Business

Confederation of Zimbabwe Industries (CZI) has acknowledged that the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction has cleared backlogs, expressing optimism that parallel market rates will take a dip if trend is maintained. The remarks also come against a backdrop where the weekly allotments on the auction platform hit …

Nearly 20 percent of local companies reported job layoffs during the first nine months of 2022 despite reporting growth in profit following the easing of Covid-19 restrictions, a new report by the Confederation of Zimbabwe Industries (CZI) has revealed. The outbreak of the pandemic in 2019 led to most economies …

The eviction of small-scale miners from government-owned Sandawana Mine undermines labour rights and is a wake-up call for artisanal miners to mobilise smooth litigation processes should there be a breach of agreement, organisations representing mine workers have said. Early this month, over 2 000 miners were evicted from Sandawana Mine, …

Despite accepting responsibility and apologising for the needless loss of life and several injuries, Rimbi and Zebra Kiss’ operating licences have been suspended by the government. The suspension is with immediate effect. The action by the government followed a national outcry caused by a video that went viral on social …

Economist Gift Mugano has laid into the country’s fiscal and monetary authorities, saying their policies and measures are counter-productive while predicting that annual inflation will be 400% with the exchange rate likely hitting ZW$1500 per USD by June. The Zimbabwe dollar is currently trading at ZWD$1,100 to the USD on …

Three children aged 11, 12 and 14 suffered severe burns after stepping on chemical waste alleged to have been negligently dumped by cement manufacturer, Pretoria Portland Cement (PPC). The boys were herding cattle when they stepped on hot dust produced during the burning of clay and limestone at the company’s …

GOVERNMENT says it is putting in place modalities to ensure there is value-addition of tobacco before its export. Speaking during a tour of Sambok Farm in Marondera last week, Lands and Agriculture minister Anxious Masuka said government seeks to meet its ambitious US$5 billion tobacco industry by 2025 through beneficiation …

Intratrek Zimbabwe (Pvt) Ltd and its managing director Wicknell Chivayo has succeeded in the US$22 million damages claim for breach and repudiation of contract against Zimbabwe Power Company after a fully contested trial that lasted one month in September 2022. The judgement brings finality to a long-standing contractual dispute between …

Ninety-two budgets for 2023 presented by local authorities have been approved by the Ministry of Local Government and Public Works, with four being rejected for various reasons. This was said by Local Government and Public Works Minister July Moyo in a statement yesterday. Minister Moyo and his staff undertook a …

Two tollgates, one situated 9km west of Triangle on the Ngundu-Tanganda Road and the other 17,5km from Chivhu on the Chivhu-Nyazura Road stopped operating from Sunday, Zinara announced in a statutory instrument last week, while other tollgates are scheduled to be moved or upgraded. “The Zimbabwe National Road Administration would …