Category: Business

Cost of registering new businesses affecting youths

Youths say whilst they appreciate strides that have been made for them to be part of the mainstream economy, more needs to be done to ensure that the costs of registering new business ventures become affordable. The youths who were exhibiting their wares at a recently held fair in Mt Pleasant said the indigenisation laws have opened up windows of opportunity for many of them. However, for many of them registration of their ventures is proving to be a major stumbling block. Speakers at the event also called on the youths to utilise the opportunities that have been availed to them as they are the future players in the country’s business terrain. Ministry of Youth, Indigenisation and Economic Empowerment, provincial youth development officer, Mr Tafadzwa Mandaza said they are geared to ensuring that more avenues are opened up in order to ensure that youths become active players in the mainstream economy. Many youth led businesses have blossomed and for of the entrepreneurs this has led into forays of regional and international...

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ZSE closes week on high note

The Zimbabwe Stock Exchange mainstream index recovered  from yesterday’s losses to register a slight improvement in today’s trading session as the index closed the week    on a high note. Improved sentiment in listed blue chip counters assisted the performance of the mainstream index which closed the week in the positive closing the day at 191.15 points. Leading the gains was Masimba Holdings which added 5 cents to close the day at 3.10 cents, Econet going up 0.46 cents to settle at 33 cents, Axia up 0.20 cents to close at 9.57 cents as well as Edgars also recording a 0.20 cents gain at 4.20 cents. Meikles and Delta were the lame ducks of the day, with the Hotelier dropping 4 cents to close trade at 0.26 cents while Beverage giant Delta marginally lost 0.1 cent at 125.49 cents. Week on week the industrial index added 1.08 points. Moving on to the resources index, marginal gains in coal mining giant Hwange at 0.15 cents to close at 0.25 cents marginally pushed the performance of the index which went up 0.16 points to close at 69.97 points. Other listed counters on the index remained unchanged. 42 trades were recorded from today’s trading session with foreign sales going above US$100 while foreign buys almost hit US$40...

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TelOne records US$23.7m profits decline

State owned parastatal TelOne revenue for 2016 has declined by US$23.7 million owing to migration of users from fixed to mobile phones. According to the financial statement released by the parastatal today, the firm is still burdened by a legacy loan portfolio of US$364 million inherited from the Post and Telecommunications Corporation era which has affected their balance sheet. Revenue for the year ended 31 December 2016 took a knock by 17 percent to US$114 million owing to voice revenue losses which moved downwards from US$97 million in 2015 to US$73 million last year. Huge debts by government departments have also pulled down the profitability of the parastatal according to the managing director, Mrs Chipo Mutasa. Although posting disappointing statistics on revenue, government says it appreciates that the pull factors that have led to losses at the parastatal while stating that it will be looking at ways to recover the debts owed by departments. TelOne however remains optimistic of improved performance in revenue within the next 2 years which will be boosted as more customers harness the broadband  services once the national broad band project which is expected to be finalised  by the first half of next year is...

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Curb corruption, Africa urged

Africa has been urged to put in place necessary measures to curb corruption in infrastructure projects, amid indications that over US$1,5 trillion is being lost through bribery activities worldwide. With at least 70 percent of the new infrastructure projects expected to be in Sub-Saharan Africa, the continent has been challenged to put frameworks to combat the scourge of corruption in infrastructure projects. Federation of African Engineering Organisation Vice President, Engineer Martin Manuhwa told engineers, researchers and scientists at the 2017 International Conference on Research Innovation and Development for Africa that new investment projects should be managed professionally for the benefit of all citizens. According to the Federation of African Engineering Organisation, the continent continues to face shortages of qualified engineers with a deficit of two million engineers. Tourism and Hospitality Industry Minister, Engineer Walter Mzembi told the gathering that with a target of 20 million jobs per year, Africa should inject more funds and harness research towards the creation of jobs. As part of the recommendations put forward during the gathering, Africa has been reminded to direct more energies towards research and development, harness technology as a key driver of economic growth and to move towards a knowledge-based...

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Motorbike operators enjoy brisk business in Chipinge

The growing popularity of motorbikes in Chipinge has brought brisk business for operators who are transporting goods and people from Chipinge South to the Mozambican border. If one visits Mahenye turn off in Chipinge South a number of motorbikes lining up to ferry people to the Mozambican border are quickly noticed. The motorbikes known as ‘zvima go fast’ have pushed commuter omnibus operators and small vehicles out of the route because of their popularity in the area. The motorbike operators say they took advantage of transport challenges to join the transport industry and at times they pocket up-to US$40 a day. Villagers going as far as 60 kilometres away from Mahenye, said they now prefer the new mode of transport as it is faster and convenient. Concern is however on the safety of the passengers as motorbikes surpassing 40 at a time are transporting passengers without protective clothing such as...

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