pc

Tawanda Musarurwa Senior Business Reporter Zimbabwe’s trade deficit went down 44 percent to $127 million in August 2018 from $229 million in February 2018 on the back of significant growth in exports during the seven-months period. Official statistics from the Zimbabwe National Statistical Agency (ZimStats) show that between February and …

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Hwange suspends top bosses

Africa Moyo THE Hwange Colliery Company Limited (HCCL) board has suspended the acting managing director Engineer Shepherd Manamike on allegations of “unethical business practices”. Mr Manamike has been suspended together with the executive (finance and administration)  Mr Tawanda Marapira. The suspension is in sync with the declaration of war against …

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