Business

Ecobank appoints new MD 9 December 2016 HARARE - Pan African financial services group, Ecobank, has appointed Moses Kurenjekwa as its new managing director for the Zimbabwean unit. Kurenjekwa, who prior to his appointment was head of Corporate and Investment Banking (CIB), takes over from Daniel Sackey who left Zimbabwe to take up a...
Art back in the black 9 December 2016 HARARE - Zimbabwe Stock Exchange-listed diversified group, Amalgamated Regional Trading (Art), has returned to profitability after recording losses in the past few years. The group’s chairman, Thomas Wushe, yesterday said Art achieved a $1,9 million profit in the full year to September 2016 co...
IMF warns Zim govt 9 December 2016 HARARE - The International Monetary Fund (IMF) has warned President Robert Mugabe’s government against interfering with Treasury operations. IMF local representative, Christian Beddies, yesterday told the businessdaily that government was not giving Finance minister Patrick Chinamasa enough ro...
Innscor bemoans cash crunch 8 December 2016 HARARE - Diversified group, Innscor Africa (Innscor), says the delays in foreign transactions are threatening business with suppliers waiting long periods to get their dues. Innscor chief executive Julian Schonken, yesterday told shareholders in the capital that as a result of delays in paymen...
Sparks fly over FML, Zimre merger 8 December 2016 HARARE - Renaissance Financial Holdings Limited (RFHL) has petitioned the National Social Security Authority (Nssa) to stop an alleged plan to merge its First Mutual Holdings (FMH) subsidiary and Zimre Holdings Limited (ZHL), and subsequently dispose them to a South African investor. In a Dece...
Chiyangwa pleads for ZSE relisting of Zeco 8 December 2016 HARARE - The Zimbabwe Stock Exchange (ZSE) has been asked to stop halting trade in Zeco Holdings Limited stocks after a plea by businessman Philip Chiyangwa to allow the exchange to relist the troubled security. This comes after Zeco shares were delisted from ZSE for three months from December...
Chinamasa to present 2017 budget today 8 December 2016 HARARAE - Finance minister Patrick Chinamasa is set to unveil the 2017 national budget in Parliament today, with economic experts urging him to come up with an expansionist spending plan to revitalise the crisis-plagued economy. Chinamasa's 2017 budget presentation, which comes on the back of ...
RBZ to inject more bond notes 8 December 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) is set to inject an additional  $7 million bond notes into circulation this week as part of strategies to ease the current cash crisis. This brings the total amount of bond notes disbursed to $17 million against a value of $70 million payable to expo...
Zim generates new $100m revenue 7 December 2016 HARARE - Zimbabwe's cash-strapped government has generated an additional $100 million in revenue with the assistance of an international auditing firm. The latest development will come as a relief to President Robert Mugabe’s government, which has been struggling to pay civil servants on time ...
Zim miners target increased output 7 December 2016 HARARE - Zimbabwean miners are targeting increased output next year on the back of improved capacity utilisation, the country’s Chamber of Mines has said. A survey conducted by the mining industry body, launched in the capital yesterday, revealed that most miners expect fortunes to turn around...
Willdale invests $1,2m on trucks 6 December 2016 HARARE - Zimbabwe Stock Exchange-listed brick-making firm Willdale has invested $1,2 million on six new trucks in a move anticipated to increase and ease transportation of the building materials. Willdale chief executive Nyasha Matonda said the Mt Hampden-based company see itself delivering br...
Insurance firms continue to bleed 5 December 2016 HARARE - Zimbabwe's insurance sector continues to make losses despite raking in millions of dollars every year due to deteriorating economic conditions, a new report has shown. A third quarter survey conducted by the Insurance and Pensions Commission (Ipec) revealed that life insurance firms r...
New cigarette brand launched 5 December 2016 HARARE - Cavendish Lloyd Zimbabwe has launched its Zark cigarette brand targeting at least a 10 percent market share and sales forecast of three million sticks per month. The company director, Norbert Chimushamu, said he was confident that Zimbabweans will embrace the new product. “Zark is ...
Zim to reform parastatals 3 December 2016 HARARE - Zimbabwe has crafted a new framework for the appointment of board members and chief executives at public enterprises in a move aimed at fighting corruption and improve corporate governance. Vice President Emmerson Mnangagwa this week told Parliament that an agent was set up to maintai...
Harare-Beitbridge highway work to start 2 December 2016 HARARE - Chinese construction firm, Geiger International (Geiger), is set to commence works on the Beitbridge-Harare-Chirundu highway in three months' time, Transport minister Jorum Gumbo has said. Gumbo, who signed the $984,1 million agreements with Geiger in Harare on Wednesday, said constru...
Govt pays Zimplats debt 2 December 2016 HARARE - Australia Stock Exchange-listed platinum miner, Zimplats, yesterday said it has finally been paid the $34 million debt it was owed by the central bank. The money was taken from Zimplats' bank account years back by the Reserve Bank of Zimbabwe (RBZ) and used for quasi-fiscal activities...
Seed Co revenue up 32pc 30 November 2016 HARARE - One of Africa’s largest seed producers, Seed Co, yesterday said its half year revenues went up 32 percent to $24,8 million compared to $18,7 million in the same period last year. The group’s chief executive, Morgan Nzwere, attributed the increase to early maize sales and improved vege...
SA engineering firm targets Zim 29 November 2016 HARARE - South Africa's civil engineering and construction group, Esor, is seeking business opportunities in Zimbabwe to avert challenging market conditions in Africa's largest economy that are not expected to abate in the short term. The group's chief executive, Wessel van Zyl, last week said...
RBZ pushes for internal devaluation 28 November 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) is pushing ahead with plans to slash prices and salaries as a way of reducing production costs and improve competitiveness. Devaluation aims primarily at influencing the competitiveness of a country in the short-term by mimicking the effects of nomin...
. . as $9,4m bond coins are now in circulation 28 November 2016 HARARE - About $9,4 million worth of bond coins are presently circulating in the Zimbabwean financial system, after the country pumped over $6 million worth of the coins since September last year, the Reserve Bank of Zimbabwe (RBZ) said. With circulation of bond notes — backed by a $200 millio...
China rescues Zimbabwe 28 November 2016 HARARE - The Chinese cigarette industry is helping ease cash crisis in Zimbabwe by snapping up 52,3 million kilogrammes (kg) of tobacco valued at $425,5 million in the eight months to November, latest data show. China, which has the world’s largest population and has more smokers in the world ...
Mining sector seeks $5bn 25 November 2016 HARARE - Zimbabwe's struggling mining industry requires at least $5 billion to revive its waning fortunes, the country’s Chamber of Mines has said. The mining group’s chief executive, Isaac Kwesu, on Wednesday told a news conference in the capital that the industry was failing to attract new i...
Hippo Valley revenue up 25 November 2016 HARARE - Zimbabwe's largest sugar producer Hippo Valley (Hippo) has recorded an 18 percent increase in revenues to $82,9 million in the half year to September up from $70,2 million in previous corresponding period in 2015. Hippo chairman Murray Munro yesterday attributed the growth in revenues...
Govt to set up more gold buying centres 25 November 2016 HARARE - Government is prepared to set up more gold buying centres to spout into the production of the country’s estimated 1,3 million artisanal miners, the Finance minister told the National Assembly on Wednesday. “It is the policy of Fidelity Printers to place buying points wherever there is...
Chinese investor readies to revive Kamativi Mine 25 November 2016 HARARE - Chinese investor, Beijing Pinchang, which has promised to inject $100 million to revive Kamativi Tin Mine which has been closed for almost 21 years, is working on the processing technology to extract all seven minerals in the Matabeleland North-based mine. Mines and Mining Development...