adminMore trouble for David Whitehead
Business ReporterDAVID Whitehead Textiles Ltd has been hit by a fresh claim of US$5,8 million after it acted as a guarantor to a loan facility the Agricultural Bank of Zimbabwe advanced to FSI Agricom Cotton two years ago.
Airzim to refurbish Boeings
Business ReporterAIR ZIMBABWE says it will refurbish its two Boeing 767 aircraft to service international flights starting with London in November this year.
Acting group chief executive Mr Innocent Mavhunga said that the Boeing 767 planes were still in good condition to ply international routes.
MedTech continues to diversify
Business ReporterHealthcare products manufacturer MedTech Holdings says it expects 50 percent of its turnover in the next 24 months to come from its new divisions as the group intensifies its diversification. Speaking at the company’s annual general meeting last week, chief executive Mr Afzal Motiwala said the group had set up a toiletries manufacturing subsidiary in
SIRDC bemoans lack of funds
Lack of start-up capital is preventing the Scientific and Industrial Research and Development Centre from commercialising its projects.Through its commercial unit Sirtech Investments (Pvt) Ltd, the SIRDC runs the Building Technology Institute which produces low-cost building materials and construction
Fidelity ventures into South Sudan
Business ReporterFidelity Life Assurance of Zimbabwe is set to sign a joint venture deal with a South Sudanese short-term insurance company that has expressed its desire to expand its business into long term insurance as well. Addressing shareholders at the company’s 34th annual general meeting in Harare last week, Fidelity managing director Mr Simon Chapereka said
NSSA issues pensions reminder
Business ReporterThe National Social Security Authority has reminded employers and employees that the national pension scheme contribution rate and insurable earnings ceiling go up with effect from this month. “We would like to remind employers that they are required to apply the new employee contribution rate of 3,5 percent of each employee’s basic earnings up to a
Bond buying Ill-timed, says Fed chief
Washington. – St Louis Federal Reserve Bank president James Bullard is worried that the Fed’s decision last week to announce a plan to reduce bond buying was poorly timed, the regional Fed bank said in a statement explaining his dissent.China, EU in bid to end ‘solar war’
BEIJING. – The European Union said it had started ministerial-level talks with China, were they are expected to discuss rows over solar panels and other products, as tensions between the two risk escalating into a trade war.EU to forge rules on banks
Luxembourg. – The European Union sought last week to forge rules to force losses on large savers of failed banks, a taboo that was broken in this year’s bailout for Cyprus.Finance ministers in Luxembourg are trying to resolve one of the most difficult questions posed by Europe’s banking crisis – how to shut failed banks without sowing panic or
No easy walk to Warsaw
Jeffrey Gogo Climate story“AT a time when the climate change stakes have never been higher, the multilateral process is bedevilled with a lack of momentum, waning public interest and other competing priorities.”