HARARE – Diversified Zimbabwe Stock Exchange-listed group Meikles Limited has reached an agreement with government over a central bank debt issue which has been outstanding for two decades. The group’s chairperson, John Moxon, told the company’s annual general meeting yesterday that a resolution to the long standing dispute over the debt recorded during the Zimbabwe…
HARARE – Zimbabwe has secured an independent Australian partner to build a $300 million platinum refinery, under a joint venture arrangement with State-owned Zimbabwe Mining Development Corporation (ZMDC) and a local player. Mines minister Walter Chidakwa yesterday said the company — Kell Technology (Kell) — was now scouting for a suitable location to set up…
HARARE – Zimbabwe’s annual inflation rate accelerated to 0,48 percent in April this year from 0,21 percent in March, the national statistics agency said yesterday. But analysts said the increase had more to do with pricing vagaries than increased economic activity as food prices has been increasing for the past few months as a result…
HARARE – Zimbabwe is set to refurbish most of its major highways and local roads in an effort to reduce traffic accidents, Transport minister Joram Gumbo (pictured) has said. The country requires at least $2,2 billion to rehabilitate the national road network comprising approximately 17 000 kilometres of tarred roads and 71 000 kilometres of…
HARARE – The downward review of charges on plastic money and electronic transactions will promote usage of e-channels by lowering transaction costs, economic analysts said yesterday. This comes after Reserve Bank of Zimbabwe governor John Mangundya last week said he was working on a raft of measures to promote the enhanced use of plastic and…
HARARE – Businessman Nicholas Vingirai has demanded $2,7 million from ZB Financial Holdings (ZBFH) in accruing dividends for the past 11 years. In a letter written to ZBFH company secretary Charles Kathemba, Vingirai — who was ousted from the financial services group’s board at a tension-filled annual general meeting on Friday — said his investment…
HARARE – President Robert Mugabe’s government said the controversial statutory Instrument 64 (SI 64) of 2016 has helped boost local industry capacity utilisation, a government official has said. Deputy Industry minister Chiratidzo Mabuwa last week said the legislative piece — which was introduced in June last year restricting importation of locally available basic goods —…
HARARE – Zimbabwe’s largest cigarette manufacturer, British American Tobacco (BAT), is failing to pay over $8 million in dividend to its offshore major shareholder, due to foreign payment delays. BAT finance director, Lucas Francisco, yesterday told the businessdaily that the cigarette manufacturer was presently in discussions with the shareholder mapping a way forward, while also…
HARARE – Zimre Property Investments (ZPI) has declared a $500 000 dividend for the year to December 2016, weathering difficult operating environment. The listed property firm’s company secretary, Sibongile Mhlanga, yesterday said the dividend — which is $0,029 per share — would be paid to shareholders beginning of next month. “The board of directors of…
HARARE – Troubled coal miner, Hwange Colliery Company Limited (HCCL), says its creditors have voted to form a scheme of arrangement saving the firm from judicial management. HCCL scheme chairperson, Andrew Lawson, last week said that out of the 80 creditors who attended the voting meeting, 95,9 percent voted for the scheme which will see…
