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….
HARARE – ZB Financial Holdings (ZB) is one of the few companies in the banking industry that have managed to weather the storm and record consistent profits in the last few years. Several financial institutions such as Trust Bank, Royal, NDH Holdings, Allied Bank, Tetrad, Interfin and AfrAsia among others folded up after they struggled…
HARARE – MDC president Nelson Chamisa has called for the urgent removal of the bond note, saying the surrogate currency has worsened the economic crisis gripping the country. In a recent tweet, the MDC leader said he is concerned by the dramatic drop of the Real Time Gross Settlement (RTGS) and bond note rates against…
BULAWAYO – Steelmakers Zimbabwe (Private) Limited in Redcliff, Kwekwe is being sued over a debt owed to an oxygen cylinder supplier. This comes after the two parties signed a deal in early 2016 which later collapsed as the giant steel company faced liquidity challenges. The supplier, through Maxwell Chioto, this week filed summons against the…
BULAWAYO – Zimbabwe’s foreign reserves have depleted to $200 million against a requirement of $1 billion cover as the country is struggling to emerge out of a near-recession, the Reserve Bank of Zimbabwe (RBZ) has said. Jesimen Chipika, the central bank deputy governor, on Thursday told industrialists at the Confederation of Zimbabwe Industries (CZI) conference…
HARARE – Choppies Zimbabwe has launched the Big Birthday Promotion which will see 11 people walking away with cash prices of $10 000, another 11 with $5 000 and consolation prices which include fridges, mobile phones and flat screen television sets. In an interview with the Daily News, Choppies marketing coordinator Lindsey Ndlovu said Choppies…
HARARE – Nkala’s appointment follows the retirement of David Blair Lake who has stepped down from the position with immediate effect. Lake will, however, continue to serve as an independent non-executive director until his retirement on December 31, 2018. Lake joined the board upon the listing of the OKZim in 2001 and served in the…
HARARE – Craft Properties has partnered with an America-based company to establish $1,8 billion mega solar projects across the country. Craft Properties founder and chief executive officer Kudakwashe Taruberekera said the partnership comes after officials from his company had attended various meetings in Europe and America where they marketed business opportunities in various sectors in…
HARARE – Axia Corporation (Axia) says it recorded a 31,2 percent increase in profit after tax for the year ended June 2018 from $12,8 million to $16,8 million. Luke Ngwerume, Axia chairperson, yesterday said the Innscor specialty retail and distributing business also achieved a revenue growth of 31 percent to $275,9 million in the year…
HARARE – Diversified retail and wholesale giant N. Richards Group yesterday opened a new branch in Msasa, Harare, bringing the group’s total operating stores throughout Zimbabwe to 34. The new Msasa branch is the fourth N. Richards Group branch in the capital city. The retail and wholesale giant, which has been in business for over…
