ASA to offload BNC stake to Zim company

ASA to offload BNC stake to Zim company

By Natalie Chiwomadzi and Tendai Sahondo ASA Resource Group (ASA) has agreed to sell its 74.73% shareholding in BNC to an undisclosed third party based in Zimbabwe, Business Connect can reveal. In a cautionary statement published by, BNC board chairman Muchadeyi Masunda said the stake up taker is a Zimbabwean based mining firm involved in the production of ferrous metals, non-ferrous metals and precious metals. “Shareholders are advised that the ultimate holding company of BNC, Asa Resource Group Plc (currently under Administration), has entered into a Sale and Purchase Agreement…

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Zim faced with 1090MW daily power deficit: ZERA

Zim faced with 1090MW daily power deficit: ZERA

By Tendai Sahondo ZIMBABWE faces a crippling daily power gap of over 1000MW, Zimbabwe Energy Regulatory Authority (ZERA) Chief Executive Officer (CEO), Edington Mazambani has said. Speaking before a parliamentary portfolio committee on energy and power development, Mazambani said government is exploring various avenues to address the crisis as the country does not have the capacity to import that much power. “Zimbabwe is currently experiencing a daily power gap of 1090MW owing to the low levels of water in the Kariba dam, which is currently operating at 30% capacity. Our…

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Mthuli condemns populace to more suffering

Mthuli condemns populace to more suffering

By Tendai Sahondo FINANCE and economic development minister Mthuli Ncube’s mid-term policy measures have heightened the suffering of hard pressed Zimbabweans as the prices of basic commodities have shot up beyond the reach of many. Zimbabweans who had been expecting the review to provide some measure of relief were bitterly disappointed as the policy pronouncements made last week only added salt to wounds. Triggering the escalation has been the unprecedented hike on fuel prices owing to the introduction of 45% and 40% excise duty per litre of petrol and diesel,…

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Gvt, UN launch new appeal as millions face extreme food crisis

Gvt, UN launch new appeal as millions face extreme food crisis

By Malcolm Meja The World Food Programme (WFP) together with the Zimbabwean government yesterday launched a $331-million humanitarian appeal for aid donations to provide food relief for millions of people, as the country face an extreme food crisis. Prior to the launch, President Mnangagwa declared the 2018-19 El Nino induced drought, a State of National Disaster. Speaking during the launch of the Revised Zimbabwe Humanitarian Appeal, WFP executive director David Beasley said 2.3 million Zimbabweans were facing extreme poverty and the number could double if the UN community does not…

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Gvt presses on with OFSC setup

Gvt presses on with OFSC setup

By Tendai Sahondo Government is pressing on with plans to set up a robust Offshore Financial Services Centre (OFSC) in the country, finance and economic development minister, Mthuli Ncube has said. Presenting the mid-term review last week, Ncube said the country stands to benefit immensely from the venture as it will attract investment from across the globe. “Government has been exploring the possibility of setting up an Offshore Financial Services Centre (OFSC) as part of efforts to develop the financial service sector, through provision of opportunities for global investment. “…

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ZINARA increases charges by 500%

ZINARA increases charges by 500%

By Natalie Chiwomadzi THE Zimbabwe National Road Administration (ZINARA) has increased vehicle licensing by 500%, which finance minister; professor Mthuli Ncube said is justified by the depreciation of the local unit against major currencies. Following ZINARA’s dismissal of reports that encouraged people to pay for vehicle licences before the increases, Ncube contradictorily announced the increase of light motor vehicles toll fees to ZWL$10 from ZWL$2 while that of heavy vehicles surged to ZWL$25 from ZWL$5. License fees for light vehicles were also increased to ZWL$100 from ZWL$20. In the same…

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Old mutual launches youth innovation hub

Old mutual launches youth innovation hub

Staff Reporter  Financial services group Old Mutual Limited (OML) has unveiled Eight2Five, a value creation competition and co-innovation center in collaboration with the British Council. Launched yesterday, Eight2five seeks to empower, house and finance start up companies and help them create and achieve growth. Speaking at the launch event, OML group chief executive officer, Jonas Mushosho said they believe in the ability to create value. He said as technology and competition is changing, consumers have shifted and the ‘Eight2five value creation challenge’ will nurture the next big enterprises to come out…

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Mthuli tables $10.89bln supplementary budget

Mthuli tables $10.89bln supplementary budget

By Tendai Sahondo  Finance and economic development minister, Professor Mthuli Ncube yesterday tabled a $10.89bln supplementary before parliament yesterday as the country continues reel from a spiraling economic downturn.  Total expenditures of $18.62 bln anticipated against revenues of $14.1 Employment costs to gobble ZWL$5.56 billion $803.6mln budget surplus realised in H1 Presenting the mid-term review and supplementary budget before parliament, Ncube said the cushion is aimed at tackling constraining economic developments that have cropped up in recent months. “In view of recent economic developments, it has become necessary to update…

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WATCH OUT: Chasi warns IPPs sitting on laurels

WATCH OUT:  Chasi warns IPPs sitting on laurels

By Tendai Sahondo Government will soon revoke the licences of none performing Independent Power Producers (IPPs), energy and power development minister, Fortune Chasi has warned. Speaking today at the IPP listing masterclass hosted by the Zimbabwe Stock Exchange (ZSE) today, Chasi said the Zimbabwe Energy Regulatory Authority (ZERA) has issued 77 licences to IPPs with most of them either sitting idly on the licenses or selling them to secondary bidders for a higher price. “As of 31 July 2019, ZERA has issued more than 77 power generation Licences, 70 of…

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