HARARE – The stock of Treasury Bills (TBs) and bonds in issue increased 28,2 percent to $2,5 billion at the end of June from about $1,95 billion recorded in April, the central bank governor has said. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on Wednesday said the bulk of the instruments — about $826,8…
HARARE – The move by the Reserve Bank of Zimbabwe (RBZ) to increase the current $200m bond notes in the Zimbabwean economy to $500m must be backed by equivalent amounts of US dollars to help defend the value peg, the NKC African Economics think-tank has said. To allay market fears that the introduction of an…
HARARE – Zimbabwean banks have made $100,59 million profit in the half year to June 30, 2017, representing an increase of 47,99 percent from $67,97 million reported in corresponding period last year, the central bank has said. Presenting his mid-term monetary policy statement yesterday, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said despite the…
HARARE – British tycoon Nicholas Van Hoogstraten says his investment vehicle — Messina Investments — notified the Zimbabwe Stock Exchange (ZSE) of its intention to buy out CFI Holdings minorities despite claims by the regulator that due processes were not followed. As the battle for control at the agro-industrial group escalates, Van Hoogstraten yesterday told…
HARARE – The battle for the throne at CFI Holdings (CFI) has escalated with market regulator — the Zimbabwe Stock Exchange (ZSE) — claiming it was unaware that British tycoon, Nicholas Van Hoogstraten’s Messina Investments qualified to make a mandatory offer to the company’s minorities. The bourse’s acting chief executive Martin Matanda last week said…
HARARE – Highly-regarded economist Ashok Chakravarti has urged government to allow the bond notes to float freely so that the market can determine its exchange rate, a move he says would help reduce their externalisation. The economist told a Confederation of Zimbabwe (CZI) retailers meeting that the recommendation, would allow the bond notes — which…
HARARE – Simbisa Brands’ bakery unit, Bakers Inn, says it has invested about $2 million in a new factory in the country’s second largest city — Bulawayo — as it moves to drive its 450 000 loaves per day output. Bakers Inn chief executive, Ngoni Mazango, said the move had been prompted by bread shortages…
HARARE – The Zimbabwe Revenue Authority (Zimra) says it is looking into the country’s churches with the view of establishing clearer taxing boundaries, amid indications most pastors are failing to remit all their dues to the taxman. Zimra board chairperson Willia Bonyongwe yesterday told the country’s legislators that while the authority did not tax church…
HARARE – Government’s plans to privatise national carrier, Air Zimbabwe, may be in for a bumpy ride amid indications that the airline’s major creditors are moving to stop the transition. Insiders who spoke to the businessdaily over the weekend said while government had made a provision for the assumption of Air Zimbabwe’s over $334 million…
HARARE – First Lady Grace Mugabe, just like her husband, President Robert Mugabe, at the weekend shared her agony with relatives over the continuing wayward behaviour of sons — Robert Junior and Chatunga Bellarmine — whose unacceptable ways led to their ejection from an upmarket private residence in South Africa last month. Grace was forced…
