Business

Business

FINANCE minister Mthuli Ncube says government will scale back its participation in the specialised farmer support programme command agriculture and rope in the private sector to provide financing as Treasury seeks to cut back spending on costly subsidies. ...

SHORTLY before Finance minister Mthuli Ncube delivered his maiden National Budget statement in Parliament, Bulawayo city was showered with rains. The Botswana pula, a strong and stable currency which literally means rain, immediately came to mind. Was this a good omen for Zimbabwe, a mineral-rich country like Botswana, but with sharply contrasting economic trends? ...

Local research firm IH Securities sees parallel market rates falling in the medium term, as government implements fiscal discipline and moderating consumer demand. ...

The Zimbabwe Independent will tomorrow release findings of its 2018 edition of the prestigious Banks and Banking Survey. ...

Most parastatals are not adhering to new public procurement procedures, with some resisting the changes meant to encourage transparency in the process, the regulatory authority has said. ...

PARLIAMENT has to keep strict checks and balances on government expenditure to control the budget deficit, economists have advised. ...

ONE of the country’s leading shoe manufacturers, Millennium Footwear, has fallen on hard times. It manufactures shoes from exotic leathers, which include elephant, crocodile, ostrich, buffalo and giraffe skins. Company director Stuart Simali (SS) speaks to NewsDay (ND) business reporter, Mthandazo Nyoni. ...

In September, while meeting fund managers in New York, Finance minister Mthuli Ncube said what the economy needed was a “big bang”, a shock to the system. ...

THE Parliamentary Portfolio Committee on Mines and Mining Development has urged government to remove Fidelity Printers and Refiners (FPR)’s monopoly as the sole gold buyer to promote competition. ...

ZIMBABWE’S surrogate bond note currency will continue to circulate as Treasury says it will maintain the 1:1 parity between local money and the greenback. This is despite the disparity in exchange rate that has wreaked havoc in the economy and is largely responsible for the wanton price hikes. ...

LOCAL Government minister July Moyo yesterday told Parliament that 22 investors from local and abroad had expressed interest in struggling State-owned transport operator, Zimbabwe United Passenger Company (Zupco) as government steps up selling off its loss-making companies. ...

ECONET Wireless Zimbabwe Limited’s (EWZL) saw a 32,4% dip to its share price to $1,6531 as of the end of yesterday’s trading as the market re-evaluated the company due to it unbundling its financial technology segment. ...

Hospitality group Africa Albida Tourism (AAT) says it is enjoying its busiest year ever, with occupancies at its flagship property Victoria Falls Safari Lodge enjoying occupancies of over 80% over the past six months, a sign that tourists were returning to the resort town, an official has said. ...

EXPECTATIONS are high ahead of tomorrow’s 2019 National Budget presentation as it will either sink or swim the economy. ...

FORMER chairperson of the Parliamentary Portfolio Committee on Transport, Dexter Nduna, says it would be difficult for the National Railways of Zimbabwe (NRZ) to be turned around despite the $400 million deal, unless government ring-fences bulk goods transportation by rail. ...

DESPITE the tough economic environment, credit microfinance institutions (MFIs) posted $9,8 million profit in the first nine months of 2018 on the back of increased demand for micro loans by individuals and small businesses, a report has shown. ...

THE Grain Marketing Board (GMB) has received a total of 1,14 metric tonnes (mt) of maize as at November 1, 2018, a report has noted. ...

THE Zimbabwe Revenue Authority (Zimra) has started demanding that companies that charge for goods and services in United States dollars also remit taxes similarly, a move analysts say affirms that bond notes, electronic and mobile money transfers do not hold the same value as the greenback. ...

Meikles Limited has made a court application challenging the attachment of shares in several of its subsidiaries by the sheriff to settle a $1,5 million debt owed to a local consultancy firm. ...

THE mining sector survey says the 2% transactional tax imposed last month has resulted in price increases across the value chain, which, if not reviewed, would lead to suspension of operations by some mines. ...

Zambezi Gas, a small coal miner in Hwange, has doubled production to 100 000 tonnes per month since it started operating nearly two years ago, the visiting Parliamentary Portfolio Committee on Mines and Energy was told. ...

Cable manufacturer Cafca’s profit after tax grew four-fold to $3,85 million in the six months to September 30 from $726 213 last year on strong local demand after refocusing to copper products. ...

The Reserve Bank of Zimbabwe (RBZ) has increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. ...

ECONET Wireless Zimbabwe Limited (EWZL) will reduce its shareholders’ equity by diluting their shares from its conversion offer to debenture holders to convert every 100 debentures to 93,3 new ordinary shares. ...

The sharp rise in inflation figures from 5,39% to 20,85% highlights worsening fiscal and monetary situation in the country, bringing in sharp focus the challenges Finance minister Mthuli Ncube is facing. ...

DIVERSIFED agro-processor United Refineries Limited (URL) last month sent home its entire workforce in the soap department due to shortage of raw materials, an official said yesterday. BY ...

CALEDONIA Mining Corporation’s gold production for the nine months to September 30, 2018 fell by 0,4% to 39 558 ounces from 39 710 ounces recorded over the same ...

STATE-OWNED telecoms operator, TelOne, has been threatened with service disruption by critical foreign suppliers, who include West Indian Ocean Cable Company (Wiocc) and China-EximBank, among others, over an $18 million debt. ...

TOURISM players have pleaded with Treasury to review the 15% value-added tax (VAT) on foreign accommodation, the 2% transactional tax and duty exemption for car rental owners in order to make the country a cheaper destination ahead of the budget presentation next Thursday. ...

Some unscrupulous bakers are reportedly colouring white flour brown in making bread as a substitute to using brown flour, NewsDay has learnt. ...