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, August 23 (The Source) – NMB Holdings Limited on Wednesday reported a 35 percent increase in after-tax profit in the six months to June from $2.6 million in the prior year to $3.6 million despite an 8 percent drop in gross income. Total income… Read More
HARARE, August 23 (The Source) – Financial group FBC Holdings on Wednesday reported a three percent increase in after-tax profit to $9,6 million in the six months to June, from $9,3 million recorded in the same period last year, on cost cutting. Total income decreased… Read More
HARARE, August 23 (The Source) – Maize deliveries to the Grain Marketing Board (GMB) for the 2016/17 farming season have exceeded half a million tonnes, an official said on Wednesday. In a speech read on his behalf at an agribusiness conference on Wednesday Vice President… Read More
HARARE, August 22 (The Source)- Zimre Property Investments on Tuesday reported a 7 percent decline in revenue to $2,76 million in the six month period to June, weighed down by a 14 percent fall in rental income as the property sector remained subdued. The average… Read More
HARARE, August 22 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) says its Zimbabwe operation recorded double digit volume growth in the quarter ended June, attributable to investment in the Harare mill. Last November, the company commissioned an $82 million plant in Harare,… Read More
HARARE, August 21 (The Source) – Arise, an investment company formed by the Norwegian Investment Fund (Norfund), Netherlands Development Fund (FMO) and Dutch commercial bank Rabobank has taken a nearly 18 percent stake in zimbabwean bank NMBZ Holdings. The transactions effectively consolidates Norfund and FMO’s… Read More
HARARE, April 26 (The Source) – Life assurance premium income dropped by 6 percent to $81,4 million in the first quarter to March from $88,1 million reported in the same period last year, the latest report by the Insurance and Pension Commission (IPEC) shows.
BULAWAYO, August 21 (The Source) – The cost of poultry products is seen rising following the outbreak of avian influenza in Zimbabwe that has led to a drop in the availability of broiler chicks by nearly 500,000 per week, according to an industry report.
HARARE, August 21 (The Source) – The central bank’s latest bid to deal with foreign currency shortages will hit hard Zimbabwe’s verdant mining sector, and has been described as ‘catastrophic’ by some industry players. “With immediate effect, 80 percent of all foreign exchange receipts from… Read More
HARARE, August 20 (The Source) – The Zimbabwe Stock Exchange (ZSE) market capitalisation hit its highest point since dollarisation in 2009 of $6,05 billion as local investors continue to seek refuge in equities to escape currency woes. The ZSE last recorded a market capitalisation above… Read More
HARARE, August 18 (The Source) – Buildings materials maker Turnall Holdings on Friday said cash flow and production volumes are showing signs of recovery in the second half of the year after a ‘difficult’ first half period.
HARARE, August 17 (The Source) – State-owned mobile operator, Netone, in collaboration with First Mutual Life (FML), on Thursday launched a low cost funeral policy supported by a $10 million BancABC facility.