Tag Archives: Business

Zimra probes tax refund payouts

Mrs Willia Bonyongwe Oliver Kazunga, Senior Business ReporterTHE Zimbabwe Revenue Authority (Zimra) says it is investigating an upsurge in tax refunds paid out in the second half of 2016 that saw net revenue collections declining by seven percent to $3,248 billion compared to the previous year. In a statement showing revenue performance for the year ended December 31, 2016, Zimra

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4 Sadc countries plan power project: $223m venture to produce 600 megawatts

Leonard Ncube, Victoria Falls ReporterFOUR Sadc countries — Zimbabwe, Zambia, Botswana and Namibia are planning a $223 million power project expected to produce 600 megawatts to feed into the region. The project is code-named ZIZABONA, an abbreviation derived from the first two letters of the countries involved in the project. Scores of villagers in Chiefs Shana, Whange and Mvutu areas

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Boost for Zim investment climate

Three missions from a World Bank-administered trust fund are in the country to help Zimbabwe improve its business environment climate, support reform of State-owned enterprises and efforts to strengthen the poverty and equity focus of public spending. BY NDAMU SANDU This is a major boost for Zimbabwe, which has been trying to create an enabling environment to attract foreign capital.

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Econet in $130m rights offer

ECONET Wireless Zimbabwe plans to raise $130 million in capital through a rights offer of ordinary shares and linked debentures in order to facilitate the servicing of obligations to its foreign lenders, according to an abridged circular to shareholders. BY TATIRA ZWINOIRA In the circular released yesterday, Econet said Econet Global Limited, who hold 30 025 of the local entity’s

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Alien armyworms invade corn in drought-hit southern Africa

Harare — After Southern Africa’s worst drought in more than 35 years ravaged crops and sent food prices soaring, farmers are battling a new crisis: alien armyworms. Bloomberg If not controlled in the countries affected, it will have devastating effects not only in those countries, but neighbouring countries too, because the spread capacity of this pest is very high. Godwin

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No Xmas cheer as Delta revenue dips 10% in Q3

Beverages manufacturer, Delta Corporation has seen its revenue down 10% in the third quarter ended December 31, 2016, due to suppressed demand and shortages caused by water supply disruptions. BY BUSINESS REPORTER In a trading update yesterday, Delta said revenue was down 9% for the nine months ended December 31. “The group reports a particularly subdued volume and revenue outturn

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