Business

ZB registers robust growth 13 August 2018 HARARE - ZB Financial Holdings (ZB) recorded a 12 percent increase in total income to $38,6 million in the half year ended June 30, 2018 driven by an expansion in net income from lending activities. The group reported a 15 percent profit increase to $9,35 million compared to $8,17 million reco...
Zim rail freight volumes rise 12 August 2018 HARARE - Zimbabwe's national rail freight volumes are rising ever since government — with the help from the Diaspora Infrastructure Development Group and Transnet (DIDG-Transnet) — started rebuilding the National Railways of Zimbabwe (NRZ). Rail freight volumes rose by 13,5 percent year-on-yea...
Suzan partnership lifts Fidelity exports 9 August 2018 HARARE - Fidelity Printers and Refiners (FPR) has managed to ramp up its gold production at the back of support from agents, including Suzan General Trading (Suzan), documents show. This also comes as the country's yellow metal output – for the first seven months to July – has risen to nearly ...
Zim cement imports low:PPC 8 August 2018 HARARE - South African cement producer, PPC’s local unit says imports remained low for the year ended March 31, 2018 while exports improved slightly after a strategic initiative to generate foreign currency to support operations. The group, yesterday, said liquidity issues could offset the ben...
Buy Zim calls for quick economic action 8 August 2018 HARARE - Local lobby group Buy Zimbabwe is calling on the new administration to focus on the country’s economic turnaround by addressing the huge import bill, the three tier pricing system and putting into effect the local content policy. “Now that the elections have come and gone, it’s time f...
Zim set for rebounding incomes 8 August 2018 HARARE - Zimbabwe is expected to experience rising income levels in the near future leading to a rise in consumer spending due to a rebound in the economy, a local equities research firm has said. In its Consumer Sector report for 2018, IH Securities (IH) said while Zimbabwe's GDP per capita r...
Mabhudhu bounces back 7 August 2018 HARARE - Former Zimbabwe Consolidated Diamond Company (ZCDC) chief executive Mark Mabhudhu has bounced back into the mining sector after he was appointed a director at Vast Resources’ local unit. Mabhudhu’s appointment was in line with the company’s updated strategy to increase its footprint i...
Zim still a safe tourism destination 7 August 2018 HARARE - The Zimbabwe Tourism Authority (ZTA) is battling to forestall a potentially crippling crisis to the $1 billion industry following a bloody finale to a hard fought poll last week. Arrivals returned to the 2,4 million level last year, which was last achieved in 1999 riding on a peaceful...
Eureka has an indicated resource of 1,08 million ounces. 7 August 2018 HARARE - According to Prelea, Eureka has seen over $30 million in investment since the late 1990s, and he wants to start production as soon as possible, telling Proactive the mine could be producing “in six months, if not in 12”. Aside from metals, Vast is also dipping its toe into the diamond...
ZSE slide extends in election week 7 August 2018 HARARE - The Zimbabwe Stock Exchange (ZSE)’s weekly slide extended into the post-election period in the wake of violent demonstrations that rocked the capital, Harare, as results of the elections were being published, a local equities firm has said. The elections, whose outcome saw the ruling ...
ZSE downward trend continues 6 August 2018 HARARE - As Zimbabwe awaited news of President Emmerson Mnangagwa’s poll victory on Thursday, the Zimbabwe Stock Exchange (ZSE) further tumbled with the primary All Share and Industrial Indices shedding an identical 0,21 percent. At the close of Thursday’s session, The primary All Share and th...
ED to second accountants to parastatal boards 6 August 2018 HARARE - Government is seriously considering a request by the Institute of Chartered Accountants of Zimbabwe (Icaz) to have its members considered for appointment on different boards of State-owned enterprises. Newly-appointed Icaz president, Tapiwa Chizana recently made the request, assuring ...
ZSE volumes slump 3 August 2018 HARARE - Share volumes traded on the Zimbabwe Stock Exchange (ZSE) went down 24,5 percent in the month of May to 129,1 million from the 170,8 million that exchanged hands prior comparable period, official data shows. In its May report, the central bank highlighted that while the bourse’s marke...
Shamva Mine loses vehicles in auction 3 August 2018 HARARE - Gold producer, Metallon Corporation (Metallon)'s Shamva Gold Mine is to lose cars at an auction on August 8, according to a notice released by the firm that is conducting the auction released on Wednesday. Bindura-based Miracle Auctioneers said the sale of the gold miner's assets was ...
OK Zim adds another store in Harare 3 August 2018 HARARE - Retailer OK Zimbabwe says it will this month add a new store in Harare to bring the company's total operating stores to 63. Alex Siyavora, the group's chief executive believes the new outlet located in the southern part of the capital's central business district, Glen View, is in a go...
Zimbabwe, Comesa exports decline 2 August 2018 HARARE - Zimbabwe's exports to the Common Market for East and Southern Africa (Comesa) last year declined to $83 million from $86 million in 2016. Zimbabwe's top exports are sugar, which constitutes 15 percent of the exports, fish at eight percent and tobacco four percent. In 2017, 69 perce...
Zimplats profits up 23pc 2 August 2018 HARARE - ZIMPLATS — Zimbabwe’s largest platinum producer — recorded a 23 percent increase in profit to $37,1 million in the quarter to June 2018 from $30,3 million recorded prior comparative period, the group said. This was, however, a 42 percent decrease compared to the $64,5 million recorded...
Zas expands mandate 2 August 2018 HARARE - The Zimbabwe Agricultural Society (Zas) is expanding its mandate to include meetings, incentives, conventions and events (MICE), as the organisation transforms itself to play a part in turning around the country’s economy. Anxious Masuka, the Society’s chief executive, told the Financ...
Competition on Hre-Vic Falls route gets intense 1 August 2018 HARARE - National flag carrier, Air Zimbabwe (AirZim), buffeted by high operating costs, old aircraft and intense competition, faces new headwinds on its lucrative Harare-Victoria Falls routes as budget carrier, Fastjet, has launched a service with rock-bottom fares. With the low-cost carrier ...
Value of mobile transactions declines: RBZ 1 August 2018 HARARE - The value of mobile transactions processed through the National Payment System (NPS) declined by 0,2 percent to  $2,97 billion during the week ending July 13, 2018 from $2,98 billion the previous week, the Reserve Bank of Zimbabwe (RBZ) has said This is despite an increase in Real Tim...
Mugabe complains about his pension 31 July 2018 HARARE - Former president Robert Mugabe is unhappy that his 37-year-long stint as the leader of Zimbabwe has only yielded $467 000 and not $10 million as widely reported. Mugabe was booted out of power and replaced by his estranged former deputy Emmerson Mnangagwa in November last year after a...
Delta revenue up 41pc 31 July 2018 HARARE - Zimbabwe's largest beverage maker, Delta Corporation reported a 41 percent increase in revenue for quarter ended June 30 after strong performance in lager beer while volumes increased 33 percent. Pearson Gowero, the company’s chief executive, told shareholders at Delta’s annual genera...
OK shuts down loss making units 31 July 2018 HARARE - Zimbabwe Stock Exchange-listed supermarket chain, OK Zimbabwe, says it has shut down two of its loss making units in Harare in an effort to preserve shareholder value. “The loss making OK Wynne Street and OK Cameron were closed during the year as the group continued to rationalise its...
Tobacco earnings near $1bn 28 July 2018 HARARE - The 2018 tobacco marketing season ended on Friday with the country having surpassed the 2000 production record of 236 million kiligrammes(kg) which earned Zimbabwe over $920 million. Statistics from the Tobacco Industry and Marketing Board show that 2018 production increased to 240 mi...
Brainworks disposes GetBucks stake 28 July 2018 HARARE - Diversified investment holding company Brainworks says it has disposed of some of its stake in GetBucks Microfinance Bank, to reduce its short term debt. The disposal which decreased the company’s stake in Getbucks by about two percent to just under 30 percent, has generated $565 340,...