Business

High debt affects Zimra collections 19 October 2018 HARARE - The Zimbabwe Revenue Authority (Zimra) says high debt continues to negatively affect optimum revenue collection, as obligations increased to $4,55 billion during the third quarter ended September 30, 2018. The revenue collector said despite a positive performance it has launched  a ta...
Econet set to spin off Cassava to create Fintech giant 18 October 2018 HARARE - Cassava may not yet be a household name in Zimbabwe, but over the next few weeks Cassava is set to become one of the largest companies in the country. The company, best known through its numerous brands that for years have been part of Econet's products and services, is set to emerge ...
Financiers avail $87m to agriculture sector 18 October 2018 HARARE - Local financiers have availed about $87,5 million in agricultural funding over the past six years, with over 500 000 smallholder farmers benefiting from the funds, the Zimbabwe Agricultural Development Trust (ZADT) has said. Godfrey Chinoera, ZADT chief executive, said since the compa...
ZSE drops $4 billion in a day 17 October 2018 HARARE - The Zimbabwe Stock Exchange on Monday lost $4 billion in value after parallel market rates for bond notes and real time gross settlement (RTGS) rates against major currencies deteriorated. The informal exchange for the surrogate currency and transferable deposits bond, which had surge...
Nedbank buying back shares from minority shareholders 17 October 2018 HARARE - NEDBANK Group (Nedbank) says it will pay R2 billion (approximately US$139,6 million) to minority shareholders inherited from Old Mutual. The South Africa-based financial institution, which owns Nedbank Zimbabwe, yesterday said it is buying back its stock from shareholders who hold les...
Potraz to introduce innovation hubs, hackathons 17 October 2018 HARARE - The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) says it plans to introduce innovation hubs and hackathons as part of its information and communication technology (ICT) Innovation Drive. The ICT Innovation Drive had up to this point operated only as a revolv...
AMG gold reserves top $412m 16 October 2018 HARARE - The African Medallion Group's (AMG) gold reserves last week breached the $412 million mark in the 10 months to October. “The African Medallion Group is pleased with the current global Gold markets performance. On October 5, 2018, gold was trading at an average of R17'848, which is a 1...
The dearth of Willowvale industries 14 October 2018 HARARE - Old rugged buildings with crumbling walls, surrounded by auburn tall dried grass, are all that remains of the once vibrant Olivine Willowvale Industries. Dilapidated train wagons are symbolic of the unproductiveness and recession the country has faced in the last two decades. Silos...
Forex crisis causes mayhem 12 October 2018 HARARE - Contraditions in the implementation of the controversial two percent tax have further fuelled an already volatile economic crisis, with companies responding by either closing shop or increasing commodity prices. The inconsistencies follow austerity measures introduced by Finance minis...
Lafarge suffers loss on high tax payment 12 October 2018 HARARE - Lafarge Cement Zimbabwe (Lafarge) suffered a loss of $1,774 million for the half year to June 30, 2018 from $1,775 million recorded during the same period prior year due to a significant tax settlement. In 2017, the company disclosed a contingent liability of $7,9 million relating to ...
CEOs to give free meals to the homeless 12 October 2018 HARARE - Today (October 12) managers of local companies, operating under the banner of the CEO Eatout Movement, will run a pop-up restaurant at Hellenic Sports Club where they will, among other things, serve meals for free to the homeless. According to Henry Ngoni Chigama, who founded the init...
Stricken Housing Corp had up to 2021 to deliver Nssa houses 11 October 2018 HARARE - Despite the noises around Housing Corporation of Zimbabwe (HCZ)'s Caledonia project, the company had up to four years to deliver the 8 000 residential units wanted by the National Social Security Authority (Nssa), court documents show. This comes amid relentless attacks on Stephen Dug...
Parallel market to remain firm 11 October 2018 HARARE - Zimbabwe's runaway cash black market is anticipated to remain firm in the wake of a deepening foreign exchange scarcity that saw the United States dollar premium surging to 400 percent as at midday yesterday. While monetary authorities have gazetted a law to curb illegal cash and fore...
Buyanga's AMG expands into Africa 9 October 2018 HARARE - The African Medallion Group (AMG) has spread its tentacles by establishing representative offices in Dubai, Lesotho, Mauritius, Namibia and Zambia, as it seeks to position itself as a truly global business. This also comes as company founder Frank Buyanga has challenged the Zimbabwean...
First Capital Bank lists on ZSE 9 October 2018 HARARE – First Capital Bank (FCB) yesterday relisted on the Zimbabwe Stock Exchange (ZSE) after it changed its name from Barclays Bank of Zimbabwe. In October 2017, Malawi Stock Exchange listed FMB Capital Holdings (FMB) acquired a 42 percent stake in the bank from Barclays Bank Plc (Barclays)...
Mobile money subscribers rise 9 October 2018 HARARE – Zimbabwe’s number of active mobile money subscribers increased by 12,6 percent to 5,6 million during the 2018 second quarter from 5,01 million due to cash shortages in the country, latest industry data show. The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) s...
AMG expands into Africa 9 October 2018 HARARE – The African Medallion Group (AMG) has spread its tentacles by establishing representative offices in Dubai, Lesotho, Mauritius, Namibia and Zambia, as it seeks to position itself as a truly global business. This also comes as company founder Frank Buyanga has challenged the Zimbabwean...
TelOne launches new innovation 9 October 2018 HARARE – Fixed telephone operator, TelOne, last week launched a fully converged linear on-demand news and entertainment streaming service in partnership with South African on-demand specialist, Discover Digital. The new on-demand services will be bundled with TelOne broadband with customers ha...
UAE'S Yahsat launches satellite broadband service in Zim 9 October 2018 HARARE – United Arab Emirates-based global satellite operator, Yahsat, has launched its satellite broadband service called Yahclick in Zimbabwe in partnership with local internet access provider, Utande. Yahsat’s director for business development for the African market Kevin Viret announced Ut...
Zim to cut wage bill by $200 million 8 October 2018 HARARE – Finance minister Mthuli Ncube says government's cost containment measures will see the 2019 and 2020 National Budgets reducing the annual wage bill outlay by around $200 million and $130 million, representing 0,7 percent and 0,4 percent of gross domestic product (GDP) respectively. “W...
'Currency woes to linger' 8 October 2018 HARARE – Zimbabwe's currency woes will linger as long as its awkward monetary system remains, a research think-tank BMI has said. The country's cash system is currently made up of a concoction of currencies, which includes the bond notes, a pseudo currency said to be backed by an Afreximbank f...
Nssa loses Housing Corporation of Zimbabwe guarantee revocation bid 7 October 2018 HARARE - Zimbabwe's High Court has prevented the National Social Security Authority (Nssa) from “fraudulently invoking” a $16 million performance bond or guarantee from Zimnat Lion Insurance Company (Zimnat) issued over Housing Corporation of Zimbabwe (HCZ)'s Caledonia project. The development...
Let's enhance beneficiation: Buyanga 4 October 2018 HARARE - Beneficiation is the only way Zimbabwe can create significant employment and possibly structure more meaningful asset-backed deals to finance its economic revival projects, businessman Frank Buyanga says. This also comes as the South African-based entrepreneur has rallied African yout...
Meikles seeks to defer debt 3 October 2018 HARARE - Hospitality and retail group, Meikles Limited (Meikles) says they are in negotiations with a financial institution to convert short-term borrowings to medium-term loans, while awaiting for the release of its funds held by government. Meikles chairperson John Moxon said the anticipated...
ZCDC invests $100m on mining equipment 3 October 2018 HARARE - Zimbabwe Consolidated Diamond Company (ZCDC) has invested about $100 million in the design and installation of a 450 tonne per hour (TPH) conglomerate plant and complementary mining equipment from Belarus, an official has said. Morris Mpofu, the ZCDC chief executive, said the mining e...