Business

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Ailing Govt Splurges Millions On Ministers

GOVERNMENT will soon splurge millions of United States (US) dollars to buy luxury homes for Cabinet ministers and their deputies at a time President Emmerson Mnangagwa’s   administration is battling an unprecedented economic meltdown, which has pushed prices of basic commodities out of the reach of many, the Zimbabwe Independent can …

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Highland Park Mall Project To Create 450 Jobs

Real Estate investment firm, Terrace Africa’s newly completed US$20 million Highland Park Mall project, whose first phase was officially opened by President Mnangagwa in Harare on Wednesday, is expected to create at least 450 jobs when the second phase is completed. The shopping mall adds to an existing impressive property …

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Increased Business Gives NBS $258m Surplus

National Building Society (NBS) posted an impressive set of financial results for the year ended December 31, 2022, closing the trading period under review with a net surplus of $258 million despite realising a monetary loss of $37 million. The surplus achieved for the year represented a 140 percent increase …

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Desperate Mnangagwa Imposes Sole Interbank Rate

The interbank exchange rate has been set as the sole exchange rate to be used in commercial and other transactions and anyone selling goods and services, who uses any other rate faces a minimum civil penalty of $20 million. The new legislation does allow a 10 percent addition to the …

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Mthuli, Mangudya Should Resign: Opposition

Opposition political parties have demanded that Finance minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya resign, accusing them of crafting anti-poor policies that are worsening the plight of the majority in the country. Economists yesterday took a dig on government’s 200% interest rate hike on bank …

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Power Cuts To Increase Due To Fault At Thermal Station

Zimbabwe’s state-owned electricity transmission company ramped up blackouts on Tuesday because of a technical fault in a thermal power station in the country’s west. Power cuts will be increased until July 1, the Zimbabwe Electricity Transmission and Distribution Co said in an emailed statement. The Hwange Thermal Power Station is …

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ZUPCO Retrenches Workers As Contractors Pull Out Of Franchise

Government transport operator ZUPCO’s Masvingo depot is currently engaged in a retrenchment exercise as contractors continue to pull out of the franchise, it has emerged. The company which had enjoyed monopoly in the transport sector for over three years is now feeling the heat after government opened up the transport …

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ZimSwitch Reviews ZIPIT Limits

ZimSwitch, a payments technology company in Zimbabwe, has announced a review of ZIPIT Limits from the weekly set thresholds to monthly limits, effective 21 June 2022. In a statement seen by Pindula News, ZimSwitch said: Dear Valued Customer, Zimswitch is pleased to advise that ZIPIT Limits have been reviewed from the …

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