Business

NetOne continues push for mobile money 14 November 2017 HARARE - NetOne is continuing with an aggressive marketing drive of its mobile platform, OneMoney, after it launched the product in Bulawayo. The much-hyped launch, which was preceded by an event at Sekusile in Nkulumane, lived up to its billing as shown by the overwhelming attendance by a cro...
Nash Paints excels, paints nation 14 November 2017 HARARE - Wholly-owned by Zimbabweans, Nash Paints is one of the fastest growing indigenous business entities boasting of 20 branches throughout the country with a plant manufactures 50 000 litres of paint a day. The Daily News Assistant Editor Maxwell Sibanda recently spoke to Tinashe Mutarisi...
OK Zim register $5,2m profit 13 November 2017 HARARE - Zimbabwe’s largest grocery chain OK Zimbabwe (OKZim) posted an 128,1 percent jump in half-year after tax profits to $5,1 million from $2,3 million in 2016. The group’s chief executive officer Alex Siyavora, last week said revenue in the six-month period to September 2017 improved by 2...
Delta records $32,3m profit 10 November 2017 HARARE - Zimbabwe Stock Exchange listed blue-chip counter, Delta Corporation (Delta), has registered a $32,3 million profit in the half year to September, up from $30,9 million recorded in the same period last year. The group’s chief executive, Pearson Gowero, said the business remains profita...
RBZ applauds deposit insurance 8 November 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) says deposit insurance plays a critical role as a component of the financial safety net in an economy. Deposit insurance is protection provided by a government agency to depositors of a bank or deposit-taking institution. It assures the depositors...
CFI Holdings saga in new twist 8 November 2017 HARARE - The battle to control diversified concern, CFI Holdings (CFI), has taken a new twist amid indications that Zimre Holdings (Zimre) is fighting to keep its directors on the struggling company’s board. This was after CFI had agreed to hold an extraordinary general meeting — requisitioned...
Mliswa defends army involvement in command agric 6 November 2017 HARARE - Independent Member of Parliament for Norton, Temba Mliswa, has defended the involvement of the military in government's special maize import substitution programme, the Command Agriculture, saying politicians had “distorted the initiative” to gain personal political mileage. Mliswa, w...
Zim losing $2,5bn annually to smuggling 1 November 2017 HARARE - The fiscus is losing $2, 5 billion annually to smuggling of goods, the Zimbabwe National Chamber of Commerce (ZNCC) has said. In an analysis of Zimbabwe's thriving informal sector, which is apparently riding on the back of porous ports of entry, ZNCC said the country's comparatively h...
'Zim needs economic diversification' 30 October 2017 HARARE - The Zimbabwe National Chamber of Commerce (ZNCC) says the country must diversify into other sectors of the economy in order to address the present economic crunch biting hard on the nation. “There must be a shift from today's silo-style focus on agriculture, mining or industry, to a v...
Banks still rejecting 99-year lease 29 October 2017 HARARE - Zimbabwean financial institutions are rejecting 99-year lease agreements as collateral for issuing of loans to farmers, with Senators calling on government to make the instruments bankable. This comes even after the Lands ministry last year amended the 99-year leases to make them bank...
CBZ tackles high unemployment 28 October 2017 HARARE - Zimbabwe's largest financial services group, CBZ Holdings (CBZ), said it has intensified efforts to empower thousands of the country's unemployed youths through skills training. The group's senior manager marketing Joel Gombera told the businessdaily that CBZ — under its Youth Entrepr...
'Zim faces food shortages' 27 October 2017 HARARE - Zimbabwe is likely to experience food shortages before year end on the back of hard currency shortages, an international think-tank has cautioned. In its Country Risk Report for the fourth quarter, Fitch Group member, BMI said the central bank’s decision to more than double the size o...
CBZ boss Nyemudzo fired? 25 October 2017 HARARE - Zimbabwe's largest financial services group, CBZ Holdings (CBZ), has severed ties with its chief executive officer, Never Nyemudzo. The veteran banker — who has since been replaced by Peter Zimunya on an acting capacity — was on Wednesday sent on forced leave pending his “resignation”...
Prices in sharp increase 24 October 2017 HARARE - Zimbabwe witnessed the sharpest increase in average prices in September since it adopted the multi-currency regime in 2009, which was biased towards the US dollar, a leading financial research firm has said. According to official Zimstat data, year-on-year inflation rose by 0,78 perce...
Mineral earnings up 31pc 24 October 2017 HARARE - Mineral earnings grew by 31 percent in the nine months period to September ahead of the same period last year, official data published by the Minerals Marketing Corporation of Zimbabwe (MMCZ) show. Minerals earned $1,1 billion between January and September compared to $836 million in ...
Tough tax regime for miners 23 October 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) is proposing a tough mining regime for miners to ensure that the country gets more taxes. Zimra’s chairperson Willia Bonyongwe last week said Zimbabwe, like all developing countries, needs to find a more equitable tax regime for the mining sector...
'TBs creating fictitious money' 21 October 2017 HARARE - The Zimbabwean government has been warned against excessive use of Treasury Bills (TBs), which could collapse the local banking system as the government-backed paper is not backed by any physical assets. A TB is a short-term debt obligation backed by a government with a given maturity...
Banking sector capitalisation increases 18 October 2017 HARARE - Banking sector capitalisation increased to $1,24 billion by end of June 2017 from $1,22 billion recorded in the first quarter. Parliament's Budget Office (PBO) said all the banking institutions were adequately capitalised and complied with minimum capital requirements. CBZ managed ...
Gold deliveries in massive surge 18 October 2017 HARARE - Gold deliveries to Fidelity Printers have hit 12,09 tonnes mark in the first seven months of the year, with deliveries by small-scale miners increasing 7,8 percent to 1 127,5 kg in July from 1 045,9kg recorded in June, Parliament Budget Office figures show. Gold production target for ...
Solar projects hit by funding challenges 17 October 2017 HARARE - Three major solar projects are hanging in the balance on the back of acute funding challenges, a junior minister said. Energy deputy minister Tsitsi Muzenda last week told the Senate that the $202 million Gwanda Solar Project, Munyati and Bulawayo-located Insunkamini project were all ...
September inflation firms: Zimstat 17 October 2017 HARARE - Zimbabwe's annual inflation gained 0,64 percent in September to 0,78 percent from 0,14 percent as prices went up during the month under review, official data shows. Zimstat yesterday said prices as measured by the all items Consumer Price Index (CPI) increased by an average of 0,78 pe...
Barclays deal sealed 14 October 2017 HARARE - British lender Barclays Plc on Thursday sealed disposal of its local unit to Malawi's FMB Capital Holdings (FMBCH). Barclays Bank of Zimbabwe (BBZ) said completion of this transaction follows compliance with all statutory and regulatory requirements. The move resulted in FMBCH acqu...
Tetrad loses $5m property 13 October 2017 HARARE - Tetrad Holdings (Tetrad)’s bid to reclaim 10 immovable properties sold by public auction to recover more than $5 million owed to National Social Security Authority (Nssa) has flopped after the Supreme Court struck the matter off the roll yesterday. The bank, which was placed under pro...
ZSE bull run to continue 13 October 2017 HARARE - The Zimbabwe Stock Exchange rebound is expected to continue throughout October after total volumes traded in September went up 127,81 percent to 264,09 million. In its report for the month of September, equities firm IH Securities (IH) said the relentless bull run was a direct result ...
Foreign currency shortages worsen 12 October 2017 HARARE - The country’s foreign currency shortage crisis is worsening, with more banks stopping payments to Multichoice, Africa’s largest pay-TV company. This also comes as e-wallet payment system, Ecocash, run by mobile firm Econet Wireless, suspended international transactions on its MasterCa...