Business
Steel giant suspends paying salaries
By Our reporter at May 15, 2012 | 1:27 AM | 0 Comment
NEWZIM Steel has suspended paying salaries to its workers amid indications Essar Africa Holdings has forked out millions in wages without production. It is understood that Essar is reluctant to continue pumping more money into NewZim Steel which is yet to get iron ore mining rights from the Government. The Redcliff-based company has over 1,500 workers whom it owes more...
Meikles hotel in US$7.5m refurbishment
By Our reporter at May 13, 2012 | 4:22 PM | 1 Comments
ZIMBABWE'S premier five-star hotel, Meikles has embarked on a US$7.5 million refurbishment programme. This move is aimed at bringing the hotel in line with international standards. The last massive refurbishment was carried out 17 years ago. Meikles Hospitality managing director, Karl Snater, said refurbishment works started in March, when all 132 bedrooms and more...
Zimbabwe fraud tops $1.2bn in six months
By Our reporter at May 13, 2012 | 11:40 AM | 1 Comments
FRAUD cases in Zimbabwe topped $1.2 billion in only six months to December last year, while patterns of household income growth remain markedly poor in the country. According to the KPMG report, the value of fraud cases in Zimbabwe in the six months to December 2011 soared to $1,2 billion, which is 32 percent of the overall value of fraud cases in Africa at $3,7 more...
Zimbabwe private sector losses exceed US$800m
By Our reporter at May 10, 2012 | 4:24 AM | 0 Comment
ZIMBABWE’S private sector losses have exceeded US$800 million since 2009, as companies struggle to grow their revenue and make profits. Analysts say the figure is worrying, given the country’s low Gross Domestic Product levels of about 8.1 percent this year. Companies have failed to increase production because of the high cost and short tenor of debt instruments more...
ZTA gives hoteliers 6 month ultimatum
By Professor Tshuma at May 5, 2012 | 9:10 AM | 0 Comment
REGULATOR of the tourism sector, Zimbabwe Tourism Authority (ZTA) has given hoteliers a six month ultimatum to put their house in order or risk loosing their star status, authority boss has said. ZTA chief executive Mr. Karikoga Kaseke said some hoteliers were operating below the status of their star rating, adding that this behaviour was bad and has to be addressed in more...
Foreign experts for 2012 Chamber of Mines AGM
By Professor Tshuma at May 5, 2012 | 8:58 AM | 0 Comment
THE 73rd Chamber of Mines Annual General Meeting (AGM) scheduled for the resort town of Victoria Falls this week is expected to attract foreign and local speakers from various sectors. Chamber president who is also Managing Director for Mimosa Mining Company, Mr. Winston Chitando said there is going to be panel discussion which is going to be frequented by local more...
Zimbabwe bank deposits increase
By Our reporter at April 30, 2012 | 10:01 PM | 0 Comment
Zimbabwe’s banking sector deposits have increased to US$3.7 billion in the first quarter from US$3.1 billion in January this year amid calls for the financial industry to reduce bank charges. In a move that is reflecting a restored confidence within the financial sector, officials from the Bankers Association of Zimbabwe have confirmed that total deposits increased more...
Sata officially opens ZITF
By Professor Tshuma at April 29, 2012 | 11:03 PM | 0 Comment
President Robert Mugabe (R) welcomes Zambian President Michael Sata (L) in Harare on April 25, 2012 on a two day state visit. (Photo: JEKESAI NJIKIZANA/AFP/Getty Images) ZAMBIAN President Michael Sata has officially opened the 53rd edition of the Zimbabwe International Trade Fair (ZITF) in Bulawayo, which he hailed as an organised exhibition. The Zambian more...
More electricity load-shedding worries govt
By Our reporter at April 28, 2012 | 5:36 PM | 0 Comment
GOVERNMENT has expressed concern over escalating load-shedding by Zesa saying the development is denting efforts to resuscitate the agriculture sector. Agriculture, Mechanisation and Irrigation Development Minister Joseph Made said prolonged power cuts were causing insurmountable challenges to agriculture and downstream industries. “Can you imagine a seed company more...
Mutambara: Natural resources important in debt reduction
By Brett Mashingaidze at April 9, 2012 | 1:45 AM | 0 Comment
ZIMBABWE can leverage its natural resources to settle its debt and harness development if it carefully enters into deals with foreign firms, Deputy Prime Minister Mutambara has said. Addressing a seminar on “Debt, diamonds and development in Zimbabwe,” in Harare last week, DPM Mutambara said one “good” deal could offset the country’s sovereign debt of US$9,1 more...
