Browsing: Business

Business
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New Act curtails shelf company manipulation

Ishemunyoro Chingwere Business Reporter Some criminals that for long, have been manipulating the laxity around the registration of shelf companies, will have their shenanigans curtailed by new provisions of the recently promulgated Companies and other Business Entities Act (Chapter 24:31), Herald Finance & Business can reveal. The Act, among other fraud curtailing strategies, entails that […]

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Gambling in Zimbabwe

All too often, the only things that the world hears about Zimbabwe are the country’s woes. These include the very widely publicised

Business
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40m trees for tobacco curing

Chipo Chaumba and Panashe Chikonyora The Forestry Commission says it is targeting to plant 40 million tree seedlings countrywide this year as part of a long term strategy to proffer tobacco farmers with energy solutions by making the tobacco curing process efficient, environmental friendly and sustainable. Although tobacco is the second largest foreign currency earner […]

Business
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US dollar fuel helps save forex: Mangudya

Tawanda Musarurwa Senior Business Reporter The move by the central bank to allow all fuel service stations with free funds to import fuel for sale in foreign currency, will help the economy save much-needed critical foreign currency, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya has said. The governor, who was appearing before the […]

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Sugar production dips 12 percent

Enacy Mapakame Business Reporter Hippo Valley Estates’ sugar production volumes for the nine months to December 2019, declined as cane production took a dip. According to the firm’s quarterly trading update, sugar produced during the nine months ended December 31, last year amounted to 211 267 tonnes, which was 12 percent below the 238 965 […]

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Masiyiwa eyes Ethiopia mobile licence

Econet Global Ltd is keen to acquire a telecommunications licence in Ethiopia, which is opening up the industry to foreign investment for the first time. The Horn of African nation has announced plans to sell as much as 49 percent of the state-owned monopoly, Ethiopian Telecommunications Corp., and issue two new spectrum licenses. Carriers including […]

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Money laundering threat declines

Michael Tome Business Reporter Zimbabwe recorded a decline in money laundering threat between 2014-2018 after assessed value of the money laundering vulnerability per year came down by approximately half. Money laundering is the illegal process of concealing origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. […]

Business
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Govt laments informalisation of economy

Ishemunyoro Chingwere Business Reporter Government has expressed concern over a disturbing trend in which formal businesses are opting to go informal complicating calculation of their tax obligations. This is at a time the Zimbabwe Revenue Authority (Zimra) is seeking to widen the tax base and further shrink the budget deficit. Zimbabwe, like many other developing […]

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