HARARE - Listed diversified resources group RioZim says it carrying out a due diligence exercise to produce an initial 150 megawatts (MW) at its Sengwa thermal power station project. Ashton Ndlovu, RioZim’s chief executive, said the group was considering various options...
HARARE - Blue chip and fast-moving consumer goods (FMCG) stocks’ demand is likely to remain high as investors hedge against election impact, analysts say. Zimbabwe is expected to hold watershed polls this year with President Robert Mugabe squaring off long-time rival...
HARARE - A Reserve Bank of Zimbabwe (RBZ) announcement that it will “approve and facilitate” shareholding changes in AfrAsia Kingdom Zimbabwe Limited (AKZL) has raised speculation that Mauritius-based AfrAsia Bank Limited (ABL) could be planning to increase its stake in the...
HARARE - Financial services group Tetrad Holdings Limited (THL) says it is focusing on raising $500 million capital by 2015 and has no immediate plans to list on the Zimbabwe Stock Exchange (ZSE). Eugene Mlambo, THL’s chief executive, told businessdaily that...
HARARE - The National Social Security Authority (Nssa) met Reserve Bank of Zimbabwe (RBZ) authorities on Monday to discuss Capital Bank Corporation Limited (CBC)’s recapitalisation initiatives, businessdaily has established. James Matiza, Nssa’s general manager, confirmed the meeting, but refused to divulge...
HARARE - The African Development Bank (AfDB) has granted Zimbabwe a $24,7 million loan to support the country’s capacity building projects. The continental bank yesterday said the grant was targeted at improving public finance and economic management, thereby contributing to macroeconomic...
HARARE - A group of local investors is reportedly eyeing a 20 percent stake in Telecel Zimbabwe (Telecel), as the battle for control of Zimbabwe’s second largest mobile operator escalates. However, Paddy Zhanda — one of the key parties linked to...
HARARE - Finance minister Tendai Biti has threatened to undo empowerment deals signed by Indigenisation minister Savior Kasukuwere, if his Movement for Democratic Change (MDC) party wins the forthcoming elections. Biti, also MDC’s secretary general, said Kasukuwere’s controversial policy would be...
HARARE - Zimbabwe’s fuel prices have gone down by an average of $0,08 after surging at least $0,10 following the hike of excise duty on the commodity. Petrol’s price, which had increased to as much as $1,60 per litre, has gone...
HARARE - Government needs $1,3 billion to increase Hwange Thermal Power Station (Hwange)’s capacity, Energy minister Elton Mangoma said. He said implementation of the expansion project is critical in securing self-sufficiency and reliability of power supply. “The adjudication process of the...
HARARE - A Swedish firm has filed a High Court lawsuit against Hwange Colliery Company Limited for failing to pay a 2006 debt. The company Atlas Copco Rock Drills AB, claims in court papers that it entered into an agreement with...
HARARE - Zimbabwe is considering forcing mines to sell all their output to the state, a new draft policy document says, promising miners they will receive “fair and transparent market prices”. The policy document proposes to do this through the state-owned...
HARARE - Zimbabwe has realised $400 million from 103 million kg of flue-cured tobacco sold since the opening of the 2013 selling season mid-February. This indicates a 29,10 percent increase from last season when a total $84 million kg worth $315...
HARARE - After shunning Zimbabwe during its years of hyperinflation and political strife, foreign investors are finding the southern African country increasingly attractive. The main index, up more than 25% this year, hit a record high of 191.16 on Friday and...
HARARE - Government has issued a statutory instrument requiring high-end electricity consumers to purchase their own prepaid meters. Elton Mangoma, Energy minister, said the policy aims to speed up the implementation of the prepaid metering programme. He said power utility Zesa...
HARARE - Interfin Financial Services Limited (IFS) plans a deposit to equity swap deal as part of strategies to rescue its troubled flagship subsidiary Interfin Bank. If approved, the transaction could see the bank’s top depositors such as pension fund National...
HARARE - EgyptAir, which is returning to Zimbabwean skies in June after a nine-year absence, plans to partner struggling national airline Air Zimbabwe (AirZim). Hamdy Elghaffar, EgyptAir country general manager, said they have proposed to lease their planes to AirZim. “We...
HARARE - AfrAsia Kingdom Zimbabwe Limited (AKZL) is retrenching part of its staff under a “voluntary separation exercise”, businessdaily has established. The financial services group recently said it was restructuring or streamlining operations as part of strategies to contain costs and...
HARARE - Embattled Interfin Banking Corporation (IBC) plans to retrench nearly half of its 300 plus workforce as part of efforts to contain costs and streamline operations. The group’s curator, Peter Bailey of KPMG Chartered Accountants, confirmed the development, but could...
HARARE - Deputy Prime Minister Arthur Mutambara says Zimbabwe should embrace protectionism to facilitate revival of the country’s ailing industry. “In order to effectively pursue value addition, Zimbabweans must initially adopt a value system that embraces smart and innovative protectionism,” he...
HARARE - Australian Stock Exchange-listed platinum group metals producer Zimbabwe Platinum Mines Limited (Zimplats) has appointed Nyasha Zhou as chairperson. His appointment is with effect from March 1, 2013. Zhou — a former chief executive of troubled building materials manufacturer...
HARARE - South Africa (SA)’s fourth largest gold miner DRDGold Limited (DRDGold) says it has completed exploration in Zimbabwe and will soon commence surface mining. Niël Pretorius, DRDGold chief executive, said the miner only identified underground mining opportunities after finishing the...
HARARE - Australian Stock Exchange-listed Zimbabwe Platinum Mines Limited (Zimplats) insists it will not pay the $17 million invoice levied by Brainworks Capital (Brainworks). This comes as the platinum group metals producer in February rejected Brainworks’ bill for financial advisory services...
HARARE - Aim-listed Botswana Diamonds (BD) says it has shelved plans to establish a mining venture in Zimbabwe after it lost its targeted Marange diamond claims to the Chinese. The junior gem miner said it is opting for Mozambique instead. John...
HARARE - The Zimbabwe Stock Exchange (ZSE) has terminated the listing of Barbican Holdings Limited (Barbican), TZI Limited (TZI) and Red Star Holdings (Red Star). “The terminations were ratified by the Board and as such, these companies will no longer appear...