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Foreign businesses in reserved sectors to continue operating under amended Indigenisation Act 

00Foreign businesses in reserved sectors to continue operating under amended Indigenisation Act HARARE – All foreign-owned businesses which were operating in the reserved sectors of the economy under the Indigenisation Act before January 1, 2018, have been allowed to operate only if they are registered with the Zimbabwe Revenue Authority and they open and maintain bank accounts in accordance with…

NetOne to embark on 3rd phase of capital expansion project

00HARARE Netone will soon embark on the third phase of its capital expansion project at a cost of nearly half a billion dollars, as it emerged it is finalising the second phase where it is investing $218 million. Information Communication Technology, Postal and Courier Services Minister Supa Mandiwanzira said in a recent interview that NetOne…

Externalisation probe begins

00HARARE Finance and Economic Development Minister Patrick Chinamasa has said government has started investigations to identify individuals and companies involved in externalising foreign currency from Zimbabwe and in turn fuelling the current cash crisis. Zimbabwe is battling an acute cash shortage attributed to several factors chiefly externalisation and low exports. The country’s monetary authorities have…

A cautious cheer for OK after improved F17 performance

00A cautious cheer for OK after improved F17 performance HARARE – OK released an improved set of results for the financial year ended March 2017. Revenue went up by 8% while gross margins improved to 16.5% from 16.1% the previous year, Management attributed the increase in gross margins to an improvement in sales mix towards…

Industrials onslaught continues on select heavyweights

00Industrials onslaught continues on select heavyweights HARARE -The unrelenting stock-market bull run demands some respect as it has been on the rise for 10 consecutive weeks on the back of increased local demand and reduced foreign selling. The gains in most stocks coupled by increased demand powered the Industrial index to 171.73 (+1.35 points). Outstanding…

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