HARARE - A Deloitte & Touche study on the National Social Security Authority (Nssa)’s banks merger plan is expected next Tuesday, officials have said. While the pensions fund’s acting general manager Tendai Mafunda has confirmed the development, Nssa commissioned the study...

HARARE - Financial services group FBC Holdings Limited (FBCH) says it awaits approval of its bid to acquire Reserve Bank of Zimbabwe (RBZ)’s subsidiary Homelink (Private) Limited. Priscilla Sadomba, FBCH’s group marketing head, told businessdaily that the matter was yet to...

HARARE - Capital Bank Corporation Limited (Capital Bank) has submitted its recapitalisation plan to the Reserve Bank of Zimbabwe (RBZ) after it missed the December 31, 2012 deadline. According to RBZ’s phased recapitalisation requirement, commercial and merchant banks are supposed to...

HARARE - Global resources group Rio Tinto says it expects to unveil its Murowa Diamonds indigenisation compliance plan when President Robert Mugabe resumes official duty next month. Mugabe — who is the key driver of the empowerment programme through his Indigenisation...

HARARE - Ecobank International (Ecobank)’s newly appointed chief executive Thierry Tanor is expected in the country today. Tanor’s agenda involves mapping the Pan African group’s Zimbabwe unit growth strategy among, other key issues. In 2010, Ecobank — which has operations in...

HARARE - Indigenisation minister Saviour Kasukuwere says the snub of Barclays’ Zimbabwe unit in the merger of the group’s African operations with those of Absa Group has nothing to do with empowerment laws, but the institution’s internal affairs. This comes as...

HARARE - Growth of e-solutions in Zimbabwe is being severely hindered by poor investment in information communication technology (ICT) infrastructure and implementation of a comprehensive legislation, ICT experts say. This comes as ICTs minister Nelson Chamisa slammed Finance minister Tendai Biti...

HARARE - Zimbabwe risks sliding back into recession this year if the country embarks on a “violent” election, as economists and business warn of tough times ahead. The country registered its first positive gross domestic product (GDP) growth in 2009 following...

HARARE - Zimbabwe remains on course to be re-admitted into the London Bullion Market Association (LBMA) after year-on-year output to November 2012 surged by seven percent to 12 422.43 kilogrammes (kg). The country seeks re-entry into LBMA after it was disqualified...

HARARE - A delegation of American businesspeople is expected in Harare this January to explore opportunities in the country, Harare mayor Muchadeyi Masunda told businessdaily. This comes after Masunda’s trip last month to Chicago, United States of America (USA), following up...

HARARE - The International Air Transport Association (IATA) team, which arrived in the country late last year, is finalising audit of Air Zimbabwe (Air Zim)’s compliance with the aviation safety guidelines and preparedness to resume international flights. The airline failed the...

HARARE - Electricals manufacturer Powerspeed Limited registered a $29, 2 million revenue in the year to September 30, 2012 up 11 percent from $26, 3 million recorded in prior comparative period. Profit before tax was $711 187 during the period under...

HARARE - Global money transfer company Western Union (WU) has begun handling local transactions as competition to tap the unbanked funds intensifies. WU — a leading provider of money transfer services in the world with one of the largest distribution networks...

HARARE - Former Rainbow Tourism Group (RTG) chief executive Chipo Mtasa has been appointed managing director of fixed telephone operator Tel*One. Mutasa takes over from Hampton Mhlanga who has been in an acting capacity. Rosemary Sande, Tel*One spokesperson, confirmed the development....

HARARE - Harare's parking business Easipark is battling a potentially crippling workers’ strike over contract renewal and salary issues. The workers, close to a hundred, took to the streets yesterday accusing Easipark of not following proper procedure in terminating their contracts...

HARARE - Zimbabwe must change its economic policies if the country is to halt heightening de-industrialisation, economists say. Most of the country’s companies — which were heavily battered by years of hyperinflation, obsolete machinery and massive power outages — have found...

HARARE - Zimbabwe's projected 2013 tourism industry growth targets depend on the country changing the negative perception in key source markets, the African Development Bank (AfDB) has warned. The southern African nation — whose image was seriously blemished by politics —...

HARARE - Tax collector Zimbabwe Revenue Authority (Zimra) reached the 2012 revenue target of $3,5 billion in the 11 months to November, Finance minister Tendai Biti said. This comes on the back of depressed fiscal revenue flows in the first half...

HARARE - The Bankers Association of Zimbabwe say government’s proposed fiscal reforms, which will see huge reductions in banking service charges and interest, will wear down industry profitability and compromise recapitalisation. Finance minister Tendai Biti said banks should, starting January 2013,...

HARARE - Capital Bank Corporation Ltd (Capital Bank) is planning a $20 million rights issue, as part of efforts to comply with the Reserve Bank of Zimbabwe (RBZ)’s minimum capital requirements. With the Harare-based institution backed by a deep-pocketed shareholder in...

HARARE - Zimbabwe Stock Exchange-listed TN Bank Limited (TN Bank) seeks shareholders’ approval to delist from the local bourse at its January 18, 2013 extraordinary general meeting. This comes after telecommunications giant Econet Wireless Zimbabwe (Econet) acquired 100 percent of the...

HARARE - Hospitality concern Rainbow Tourism Group (RTG) shareholders yesterday approved a $4,5 million rights issue. The capital-raising exercise is part of the group’s efforts to put a cap on burdening shortterm borrowing charges that have been aggravating working capital constraints....

HARARE - Construction group Radar Holdings Limited (Radar) says it is divesting from its forestry business Border Timbers Limited (Border) to focus on core business. Heinrich von Pezold, Radar’s chairperson, said the disposal was necessary given the differing financial needs and...

HARARE - Zimbabwe focused junior gold producer New Dawn Mining Corporation (New Dawn) says an exploration has revealed that proven and probable mineral reserves on its mining properties have increased by 123 percent. This means that the Toronto Stock Exchange-listed miner...