Business

CBZ tackles high unemployment 28 October 2017 HARARE - Zimbabwe's largest financial services group, CBZ Holdings (CBZ), said it has intensified efforts to empower thousands of the country's unemployed youths through skills training. The group's senior manager marketing Joel Gombera told the businessdaily that CBZ — under its Youth Entrepr...
'Zim faces food shortages' 27 October 2017 HARARE - Zimbabwe is likely to experience food shortages before year end on the back of hard currency shortages, an international think-tank has cautioned. In its Country Risk Report for the fourth quarter, Fitch Group member, BMI said the central bank’s decision to more than double the size o...
CBZ boss Nyemudzo fired? 25 October 2017 HARARE - Zimbabwe's largest financial services group, CBZ Holdings (CBZ), has severed ties with its chief executive officer, Never Nyemudzo. The veteran banker — who has since been replaced by Peter Zimunya on an acting capacity — was on Wednesday sent on forced leave pending his “resignation”...
Prices in sharp increase 24 October 2017 HARARE - Zimbabwe witnessed the sharpest increase in average prices in September since it adopted the multi-currency regime in 2009, which was biased towards the US dollar, a leading financial research firm has said. According to official Zimstat data, year-on-year inflation rose by 0,78 perce...
Mineral earnings up 31pc 24 October 2017 HARARE - Mineral earnings grew by 31 percent in the nine months period to September ahead of the same period last year, official data published by the Minerals Marketing Corporation of Zimbabwe (MMCZ) show. Minerals earned $1,1 billion between January and September compared to $836 million in ...
Tough tax regime for miners 23 October 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) is proposing a tough mining regime for miners to ensure that the country gets more taxes. Zimra’s chairperson Willia Bonyongwe last week said Zimbabwe, like all developing countries, needs to find a more equitable tax regime for the mining sector...
'TBs creating fictitious money' 21 October 2017 HARARE - The Zimbabwean government has been warned against excessive use of Treasury Bills (TBs), which could collapse the local banking system as the government-backed paper is not backed by any physical assets. A TB is a short-term debt obligation backed by a government with a given maturity...
Banking sector capitalisation increases 18 October 2017 HARARE - Banking sector capitalisation increased to $1,24 billion by end of June 2017 from $1,22 billion recorded in the first quarter. Parliament's Budget Office (PBO) said all the banking institutions were adequately capitalised and complied with minimum capital requirements. CBZ managed ...
Gold deliveries in massive surge 18 October 2017 HARARE - Gold deliveries to Fidelity Printers have hit 12,09 tonnes mark in the first seven months of the year, with deliveries by small-scale miners increasing 7,8 percent to 1 127,5 kg in July from 1 045,9kg recorded in June, Parliament Budget Office figures show. Gold production target for ...
Solar projects hit by funding challenges 17 October 2017 HARARE - Three major solar projects are hanging in the balance on the back of acute funding challenges, a junior minister said. Energy deputy minister Tsitsi Muzenda last week told the Senate that the $202 million Gwanda Solar Project, Munyati and Bulawayo-located Insunkamini project were all ...
September inflation firms: Zimstat 17 October 2017 HARARE - Zimbabwe's annual inflation gained 0,64 percent in September to 0,78 percent from 0,14 percent as prices went up during the month under review, official data shows. Zimstat yesterday said prices as measured by the all items Consumer Price Index (CPI) increased by an average of 0,78 pe...
Barclays deal sealed 14 October 2017 HARARE - British lender Barclays Plc on Thursday sealed disposal of its local unit to Malawi's FMB Capital Holdings (FMBCH). Barclays Bank of Zimbabwe (BBZ) said completion of this transaction follows compliance with all statutory and regulatory requirements. The move resulted in FMBCH acqu...
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...