Business

HARARE – Shareholders of Econet Wireless Zimbabwe have approved the demerger and independent listing of its Technology and Fintech business Cassava Smartech. At an Extraordinary General Meeting (EGM) held at the company’s head office in Harare yesterday, Econet shareholders unanimously voted for the resolution to demerge and subsequently list Cassava Smartechas a separate company listed…

HARARE – Parliament says government should clarify the ownership of Zimbabwe Airways (Zim Airways) before it is merged with struggling national airline Air Zimbabwe (AirZim). “Air Zimbabwe and Zimbabwe Airways’ relationship should be clear as well as their ownership status to ensure that the process of merging the two is transparent. Governance issues associated with…

HARARE – Government is working on measures that will allow citizens to obtain passports and other official documents at post offices across the country, it has been learnt. The latest development is likely to bring relief to millions of people living in rural and marginalised areas, who are usually forced to travel to towns and…

HARARE – Telone (Private) Limited has dragged Rio Tinto Zimbabwe Limited to the High Court after the mining company reportedly failed to pay a $144 000 telephone and rent bill. According to court papers, Rio Tinto applied for telephone services for its Kadoma Eiffel Flats branch from TelOne. The application was granted and the parties…

HARARE – A huge fight could be brewing between Zimbabwe’s $3 billion large-scale mining industry and government after a deputy minister claimed on Monday that hard-pressed producers had been under-declaring production volumes. Gold mined in Zimbabwe is shipped to Fidelity Printers and Refiners (FPR), a Reserve Bank of Zimbabwe unit with sole rights to purchase…

HARARE – Stock Exchange (ASX) junior miner, Invictus Energy (Invictus), says there is “additional potential” at its controversial Cabora Bassa Basin oil prospects in Muzarabani. Scott Macmillan, Invictus chief executive, on Monday told shareholders that while the project’s potential had been confirmed through an independent report, the estimate from the independent report excluded additional leads…

HARARE – Premier African Minerals says it has converted a $300 000 loan availed by chief executive George Roach into equity. Last week, the company’s board agreed to amend terms of the existing loan agreement by granting conversion rights with respect to the entire loan amount in return for cancellation of the loan’s security over…

HARARE – The World Bank (WB) says Finance minister Mthuli Ncube, should announce measures that inspire confidence and support current efforts to revive the economy when he presents his maiden budget statement today. Mukami Kariuki, the WB country manager for Zimbabwe said Ncube has already highlighted key issues that will feature in the national budget…

HARARE – The Zimbabwean government has plans to build 76 new grain silos across the country to cater for an anticipated increase in grain production. The country currently has 12 silos that are managed by the State-run Grain Marketing Board (GMB) and have a storage capacity of about 500 000 metric tonnes. Rabson Gumbo, a…

HARARE – The vision behind Cassava Smartech is to create a technology company similar to China’s Tencent, according to Cassava Group CEO, Mr Darlington Mandivenga. Tencent, one of the largest companies in the world, is a corporate behemoth with a market capitalization, at its peak, of over US$700 billion. Speaking on the sidelines of an…