Business

Banks record $100m profit 3 August 2017 HARARE - Zimbabwean banks have made $100,59 million profit in the half year to June 30, 2017, representing an increase of 47,99 percent from $67,97 million reported in corresponding period last year, the central bank has said. Presenting his mid-term monetary policy statement yesterday, Reserv...
We notified ZSE: Van Hoog 1 August 2017 HARARE - British tycoon Nicholas Van Hoogstraten says his investment vehicle — Messina Investments — notified the Zimbabwe Stock Exchange (ZSE) of its intention to buy out CFI Holdings minorities despite claims by the regulator that due processes were not followed. As the battle for control at...
It's Game of Thrones at CFI 31 July 2017 HARARE - The battle for the throne at CFI Holdings (CFI) has escalated with market regulator — the Zimbabwe Stock Exchange (ZSE) — claiming it was unaware that British tycoon, Nicholas Van Hoogstraten’s Messina Investments qualified to make a mandatory offer to the company’s minorities. The bo...
'Allow bond notes to float freely' 28 July 2017 HARARE - Highly-regarded economist Ashok Chakravarti has urged government to allow the bond notes to float freely so that the market can determine its exchange rate, a move he says would help reduce their externalisation. The economist told a Confederation of Zimbabwe (CZI) retailers meeting t...
Zimra closes in on churches 26 July 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) says it is looking into the country's churches with the view of establishing clearer taxing boundaries, amid indications most pastors are failing to remit all their dues to the taxman. Zimra board chairperson Willia Bonyongwe yesterday told the c...
Bakers Inn to open $2m factory in Byo 26 July 2017 HARARE - Simbisa Brands’ bakery unit, Bakers Inn, says it has invested about $2 million in a new factory in the country’s second largest city — Bulawayo — as it moves to drive its 450 000 loaves per day output. Bakers Inn chief executive, Ngoni Mazango, said the move had been prompted by bread...
Grace agonises over her sons' behaviour 25 July 2017 HARARE - First Lady Grace Mugabe, just like her husband, President Robert Mugabe, at the weekend shared her agony with relatives over the continuing wayward behaviour of sons — Robert Junior and Chatunga Bellarmine — whose unacceptable ways led to their ejection from an upmarket private residence...
AirZim privatisation under threat 25 July 2017 HARARE - Government's plans to privatise national carrier, Air Zimbabwe, may be in for a bumpy ride amid indications that the airline’s major creditors are moving to stop the transition. Insiders who spoke to the businessdaily over the weekend said while government had made a provision for the...
Political infighting impeding Africa's fortunes 24 July 2017 HARARE - The current political infighting in South Africa (SA) – and other countries such as Zimbabwe – is exacerbating Africa's woes, and political instability tag or perception, a leading continental lobby group has said. This also comes as Ladislas Agbesi's Pan African Business Forum (PABF)...
Mining sector to grow 5,1pc: Chinamasa 22 July 2017 HARARE - The mining sector is seen growing 5,1 percent this year buoyed by positive performance from the gold, platinum, chrome, coal and nickel sectors, Finance minister Patrick Chinamasa said. Chinamasa on Thursday said the sector — which recorded an overall growth of 8,2 percent contributin...
Dema power project dead in the water 21 July 2017 HARARE - The $250 million Dema Power Plant — set up to provide emergency power in the wake of electricity shortages due to low water levels in Kariba Dam — has been mothballed on the back of fuel challenges, it has been learnt. A short-term initiative implemented to alleviate the country's pow...
Banking sector growth to slow down 20 July 2017 HARARE - Zimbabwe's financial sector growth is anticipated to slow down to 1,7 percent after bankers smiled all the way to the bank and recorded a 42 percent profit surge last year, data from the World Bank shows. In its recently released economic update, the Bretton Woods Institution pointed ...
'Market to continue trending upwards' 19 July 2017 HARARE - The market is anticipated to trend upwards in the near future as institutional investors invest in the Zimbabwe Stock Exchange (ZSE), despite a lack of support from fundamentals, local analysts say. Equities firm, IH Securities (IH), said while the country faced prospects of firming i...
Zim inflation slows 18 July 2017 HARARE - Zimbabwe's inflation, which has been increasing in the last six months, has gone down slightly as the effects of cash shortages and depressed spending by consumers begin to be felt. Figures released yesterday by the Zimbabwe National Statistics Agency (Zimstat) indicated that prices i...
Govt increases online payment limits 18 July 2017 HARARE - Zimbabwe has increased the limit of the amount of money consumers can use in online payment platforms amid an explosion of online and mobile payment transactions. “In line with the goal to encourage the use of electronic means of payments, the limits have been broadened to facilitate ...
Mine Entra kicks off 18 July 2017 BULAWAYO - Organisers of this year’s Mining, Engineering and Transport (Mine Entra) expo are optimistic that they will have a fruitful three-day gathering. Zimbabwe International Trade Fair (ZITF) general manager Nomathemba Ndlovu said there was a remarkable improvement on exhibitor turnout as...
Controversy dogs Barclays deal 17 July 2017 HARARE - The sale of Barclays Bank Zimbabwe (BBZ) continues to be dogged by controversy amid revelations that the deal was consummated through a share-swap and in which Barclays plc would get a stake in Mauritius' FMB Capital Holdings. This also comes as opposition to the Malawian entity's 42 ...
New airlines boost Vic Falls tourism boom 16 July 2017 HARARE - The recently-commissioned $150 million Victoria Falls International Airport has spurred brisk tourism business in the resort town. This comes after Kenya Airways and Ethiopian Airways — in April — introduced direct flights to Victoria Falls from Nairobi and Addis Ababa respectively. ...
Zim rules out rand adoption 15 July 2017 HARARE - Not for the first time, government has ruled out adopting the South African rand as its main currency. Responding to a question with notice in the Senate, Agriculture minister Joseph Made, standing in for Finance minister Patrick Chinamasa, said the country should work on improving pr...
Zimra to chase cash hidden in tax havens 15 July 2017 HARARE - Zimbabwe’s tax agency has said it wants to uncover billions of dollars in undeclared assets kept by Zimbabwean citizens in foreign countries amid a worsening liquidity crunch. This comes as Zimbabweans have externalised billions of dollars, ranging from the relatively small bank depos...
Zim banks see profits skyrocket 14 July 2017 HARARE - Zimbabwean banks are seeing their profits skyrocket despite the tough operating environment, making more money from trading and mostly electronic transactions, financial research firm Equity Axis has said. CBZ, Barclays, NMB, ZB and Agribank — the only banks that have released their t...
Zimra surpasses revenue target 14 July 2017 HARARE - Zimbabwe’s tax agency Zimra has said it exceeded its 2017 second quarter revenue target by over 9 percent, as the economic outlook became positive, buoyed by the good agricultural season and a battery of measures to stimulate investment, exports and production. Zimra chairperson Willi...
Cash crisis symptom of broken Zim economy: Mangudya 13 July 2017 HARARE - Reserve Bank of Zimbabwe (RBZ) governor John Mangudya yesterday said the current cash crisis is a symptom of a broken economy. “People are asking the wrong questions, it's not about the currency but about the economy which is not performing,” he said. This comes as government is st...
Zim's tobacco exports tumble 13 July 2017 HARARE - Zimbabwe's tobacco export earnings tumbled two percent to $266 million by July 7 on lower prices and demand, an industry official said. Tobacco is Zimbabwe's single largest export commodity, ahead of platinum and gold. Andrew Matibiri, general manager at Tobacco Industry and Market...
Mangudya seeks to plug black market 12 July 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) is planning to plug the parallel financial markets and ease the current cash crisis by re-establishing Bureaux de Changes, more than 15 years after they were closed. Bureaux de Changes were shut down in December 2002 amid allegations that they were a...