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, October 20 (The Source) – Zimbabwe should speed up economic reforms in order to make the country more attractive to foreign investors, the European Union (EU) has said.
By Almot Maqolo, HARARE, October 20 (The Source) – The Deposit Protection Corporation (DPC) says it is ready to pay out $4.2 million to creditors and depositors of Tetrad Investment Bank.
HARARE, October 19 (The Source) – The Zimbabwe Stock Exchange mainstream index on Thursday recovered 0,25 percent to 517,23 points but the mining index continued to slip, coming off by 3,81 percent to 128,05 points.
HARARE, October 18 (The Source) – Malawi’s First Merchant Bank ( FMB) intends to invest at least $15 million in Barclays Bank Zimbabwe, with $6 million of that earmarked to upgrade the bank’s information technology (IT) systems, chairman Hitesh Anadkat said on Wednesday.
HARARE, October 18 (The Source) – The value of transactions processed through the National Payment System (NPS) in the first week of October declined by 14 percent from $2,3 billion in the previous week to $1,9 billion due to a decline in Real Time Gross… Read More
BULAWAYO, October 17 (The Source) – South African retailer Pick n Pay says its Zimbabwe associate TM Supermarkets performance boosted the group’s half year revenue for its Rest of Africa division which increased by 12.6 percent to R2.3 billion ($170 million).
HARARE, October 16 (The Source) – The Zimbabwe Stock Exchange opened the week on a high note adding 1,45 percent to close at 512,67 points.