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Choppies mulls Zimbabwe exit
Botswana-based retailer Choppies Enterprise Limited is contemplating a withdrawal from the Zimbabwean market, citing significant financial pressure stemming from the instability of the newly introduce...Published: 29 Oct 2024 at 07:44hrs | 6749 | by Staff reporter
Taxes, fees to be paid in ZiG
The Zimbabwean Treasury is set to implement new measures requiring most taxes and fees to be paid exclusively in the Zimbabwe Gold (ZiG) currency, a move aimed at increasing demand and stabilizing its...Published: 17 Oct 2024 at 09:05hrs | 2516 | by Staff reporter
Potraz raises red flag over impact of power cuts on telcos
The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) has expressed serious concerns regarding the ongoing power outages that threaten to disrupt the country's telecommunications...Published: 17 Oct 2024 at 08:58hrs | 84 | by Staff reporter
Zimbabwe scores milestones on arrears clearance process
The Government of Zimbabwe has received commendations for significant progress in the implementation of reforms under the Arrears Clearance and Debt Resolution process, a vital step towards transformi...Published: 17 Oct 2024 at 08:57hrs | 182 | by Staff reporter
7 big global companies dump South Africa
Many large global companies, including Shell, HSBC, PNB Paribas, Rolex, AngloGold Ashanti, TotalEnergies, and BP's Aviation Fuel Business, are dumping South Africa.Last week, HSBC announced th...Published: 02 Oct 2024 at 12:35hrs | 1192 | by Staff reporter
Big international bank leaving Ramaphosa's South Africa
HSBC has exited its operations in South Africa after concluding deals with FirstRand and Absa to take over its two main divisions in the country. The bank first opened a South African office i...Published: 29 Sep 2024 at 12:49hrs | 44604 | by Staff reporter
Zambia's Hakainde Hichilema threatening to delay 2026 elections
On 13 September, Zambia's President Hakainde Hichilema addressed parliament in fulfilment of the Constitution that requires the president to address the National Assembly every year and provide a repo...Published: 26 Sep 2024 at 14:55hrs | 654 | by Sishuwa Sishuwa
World Bank says Zimbabwe needs economic stability to advance debt talks
Zimbabwe needs an uninterrupted period of macroeconomic stability of at least 12 months to help advance debt talks with international creditors over $21 billion it owes, the World Bank said.Ha...Published: 17 Sep 2024 at 06:52hrs | 408 | by Staff reporter
US$40m Airbus dispute leaves Air Zimbabwe in limbo
Air Zimbabwe is struggling with a substantial financial burden, as highlighted in a recent audit report by Acting Auditor General Rheah Kujinga. The report, covering 2019 to 2021, reveals that...Published: 05 Aug 2024 at 09:31hrs | 1528 | by Staff reporter
NetOne's going concern status at risk
NetOne Private Limited, a telecommunications company in Zimbabwe, has been identified as technically insolvent and at risk of being unable to sustain its operations, according to a recent report. Rele...Published: 17 Jul 2024 at 06:51hrs | 626 | by Staff reporter
Shareholders cream off US$1,6b from Mutapa
Zimbabwe's debt restructuring talks are at risk following revelations that the country's liabilities may have increased due to a secretive US$1.6 billion payment to unknown shareholders under the sove...Published: 04 Jul 2024 at 09:33hrs | 11 | by Staff reporter
Econet launches mobile phone insurance
Econet Insurance, a leader in innovative short-term insurance solutions, has launched a new package covering mobile phone damage. Named Moovah Mobile Phone Insurance, the package was developed in resp...Published: 18 May 2024 at 11:00hrs | 4 | by Staff reporter
Annual independent external audit for RBZ reserves
Independent external auditors shall audit Reserve Bank of Zimbabwe (RBZ) precious minerals and foreign currency reserves backing the country's new currency, Zimbabwe Gold (ZiG), once a year as part of...Published: 11 Apr 2024 at 08:32hrs | 14 | by Staff reporter
ZANU PF is the black sheep of liberation movements
So, Zimbabwe's ruling ZANU PF is currently hosting a conference of former liberation movements.Nonetheless, just how is the party viewed by their colleagues in the region?Are they trul...Published: 19 Mar 2024 at 12:48hrs | 1 | by Tendai Ruben Mbofana
IMF not ready to extend financial support to Zimbabwe
THE International Monetary Fund's (IMF) two-week-long high-level visit ended on Wednesday amid revelations that no financial support will be extended to Zimbabwe without authorities undertaking seriou...Published: 15 Feb 2024 at 10:08hrs | | by Staff reporter
Delta, Zimra fight over US$ tax
DELTA Beverages Pvt Ltd is up in arms with the Zimbabwe Revenue Authority (Zimra) after the tax collector concluded that the company had improperly computed its income tax, resulting in the matter spi...Published: 29 Jan 2024 at 10:14hrs | 10 | by Staff reporter
Mnangagwa tightens his grip on levers of Zimbabwe's Treasury
WITH his close business ally John Muyashavanhu now confirmed as the incoming Reserve Bank of Zimbabwe (RBZ) governor, George Guvamatanga as Finance permanent secretary — chief accounting officer of ...Published: 12 Dec 2023 at 17:58hrs | 1 | by Staff reporter
'Zimbabweans are already overtaxed'
AMERICAN financial literacy website, Investopedia defines 'wealth tax' as a tax based on the market value of assets owned by a taxpayer.A wealth tax is typically put on a 'high-net-worth' indi...Published: 03 Dec 2023 at 17:37hrs | 10 | by Staff reporter
Zimbabwe govt to run third party motor vehicle insurance scheme
Finance Minister Mthuli Ncube, in his budget speech on Thursday, declared that the government would assume control of third-party motor vehicle insurance starting April 2024. Ncube emphasized that mot...Published: 01 Dec 2023 at 16:01hrs | 13 | by Staff reporter
ZETDC in the red
THE Auditor-General (AG)'s latest report has revealed that the Zimbabwe Electricity Transmission and Distribution Company (ZETDC)'s liabilities currently exceed its assets by ZWL$24,5 billion....Published: 28 Nov 2023 at 05:28hrs | | by Staff reporter
EcoCash overturns loss into profit
EcoCash Holdings Zimbabwe Limited (EHZL), a FINTECH company, successfully transformed its financial performance, turning a loss into a profit of ZWL$130.19 million after tax for the half-year ending A...Published: 13 Nov 2023 at 05:47hrs | 6 | by Staff reporter
Zupco can't account for ZW$3bn
THE loss-making Zimbabwe United Passenger Company (Zupco), which has been embroiled in numerous corruption scandals, has failed to account for ZW$3.4 billion in revenue it generated in urban areas, du...Published: 06 Nov 2023 at 21:21hrs | 8 | by Staff reporter
Air Zimbabwe 'dead as a dodo'
TECHNICALLY-INSOLVENT Air Zimbabwe has accumulated losses of US$407,84 million, while total liabilities have exceeded assets by US$380,22 million, further casting significant doubt on the airline's ab...Published: 29 Oct 2023 at 12:36hrs | | by Staff reporter
Adam Molai's Pacific Cigarette Company forced into voluntary corporate rescue
Pacific Cigarette Company (PCC), led by local business magnate Adam Molai, has voluntarily initiated corporate rescue proceedings due to a substantial $19 million tax liability. This move comes amid a...Published: 09 Oct 2023 at 16:00hrs | 94 | by Staff reporter
How taxation and royalties work in Zimbabwe's mining industry
The mining industry in Zimbabwe is not only rich in mineral resources but also subject to a nuanced taxation and royalty framework. In this article, we delve into the special rules governing taxation ...Published: 05 Oct 2023 at 11:10hrs | 81 | by Clifford S. Ncube
Zimbabwe Treasury has not exempted state enterprises from procurement rules
The state enterprises under the Mutapa sovereign wealth fund still have to comply with procurement rules despite an exemption issued for the fund itself, The Ministry of Finance says.In a gove...Published: 02 Oct 2023 at 19:57hrs | 1 | by Staff reporter
Reserve Bank of Zimbabwe's external debt gives Treasury headache
TREASURY says taking over Reserve Bank of Zimbabwe (RBZ)'s external debt will make budget financing for the 2024 fiscal year difficult.On June 15, President Emmerson Mnangagwa issued Statutory...Published: 15 Aug 2023 at 06:34hrs | 8 | by Staff reporter
Man sues Zimbabwe police over unlawful arrest
A HARARE man is suing Zimbabwe Republic Police (ZRP) Commissioner-General Godwin Matanga over unlawful arrest after he was detained for two nights for buying whisky at a local supermarket.Acco...Published: 24 Jul 2023 at 06:50hrs | 2 | by Staff reporter
'Patriot Act' jeopardises electoral processes,' says foreign funded NGO
THE Crisis in Zimbabwe Coalition (CiZC) says the passing into law of the Criminal Law (Codification and Reform) Amendment Bill, popularly known as the "Patriot Act", will negatively impact on electora...Published: 18 Jul 2023 at 06:22hrs | | by Staff reporter
Govt must seriously reconsider 'Patriot Act'
Of major concern is that this is happening a few weeks before Zimbabwe holds a crucial national election.THE Crisis in Zimbabwe Coalition is deeply concerned about the passing into law of the ...Published: 17 Jul 2023 at 06:57hrs | 7 | by Staff reporter
Exodus continues as Zimbabwean economy lies in ruins ahead of elections
Soaring inflation and collapsing ‘bond notes' are forcing more and more qualified people and professionals to flee the country.Zimbabwe's poor economic performance and depreciation of the su...Published: 03 Jul 2023 at 07:02hrs | 6 | by Staff reporter
Why Mnangagwa blocked Mthuli Ncube's export tax
PRESIDENT Emmerson Mnangagwa recently blocked Finance minister Mthuli Ncube's 10% tax on mining exports to pay arrears on the country's debt overhang - which makes it difficult for the government to b...Published: 02 Jul 2023 at 17:27hrs | 11 | by Staff reporter
CSC takeover deal hits fresh turbulence
COLD Storage Company (CSC) corporate rescue practitioner has filed an urgent High Court application seeking the suspension of a Livestock Farming Concession Agreement (LFCA) signed between government ...Published: 02 Jul 2023 at 07:44hrs | 8 | by Staff reporter
Western backed Zambia wins debt relief
Zambia reached an agreement in principle to restructure US$6,3 billion of debt with bilateral lenders, setting a precedent for a growing list of countries struggling to service their liabilities....Published: 26 Jun 2023 at 06:45hrs | | by Staff reporter
Redwing: a tale of plunder, impunity, chaos and death
Redwing Gold Mine, once touted as a giant gold mining venture capable of transforming the quality of life in the Penhalonga area of Manicaland province and a cash cow for the national economy, has bec...Published: 04 Jun 2023 at 12:12hrs | 7 | by Staff reporter
EcoCash posts $4,76bn loss
ECOCASH Holdings Zimbabwe Limited (EHZL) has posted a $4,76 billion loss for its financial year ended February 28, 2023 owing to monetary exchange losses worth $30,1 billion linked to its failure to r...Published: 02 Jun 2023 at 06:44hrs | | by Staff reporter
RBZ clarifies new forex surrender policy
THE Reserve Bank of Zimbabwe (RBZ) is set to meet with the Bankers Association of Zimbabwe (BAZ) and Accountant General with a view to map the way forward on the use of foreign exchange from the 25 pe...Published: 02 Jun 2023 at 06:40hrs | 1 | by Staff reporter
ConCourt backs RBZ on US dollar conversion
The 2018 decision by the Reserve Bank of Zimbabwe (RBZ) to convert all US dollar balances in Zimbabwean bank accounts to local currency was quite constitutional the Constitutional Court ruled yesterda...Published: 01 Jun 2023 at 06:40hrs | | by Staff reporter
Mthuli Ncube banks on new currency measures
Finance minister Mthuli Ncube on Monday announced new measures to encourage the use of the Zimbabwe dollar as opposed to the U.S. dollar, in a bid to boost the local unit and tame rising consumer infl...Published: 30 May 2023 at 15:10hrs | | by Staff reporter
Master of High Court backs Telecel rescue
THE Master of the High Court has backed the application by the Communications and Allied Workers Union (CAWUZ) seeking to place the cellular services company, Telecel Zimbabwe, under corporate rescue,...Published: 26 May 2023 at 06:31hrs | | by Staff reporter
ZB expands its services to Botswana
THE ZB Financial Holdings Limited (ZB) has expanded its services to neighbouring Botswana as it seeks to grow its regional presence, it has been revealed.Last month, the group announced that i...Published: 24 May 2023 at 06:04hrs | | by Staff reporter
Telecel denies corporate rescue proceedings
EMBATTLED telco, Telecel Zimbabwe (Pvt) Ltd (Telecel) has dismissed its placement under "corporate rescue proceedings" first announced in a notice in the Government Gazette dated May 12, 2023....Published: 24 May 2023 at 06:02hrs | | by Staff reporter
Mugabe's son in-law demands US$500,000 divorce settlement
THE late former President Robert Gabriel Mugabe's son-in-law Simbarashe Mutsahuni Chikore has lifted the lid on how the family benefited from State largesse as he listed the family's riches in the cou...Published: 04 May 2023 at 06:13hrs | 1 | by Staff reporter
US$226 000 debt chokes Joice Mujuru
FORMER Vice-President Joice Mujuru and her company, Ruzirun Investments, are swimming in a US$226 000 debt incurred in 2015 and efforts to evade paying the debt have hit a brickwall at the Supreme Cou...Published: 28 Mar 2023 at 06:48hrs | | by Staff reporter
Demand for Zimdollar still high
ZIMBABWE'S central bank says demand for the local currency remains high despite increased use of foreign currency across economic sectors.The country legalised the dual monetary system to tame...Published: 17 Mar 2023 at 18:59hrs | | by Staff reporter
Chivayo, Intratrek acquitted of defrauding ZPC
Maverick Harare businessman Wicknell Chivayo and his company Intratrek Zimbabwe have been acquitted of defrauding the Zimbabwe Power Company (ZPC) of US$5.8 million.In a judgement handed down ...Published: 13 Mar 2023 at 21:45hrs | 3 | by Staff reporter
Zimdollar collapse raises concerns
THE Zimbabwe dollar's continued depreciation against the United States dollar has made the macroeconomic climate "volatile", amid an over 30% fall of the Zimbabwe dollar against the greenback th...Published: 13 Mar 2023 at 09:16hrs | 1 | by Staff reporter
'Zimbabwe courts cannot review monetary policy'
CABS will not pay a client US$179 000 in foreign currency, being the balance converted to local currency at the height of currency reforms in 2019, after the High Court ruled that courts have no power...Published: 01 Mar 2023 at 06:53hrs | | by Staff reporter
Zimbabwe to compensate white former farmers over 10 years instead of 20
Zimbabwe will compensate white farmers, whose land was taken, over 10 years instead of the 20 announced three years ago, finance minister Mthuli Ncube said on Thursday, adding that the money would be ...Published: 25 Feb 2023 at 07:51hrs | | by Staff reporter
Peter Ndlovu struggling to pay maintenance for his 13 children?
Mamelodi Sundowns team manager Peter Ndlovu might have dodged a financial bullet after the Johannesburg High Court reduced the amount of child support one of the mothers of his 13 children was demandi...Published: 05 Feb 2023 at 19:43hrs | | by Staff reporter
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