Business

Vingirai threatens ZB pull out 23 June 2017 HARARE - Government is likely to regain its 23,5 percent stake in ZB Financial Holdings (ZBFH) after businessman Nicholas Vingirai threatened to pull out of the banking group due to shareholder disagreements. Market experts, however, said the divorce could have serious negative implications on...
NetOne paid Kangai $247 000 23 June 2017 HARARE - Zimbabwe's government-owned mobile firm NetOne has said it paid its former chief executive officer Reward Kangai $247 000 following the termination of his employment contract. Kangai was sent on forced leave in March 2016 after the company's board sanctioned a forensic audit into the ...
SeedCo seeks alternative listing 22 June 2017 HARARE - Zimbabwe Stock Exchange-listed seed producer, SeedCo, is seeking alternative listing on a regional stock exchange to raise capital for its expansion projects. This comes as the country is experiencing a crippling cash shortage that has left a black hole in the financial system that is...
Zimre in cost-cutting drive 22 June 2017 HARARE – Zimre Property Investments (ZPI) has embarked on another cost-cutting drive aimed at keeping the company afloat in an increasingly challenging economic environment. The realtor’s managing director, Edson Muvingi, said despite another retrenchment that took place last year, the firm st...
'Zim can create a $1bn economy' 22 June 2017 HARARE – Zimbabwe has the potential to create a billion dollar economy by empowering its entrepreneurs and small to medium enterprises (SMEs), a local firm has said. Global Entrepreneurship Trust Club (Get Club) said SMEs play an important role in the world economy and contribute substantially...
Premier to commence commercial mining 22 June 2017 HARARE - London Stock Exchange-listed mining exploration and production company, Premier African Minerals Limited (Premier), anticipates beginning commercial mining at its Zulu Lithium and Tantalum mine following positive metallurgical results on the site. Premier’s chief executive George Roac...
'Zimphos plant on course' 22 June 2017 HARARE – Local fertiliser manufacturer Zimphos’ Msasa sulphuric acid plant is now 25 percent complete amid indications it will come online by first quarter 2018, a junior minister said. Deputy Industry minister Chiratidzo Mabuwa said the country has invested about $1,8 million in the project t...
Agribank unveils $70m facilities 21 June 2017 HARARE - The Agricultural Bank of Zimbabwe (Agribank) has unveiled $70 million earmarked to stimulate export trade and horticulture production. Agribank public relations manager Olam Marufu told the businessdaily yesterday that the new loan facilities — made up of a $50 million export facility...
8 elephants killed by cyanide 21 June 2017 HARARE - At least eight elephants have been killed by suspected poachers using cyanide at Hwange National Park, the businessdaily has learnt. The latest development has brought the number of elephants killed by cyanide in the country to over 300 in the last four years. The Zimbabwe Parks an...
Guvamatanga's future hangs in the balance? 20 June 2017 HARARE - The fate of Barclays Bank Zimbabwe (BBZ) managing director  George Guvamatanga (pictured) is hanging in the balance after his company was recently taken over by Malawi First Merchant Bank (FMB). This comes as the British bank, Barclays Plc, ended its 105-year presence in Zimbabwe by a...
Nssa consolidates insurance firms 20 June 2017 HARARE - The National Social Security Authority (Nssa) is moving to consolidate its position in the insurance sector amid indications it wants to merge interests in two Zimbabwe Stock Exchange-listed stalwart insurance counters. Listed short-term insurer NicozDiamond Insurance Limited (NDIL) —...
GetBucks extends offer 20 June 2017 HARARE - Microfinance institution GetBucks has extended its offer to the public to subscribe to the second series of its $30 million medium-term note programme to next month. The offer, which will see the deposit-taking institution raising $30 million through a bond was supposed to close last ...
Gainwell slips into liquidation 20 June 2017 HARARE - Kwekwe-based  gold mine, Gainwell Investments (Gainwell), has lapsed into liquidation due to worsening economic conditions in the country. The miner’s liquidator, Modern Mutumwa, told the businessdaily that the company — which began operations in 2012 — had been pushed out of business...
RioZim courts suitor for $2bn Sengwa power plant 19 June 2017 HARARE – Listed resources firm, RioZim, is in discussions with a potential investor to kick-start its $2,2 billion Sengwa thermal power project. Anticipated to result in the generation of 2 400 megawatts (MW) of power, the project has been on the cards since the 1990s. RioZim, which began a...
Zimpost rakes in $3,2m from partnerships 19 June 2017 HARARE – State-owned postal, courier and ICT services provider, Zimpost, handled international transactions worth $3,2 million in the year to December 2016 through partnerships with international money transfer companies, acting managing director, Sifundo Moyo, said. The Zimpost boss said the ...
Willdale's loss widens as company sells land 19 June 2017 HARARE – Listed brick-making firm Willdale’s net loss widened to $380 564 in the six months to March 2017, from $146 575 recorded prior comparable period on the back of heavy rains that damaged the company’s furnaces. While the first half had been depressed, turnover increased 14 percent to $4...
Dividends trapped in banks 17 June 2017 HARARE – While most counters on the Zimbabwe Stock Exchange (ZSE) have been trying to outdo each other in declaring dividends, concern remains over the failure by foreign investors to access their return in light of the liquidity crisis rattling the local economy. Despite the worsening economi...
ZSE bull-run buoys FML 17 June 2017 HARARE – First Mutual Holdings (FML)’s investment income in the five months to May 2017 surged from $581 000 to $5,5 million, driven by a rebounding Zimbabwe Stock Exchange (ZSE), a company official said. The financial services group’s chief executive, Douglas Hoto, told shareholders on Wednes...
Ipec launches framework for low income earners 17 June 2017 HARARE – The Insurance and Pensions Commission (Ipec) yesterday launched Zimbabwe’s maiden Micro-Insurance Regulatory Framework aimed at facilitating the provision of insurance to low income earners. The regulator’s commissioner, Tendai Karonga, said the framework was useful in assisting Zimba...
StanChart splurges $7m on refurbishment 17 June 2017 HARARE – Zimbabwe’s oldest financial institution, Standard Chartered Bank Zimbabwe (StanChart), has spent $6,5 million on a branch refurbishment exercise. The financial services institution’s chairman, Lovemore Manatsa, said the bank has already started sprucing up its branches, as part of its...
Inflation returns to hound Zim 16 June 2017 HARARE – Inflation is anticipated to continue firming on account of the general increase in the prices of goods and services, thus sending shivers down the spines of ordinary Zimbabweans who are still hounded by memories from the 2008 hyperinflationary era, which wiped out their hard-earned savin...
Govt redistributing Zimasco chrome claims 16 June 2017 HARARE – Government has started re-distributing idle chrome mines surrendered by the Kwekwe-based Zimbabwe Iron and Smelting Company (Zimasco) amid indications that illegal miners who had occupied them would be evicted. Deputy Mines minister, Fred Moyo, on Wednesday said his ministry — which i...
Barclays deal to boost FMB Botswana unit 15 June 2017 HARARE – First Merchant Bank Limited (FMB)’s Botswana unit, Capital Bank, said the acquisition of Barclays Bank Zimbabwe (BBZ) will boost trade and investment in southern Africa. This was after Barclays Plc last week announced it was selling 42,68 percent of its 67,68 percent shareholding in B...
Tough times for insurance firms 15 June 2017 HARARE – The Insurance and Pension Commission (Ipec) said it will compel all insurance companies to publish financial statements as part of strategies to promote transparency and increase credibility in the sector. The regulator’s commissioner, Tendai Karonga, yesterday said insurance fraud — ...
SecZim to introduce online trading 15 June 2017 HARARE – The Securities and Exchange Commission of Zimbabwe (SecZim) is planning to introduce online trading and reporting of all securities transactions and investments across the entire capital markets in the country. SecZim chief executive Tafadzwa Chinamo said the initiative was aimed at p...