Business

Meikles profits rise 225 percent 16 July 2018 HARARE - Zimbabwe Stock Exchange listed conglomerate, Meikles Limited, says pretax profits for the year ended March 31, 2018 grew by 225 percent to $19,2 million, from $5,9 million during the prior comparable period in 2017. Revenue increase to $534,9 million during the review period, from $45...
Zim ranked lowest on income equality 16 July 2018 HARARE - Southern Africa is one of the regions with unequal incomes in the world, with Zimbabwe ranked among the lowest in the region, a report released by the African Union (AU) and the Organisation for Economic Cooperation and Development (OECD) Centre has revealed. Africa’s Development Dyna...
SA to release framework to raise $100bn 16 July 2018 JOHANNESBURG - The South African presidency is planning to release a framework document within two weeks, which will outline in greater detail how the government plans to raise $100 billion over five years. Trudi Makhaya, economic adviser to President Cyril Ramaphosa, told City Press during an...
Zim firms cut $3m deals in DRC 12 July 2018 HARARE - Zimbabwean resources companies have cut deals worth $3 million-plus with DRC corporations after participating at a mining exhibition in the central African country. The firms are working with large mining corporations such as Ivanhoe Mines, Kibali Gold Mine, Gecamines and Tenke Fungur...
Mobile penetration declines 10 July 2018 HARARE - Zimbabwe's mobile penetration rate declined by 18,1 percent to 84,6 percent in the first quarter of 2018 from 102,7 percent recorded in previous comparable period, latest data show. Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) director general Gift Machenget...
Tourist arrivals up 15pc 10 July 2018 HARARE - Tourist arrivals in Zimbabwe went up 15 percent to 554 417 from 480 510 in the quarter ended March 2018, latest statistics revealed. According to the Finance ministry's Fiscal Policy and Advisory Services Department update, tourism receipts also grew 20 percent to $190 million during ...
Nyaradzo launches Sahwira International Plan 10 July 2018 HARARE - Diversified insurance group, Nyaradzo Life Assurance Company has launched a funeral policy called Sahwira International Plan (Sip) meant for Zimbabweans in the Diaspora. Sahwira International Plan, which Nyaradzo chief executive Philip Mataranyika has described as a “solution and not ...
ZB's tech project boosts financial inclusion 10 July 2018 HARARE - ZB Bank (ZB) says its technological infrastructure project in the border city of Mutare has boosted financial inclusion in the remote region. Its chief executive, Ronald Mutandagayi, said the introduction of digital payment systems saw an increase in the region’s population that now k...
Econet extends industry lead 10 July 2018 HARARE - The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz)'s 2018 first quarter (Q1) sector report shows Econet Wireless maintained its customer and revenue market share leadon the back of consistent growth in the key industry performance indicators. The sector perfor...
BNC records $5,8m profit 9 July 2018 HARARE - Listed mining concern Bindura Nickel Corporation (BNC) says it is operating on shaky ground despite recording $5,8 million after-tax profits in the full year to March 31, 2018. The group's chairperson Muchadeyi Masunda said despite posting healthy profits, BNC's total assets exceeded ...
FBC deploys 7k POS machines 9 July 2018 HARARE - Listed financial services group, FBC Holdings (FBC), has so far deployed 7 000 Point of Sale (POS) machines around the country in a drive to promote the use of cash-lite transactions, an executive with the bank said. FBC chief executive John Mushayavanhu last week said despite operati...
Ambitious roads projects on course 9 July 2018 HARARE - President Emmerson Mnangagwa’s audacious plans to construct and rehabilitate the country’s road infrastructure to try and kick-start Zimbabwe’s sputtering economy is on course, The Financial Gazette has established. Early this year, the government — through the Zimbabwe National Roads...
SECZ to launch online system 7 July 2018 HARARE - An online system allowing ordinary people to buy shares on the Zimbabwe Stock Exchange (ZSE) is set to be launched on July 16. According to a notice issued by the Securities and Exchange Commission of Zimbabwe (SECZ) yesterday, the platform, named C-TRADE, allows for easy access to th...
ZB, Zympay launch digital fees payment platform 6 July 2018 HARARE - ZB Bank (ZB) has teamed up with United Kingdom-headquartered cross-border payments enabler, Zympay, to facilitate digital payments for school fees both locally and from the Diaspora. ZB Financial Holdings Limited chief executive Ronald Mutandagayi said the initiative, which was launch...
Mujokoro appointed Zinara acting CEO 5 July 2018 HARARE - Zimbabwe National Roads Administration (Zinara) company secretary Mathlene Mujokoro has been inexplicably appointed acting chief executive in the aftermath of Nancy Masiyiwa-Chamisa's recent suspension. The hapless engineer's suspension came as Wilfred Ramwi's board had resolved to “c...
Defiant Chivayo blames ZPC board, engages ED 5 July 2018 HARARE - Controversial businessman Wicknell Chivayo says he could have completed the 100 megawatt (MW) Gwanda solar project in eight months had it not been for the Zimbabwe Power Company (ZPC) board's intransigence, documents show. The development also comes as the Intratrek Zimbabwe (Intratre...
Non-life assets up 19pc 5 July 2018 HARARE - Non-life insurers' total assets grew 19,2 percent from $197,43 million as at December 31, 2016 to close 2017 at $235,42 million buoyed by good fortunes on the local bourse, official data revealed. In its report for the 12 months to December 31, 2017, the Insurance and Pensions Commiss...
Zimpost launches funeral cash plan 5 July 2018 HARARE - Postal services provider Zimpost has partnered First Mutual Life (FML) Assurance to launch funeral assurance — PostLife Funeral Cash Plan. The product is underwritten by FML. The partnership, signed on March 1, 2018, entails the distribution of life assurance products under the Zim...
'Zim's recurrent trade deficit toxic' 4 July 2018 HARARE - The central bank has warned that Zimbabwe’s recurrent trade deficits poses significant challenges as the country continues to rely on export revenues to generate liquidity and support domestic economic activity. In its March report, the Reserve Bank of Zimbabwe (RBZ) said Zimbabwe nee...
NTS mixed sourcing pays off 4 July 2018 HARARE - National Tyre Services (NTS) says its mixed bag strategy to supplement direct sourcing with local supplies and pushing sales of premium products to improve margins has started paying dividend. This was after the company’s profit after tax surged to $118 000 in the full year to March 3...
Reiz Winter School begins on Thursday 4 July 2018 HARARE - The Real Estate Institute of Zimbabwe (Reiz) will be holding its 2018 Winter School in Victoria Falls from July 5 to 8 under the theme “Integrating Sustainability in the Real Estate Sector for Economic Transformation.” The Winter School is coming at a time the property market has rema...
Zim placed on African risk analysts watch list 3 July 2018 HARARE - Zimbabwe has been ranked among the most promising economies in Africa due to the political transition currently taking place. Risk analysts who attended a forum on investment risks in Africa in Côte d'Ivoire last week, which was hosted by the African Trade Insurance Agency (ATI), said...
SecZim introduces C-Trade 3 July 2018 HARARE - Zimbabwe's capital markets will this week introduce a mobile application, C-Trade, in a move that is expected open the financial markets to broader participation. Escrow Systems, a unit of the Escrow Group which provided the technical solution for the recently launched mobile traded r...
Lonmin disposes Petrozim stake 2 July 2018 HARARE - South Africa-registered platinum group metals (PGMs) producer Lonmin Plc (Lonmin) is disposing its 50 percent stake in Zimbabwe's Petrozim Line (Private) Limited (Petrozim) for $14,8 million. Lonmin — listed on both the London and Johannesburg stock exchanges — announced the deal last...
TelOne revenue surges to $117m 2 July 2018 HARARE - State-owned integrated telecommunications firm, TelOne, revenues increased to $117 million last year driven by growth in broadband income. According to the company's financial results for 2017, total revenues jumped by three percent from $14 million in 2016 despite a decline in voice ...