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Zimbabwe: Five Firms Apply for Liquidation

By Kudzai Kuwaza AT least six companies from various sectors of the economy applied for either liquidation or judicial management in January this year, businessdigest has learnt. Many companies in Zimbabwe closed shop last year due to harsh economic challenges. According to statistics availed by the Employers’ Confederation of Zimbabwe(Emcoz), …

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Zimbabwe: ‘Brace for More Price Hikes’

By Taurai Mangudhla Zimbabweans should brace for more price increases this year as manufacturing sector output remains depressed while exports sag, analysts say. Despite the introduction of bond notes as an export incentive, the country’s foreign currency reserves have remained subdued with critics blaming the surrogate currency — which is …

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Zimbabwe: Zimra to Intensify Tax Crackdown

By Fidelity Mhlanga Zimbabwe Revenue Authority (Zimra) is mulling attaching properties of tax defaulters as part of government’s desperate measures to raise the dwindling country’s revenue. The country is failing to meet its bloated civil service wage bill, a situation that has resulted in an industrial action over unpaid bonuses. …

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Zimbabwe: Zim Company Earnings Decline

By Fidelity Mhlanga Judging by the few financial results of Zimbabwe Stock Exchange-listed companies that have come to the market so far, the country’s business environment remains subdued with profits declining in the year to December. CBZ Holdings and BAT Zimbabwe reported a slump in profit with analysts attributing it …

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Zimbabwe: Chrome Smelters Get Mining Claims

By Golden Sibanda Government says it will allocate part of chrome-rich idle concessions released by chrome mining/smelting firms to smelters whose operations are being hampered by shortage of feed stock. Mines and Mining Development Minister Walter Chidhakwa said contrary to recent reports, Government will not ban raw chrome exports, but give …

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Zimbabwe: Zimra Rolls Out Cargo Tracking System

Zimra will this month roll out its Electronic Transit Cargo Tracking System that is expected to curb transit fraud and illegal dumping of goods on the local market. Zimra acting commissioner general Mr Happias Kuzvinzwa said the cargo tracking system involves the use of modern electronic sealing devices, which are …

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Zimbabwe: Powerspeed Profit Jumps 200pc

Business Reporter LISTED electrical company, Powerspeed Electrical profit after tax for the four months to January 31, 2017 jumped 200 percent compared to the same period last year. The company increased throughput of locally manufactured goods and cut on imports and this offset foreign currency challenges and helped maintain stocks. …

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Zimbabwe: Zim’s Investment Climate Poor Says Envoy

SWISS and British diplomats have implored President Robert Mugabe’s government to improve the country’s investment climate, saying the current environment was not attractive to investors. Ruth Huber, Switzerland’s ambassador to Zimbabwe, told the Financial Gazette that investor confidence in the country was very low, a situation that had hindered investment …

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Zimbabwe: U.S.$35,5 Million NSSA Funds Stuck in Failed Banks

INVESTMENTS by the National Social Security Authority (NSSA) amounting to US$35,5 million as at December 31, 2016, remain stuck in failed financial institutions. While NSSA is not the only institution whose funds remain trapped in collapsed banks, the authority has been under the spotlight for risking contributions pooled by the …

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