Zimbabwe to revise economic growth downwards
HARARE - Zimbabwe's economic growth projections for this year may be revised downwards on lower revenue collection, while inflation forecasts could be higher than previously expected, Finance Minister Tendai Biti said on Thursday."The first quarter of the year has been an extremely difficult period. We have not been able to meet our revenue targets. The key cause is non-performance of diamonds," Biti told journalists during a quarterly economic update."It's foreseeable...that major projections will be revised downwards." ...Read moreWelshman Ncube and Obert Mpofu to appear before a parliamentary committee
Industry and Commerce Minister Welshman Ncube and Mines Minister Obert Mpofu will soon appear before a parliamentary committee to explain why progress on NewZim Steel, has stalled. NewZim Steel h...
Zimbabwe seeks London Bullion Market membership
Plans to rejoin the London Bullion Market Association (LBMA) are at an advanced stage as local gold production emerges from the doldrums.Mines and Mining Development minister Obert Mpofu told NewsDay ...
ZSE chief suspended
The Zimbabwe Stock Exchange (ZSE) chief executive officer Emmanuel Munyukwi has been suspended amid reports that the move was linked to his fallout with stockbrokers last year. Impeccable sources said...
Global Alliance Partners gathering a big opportunity for Zim business – Imara
An unprecedented opportunity beckons growth-minded Zimbabwe businesses as executives from member firms of Global Alliance Partners (GAP) prepare to fly into Harare for the organization's first confere...
'Imposition of sanctions on Zim diamond producers, hampering fair trade' - Mpofu
Mines and Mining Development Minister Dr Obert Mpofu on Friday said imposition of sanctions on some of Zimbabwe's diamond producers
is a threat to the country's projected $600 million diamond earning...
Govt to review duty on imported raw materials
Government is expected to review duty on imported raw materials for industry with a view of restoring the competitiveness of locally produced commodities.The arrangement to review downwards duty on im...
Global Alliance Partners to gather in Zimbabwe, 21-24 May 2012
2012 May 08 | 649 Views
HARARE: The international member firms of Global Alliance Partners (GAP) will gather in Harare, Zimbabwe on May 21-22 for the 8th semi-annual GAP meeting hosted by Africa partner, the Imara Group. T...
3 companies proposing to list on the Zimbabwe Stock Exchange
2012 May 08 | 624 Views
The Zimbabwe Stock Exchange (ZSE) listing drought is expected to end amid revelations that three new companies are proposing to list on the local bourse.According to official sources within the marke...
Timing drives big interest in Imara's Zimbabwe investor conference
Imara's upcoming Zimbabwe Investor Conference is predicted to be the biggest yet as timing factors drive global interest in corporate developments and potential equity market upside.The Harare event o...
Poor investment policies hindering efforts to tackle Zim economic challenges
Prime minister Morgan Tsvangirai says efforts to tackle the economic challenges affecting the country are being hampered by poor investment policies, the Daily News reported"We are aware of the chall...
Zimdollar accounts remains an obstacle to new foreign direct investment
The chairman of the Parliamentary Committee on Budget, Finance and Investment, Paddy Zhanda said that frozen Zimbabwe dollar accounts will remain an obstacle to new foreign direct investment, if not s...
Buy locally produced products says Mutambara
Deputy Prime Minister, Professor Arthur Mutambara has challenged Zimbabweans to buy locally produced products to sustain the local industry.Speaking at the Zimbabwe International Trade Fair (ZITF) Bus...
Government urged to revisit Dimaf conditions
Industry and Commerce minister Welshman Ncube says CABS should revisit the conditions it put on place for struggling Bulawayo companies to access cheap funds.Under the Distressed Industries and Margin...
Zimbabwe fuel imports increases by 24,8 percent
2012 April 21 | 1502 Views
A trade report by ZimTrade released during the annual exporters' conference in Harare this week indicated that Zimbabwe's petroleum imports were 24,8 percent higher during the first nine months of 20...
US invites Mpofu to the Kimberly Process Certification Scheme meeting
2012 April 20 | 1681 Views
THE United States government wants Mines and Mining Development Minister Obert Mpofu and his delegation to attend the Kimberly Process Certification Scheme meeting set for June this year.Sources said ...
Imara Edwards Securities Zimbabwe Stock Exchange weekly review
2012 April 19 | 1284 Views
Yet another week characterised by subdued trading activity as the daily average value traded failed to breach the US$ 1.0m mark. The weekly turnover retreated to US$ 3.5 million from a spectacular am...
Zimbabwe Revenue Authority surpasses revenue target
THE Zimbabwe Revenue Authority has surpassed its first quarter revenue target by 8 percent, collecting US$773,7 million on the back of improved compliance levels by clients. The revenue authority had ...
Zim inflation slows to 4 percent in March
HARARE - Zimbabwe's headline consumer inflation rate slowed to 4% year-on-year in March from 4.3% in February, the National Statistical Agency said on Thursday.On a month-on-month basis, inflation wa...
Australian Man (42) arrested for illegal possession of company in Zimbabwe
2012 April 16 | 2266 Views
An Australian man based in Kwekwe who allegedly took over a mining company after the owners left Zimbabwe and started mining gold was on Friday granted US$5 000 bail. He will, however, remain in custo...
Zimbabwe Is Losing Billions of Dollars Says Biti
2012 April 16 | 1871 Views
ZIMBABWE is losing billions of dollars through investment agreements with foreign investors because it does not have a pool of competent people to assist in negotiations, Finance Minister Tendai Biti ...
Zim indigenisation law being misinterpreted - Biti
FINANCE minister Tendai Biti has hinted that section 3 of the indigenisation act has been misinterpreted by the Minister of Youth Development, Indigenisation and Empowerement, Saviour Kasukuwere, who ...
Zimbabwe's Bilateral Agreements under scrutiny
Zimbabwe's Bilateral Investment Promotion and Protection Agreements (BIPPAs) with regional and international countries are under scrutiny as government seeks to increase investment inflows.The Permane...
IMF team expected in Zimbabwe next month
An International Monetary Fund (IMF) delegation is expected in Zimbabwe next month to assess economic performance but analysts are questioning the relevance of the institution in providing funding ass...
Surprise as dollarised Zimbabwe sets up monetary policy committee
Zimbabwe's Reserve Bank has surprised the investment community by setting up a monetary policy committee (MPC) as the country's authorities no longer have a monetary unit to control.The oddity is note...
Zimbabwe takes over all mining firms
2012 April 05 | 958 Views
Controversial minister of Youth, Indigenisation and Empowerment Savior Kasukuwere says all foreign owned mining houses operating in Zimbabwe that did not comply with indigenization regulations have l...
36 million kg tobacco worth US$135 million auctioned
2012 April 04 | 582 Views
ABOUT 36 million kg of flue cured tobacco worth US$135 million have been auctioned at an average price of US$3,70 per kg since the tobacco marketing season started in February. Last year 30 million kg...
Invest in Zimbabwe now - SA Ambassador
The South African Ambassador to Zimbabwe, Mr Vusi Mavimbela says South African businesspeople need to seriously consider investing in Zimbabwe as the country's economy is a "sleeping giant" that is in...
Mugabe to launch Zimbabwe's industrial, trade policies
PRESIDENT Robert Mugabe is expected to officially launch the country's Industrial Development Policy and the National Trade Policy in Harare on Thursday.This was said by the Minister of Industry and C...
SA's local procurement policy to hit Zimbabwe hard
HARARE - Zimbabwe's cabinet has been tasked to come up with strategies to survive South Africa's decision to procure at least 75 percent of raw materials within its borders, Industry minister Welshma...
Zimbabwe diamond mines up for sale
2012 March 28 | 627 Views
THE Murowa Diamond Mine in Zvishavane could soon be put up for sale as parent company Rio Tinto International has indicated it will exit the diamond business. The mine, in which Rio Tinto Internation...
SA woes create opportunity for Zim's platinum mines – Imara
Challenges within South Africa's platinum industry present Zimbabwe with an unprecedented opportunity, but a policy change in Harare may be necessary to get one up on the problem-afflicted industry so...
Biti's ministry should manage Zim's wealth fund - Mthuli Ncube
2012 March 27 | 537 Views
Zimbabwe's sovereign wealth fund (SWF) should be under the ministry of Finance's ambit considering its role to manage the country's financial resources, African Development Bank vice president and ch...
International Finance Institutions meet to discuss Zim debt resolution
The Zimbabwean government on Friday met with the country's creditors in Tunis, Tunisia, as it steps up effort to retire its $6 billion debt and unlock fresh resources to support the country's economic...
Zimbabwe plans to float a $100m infrastructure bond
Harare - Zimbabwe plans to float a $100m bond to rebuild its dilapidated infrastructure as the country struggles to attract foreign investment, the finance minister said on Wednesday.Zimbabwe's infras...
At least $14bn needed to revive the Zim economy - Biti
2012 March 22 | 485 Views
Harare - Zimbabwe needs at least $14bn to revive its economy following a decade-long downturn, Finance Minister Tendai Biti said on Wednesday."We require $14bn to get our economy back to 1990 levels,...
Don't shun Zimbabwe, Euromoney chief tells investors
HARARE - Richard Banks, Euromoney's director for emerging markets has said there is no reason for international investors to continue shunning Zimbabwe as he believe the controversial indigenisation ...
Zim trying to shake off the Pariah state image - Mashakada
2012 March 21 | 489 Views
HARARE - Zimbabwe's Economic Planning and Investment promotion minister, Tapiwa Mashakada has told delegates to the Euromoney Zimbabwe Investment Conference here in Harare that the two day indaba is...
Zim orders that 25 percent of all State contracts be awarded to SMEs
The Zimbabwe government has ordered that 25% of all State contracts be awarded to small to medium-scale enterprises to promote the sector’s growth.This follows the government's recent gazetting into...
Zimbabwe fails to attract FDI inflows
ZIMBABWE continues to wobble in attracting Foreign Direct Investment, drawing in a mere US$250 million against US$55 billion that went into African economies last year, according to a research report....
Zimbabwean miners ordered to deposit export earnings with local banks
HARARE - Zimbabwe has ordered foreign mining firms to deposit their export earnings with local banks, state media reported on Sunday, the latest government move to exert pressure on miners as it tries...
Kasukuwere, Biti clash over banks
2012 March 16 | 529 Views
A WAR of words has erupted between Finance Minister Tendai Biti and his indigenisation counterpart Saviour Kasukuwere, over sharp differences on localisation of foreign-owned financial institutions.O...
Another investment conference on Zimbabwe
Zimbabwe is set to host another investment conference as the southern African country is struggling to crawl out of a decade long economic slump.The investment indaba, the second one is set for Harar...
Zimbabwe ranks top three African Investment Destination
HARARE - Zimbabwe has been ranked as one of the top three African countries that offer the best investment returns between now and 2016, according to an international investment research group survey....
Zim economy grew 9.3 percent in 2011
The Zimbabwean economy grew by 9.3% in 2011 and is expected to expand by 9.4% in 2012 after rising by 5.9% in 2009 and 8.1% in 2008, Dr Sibanda, the Zimbabwean Permanent Secretary for Economic Plannin...
Zimbabwean economy has shrunk to less than half of Zambia
HARARE - Once one of the biggest economies in southern Africa, Zimbabwe has shrunk to less than half of Zambia, Malawi and Namibia's economies, the National Economic Consultative Forum Executive Secre...
Zimbabwe's indigenisation programme impossible - Eddie Cross
BULAWAYO - Economist Eddie Cross says implementing the indigenisation programme in Zimbabwe will be impossible as most people do not have resources to acquire the reserved 51 percent stakes."Everyone ...
Govt proposes auditing RBZ debt
GOVERNMENT will soon establish a special purpose vehicle to audit all Reserve Bank of Zimbabwe activities that resulted in the accrual of huge debts prior to the introduction of the multi-currency s...
Biti plans to force banks to merge
2012 February 23 | 484 Views
THE Zimbabwean government is considering legislation to force bank mergers to reduce the number of financial service institutions in the country and help ensure the sector's stability, Finance Minist...
Zimbabwe economy to decline by 5 percent - UZ economist
Economist Tony Hawkins of the University Of Zimbabwe Graduate School Of Business has cast a pessimistic economic outlook for Zimbabwe economy saying it would decline to 5 percent as oppose to 7 ...
RBZ to remove cash withdrawal limits next month
Cash withdrawal limits are expected to be removed with effect from next month.According to the Reserve Bank of Zimbabwe (RBZ)'s latest circular to banks, the lifting of cash withdrawal limits currentl...
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