Rio Zim resumes operations

Rio Zim resumes operationsZIMBABWE Stock Exchange-listed miner RioZim has resumed operations at three of its gold mines after reaching an agreement with Reserve Bank of Zimbabwe (RBZ) over foreign currency allocation.

RioZim temporarily closed Cam and Motor in Kadoma, Renco Mine in Masvingo and Dalny Mine in Chegutu last month citing shortage of foreign currency needed to import critical consumables and spare parts. Read more

Air Zimbawe looking for investment Partner

Image result for biggie matizaThe Minister of Transport and Infrastructural Development Joel Biggie Matiza says the government intends to engage investment partners for the recapitalisation of Air Zimbabwe.

The national carrier was recently placed under administration as it owes its creditors $377 million. The government has since assumed the debt and it is thought that this move would pave way for attracting an investment partner. Read more

‘Zim economy on the rebound’

286A4633THE country’s economy is on the rebound with the Government having an active role in creating an enabling environment to encourage both local and foreign investment, a Cabinet Minister has said.

Speaking at the reopening of Typocrafters and the unveiling of a book making machine, Information, Publicity and Broadcasting Services Minister, Cde Monica Mutsvangwa said it was misleading for people to claim that the country’s economy was dying.

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She said it was essential for businesses to be innovative and think outside the box as this would result in the country’s economy growing and generating employment. Read more

India promises $333million to help Zim upgrade its Power resources

Image result for Venkaiah NaiduIndian Vice-President Venkaiah Naidu announced the Asian country will extend a $333 million to Zimbabwe for the upgrade of Hwange Thermal Power Station and rehabilitation of Bulawayo Thermal Power Plant.

$310 million will go towards the Hwange rehabilitation programme while $23 million will be used on the Bulawayo project. India will also give Zimbabwe a $19.5 million soft loan for the Deka Water Pipeline project in Hwange. Vice President Naidu’s statement reads: Read more

Zuva Service Stations lose trading licence

The government today revoked service station licence for Zuma Petroleum accusing the company of overcharging customers.

In a Press Briefing to the Media after today’s Cabinet meeting, Minister of information, Publicity and Broadcasting Monica Mutsvangwa said, “Government has withdrawn trading licences of some fuel service stations who were caught engaging in irregular trade practices.”

In a follow up report on Tweet, the Minstry said, “Zuva Service Stations have lost their trading licences for charging fuel above the recommended price.”

Mandiwanzira sued over $317 000 debt

Image result for mandiwanziraWestlake International Finance Limited has petitioned the High Court seeking an order to compel former Information and Communication Technology minister, Supa Mandiwanzira, to settle a $317 166 debt in high interest loans to a company owned by the MP for Nyanga South over six years ago.

The micro finance institution filed summons at the High Court on October 29 through its lawyers, Gill, Godlonton and Gerrans, citing Mandiwanzira and Florence Erina Ziumbe — a lawyer and businesswoman — as respondents. Read more

Govt wage bill to hit $3,7bn after salary hikes

Image result for mthuli ncubeGOVERNMENT’S wage bill is seen growing by 16% this year to $3,7 billion, rising to $3,9 billion next year and pushing the budget deficit to nearly 14% of the gross domestic product (GDP), government projections show.

Zimbabwe already spends 80% of its budget on salaries for government workers, who received a raise of 17,5% from July, adding a further $500 million to the wage bill this year, from an original projection of $3,2 billion.

“While we had estimated employment costs for 2018 at around $3,2 billion, the projected out-turn indicates a total expenditure of employment cost of $3,7 billion. We expect gradual increases in 2019 to about $3,9 billion. Read more

Tony Elumelu sponsors 21 Zim entrepreneurs

Nkosana George Mazibisa (right) receives the Most Impactful award from Tony Elumelu in Lagos, Nigeria, on Thursday last week

About 21 Zimbabwean entrepreneurs are among 1 000 young persons who will benefit from the latest round of the Tony Elumelu Entrepreneurship Programme’s (TEEP) $100 million fund.

TEEP is a brainchild of Nigerian billionaire, Tony Elumelu, one of Africa’s most successful entrepreneurs who in 2015 launched Africa’s largest philanthropic fund to nurture a culture of entrepreneurship among the youth.

The fund intends to support 10 000 African entrepreneurs in the decade to 2025, and targets to create one million new jobs and $10 billion in additional revenues by providing a $5 000 non-refundable seed grant. Read more

Mastercard to open office in Zimbawe

Image result for mastercard ceo and mthuliMastercard President and CEO, Ajay Banga met with key government and private sector stakeholders including Zimbabwe’s Minister of Finance and Economic Development, Mthuli Ncube, and Governor of the Reserve Bank of Zimbabwe, Dr John Mangudya, to formalise Mastercard’s support for payments innovation in Zimbabwe.

He also disclosed Mastercard’s plans to establish an office in Harare to coordinate its efforts to address financial inclusion.

Banga made the announcement in Harare today at the company’s CEO Conversations event, a gathering of senior leaders from top financial institutions, mobile network operators and retailers. Read more

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