Business

300m solar plant for Vic Falls 21 April 2018 HARARE - Southpole Consulting Private Limited (Southpole) has secured $300 million to construct a 125 megawatt (MW) solar power plant in Victoria Falls. SouthPole, which has made an application to the Zimbabwe Energy Regulatory Authority (Zera) said the project has primarily been conceived for...
Retailers call for currency reforms 21 April 2018 HARARE - The Confederation of Zimbabwe Retailers (CZR) has blamed price distortions on the existence of several de facto currencies in Zimbabwe. According to the CZR, which held its fourth annual Retailers and Wholesalers Indaba in Harare on Thursday, the de facto currencies being used in the ...
ZSE foreign buys surge 21 April 2018 HARARE - Zimbabwe Stock Exchange (ZSE) foreign buys ballooned 1826,55 percent to $1,2 million from $64 186 on Thursday as non-Zimbabweans snapped up stocks on the local bourse following the Independence holiday. On Thursday, the primary All Share Index added a further 1,48 percent to end pegge...
Biti sees potential $100bn economy 21 April 2018 HARARE - Zimbabwe's opposition could expand the size of the economy more than fivefold to $100 billion within eight years if it wins this year's elections, a former Finance minister said. The first elected government since Robert Mugabe stepped down in late 2017 under pressure from the militar...
Anglo Platinum invests in energy technologies 20 April 2018 HARARE - Anglo American Platinum has partnered Shell Technology Ventures (STV) in High-Yield Energy Technologies (HyET), a Dutch company that has developed electrochemical hydrogen compression (EHC) technology that will support the adoption of fuel cell electric vehicles (FCEVs). HyET’s techno...
Starafrica converts $46m debt into equity 20 April 2018 HARARE - Sugar producer Starafricacorporation has converted more than $46 million of its debt into equity as a way of cleaning the company’s balance sheet. This was after creditors saw it fit to convert their debt into ordinary shares in the struggling sugar company. “The aforementioned deb...
Sadc endorses Zim's Zavazava 20 April 2018 HARARE - The Southern African Development Community (Sadc) has endorsed Zimbabwe’s Cosmas Zavazava who is vying for an International Telecommunications Union top post. The 57-year-old Zimbabwean, who is currently chief of department for projects and knowledge management in the Telecommunicatio...
Govt to probe basic goods pricing 20 April 2018 HARARE - Government is moving to operationalise the National Competitiveness Commission (NCC) that will probe the cost structures and pricing of basic commodities, Industry, Commerce and Enterprise Development minister Mike Bimha has said. He said the move is part of a strategy to identify cos...
Excise drives Zimra collections 19 April 2018 HARARE - Excise duty was the highest contributor to Zimbabwe Revenue Authority (Zimra) collections for the first three months of 2018 after coming in at $233,3 million, 17,65 percent above target. Zimra chairperson Willia Bonyongwe said the tax head had contributed 21 percent to net collection...
Hwange calls off exploration deal? 18 April 2018 HARARE – Hwange Colliery Company Limited (HCCL) has suspended negotiations concerning a material transaction, which was going to have an effect on the price of the company’s shares, had it been concluded. The Zimbabwe Stock Exchange listed miner, which also trades its shares on the London and ...
Lager beer volumes increase by 51 percent 18 April 2018 HARARE - SABMiller’s Zimbabwe affiliate reported a 51 percent increase in annual volume of lager beer. Delta Corporation, which is 38 percent owned by global brewing giant SABMiller said in a trading statement its lager business had done well but taken a knock from problems in acquiring import...
Inflation recedes 17 April 2018 HARARE - Zimbabwe's annual inflation shed 0,3 percentage points in March to close the month at 2,68 percent, latest data from the national statistical agency show. “This means that prices as measured by the all items Consumer Price Index increased by an average of 2,68 percent between March 20...
Payday for CBZ shareholders 17 April 2018 HARARE - Shareholders of Zimbabwe’s largest financial services group by assets, CBZ Holdings (CBZ), are smiling all the way to the bank after the group declared a $1,8 million dividend for the year to December 31, 2017. The group’s company secretary Rumbidzayi Jakanani said the payment was sla...
Econet gets licence to generate solar energy 17 April 2018  HARARE - ECONET Wireless Zimbabwe (Econet) has been given a licence to generate power to meet the electricity and energy needs at its Willowvale premises in Harare, according to a notice carried in the media.  The Willowvale complex is a major hub for Econet’s switching and network operations...
Inquiry exposes the rot in pension, insurance sectors 17 April 2018 HARARE - A 423-page report by a Commission of Inquiry “Into the conversion of insurance and pension values from the Zimbabwe dollar to the United States dollar” in 2009 vindicates the old adage that says all that glitters is not gold. Like snake oil salesmen, the generality of Zimbabweans had ...
Govt restructures Zinara 16 April 2018 HARARE - President Emmerson Mnangagwa's administration has put plans in motion to restructure the Zimbabwe National Road Administration (Zinara) as a way of making the parastatal more effective and reduce corruption. Over the past few years Zinara has been under fire from various stakeholders ...
Zim needs to double agro-production 16 April 2018 HARARE - Vice President Constantino Chiwenga says the country needs to double its agricultural output in order for the country to regain its status as the bread basket of Africa.  Addressing guests at a SeedCo-hosted field day held at President Emmerson Mnangagwa's Pricabe Farm in Kwekwe, Chiw...
Govt intensifies e-learning programme 16 April 2018 HARARE - The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) this week took its broad mission to ensure Tsholotsho among other marginalised districts in the country are fully connected to e-learning and e-government. Tsholotsho, Matabeleland North province is one of the...
Telecel board plans recapitalisation 13 April 2018 HARARE - TELECEL Zimbabwe (Telecel) is planning to invest in network expansion as part of strategies to keep ahead of competition in the country’s telecommunication industry. This was revealed by the company’s chairperson James Makamba after the six-member board, comprising Francis Mawindi, Se...
Don't lend govt, banks warned 13 April 2018 HARARE - Zimbabwean banks need to stop lending to government as their exposure to Treasury Bills (TBs) could work against the sector in the future, a local think tank has warned. In its 2018 Economic Review and Outlook, Econometer Global Capital (Econometer), warned that government expenditure...
Luxurious hotel for Vic Falls 12 April 2018 HARARE - Victoria Falls will soon boast a new luxury boutique called Mbano Manor Hotel, set to be launched in the first half of 2019, the Financial Gazette can reveal. The driving force behind Mbano Manor Hotel, Mati Nyazema, said the hotel was going to offer a unique and nature-based travel e...
ZSE extends CFI suspension 11 April 2018 HARARE - The Zimbabwe Stock Exchange has extended CFI Holdings (CFI) suspension from trading by an additional 30 days to conclude an investigation on the diversified conglomerate’s alleged bad corporate governance. In January this year, CFI was suspended from trading its shares on the ZSE plat...
Cash transactions rise 17pc 11 April 2018 HARARE - Zimbabweans lived it up during the month of December last year in spite of the country's liquidity challenges, latest data from the Reserve Bank of Zimbabwe indicates. In its December 2017 monthly report, the central bank said the total value of cash transactions was 17 percent higher...
Dangote back in Zim 10 April 2018 HARARE - Africa's richest man Aliko Dangote is set to invest close to $1,5 billion in coal mining and power generation in Zimbabwe. Dangote's team arrived in the country yesterday afternoon for a 10-day visit and is expected to visit Hwange to explore the site for coal mining and the establish...
Local maize productivity remains low 10 April 2018 HARARE - Maize seed producer SeedCo says local farmers have been failing to keep up with the productivity capacity of its seed technology with yield statistics for 2017 and forecasts for 2018 showing productivity below international benchmarks. SeedCo commercial agronomist Philip Matombo told ...