Business

India seeks increased diamond trade 24 March 2017 BULAWAYO - India said it is seeking to develop Zimbabwe’s diamond sector through increased trade. One of the emerging Asian giant’s leading industry bodies, I am SME of India, yesterday said it was looking for ways to partner with local diamond producers. “It’s deplorable that Africa in gen...
Ethiopian Airlines to launch Vic Falls flight 24 March 2017 HARARE - Ethiopean Airlines will launch its maiden Victoria Falls flight this Sunday. The airline's group chief executive, Tewolde GebreMariam said the four weekly flights into the resort town were part of the carrier's expansion plans linking the world to one of the world's seven natural wond...
NBS intensifies expansion drive 23 March 2017 HARARE - The National Building Society (NBS) is targeting an expansion of its distribution network by opening four new branches and 19 agencies this year, managing director Ken Chitando has said. This also comes as the National Social Security Authority (Nssa)-owned mortgage lender has managed...
Caledonia invests $54m in gold mine 23 March 2017 HARARE - Zimbabwe-focused resources firm, Caledonia Mining Corporation (Caledonia) said it plans to invest $54 million over a three-year-period on its Blanket Mine (Blanket) as part of strategies to produce 80 000 ounces of gold. The group’s chief executive, Steve Curtis, on Tuesday said the L...
Air Zim fails to submit financials in 8 years 22 March 2017 HARARE - State-owned Air Zimbabwe (Air Zim) has failed to fulfil the obligation to submit financial statements for audit for the past eight years. The insolvent airline — grappling with $300 million in debt — is currently working on the 2010 financial statements, according to the office of the...
Good news for Zim borrowers 21 March 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, said the new interest rate regime which capped lending rates at 12 percent will apply in retrospect. “When you change the interest rate in the system, it means that you are changing interest rates for both the new and the old loa...
RBZ bails out cross-border traders 20 March 2017 HARARE - Reserve Bank of Zimbabwe (RBZ)'s subsidiary Homelink has begun disbursing a $15 million loan that will benefit scores of cross-boarder traders. This comes as government is making moves to cushion the informal traders against cash shortages that had given room for parallel market activ...
TelOne project draws down $33m 20 March 2017 HARARE - Fixed telecommunications operator, TelOne, said it has so far drawn down a total of $33 million from the China Exim $98 million facility for its modernisation project. This comes as the company moves to introduce more services to counter the decreasing voice revenue. Telecommunicat...
Cabs in $39,2m profit 18 March 2017 HARARE - Old Mutual Zimbabwe's mortgage lender, Central African Building Society (Cabs), recorded a $39,2 million surplus in the year to December 2016 up from $28,3 million. Cabs chairman Leonard Tsumba said while the group had managed to grow its net surplus by $11 million, total assets had a...
Businessman up for criminal trespass 17 March 2017 HARARE - Businessman Timothy Trombas has been dragged to court by his ex-wife on charges of criminal trespass after reportedly visiting their children at Nicola Audrey Foote’s residence without the woman’s permission. With the matter due to be heard by Harare magistrate Victoria Mashamba yeste...
Old Mutual records $92m profit 17 March 2017 HARARE - Intergrated financial services group, Old Mutual Zimbabwe (OMZ), has recorded $92 million profit in the full year to December 2016 compared to $13,3 million registered in prior comparable period. “This performance was driven by strong performance in the banking, life insurance and sho...
Univern in major traffic management deal 16 March 2017 HARARE - Technology firm Univern Enterprises (Univern)’s stock continues to rise as it has been contracted by the Zimbabwean government to automate the country’s transport management systems, including vehicle registry and ensuring compliance with traffic laws. This also comes as the locally-o...
Econet still preferred network — Potraz 15 March 2017 HARARE - Econet's services and products are still a favourite for the majority of Zimbabweans due to quality and convenience, latest industry data shows. This comes as telecommunications experts said Econet has a unique position in the market in that it is the only operator which has the wides...
Zim faces salt shortages 14 March 2017 HARARE - Zimbabwe is facing serious salt shortages after one of the country's largest suppliers, Botswana Ash (Botash), said its operations are being affected by a debilitating cash crisis. Botash general manager corporate services Victoria Lekoma said her company's trade deals have been sever...
Financial inclusion pays off for CBZ 13 March 2017 CBZ’S aggressive drive to mop up unbanked clients under its ambitious financial inclusion programme is paying off as the financial services behemoth has netted more than 170 000 previously unhooked customers and here Group Chief Executive Never Nyemudzo speaks to Senior Assistant Editor Guthrie M...
Mudzingwa scoops CBZ top prize 11 March 2017 HARARE - Emerging entrepreneur Sipho Mudzingwa has scooped the CBZ Holdings (CBZ)’s Youth Entrepreneurs Programme (Yep) top prize. At a glitzy function held at a five-star hotel in the capital, Mudzingwa — who runs a mobile kitchen business called Chigutiro: Food on Wheels — got $3 000 that wa...
PTA Bank rebrands 11 March 2017 HARARE - The Eastern and Southern African Trade and Development Bank, commonly known as PTA Bank, has rebranded to Trade and Development Bank (TDB) in line with its new mandate. The leading regional multilateral Development Finance Institution (DFI), which has been in operation for just over t...
Cash shortages slash mobile money 10 March 2017 HARARE - Zimbabwe's telecoms regulator has said mobile money has tumbled by 35 percent, with cash shortages slowing a race that has seen mobile phones turn into bank books for the “unbanked” to store cash, manage their accounts, make purchases and send and receive money. The Postal and Telecom...
ZSE losing streak continues 8 March 2017 HARARE - The Zimbabwe Stock Exchange (ZSE)’s losing streak continued in February with the local bourse’s market capitalisation falling down 3,7 percent to $3,8 billion. Equities research firm, IH Securities, said while foreign investors continued shunning the bourse, the industrial index had a...
ZB holds on to $117m treasury bills 8 March 2017 HARARE - Intergrated financial services group, ZB Holdings (ZB), says it will not dispose its $117 million Treasury Bills (TBs) any time soon despite significant systemic settlement risk posed by the government-backed papers. ZB chief executive Ron Mutandagayi said the financial institution wa...
Zimra bosses hearings begin 7 March 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) says disciplinary hearings for suspended Commissioner General Gershem Pasi and five other executives have begun. Zimra director for legal and corporate services Florence Jambwa, last week said Pasi’s cross-examination was being handled externally...
CBZ empowerment scheme reaches climax 7 March 2017 HARARE - Zimbabwe's largest financial services group by asset base, CBZ Holdings (CBZ), said its ambitious $40 000 entrepreneurship empowerment programme has reached the climax with winners expected to be announced this week. The project, which has resulted in over 660 youths being trained by ...
FBC gives out $37m in mortgages 7 March 2017 HARARE - FBC Building Society has spent over $37 million in mortgage loans to fund its housing projects across the country. The building society’s chairperson Benjamin Kumalo, on Friday said the financial institution has delivered more than 900 housing units into the property market since 2009...
Banks call for quick Lima deal 5 March 2017 HARARE - Government must negotiate the Lima deal to avoid a “cliff edge” cash crisis forcing banks to limit amounts to individuals and companies, leading Zimbabwean commercial banks have said. Finance minister Patrick Chinamasa has said he is forging ahead with formal negotiations with interna...
Zim dreams of Africa's Silicon Valley tag 4 March 2017 HARARE - Zimbabwe Information and Communication Technologies (ZICT) is betting on government's benevolence to grant it land that can be used to set up an innovation hub in the country. ZICT executive Daniel Rusike said his organisation has put forward a request for 200 hectares of land to deve...