News about Zimbabwe that you can use
Agro-industrial concern TSL Limited’s after tax profit for the half-year to April has narrowed to $1.7 million from $3.5 million in prior year due to declining revenue and rising finance costs, the company says.
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Lands Minister Douglas Mombeshora says communal farmers will not be charged any land rentals but new farmers who were allocated land as either A1 or A2 farmers will be charged land rental and unit tax because the land belongs to the state so they cannot continue to use it for free.
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Hospitality concern Rainbow Tourism Group (RTG) has recorded a 14 percent decline in revenue to $7.6 million in the quarter to March due to a fall in the number of conferences which traditionally drive revenue for the group.
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Zimbabwe’s economy risks being caught in the trap of deflation, with corporate earnings seen continuing to shrink unless the country restores investor confidence to attract investment, a local investment advisory firm has said.
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Botswana’s central bank has been granted an order by the High Court in that country to liquidate Nigel Chanakira’s Kingdom Bank Africa Limited due to insolvency, the bank said today.
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Harare City Council has resorted to legal action to recover up to $25 million owed by residents and companies and cancelled more than 250 lease agreements after tenants failed to pay rentals, an official has said.
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Kuwadzana East legislator Nelson Chamisa took Parliament by surprise on Wednesday when he sneaked in a question about what the nation should do to make President Robert Mugabe stay in the country to avoid embarrassment similar to the one he faced when he was confronted by a female journalist in Nigeria.
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Zimbabwe’s central bank chief John Mangudya says the Deposit Protection Corporation will compensate Zimbabwe dollar accounts that were held by financial institutions that closed post dollarisation as the apex bank moves in to restore confidence in the financial services sector.
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Zimbabwe is losing about $1 billion annually on infrastructure deficiencies and current expenditure on development is not enough to encourage the country’s economic recovery, the African Development Bank (AfDB) has said.
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Advisory firm Brainworks Capital today said only one indigenisation deal had been consummated by government, while transactions worth over $1 billion with major platinum mining firms Anglo American Platinum, Impala and Aquarius had been abandoned.
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