Business

Zambia reached an agreement in principle to restructure US$6,3 billion of debt with bilateral lenders, setting a precedent for a growing list of countries struggling to service their liabilities. The deal was announced by a French official Thursday, and later confirmed by the southern African nation’s finance ministry. On Twitter, …

Telecel and NetOne`s active subscriptions have been consistently declining over the past five quarters, resulting in the mobile penetration rate in the country falling by 1,6% to 92,6%, a new report has revealed. Econet was the only mobile operator to register growth in active subscriptions, according to the Postal and …

The influx of imported goods is threatening the future of local industry and placing increased pressure on competitiveness, the president of the Zimbabwe National Chamber of Commerce, Mike Kamungeremu has said. It comes after the government recently suspended duty on imported goods. The move means that anyone can now import …

Sugarcane miller, Hippo Valley Estates Limited (HVEL) has revealed that its South African parent company, Tongaat Hulett Limited (THL), is in talks with eight potential investors as part of updating its business rescue plans (BRP). In February, THL’s chief executive officer, Gavin Hudson, resigned after struggling to reduce the company’s …

Plans are at an advanced stage for the construction of a dedicated railway line to connect the US$1,5 billion Dinson Iron and Steel Company (Disco) Manhize plant to Beira in Mozambique, which will enhance efficient bulk cargo movement for exports. The massive integrated iron and steel plant being constructed in …

Zimbabwe businessman, and founder of Econet Wireless, Strive Masiyiwa is one of the business leaders honoured at the inaugural Pan-African Business and Development Awards held on Monday at the 30th African Export and Import Bank (Afreximbank) Annual Meetings in Accra, Ghana. The awards were instituted by the bank in association …

Government has mopped more than ZWL$200bn excess liquidity from the market as part of efforts to control price pressures and keep the market stable, a senior government official has revealed. The intervention occurs as consumer prices for goods and services are skyrocketing as a result of the depreciation of the …

Statistics from Tobacco Industries and Marketing Board TIMB indicate that this is an increase of 52 percent from 177million kg sold during the same period in 2022 at a value of US$169 million dollars. Over 270 million kg of tobacco worth US$817 million have been sold at the auction and …

The Reserve Bank of Zimbabwe (RBZ) director of economic research and policy, Nebson Mupunga, has made startling claims that there is no ‘crisis’ in Zimbabwe but only exchange rate volatity. This is despite the fact that the economy is battling high inflation, foreign currency challenges, liquidity crunch, high cost of …

A cartel in Mberengwa led by Zanu PF aspiring MP for the constituency and gold baron Tinashe “Goga” Shumba has angered the community by invading Janasi Mountain, which is considered sacred, in search of gold, lithium, iron ore, antimony, emeralds and diamonds, without consulting the local community. Villagers also believe …