Business

FMHL targets NicozDiamond minorities 24 April 2018 HARARE - Zimbabwe Stock Exchange- listed financial services group, First Mutual Holdings Limited (FMHL), has launched a bid to buy all outstanding shares held by minority shareholders in NicozDiamond Insurance Limited. FMHL last year acquired 80,92 percent of  NicozDiamond issued shares and no...
Youth-focused Elevate scores a first 23 April 2018 HARARE - Youth leadership and development organisation, Elevate Trust (Elevate), has established a science and technology incubator (Scitechinc) aimed at fostering entrepreneurship among young scientists. Elevate founder Sicelo Dube said the incubator – the first of its kind in Zimbabwe – will...
New geyser law on the cards 23 April 2018 HARARE - Government will in the next few weeks gazette solar water heating (SWH) geyser regulations, a senior government has revealed. The gazetting of regulations will mark the beginning of ambitious national project. Permanent secretary in the ministry of Energy and Power Development Part...
Zim to establish insurance crimes unit 23 April 2018 HARARE - Zimbabwe is set to establish an independent insurance crimes unit to fight rising fraud claims amounting to $165 million annually in the country. Over the past few years Zimbabwe has witnessed an increase in insurance fraud largely due to an increase in cyber-crimes and complexities i...
Zim tourist arrivals jump 56pc 22 April 2018 HARARE - Our news editor Gift Phiri talks to Zimbabwe Tourism Authority CEO Karikoga Kaseke about the tourism spin-offs from the China State visit that he embarked on in a delegation led by President Emmerson Mnangagwa. Find below excerpts of the interview. Q: An online newspaper has reported ...
'Corruption fight far from beginning' 22 April 2018 HARARE - When President Emmerson Mnangagwa came into office, he promised to introduce a new culture of accountability, transparency, a new beginning of sorts, which most christened “the new dispensation”. There appeared to be a flicker of hope, even among Mnangagwa's detractors, when the new d...
300m solar plant for Vic Falls 21 April 2018 HARARE - Southpole Consulting Private Limited (Southpole) has secured $300 million to construct a 125 megawatt (MW) solar power plant in Victoria Falls. SouthPole, which has made an application to the Zimbabwe Energy Regulatory Authority (Zera) said the project has primarily been conceived for...
Retailers call for currency reforms 21 April 2018 HARARE - The Confederation of Zimbabwe Retailers (CZR) has blamed price distortions on the existence of several de facto currencies in Zimbabwe. According to the CZR, which held its fourth annual Retailers and Wholesalers Indaba in Harare on Thursday, the de facto currencies being used in the ...
ZSE foreign buys surge 21 April 2018 HARARE - Zimbabwe Stock Exchange (ZSE) foreign buys ballooned 1826,55 percent to $1,2 million from $64 186 on Thursday as non-Zimbabweans snapped up stocks on the local bourse following the Independence holiday. On Thursday, the primary All Share Index added a further 1,48 percent to end pegge...
Biti sees potential $100bn economy 21 April 2018 HARARE - Zimbabwe's opposition could expand the size of the economy more than fivefold to $100 billion within eight years if it wins this year's elections, a former Finance minister said. The first elected government since Robert Mugabe stepped down in late 2017 under pressure from the militar...
Anglo Platinum invests in energy technologies 20 April 2018 HARARE - Anglo American Platinum has partnered Shell Technology Ventures (STV) in High-Yield Energy Technologies (HyET), a Dutch company that has developed electrochemical hydrogen compression (EHC) technology that will support the adoption of fuel cell electric vehicles (FCEVs). HyET’s techno...
Starafrica converts $46m debt into equity 20 April 2018 HARARE - Sugar producer Starafricacorporation has converted more than $46 million of its debt into equity as a way of cleaning the company’s balance sheet. This was after creditors saw it fit to convert their debt into ordinary shares in the struggling sugar company. “The aforementioned deb...
Sadc endorses Zim's Zavazava 20 April 2018 HARARE - The Southern African Development Community (Sadc) has endorsed Zimbabwe’s Cosmas Zavazava who is vying for an International Telecommunications Union top post. The 57-year-old Zimbabwean, who is currently chief of department for projects and knowledge management in the Telecommunicatio...
Govt to probe basic goods pricing 20 April 2018 HARARE - Government is moving to operationalise the National Competitiveness Commission (NCC) that will probe the cost structures and pricing of basic commodities, Industry, Commerce and Enterprise Development minister Mike Bimha has said. He said the move is part of a strategy to identify cos...
Excise drives Zimra collections 19 April 2018 HARARE - Excise duty was the highest contributor to Zimbabwe Revenue Authority (Zimra) collections for the first three months of 2018 after coming in at $233,3 million, 17,65 percent above target. Zimra chairperson Willia Bonyongwe said the tax head had contributed 21 percent to net collection...
Hwange calls off exploration deal? 18 April 2018 HARARE – Hwange Colliery Company Limited (HCCL) has suspended negotiations concerning a material transaction, which was going to have an effect on the price of the company’s shares, had it been concluded. The Zimbabwe Stock Exchange listed miner, which also trades its shares on the London and ...
Lager beer volumes increase by 51 percent 18 April 2018 HARARE - SABMiller’s Zimbabwe affiliate reported a 51 percent increase in annual volume of lager beer. Delta Corporation, which is 38 percent owned by global brewing giant SABMiller said in a trading statement its lager business had done well but taken a knock from problems in acquiring import...
Inflation recedes 17 April 2018 HARARE - Zimbabwe's annual inflation shed 0,3 percentage points in March to close the month at 2,68 percent, latest data from the national statistical agency show. “This means that prices as measured by the all items Consumer Price Index increased by an average of 2,68 percent between March 20...
Payday for CBZ shareholders 17 April 2018 HARARE - Shareholders of Zimbabwe’s largest financial services group by assets, CBZ Holdings (CBZ), are smiling all the way to the bank after the group declared a $1,8 million dividend for the year to December 31, 2017. The group’s company secretary Rumbidzayi Jakanani said the payment was sla...
Econet gets licence to generate solar energy 17 April 2018  HARARE - ECONET Wireless Zimbabwe (Econet) has been given a licence to generate power to meet the electricity and energy needs at its Willowvale premises in Harare, according to a notice carried in the media.  The Willowvale complex is a major hub for Econet’s switching and network operations...
Inquiry exposes the rot in pension, insurance sectors 17 April 2018 HARARE - A 423-page report by a Commission of Inquiry “Into the conversion of insurance and pension values from the Zimbabwe dollar to the United States dollar” in 2009 vindicates the old adage that says all that glitters is not gold. Like snake oil salesmen, the generality of Zimbabweans had ...
Govt restructures Zinara 16 April 2018 HARARE - President Emmerson Mnangagwa's administration has put plans in motion to restructure the Zimbabwe National Road Administration (Zinara) as a way of making the parastatal more effective and reduce corruption. Over the past few years Zinara has been under fire from various stakeholders ...
Zim needs to double agro-production 16 April 2018 HARARE - Vice President Constantino Chiwenga says the country needs to double its agricultural output in order for the country to regain its status as the bread basket of Africa.  Addressing guests at a SeedCo-hosted field day held at President Emmerson Mnangagwa's Pricabe Farm in Kwekwe, Chiw...
Govt intensifies e-learning programme 16 April 2018 HARARE - The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) this week took its broad mission to ensure Tsholotsho among other marginalised districts in the country are fully connected to e-learning and e-government. Tsholotsho, Matabeleland North province is one of the...
Telecel board plans recapitalisation 13 April 2018 HARARE - TELECEL Zimbabwe (Telecel) is planning to invest in network expansion as part of strategies to keep ahead of competition in the country’s telecommunication industry. This was revealed by the company’s chairperson James Makamba after the six-member board, comprising Francis Mawindi, Se...