Business

Banks profits shocker 19 February 2017 HARARE - Zimbabwe's banks posted a startling 42 percent surge in profits that buttressed economists and investors' belief that “unacceptable charges” and “extortionist fees” were reinvigorating the long-struggling financial sector. The super profits announcement was immediately followed by an ...
Kenya Airways eyes Victoria Falls route 18 February 2017 HARARE - Kenya Airways has set its eyes on the Victoria Falls route as the regional airline expands its footprint across the continent. The latest development comes following the completion of Victoria Falls International Airport’s multi-million dollar facelift and expansion. The airport’s ...
Tobacco selling season ready to roll 18 February 2017 HARARE - Zimbabwe’s tobacco auction floors will open next month, with government hoping earnings from the crop will solve the country’s dollar crunch. Tobacco is the country’s major foreign currency earner after it raked in nearly $1 billion last year in export receipts ahead of platinum and g...
Atlas Mara CEO resigns 17 February 2017 HARARE - Dubai-based financial executive John Vitalo has inexplicably resigned from Atlas Mara, the seven-tier banking group and BancABC Zimbabwe parent, as the sub-Sahara Africa-focussed firm’s share price and continental fortunes continue to tumble. This also comes as the London-listed finan...
Zim mum on debt repayments 15 February 2017 HARARE - Finance minister Patrick Chinamasa has remained tight-lipped on the country’s plans to repay its $1,8 billion arrears to multilateral lenders. This was after the debt-ridden nation failed to meet the June 30, 2016 deadline to repay its debts to preferred creditors — the World Bank, In...
Zera dims light on incandescent bulbs 15 February 2017 HARARE - Zimbabwe has banned the manufacture and importation of incandescent light bulbs in an effort to save electricity and reduce power outages. The country needs about 2 200MW of power, but is only able to generate about half of its power requirements from domestic sources. According St...
IDBZ reviews operations 15 February 2017 HARARE - The Infrastructure Development Bank of Zimbabwe (IDBZ) is set to review its commercial banking operations to concentrate more on development projects, Finance minister Patrick Chinamasa has said. The Treasury chief last week said IDBZ has so far received several consultancy jobs from ...
Mazda BT-50 back on the market 15 February 2017 HARARE - Mazda BT-50 is built tough to take on any task, and do it in style. It delivers grunt and refined comfort with every drive. Fill it with gear, pull a load or take it off road. As a workhorse or a weekend warrior, it’s always up to the challenge. The vehicle’s “Kodo design” became a...
Zvorwadza seeks Con-Court referral 14 February 2017 HARARE - Vendors' leader, Sten Zvorwadza, and 13 alleged accomplices yesterday gave notice of intention to have their public disorder case referred to the Constitutional Court (Con-Court). The group — charged with disorderly conduct in a public place following a July 16, 2016 demonstration aga...
'RBZ wrapping up CAPS Holdings deal' 13 February 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) is in final negotiations with shareholders of the country’s largest pharmaceutical group, CAPS Holdings (CAPS), amid indications government has already secured several takers for the drugs company. Industry minister, Mike Bimha, last week told the bu...
Air Zim seeks $770m 13 February 2017 HARARE - National flag carrier, Air Zimbabwe, requires at least $770 million to procure new aeroplanes suitable for domestic, regional and international routes, Transport minister Jorum Gumbo has said. “This will involve procuring three small jets for the domestic market and an appropriate mix...
Matemera removed from remand 9 February 2017 HARARE - Financial executive and farmer Hashmon Matemera — accused of externalising $300 million — was yesterday removed from remand after the State kept requesting for more time to institute extra-territorial investigations. The ex-BancABC managing director appeared before Harare magistrate R...
Zim mulls cotton incentives 9 February 2017 HARARE - Zimbabwe is set to pay out a five percent export incentive to cotton producers this year, following government’s injection of $42 million fresh capital into the sector, a Cabinet minister said. Finance minister, Patrick Chinamasa, yesterday said the move was aimed at boosting cotton p...
Govt in $250m base station project 8 February 2017 HARARE - Government is looking at setting up over 600 telecommunications towers across the country, through a $250 million fund from the Universal Services Fund (USF), a Cabinet minister has said. Information Communication Technology (ICT) minister, Supa Mandiwanzira, on Monday said the projec...
Miners call for lower power tariffs 7 February 2017 HARARE - Zimbabwean miners have urged national power utility, Zesa Holdings, to reduce its electricity tariffs in an effort to boost the country’s mineral output. Mines minister Walter Chidakwa last week said he was lobbying for a special power tariff of $0,04 per kilowatt hour (kwh) from the ...
NetOne increases market share 7 February 2017 HARARE - State-owned mobile telecommunications company, NetOne, has more than doubled its market in the past few years due to improved services, sound leadership  and innovative products, a Cabinet minister has said. Tourism minister Walter Mzembi said NetOne must continue to  create high valu...
Govt expropriates Zim Alloys land 4 February 2017 HARARE - Government has expropriated half of Zim Alloys' land for distribution to small-scale indigenous players in the chrome mining industry. Mines minister Walter Chidakwa said while the discussions had been “tough and full of problems” the former Anglo-American subsidiary chrome miner was ...
TelOne rolls out $98m project 4 February 2017 HARARE - Fixed telecommunications company, TelOne, has begun the roll-out of the National Broadband (NBB) Project network under the $98 million China Exim Bank facility. The implementation of the network modernisation venture, which was granted a national project status, commenced late last ye...
Vela appointed to global board 4 February 2017 HARARE - National Social Security Authority (Nssa) chairperson Robin Vela, has been appointed to the Institute of Chartered Accountants in England and Wales (ICAEW) members’ advisory board, following the creation of an African chapter for the organisation. The newly-established Members Advisor...
NetOne answers Mzembi's call 4 February 2017 HARARE - Mobile telecommunications firm NetOne has become the first company in the country to assist Tourism minister Walter Mzembi with a $10 000 sponsorship package to boost his United Nations World Tourism Organisation (UNWTO) campaign. Mzembi is set to battle it out for the UNWTO secretary...
Zim to ramp up chrome production 3 February 2017 HARARE - Zimbabwe is planning to export over 800 000 tonnes of chrome this year, following the country’s move to re-distribute land previously held by miners. Mines minister Walter Chidakwa yesterday said government was moving to re-allocate 21 170 hectares (ha) of land that once belonged to t...
Reprieve for Econet shareholders 3 February 2017 HARARE - Zimbabwe's leading mobile telecommunications company, Econet, has set up a facility to allow local shareholders to participate in its $130 million rights issue, with the assistance of the central bank. This was after the Zimbabwe Stock Exchange (ZSE) indefinitely postponed the company...
Atlas Mara partners Visa, Mastercard 2 February 2017 HARARE - London Stock Exchange-listed financial services group, Atlas Mara, has entered into a partnership with international payment platform networks, Mastercard and Visa in a move expected to provide financial access to Sub-Saharan Africa customers. Atlas Mara — which owns BancABC Zimbabwe ...
NetOne regularises licence fees 1 February 2017 HARARE - Zimbabwe's second largest mobile telecommunications company, NetOne, says it is working on strategies to complete its $137 million licence fee within the next decade. NetOne’s acting chief executive, Brian Mutandiro, on Monday said the company was also in discussions over how to settl...
Zim economy reaches dead end 1 February 2017 HARARE - A fragile political situation that could prove catastrophic — gross domestic product (GDP) growth of less than one percent, a notoriously high unemployment rate, widening inequality and the industrial failings of a commodity-driven growth model — not a pretty picture of an economy. Yet t...