Business

Econet in bid to raise $130m 19 January 2017 HARARE - Zimbabwe's leading mobile telecommunications company, Econet  Wireless, is seeking to raise $130 million, through a rights issue, as a way of servicing its loans. Econet yesterday said the move was necessitated by the current liquidity and cash crises, which have resulted in local fir...
Zim deflation breaks records 19 January 2017 HARARE - Zimbabwe has remained in deflation for the past two years despite government’s effort to stimulate local production, latest figures show. Data released yesterday by the Zimbabwe Statistical Agency (Zimstat) revealed that the country’s year-on-year inflation gained 0,16 percentage poin...
'ZSE bull run unsustainable' 19 January 2017 HARARE - Zimbabwe Stock Exchange (ZSE)’s bullish run in the 2016 fourth quarter is expected to end soon due to depressed economic conditions, insurance giant Old Mutual has said. In its Portfolio Manager’s Digest for 2016, Old Mutual said investors were expected to lean towards value preservat...
Nissan Patrol: Champion of all terrains 19 January 2017 HARARE - Nissan Patrol, a vehicle that promises an unmatched customer experience, has set a new benchmark for luxury and ultimate performance, on and off-road. The much-vaunted member of the Nissan family comes with refreshed styling enhancements that add more style to its already impressive “...
'World Bank offside on Zim' 17 January 2017 HARARE - The World Bank's prediction that Zimbabwe's economy will grow by 3,8 percent this year is not only incorrect but also misleading, economic experts have said. This comes as the Bretton Woods institution in its Global Economic Prospects report titled “Weak Investment in Uncertain Times”...
RwandAir eyes Zim routes 16 January 2017 HARARE - RwandAir says it will launch its inaugural flights to Zimbabwe in April as the airline continues with its regional expansion. This comes as Rwanda’s national airline last week announced Harare was going to be among its new regional and international destinations such as Mumbai, London...
Caledonia hits record gold output 16 January 2017 HARARE - London-listed resources firm, Caledonia Mining Corporation Plc (Caledonia), has enjoyed a record quarter for gold production from its Blanket mine in Zimbabwe. Some 13 591 ounces of gold were produced in the last three months, an 18 percent increase on a year ago and one percent up qu...
Zim mulls youth bank 14 January 2017 HARARE - Zimbabwe is working towards establishing a bank that will represent youth interests in the country’s financial sector as well as provide credit to upstarts and small to medium enterprises. Finance minister Patrick Chinamasa said he made a provision for establishment of a youth bank in...
Case IH celebrates 175 years 14 January 2017 HARARE - American agriculture equipment manufacturer, Case IH (Case), is this year celebrating 175 years of operations. The global company’s president, Andreas Klauser, said the anniversary was a testament to many years of quality, perseverance and progress. “I find it amazing to see just h...
Zim industry engages banks 13 January 2017 HARARE - The Confederation of Zimbabwe Industries (CZI) said it has engaged financial institutions over delays in foreign payments. This comes as local industry has been struggling to import raw materials since late last year due to lack of foreign currency and banks’ delay in settling interna...
Reprieve for microfinance institutions 13 January 2017 HARARE - Microfinance Institutions (MFIs) will soon be allowed to renew their operating licenses once in every three years as the country moves towards financial inclusion, businessdaily has established. This compares favourably with the current annual license registration. “The government ...
Chinese firm bails out Zim 12 January 2017 HARARE - Chinese hydropower engineering and construction company, Sino Hydro, has pledged to help Zimbabwe's cash-strapped government to secure funding for its Hwange Thermal Power Expansion Project. The company's vice president Wang Jian said Sino Hydro, as push for financial closure, will in...
Tongaat pins hope on economic recovery 12 January 2017 HARARE - Tongaat Hulett (Tongaat) is pinning hopes on Zimbabwe’s economic recovery to boost its operations in the impoverished southern African country. The group’s chief executive Peter Staude said improved economic activities in the country will result in increased sugar consumption. “Gro...
Zim mulls new mining tax 10 January 2017 HARARE - Zimbabwe is planning to introduce a new mining tax this year aimed at boosting the country's depleting revenue streams, businessdaily has established. Finance minister Patrick Chinamasa said the country has engaged an unnamed tariff consultancy firm from Norway to come up with the new...
Imports ban review on cards 10 January 2017 HARARE - Industry minister Mike Bimha says government is in the process of reviewing items on Zimbabwe’s import restrictions list with the view of adding or removing some, as the country moves to monitor import influx. Bimha, who last year imposed restrictions for locally available imports und...
Tobacco farmers increase 10 January 2017 HARARE - The number of registered tobacco farmers for the 2016/17 season has increased by 10 910 to 81 172, as more growers are being lured by good fortunes from the golden leaf, official data shows. Figures released by the Tobacco Industry and Marketing Board (TIMB) indicated that communal fa...
IDBZ raises $22m from infrastructure bonds 8 January 2017 HARARE - The Infrastructure Development Bank of Zimbabwe (IDBZ) last year raised about $22 million from infrastructure bonds floated to the investing public to fund various projects under preparation, the bank said. Data released by the State- owned institution — whose mandate is infrastructur...
Mugabe forges ahead with Zimplats land grab 6 January 2017 HARARE - Zimbabwe government is going ahead with plans to compulsorily acquire 28 000 hectares of mining land in Kadoma held by the country's biggest platinum miner, Zimplats. Through the second publication of a notice to the effect, President Robert Mugabe — ignoring various warnings from mar...
CBZ suspends local Visa transactions 6 January 2017 HARARE - Zimbabwe's largest financial services group by assets, CBZ Holdings (CBZ), has, with effect from January 15, suspended the use of the Visa card on the local market. In a statement released to depositors yesterday, the financial institution also announced new limits for international t...
Platinum miners to invest $50m in 2017 5 January 2017 HARARE - Zimbabwe's platinum miners are set to invest over $50 million on expansion projects in a development anticipated to increase the metal’s annual output, the Chamber of Mines Zimbabwe (CoMZ) said. The miners’ body said the three companies currently operating platinum mines in Zimbabwe —...
Zim moots electronic duty-free certificate 5 January 2017 HARARE - Treasury is moving to introduce an electronic duty-free certificate to curb abuse of the paper following indications that government blew $258,5 million on imports in 2015 facilitated through the State-issued documents. Finance minister Patrick Chinamasa said following rampant abuse o...
Liquidity, credit risk to persist — RBZ 4 January 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) expects liquidity and credit risk to remain the main huddles confronting local financial institutions, amid indications that banks will achieve improved performances in the period to December 2016. In its latest report on the sector, the central bank...
$9,6m bond coins now in circulation 3 January 2017 HARARE - About $9,6 million worth of bond coins is now 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 million Afrex...
Falgold to resume explorations 2 January 2017 HARARE - Zimbabwe Stock Exchange-listed resources group Falcon Gold (Falgold) said it is planning to resume exploration works it had stopped last year due to the country’s worsening economic condition. The group’s executive chairman, Ian Saunders, said there were chances that Falgold could per...
Rainbow Airlines takes to the sky 1 January 2017 HARARE - Zimbabwe's newest commercial airline, Rainbow Airlines, which promises to offer travellers the best in both affordability and premium quality‚ will launch its inaugural flights from Harare International Airport to Johannesburg from January 25, 2017. The airline that will start by serv...