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NRZ struggles amid sanctions, as revival efforts falter
In its prime, the National Railways of Zimbabwe (NRZ) was the backbone of the nation's transport system, transporting passengers across the country and facilitating the movement of goods beyond Z...Published: 19 Oct 2024 at 12:07hrs | 139 | by Staff reporter
Mnangagwa's govt in a fix as ZiG is rejected
The Zimbabwean government's efforts to promote the use of the Zimbabwe Gold (ZWG) currency have hit a major hurdle, as wheat farmers have refused to accept payment in local currency for their deliveri...Published: 18 Sep 2024 at 08:30hrs | 5445 | by Staff reporter
Zimbabwe's ailing SOEs owe Chinese, Indian banks US$1.7billion
ZIMBABWE has accessed loans of up to USS$1.7 billion from Chinese and Indian banks to shore up technically insolvent state-owned enterprises (SOEs), a leading regional financier has revealed.A...Published: 31 Dec 2023 at 12:57hrs | 9 | by Staff reporter
Chiwenga says Mnangagwa deserves another term
VICE-PRESIDENT Dr Constantino Chiwenga yesterday implored the electorate to vote for President Mnangagwa in the August 23 harmonised elections as he has religiously fulfilled the promises he made when...Published: 03 Aug 2023 at 06:44hrs | 9 | by Staff reporter
Zapu promises to grow economy by US$80bn in poll manifesto
The Zimbabwe African People's Union (Zapu) has outlined plans to build a US$80 billion economy in the next 20 years if voted into power in next month's elections.The opposition which is not fi...Published: 18 Jul 2023 at 21:10hrs | 10 | by Staff reporter
Harare City Council backs down on US dollar billing
The Harare City Council (HCC) has reversed its controversial decision to bill rate payers in US dollars only following a treasury order for the local authority to abandon the action.Town House...Published: 05 Jul 2023 at 07:11hrs | | by Staff reporter
Mnangagwa asked to intervene in mine row
THE Ministry of Industry and Commerce has requested President Emmerson Mnangagwa to intervene in a mining wrangle between Chemplex Corporation and a former executive with the Industrial Development Co...Published: 25 Feb 2023 at 07:09hrs | 7 | by Staff reporter
Mnangagwa's govt rejects ZESA tariff plan
The Reserve Bank of Zimbabwe (RBZ) has shot down a proposal by ZESA Holdings for businesses to wholly pay electricity tariff in United States dollar following the government's policy to align tariff p...Published: 24 Feb 2023 at 07:44hrs | 9 | by Staff reporter
Turkish firm makes headway in NRZ deal
THE National Railways of Zimbabwe (NRZ) says Turkish investor Yapi Merkezi, which plans to recapitalise and modernise its railway system, has completed a feasibility study on the project.In 20...Published: 19 Feb 2023 at 17:35hrs | 12 | by Staff reporter
Fresh moves to promote use of Zimdollars
GOVERNMENT will enhance tax collections in local currency and maintain interest rates at par with inflation to promote the use of the Zimbabwe dollar in local transactions, Treasury has said.A...Published: 12 Feb 2023 at 07:35hrs | | by Staff reporter
Zesa mulls switch to forex-indexed power tariff
POWER utility Zesa Holdings Limited wants all of its clients, including industries, to pay their electricity bills in foreign currency to fulfil its power import commitments, Zimbabwe Independent can ...Published: 12 Feb 2023 at 07:26hrs | | by Staff reporter
$6 billion for new Zupco buses
Government will spend $6 billion to recapitalise Zupco next year in a development set to enhance service delivery and modernise the mass public transport system.Presenting the 2023 National Bu...Published: 04 Dec 2022 at 08:05hrs | | by Staff reporter
Govt to recruit 7 000 teachers
The GOVERNMENT will recruit an additional 7 000 teachers next year to enhance the delivery of quality education, with special focus on infant education.In the 2023 National Budget tabled in Pa...Published: 27 Nov 2022 at 14:51hrs | | by Staff reporter
Air Zimbabwe optimistic of IATA re-admission
THE country's national airline, Air Zimbabwe, is optimistic of being re-admitted into the International Air Transport Association (IATA) as Government has cleared 90 percent of its debt to the interna...Published: 13 Nov 2022 at 17:29hrs | 13 | by Staff reporter
Mnangagwa's son-in-law captures Trevor Ncube's media group
PRESIDENT Emmerson Mnangagwa's son in-law Gerald Mlotshwa - a prominent lawyer married to the ruling Zanu-PF leader's daughter Farai - has now formally bought a significant equity stake at the private...Published: 02 Oct 2022 at 09:19hrs | 4 | by Staff reporter
ZB directors mull liquidation and surrendering licence
With three months left before year-end, it is now crunch time for ZB Financial Holdings (ZBFH), which is currently under increased pressure to recapitalise its building society within the grace period...Published: 02 Oct 2022 at 08:58hrs | 3 | by Staff reporter
RioZim faces corporate rescue
A TRADE union has given the Zimbabwe Stock Exchange-listed resources outfit RioZim a seven-day ultimatum to recapitalise and settle outstanding salaries or face administration.In a letter addr...Published: 28 Sep 2022 at 06:01hrs | 25 | by Staff reporter
NRZ, Disco in talks on 50-km line to steel project
National Railways of Zimbabwe (NRZ) and Dinson Iron and Steel Company (Disco) are in talks to construct a 50-kilometre railway line from Mvuma to the US$1 billion steel plant in Manhize, Chivhu....Published: 12 Jun 2022 at 08:25hrs | | by Staff reporter
NRZ assets revalued to US$3 billion
NATIONAL Railways of Zimbabwe (NRZ)'s assets have been revalued at over US$3 billion, meaning the parastatal is not insolvent as previously alleged, a senior official said.Previously, the Stat...Published: 23 May 2022 at 06:35hrs | | by Staff reporter
305 000 new connections backlog burden Zesa
ZESA Holdings has a backlog of 305 000 new connections and over 2 000 transformers, officials at the power utility have said.If these new energy consumers get connected to the national grid, t...Published: 19 May 2022 at 06:39hrs | | by Staff reporter
Naysayers will be buried in own ignorance
For Bishop Lazi and his ilk, today - Palm Sunday - marks the beginning of Holy Week.It is a sacred period that commemorates Jesus Christ's ‘triumphal entry' into Jerusalem for the Passover w...Published: 10 Apr 2022 at 08:08hrs | 1 | by Bishop Lazi
Trevor Ncube says was ‘wrong' to back Mnangagwa, renews Chamisa criticism
Alpha Media Holdings (AMH) owner Trevor Ncube has admitted he was "wrong" to assume President Emmerson Mnangagwa would govern better than Robert Mugabe.Ncube, one of Mnangagwa's biggest cheerl...Published: 30 Mar 2022 at 11:49hrs | | by Staff reporter
Chiwenga cancels road deal while Mnangagwa is on leave
VICE-PRESIDENT Constantino Chiwenga allegedly pushed for the unilateral termination of a US$2 billion tender awarded to South African firm Khato Holdings for the dualisation of the Beitbridge-Victoria...Published: 11 Feb 2022 at 16:37hrs | | by Staff reporter
No joy from RBZ governor
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya yesterday declined to increase cash withdrawal limits to match recent price hikes, as he battled to limit cash in circulation in order to fight in...Published: 08 Feb 2022 at 05:37hrs | | by Staff reporter
Air Zimbabwe to buy new planes next year
TREASURY will support flag carrier, Air Zimbabwe, to recapitalise through acquisition of new planes and expand its routes in 2022 under the airline's six-year strategic turn-around plan.The pl...Published: 03 Dec 2021 at 05:21hrs | 6 | by Staff reporter
Govt issues $24 billion Covid-19 guarantees
FINANCE minister Mthuli Ncube says government has issued debt guarantees amounting to $24,2 billion and US$15,2 million to help firms ride out Covid-19 induced operational problems.A governmen...Published: 28 Nov 2021 at 08:04hrs | 5 | by Staff reporter
Denying that there sanctions against Zimbabwe now a discredited position
All is primed for the observation of the Anti-Sanctions Solidarity Day which was declared by Southern African Development Community (SADC) leaders to take place every 25 October.The day this y...Published: 22 Oct 2021 at 06:26hrs | 1 | by Lovemore Chikova
Sanctions collapsed Zimbabwe beef industry
THE country's famed beef industry collapsed at the turn of the millennium following the imposition of illegal sanctions by Western countries when the country embarked on the successful fast-track land...Published: 13 Oct 2021 at 06:06hrs | 1 | by Staff reporter
NRZ-Turkish deal takes off
YAPI MERKEZI, the Turkish company which recently signed a Memorandum of Understanding with the National Railways of Zimbabwe (NRZ) to recapitalise and modernise the nation's railway system, has starte...Published: 26 Sep 2021 at 19:32hrs | 1 | by Staff reporter
Indonesia sets sights on NRZ
SOUTHEAST Asian nation, Indonesia, seeks to clinch deals in Zimbabwe's various economic sectors such as pharmaceuticals, rubber and the railways, an official has said.A representative of the I...Published: 24 Sep 2021 at 09:49hrs | 1 | by Staff reporter
NRZ clears $326m salary arrears
The National Railways of Zimbabwe (NRZ) has cleared its legacy salary arrears that accrued from 2012, after paying out $326 million to employees from its coffers, in a development that is expected to ...Published: 07 Sep 2021 at 18:25hrs | 6 | by Staff reporter
Companies struggle to raise US$2 billion
ZIMBABWE'S manufacturing companies have struggled to raise about US$2 billion in fresh capital to drive production back to pre-crisis levels, industry data indicated this week, as executives warned th...Published: 23 Jul 2021 at 08:53hrs | | by Staff reporter
CSC investor starts abattoir refurbishment
UNITED Kingdom-based Cold Storage Commission (CSC) investor, Boustead Beef Limited, last week began refurbishing the company's abattoir in preparation for its re-opening, Southern Eye can reveal....Published: 12 Jul 2021 at 07:42hrs | 2 | by Staff reporter
Gold mine hits 300kg mark in one month
MINING giant, Freda Rebecca Gold Mine has set a new record after it produced 300 kilogrammes of gold in May this year, a figure which was last recorded 20 years ago.Freda Rebecca Gold Mine is ...Published: 17 Jun 2021 at 06:13hrs | 1 | by Staff reporter
IDCZ battles to find 'high calibre' CEO
THE myth that some of Africa's best business minds are found in Zimbabwe has been disproved at the State-run Industrial Development Corporation of Zimbabwe (IDCZ), which has struggled to find a CEO fo...Published: 28 May 2021 at 08:04hrs | 2 | by Staff reporter
Vision 2030 on course, says President
PRESIDENT Mnangagwa has said the country's vision of achieving an upper middle-income economy by 2030 is on course and the private sector should continue to complement Government efforts to revive the...Published: 16 May 2021 at 07:57hrs | | by Staff Reporter
Painful policies pay off, says Mnangagwa
ZIMBABWE has begun to enjoy the fruits of painful policies introduced by the Second Republic when it came to power, with consistent electricity and fuel supplies and a stable local currency.Mo...Published: 18 Apr 2021 at 07:13hrs | | by Staff Reporter
Zimbabwe hunts for Zisco investor again
THE Government is in a fresh hunt for strategic partner to resuscitate operations at the defunct State-owned Zimbabwe Iron and Steel Company (Zisco).Over the years, the Redcliff-based steel ma...Published: 12 Apr 2021 at 18:30hrs | 1 | by Staff reporter
Rural push spurs NetOne growth
STATE-RUN mobile telecoms firm, NetOne says last year's strategic expansion into outback markets lifted subscribers for its mobile money platform, OneMoney by 500 000, giving it fresh impetus....Published: 04 Apr 2021 at 22:40hrs | | by Staff reporter
NetOne restructures debt ahead of deal
STATE-run mobile telecoms firm NetOne says a debt restructuring programme has been underway since government announced plans to bring private investors into the operation in 2018 under an ambitious pl...Published: 04 Apr 2021 at 09:35hrs | 7 | by Staff reporter
60% of Bulawayo companies close shop
THE labour movement, consumer rights groups, small enterprises and informal traders have lamented the continuous collapse of Bulawayo industries amid revelations that up to 60% of companies have close...Published: 19 Feb 2021 at 07:04hrs | 77 | by Staff reporter
Kuvimba Mining to raise US$1 billion, eyes VFEX listing
Kuvimba Mining House, the newly created mining company, will seek to raise US$1 billion to recapitalise its assets, which it hopes will generate an ambitious US$1.5 billion per annum by 2023. ...Published: 05 Jan 2021 at 18:27hrs | | by Staff reporter
NRZ slapped with US$236m lawsuit
SOUTH Africa-based business syndicate, the Diaspora Infrastructure Development Group (DIDG), has filed a lawsuit at the High Court demanding damages amounting to a staggering US$236 million from the N...Published: 24 Dec 2020 at 17:00hrs | | by Staff reporter
SA firm drags NRZ to court
THE Diaspora Infrastructure Development Group (DIDG) and a South African based railway company are suing the National Railways of Zimbabwe (NRZ) for unlawful cancelling a US$400 million recapitalisati...Published: 24 Dec 2020 at 05:03hrs | | by Staff reporter
PG Industries relocates its Bulawayo Centre
GIANT building materials producer and supplier, PG Industries, has relocated its Bulawayo PG Centre branch from Donnington Industrial Area to Belmont Industrial Area. For many years, the compa...Published: 14 Dec 2020 at 07:10hrs | | by Staff reporter
'Zimbabwe crisis presents immense opportunities'
IT has been an eventful year for Tendo Electronics MD and recent winner of the director of the year award at this year's edition of the Megafest awards, Mike Kamungeremu (MK).The firm, which s...Published: 13 Dec 2020 at 08:10hrs | 1 | by Staff reporter
Mthuli Ncube promises to recapitalise NRZ
FINANCE minister Mthuli Ncube has announced plans by government to recapitalise the National Railways of Zimbabwe (NRZ).Ncube visited the parastatal last Friday.This was after the NRZ ...Published: 30 Nov 2020 at 06:11hrs | | by Staff reporter
Govt to centralise control of State firms
THE Government will adopt a centralised ownership model for State-owned enterprises (SOEs) to eliminate inconsistencies in governance and ministerial interferences, Finance and Economic Development Mi...Published: 27 Nov 2020 at 06:54hrs | | by Staff reporter
Unite to achieve brighter future, says Mnangagwa
PRESIDENT Mnangagwa yesterday said the country is on a new path towards prosperity calling for unity of purpose among Zimbabweans as a brighter future depends on every individual. President Mn...Published: 23 Oct 2020 at 08:19hrs | | by Staff Reporter
Zesa gets nod to buy coal in forex
The government has rescinded its earlier decision to bar power utility Zesa from paying for its coal supplies in foreign currency, fearing the move could trigger crippling load shedding, Business Time...Published: 22 Oct 2020 at 07:21hrs | | by Staff Reporter
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