Business

Mash Holdings in $870K arrears write off 23 February 2018 HARARE - Property investment and development firm, Mashonaland Holdings (Mash Holdings) has written off $870 000 worth of legacy rental arrears on the back of rising voids as the property market remains depressed, its acting chief executive said. The firm’s acting boss, Letiwin Mawire said Mas...
Zim takes investment mantra to UK 20 February 2018 HARARE - President Emmerson Mnangagwa's government will next month travel to the United Kingdom to lure British and European investors. The investment roundtable meeting, which is being organised by Consolidated Africa Services (Cas), will held in London from March 14-17. The latest develop...
Potraz gets tough on NetOne 20 February 2018 HARARE - The Postal and Regulatory Authority of Zimbabwe (Potraz) has ordered State-owned mobile network operator, NetOne, to compensate subscribers who lost their data bundles in mysterious circumstances in the past few weeks. Gift Machengete, the Potraz director-general yesterday wrote to Ne...
Canadian miner eyes Zim lithium 16 February 2018 HARARE - Canadian mineral exploration company Chimata Gold Corporation said it is seeking to raise at least US$2 million needed to seal a deal with a Mauritius-based firm, Zimbabwe Lithium Company, to mine lithium in Kamativi. Zimbabwe Lithium Company recently entered into an agreement with th...
RTG ups digital stakes 16 February 2018 HARARE - Rainbow Tourism Group, Zimbabwe’s second largest hospitality entity, launched the tourism industry’s first integrated mobile and website App in Harare yesterday. The innovative mobile application called RTG Gateway App was launched at the Rainbow Towers Hotel and Conference Centre by ...
Fuel prices still high: CZI 15 February 2018 HARARE - The Confederation of Zimbabwe Industries (CZI) says the country’s fuel and electricity prices are still high despite the recent government intervention to reduce taxes on the energy sector. “The CZI Energy and Environment committee is of the view that the prices are still too high and...
Zim cryptocurrency exchange makes waves 14 February 2018 HARARE - Zimbabwe’s only cryptocurrency exchange, Golix, has reached a massive milestone after it cleared over 2 000 customer support tickets in less than two weeks. The company, which is known for allowing Zimbabweans to make international cross border payments easily and effectively, managed...
Zim commits to debt clearance programme 14 February 2018 HARARE - President Emmerson Mnangagwa’s government says it is committed to repay its debts with the international community. Central bank governor John Mangudya said in line with the new economic order, government is intensifying the re-engagement process with the international community to im...
Zim to host investment conference 14 February 2018 HARARE - Zimbabwe will next month host an investment conference aimed at providing a platform for potential investors, business and government to come up with ways to increase the flow of investment into the country. The programme also includes discussions on various issues affecting the count...
Econet speaks on network challenges 13 February 2018 HARARE - Econet Wireless Zimbabwe has apologized to its customers for the disruption in service experienced by some of its customers on Monday morning (February 12, 2018). A company spokesman acknowledged the network had experienced some challenges early on Monday morning, which had been resol...
Stability stress tests for Zim banks: Mangudya 12 February 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) will start conducting comprehensive financial stability stress tests on the banking sector beginning September 2018 as it seeks to bring stability to the troubled sector. Central bank governor John Mangudya said the tests were part of measures aimed ...
ZimTrade calls for increased citrus production 10 February 2018 HARARE - Zimbabwe export promotion body (ZimTrade) says local farmers should boost citrus production to meet increased demand from China. This was after the China Industrial International Group Zimbabwe (CIIGZ), which supports local business to access China’s $23 trillion economy, managed to g...
CBZ rolls out sustainable life assurance services 10 February 2018 HARARE - Zimbabwe’s largest financial institution by assets, CBZ Holdings (CBZ), says it will leverage on its strong balance sheet to roll out sustainable life assurance services with guaranteed returns. The Zimbabwe Stock Exchange-listed group, which superintends over a range of financial ser...
Zimplats partners Zas on artificial insemination 10 February 2018 HARARE - Zimbabwe's largest platinum miner, Zimplats, has partnered with the Zimbabwe Agricultural Society on an ambitious artificial insemination programme to boost the country’s national cattle herd. Artificial insemination is the process of collecting sperm cells from a male animal and arti...
CBZ hunts for new CEO 9 February 2018 HARARE - Zimbabwe's largest financial services group by asset base, CBZ Holdings, has begun the hunt for a new chief executive to replace Never Nyemudzo who retired on December 31, 2017. Nyemudzo, who retired to “pursue personal interests” after leading the institution for only three years, wa...
DIDG to deliver 13 locomotives, 200 wagons 9 February 2018 HARARE - The Diaspora Infrastructure Development Group (DIDG), in partnership with South Africa's Transnet will next week deliver the first consignment of 13 locomotives and 200 wagons as part of the $400 million National Railways of Zimbabwe (NRZ) recapitalisation. DIDG executive chairperson ...
Banks record $242m profit 9 February 2018 HARARE - Zimbabwe’S financial institutions have recorded a 34 percent surge in profits during 2017 to $242 million from $181 million in 2016, despite tight liquidity and deteriorating economic conditions. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said 18 out of the 19 operational f...
Mangudya's tough inflation choices 9 February 2018 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has vowed to keep the country's inflation below four percent this year. However, the veteran banker has a tough job ahead of him as inflation topped 3,46 percent by end of December last year, with some market experts predicting tha...
Buyangs' AMG joins jewellers association 9 February 2018 HARARE - The African Medallion Group (AMG) has joined the Jewellers Council of South Africa (JCSA), in a development that is expected to boost trust and confidence in the group’s gold products. AMG, which manufactures and trades gold-backed medallions, was admitted into the elite 1 580-member ...
Stanbic partners Chinese firm 7 February 2018 HARARE - In A dual development set to transform Africa's access to China as well as simplify the ability of Chinese nationals to transact in Africa, Stanbic Bank Zimbabwe's parent company, Standard Bank, has signed an agreement with UnionPay International to accept UnionPay cards in multiple Afri...
Zim scores low on investment openness 7 February 2018 HARARE - Zimbabwe has been ranked as one of the worst performing southern African states in terms of its openness to foreign investment after the country scored a lowly 18,7 points out of 100. International think-tank BMI Research said other regional countries such as South Africa, Zambia, Moz...
Zisco defers crucial meeting 7 February 2018 HARARE - Beleaguered steel maker, the Zimbabwe Iron and Steel Company (Zisco), has postponed its crucial extraordinary general meeting (EGM), which was scheduled for tomorrow, due to a “delay in the establishment of the data room containing documents for inspection”. The meeting was to discuss...
Trade Kings upbeat on $20m investment 6 February 2018 HARARE - Trade Kings Zimbabwe says it is confident of generating foreign currency for the country after completing its $20 million detergent manufacturing plants. The fast-moving consumer goods (FMCG) company, which is battling to secure foreign currency for imported raw materials such as chem...
Liquid subsidiary unveils data centres 6 February 2018 HARARE - Leading pan-African telecommunication group Liquid Telecom subsidiary, Africa Data Centres, has launched newly-expanded data centres facilities in Johannesburg and Cape Town, South Africa. The state-of-the-art, carrier-neutral SADC Johannesburg and SADC Cape Town will provide leading ...
ZIA targets $2,5bn FDI 6 February 2018 HARARE - The Zimbabwe Investment Authority (ZIA) says it expects to approve projects valued at $2,5 billion this year on the back of broad economic reforms being adopted by President Emmerson Mnangagwa's administration. The reforms are expected to provide a condusive environment for foreigners...