Business

ZPI in $20m property investments 23 August 2017 HARARE - Zimre Property Investment (ZPI) is planning to invest over $20 million in construction projects across the country, the company has announced. Company chairperson Jean Maguranyanga yesterday said ZPI had completed the acquisition of land in Victoria Falls and would soon commence the c...
Jonathan Moyo challenges ED on poisoning 23 August 2017 HARARE - Cabinet minister and Zanu PF politburo member Jonathan Moyo waded into the saga involving the alleged poisoning of Vice President Emmerson Mnangagwa yesterday; suggesting that police should investigate and establish what caused his sudden illness. President Robert Mugabe's government ...
Zim misses tobacco target 22 August 2017 HARARE - Zimbabwe is set to miss its tobacco 200 million kilogrammes target after farmers delivered 186,3 million kg of the golden leaf on Day 105 compared to 200 million kg delivered in the same period last year. At its peak, in 2000, the country produced 237 million kg before hitting an all-...
Foreign payment delays hit bakers 22 August 2017 HARARE - Local banks are struggling to process about $16 million worth of foreign payments for local bakers, a situation that has affected local production, the National Bakers Association of Zimbabwe (NBAZ) has said. The association’s chairperson  Ngoni Mazango last week said while the sector...
Turnall partners NBS 22 August 2017 HARARE - Turnall Holdings Limited says it is expecting the strategic partnership it entered into with the National Building Society (NBS) for construction of houses around the country to improve its revenue for the year to December 2017. Turnall Holdings’ acting managing director Roseline Chis...
Buyanga heads Mandela family business 21 August 2017 HARARE - Controversial businessman, Frank Buyanga has been appointed chief executive of South African joint venture firm, House of Mandela and Pan African Medallion group. The company, which counts Nelson Mandela's daughter Makiziwe as one of its directors, this week launched gold-backed $10 P...
Agribank seeks fresh capital 18 August 2017 HARARE - State-owned financial institution Agricultural Bank of Zimbabwe (Agribank) is negotiating for $48 million in fresh capital with government to recapitalise the business. The bank’s chief executive officer — Sam Malaba — said the bank, whose core mandate is to fund the country’s agricul...
NetOne, BancABC in $10m partnership 18 August 2017 HARARE - Mobile network operator NetOne has partnered BancABC in a $10 million deal that will see the company’s subscribers buying smart phones over a 12-month period. The State-owned NetOne’s acting chief executive, Brian Mutandiro, said the company’s over 6,5 million subscribers will have an...
Psmas targets informal sector 18 August 2017 HARARE – Premier Service Medical Aid Society (Psmas) yesterday launched a new low-cost medical insurance package tailor-made for the informal sector. Backed by years of research and with detailed input from members of the informal sector, Psmas’ Shield Plan offers unmatched services at an entr...
EcoSure Mabhodho Promotion back by public demand 18 August 2017 HARARE - EconetLife, a subsidiary of Econet Wireless Zimbabwe which offers the popular EcoSure micro insurance product, has launched the "Mabhodho Zvakare Promotion" which encourages communities to band together and consolidate their local bereavement support groups into formal Burial Societies f...
Zim Power Company records $25m profit 17 August 2017 HARARE - National power utility Zesa Holdings subsidiary — Zimbabwe Power Company — has become one of the few government entities to record a profit. The State-owned company’s managing director Noah Gwariro said ZPC has recorded a $25,3 million profit after tax for the year ended December 31, ...
ZHL intensifies restructuring drive 17 August 2017 HARARE - Diversified group, Zimre Holdings Limited (ZHL), has begun negotiations over the disposal of certain assets as it intensifies its restructuring drive. Company secretary Lovemore Madzinga yesterday said the firm wanted to use the disposal proceeds in new ventures. “The company has b...
Masawara divests from Uganda insurer 17 August 2017 HARARE - Southern Africa focused investment firm, Masawara, has disposed its Ugandan insurance unit, Lion Assurance Company Limited (Lac) for $5,7 million. Maureen Erasmus, a director with the Jersey-registered firm, said proceeds from Lac will be utilised to settle a long-term loan repayment ...
Vic Falls hotel occupancy 25pc up 16 August 2017 HARARE - Hotel operators in Victoria Falls are reporting a better-than-expected half year profit and raising their earnings forecast for the year, helped by a boost in business travel following a recently commissioned $150 million international airport. This comes after Kenya Airways and Ethio...
First Mutual plans rights issue 14 August 2017 HARARE - First Mutual  Life Holdings Limited (FMHL) last week announced plans to pursue a rights offer to raise $17,25 million, the businessdaily can report. The implementation of the rights offer will depend on the Zimbabwe Stock Exchange-listed FMLH shareholders who are expected to approve t...
Seza hunts for CEO 13 August 2017 HARARE - The Special Economic Zones Authority (Seza) has begun hunting for a new chief executive officer who will spearhead the country's quest for increased foreign direct investment through Special Economic Zones (SEZs). SEZs allow investors to operate under special conditions that are diffe...
EcoCash platform positioned for increased volumes 12 August 2017 HARARE - Econet Wireless Zimbabwe Limited (EWZL) has moved to reassure customers of its popular EcoCash service regarding the planned maintenance work it has scheduled to carry out over the Heroes holiday weekend. Econet this week announced that the company planned to carry out scheduled maint...
'No power tariff hike yet' 12 August 2017 HARARE - Electricity tariff hikes will only be effected once the review of Zimbabwe Electricity Transmission and Distribution Company (ZETDC)’s supply capacity is completed, the energy industry regulator said. Zimbabwe Energy Regulatory Authority (Zera) chief executive Gloria Magombo said powe...
'NRZ revival set to boost rail traffic' 12 August 2017 HARARE - The revival of the National Railways of Zimbabwe will help boost the country’s ailing economy through increased traffic, Diaspora Infrastructure Development Group (DIDG) has said. DIDG, together with its South African partners, Transnet, this week emerged winners of the NRZ $400 milli...
ZB in massive land bank acquisition 12 August 2017 HARARE - Listed financial services group ZB Financial Holdings has embarked on a massive acquisition of land across the country to support strategic growth. The group chief executive officer, Ronald Mutandagayi, disclosed on Wednesday this week that ZB has been splurging cash on land and has b...
Zim tobacco sales down 7,3pc 11 August 2017 HARARE - Zimbabwean farmers sold 184,5 million kg of the nation’s top export earner tobacco by day 99 of the selling season, which is 7,3 percent lower compared to 199,1 million kg received in  prior year, official data showed. Statistics from industry regulator Tobacco Industry and Marketing ...
Zim's 2017 inflation forecast at 2-3pc 10 August 2017 HARARE - Zimbabwe’s inflation is forecast to rise to around two to three percent at the end of this year, before accelerating sharply in 2018 due to election spending. The annual inflation rate, which had been in deflation since September 2014, moved into positive territory from -0,65 percent ...
Mining sector growth to remain subdued 9 August 2017 HARARE - Mining sector growth is expected to be subdued this year in the absence of fundamental reforms within the sector, a local securities group has said. In its Portfolio Manager’s Digest for the second quarter for 2017, Old Mutual Securities (OM Securities) said old mines must be resuscit...
RBZ secures $600m nostro facility 9 August 2017 HARARE - The Reserve Bank of Zimbabwe has negotiated for an enhanced nostro stabilisation facility of $600m from Afreximbank to manage the cyclical nature of Zimbabwe's foreign exchange receipts. Economic experts said this is positive in the short-term as banks have been struggling to settle m...
Zim imports rise 4pc 9 August 2017 HARARE - Zimbabwe’s imports rose by 4 percent from  $2,07 billion recorded during the first five months of 2016 to US$2,14 billion during the same period in 2017. The main imports are motor vehicles and machinery, fuel and foodstuffs, with South Africa and China as the main import partners. ...