Business

BNC profits up 46 percent 9 December 2017 HARARE - Listed mining concern, Bindura Nickel Corporation (BNC), has posted a $2,23 million profit after tax in the half year to September representing a 46,8 percent increase from $1,18 million reported in the comparable period last year. In a statement accompanying the results, BNC chairper...
TelOne launches new home broadband packages 9 December 2017 HARARE - Fixed telecommunications services operator, TelOne,  has unveiled new home broadband packages which are technology neutral and offer flexible packages from as low as $1 in response to the feedback and needs of the clients,. Being technology neutral means the new packages are applicabl...
Mamvura, Chawoneka exit CFI Holdings 8 December 2017 HARARE – One of Zimbabwe’s top marketers, Douglas Mamvura and renowned banker Ephraim Chawoneka, have resigned from controversy-prone CFI Holdings Limited saying the environment at the Zimbabwe Stock Exchange (ZSE) listed concern was such that staying would have created needless reputational risk...
Econet revenue, market share surge 8 December 2017 HARARE - Leading mobile network operator (MNO) Econet Wireless Zimbabwe has extended its mobile market leadership by growing its revenue market share to 82 percent, and increasing its customer market share to 52 percent between July and September 2017. This is according to the latest third qua...
'Chinamasa should prioritise local content policy' 7 December 2017 HARARE – Finance minister Patrick Chinamasa should consolidate the country’s local content policy in his National Budget presentation today to help steer industrialisation, Buy Zimbabwe has said. The pressure group’s chief economist Kipson Gundani said the local content policy development init...
Beyond EcoCash: Pricing distortions in Zimbabwe 7 December 2017 HARARE – Crisis weary Zimbabweans are expecting the newly sworn in Cabinet to move with speed and address the current liquidity crisis that has seen many people spending hours in bank queues while the value of bond notes has been significantly eroded. The country’s worsening cash shortages hav...
ZAS to construct $20m shopping mall 6 December 2017 HARARE - Zimbabwe Agriculture Society (Zas) is in the process of constructing a $20 million state-of-the-art shopping mall at the Exhibition Grounds in Harare. Zas chief executive Anxious Masuka said his organisation came up with an idea to set up the mall to cater for exhibitors and visitors ...
CBZ trains 1 500 young entrepreneurs 6 December 2017 HARARE – At least 1 500 young business people from around the country have received training in the 2017 edition of Youth Entrepreneurs Programme (Yep) which is now in its second phase with 20 participants set to receive seed funding. The programme which is sponsored by CBZ Holdings and manage...
Informal sector pension scheme ready 5 December 2017 HARARE – The National Social Security Authority (Nssa) says it is ready to administer its voluntary pension scheme for the informal sector. “Our actuaries are currently working on the model and design of the scheme,” Nssa chairperson Robin Vela said, adding that the pensions administrator aims...
Dandemutande cleared to acquire YoAfrica 5 December 2017 HARARE - Dandemutande Investments, a leading Internet Access Provider, says it has received full approval from the Competition and Tariff Commission for its acquisition of YoAfrica, a leading player in the provision of Internet services to the Small and Medium Enterprise market. “We are deligh...
Nyambirai buys Arcturus Mine 4 December 2017 HARARE – Businessman Tawanda Nyambirai has snapped up Arcturus Mine from Metallon Corporation (Metallon). The London-listed firm placed Arcturus Mine under care and maintenance in the 2016 first quarter with mining operations suspended due to consistent losses. As part of the transaction, M...
Corporate governance drives economic growth 4 December 2017 HARARE – Several companies were recently honoured for their sterling work in good corporate governance issues at the 2017 Excellence in Corporate Governance Awards. The prize ceremony was held under the theme: Promoting Good Governance for Sustainable Economic Development. Speaking at the c...
Starafrica ventures into honey production 4 December 2017 HARARE – Sugar producer Starafricacorporation says it is planning to venture into honey production and export markets as a way of increasing revenue streams and preserving shareholder value. The group’s chairperson, Joel Mutizwa, said bottling of honey has begun at Country Choice Foods and mor...
TelOne partners Huawei 4 December 2017 HARARE – State-Owned telecommunications company, TelOne, has partnered with a leading global information and communications technology solutions provider, Huawei, to provide training to engineering students. TelOne managing director Chipo Mtasa said the new partnership culminated as a result o...
Nash Paints wins big at Megafest awards 4 December 2017 HARARE – Fast-growing paint manufacturer, distributor of automotive and decorative paints Nash Paints emerged among the biggest winners of the Megafest Northern Region Business Awards held on Friday night. This came after its director Tinashe Mutarisi demonstrated his leadership dominance by s...
'Zim lacks shareholder activism' 2 December 2017 HARARE – African Export-Import Bank (Afreximbank) executive vice president, Denys Denya, says the collapse of many companies in Zimbabwe was partially caused by absence of active shareholders. “The apathy of Zimbabwean shareholders and those in most other countries across the African continent...
Stanbic assists Chitungwiza hospital 2 December 2017 HARARE – Stanbic Bank Zimbabwe is assisting Chitungwiza Central Hospital with the revamping and resuscitation of its water supply in a programme that involves the drilling of new boreholes and the provision of water supply equipment. The bank early this week handed over a 10 000-litre water ta...
New Zim era boon for PGM metals 30 November 2017 HARARE – The demise of former president Robert Mugabe, through a calculated military intervention, could prove a boon for the country's platinum-group metals, mining experts have said. Zimbabwe, the world's number three producer of platinum and fourth largest palladium producer, according to d...
IDBZ lists $65m bonds 30 November 2017 HARARE – The Infrastructure Development Bank of Zimbabwe (IDBZ) on Wednesday listed its $65 million bonds it issued in 2014 for energy infrastructure projects on the Financial Securities Exchange. Finsec chief executive Collen Tapfumaneyi said the listing of these bonds by IDBZ demonstrates co...
Innscor, Cabs clinch top awards 30 November 2017 HARARE – Innscor Africa was the overall listed companies winner of the Excellence in Corporate Governance Awards, while CABS was the overall banking sector winner. The Deposit Protection Corporation was the winner of the State Enterprises and Parastatals Award. Innscor was judged the overal...
Eutelsat, Sigfox Foundation join forces to fight rhino poaching 30 November 2017 HARARE – French-based satellite operator Eutelsat and Sigfox Foundation have joined forces to combat rhino poaching by inserting Global Positioning System (GPS) sensors to 3 000 rhinos over the next three years. This comes as the rhino population has significantly declined due to rampant poach...
CBZ Bank rewards e-customers 29 November 2017 HARARE – Zimbabwe's leading commercial bank, CBZ Bank has launched a promotion to reward its clients for evolving and adopting the use of mobile transactions using CBZ Touch mobile application — the country's first fully integrated financial services mobile application. The promotion is open t...
IDBZ initiates bonds listing 28 November 2017 HARARE - The Infrastructure Development Bank of Zimbabwe (IDBZ) has begun the process of listing its $65 million bonds on the Financial Securities Exchange (Finsec), three years after mulling the idea. The bonds, floated in 2014, were used to raise funding for the completion of prepaid electri...
Lucky Edgars customer pockets $10 000 cash 28 November 2017 HARARE - One lucky customer walked away with $10 000 in cash at Edgars Stores Fashion Extravaganza shop and win promotion. The leading clothing retail company and fashion house in Zimbabwe, held the Fashion Extravaganza shop and win promotion for the eighth consecutive year on Saturday. Car...
WorldRemit guarantees cash-pick up in Zim 28 November 2017 HARARE - WorldRemit, a leading online money transfer company, is guaranteeing its customers United States dollars in cash for collection at Steward Bank branches across Zimbabwe. The international money transfer firm has been operating in Zimbabwe since 2010, and is taking the unprecedented st...