Business

The modest reduction in Zimbabwe’s gross domestic product this year of minus 4,5 percent due to Covid-19, will be counterbalanced by growth of 7,5 percent next year as the Zimbabwean and global economies cope with the pandemic, the Treasury has predicted. “In 2021, the economy is predicted to recover from …

The creation of illegal urban settlements by land barons is now a thing of the past, with the Second Republic spearheading the construction of modern houses in line with Vision 2030 as pronounced by President Mnangagwa, Vice President Kembo Mohadi said yesterday. Speaking during belated World Habitat Day commemorations held …

The Reserve Bank of Zimbabwe has dismissed social media reports that banks are opening new accounts referred to as “local USD RTGS transactions”, describing the reports as “false and misleading”, basically because there were already systems in place for both local and foreign payments in US dollars. The bank noted …

Not all farmers are ecstatic about the early rains, with wheat farmers in Mashonaland West apprehensive that the early falls since last week will affect their crop. Most farmers have not yet started harvesting their winter wheat crop due to challenges in securing combine harvesters, although more have become available …

Efforts have been suspended to rescue or recover the bodies of five miners trapped underground at Task Mining Syndicate in Chegutu 30 days ago when a mineshaft collapsed since more people may die in the dangerous ground although there is now no hope of finding survivors.Once Cabinet confirms the abandonment …

Cassava Smartech Zimbabwe Limited (CSZL) reports that its mobile money transfer subsidiary, Ecocash has registered an 11 percent transactional value decline in the wake of stricter operating regime imposed by the central bank recently.Between April 2020 and September 8, 2020, the Reserve Bank of Zimbabwe, through its subsidiary, the Financial …

A major Gwanda goldbelt miner, Caledonia Mining Corporation, signed a memorandum of understanding (MoU) with the Government yesterday so it can boost investment and production in its gold mining and play a leading part in the drive to a US$12 billion mining sector economy by 2023. President Mnangagwa, speaking at …

The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) on Thursday increased domestic electricity tariffs by 50 percent, the second such raise in a week.The ZESA subsidiary – struggling to pay for power imports – warned consumers of another increase on November 1.Consumers were already smarting after the power utility on …

City of Harare officials descended on the Simon Mazorodze Innscor Food court car sale and started barricading the open space to rid of car dealers who were utilising the space for business. The operation by HCC to remove the car dealers was provided with security from riot police Friday morning.

ZIMBABWE’s formal sector is expected to shed over 50,000 jobs by year end amid a contracting economy as companies take a knock from the effects of the Covid-19 pandemic, Business Times can report. The projected job losses come after various local firms have been trimming workers to contain costs in …