Day: September 6, 2018

Mat North oil expressers eye expansion

Members of the Lupane Manketti Oil Project and the Hwange Baobab Oil Enterprise are targeting to expand the two projects under the $5 million European Union (EU) Forest Forces Programme in order to create more jobs and contribute to poverty alleviation in Matabeleland North Province. Launched in 2015 under the auspices of the US$4.8 million Forest Forces Project jointly funded by the EU and the Food and Agricultural Organisation (FAO), the two projects have been hailed for contributing to the improvement of livelihoods of villagers in the province. Member of the Lupane Manketti Oil Project who are involved in the extraction of oil from the Manketti seeds used for cosmetic applications, said while the project has been growing over the years, access to markets has been a major challenge.  “We are beginning to realise huge benefits from the initiative, however, the biggest challenge remains lack of access to markets,” said one member of the project. Members of the Hwange Baobab Oil Project said they are pleased that the initiative has enhanced their capacity to withstand the shocks in times of drought, adding that there is greater scope for expansion of the project. The two projects are in sync with provisions of the SADC Protocol on Forestry, one of whose objectives is to promote the development, conservation, sustainable management and utilisation of all types of forests and...

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Ministries hold successful engagements in China

The Ministries of Finance and Industry say they had successful engagements with financial institutions on the sidelines of the just ended FOCAC meeting in Beijing, China. The just ended forum provided a platform for economic engagement for African countries. The Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe had successful capitalised on the forum to hold successful meetings with financial institutions on the sidelines of the summit. The Minister, Cde Patrick Chinamasa said what is needed is follow up meetings on agreed lines of credit for Zimbabwe. He added that there are talks on adding...

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Beitbridge man makes a killing from water

Seizing the moment is the mark of any business hungry individual. Water taps sometimes run dry in Beitbridge and a cunning man from the border town takes advantage to make a killing. Queues at boreholes are a sign of desperation. The precious liquid is indeed life and in moments like these when it is in short supply, residents will pay anything to lay their hands on it. To Sifelumsa Muziyabenya, this is the opportunity to strike. With his truck loaded with water tanks, he makes rounds in the suburbs selling the much needed water. While it is a service...

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Banks post profits

Despite continued loss of confidence in the banking system by the public, banks continue to make super profits, sparking accusations that the financial institutions are ripping off depositors through high bank and service charges. Many banks registered double digit growth in both revenue and profit after tax on the back of increased transaction volumes and investment in high yielding assets, according to analysts. Contrastingly, this is happening at a time when public confidence and trust in the banking sector is at an all time low, raising suspicions that banks could be ripping off customers with high service and transaction fees. “If one looks at the results of the banks released recently, all banks made killer profits and these profits are coming not from their mainstream activities but from charging customers high fees. In fact depositors lose by depositing money into their bank accounts,” said Mr Christopher Mugaga, an economist. A financial analyst, Mr Batanai Matsika however said fees, commissions and bank charges are not extortionate as they are regulated by the Reserve Bank of Zimbabwe (RBZ), adding that banking is a numbers game and these charges are set considering the size of the economy. “The biggest issue here is to consider that banks have to stay afloat, so they have to charge what is deemed profitable. Nevertheless most of the banks’ profits are coming from high transaction volumes as...

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ZIMRA continues engagement drive

The Zimbabwe Revenue Authority (ZIMRA) this Thursday met with players in the telecommunications industry to discuss ways of improving tax compliance within the sector. This comes as ZIMRA is shifting from its traditional hard line stance with respect to enforcing tax compliance to a more inclusive approach of engagement and cooperative compliance in line with practices around the globe. Despite meeting its target, ZIMRA realised that the country still suffers from low tax compliance levels that is detrimental to the vision of being a middle income economy by 2030 as envisioned by President Emmerson Mnangagwa. According to ZIMRA Commissioner...

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Delta invests $260k in road

Zimbabwe Stock Exchange (ZSE) listed blue chip counter, Delta Beverages has made an investment footprint towards infrastructure development through a $260 000 capital project in Bulawayo. Rallying with the current efforts to improve road infrastructural development, the beverages maker has invested a substantial purse towards the upgrade of a road junction that links its Fairbridge Chibuku Super plant with the Harare – Bulawayo highway. The project is expected to improve both efficiency and status for the city of Bulawayo in line with the government’s broader vision of an integrated and sustainable development framework. During a meeting with President Emmerson Mnangagwa in July this year, Delta Beverages made a commitment to invest $50 million annually over the next five years towards their plant upgrade, a position which they still maintain remains feasible. The blue chip listed counter remains a central component to the economy, contributing significantly to the national fiscus through tax remittances. The company has also maintained its market presence despite some market inflationary pressures that affected operations on a number of...

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First Lady secures cancer, HIV drugs from China

The First Lady, Amai Auxillia Mnangagwa has secured drugs for cancer and HIV from friends of the Angel of Hope Foundation in China. The First Lady, who has been advocating for improved health delivery in Zimbabwe, toured a drug manufacturing company in Lieling Province. The drugs worth nearly US$300 000 (2 million rmb) are immune boosters for cancer and HIV patients. The First Lady through her Angel of Hope Foundation has been working with a number of local and international partners in trying to improve health delivery system in the country. The Chinese drug manufacturing company is one of...

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ED meets Chinese legislature chair

The Zimbabwe government and the National People’s Congress of China (NPC) have agreed to deepen mutually beneficial cooperation in key areas, enhance cooperation between the legislatures of the two countries as well as promote their relationship to a new level. The commitment was made when President Emmerson Mnangagwa held a bilateral meeting with Mr Li Zhanshu Chairman of the NPC in Beijing this Wednesday. Under the constitution of China, the NPC is the legislature, with the power to legislate, to oversee the operations of the government and the power to elect the major officers of state. The NPC and its standing committee jointly exercise the power of legislation. President Mnangagwa and his delegation held a meeting with chairman of the NPC Mr Li Zhanshu and his deputies and other senior members of the NPC at the Parliament Buildings in Beijing where the two sides committed to continue to upholding the principles of friendship and equality, while injecting new vitality to the traditional friendship between the two friendly countries. President Mnangagwa said Zimbabwe is ready to work with China to cement political mutual trust and deepen mutually beneficial cooperation in various areas. Mr Li said the CPPCC is committed to strengthening exchanges with the Parliament of Zimbabwe and to provide sound legal protection and convenient policy services for business cooperation and personnel exchanges. After the meeting, the Zimbabwean side was...

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Eldorado Mine sealed off

Eldorado Mine in Chinhoyi, where up to 14 illegal miners were suspected trapped early August, has been sealed off. The sealing off follows recommendations by the Mines Ministry that the illegal entry points be closed to keep at bay artisanal miners who were carrying out illegal mining activities at the firm. The decision was prompted mainly by the death of up to 14 miners suspected to have been trapped at one of the mine shafts. According to the police spokesperson for Mashonaland West Inspector Clemence Mabgweazara, 6 illegal entry points were sealed off using a front end loader. Eldorado...

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Chidzambwa names squad to face Congo

Warriors coach Sunday Chidzambwa has announced an 18-man squad to face Congo Brazzaville on Sunday in a Group G 2019 AFCON qualifier match. The match will be played in Brazzaville.   Goalkeepers George Chigova Edmore Sibanda Defenders Divine Lunga Alec Mudimu Ronald Pfumbidzai Teenage Dube Kevin Moyo Eric Chipeta Midfielders Marshall Munetsi Tafadzwa Kutinyu Danny Phiri Talent Chawapihwa Kudakwashe Mahachi Khama Billiat Knowledge Musona Strikers Evans Rusike Knox Mutizwa Luckymore...

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