Business

RBZ, Time Bank in debt talks 21 July 2016 HARARE - The Reserve Bank of Zimbabwe (RBZ) is reportedly locked in negotiations with Time Bank Zimbabwe Limited (Time Bank) over monies owed by to the latter and whose return may shape the local financial institution's rebound to banking business. This also comes amid indications that Transna...
Ariston in $4m debt equity deal 21 July 2016 HARARE - Agriculture concern Ariston is seeking shareholder approval to convert a $4 million debt into equity to allow the company to clean its balance sheet and raise more fresh capital. In a notice to shareholders yesterday, the Zimbabwe Stock Exchange-listed firm said the deal will see its ...
Zambia challenges Zim imports ban 19 July 2016 HARARE - Zambian businesses have urged their government to consider increasing import taxes on goods from Zimbabwe to create a level playing field for trade. This was after Zimbabwe recently made an ill-advised move to “restrict trade” as part of strategies to support the development of local ...
Diamond production down 76pc 19 July 2016 HARARE - Zimbabwe's diamond production has declined by 76 percent following the country’s compulsory acquisition of Marange fields in February this year, latest figures show. Information released by the central bank revealed that diamond output deteriorated to 152 475 carats in the first quart...
Zim must adopt commodities exchange 19 July 2016 HARARE - Zimbabwe must introduce an agriculture commodity exchange in an effort to revive the sector, an international investor has said. Alternative Investments Africa (Altvest) founding partner Tichaona Seremani said the country’s agricultural sector used to be vibrant when the commodities e...
CFI revenue slumps 45pc 18 July 2016 HARARE - Agro-based manufacturing group CFI Holdings Limited (CFI) revenue for the eight months to May 31 slumped 45 percent to $23,1 million down from $41,8 million on the back of a tough operating environment. CFI acting chief executive officer Timothy Nyika last week told an Annual General ...
IDBZ to issue $15m housing bonds 18 July 2016 HARARE - The Infrastructure Development Bank of Zimbabwe (IDBZ) says it is set to issue over $15 million in housing bonds to fund various projects under preparation. The state-owned institution — whose mandate is infrastructure development — successfully issued its maiden $5 million housing bo...
Struggling PG secures Indian investor 15 July 2016 HARARE - PG Industries Zimbabwe (PG) is moving to sell about 8, 6 billion shares to an Indian investor for $500 000 as the group's shareholders seek to divest from the struggling firm. PG scheme of arrangement chairperson Moses Chinhengo yesterday said the company's shareholders were set to me...
ZSE remains depressed 14 July 2016 HARARE - The Zimbabwe Stock Exchange (ZSE) remains subdued with the market’s turnover slumping by 70 percent to settle at $1,5 million in the week ending July 1, 2016,  the central bank has said. A Reserve Bank of Zimbabwe (RBZ) update said most blue chip counters’ performance was depressed. ...
Nssa resorts to garnishee orders 12 July 2016 HARARE - The National Social Security Authority (Nssa) has resorted to issuing garnishee orders to defaulting employers after the authority recorded a $217 million debtor's book at the end of 2015, it has emerged. Nssa — which provides social security to retired employees through employee cont...
Cash shortages: Boon for black market 10 July 2016 HARARE - As the country's economy continues to deteriorate with cash shortages worsening, tight liquidity has created jobs for the unemployed as ever-innovative Zimbabweans invent and reap from a supposedly grim and bleak situation. Most local banks have lowered their cash withdrawal limits, a...
Zim to get $1bn Afreximbank loan 8 July 2016 HARARE - Zimbabwe is set to secure close to $1 billion in loans from the African Export-Import Bank (Afreximbank) aimed at clearing the country's $1,8 billion arrears to multilateral institutions, the central bank governor has said. Reserve Bank of Zimbabwe governor John Mangudya told the medi...
Govt warned over debt assumption 8 July 2016 HARARE - National Assembly speaker Jacob Mudenda has warned the government against warehousing State enterprise debt as this was burdening hard-pressed taxpayers. Mudenda said there was need for new laws to hold management at parastatals accountable for the accumulation of debts. “Governmen...
Most Zimbabweans not insured 8 July 2016 HARARE - Zimbabwean insurance companies have been urged to come up with new products aimed at capturing at least 9,1 million people who are not insured. Finance ministry director Judith Rusike said insurance sector firms must play a part in promoting financial inclusion. “The FinScope Consu...
Will Air Zim ever be a viable airline? 7 July 2016 HARARE - Recently and over a period of time, questions have come up about whether Air Zimbabwe is ever going to make it as a viable airline or not. Not so long ago, the airline appeared before a Transport Parliamentary Portfolio Committee and one major thing that was raised was the need to rei...
Premier commences production 7 July 2016 HARARE - London-listed resources firm Premier African Minerals (Premier) said it will start production at its RHA tungsten project in Zimbabwe on Monday next week. The company’s chief executive, George Roach, yesterday said screens and plant modifications are now at site and installation is pr...
Govt to assume $370m Zisco debt 4 July 2016 HARARE - Industry minister Mike Bimha said government is set to assume Zimbabwe Iron and Steel Company (Ziscosteel)'s over $370 million debt to make the Kwekwe-based steel manufacturer attractive to potential suitors. “We are in the process of entertaining other investors. It was suggested by ...
Zim targets British investors 4 July 2016 HARARE - Finance minister Patrick Chinamasa and Reserve Bank of Zimbabwe governor John Mangudya are in London this week as they intensify their drive to woo international investors as part of the re-engagement process. Mangudya left Harare for London yesterday for a week-long mission, which wi...
Zimra threatens court action 4 July 2016 HARARE - The Zimbabwe Revenue Authority (Zimra) has threatened to take legal action against tax defaulters in an effort boost its dwindling coffers. This comes as the national tax debt rose to 31 percent in the first quarter to $2,5 billion weighed by private entity debt as company closures an...
Nestle commits to Zim 4 July 2016 HARARE - The world’s largest food company, Nestle, said it is committed to remain in Zimbabwe despite the country’s deteriorating economic conditions. “We have been in Zimbabwe for 57 years and indeed we are just celebrating 100 years in Africa. We are a long term company and we have invested ...
Mandiwanza calls for rand adoption 30 June 2016 HARARE - Veteran industrialist Anthony Mandiwanza says Zimbabwe must adopt the South African rand as its official currency to help ease the current cash crisis and improve the manufacturing sector's competitiveness. This comes as the country, which adopted a multi-currency system in 2009 domin...
Hwange sinking in $310m debt 29 June 2016 HARARE - Troubled Hwange Colliery Company Limited (Hwange) is seeking a scheme of arrangement to reschedule its $310 million debt, as its going concern status remains under threat. This also comes as the western Zimbabwe coal miner is mulling a $25 million rights and $100 million bond issue in...
Zimasco pollution "killing" Kwekwe 29 June 2016 HARARE - Chinese-owned Zimasco (Private) Limited is facing serious government censure after a State-sanctioned probe has unearthed serious environmental damage at its Kwekwe plant, the Daily News can reveal. The development not only comes as President Robert Mugabe has attacked the ethical con...
Chinese investor to revive Kamativi mine 27 June 2016 HARARE - Chinese investor, Beijing Pinchang, is set to inject $100 million to revive Kamativi Tin Mine which has been closed for almost 21 years, Mines deputy minister Fred Moyo has said. “Government entered into this agreement through Zimbabwe Mining Development Corporation (ZMDC) and the par...
Energy ministry raiding parastatals 27 June 2016 HARARE - The Energy ministry has been raiding parastatals under its control to sustain its expenditure as Treasury fails to cater for the Samuel Undenge-led ministry, it has emerged. Auditor and Comptroller General (AG) Mildred Chiri, in notes accompanying her appropriation accounts for the mi...