Business

ZIMBABWE born telecommunications entrepreneur Strive Masiyiwa has moved to number 89 on the UK’s rich list, up from 159 last year. According to the Sunday Times Rich List for 2022, Masiyiwa’s fortune has grown to £2bn (US$2.5bn), growing by £913m (US$1.14bn) over the past 12 months. It was when he …

The suspension of loans by banks announced by President Emmerson Mnangagwa on 7 May was a big hammer but it was needed, Finance Minister Mthuli Ncube told the Senate yesterday. Responding to questions, Ncube said the impact was that it had halted the parallel market somewhat. “It was a big …

HARARE – Premier Service Medical Aid Society (PSMAS) managing director Nixjoen Mapesa and his family have been given police protection as a fight for the control of the medical insurance firm turns nasty, ZimLive can reveal. Armed officers from the Criminal Investigations Department have been shadowing Mapesa and his wife, …

ZIMBABWE’S plan to secure a US$1 billion bridge financing facility backed by the African Development Bank (AfDB) will later this month be on the regional lender’s agenda when it holds its annual meetings in Ghana, The NewsHawks has established. Zimbabwe has had arrears with the AfDB and the World Bank …

SUGAR processor Tongaat Hulett Zimbabwe (THZ) was last week forced to increase salaries after disgruntled workers torched plantations of unripe cane in protest over low wages. The incident took place after the company and unions representing the employees reached a deadlock during a collective bargaining process which began in March …

ZIMBABWEAN companies are now operating on a “strictly cash” or “payment upfront” basis in the aftermath of a catastrophic decree by President Emmerson Mnangagwa barring banks from lending. Companies that operate through overdrafts and short-term loans are hamstrung after the government closed the tap on liquidity they desperately need for …

THE Zimbabwe Congress of Trade Unions has slammed President Emmerson Mnangagwa for implementing a raft of economic stabilisation measures before consulting with partners at the Tripartite Negotiation (TNF) and warned the measures could trigger massive job cuts. The TNF is a social dialogue platform which brings together government, business and  …

The US$27 million medical cannabis farm and processing plant at Mount Hampden set up by Swiss Biocieuticals Limited was commissioned yesterday by President Mnangagwa who urged others with permits for natural resource businesses to follow the company’s lead and open their businesses. He said the rapid development of the processing …

The continuous assumption by the government of secret debts accrued by the Reserve Bank of Zimbabwe (RBZ) is harmful to Zimbabweans as they are forced to pay back these funds, the Zimbabwe Coalition on Debt and Development (ZIMCODD) has said. These observations from ZIMCODD, a social and economic justice watchdog, come after …

On May 7, President Emmerson Mnangagwa announced a cocktail of measures he said were aimed at stabilising the rapidly depreciating local currency. The measures included an indefinite suspension of lending by banks. One of the local banks, BancABC, sent the following analysis of the president’s speech to its customers: Restoration …