HARARE – Africa-focused investment firm, Masawara Plc, has registered a $3,6 million profit in the half year to June 2017 up from $2,3 million in the same period in 2016. Masawara — a jersey registered investment company — has interests in insurance, hotels, agrochemicals, property (Joina City) and technology clusters. [Adz] The group’s insurance unit…
HARARE – Econet Wireless Zimbabwe (Econet) is set to become one of the first companies in Zimbabwe to set up a photovoltaic power plant at its premises in Willowvale for own consumption. This comes as the country has been experiencing power outages in the past decade due to low electricity production resulting in companies ratcheting…
HARARE – Zimbabwe’s economy is expected to perform better in 2018 compared to last year due to a stable political environment, financial analysts have said. The country’s economy was estimated to have grown by 3,4 percent in 2017 on the back of a improved agriculture season and gains in the mining and tourism sectors. [Adz]…
HARARE – Deposed president Robert Mugabe’s ex-helicopter pilot is asking President Emmerson Mnangagwa to help him reclaim his family home seized by the Infrastructure Development Bank of Zimbabwe (IDBZ) over a ZW$6,2 million aircraft deal that collapsed in 1997. The retired presidential wing commander, Stephen Jackson Chituku, who is still flying was granted a loan…
HARARE – Former NetOne chief executive officer Reward Kangai has asked President Emmerson Mnangagwa to hold a wide-ranging judicial inquiry into the alleged criminal abuse of office and untested corruption allegations he has levelled against Supa Mandiwanzira, the Information Communication Technologies (ICT) and Cyber Security minister. Kangai — who was fired in 2016 after an…
HARARE – Cross border bill payment business ZymPay has entered in a strategic partnership with Central Africa Building Society (CABS) in Zimbabwe to facilitate payments from their Diaspora mortgage customers. This service is for CABS mortgage customers in the United Kingdom, Europe and Switzerland. Other countries will follow in due course. Now mortgage customers with…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has warned people against investing and using cryptocurrencies, which it said are risky and unregulated. This comes as the majority of Zimbabweans are heavily investing in Bitcoin — a type of cryptocurrency — whose prices reached $30 000 early this month compared to the international price per…
HARARE – Time Bank of Zimbabwe Limited (Time Bank) has been given a licence to resume operations by the Reserve Bank of Zimbabwe (RBZ). RBZ yesterday said the bank, which was closed in 2006 for alleged mismanagement of funds and has been engaged in discussion with the central bank, would soon open its doors to…
HARARE – Zimbabwe’s foreign currency rates on the parallel market significantly declined yesterday from 70 percent to around 30 percent following an influx of returning Diaspora and rising confidence in the new government. [Adz] This means people were by end of day yesterday buying US$1 for $1,30 bond notes compared to a high of $1,70…
HARARE – Progressive Agriculture and Allied industries Workers Union of Zimbabwe (PAAWUZ) has blasted a collective bargaining agreement for the agricultural industry that was recently gazetted for the tea and coffee sub-sector. This comes as Zimbabwe Congress of Trade Union (ZCTU) produced a report which indicated that at least 120 000 workers across the country…
