BUSINESS

ACTING Auditor-General Rhea Kujinga has revealed that misgovernance nearly doubled in State-owned enterprises (SoEs) and parastatals last year. She highlighted this in her report titled Report of the Auditor-General on Appropriation Accounts, Finance and Revenue Statements and Fund Accounts for the Year Ended December 31, 2023 tabled before Parliament last week. The scathing report exposed… Read more: Misgovernance doubles in SoEs, parastatals

DIVERSIFIED firm, Zimplow Holdings Limited (Zimplow) is in the process of insulating itself against the El Niño-induced drought and softening mineral prices, as these challenges will negatively impact its bottom line. Zimplow provides agricultural, mining and infrastructural engineering quality and innovative equipment solutions. Under the agricultural segment, it operates its Farmec, Valmec and Mealie Brand… Read more: Zimplow insulates self against El Niño, softer mineral pricing

THE Reserve Bank of Zimbabwe (RBZ) has disbursed ZiG46 million in notes and coins to the banks, with the financial institutions only releasing 30% to the market amid a cash crisis, it has been revealed. On April 5, the ZiG was introduced to replace the Zimdollar after the former was heavily battered by inflation, rendering… Read more: Only 30% ZiG released to the market

DAILY trades at the Zimbabwe Stock Exchange (ZSE) have dropped by 92% to 80 due to restrictive taxes in the capital markets, the bourse’s chief executive officer Justin Bgoni said yesterday. Bgoni, who leads both ZSE and Victoria Falls Stock Exchange, yesterday told an inaugural capital markets conference in Nyanga the exchanges were lobbying government… Read more: ZSE raises alarm as daily trades dip 92%

CIVIC society in Africa is facing shrinking spaces to raise domestic resources, as private sector investment is being crowded out, it emerged at the recent African Development Bank’s (AfDB) annual meetings. The shrinking space, according to civic society, is because governments are not playing their corrective role in terms of domestic resource mobilisation to provide… Read more: Civic society warns of shrinking space

FOOD security initiative, the Famine Early Warning Systems Network (FewsNet) says while the Zimbabwe Gold (ZiG) currency has brought some stability, United States dollar prices remain high. The ZiG replaced in April the Zimbabwe dollar after it had depreciated by over 700% last year, and 250% in the first quarter. Despite the relatively stable ZiG prices, US… Read more: ZiG slows price increases, but US$ prices remain high

The government has praised National Foods Limited (NatFoods) for its investments in projects aimed at reducing the country’s high import expenses. NatFoods has allocated nearly US$16 million to various factory production lines between 2023 and 2024, a move expected to significantly contribute to import substitution efforts. Recent statistics indicate a 12 percent increase in imports,… Read more: Government Commends National Foods For Reducing Reliance On Imports

THE Consumer Council of Zimbabwe (CCZ) says the Zimbabwe Gold (ZiG) currency has brought more “challenges” for consumers than those they faced prior to its introduction, because people are failing to use the new currency outside the formal retail sector. ZiG was introduced last month to replace the Zimbabwe dollar, but the new currency has… Read more: ZiG brought more misery for consumers: CCZ

Zimbabwe recorded a trade deficit of US$184.3 million last month, a 117.8 percent decline compared to US$84.6 million in February, according to data released by the Zimbabwe National Statistics Agency (Zimstat). The statistics show the country imported more than it sold. In terms of exports, it has emerged, Zimbabwe exported goods worth USS$534.7 million. The… Read more: Zimbabwe trade deficit drops 117.8 percent in March, according to Zimstat

Retail outlets commonly known as ‘China shops,’ which offer a range of inexpensive goods like kitchenware, clothing, electronics, and cleaning products, are exclusively accepting US dollar cash payments. They are not allowing any other forms of payment in multiple currencies. Analysts believe that the prevalence of illegal foreign exchange dealers is linked to these shops,… Read more: China Shops Rejecting ZIG Currency

Gweru-based business magnate, Ambassador Smelly Dube has been selected as a candidate for an Honorary Professor of Mining and Industrial Development by a London-based EL Roi London University.

 VICE-PRESIDENT Constantino Chiwenga yesterday warned currency speculators and singled out the retail sector, threatening to shut down supermarkets if they are suspected of sabotaging the new Zimbabwe Gold (ZiG) currency. Officially opening the international business conference at the Zimbabwe International Trade Fair (ZITF) in Bulawayo, Chiwenga said ZiG was here to stay. The local currency… Read more: Shops face closure over ZiG

AUSTRALIAN energy firm, Invictus Energy has signed an agreement with Dallaglio Investments and Himoinsa Southern Africa Proprietary for a gas-to-power project to supply electricity to Eureka Gold Mine. Eureka Gold Mine is owned and operated by Dallaglio, a subsidiary of Padenga Holdings Limited. Himoinsa is a Spanish-based power generation equipment supplier and is part of Yanmar Energy… Read more: Invictus inks gas to power deal

It was a sunny April 5when suddenly a dark cloud of déjà vu hovered all over Zimbabwe following the announcement of the new currency, ZiG, by the Reserve Bank of Zimbabwe (RBZ) governor, Mushayavanhu. Unfortunately, this is the sixth time in the economic history of Zimbabwe, that a new currency has been introduced or restructured… Read more: Lost in translation: ZiG currency disconnected with citizens’ needs

Dr. John Mushayavanhu, the new head of the Reserve Bank of Zimbabwe (RBZ), surprised many on Thursday when he revealed that, despite previous claims, the bond notes and Zimbabwe dollar were not supported by the US dollar bond facility from the African Export-Import Bank (Afreximbank), based in Cairo. This contradicts what Dr. John Mangudya, the… Read more: Bond Notes Were Never Backed By Afreximbank, Says Mushayavanhu

Finance, Economic Development, and Investment Promotion Permanent Secretary George Guvamatanga announced that all Government ministries, departments, and agencies will soon be mandated to accept ZiG payments. This directive comes amidst the recent introduction of ZiG, or Zimbabwe Gold, as the official currency of Zimbabwe, effective since April 8, 2024. ZiG is backed by substantial reserves,… Read more: “All Fuel Sales Will Exclusively Accept ZiG As Payment”: Guvamatanga

‘Business entities including commuter omnibuses, shops, fresh vegetable markets, and vendors, are advised to continue accepting payment in ZW$ notes until April 30, 2024’ HARARE – The Reserve Bank of Zimbabwe on Wednesday said the Zimbabwe dollar remains legal tender until April 30 following reports that informal traders are refusing to accept the currency for… Read more: RBZ pleads for Zimbabwe dollar acceptance as informal traders insist on US dollar

RESPECTED businessman and economist, Nigel Chanakira, says the new Reserve Bank of Zimbabwe governor John Mushayavanhu must assert himself as an independent central banker to stabilise the local currency. For years, there have been concerns that the central bank was powerless. This has seen the bank being forced to undertake quasi-fiscal operations. “Zimbabweans are an… Read more: ‘Mushayavanhu must assert himself as independent’

GOVERNMENT plans to establish a mine-to-energy industrial park in Mapinga, Mashonaland West province, as it seeks to value add and beneficiate lithium. During post-Cabinet briefing yesterday, Information, Publicity and Broadcasting Services minister Jenfan Muswere said Cabinet was briefed by Vice-President Constantino Chiwenga on the establishment of the mine-to-energy industrial park in Mapinga. Chiwenga chairs the… Read more: Mine-to-energy industrial park set for Mash West

RESPECTED businessman and economist Nigel Chanakira says acceptance of the new currency, Zimbabwe Gold (ZiG), will be difficult given that the majority still prefer the greenback. The Reserve Bank of Zimbabwe (RBZ) launched ZiG and scrapped the Zimdollar last week after the latter had significantly depreciated over the past few months. In the first quarter… Read more: ‘ZiG difficult to accept in US$-dominated market

GOVERNMENT plans to form and strengthen small-to-medium enterprises (SMEs) credit co-operatives to help them source funding, a Cabinet minister has said. Credit co-operatives are organisations owned and controlled by its members who can borrow at low interest rates from an amount of money they have saved as a group. SMEs have struggled to access funding… Read more: Mutsvangwa pushes for creation, strengthening of SME credit co-operatives

THE Zimbabwe Stock Exchange (ZSE) is re-basing all its indices following the introduction of a new currency, Zimbabwe Gold (ZiG), last week. ZSE said all the ZSE indices would be re-based to 100 basis points. “The re-basing is necessary to allow the indices to accurately reflect the performance of the market in the context of… Read more: ZSE rebases bourse to reflect ZiG

Jossam Aarons and Privilege Matibu made a brazen move by towing away a car held by Zimbabwe Anti-Corruption Commission officials as evidence on a farm. The duo found themselves in court yesterday, facing charges of obstructing justice in a case that began with ZACC’s investigation into multiple fraud instances targeting pensioners, resulting in the arrest… Read more: Brazen Pair Nab Car From ZACC Exhibit

In a remarkable transaction, the world’s most expensive cow was recently sold in Brazil for a staggering amount of approximately $4.8 million. This record-breaking sale underscores the immense value placed on elite cattle genetics and the thriving livestock industry in Brazil. Nellore breed cows are renowned for their adaptability to harsh climates, making them a… Read more: The World’s Most Expensive Cow Sold In Brazil For Around $4.8 Million

NetOne, a state-owned mobile network operator (MNO), has taken a strong stance against the sale of its airtime above the prices set by the Postal & Telecommunications Regulatory Authority of Zimbabwe (POTRAZ). The company’s position comes amid the significant depreciation of the Zimbabwe dollar against the US dollar, leading vendors to use exchange rates different… Read more: NetOne Firmly Opposes Unauthorized Sale Of Airtime Above Announced Prices

PLASTIC pipe manufacturer Proplastics Limited’s profit after tax more than trebled to nearly US$520 000 in the year ended December 31, 2023, on the back of a huge cut in finance costs which went down by 85%. In the comparative 2022 period, Proplastics posted a profit of US$164 482 with finance costs amounting to US$686… Read more: Proplastics profit trebles to US$520 000

LOCAL e-mobility firm Munesu Energy will roll out 200 electric vehicle (EVs) charging stations across Zimbabwe starting in May as the company seeks to increase the uptake of the latest automobile technology. In an interview with NewsDay Business, Munesu Energy executive Tanaka Kutama said the charging stations also come with technical and backup support in… Read more: Munesu Energy targets 200 EV charging stations

TECHNOLOGY firm, Liquid Intelligent Technologies Zimbabwe, says its strategic partnership with Google Cloud will be a boost for local firms. The Google Cloud Platform, offered by multinational firm, Google, is a suite of cloud computing services that provides a series of modular cloud services including computing, data storage, data analytics and machine learning, alongside a… Read more: Liquid tips Google deal to boost Zim firms

STATE-RUN cotton firm, Cottco Holdings Limited (Cottco), has made headways in clearing a debt owed to farmers paying 90% of the US$23,7 million outstanding payments, NewsDay Business has learnt. Last October, the firm revealed that it has begun engaging Treasury, the central bank and financial institutions to raise US$6,8 million to pay off cotton farmers.… Read more: Cottco makes headway on farmers’ debt, clears 90% arrears

Marange chiefs are up in arms with Zanu PF Mutare West legislator Nyasha Marange for allegedly demanding total control of the Chiadzwa Community Trust which is yet to disburse USD$ 1.2 million

Former opposition legislator and prominent economist, Eddie Cross, has disclosed that billionaire Kudakwashe Tagwirei is no longer affiliated with the Kuvimba Mining House. This revelation came to light during an extensive interview with a private media outlet, where Cross shed light on Tagwirei’s investment journey, stating that Tagwirei utilized his earnings from Trafigura to venture… Read more: Eddie Cross Says Tagwirei Nolonger Part Of Kuvimba, Off Fuel Industry

National Foods volumes for the interim period to December 31, 2023, grew by 3,4 percent to 285 000 tonnes from the comparative period, largely driven by growth from the Stockfeeds. The flour division also contributed to growth, though to a limited extent. Mr Edwin Manikai, the group’s chairman, said in a statement of the financials… Read more: Natfoods Volumes Surge 3,4pc For Half Year Period

Investec has set aside funds to pay for possible compensation and other costs linked to its auto finance business in the UK as regulators continue with an industrywide probe into whether such loans were sold in a way that treated customers fairly. The South African lender will provide an exact amount for the provision when… Read more: SA Banks Caught In UK’s Sweeping Auto Finance Probe

Businessman Obrian Obert Mapurisa is facing accusations of orchestrating a murder-for-hire plot targeting his business partner, allegedly hiring hitmen based in South Africa to carry out the deadly deed. The motive behind this sinister scheme reportedly stems from a failed business deal involving the importation of liquefied petroleum gas (LPG) tankers from Italy two years… Read more: Obrian Mapurisa, Businessman Hires Hitmen To Eliminate His Business Partner

Harare | Kenneth Raydon Sharpe, commonly known as Ken Sharpe, is not just a Zimbabwean businessman; he is a testament to resilience, vision, and the power of determination. As the Executive Chairman of West Properties Company, Sharpe has carved a remarkable path in the business world, leaving an indelible mark on Zimbabwe’s economic landscape. Born… Read more: Meet Ken Sharpe: The Driving Force Behind Zimbabwe’s Real Estate Revolution

The Zambezi River Authority (ZRA) has released alarming data indicating a continual decline in stored usable water at Lake Kariba, a key source of hydropower for Zimbabwe and Zambia. This downward trend is attributed to El Niño conditions, sparking concerns about reduced hydropower generation in the region. According to the latest figures from the ZRA,… Read more: Water Scarcity Looms In Kariba As Hydropower Production Declines

FIRST Mutual Holdings has expanded its healthcare network by opening a new medical facility in Southerton, Harare to help boost medical tourism and provide accessible healthcare in the country. This brings the total number of First Mutual’s medical facilities countrywide to 14. Speaking at the launch on Wednesday, Harare Provincial Affairs minister of State, Charles… Read more: First Mutual opens new health facility

THE Securities Exchange Commission of Zimbabwe (SecZim) aims to increase its efforts to develop a generation that is financially literate and knowledgeable about money matters during this year’s Global Money Week running from March 18 to 24. Global Money Week, running under the banner Protect your money, secure your future this year, is an annual… Read more: SecZim creates a financially savvy generation

Gold prices edged higher on Wednesday after dropping more than 1 percent in the previous session, as investors digested hotter-than-expected US inflation data and still banked on a Federal Reserve interest rate cut in June.

Stock finance is a lending service that allows businesses to borrow working capital against their goods. Agent float loan allows bank and mobile money agents to access unsecured loans for their operations.