Business

HARARE – Fixed telephone operator, TelOne, last week launched a fully converged linear on-demand news and entertainment streaming service in partnership with South African on-demand specialist, Discover Digital. The new on-demand services will be bundled with TelOne broadband with customers having the option to subscribe to various offerings. Being offered with integrated payment channels to…

HARARE – The African Medallion Group (AMG) has spread its tentacles by establishing representative offices in Dubai, Lesotho, Mauritius, Namibia and Zambia, as it seeks to position itself as a truly global business. This also comes as company founder Frank Buyanga has challenged the Zimbabwean government to increase beneficiation of its minerals, especially gold, to…

HARARE – Zimbabwe’s number of active mobile money subscribers increased by 12,6 percent to 5,6 million during the 2018 second quarter from 5,01 million due to cash shortages in the country, latest industry data show. The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) said NetOne experienced a significant growth in active mobile money subscriptions…

HARARE – First Capital Bank (FCB) yesterday relisted on the Zimbabwe Stock Exchange (ZSE) after it changed its name from Barclays Bank of Zimbabwe. In October 2017, Malawi Stock Exchange listed FMB Capital Holdings (FMB) acquired a 42 percent stake in the bank from Barclays Bank Plc (Barclays) , kicking off a transition which the…

HARARE – The African Medallion Group (AMG) has spread its tentacles by establishing representative offices in Dubai, Lesotho, Mauritius, Namibia and Zambia, as it seeks to position itself as a truly global business. This also comes as company founder Frank Buyanga has challenged the Zimbabwean government to increase beneficiation of its minerals, especially gold, to…

HARARE – Zimbabwe’s currency woes will linger as long as its awkward monetary system remains, a research think-tank BMI has said. The country’s cash system is currently made up of a concoction of currencies, which includes the bond notes, a pseudo currency said to be backed by an Afreximbank facility. Central bank governor John Mangudya…

HARARE – Finance minister Mthuli Ncube says government’s cost containment measures will see the 2019 and 2020 National Budgets reducing the annual wage bill outlay by around $200 million and $130 million, representing 0,7 percent and 0,4 percent of gross domestic product (GDP) respectively. “Wage bill containment measures will include moving away from an unfunded…

HARARE – Zimbabwe’s High Court has prevented the National Social Security Authority (Nssa) from “fraudulently invoking” a $16 million performance bond or guarantee from Zimnat Lion Insurance Company (Zimnat) issued over Housing Corporation of Zimbabwe (HCZ)’s Caledonia project. The development not only comes as HCZ chairman Adam Molai and parties including ex-authority chairman Robin Vela…

HARARE – Zimbabwe Stock Exchange-listed fast foods operator, Simbisa Brands, launched the Haefelis brand at Chisipite Food Court in Harare yesterday. Haefelis, which offers a range of confectionaries such as croissants, doughnuts, cakes and a variety of meals, is located alongside Pizza Inn, Creamy Inn and Chicken Inn at the new-look Chisipite Food Court which…

HARARE – Zimbabwe anticipates to complete the restructuring of its 107 State-owned enterprises by close of 2019, a government official said. Edgar Nyoni, State Enterprises Restructuring Agency (Sera) executive director, last week said the exercise – which will see 16 entities being privatised, 13 parastatals merged while two others will be liquidated — had already…