Business

THE Insurance and Pensions Commission (Ipec) says it is seized with putting in place measures to improve benefits for pensioners after 53% of the complaints it handled in the fourth quarter of 2021 were related to low pension values. These were occasioned by the currency conversion of 2009 with most …

FINANCE and Economic Development minister Mthuli Ncube unconstitutionally transferred over ZWL$100 billion to line ministries without parliamentary approval, taking advantage of poor accounting systems at the Treasury, Auditor General Midlred Chiri said in her latest annual report. The audit was for the year 2020. Chiri said the approved budget for …

The economic malaise has deepened in recent weeks as the cost of living is spiralling out of control with prices soaring by about 30% during the first week of April. This has plunged households into extreme poverty as workers, whose salaries are being eroded by the stratospheric inflationary increases, struggle …

The government has tabled fresh security mechanisms to make the 99-year leases bankable as it seeks to help resettled farmers get funding from banks, Business Times can report. The move comes as lenders  have been rejecting the leases as collateral due to tenure uncertainty.  The lenders want immovable assets, which most farmers do not …

ZISCOSTEEL board chair Martin Manuhwa says Kuvimba Mining House’s undertaking to revive Ziscosteel is the best deal the former steel-making company has had. Kuvimba, linked to tycoon Kuda Tagwirei, is set to inject about US$1 billion towards the resuscitation of Ziscosteel over a three year period. The former integrated steelworks …

A TOTAL of 23 senior and junior managers plus 140 general workers have quit Vumbachikwe Gold Mine in Gwanda, Matabeleland South, within the past two months. According to an internal memo seen by Chronicle, the resignations started soon after the company instituted investigations on February 7 following the discovery of …

The new $100 notes that will soon be introduced by the Reserve Bank of Zimbabwe will not be inflationary, but instead, improve convenience for the transacting public as the use of small-value denominations has been rendered more cumbersome by inflation, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has …

GOVERNMENT has introduced a new ZW$100 note. Finance and Economic Development Mthuli Ncube announced the introduction of a new, note, which becomes the highest Zimdollar denomination, via Statutory Instrument (SI) 68A of 2022 Wednesday. It comes at a time the ZW$10, ZW$20 and ZW$50 notes introduced only last year, have …

A Zimbabwean company that had been banking on Chinese financing to build a major coal-fired power plant says it is now looking for alternative backers as China pulls back on funding such projects overseas. The effort by RioZim Ltd, one of Zimbabwe’s biggest mining and energy companies, reflects how China’s …

Construction company Masimba Holdings had 200% more orders last year than it did in 2020, as it reaps the rewards of increased private and government infrastructure projects. In 2020, the company had projects worth US$72 million on its order book. That order book has grown to US$214 million, up just …