HARARE – The National Social Security Authority (Nssa) is moving to consolidate its position in the insurance sector amid indications it wants to merge interests in two Zimbabwe Stock Exchange-listed stalwart insurance counters. Listed short-term insurer NicozDiamond Insurance Limited (NDIL) — in which Nssa holds a 44,85 percent stake — yesterday said the major shareholder…
HARARE – The fate of Barclays Bank Zimbabwe (BBZ) managing director George Guvamatanga (pictured) is hanging in the balance after his company was recently taken over by Malawi First Merchant Bank (FMB). This comes as the British bank, Barclays Plc, ended its 105-year presence in Zimbabwe by agreeing to sell its controlling stake in BBZ…
HARARE – Listed brick-making firm Willdale’s net loss widened to $380 564 in the six months to March 2017, from $146 575 recorded prior comparable period on the back of heavy rains that damaged the company’s furnaces. While the first half had been depressed, turnover increased 14 percent to $4 million driven by a 20…
HARARE – State-owned postal, courier and ICT services provider, Zimpost, handled international transactions worth $3,2 million in the year to December 2016 through partnerships with international money transfer companies, acting managing director, Sifundo Moyo, said. The Zimpost boss said the firm — presently disbursing close to $4 million pension pay-outs on behalf of pension companies…
HARARE – Listed resources firm, RioZim, is in discussions with a potential investor to kick-start its $2,2 billion Sengwa thermal power project. Anticipated to result in the generation of 2 400 megawatts (MW) of power, the project has been on the cards since the 1990s. RioZim, which began actively pursuing the project in 2014, has…
HARARE – Zimbabwe’s oldest financial institution, Standard Chartered Bank Zimbabwe (StanChart), has spent $6,5 million on a branch refurbishment exercise. The financial services institution’s chairman, Lovemore Manatsa, said the bank has already started sprucing up its branches, as part of its optimisation strategy. The strategy aims at reducing excess space by creating lean and cost…
HARARE – The Insurance and Pensions Commission (Ipec) yesterday launched Zimbabwe’s maiden Micro-Insurance Regulatory Framework aimed at facilitating the provision of insurance to low income earners. The regulator’s commissioner, Tendai Karonga, said the framework was useful in assisting Zimbabweans to access insurance services and fight poverty. “Last year, the commission presented a draft Micro-Insurance Regulatory…
HARARE – First Mutual Holdings (FML)’s investment income in the five months to May 2017 surged from $581 000 to $5,5 million, driven by a rebounding Zimbabwe Stock Exchange (ZSE), a company official said. The financial services group’s chief executive, Douglas Hoto, told shareholders on Wednesday that as a result of the investment income surge,…
HARARE – While most counters on the Zimbabwe Stock Exchange (ZSE) have been trying to outdo each other in declaring dividends, concern remains over the failure by foreign investors to access their return in light of the liquidity crisis rattling the local economy. Despite the worsening economic conditions, almost half of the bourse’s over 58…
HARARE – Government has started re-distributing idle chrome mines surrendered by the Kwekwe-based Zimbabwe Iron and Smelting Company (Zimasco) amid indications that illegal miners who had occupied them would be evicted. Deputy Mines minister, Fred Moyo, on Wednesday said his ministry — which is re-allocating about 21 170 hectares (ha) of land that once belonged…
