HARARE, December 12 (The Source) – Zimbabwean banks are willing to accept government issued 99-year leases as collateral for loans to farmers, an official has said.
HARARE, December 8 (The Source) – Zimbabwe’s finance minister Patrick Chinamasa says country’s cash crisis will not be resolved overnight, saying he is minded to tackle the widening budget trade deficit.
HARARE, December 8 (The Source) – Patrick Chinamasa virtually sang and danced through his budget speech like a newly freed slave on Thursday.
HARARE, December 8 (The Source) – National Tyre Service (NTS) reported an after tax profit of $171,499 in the half year to September from a loss of $54,576 last year driven by an increase in revenue.
HARARE, December 8 (The Source) – Zimbabwe’s mining sector requires at least $392 million in working capital to sustain operations in 2018, up from the $211 million which was invested this year, an industry survey has revealed.
By Professor Anthony Hawkins, HARARE, December 8 (The Source) – If all goes according to plan, finance Minister Patrick Chinamasa’s 2018 budget will be remembered chiefly for its promised repeal of the Indigenisation Act, except for the diamond and platinum industries.
HARARE, December 7 (The Source) – Mineral export receipts are projected to grow 8,7 percent to $2,5 billion next year from $2,3 billion in 2017 driven by the anticipated output growth and modest recovery in international mineral prices.
HARARE, December 7 (The Source) – Some reactions to the 2018 National Budget, which was presented by Finance Minister, Patrick Chinamasa on Thursday.
HARARE, December 7 (The Source) – Zimbabwe’s economy will grow by 3,7 percent this year, rising to 4,5 next year, finance minister Patrick Chinamasa said on Thursday as he presented the 2018 national budget with a $5,8 billion envelope.
HARARE, December 7 (The Source) – Mashonaland Holdings narrowed its loss position for the year ended 30 September 2017 to $1.6 million compared to $5.9 million in 2016 largely driven by reduced property expenses.
HARARE, December 6 (The Source) – The Zimbabwe Stock Exchange (ZSE) mainstream index eased 1,14 percent to close at 342,2 points on Wednesday ahead of the national budget.
HARARE, December 6 (The Source) – Zimbabwe’s telecoms revenue increased by 19,7 percent to $292,7 million from $244.5 million in the previous quarter driven by a rise in data usage, the industry regulator said.
HARARE, December 6 (The Source) – Finance minister Patrick Chinamasa says the country’s 2018 budget, which will be presented on Thursday, will send a clear message to the world that Zimbabwe is open for business.
HARARE, December 6 (The Source) – Innscor Africa says its units had a mixed performance during the first quarter, with revenue falling marginally compared to same period last year, but gross margins were higher.
HARARE, December 5 (The Source) – Netherlands-based Vivo Energy Holdings is set to acquire a controlling stake in Engen Holdings through a share swap deal targeting operations in Zimbabwe and several countries in the region.
HARARE, December 4 (The Source) – Stalap Investments, a major shareholder in agro-industrial group CFI Holdings, has instituted legal action seeking to declare last month’s extraordinary general meeting (EGM), which cancelled a 2015 $18 million land-debt swap deal with Fidelity Life Holdings, null and void.
HARARE, December 1 (The Source) – More than 100,000 farmers have registered to grow tobacco in the 2017/18 season, a 36 percent increase from 73,492 in the previous season, statistics from the industry regulator have shown.
HARARE, December 4 (The Source) – The Zimbabwe Stock Exchange mainstream index eased 2,15 percent to close at 365,93 points on Monday as after profit-taking dominated trades in four heavyweight counters.
By Steve H. Hanke, Emmerson Mnangagwa, the new president of Zimbabwe, will have a hard time digging his country out of the economic hole that it fell into during the 37 years it was led by Robert Mugabe. But it can be done.
HARARE, December 4 (The Source) – Zimbabwe’s new President Emmerson Mnangagwa on Monday swore in his 22-member Cabinet, saying he has confidence in its ability to deliver and turnaround the economy.
HARARE, December 1 (The Source) – Zimbabwe’s biggest gold producer, Metallon Gold has sold off its Arcturus mine to Tawanda Nyambirai’s investment company,TN Securities at an undisclosed price.
HARARE, December 1 (The Source) – The National Social Security Authority (NSSA) has approved a bonus payment for all pensioners citing an improved performance and growth in income.
HARARE, December 1 (The Source) – That President Emmerson Mnangagwa’s first Cabinet was going to have some cronyism was expected. Loyalty points were always going to be handed out to the military and to party allies.
By Stanley Kwenda, LONDON, December 1 (The Source) – On 15 November President Robert Mugabe tendered his resignation letter to the Speaker of Parliament. The resignation was greeted with euphoria which continued until the new President Emmerson Mnangagwa was sworn into office.
HARARE, December 1 (The Source) – Zimbabwe’s President Emmerson Mnangagwa has named a new Cabinet, seen as rewarding top military officials who played a crucial role in his rise to the top but retained much of the old guard from the Robert Mugabe era, which… Read More
HARARE, November 30 (The Source) – Clothing retail chain, Truworths said it recorded double digit revenue growth across its business in the four months to November 4 on strong demand and expects a profitable half year.
HARARE, November 30 (The Source) – Britain could extend financial support to Zimbabwe to help stabilize its economy and clear its debts with international lenders but such support will be linked to ‘democratic progress, foreign secretary Boris Johnson has said.
HARARE, November 30 (The Source) – Sugar processor Star Africa Corporation’s narrowed its loss after tax by 60 percent in the half year period to September 30, from $3,3 million last year to $1,3 million on the back of improved efficiencies, sales and cost containment… Read More
HARARE, November 29 (The Source) – Digital currency bitcoin broke new ground on Wednesday, breaching the $11,000 mark on the global market a few hours after zooming past $10,000, more than double its price at the beginning of October ahead of the possible launch of… Read More
HARARE, November 29 (The Source) – China’s President Xi Jinping is willing to work together with Zimbabwe’s new leader, Emmerson Mnangagwa, an envoy said on Wednesday, giving hope to the possible revival of ‘mega deals’ signed between the two countries two years ago.
HARARE, November 29 (The Source) – Zimbabwe’s infrastructure bank on Wednesday listed two bond facilities worth $65 million on the Finsec alternative trading platform, as it seeks to raise funds to finance its energy projects.
HARARE, November 28 (The Source) – Newly installed Zimbabwe president Emmerson Mnangagwa says his administration will be leaner to cut costs and improve efficiency.
HARARE, November 28 (The Source) – Zimbabwe’s President Emmerson Mnangagwa has named Patrick Chinamasa acting finance minister until a new cabinet is appointed, the Chief Secretary to the President and Cabinet has said.
HARARE, November 27 (The Source) – Former finance minister Ignatious Chombo, who is facing three counts of corruption, was on Monday denied bail after the presiding magistrate ruled that he was a flight risk and will be held in custody until his case in heard… Read More
HARARE, November 27 (The Source) – The price of bitcoin in Zimbabwe as quoted at the local exchange, Golix, rose 13,79 percent on Monday to trade at $16,500, about 65 percent above the global price.
HARARE, November 27 (The Source) – Zimbabwe equities dropped $6 billion in 8 days as the market engaged in a drastic self-correction following a change of guard in the country’s political leadership which saw Emmerson Mnangagwa installed as president on Friday.
By Plaxedes Ncube, HARARE, November 24 (The Source) – According to official estimates, 70, 000 people thronged the National Sports Stadium to celebrate the inauguration of the new president, Emmerson Mnangagwa.
By Professor Anthony Hawkins, HARARE, November 24 (The Source) – President Emmerson Mnangagwa’s inaugural address contains something for everyone but it is always much more difficult to implement promises than to make them.
HARARE, November 24 (The Source) – Zimbabwe’s new President Emmerson Mnangagwa on Friday pledged to revive the country’s moribund economy and create jobs for its unemployed masses in a speech to mark his inauguration.
HARARE, November 24 (The Source) – Emmerson Mnangagwa was on Friday sworn in as Zimbabwe’s third president by Chief Justice Luke Malaba to loud cheers at a packed National Sports Stadium, marking the end of Robert Mugabe’s nearly four decades rule and a new chapter… Read More
HARARE, November 23 (The Source) – Regional seed producer, SeedCo narrowed its loss after tax to $2 million in the six months to September from $9,3 million in the comparable period last year, attributable to an increase in sales and a decline in finance costs.
HARARE, November 23 (The Source) – After 40 years in Robert Mugabe’s shadow, Emmerson Mnangagwa is finally stepping out on his own.
HARARE, November 23 (The Source) – Botswana President Ian Khama says Zimbabwe has potential and capacity to recover quickly following the fall of Robert Mugabe, its autocratic ruler for 37 years seen as an impediment to foreign investment.
HARARE, November 23 (The Source) – Emmerson Mnangagwa will be sworn in as President on Friday, a stunning climax to a hectic two-month succession brawl that began with a row over ice cream.
HARARE, November 22 (The Source) – The Zimbabwe Stock Exchange’s self-correction continued on Wednesday, with the main industrial index shedding 5,07 percent to 329,63 points. However, the mining index remained flat at 129,82 points.
HARARE, November 22 (The Source) – Zimbabwe’s main labour movement, the Zimbabwe Congress of Trade Unions (ZCTU), says appointments to the new government should be based on performance not by loyalty to political leaders.
By Adelaide Moyo, HARARE, November 22 (The Source) – Every year, an estimated 300,000 graduates walk out of Zimbabwe’s 16 universities and extensive technical college network annually.
HARARE, November 22 (The Source)- Zimbabwe’s Emmerson Mnangagwa is set to return to the country on Wednesday and will be sworn in as president on Friday to replace Robert Mugabe who quit after nearly four decades in power, Speaker of Parliament Jacob Mudenda said.
Comment by Alfonce Mbizwo, HARARE, November 21 (The Source) – That it had come to such an ignominious end for Robert Mugabe should not be a surprise to anyone. He was a man used to getting his way.
HARARE, November 21 (The Source) – The Zimbabwe Stock Exchange (ZSE) market capitalisation lost more than $5 billion in 5 days, as equity prices took a nosedive owing to the political uncertainty in the country.
HARARE, November 21 (The Source) – MPs who were debating Robert Mugabe’s impeachment, react to his sudden resignation.
HARARE, November 21 (The Source) – Ousted Zimbabwe vice president Emmerson Mnangagwa on Tuesday piled on pressure on President Robert Mugabe to resign, saying Zimbabweans no longer had faith in his leadership as the ruling ZANU-PF MPs prepared to begin impeachment processes against their 93-year… Read More
HARARE, November 20 (The Source) – Zimbabwe’s President Robert Mugabe is in contact with and will meet ousted vice president Emmerson Mnangagwa to map a way forward for the country, army chief Constantino Chiwenga said on Monday.
HARARE, November 20 (The Source) – ZANU PF has notified President Robert Mugabe of the party’s decision to recall him from the position of president and first secretary of the party, spokesperson Simon Khaya Moyo has said.
HARARE, November 19 (The Source) – The Zimbabwe Mining and Smelting Company (Zimasco) has signed an agency agreement with New York-based Traxys to market and distribute its ferro-chrome products in North America, a deal seen reviving the struggling miner.
HARARE, November 20 (The Source) – ZANU-PF has started proceedings to impeach President Robert Mugabe and remove him from office after a midday deadline expired without him resigning.
HARARE, November 20 (The Source) – President Robert Mugabe has agreed to terms of his resignation and a letter has been drafted, CNN reported this morning citing an official source as the deadline imposed by his ZANU-PF party passed with no resignation.
By Alfonce Mbizwo and Kudakwashe Chideme, HARARE, November 19 (The Source) – Zimbabwe’s long serving ruler Robert Mugabe shocked Zimbabwe by refusing to quit on Sunday, saying he will preside over the ruling ZANU-PF party’s special congress next month, a few hours after he was… Read More
Zimbabwe’s President Robert Mugabe has agreed to stand down as head of state, reports Reuters quoting source.
By Kuda Chideme and Alfonce Mbizwo, HARARE, November 19 (The Source) – Zimbabwe’s ruling ZANU-PF party has given President Robert Mugabe up to Monday midday to resign as head of state or face impeachment in Parliament.
HARARE, November 19 (The Source) – President Robert Mugabe was dismissed as leader of Zimbabwe’s ruling ZANU-PF party on Sunday in a bid to force him to quit following a military takeover of the country last Tuesday.
HARARE, November 19 (The Source) – Zimbabwe’s stock market this week took its biggest dive since October last year, losing $2,7 billion in the week as investors reacted to the possibility of a transitional government which could stabilise the struggling economy.
HARARE, November 18 (The Source) – Zimbabwe’s military says President Robert Mugabe’s future will be settled on Sunday when the ruling ZANU-PF’s central committee meets after tens of thousands took to the street on Saturday to call for his resignation.
HARARE, November 18 (The Source) – Thousands of Zimbabweans poured onto the streets of Harare in a march to demand the resignation of President Robert Mugabe, the man who has led them for the past 37 years.
HARARE, November 17 (The Source) – The walls appear to be closing in on Zimbabwe’s President Robert Mugabe with some members of his party and veterans of the country’s war of liberation from Britain mobilising to oust him but his exit appears to be complicated… Read More
By Matt Matigari, HARARE, November 17 (The Source) – Zimbabweans have suffered for long time, almost two decades to be specific. The strange part is they suffered under the yoke of one of their own, President Robert Mugabe.
HARARE, November 17 (The Source) – The Reserve Bank of Zimbabwe (RBZ) says it will pay tobacco farmers an export incentive of 12,5 percent up from 5 percent, in a bid to spur production in the upcoming 2018 farming season.
HARARE, November 17 (The Source) – President Robert Mugabe’s imminent fall at the hands of his own military men is not without its irony.
HARARE, November 16 (The Source) – The Zimbabwe Stock Exchange mainstream index crashed on Thursday, dropping 7,46 percent to 487,93 points while the market saw its market value falling by $1 billion as political tensions remain high after a military takeover of the country.
By Kuda Chideme, HARARE, November 16 (The Source)- World over, the idea of the military usurping power from a democratically elected government has been frowned upon. But in Zimbabwe, where one man has ruled the country for 37 years, the world might have just witnessed… Read More
HARARE, November 16 (The Source) – Cable manufacturer CAFCA reported a 73 percent increase in profit after tax to $726,213 for the year ended September 30, on the back of increased sales volumes.
HARARE, November 15 (The Source) – The Zimbabwe Stock Exchange’s main industrial index plunged 1,24 percent to close at 527,27 points on Wednesday as companies responded cautiously to worsening political climate in the country.
By Kenneth Matimaire, MUTARE, November 15 (The Source) The Zimbabwe Defence Forces (ZDF) increased its personnel along the Forbes Border Post which shares the border with Mozambique, The Source can report.
HARARE, November 14 (The Source) – Today, November 14, 2017 marks exactly 20 years to the day the Zimbabwe dollar crashed, a fate that is afflicting its modern day replacement the bond note, at an even faster rate.
HARARE,November 14 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) says it has received a non-binding expression of interest from building materials manufacturer CRH, to acquire a controlling stake in PPC.
HARARE, November 14 (The Source)- The value of transactions processed through the National Payment System (NPS) in the last week of October increased by 20 percent to $2 billion from $1,7 billion recorded in the previous week due to a surge in Real Time Gross… Read More
HARARE,November 13 (The Source)- Caledonia Mining Corporation said its after tax profit increased almost three times to $3,1 million in the third quarter to September compared to $1,1 million in the same period last year on increased gold production.
HARARE, November 13 (The Source) – Zimbabwe has relaxed restrictions on fertilizer and agro-chemical imports as local manufacturers struggle to meet demand.
HARARE, November 9 (The Source) – Retail group OK Zimbabwe on Thursday said its net income more than doubled to $5,1 million in the six months to September, from $2,3 million in the comparable period last year on increased revenue and inflationary pricing.
HARARE, November 9 (The Source) – Zimbabwe’s budget deficit will grow to $1,82 billion this year, from the initial projection of $400 million on runaway government expenditure, finance minister Ignatius Chombo said on Thursday.
HARARE, November 8 (The Source) – Delta Corporation on Wednesday reported a 4 percent increase in after tax profit to $32,3 million for the six months to September, from $30,98 million in the comparable period last year on improved finance and income from associates.
HARARE, November 8 (The Source) – Zimbabwe risks being removed from the S&P Dow Jones Indices (“S&P DJI”) as the country faces up to foreign currency shortages and inflation concerns that are driving its stock market bull run despite surviving the cull for now.
HARARE, November 7 (The Source) – The Zimbabwe Stock Exchange (ZSE) market capitalisation hit $15 billion mark on Tuesday for the first time ever, as stocks continue to rally on the local bourse.
HARARE, November 7 (The Source) – Early in November 2014, as tensions rose in ZANU-PF, Emmerson Mnangagwa spoke with a small group of his supporters in his home town, Kwekwe.
HARARE, November 6 – Zimbabwe’s President Robert Mugabe fired Emmerson Mnangagwa as vice president on Monday for showing “traits of disloyalty”, his information minister said, abruptly removing a favourite to succeed the 93-year-old leader.
HARARE, November 6 (The Source) – The Zimbabwe Stock Exchange opened the week lower with the industrial index and mining index losing 0,27 percent and 3,81 percent to close at 524,23 points and 135,14 points respectively.
HARARE, November 6 (The Source) – In 2008 at the height of the global economic crisis which followed the collapse of the United States based financial group, Lehman Brothers, a white paper challenging the traditional system of global payments was making rounds in the underground… Read More
HARARE, November 3 (The Source) – Zimbabwe requires at least $10 billion to fund various power projects which would see the country generate an additional 4,192 megawatts and plug a crippling power deficit.
HARARE, November 2 (The Source) – Caledonia Mining Corporation says it has identified additional gold resources at its Blanket Mine, which could extend its lifespan.
HARARE,November 1 (The Source) – The Zimbabwe Stock Exchange indices opened the month of November higher, with both the industrial and mining index advancing 0,26 percent and 4,36 percent to close at 523,22 points and 138,27 points respectively.
HARARE, November 1 (The Source) – Chinese telecoms giant ZTE says it intends to expand its footprint in Zimbabwe’s information technology and communication (ICT) sector with plans to invest in 4G and 5G technology.
HARARE, November 1 (The Source) – The Zimbabwe Stock Exchange industrial index advanced 24,73 percent in October to close at 521,85 points, as the hunt for stocks on the local bourse shows no signs of letting up.
HARARE, November 1 (The Source) – The Zimbabwe Power Company (ZPC) sent out a total of 2029.88GWh of electricity against a target of 2124.59GWh in the third quarter of 2017, missing the production target for the quarter by 4.46 percent leading to resumption of load… Read More
BULAWAYO, October 31 (The Source)- Zimbabwe’s largest platinum mine, Zimplats recorded a 0.8 percent decline in output while the second largest Mimosa in Zvishavane recorded a 3.9 percent increase in the first quarter ended 30 September 2017.
By Reeta Roy, TORONTO – A few years ago, during a conversation with young people from some of Senegal’s poorest communities, a pair of social entrepreneurs told me about projects they were working on to help their peers succeed. One young man said he planned… Read More
HARARE,October 31 (The Source)- Econet Wireless reported a threefold increase in after tax profit to $48,9 million in the six months to August from $14,97 million recorded in the same period last year on increased revenue coupled with a marked decline in finance cost.
HARARE,October 31 (The Source) – Steward Bank on Tuesday said its after tax profit more than trebled to $8,5 million in the six months to August from $2,6 million in the comparable period last year, driven by a significant increase in revenue.
HARARE,October 30 (The Source)-The Zimbabwe Stock Exchange Industrial Index opened the week higher after adding 0,21 percent to close at 515,36 points on Monday.
HARARE, October 30 (The Source) – Renowned professor at The John Hopkins University, Steve Hanke suggests in his latest note that Zimbabwe’s inflation has in fact, reached 332,62 percent, not the official 0,78 percent.
HARARE, October 30 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) says it has received an offer from a global building materials and solutions company, LarfargeHolcim, challenging an earlier offer from Fairfax.
HARARE, October 30 (The Source) – Zimbabwe is among the 10 sub-Saharan Africa economies which have deteriorated significantly despite a positive outlook for the region, the International Monetary Fund (IMF) said on Monday.
By MacDonald Dzirutwe, HARARE, October 27 (Reuters) – Less than a decade after hyperinflation obliterated Zimbabwe’s dollar along with its pensions and savings, the southern African nation is suffering a return to precipitous price rises.
HARARE,October 27 (The Source) – Colcom shareholders on Wednesday accepted Innscor’s offer to acquire minorities shares in Zimbabwe’s largest meat processor in exchange for Innscor shares.
HARARE, October 27 (The Source) – Zimbabwe’s infrastructure bank will next month float several bonds to the tune of $14,9 million to finance development of its housing project in Kariba.
HARARE, October 26 (The Source) – The ruling ZANU-PF party wants to spend $8 million on a special congress meant to endorse President Mugabe as its leader and candidate for the elections expected in 2018.
HARARE, October 26 (The Source) – The Confederation of Zimbabwe Industries (CZI) has called the government to offer tax breaks on importation of capital equipment, to enable local industry to retool.
HARARE, October 26 (The Source) – The Zimbabwe Stock Exchange dropped for the fourth day in a row, easing 0,28 percent to settle at 513,87 points while the mining index also eased 3,83 percent to 131,49 points.
HARARE, October 26 (The Source) – The number of female headed companies in Zimbabwe’s manufacturing sector has risen by 8 percent, a survey by the Confederation of Zimbabwe Industries (CZI) has shown.
HARARE, October 25 (The Source) – About 38 of Zimbabwe’s state-owned enterprises and parastatals ran cumulative losses of $270 million last year alone, an official said on Wednesday, indicating weak corporate governance and a deep-seated rot in public enterprises.
By Ray Chipendo, HARARE, October 25 (The Source) – When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing, said Chuck Prince, former Citigroup chief… Read More
By Simbarashe Zishiri, HARARE, October 24 (The Source) – Zimbabwe’s financial sector could come under great strain if government defaults on honouring maturing treasury bills, with local banks facing undercapitalisation and the economy facing a recession.
HARARE, October 23 (The Source) – Zimbabwe investment group, Brainworks Capital’s loss after tax widened to $5,2 million in the six months to June, from $1,6 million in the comparable period last year on increased expenses despite a 23 percent rise in revenue.
HARARE, October 23 (The Source) – Zimbabwe’s telcos revenue in the quarter to June increased by 3.2 percent to $185.6 million from $179.8 million recorded in the previous quarter, the industry regulator has said.
HARARE, October 19 (The Source) – Zimbabwe has signed an agreement with Hong Kong-based R&F for the Chinese property firm to invest $1 billion to revive fallen steelmaker, Ziscosteel, Industry Minister MIke Bimha said on Thursday.
By Matt E.T Matigari, HARARE, October 19 (The Source) – Zimbabwe’s foreign exchange situation is getting worse in spite of extensive touting of a ‘nostro-stabilisation’ loan the Reserve Bank of Zimbabwe says it got from Afreximbank. How do we know this? Watch the indicators from… Read More
HARARE, October 19 (The Source) – Zimbabwe’s gross revenue collections in the quarter ended September amounted to $1,03 billion surpassing the target of $863 million by 19 percent, the tax agency said on Thursday.
HARARE, October 18 (The Source) – The Zimbabwe Stock Exchange’s mainstream index closed in the red for the first time in 18 days on Wednesday, shedding 0,21 percent to 515,95 points on Wednesday.
HARARE, October 18 (The Source) – Zimbabwe is targeting to half its budget deficit to four percent of the country’s Gross Domestic Product (GDP) next year, with growth expected to slow to 3 percent, according to a treasury strategy document seen by The Source.
HARARE, October 17 (The Source) – The Zimbabwe Stock Exchange, industrial index went further up by 0,85 percent to 517,02 points on Tuesday while the mining index added a marginal 0,03 percent to 134,48 points.
HARARE, October 17 (The Source) – Zimbabwe’s health insurers say the shortage of foreign currency in the country has resulted in the cost of drugs escalating by as much as 70 percent.
HARARE, October 16 (The Source) – Zimbabwe’s tax agency says it is only collecting about 30 percent of potential revenue as tax compliance remains a challenge.
HARARE, October 16 (The Source)- Zimbabwe’s annual inflation for September stood at 0.78 percent after gaining 0.64 percent on the August 2017 rate of 0.14 percent, the statistics agency reported on Monday.
By Karel Stander, JOHANNESBURG, October 16 (The Source) – Zimbabwe is an expensive tourist destination if one measures the value of the Rand (or Pula) against the Dollar and consider the most expensive border fees in the region. The average South African middle class tourist,… Read More
By Atukwei Okai, ACCRA – As the school year began this September, there was welcome news for Ghana’s nearly half-million students entering high school: President Nana Akufo-Addo had fulfilled his campaign promise of free secondary education for children nationwide. He swore not only to do… Read More
HARARE, October 13 (The Source) – Malawi-based First Merchant Bank ( FMB) has received regulatory approvals to acquire an effective 42,7 percent shareholding in Barclays Bank Zimbabwe, completing its takeover of the bank.
By Respect Gwenzi, HARARE, October 13 (The Source) – Predictions by renowned world economic bodies and the government point towards economic recovery in Zimbabwe at least over the next 3 years. Underlying this foreseen recovery is a projected sustained favourable rainfall pattern which is expected… Read More
By Yeukai Musara, HARARE,October 12 (The Source) – Zimre Holdings Limited (ZHL) has called off plans to sell off its shareholding in insurance firms in NicozDiamond and Fidelity Life Assurance, citing increased uncertainty in Zimbabwe’s financial system.
HARARE, October 11 (The Source) – Zimbabwe Stock Exchange-listed beverages manufacturer, Delta Corporation (Delta), says its sorghum beer volumes for the quarter to September were down three percent, affected by cash shortages in the main markets.
HARARE, October 11 (The Source) – The stock market bull run accelerated on Wednesday, with the main industrial index gaining 3,95 percent to 487,14 points while the mining index added 1,73 percent to 137,52 points.
HARARE, October 10 (The Source) – On September 27, a panicky Patrick Chinamasa, then finance minister, threatened to tighten government controls on social media, blaming it for fuelling shortages of basic commodities and bank notes in the country after a weekend of panic buying.
HARARE, October 10 (The Source) – President Mugabe has always hated it when Finance Ministers had minds of their own. In Ignatius Chombo, Mugabe has his yes-man.
HARARE, October 6 (The Source) – The Zimbabwe government on Friday announced a committee to investigate all projects that were undertaken by the Zimbabwe National Roads Administration (Zinara) in the five-year period between 2011-2016, including the $206 rehabilitation of the Plumtree-Mutare highway, after a forensic… Read More
By Ray Chipendo, HARARE, October 6 (The Source) – All investments involve an element of risk. The risk component is ostensibly behind the volatility in Zimbabwe’s currency markets.
By MacDonald Dzirutwe, HARARE, October 6 (Reuters) – After defying economic gravity for a year, Zimbabwe’s homemade U.S. dollars have fallen to earth with a bump.
HARARE, October 5 (The Source) – Blanket Mine, a 49 percent owned subsidiary of Canada-listed Caledonia Mining Corporation, produced 14,389 ounces of gold in the third quarter ended 30 September, a new quarterly record for the mine.
HARARE, October 5 (The Source) – Zimbabwe’s tax agency on Thursday said it surpassed its September revenue target of $326,49 million by 14,34 percent on increased tax compliance.
By Mukasiri Sibanda, HARARE, October 3 (The Source) – “A wealth of information and poverty of attention” is often used against civil society organisations (CSOs) and their inability to understand data. To dispel this notion CSOs, especially the Publish What You Pay (PWYP) campaign in… Read More
HARARE, October 2 (The Source) – The Zimbabwe Stock Exchange (ZSE) mainstream index grew more than double (113,5 percent) in the third quarter to September, reaching a new high of 418,39 points as demand for equities soared, particularly during September.
HARARE, September 28 (The Source) – Zimbabwe on Thursday gazetted a new law criminalising unlicensed currency trading in an attempt stem out a thriving parallel market for bank notes in the country.
By Kuda Chideme, HARARE, September 27 (The Source) – Finance Minister Patrick Chinamasa says government will tighten control over use of social media, which authorities blame for fuelling shortages of basic commodities and bank notes in the country.
HARARE, September 27 (The Source) – Light manufacturing group, Innscor reported an 11 percent increase in net income to $33,69 million in the full-year to June, from $30,48 million in the prior year on cost savings.
HARARE, September 25 (The Source) – Dear Minister Ignatius Chombo, We see you have been trying to scare the economy back into shape. Stop. It never works.
HARARE, September 25 (The Source) – Old Mutual is trading three times higher on the Zimbabwe Stock Exchange compared to its primary listing on London Stock exchange (LSE), indicating that local assets are overvalued as punters seek to maximise value in Zimbabwe’s currency chaos.
HARARE, September 20 (The Source) – Tourist arrivals in Victoria Falls shot up 21,6 percent to 119,758 in the first six months of 2017 compared to the same period last year owing to an increase in air connectivity, an industry report has shown.
HARARE, September 19 (The Source) – The Zimbabwe Stock Exchange (ZSE) on Tuesday eased for the second consecutive day, dropping 4,94 percent to 371,31 points as profit-taking took hold among punters.
By Adel Moyo, HARARE, September 19 (The Source) – Zimbabwe has effectively shelved plans to extend its Feruka pipeline to Francistown, Botswana citing viability concerns over the project, an official has said.
HARARE, September 18 (The Source) – Australian-listed junior miner Prospect Resources says it is negotiating with potential investors to raise $55 million to construct a concentrate plant for its Arcadia lithium project in Harare.
HARARE, September 15 (The Source) – Zimbabwe’s year-on-year inflation remained flat at 0.14 percent in August, according to data released by the statistics agency on Friday.
HARARE, September 14 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) on Thursday said it had received an offer from Nigeria’s Dangote Cement to acquire the company’s entire share capital.
HARARE, September 14 (The Source) – If you had a million dollars to spare back in January, and you invested it in General Beltings stock, today your fortune would have grown to $6.8 million.
HARARE, September 11 (The Source) – Masawara Plc reported a 57 percent increase in after tax profit to $3,6 million in the six months to June from $2,3 million in the comparable period last year.
HARARE, September 11 (The Source) – Zimbabwe’s cash-strapped government has hired an additional 2,300 teachers, effectively lifting a ban on public sector recruitment put in place to reign in on spending.
By Seife Ayele, Samir Khan, and Jim Sumberg, BRIGHTON – With two thirds of Africa’s population under 25 years of age, the continent’s youth may be its biggest competitive advantage. After all, countries’ long-term economic prospects are typically linked to the availability of a young,… Read More
HARARE, September 11 (The Source) – The Zimbabwe Stock Exchange market capitalisation breached $8,1 billion on Friday as mainly local investors take refuge in assets to escape the chaos in the currency and money markets.
HARARE, September 10 (The Source) – The Zimbabwe Stock Exchange (ZSE) market capitalisation increased by $1,37 billion in the week to close at $8,12 billion on Friday, from $6,74 billion in the previous week.
HARARE, September 8 (The Source) – The High Court on Friday lifted the ban by the Broadcasting Authority of Zimbabwe on Dr Dish, allowing it to distribute Kwese TV content in Zimbabwe following an urgent chamber application.
HARARE, September 8 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) says the partial offer by Fairfax Africa Investments Proprietary Limited to acquire R2 billion of the company’s issued ordinary shares at an offer price of R5.75 per share undervalues the company and… Read More
HARARE, September 8 (The Source) – Zimbabwe’s business leaders have told President Robert Mugabe that the country is in need of “comprehensive reforms” to attract investment, end cash shortages and stave off rising inflation but stopped short of telling the aging leader that the country… Read More
HARARE, September 7 (The Source) – President Robert Mugabe on Thursday said he had lost the battle to appoint Industrial Development Corporation boss Mike Ndudzo as the Auditor General after his nomination was rejected by lawmakers. On July 27, Members of Parliament across the political… Read More
HARARE, September 7 (The Source) – The government of Botswana says it has donated 473,200 doses of foot and mouth disease (FMD) vaccine to Zimbabwe to help contain the outbreak to stop it from spreading across the borders.
HARARE, September 6 (The Source) – Zimbabwe’s foreign currency receipts rose 6,6 percent to $3,2 billion in the eight months to August from $3 billion in the comparable period last year, buoyed by mineral earnings, according to central bank governor, John Mangudya.
HARARE, September 6 (The Source) – The Zimbabwe Stock Exchange (ZSE) industrial index on Wednesday advanced 4,72 percent to 262,91 points on gains recorded by some heavyweights.
HARARE, September 6 (The Source) – Zimbabwe’s largest gold producer, Metallon has made its four mines stand alone operations in a restructuring exercise it says will increase efficiencies.
HARARE, September 5 (The Source) – Zimbabwe’s retailers have warned of possible food shortages as it becomes increasingly difficult for the country to process foreign payments to raw material suppliers outside country, with the backlog estimated at $180 million.
HARARE, September 5 (The Source) – Zimbabwe’s tax agency on Tuesday said it surpassed its August revenue target of $267. 66 million by 15 percent due to automation and an anti-corruption drive.
HARARE, August 17 (The Source) – Zimre Holdings Limited (ZHL) says it has started negotiations over the disposal of some of its assets, likely including the 30.03 percent stake in NicozDiamond to state-controlled pension fund, the National Social Security Authority (NSSA).
HARARE, August 17 (The Source) – Mortgage lender CABS says a total 200 houses under the Budiriro housing project have been purchased through the rent to buy scheme since it was introduced last year.
HARARE August 16 (The Source) – Zimbabwe’s tobacco sales are down 7.3 percent to 185,6 million killogrammes after heavy rains affected output, figures from the industry regulator have shown.
HARARE, August 16 (The Source) – Zimbabwe’s year on year inflation shaded 0.17 percentage points to 0.14 percent in July, the statistics agency reported on Wednesday.
By Graça Machel, JOHANNESBURG – Julius Nyerere, the founding president of Tanzania, once said that “unity” will not make Africa rich, but “it can make it difficult for Africa and the African peoples to be disregarded and humiliated.”
HARARE, August 10 (The Source) – Stalap Investment’s offer to CFI minority shareholders flopped with no takers as minorities wait for a higher offering on the local bourse.
HARARE, August 10 (The Source) – First Mutual Holdings Limited (FMHL) is seeking shareholder approval to raise $17,25 million through a rights issue to finance the acquisition of a 80,92 stake in Zimbabwe’s largest short-term insurer Nicoz,Diamond.
HARARE, August 3 (The Source) – Presenting his latest monetary policy statement on Wednesday, central bank governor John Mangudya looked like a runner who had just done the Gutu Half Marathon in mid-October.
HARARE, August 2 (The Source) – Zimbabwe’s central bank says it will print additional bond notes worth $300 million in an effort to ease biting cash shortages, stoking fears that the country could return to the era of money printing and hyperinflation.
HARARE, August 1 (The Source) – The High Court of Zimbabwe on Tuesday ordered the state-owned Zimbabwe Consolidated Diamond Company (ZCDC) to stop diamond mining activities in Chiadzwa with immediate effect until it has been granted an Environmental Impact Assessment (EIA) certificate.
HARARE, July 24 (The Source) – Zimbabwe’s Civil Protection Department, tasked with responding to natural disasters, says it struggles to react to nature’s travails because of poor funding from the government and has so far received only $120,000 for the year.
HARARE, July 20 (The Source) – Beverage giant Delta Corporation on Thursday reported a two percent increase in revenue for the first quarter to June 30 relative to the comparable period last year driven by volume growth in most segments.
HARARE, July 18 (The Source) – The Zimbabwe Electoral Commission (ZEC) says it has submitted a $274 million funding proposal to enable the southern African country to hold polls next year, a development seen loading more debt on the struggling economy.
HARARE, July 18 (The Source) – Zimbabwe Manpower Development Fund (ZIMDEF) recorded a deficit of $386,678 in 2016 compared to a surplus of $6,5 million in 2015, which it blamed on bad debts amounting to $3 million by mainly state enterprises and local authorities.
HARARE, July 17 (The Source) – Zimbabwe’s inflation rate slowed to 0.31 percent year-on-year in June from 0.75 percent in May, the Zimbabwe National Statistics Agency said on Monday.
By Kuda Chideme, HARARE, July 12 (The Source) – Zimbabwe’s inflation rate is too low, and needs to increase to stimulate economic growth, central bank governor John Mangudya has said.
By Simbarashe Zishiri, HARARE, July 12 (The Source) – Bindura Nickel Corporation (BNC) is unlikely to reap the economic benefits of the smelter restart project in the short to medium term due to depressed nickel prices and insufficient concentrate at the Trojan Mine to meet… Read More
HARARE, July 6 (The Source) – The United States of America has lifted its ban on hunting trophies from Zimbabwe, allowing the country to resume exports later this year, the environment minister said on Thursday.
HARARE, June 30 (The Source) – FBC Holdings says it is awaiting central bank approval to open a reinsurance unit offshore to service its foreign insurance business to avert delays in settling external claims. Zimbabwe is battling an acute shortage of dollars, leading to delays… Read More
HARARE, June 28 (The Source) – Finance Minister Patrick Chinamasa on Wednesday told Members of Parliament that the National Assembly was too big, and that the costs of maintaining it were too high.
HARARE, June 26 (The Source) – Zimbabwe has put in place the necessary legal framework for the establishment of a specialized court to deal with commercial disputes seen as crucial to improving the ease of doing business.
HARARE, June 23 (The Source) – You know election season is around the corner when political parties start making promises they cannot keep.
HARARE, June 22 (The Source) – Zimbabwe expects to produce 2,5 million carats of diamonds this year after acquiring equipment for its state-owned Zimbabwe Consolidated Diamond Company but legal challenges remain over its move to nationalise diamonds fields in the east of the country. President… Read More
VICTORIA FALLS, June 20 (The Source) – Zimbabwe has signed a comprehensive agreement with unnamed Chinese investors for the construction of its ‘Disneyland in Africa’, a tourism and conference theme park in the resort town of Victoria Falls, the tourism minister said on Wednesday.
HARARE, July 8 (The Source) – The Zimbabwe government continues to dominate the local credit market, with domestic debt rising 40 percent to $4 billion in the quarter to March.
HARARE, April 24 (The Source) – Zimbabwe needs a comprehensive policy package and structural reforms to address the fiscal challenges which the introduction of bond notes alone cannot solve, the International Monetary Fund (IMF) has said. The introduction of the surrogate currency in November last… Read More
HARARE, March 29 (The Source) – Econet Wireless Zimbabwe’s $130 million rights issue was undersubscribed by over 75 percent, mirroring the depth of the country’s liquidity crunch, with the underwriter pumping in $100 million, according to officials with knowledge of the transaction. Econet Wireless Global,… Read More
HARARE, December 10 (The Source) – The Zimbabwe Stock Exchange mainstream index shed 10,16 percent to close the week on 335,97 points, on losses in selected heavyweight counters as punters see positives in the country’s economic direction. The mining index however gained 4,67 percent to… Read More
HARARE, December 7 (The Source) – Finance Minister Patrick Chinamasa on Thursday presented the first budget under the presidency of Emmerson Mnangagwa, seen as key to Zimbabwe’s economic recovery by restricting thresholds of the controversial Indigenisation Act to platinum and diamonds while re-engaging foreign debtors… Read More
HARARE, December 7 (The Source) – Finance minister Patrick Chinamasa on Thursday presented the country’s 2018 budget which focused on cutting government spending. We give you the highlights.
HARARE, December 7 (The Source) – Finance minister, Patrick Chinamasa on Thursday presented the 2018 National Budget in Parliament. Here are some key allocations.
HARARE, December 7 (The Source) – Electrical goods manufacturer and retailer, Powerspeed’s after tax profit more than doubled to $1,1 million in the full year to September from $454,471 in the previous year on increased revenue. Revenue rose 30 percent to $53,9 million from $41,6… Read More
HARARE, December 7 (The Source) – Zimbabwe’s raw milk production increased by 4,8 percent to 5,89 million litres in October, compared to 5,62 million litres recorded in the same period last year, latest figures show. Latest data from the Dairy Services Department shows that retailed… Read More