Business

US$ speculation drives property prices up 7 May 2018 HARARE - United States (US) dollar exchange rate speculation has significantly driven up property prices in Zimbabwe's capital, Harare, as buyers move to hedge against the volatile bond notes, a latest Knight Frank Zimbabwe (KFZ) report has revealed. This comes as bond notes — a unique currenc...
ZPI declares $515 000 dividend 7 May 2018 HARARE - ZIMRE Property Investment Limited (ZPI) has declared a $515 000 dividend for the full year to December 31, 2018 spurred by a commendable performance during the period under review. This was after the property firm’s operating profit grew by 100 percent to $1,44 million mainly buoyed b...
Housing project transforms Caledonia 7 May 2018 HARARE - A housing project in which businessman Adam Molai has an interest, has transformed residential outpost of Caledonia. The project, being spearheaded by the Housing Corporation of Zimbabwe (HCZ) and the National Social Security Authority (Nssa), has raisedhopes of an end to accommodatio...
Govt reaches out to Strive Masiyiwa 3 May 2018 HARARE - The times they are a changing. The Zimbabwe government has finally reached out to its richest and most generous citizen, Strive Masiyiwa, who lives in London, in exile, and is named as a billionaire by Forbes magazine but was seen by former president Robert Mugabe as an enemy. Ma...
Shabanie Mine de-watering on course 3 May 2018 HARARE - A de-watering exercise at former asbestos mining giant, Shabanie and Mashaba Mines Holdings (SMM), is expected to be complete by the first quarter of next year as it seeks to restore underground access to the mines’ main working levels, Mines and Mining Development minister Winston Chita...
Stanbic ventures into export markets 1 May 2018 HARARE - Stanbic Bank Zimbabwe (Stanbic) has unveiled an export facility aimed at enhancing production for local companies to export and generate foreign currency for the country. This comes as Zimbabwe is currently experiencing acute foreign currency shortages due to a high import bill, exces...
NetOne launches airtime bonus promotion 1 May 2018 HARARE - Telecommunications giant, NetOne has launched a 100 percent airtime bonus promotion for its prepaid and OneFusion subscribers who purchase airtime using its mobile financial service — OneMoney. The subscribers will get 100 percent airtime bonus for on-net calls only and it will last 2...
'Mines Bill sidelines prospectors' 30 April 2018 HARARE - The Zimbabwe Prospectors Association (ZPA) has raised objections to the Minerals Amendment Bill saying if passed, it will severely affect their operations. They have since petitioned Parliament to present their objections to the bill, which is in its second reading. ZPA president S...
Zim eyes Gulf tourism market 30 April 2018 HARARE - Zimbabwe is a little-known tourism destination in the affluent Gulf region, and the country targets to grow arrivals from the market four-fold by 2020, Tourism minister Prisca Mupfumira has said. The Gulf — whose member nations are among the wealthiest in the world on a per capita bas...
'Parastatals audit a nightmare' 30 April 2018 HARARE - Internal government auditors, who are charged with ensuring public money is spent properly, say auditing the public service is a nightmare. The secretary for corporate governance unit in the Office of the President and Cabinet Stuart Comberbach said he was aware of government employee...
Zim deports Anglo workers 26 April 2018 HARARE - Zimbabwe's Immigration Department (Immigration) yesterday deported two South African nationals for working illegally at Anglo American's Shurugwi-based Unki platinum mine. The two — who engaged in employment without permits — were nabbed during the Department's routine checks. Acco...
No SWF anytime soon: NKC 26 April 2018 HARARE - Zimbabwe lacks capacity to issue sovereign bonds for its Sovereign Wealth Fund (SWF) at the moment, a regional think-tank has warned, following a government announcement on launch of the fund shortly impending polls this July. Thwarting deputy Finance minister Terrence Mukupe’s claim ...
Boost for cooking oil industry 26 April 2018 HARARE - The cooking oil industry in Zimbabwe is banking on a boost in soya bean plantings to avert a shortage of cooking oil and stock feeds on the domestic market this year. This comes after Sakunda Private Limited provided $48,7 million, half of a $100 million loan facility to support oilse...
Zim, India deal kicks off 26 April 2018 HARARE - The government is taking delivery of 500 light and heavy-duty tractors sourced from India under a government-to-government agreement. “We will soon be taking delivery of some tractors from India that were sourced under a government-to-government agreement though I cannot disclose the ...
Tobacco deliveries increase 26 April 2018 HARARE - The 2018 tobacco deliveries to the auction floors continue to increase after 21 days of marketing, with 40 million kilogrammes of tobacco going under the hammer earning Zimbabwe $112 million. Statistics from the Tobacco Industry and Marketing Board (TIMB) show that the 2018 earnings d...
ZSE Q2 top picks 26 April 2018 HARARE - Old Mutual Securities (OMSEC) has recommended five counters as top picks on the Zimbabwe Stock Exchange (ZSE) during the second quarter of the year. The counters are Axia, African Sun Limited (ASL), Art Corporation, Econet Wireless and Barlcays. Axia has three main business interes...
Govt backtracks on mines listing requirement 25 April 2018 HARARE - Zimbabwe will drop a requirement that mining companies must list on the local stock exchange from a new mining act, Foreign minister Sibusiso Moyo said on Monday. Industry lobby group, the Chamber of Mines, had expressed concerns about the proposal for mining firms to list locally, wa...
Private firms import electricity meters 25 April 2018 HARARE - The first batch of prepaid electricity meters imported by private firms that were recently licensed to sell the gadgets to consumers has arrived in the country, a senior government official has said. This was after the Zimbabwe Energy Regulatory Authority (Zera) in February licensed 1...
Van Hoog plans Hwange revival 25 April 2018 HARARE - British tycoon  Nicholas van Hoogstraten says Hwange Colliery Company Limited (Hwange) shareholders have begun discussions to turn around the coal producer's fortunes. In a brief interview on Monday, van Hoogstraten said he was concerned about developments at Hwange in the past few ye...
Vast ramps up production at Pickstone 25 April 2018 HARARE - Aim-listed miner, Vast Resources Plc (Vast) says it has ramped production at its Pickstone Peerless Mine to around 40 kilogrammes (kg) a month, a move anticipated to see the group pocketing about $170 000 additional monthly income from Reserve Bank of Zimbabwe’s Export Incentive Scheme, ...
Curechem launches irrigation project 25 April 2018 HARARE - Curechem Overseas (Private) Limited has launched an irrigation project in Mahusekwa, Mashonaland East Province, which is aimed at empowering poverty-stricken villagers. According to the company's group managing director Anup Chand, the project is part of their initiative to give back ...
Old Mutual declares dividend 24 April 2018 HARARE - Shareholders of integrated financial services group, Old Mutual Zimbabwe are smiling all the way to the bank after the group declared a 7,11 cent per share at a time many companies are failing to reward their investors. Many companies that announced financial results for the year to ...
Caaz in airports upgrade drive 24 April 2018 HARARE - The Civil Aviation Authority of Zimbabwe (Caaz) is seeking financial advisors to help in the raising of funds for proposed capital projects at various airports across the country. It is understood that Caaz requires more than $400 million to invest in its airports’ facilities to keep ...
Chinese firm, Kamativi in $7m mine wrangle 24 April 2018 HARARE - A Chinese company that reportedly invested $7 million in the mining of several minerals through a joint venture agreement with Kamativi Tin Mines Limited (Kamativi) has filed a High Court lawsuit against Kamativi, accusing it of making a u-turn on the deal and contracting a third party i...
RTGS payments decline 24 April 2018 HARARE - Transactions that passed through the Real Time Gross Settlement (RTGS) system in the week to March 29, 2018 were down 14 percent to close the week at $1,5 billion from $1,7 billion, official data shows. In its report for the week under review, the Reserve Bank of Zimbabwe (RBZ) said t...