Business

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Zim Tourism Sector Lost US$1b During Covid-19 Lockdown

ZIMBABWE could have lost between US$500 million and US$1 billion during the closure of the tourism sector due to the devastating coronavirus lockdown, the Zimbabwe Tourism Authority (ZTA) has estimated. In an interview with NewZim TV’s Business Brief on NewZimbabwe.com, ZTA spokesperson Godfrey Koti said the pandemic had a crippling …

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SA tightens screws on cross-border trading

South Africa President Cyril Ramaphosa last week announced a slew of reductions in restrictions to revive the economy that has been hit by the six-month COVID-19 lockdown. Among the measures is the free travel of people in and out of country for business, leisure and other travel which will resume …

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Electricity tariffs shoot up

Zimbabwe Electricity Transmission and Distribution Company (ZETDC), a subsidiary of Zesa Holdings has increased electricity tariffs, Nhau has learnt. The power utility increased its tariffs by 50 percent with the new prices coming into effect Wednesday September 23, 2020. These adjustments are for tariffs on the prepaid system and do …

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Mining giant secures US$13 million for solar project

09 Sep, 2020  CALEDONIA Mining Corporation, which owns Matabeleland South gold mine, Blanket Mine, has raised US$13 million for the construction of the planned 20MW solar power plant at the mine. Caledonia announced recently that the proposed solar project was part of efforts to address electricity constraints that has over the years affected the mining [...]

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Stanbic launches contactless debit cards/POS machines

09 Sep, 2020 FINANCIAL services institution, Stanbic Bank Zimbabwe, says it is ready to launch contactless debit cards and POS machines as it forges ahead with its highly innovative technology advancement approach accelerated by the Covid-19 new normal. The bank’s head of personal and business banking, Mr Patson Mahatchi, said the “Tap and Go” debit [...]

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Turnall’s profit suffers steep decline on pandemic

9 Sep 2020 Turnall Holdings  yesterday revealed  it suffered an 82 percent dip in net profit to $28.1 million  for the half-year ended June 2020 owing to the outbreak of the Covid-19 pandemic. In the comparable period last year, the Zimbabwe Stock Exchange listed  firm posted an after tax profit of $153.1 million. In the [...]

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Assets/investments valuation dilemma for pensions and insurance sector

7 Sep 2020 DETERMINING the value of assets or investments has become a nightmare for the country’s insurance and pensions industry in view of the prevailing currency volatility, which makes harmonisation of business models difficult as entities seek to hedge against inflation, industry experts have said. While the local currency is inching towards stability at [...]

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Consolidate cargo piles up at Beitbridge Border Post

07 Sep, 2020  TRUCKS, mainly those carrying goods known as ‘consolidated cargo’ have been piling up at Beitbridge Border Post in the last five days after the Zimbabwe Revenue Authority (Zimra) introduced 100 percent compliance searches. Cross border transporters commonly known as ‘Omalayitsha, have accused the tax authority of implementing the new system while ill [...]

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ZIMPOST celebrates 20th anniversary

7 Sep 2020 The year 2020 marks ZIMPOST’s 20th anniversary following the unbundling of Posts and Telecommunications Corporation (PTC) and subsequent formation of ZIMPOST and other successor companies. The year also marks 130 years of Postal Services in Zimbabwe since the establishment of the first Post Office in Rhodesia in 1890. The first Post Offices [...]

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Pensions, insurance sector shows resilience

07 Sep, 2020  Tawanda Musarurwa Senior Business Reporter Zimbabwe’s pensions and insurance sector is showing resilience to the Covid-19 crisis, with players in the sector continuing to pay out benefits and claims during the peak phase of the pandemic. Despite the sector being weighed down by the double whammy of reduced contributions and premiums on [...]

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