News

Pan-African Energy Resource (PER), the French developers of the 2 000 megawatt coal-fired power plant in Binga, western Zimbabwe, plan to commission the first phase of the project by mid-2019, according to a revised project schedule tabled by the southern African country’s energy regulator today.

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Zimbabwe’s troubled national airline Air Zimbabwe has accumulated debt of up to $12 million in unpaid handling fees to state owned cargo handler, National Handling Services (NHS), an official has said.

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Resources group Falcon Gold has sold off the majority of its shareholding in Venice Mine near Kadoma to an unnamed investor who will inject $4 million to resume production over a decade after the mine stopped operations.

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Zimbabwe’s State Procurement Board has approved $2.3 billion worth of energy tenders over the last five years as the country battles to address the perennial energy crisis, official data has shown.

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Zimbabwe’s succession battle has already been decided. According to United States-based Stratfor Enterprises- a geopolitical intelligence firm that provides strategic analysis and forecasting to individuals and organizations around the world- Vice-President Emmerson Mnangagwa is now “for all intents and purposes” running the country.

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Zimbabwe’s state owned cargo handling firm, National Handling Services (NHS) says it is in talks with local banks — CBZ and NMB — to borrow up to $5.5 million to upgrade its equipment which officials said is in a deplorable state.

(376 VIEWS)

Struggling engineering concern Zeco Holdings has narrowed its loss to $2.1 million for the full year to December from $$4.7 million in prior comparative period on cost cuts, the company said at the weekend as it faces questions about its future as a going concern.

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Agro-industrial concern Ariston Holdings has reported a loss of $820 000 for the full year to March from a profit of $980 000 registered in prior year on declining revenue.

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The government has approved the drafting of a new tax regime in mining sector it hopes will help bring investment into the cash-starved sector and plans to overhaul the country’s income tax laws as well, Finance Minister Patrick Chinamasa said today.

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Development and improved governance have tended to go hand in hand. But, contrary to popular belief, there is little evidence that success in implementing governance reforms leads to more rapid and inclusive economic and social development. In fact, it may be the other way around.

(287 VIEWS)