Business

THE World Bank has classified Zimbabwe as a lower-middle-income country for the current 2023 fiscal year. The Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high income. The classifications are updated each year on July 1 and are based on the GNI per capita of the …

By Kevin Samaita South Africa-based businessman and Agilitee chief executive Dr Mandla Lamba is angling to transform the global electric vehicles industry after announcing a US$20 billion Initial Public Offering (IPO) on the Johannesburg Stock Exchange. The US $20 billion IPO will see the company selling US$ 2 billion (10 …

THE Zimbabwean government gazetted Statutory Instrument (SI) 118A of 2022 on June 28, 2022 as an amendment to the existing Exchange Control Act. The presidential temporary measure compels businesses and traders to sell their products at no an exchange rate above 10 per centum the prevailing interbank rate that is …

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 …

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 …

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 …

ZAPU has accused the government of reducing the supply of the Zimbabwean bond notes on the market in an effort to manipulate the exchange rate. The opposition party said the government is aware that the pricing of goods and services locally was indexed to the exchange rate, so when the …

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 …

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 …

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 …