US hopeful Zim relations will improve

HARARE, July 3 (Newsday) The United States yesterday said it continues to believe its relations with Zimbabwe have a bright future despite some differences between the two countries. Bruce Wharton US Ambassador said his government was committed to the development of Zimbabwe and had embarked on various projects mutually beneficial to the two countries.

DPC takes over judicial management of Tetrad

HARARE July 3 (Herald) The Deposit Protection Corporation Zimbabwe has taken over the provisional judicial management of Tetrad Investment Bank, following the resignation of Winsley Militala, a step towards potential liquidation of the bank. Reserve Bank of Zimbabwe said “within the framework of promoting the balance between the multiple interests of depositors, shareholders, potential investors and other creditors, appointed the Deposit Protection Corporation as the Provisional Judicial Manager of Tetrad Investment Bank Limited to oversee the day to day management of the bank.” However, sources at the Reserve Bank said a meeting held recently between shareholders of the bank, central bank officials and Militala “seems to have concluded that no investors were likely to come on board”. The RBZ had given Tetrad a deadline of April 2 to come up with a credible recapitalization plan of the bank.

Zimra lobbies for retail taxes to be reduced

HARARE July 3 (Herald) The Zimbabwe Revenue Authority (Zimra) has recommended Government to reduce taxes for retailers as the influx of illegal vendors in cities and towns is threatening their survival. Zimra commissioner general Gershem Pasi said this was in light of challenges that many retailers were facing as they have to contend with vendors who sell their wares on pavements in front of their shops. Retailers argue that the vendors are crippling their operations as they often sell similar goods to theirs at lower prices, disadvantaging them as they have to pay rent and taxes. Pasi said the influx of vendors had also contributed to the high rate of tax evasion. Zimra is owed over $1 billion in unpaid taxes, a situation blamed on the current economic challenges.

Zera reviews fuel pricing mechanism

HARARE, July 3 (Zim Ind) Gloria Magombo said Zimbabwe Energy Regulatory Authority (Zera) is reviewing mechanisms which will guide government to come up with alternative ways to determine local fuel prices. She said they will advise government to see whether they can look at other alternatives or mechanisms of pricing fuel. Magombo said she was happy government had liberalized the fuel sector.

ZSE sees 32 percent drop in trading

HARARE July 3 (Herald) The Zimbabwe Stock Exchange saw a 32 percent dip in trading in the first six months of the year, as most heavyweight stocks registered declines in volumes of trading. Statistics from the stock market show that trades on ZSE amounted to $136,72 million between January and June from $200 million in the same period last year when more people bought and sold shares. Trading on ZSE has since dollarisation been dominated by foreign investors due to tight liquidity in the domestic economy, as Zimbabwe uses foreign currency, exclusively. As such, foreign investors bought $73,96 million worth of shares and sold $68,79 million on ZSE between January and June.

State firms owe Zimra US$450m

HARARE, July 2 (Fin Gaz) Official reports have exposed swelling defaults in a broad range of taxes due to government by 15 State firms, including the troubled ZBC and NRZ. The 15 firms accounted for nearly half a billion dollars in unremitted taxes last year. It emerged 15 public enterprises failed to remit close to $450 million in outstanding taxes to Zimra adding to the turbulence that hit State coffers last year according to a report by the auditor general. Government is struggling to settle crucial commitments, including paying a bloated civil service in time and funding vital health care and education requirements.

6 banks contribute to interbank facility

HARARE, July 2 (Newsday) RBZ has announced that the Interbank facility guaranteed by the African Import Bank now has $120 million after six local banks contributed $20 million. The African, the African Export Import Bank Trade Debt Backed Securities was launched in March with an initial pool of $100 million to help in the distribution of Liquidity in the banking sector. Governor Mangudya said six banks have contributed to the facility and they want to increase the funds.

Natfoods to diversify into dairy

HARARE July 2 (Herald) National Foods is set to expand its product portfolio through the acquisition of a significant stake in a dairy and juice company. Natfoods is set to acquire a 50 percent stake in Pangolin Products, a company formed by Probrands directors. Three Probrands directors Neil Philp, Calum Philp and Tidings Chimpondah formed the company with a view of focusing on the production of long-life milk. Natfoods chief executive Mike Lashbrook confirmed the transaction yesterday but could not provide finer details.

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