Business

HARARE – Beneficiation is the only way Zimbabwe can create significant employment and possibly structure more meaningful asset-backed deals to finance its economic revival projects, businessman Frank Buyanga says. This also comes as the South African-based entrepreneur has rallied African youths “to take the mantle of empowering themselves as opposed to government aid” and his…

HARARE – Contribution arrears in the pensions industry went up to $636,36 million as at June 30, 2018 from $618,88 million at the end of March 2018, with stand-alone funds accounting for the major part of the arrears, the insurance regulator has said. In its report for the quarter to June 30, 2018, the Insurance…

HARARE – Foreign investors were net buyers of $1 million shares on the Zimbabwe Stock Exchange (ZSE) in September, with particular interest in Delta and Econet. According to figures from the ZSE, foreign purchases accounted for $21,7 million worth of shares while sales amounted to $22,7 million during the period under review. Of the $22,7…

HARARE – Zimbabwe Consolidated Diamond Company (ZCDC) has invested about $100 million in the design and installation of a 450 tonne per hour (TPH) conglomerate plant and complementary mining equipment from Belarus, an official has said. Morris Mpofu, the ZCDC chief executive, said the mining equipment is due for commissioning before the end of the…

HARARE – Hospitality and retail group, Meikles Limited (Meikles) says they are in negotiations with a financial institution to convert short-term borrowings to medium-term loans, while awaiting for the release of its funds held by government. Meikles chairperson John Moxon said the anticipated receipt of funds from government would put the group in a position…

HARARE – Low-cost airline Fastjet has reassured its Zimbabwean customers that it is still operational despite being engaged in equity fundraising talks with shareholders. Last Wednesday, the budget airline announced that it needs more funding or face the prospects of ceasing operations by the end of this month. The airline also announced that it was…

HARARE – RioZim says its profits declined 86 percent to $406 000 during the half year ended June 30, 2018 compared to $2,90 million in the previous period. However, the group’s revenues increased to $44,4 million due to an 18 percent increase in gold sales’ volumes to 1 007kg from 852kg and a five percent…

HARARE – The government is undertaking a raft of State enterprise reforms under which 16 entities will be privatised, 13 parastatals merged while two others will be liquidated, State Enterprises Restructuring Agency (Sera) executive director Edgar Nyoni has said. Speaking at the 2018 Confederation of Zimbabwe Industries annual congress (CZI) held in Bulawayo last week,…

HARARE – Crippling foreign currency shortages have forced energy drink manufacturer — Power Strike — to change its distinct glossy laminated sachet package to the common penny cool plastic tubing. Power Strike director Lynne James said their trademark packaging was being done in South Africa but they had failed to pay for the service since…

HARARE – Foreign exchange restrictions via a government directive to control 85 percent of receipts were hammering precious metals miners in Zimbabwe, said executives at platinum group metal (PGM) and gold mining companies who added that the restrictions meant they only realised a portion of the value normally due to them from their mineral exports….