Business

Tetrad loses $5m property 13 October 2017 HARARE - Tetrad Holdings (Tetrad)’s bid to reclaim 10 immovable properties sold by public auction to recover more than $5 million owed to National Social Security Authority (Nssa) has flopped after the Supreme Court struck the matter off the roll yesterday. The bank, which was placed under pro...
ZSE bull run to continue 13 October 2017 HARARE - The Zimbabwe Stock Exchange rebound is expected to continue throughout October after total volumes traded in September went up 127,81 percent to 264,09 million. In its report for the month of September, equities firm IH Securities (IH) said the relentless bull run was a direct result ...
Foreign currency shortages worsen 12 October 2017 HARARE - The country’s foreign currency shortage crisis is worsening, with more banks stopping payments to Multichoice, Africa’s largest pay-TV company. This also comes as e-wallet payment system, Ecocash, run by mobile firm Econet Wireless, suspended international transactions on its MasterCa...
Another first from Kwesé 12 October 2017 ZIMBABWEANS had to wait a little longer to start enjoying Kwesé services but the wait is proving to be worth it as the company has met and continues to exceed expectations, adding some sweeteners to the whole deal in a bid attract more customers everyday. Recently the Econet Founder, Strive Ma...
Avian Flu hits Irvine's hard 11 October 2017 HARARE - Zimbabwe's largest poultry and table eggs producer — Irvine’s — has been hit hard by the ravaging Avian Flu outbreak, with the company cutting working hours and terminating  contracts for some employees. The company told the Daily News that while it has taken “all possible measures” t...
Govt moves to ban chrome exports 10 October 2017 HARARE - Zimbabwe is mulling a ban on the export of chrome as it looks to build internal refinery capacity, the Mines and Mining Development minister Walter Chidakwa has said. Zimbabwe’s ferrochrome production is expected to double to 300 000 tonnes this year after the government allocated chr...
Price hikes: Retailers dig in 9 October 2017 HARARE - The Confederation of Zimbabwe Retailers (CZR) has said shops have “no choice” but to increase prices as they are sourcing foreign currency from the black market where they are charged steep premiums. This comes as retailers have significantly increased prices of basic goods, amid esca...
Bushiri to meet Zim's business community 8 October 2017 HARARE - South Africa-based Shepherd Bushiri of the Enlightened Christian Gathering (ECG) is set to visit Zimbabwe at the end of next month and he will meet the business community. The visit which is going to be facilitated by the Bright Light Prophetic ministry housed in Norton will see the c...
Mangudya calls for consumer resistance 6 October 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya (JM) is really not amused by his countrymen's inclination towards inflicting harm on themselves; he is adamant that there is no need for the panic buying that rattled markets in recent weeks and advises consumers not to buy from shops...
RBZ rules out adopting SA Rand 5 October 2017 HARARE - Reverse Bank of Zimbabwe (RBZ) governor John Mangudya has ruled out prospects of Zimbabwe adopting the South African rand as its anchor currency. This comes amid frenzied social media posts claiming President Robert Mugabe and his South African counterpart, Jacob Zuma, were close to r...
Brainworks to list on JSE 3 October 2017 HARARE - Zimbabwe-focused investment and advisory company, Brainworks, has been given the greenlight to list on the Johannesburg Stock Exchange Main Board. In making the move, the company is aiming to have access to a deeper pool of more liquid capital to help push growth in its portfolio of f...
ZSE introduces market data policy 3 October 2017 HARARE - The Zimbabwe Stock Exchange (ZSE) has announced that it will soon  issue the Market Data Policy which will govern the use, distribution and reporting for listed counters with effect from January 1 next year. Market Data enables investors and stock brokers to have public access to trad...
Pricing madness refuses to die 2 October 2017 HARARE - Prices of some basic commodities are continuously skyrocketing notwithstanding assurances by the authorities that the situation would soon normalise. A survey done by the Daily News in the two major cities of Harare and Bulawayo revealed that prices for most basic products were rising...
Nssa raises RTG stake to 60pc 30 September 2017 HARARE - First Mutual Holdings Limited (FMHL) yesterday announced that it had sold its shareholding in hotel concern, Rainbow Tourism Group (RTG), to its major shareholder, the National Social Security Authority (Nssa). The deal will give the compulsory pensions group absolute control in the h...
Boost for local property developers 30 September 2017 HARARE - Government will incentivise the country’s property developers willing to upgrade and set up new structures for tertiary institutions. Finance and Economic Development minister Patrick Chinamasa said this last week at the ground-breaking ceremony for a student complex at the Nationa...
Zim far from it: WEF 28 September 2017 HARARE - Zimbabwe is “far” from improving its 'ease of doing business', the World Economic Forum (WEF) has said, as it once again ranked the nation among countries with poor global competitiveness in its latest ratings. It said actually, the prevailing economic environment has “made it harder”...
RBZ issues savings bonds 27 September 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has started issuing savings bonds to individual and institutional investors with a promise of seven percent annual return. The central bank, which is issuing the debt securities to help raise money to fund government business, said applications can b...
Progress in Mines and Minerals Amendment Bill 26 September 2017 HARARE - Parliament is moving to pass the Mines and Minerals Amendment Bill which seeks to repeal the principal Act crafted in 1961. National Assembly Speaker Jacob Mudenda said last week: “I have to inform the House that I have received a non-adverse report from the Parliamentary Legal Commit...
ZSE in the black as industrials recover 26 September 2017 HARARE - The local bourse ended the week in the black as industrials partially recovered after four successive sessions in the red. The mainstream index picked up by 0,46 percent to settle at 366,08 buoyed by gains in heavy caps. The resource index went up by 0,96 percent to close at 99,67. ...
Econet Connected Car scoops top award 26 September 2017 HARARE - Econet Connected Car scooped the ‘‘Most Innovative Vehicle Tracking and Monitoring Company of the Year Award” at the  Zimbabwe Private Security Awards dinner held at the Rainbow Towers hotel in Harare on Friday night. Econet Connected Car is a business unit of the Econet Connected Lif...
Zimre profit up 1 137pc 25 September 2017 HARARE - Zimre Holdings Limited’s profit for the six months to June 30, 2017 soared 1 137 percent to $2,7 million from  $220 649 recorded in corresponding period the previous year, largely due to restructuring initiatives and refocusing anchored on the new strategic focus adopted in last year. ...
Nssa not affected by High Court ruling 23 September 2017 HARARE - The National Social Security Authority (Nssa) said its assets and operations are not affected by the recent High Court ruling which nullified the acquisition of Renaissance Financial Holdings Limited (RFHL). Nssa chairperson Robin Vela yesterday said the national pensions administrato...
Edgars record $0,5m profit 21 September 2017 HARARE - Listed clothes retailer, Edgars Stores Limited (Edgars), said its profits in the half year to July 9, 2017 went up to  $567 499 compared to $109 119 recorded in the previous corresponding period due to improved sales. The company's chairperson Thembinkosi Sibanda yesterday said good m...
Nestlé Zim retrenches 19 September 2017 HARARE - Multi-national food and drink company, Nestle Zimbabwe, has embarked on a retrenchment exercise, as part of the company's “business optimisation activities”. The exercise, which was voluntary, saw more than 20 workers exiting the company, which employs more than a 100. “Despite our ...
Zimplats surrenders claims to Zim govt 19 September 2017 HARARE - Zimplats, which is majority controlled by Impala Platinum, has said it has agreed to cede a contentious piece of land that it has for years suffered to retain, after government had sought to take it over. This comes after President Robert Mugabe’s government made a fresh bid in Januar...