Business

Firming crocodile skin prices buoy Padenga 24 March 2018 HARARE - Crocodile skins and meat producer, Padenga Holdings, yesterday reported a 53 percent increase in profit after tax for the year ended December 31, 2017, buoyed by firming prices. The group reported a profit after tax of $12,9 million for the period under review, up 52,98 percent from $...
'Farmers need more support' 24 March 2018 HARARE - The Zimbabwe Agricultural Society (Zas) has called for more support for farmers after it found that the contemporary support system for agriculture fails in comparison to the system that was in place half a century ago. On Wednesday, Zas hosted a dialogue on: “The role of tertiary ins...
Nedbank promises fireworks 24 March 2018 HARARE - Nedbank Zimbabwe (formerly MBCA Bank) says the changeover will be twinned with a mix of “agility” and “responsiveness” to market needs, as it mounts a new plan to improve competitiveness. Managing director Charity Jinya, pictured, told reporters in Harare this week that the factors we...
Zim crafts new policies to spur industry 24 March 2018 HARARE - Zimbabwe is drafting a raft of new policies aimed at strengthening the country’s industries, a senior government official has said. Abigail Shoniwa, the permanent secretary in the ministry of Industry, yesterday told delegates attending the second CBZ International SMEs Indaba in Bula...
CBZ earmarks $10m for SMEs 24 March 2018 HARARE - Zimbabwe’s largest financial services group by asset base, CBZ Holdings, says it has this year set aside $10 million for the development of the country’s small to medium enterprises sector. The group’s acting chief executive Peter Zimunya told journalists on the sidelines of the ongoi...
Chinese billionaire back in Zim for Zisco deal 22 March 2018 HARARE - Chinese billionaire investor Zhang Li - worth $3,9 billion according to Forbes - is back in Zimbabwe to pursue the deal to acquire government-run iron processor, Ziscosteel (Zisco). Zhang Li co-chairs real estate developer Guangzhou R&F — which has massive properties in 28 cities, mos...
Nestlé to expand Zim business 22 March 2018 HARARE - President Emmerson Mnangagwa this week revealed that Swiss-based food and beverages giant, Nestle, is planning to expand its business in Zimbabwe. He disclosed that the commitment was made by Wan Ling Martello, Nestlé’s chief executive for Asia, Oceania and sub-Saharan Africa, when th...
Govt committed to new public sector accounting system 22 March 2018 HARARE - Government has reaffirmed its commitment to the new accounting system for the public sector, the accrual based International Public Sector Accounting Standard (IPSAS), to enhance transparency and accountability. Finance and Economic Planning deputy minister Terrence Mukupe, this week ...
Ipec enforces new actuarial rules 21 March 2018 HARARE - The Insurance and Pensions Commission has issued a stern warning saying all insurance companies should engage actuaries for key validation on their activities or face serious consequences. The development comes at a time when some insurance companies and pension funds are said to be s...
SeedCo backs govt's agric revival projects 21 March 2018 HARARE - Zimbabwe Stock Exchange-listed seed producer, SeedCo, has lauded government’s efforts to revive agricultural projects in the country, pledging to assist small-scale farmers in ramping up production. SeedCo managing director Denias Zaranyika yesterday told delegates at a field day in R...
UGI comeback bolsters Nicoz 21 March 2018 HARARE - A dramatic recovery of Zimbabwe Stock Exchange-listed Nicoz Diamond Insurance Limited’s troubled Malawi operation during the year ended December 2017 boosted its gross premium written to $40,1m from $36,9m the previous year, chairperson, James Karidza said yesterday. Nicoz saw its pre...
EcoSure set for extraordinary growth 21 March 2018 HARARE - When most people think about the success of mobile money in Zimbabwe, they immediately think of EcoCash. But Darlington Mandivenga, the CEO of Econet’s Cassava Fintech group, believes that mobile insurance service EcoSure — the fastest growing portfolio within the group, will in time ...
Annual inflation rate now 3,52pc 20 March 2018 HARARE - Zimbabwe's annual rate of inflation gained 0,6 percentage points in December 2017 to 3,52 percent in January 2018, latest official data shows, partly driven by the 2018 back to school spending. The Zimbabwe National Statistical Agency (Zimstat) said this means prices, as measured by t...
Dairibord turns fortunes 20 March 2018 HARARE - Dairiboard Zimbabwe Limited (DZL) reported impressive 2017 financials on the back of firm demand across all segments, improved capacity and a more streamlined cost structure after two years of restructuring. The milk processor — which recorded an operating loss of 3,9 million in 2016 ...
CBZ declares $3,5m dividend 20 March 2018 HARARE - CBZ Holdings (CBZ) has declared a $3,5 million dividend for the full year to December 2017, a 10 percent increase on prior comparable period spurred by good performance from all units. CBZ chairperson Noah Matimba said the group — which posted a 17 percent after tax profit to $27,8 mi...
Active mobile subscriptions increase to 14 million 20 March 2018 HARARE - The total number of active mobile subscription increased by 2,1 percent to 14 092 104 million for the year to December 31, 2017 from 13 799 648 million recorded during the previous quarter, according the Postal and Telecommunications Regulatory Authority of Zimbabwe’s (Potraz) fourth qua...
Insurance policyholder protection fund on cards 20 March 2018 HARARE - Government is pushing for a legislative framework which will  pave way for the establishment of a policyholder protection fund for the insurance industry in a bid to enhance consumers’ protection, the insurance and pensions regulator disclosed last week. It aims to protect the interes...
Policy holders prejudiced billions of dollars 19 March 2018 HARARE - Insurance and pension industry players did not keep consistent and reliable asset values during the pre-dollarisation period, resulting in ordinary Zimbabweans failing to assess risks and ultimately investing their hard-earned money down the drain. This was revealed by a commission of...
DZL speaks on outbreak of listeriosis 19 March 2018 HARARE - A unit of the Zimbabwe Stock Exchange (ZSE) listed Dairibord Holdings Limited (DHL) has issued a statement assuring its stakeholders that its products are safe for human consumption. This follows the outbreak of listeria in South Africa, which has caused panic, as it has resulted in t...
Under-fire Shah asks judge to block property seizure 18 March 2018 HARARE - Businessman Jayesh Shah has approached the High Court seeking to quash a court ruling forcing him to surrender to businessman Christopher Wesley Takura Tande title deeds to land earmarked for residential properties. Tande is the founder and executive chairperson of Equity Properties (...
Indigenisation law fatal to diamond, platinum sectors 17 March 2018 HARARE - RIOZIM believes lingering concerns over the indigenisation of diamond and platinum mines will be fatal to these respective sub-sectors. Speaking during the tour of Murowa Diamond Mine by the parliamentary portfolio committee on Mines and Energy this week, RioZim chairperson Lovemore C...
Parly to probe Shabanie Mine over ownership 17 March 2018 HARARE - The parliamentary committee on Energy and Mines will soon summon shareholders of Shabanie Mine to explain the company’s ownership after failing to get convincing answers from the company’s management during a tour of the mine. Shabanie management, led by managing director Steven Nyagu...
Non interest income pushes CABS bottom line up 17 March 2018 HARARE - Local financial retail market heavyweight CABS on Thursday reported a seven percent increase in net surplus for the year ended December 31, 2017, buoyed by an increase in non-interest income. The bank reported a surplus of $42 million representing an increase of 7,3 percent from the $...
ZCDC honoured 17 March 2018 HARARE - With just over a year into operations, the Zimbabwe Consolidated Diamond Company(Private) Limited (ZCDC) has been awarded the prestigious Company of the Year Award while its chief executive officer Moris Bekezela Mpofu was bestowed the Zimbabwe Top Business Leader of the Year Award for h...
AAT in drive to protect Vic Falls 16 March 2018 HARARE - One of Zimbabwe's leading leisure firms has invested in a plastic waste recycling plant in Victoria Falls to protect the environment around one of the world's seven natural wonders. Africa Albida Tourism, which operates a string of top end leisure outfits in the Zambezi basin, said in...