Business

THE insurance sector says it is being prejudiced of millions of United States dollars because foreign investors are coming in with their own cover at the expense of local providers. Some investors, mainly in construction, marine and mining sectors are bringing their own insurance when they come to Zimbabwe despite …

PONZI schemes have resurfaced, prompting the Securities and Exchange Commission of Zimbabwe (SecZim) to warn that they threaten an already fragile economy. Speaking to NewsDay at a workshop in Kariba last Friday, SecZim acting chief executive Gerald Dzangare said:  “One of the most painful things that have happened in our …

BUSINESSMAN Delish Nguwaya has claimed that the late former Zimbabwe Investment Development Agency (ZIDA) chief executive,  Douglas Munatsi (pictured), was heavily involved in the US$400 million Pomona dumpsite deal that has become an emotive subject and is being challenged by stakeholders over allegations of corruption, court documents have revealed. Munatsi …

DOCUMENTS have unwittingly exposed how the government through several of its agencies pressured Harare City Council into a murky US$400 million Pomona waste management deal that has riled stakeholders who are now calling for it to be stopped as it will see the city losing millions of dollars. The deal …

South Africa based green-tech energy Agilitee Africa, which recently opened shop in Harare, has appointed Mrs Bonisile Roberts as the company’s new chief executive. Mrs Roberts, who was formerly the company’s chief operating officer takes over from Dr Mandla Lamba the founder of Agilitee Africa who will take up the …

Government’s intervention in the economy has failed to improve market performance as its policy measures   have not arrested unrelenting  inflation, haemorrhage exchange rate and currency volatilities, which are ravaging the economy. The observation was made by multiple economists and captains of industry who spoke to Business Times. The economic inefficiency, which resulted in …

Zimbabwe’s tobacco industry has been rocked by a scandal involving  contractors collecting insurance premiums from unsuspecting farmers contracted under them, prejudicing the growers, Business Times can report. Multiple players told Business Times this week that the contractors, who are not authorised to transact insurance business, were  not remitting  the premiums,  which range from US$70 to US$120 per …

CIVIL servants under the Zimbabwe Confederation of Public Sector Trade Unions (ZCPSTU) are this Friday set to march against government’s continued reluctance to pay them in US dollars. Worries emanating from biting inflation and their devalued salaries have been ignored by government according to ZCPSTU. In a statement, ZCPSTU organising …

Zimbabwe is taking steps to tackle an inflation rate that’s jumped to 132% after its currency slumped, Finance Minister Mthuli Ncube said.   “We are instituting measures that every other country in the world is instituting,” Ncube said in an interview with Bloomberg Television’s Manus Cranny and Yousef Gamal El-Din …

Zimbabwe’s inflation rate jumped back into triple digits in May after the central bank effectively devalued the local currency by introducing a new interbank rate at which most commerce will take place. Annual inflation quickened to 131.7% from 96.4% in April, ending a 10-month period in which the rate was …