Stories

Zimbabwe’s treasury has reported a budget surplus of $3 million for August driven by over the budget individual taxes and cuts in operating expenses despite missing aggregate revenue targets, according to latest official data.

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Zimbabwe African National Union-Patriotic Front spokesman Rugare Gumbo was last night suspended from the party for five years while war veterans leader Jabulani Sibanda was expelled from the party. Party…

The level of non-performing loans in Zimbabwe’s banking sector has escalated to an average 20 percent from 18 percent in June on rising defaults as the economy continues to underperform, worsening the cash shortages, the central bank governor John Mangudya said yesterday.

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The Confederation of Zimbabwe Industries (CZI) says regulatory charges imposed on companies by government agencies are too high and are contributing to the burden of doing business in the country.

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Hippo Valley Estates has reported a net profit of $9 million for the six months to September, matching its performance for the 2013/2014 year after sales volumes in both the domestic and export markets despite falling prices which could hit revenues in future.

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The City of Harare’s revenue could be understated as council does not have effective controls in place to stop fraud, an eternal auditor’s report has showed.

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Beverage maker Delta Corporation attributable income for the six months to September was down seven percent to $44 million as the group seeks to commission two sorghum beer plants to boost the group’s revenue after lager beer sales fell on weakening demand.

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The Zimbabwe Microfinance Wholesale Facility (ZMWF) says it has disbursed $4 million to micro finance institutions for working capital purposes since January up from $1.3 million last year.

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Anjin Diamond Mine is set to retrench an undisclosed number of workers barely a month after employees downed tools demanding outstanding salaries and better working conditions.

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Zimbabwe’s Treasury will with immediate effect remit a quarter of mining royalties to the Sovereign Wealth Fund (SWF) after President Robert Mugabe yesterday signed into law a bill to set up the fund, which is meant to secure investments for future generations and support economic growth.

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