Chinese ferrochrome miner Xin Yu Mining has resumed operations, three months after shutting down its Gweru plant citing high production costs, but has terminated contracts for close to 100 workers, officials said yesterday.
Zimbabwe’s 15 percent value-added tax on foreign tourists, introduced early this year, has started to impact on arrivals and revenue flows, an industry body said yesterday.
South Africa’s biggest insurer Sanlam Ltd will buy a 40 percent stake in a Zimbabwean insurance firm, betting on the industry’s growth in a country facing a liquidity crunch and weak domestic savings.
Sugar cane grower and processor Tongaat Hulett says it plans to increase the number of local farmers growing sugar cane in its Zimbabwean Lowveld operations by 20 percent to over 1 000 by 2017 from 850 this year.
The Zimbabwe unit of Barclays Plc has warned that weaker financial institutions may struggle to stay viable as top tier banks compete with foreign banks that have increased their exposure on the domestic market offering below-market interest rates to firms with strong business models.
NMB Bank has received a line of credit for $7 million from an unnamed investor and is expecting a further $5 million in the next two months to bolster the bank’s lending capacity in line with its growing loan book.