New dawn beckons for ZimAlloys

Munyaradzi Musiiwa Midlands Bureau Gweru-based giant ferrochrome producer, Zimbabwe Alloys, under judicial management by Grant Thornton International, is expected to start operating in the next 18 months after its creditors approved a $100 million investment deal with Indian Investor, Balasore Alloys Group. In an interview, ZimAlloys judicial manager Reggie Saruchera, said the company had met its…
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Govt slashes platinum royalty

Golden Sibanda Senior Business Reporter GOVERNMENT has slashed the rate of royalty for all platinum group mining companies to 2,5 percent from 10 percent, a move the Chamber of Mines of Zimbabwe says will go a long way in enhancing viability at a time prices are depressed. This also comes as Government indicated it had deferred…
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Govt to extend amnesty on outstanding taxes

Kudzanai Sharara Assistant Business Editor Government will extend amnesty measures on outstanding taxes that were accrued prior to December 1, 2017, Finance and Economic Development Minister Patrick Chinamasa has said. Presenting his 2018 National Budget in Parliament yesterday, Minister Chinamasa proposed an amnesty for interest and penalties on outstanding taxes accrued prior to December 1, 2017…
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National Budget presentation set for December

Acting Finance Minister Patrick Chinamasa will on December 7 this year present the 2018 National Budget, officials said on Tuesday. Presentation of the fiscal statement hung in the balance following recent changes in Government that saw President Emmerson Mnangagwa being sworn into office as the new Zimbabwean Head of State. Former Finance Minister Dr Ignatius Chombo,…
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Great hope for economy

Business Reporters PRESIDENT Emmerson Mnangagwa’s inauguration speech has struck the right chords in business corridors and optimism is abound the head of Government represents a fresh breath of air that has potential to ignite economic growth, but business was quick to compile a “to do” list that could define his reign. Zimbabwe’s economy has been plagued by…
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Bitcoin is not legal: RBZ

The Reserve Bank of Zimbabwe (RBZ) has warned members of the public against using Bitcoin, saying its use is not legal in the country. The RBZ has been lax towards regulating the crypto currency arguing that despite its popularity, the central bank discouraged its use due to lack of a regulatory frameworks for exchanges and start-ups…
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Delta, Zimra tiff rages on

Taurai Mangudhla Senior Business Reporter ZIMBABWE’S largest beverage maker, Delta Corporation’s legal battle to get interest of close to $700 000 on charges of underestimated taxes from state revenue collector Zimra rages on with the High Court expected to hear the matter this week. According to court documents in possession of The Herald Business, the legal fight…
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Hippo Valley revenue dips

Enacy Mapakame Business Reporter Depressed production volumes saw Hippo Valley Estates, a local unit of South African sugar producer Tongaat Hulett, report a 13 percent decline in revenue to $72 million for the half year ended 30, 2017 from $82,9 recorded in the same period last year. Profit for the year was however 300 percent firmer at…
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NSSA holds on to Beitbridge Hotel

Africa Moyo Business Reporter AS the National Social Security Authority (NSSA) board sifts through the wreckage of the previous management’s “calamitous” investment deals such as the Beitbridge Hotel and Celestial Park in Harare, a decision has been made to keep the assets until the Authority gets value from them. The NSSA board, led by Mr Robin Vela,…
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2018 Budget to focus on fiscal consolidation . . . as deficit is set to rise to $1,8 billion in December

Oliver Kazunga in Victoria Falls FINANCE and Economic Development Minister Dr Ignatius Chombo says the 2017 national budget deficit could rise to $1,82 billion from $400 million largely driven by the cumulative expenditures that are set to close the year at $5,6 billion. Speaking yesterday during the 2018 Parliamentary pre-budget seminar presently underway here, Dr Chombo…
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