HARARE – Listed financial services group ZB Financial Holdings has embarked on a massive acquisition of land across the country to support strategic growth. The group chief executive officer, Ronald Mutandagayi, disclosed on Wednesday this week that ZB has been splurging cash on land and has budgeted a total of $10 million to be used…
HARARE – The revival of the National Railways of Zimbabwe will help boost the country’s ailing economy through increased traffic, Diaspora Infrastructure Development Group (DIDG) has said. DIDG, together with its South African partners, Transnet, this week emerged winners of the NRZ $400 million recapitalisation tender. The group’s executive chairperson, Donovan Chimhandamba, told businessdaily that…
HARARE – Electricity tariff hikes will only be effected once the review of Zimbabwe Electricity Transmission and Distribution Company (ZETDC)’s supply capacity is completed, the energy industry regulator said. Zimbabwe Energy Regulatory Authority (Zera) chief executive Gloria Magombo said power utilities must first prove they can sustainably and effectively supply electricity.| This comes as Sadc…
HARARE – Econet Wireless Zimbabwe Limited (EWZL) has moved to reassure customers of its popular EcoCash service regarding the planned maintenance work it has scheduled to carry out over the Heroes holiday weekend. Econet this week announced that the company planned to carry out scheduled maintenance work on its mobile money transfer platform from 10pm…
HARARE – Zimbabwean farmers sold 184,5 million kg of the nation’s top export earner tobacco by day 99 of the selling season, which is 7,3 percent lower compared to 199,1 million kg received in prior year, official data showed. Statistics from industry regulator Tobacco Industry and Marketing Board (TIMB) showed that farmers had sold tobacco…
HARARE – Zimbabwe’s inflation is forecast to rise to around two to three percent at the end of this year, before accelerating sharply in 2018 due to election spending. The annual inflation rate, which had been in deflation since September 2014, moved into positive territory from -0,65 percent in January 2017 to 0,31 percent in…
HARARE – Mining sector growth is expected to be subdued this year in the absence of fundamental reforms within the sector, a local securities group has said. In its Portfolio Manager’s Digest for the second quarter for 2017, Old Mutual Securities (OM Securities) said old mines must be resuscitated by increasing installed capacity, while new…
HARARE – Zimbabwe’s imports rose by 4 percent from $2,07 billion recorded during the first five months of 2016 to US$2,14 billion during the same period in 2017. The main imports are motor vehicles and machinery, fuel and foodstuffs, with South Africa and China as the main import partners. Imports have continued to rise despite…
HARARE – The Reserve Bank of Zimbabwe has negotiated for an enhanced nostro stabilisation facility of $600m from Afreximbank to manage the cyclical nature of Zimbabwe’s foreign exchange receipts. Economic experts said this is positive in the short-term as banks have been struggling to settle maturing lines of credit. The depletion of nostro balances has…
HARARE – Zimbabwe is targeting an annual inflation rate of between two percent to three percent this year, in line with the regional benchmark, after a two-year deflation streak was snapped in February. Reserve Bank of Zimbabwe governor John Mangudya on Wednesday said although inflation is expected to remain in the positive territory throughout this…
