Business

‘Cease all mining operations’

THE Zimbabwe Diamond and Allied Minerals Workers Union (Zdamwu) has called upon the Chamber of Mines of Zimbabwe (CoMZ) and all mine workers to immediately stop going to work for the next 30 days in order to stop the spread of the coronavirus. BY MTHANDAZO NYONI The call by Zdamwu follows the gazetting of a 21-day lockdown decree by government to minimise the spread of the deadly coronavirus. “While we appreciate some of the efforts that are being put by government to prevent the spread of the virus, we believe that these are not enough if mines continue business as usual, thus our call for Chamber of Mines to take the next decisive act of shutting down all mines across the country,” read a letter signed by the union’s general secretary Justice Chinhema. “This should be supported with an a...

RBZ orders corporates to bank US$ earnings into domestic nostro accounts

THE Reserve Bank of Zimbabwe (RBZ) has ordered all corporates receiving foreign currency, to deposit the money into their domestic nostro bank accounts. BY TATIRA ZWINOIRA Last week, the RBZ lifted the ban on the use of the greenback to help mitigate against COVID-19 (coronavirus) shocks, effectively starting the redollarisation process. The move came at a time Treasury and RBZ coffers were reportedly running dry of the foreign currency while the Zimbabwe dollar (ZWL) continues to devalue. “Corporates receiving free funds from domestic transactions, will be required to deposit such funds in nostro (domestic) FCAs for own use, either for foreign or for domestic payments. This means that inter-FCA transactions have been enabled to facilitate these payments,” said RBZ exchange control directo...

Mining sector loses US$200m

ZIMBABWE’S mining industry has so far lost more than US$200 million in revenue due to COVID-19 and production for the second quarter is expected to decline further by about 60%, Chamber of Mines of Zimbabwe (CoMZ) has said. BY MTHANDAZO NYONI In its report titled Economic impact of Covid-10 on the mining industry: Proposals for intervention measures, CoMZ said COVID-19 was now a serious threat to the mining industry. This is because the sector has strong linkages to regional and global markets for the supply of mineral commodities and products as well for sourcing of inputs, equipment and machinery. As such, any negative developments in these markets have direct and indirect impacts on the Zimbabwean mining industry. With South Africa under lockdown already, the local mining industry is ex...

Blanket not affected by SA lockdown

CALEDONIA Mining Corporation (Caledonia) says a nationwide lockdown of South Africa — its major raw materials supplier — due to COVID-19, will not disrupt its gold production at Blanket Mine after it increased the levels of consumable stocks in recent weeks. BY MTHANDAZO NYONI The New York Stock Exchange-listed mining concern also said it would enter this unprecedented situation with a strong balance sheet with cash on hand as at March 25, 2020 of approximately US$12,5 million. The South African authorities announced a 21-day national lockdown effective from March 26, 2020 until April 16, 2020 as part of efforts to inhibit the spread of COVID-19 infections. The southern African nation has recorded more than 1 000 infections, including two deaths. Caledonia said although the lockdown was ex...

Zimra takes measures to curb the spread of Covid-19

In line with the State of the Nation address by His Excellence, E.D Mnangagwa, on the Corona Virus and measures the government has taken, ZIMRA encourages clients to reduce physical visits to our offices. In the interest of safeguarding employees, directed by the guidelines from the World Health Organisation, the Ministry of Health and Childcare, approaches and protocols implemented in other countries, ZIMRA has implemented measures to mitigate the likely impact and risks of this viral threat to operations and human life. · Staff have received awareness communication and operational guidelines Current measures include but are not limited to:· All ZIMRA stations and offices maintaining critical skeleton staff· Staff have been provided with appropriate Personal Protective Equipment (PPE) and saniti...

Families are at breaking point as the climate crisis worsens

The health of the children, especially baby Junior, is a constant source of stress for the family, especially his mother Michelle. “I was pained when I found out he was underweight. I couldn’t sleep. I wasn’t expecting my child to be underweight because I was breastfeeding him. The nurses said the child was underweight because he wasn’t having enough food and they recommended I give him porridge with peanut butter.”Nine-month-old Junior is malnourished for his age, but is getting the help he needs.Photo: Sacha Myers/Save the Children How supporters are helping them survive Generous Save the Children donors are supporting these families in Zimbabwe hardest hit by the drought to get them through the lean season. Ruth receives $51 USD each month to buy food and other essential items...

Zimbabwe banks close branches, suspend some services after first Covid-19 death

Zimbabwe has so far confirmed two cases of Covid-19, with one having already succumbed to the virus. Stanbic Bank, a unit of South Africa’s Standard Bank, was one of the first to announce preventive measures, telling customers on Monday that paper-based transactions would no longer be accepted. “In the interest of public health, and with immediate effect, please be advised that we will only be accepting payments via Business Online. “All other bank instructions and letters must be sent on email and accompanied by the attached email indemnity form, which must be completed and signed by the authorised signatories,” read a notice send to customers by the Bank. Cabs, a subsidiary of Old Mutual Zimbabwe, announced similar measures, telling its customers that hard copy instructions would not be ...

‘How will we survive?’: Health woes deepen Zimbabwe COVID-19 fear

Harare, Zimbabwe – Perched comfortably on a makeshift stool, Wilbert Mutaurwa attends to a customer at the corner of a shopping centre in Zimbabwe’s capital, Harare. “Today, I decided to come to work because my church said we should not congregate because of corona[virus],” the 37-year-old airtime vendor said on Sunday, less than two days after health authorities in the country reported the first case of COVID-19, the highly infectious disease caused by the virus. Since then, two more infections have been confirmed in Harare. “We will all die because we don’t have proper medical facilities,” Mutaurwa said, citing the dismal state of the healthcare sector in a country plagued by a deepening economic crisis. Indeed, the threat of a major COVID-19 outbreak could not have come at a worse ...

Zimbabwe government’s land for compensation offer is misleading

Ben Freeth The reality is that the new rules only apply to ‘indigenous’ farmers who lost their land during the fast-track land reform programme, or to foreign-owned farms that were theoretically protected under Bilateral Investment Promotion and Protection Agreements (BIPPAs) and Bilateral Investment Treaties (BITs). While the regulations do not define the meaning of the term ‘indigenous’, the government has consistently referred to ‘black’ Zimbabweans exclusively as ‘indigenous’ persons. This is despite the fact that the standard definition of ‘indigenous’ applies to persons born and residing in a particular place or region – and is not exclusive to a particular race, gender or ethnicity. A significant number of the dispossessed white farmers were born in Zimbabwe and many were second, th...

Ex-Old Mutual CEO Peter Moyo quits Nedbank board

Embattled former Old Mutual CEO Peter Moyo has resigned from the board of Nedbank with effect from Wednesday, said the company in a statement on Friday. “Nedbank Group Chairman, Vassi Naidoo, thanked Peter for his contribution to the group since his appointment in 2018 in terms of the relationship agreement between Old Mutual Limited and Nedbank Group Limited, which provides for Old Mutual Limited to nominate one director to the boards of the Companies for as long as OML’s shareholding is equal to or greater than 15% in Nedbank Group,” Nedbank said. Moyo’s resignation from his non-executive role in Nedbank comes amid a protracted legal battle with his former employer Old Mutual over his dismissal in June 2019. On Tuesday, the Johannesburg High Court dismissed Moyo’s urgent application to p...