Business

ZHL intensifies restructuring drive 17 August 2017 HARARE - Diversified group, Zimre Holdings Limited (ZHL), has begun negotiations over the disposal of certain assets as it intensifies its restructuring drive. Company secretary Lovemore Madzinga yesterday said the firm wanted to use the disposal proceeds in new ventures. “The company has b...
Masawara divests from Uganda insurer 17 August 2017 HARARE - Southern Africa focused investment firm, Masawara, has disposed its Ugandan insurance unit, Lion Assurance Company Limited (Lac) for $5,7 million. Maureen Erasmus, a director with the Jersey-registered firm, said proceeds from Lac will be utilised to settle a long-term loan repayment ...
Vic Falls hotel occupancy 25pc up 16 August 2017 HARARE - Hotel operators in Victoria Falls are reporting a better-than-expected half year profit and raising their earnings forecast for the year, helped by a boost in business travel following a recently commissioned $150 million international airport. This comes after Kenya Airways and Ethio...
First Mutual plans rights issue 14 August 2017 HARARE - First Mutual  Life Holdings Limited (FMHL) last week announced plans to pursue a rights offer to raise $17,25 million, the businessdaily can report. The implementation of the rights offer will depend on the Zimbabwe Stock Exchange-listed FMLH shareholders who are expected to approve t...
Seza hunts for CEO 13 August 2017 HARARE - The Special Economic Zones Authority (Seza) has begun hunting for a new chief executive officer who will spearhead the country's quest for increased foreign direct investment through Special Economic Zones (SEZs). SEZs allow investors to operate under special conditions that are diffe...
EcoCash platform positioned for increased volumes 12 August 2017 HARARE - Econet Wireless Zimbabwe Limited (EWZL) has moved to reassure customers of its popular EcoCash service regarding the planned maintenance work it has scheduled to carry out over the Heroes holiday weekend. Econet this week announced that the company planned to carry out scheduled maint...
'No power tariff hike yet' 12 August 2017 HARARE - Electricity tariff hikes will only be effected once the review of Zimbabwe Electricity Transmission and Distribution Company (ZETDC)’s supply capacity is completed, the energy industry regulator said. Zimbabwe Energy Regulatory Authority (Zera) chief executive Gloria Magombo said powe...
'NRZ revival set to boost rail traffic' 12 August 2017 HARARE - The revival of the National Railways of Zimbabwe will help boost the country’s ailing economy through increased traffic, Diaspora Infrastructure Development Group (DIDG) has said. DIDG, together with its South African partners, Transnet, this week emerged winners of the NRZ $400 milli...
ZB in massive land bank acquisition 12 August 2017 HARARE - Listed financial services group ZB Financial Holdings has embarked on a massive acquisition of land across the country to support strategic growth. The group chief executive officer, Ronald Mutandagayi, disclosed on Wednesday this week that ZB has been splurging cash on land and has b...
Zim tobacco sales down 7,3pc 11 August 2017 HARARE - Zimbabwean farmers sold 184,5 million kg of the nation’s top export earner tobacco by day 99 of the selling season, which is 7,3 percent lower compared to 199,1 million kg received in  prior year, official data showed. Statistics from industry regulator Tobacco Industry and Marketing ...
Zim's 2017 inflation forecast at 2-3pc 10 August 2017 HARARE - Zimbabwe’s inflation is forecast to rise to around two to three percent at the end of this year, before accelerating sharply in 2018 due to election spending. The annual inflation rate, which had been in deflation since September 2014, moved into positive territory from -0,65 percent ...
Mining sector growth to remain subdued 9 August 2017 HARARE - Mining sector growth is expected to be subdued this year in the absence of fundamental reforms within the sector, a local securities group has said. In its Portfolio Manager’s Digest for the second quarter for 2017, Old Mutual Securities (OM Securities) said old mines must be resuscit...
RBZ secures $600m nostro facility 9 August 2017 HARARE - The Reserve Bank of Zimbabwe has negotiated for an enhanced nostro stabilisation facility of $600m from Afreximbank to manage the cyclical nature of Zimbabwe's foreign exchange receipts. Economic experts said this is positive in the short-term as banks have been struggling to settle m...
Zim imports rise 4pc 9 August 2017 HARARE - Zimbabwe’s imports rose by 4 percent from  $2,07 billion recorded during the first five months of 2016 to US$2,14 billion during the same period in 2017. The main imports are motor vehicles and machinery, fuel and foodstuffs, with South Africa and China as the main import partners. ...
'Back new bond notes with more US dollars' 4 August 2017 HARARE - The move by the Reserve Bank of Zimbabwe (RBZ) to increase the current $200m bond notes in the Zimbabwean economy to $500m must be backed by equivalent amounts of US dollars to help defend the value peg, the NKC African Economics think-tank has said. To allay market fears that the int...
Treasury Bills stocks up 28pc 4 August 2017 HARARE - The stock of Treasury Bills (TBs) and bonds in issue increased 28,2 percent to $2,5 billion at the end of June from about $1,95 billion recorded in April, the central bank governor has said. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on Wednesday said the bulk of the instru...
Zim targets 2-3pc inflation 4 August 2017 HARARE - Zimbabwe is targeting an annual inflation rate of between two percent to three percent this year, in line with the regional benchmark, after a two-year deflation streak was snapped in February. Reserve Bank of Zimbabwe governor John Mangudya on Wednesday said although inflation is exp...
Banks record $100m profit 3 August 2017 HARARE - Zimbabwean banks have made $100,59 million profit in the half year to June 30, 2017, representing an increase of 47,99 percent from $67,97 million reported in corresponding period last year, the central bank has said. Presenting his mid-term monetary policy statement yesterday, Reserv...
We notified ZSE: Van Hoog 1 August 2017 HARARE - British tycoon Nicholas Van Hoogstraten says his investment vehicle — Messina Investments — notified the Zimbabwe Stock Exchange (ZSE) of its intention to buy out CFI Holdings minorities despite claims by the regulator that due processes were not followed. As the battle for control at...
It's Game of Thrones at CFI 31 July 2017 HARARE - The battle for the throne at CFI Holdings (CFI) has escalated with market regulator — the Zimbabwe Stock Exchange (ZSE) — claiming it was unaware that British tycoon, Nicholas Van Hoogstraten’s Messina Investments qualified to make a mandatory offer to the company’s minorities. The bo...
'Allow bond notes to float freely' 28 July 2017 HARARE - Highly-regarded economist Ashok Chakravarti has urged government to allow the bond notes to float freely so that the market can determine its exchange rate, a move he says would help reduce their externalisation. The economist told a Confederation of Zimbabwe (CZI) retailers meeting t...
Zimra closes in on churches 26 July 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) says it is looking into the country's churches with the view of establishing clearer taxing boundaries, amid indications most pastors are failing to remit all their dues to the taxman. Zimra board chairperson Willia Bonyongwe yesterday told the c...
Bakers Inn to open $2m factory in Byo 26 July 2017 HARARE - Simbisa Brands’ bakery unit, Bakers Inn, says it has invested about $2 million in a new factory in the country’s second largest city — Bulawayo — as it moves to drive its 450 000 loaves per day output. Bakers Inn chief executive, Ngoni Mazango, said the move had been prompted by bread...
Grace agonises over her sons' behaviour 25 July 2017 HARARE - First Lady Grace Mugabe, just like her husband, President Robert Mugabe, at the weekend shared her agony with relatives over the continuing wayward behaviour of sons — Robert Junior and Chatunga Bellarmine — whose unacceptable ways led to their ejection from an upmarket private residence...
AirZim privatisation under threat 25 July 2017 HARARE - Government's plans to privatise national carrier, Air Zimbabwe, may be in for a bumpy ride amid indications that the airline’s major creditors are moving to stop the transition. Insiders who spoke to the businessdaily over the weekend said while government had made a provision for the...