Business

Atlas Mara to cut jobs, costs 29 August 2016 HARARE - BancABC Zimbabwe parent company, Atlas Mara, said it plans to cut staff as part of an $8 million cost-cutting drive following a difficult first half of the year, during which net profits slumped 71 percent. The group, which buys banking assets in Africa to try and benefit from the reg...
NMBZ in $3,5m profit 25 August 2016 HARARE - Dual-listed financial services group NMB Zimbabwe (NMBZ) posted a $3,5 million profit for the half year to June 2016 on the back of a strong interest income position, despite tough economic conditions. Group chairman Benedict Chikwanha said the bank — which posted an attributable prof...
NetOne secures $485m 24 August 2016 NYANGA - State-owned mobile telecommunications operator, NetOne, is set to access over $400 million from the China Exim Bank next year, for a project expected to put 3 000 base stations online. The company's acting chief executive, Brian Mutandiro, on Monday said the money was being accessed f...
Hyundai Creta tests the limits 24 August 2016 HARARE - Hyundai Creta, the top-selling SUV from the South Korean carmaker, is making waves in Zimbabwe with its versatility and top-notch design. I had an opportunity to drive the vehicle yesterday and although it may have a small footprint, it is packed with big features. That’s the beaut...
Kereke woes mount 23 August 2016 HARARE - Embattled businessman Munyaradzi Kereke’s woes continue to mount as he has been barred from interfering with operations at his Rock Medical Centre (RMC) after a nasty fallout with judicial manager Budhama Chikamhi. This not only comes as the ex-Zanu PF legislator’s attempts to illegal...
'Imports ban will fuel smuggling' 22 August 2016 HARARE - Industry has said government’s recent import restrictions are going to fuel more smuggling into the country, amid indications that Zimbabwe lost an estimated $1 billion to the scourge last year. Consumer Council of Zimbabwe (CCZ) executive director, Rosemary Siyachitema and Zimbabwe N...
Zim loses $124m tourism receipts 19 August 2016 HARARE - Zimbabwe could have lost close to $124 million in tourism revenue last year to the controversial and punitive value added tax (Vat) imposed by the country's cash-strapped government. A latest report commissioned by the Zimbabwe Council for Tourism (ZCT) revealed that the country could...
Mangudya acts nostro accounts 19 August 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) is in the process of setting up stabilisation facilities aimed at monitoring local banks’ nostro accounts to ensure they meet international payment obligations, businessdaily can reveal. A nostro account is a bank account held in a foreign country by...
Agribank returns to profitability 18 August 2016 HARARE - Agriculture-focused financial institution, Agribank, has bounced back to profitability, earning $2,16 million in the six months to June 2016. The latest results compare favourably with the $3,76 million recorded in the same period last year. Agribank chief executive Sam Malaba said...
Zim warned over food shortages 18 August 2016 HARARE - Zimbabwe is set to experience a spat of basic commodities price increases and food shortages in the coming months due to drought and recent import restrictions, a research firm has warned. South Africa-based NKC African Economics (NKC), cautioned that government's Statutory Instrument...
Muzenda appointed new Airzim boss 16 August 2016 HARARE - National Airline, Air Zimbabwe (Airzim), has appointed Ripton Muzenda as its new chief executive. Muzenda, who is son to the late Vice President Simon Muzenda, takes over from Edmund Makona who has been in an acting capacity since September 2013. The qualified pilot already has his...
Mixed fortunes for Asa Resources 16 August 2016 HARARE - Asa Resources Plc (Asa), formerly Mwana Africa, said it recorded mixed fortunes in the quarter to June after gold and diamond sales registered strong performances while nickel sales failed to rise to the occasion. In the period under review, the group’s gold sales went up two percent ...
The rise of Gloria Zvaravanhu 16 August 2016 HARARE - Not many successful women can say they became an executive manager of one of Zimbabwe's best performing listed companies before they turned 30. However, recently inaugurated president of the Institute of Chartered Accountants Zimbabwe (Icaz), Gloria Zvaravanhu, did just that. Fresh...
Metallon loses 6 000 ounces gold to power cuts 11 August 2016 HARARE - Zimbabwe's largest gold producer Metallon Corporation (Metallon) says it is working on solutions to supplement power supply after losing nearly 6 000 ounces of gold to power interruptions in six months. The miner's chief executive, Ken Mekani, yesterday said Metallon lost 112 hours of...
African Sun exits Mauritius 11 August 2016 ZIMBABWE Stock Exchange-listed African Sun Limited (ASL) is continuing with its disposal of foreign assets to focus on local operations. The hospitality firm's chairman, Herbert Nkala, yesterday said after exiting regional markets early this year, the group was now moving to dispose its Maurit...
$50 million boost for agriculture 9 August 2016 HARARE - The Zimbabwe Agricultural Development Trust (ZADT) has disbursed over $50 million loans to boost the country’s agriculture sector through improved efficiency and creating additional revenue streams to limit effects of market volatility. ZADT chief executive Godfrey Chinoera said his o...
'Zim not ready for cashless economy' 7 August 2016 HARARE - “Please try one more time,” Douglas Mandebvu whispered to the till attendant. “I am sorry sir, you will have to try again tomorrow,” the attendant said with slight irritation in her voice glancing at the long-winding queue after swiping Mandebvu's card for the sixth time as it was dec...
Mugabe makes Chinamasa job harder 7 August 2016 HARARE - While Finance minister Patrick Chinamasa (pictured) is going around the West with a begging bowl, to try and rescue Zimbabwe out of a monetary crisis,  back home his boss President Robert Mugabe is singing an entirely different hymn biting the hand that is supposed to help his nation. ...
Sinosteel dumps Zimasco? 4 August 2016 HARARE - Zimasco (Private) Limited (Zimasco)’s revival prospects have continued to dim as the company has reportedly failed to secure a $7 million bailout from its major shareholder Sinosteel Africa Corporation (Sinosteel) to finance short-term operations. This also comes as the Midlands-based...
Nssa unbundles 4 August 2016 HARARE - National Social Security Authority (Nssa) has unbundled its investment division into three units with separate managers to spearhead “reasonable” decisions and bring transparency, the authority's chairman said. Nssa chairman Robin Vela yesterday said the division had been split into p...
NMBZ pushes for plastic money economy 4 August 2016 HARARE - NMBZ flagship arm, NMB Bank, has introduced a mobile application and other technologically-driven measures aimed at promoting the realisation of a cashless economy in Zimbabwe. The bank's marketing manager Lindiwe Thebethebe said the introduction of modern technology was rendering cas...
Zim fuel import bill declines 4 August 2016 HARARE - Zimbabwe's fuel import bill has declined to $600 million in the first half of the year compared to $628 million spent last year in the same period as motorists feel the heat of the country’s deteriorating economic conditions. The country’s estimated 1,2 million vehicles consume an ave...
Banking sector credit plunges 4 August 2016 HARARE - Banking sector credit growth has continued on a downward trajectory, after dropping to 16,4 percent at the end of May 2016 from the 23,8 percent recorded the previous month, the central bank has said. The Reserve Bank of Zimbabwe (RBZ) said local financial institutions continued to ti...
Bond notes launch on track: RBZ 2 August 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) said it is “well on track” to unveil the bond notes in October, despite public resistance. Last week, central bank deputy governor Kupukile Mlambo told the Daily News that despite the public's concerns, the RBZ was geared to introduce the notes. “...
New Toyota Hilux invades Zim 1 August 2016 HARARE - Toyota Zimbabwe has launched three new vehicle models in a bid to regain its market-leading position from competitors. On Sunday, the eighth-generation Hilux, second-generation Fortuner and the Toyota 200, which were unveiled on Sunday at Donnybrook, are expected to up rivalry in the ...