HARARE – Zimbabwe-focused resources firm, Caledonia Mining Corporation (Caledonia) said it plans to invest $54 million over a three-year-period on its Blanket Mine (Blanket) as part of strategies to produce 80 000 ounces of gold. The group’s chief executive, Steve Curtis, on Tuesday said the London Stock Exchange-listed firm has already invested $36 million in…
HARARE – The National Building Society (NBS) is targeting an expansion of its distribution network by opening four new branches and 19 agencies this year, managing director Ken Chitando has said. This also comes as the National Social Security Authority (Nssa)-owned mortgage lender has managed to grow its assets from $5 million in 2015 to…
HARARE – State-owned Air Zimbabwe (Air Zim) has failed to fulfil the obligation to submit financial statements for audit for the past eight years. The insolvent airline — grappling with $300 million in debt — is currently working on the 2010 financial statements, according to the office of the Auditor-General (AG). The primary objective of an…
HARARE – Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, said the new interest rate regime which capped lending rates at 12 percent will apply in retrospect. “When you change the interest rate in the system, it means that you are changing interest rates for both the new and the old loans,” the central bank…
HARARE – Fixed telecommunications operator, TelOne, said it has so far drawn down a total of $33 million from the China Exim $98 million facility for its modernisation project. This comes as the company moves to introduce more services to counter the decreasing voice revenue. Telecommunications voice revenues continue to nosedive globally mainly due to…
HARARE – Reserve Bank of Zimbabwe (RBZ)’s subsidiary Homelink has begun disbursing a $15 million loan that will benefit scores of cross-boarder traders. This comes as government is making moves to cushion the informal traders against cash shortages that had given room for parallel market activities. The money will be disbursed through Agribank. Agribank head…
HARARE – Old Mutual Zimbabwe’s mortgage lender, Central African Building Society (Cabs), recorded a $39,2 million surplus in the year to December 2016 up from $28,3 million. Cabs chairman Leonard Tsumba said while the group had managed to grow its net surplus by $11 million, total assets had also increased. “Compared to the previous period,…
HARARE – Intergrated financial services group, Old Mutual Zimbabwe (OMZ), has recorded $92 million profit in the full year to December 2016 compared to $13,3 million registered in prior comparable period. “This performance was driven by strong performance in the banking, life insurance and short-term insurance businesses as well as the recovery of the stock…
HARARE – Businessman Timothy Trombas has been dragged to court by his ex-wife on charges of criminal trespass after reportedly visiting their children at Nicola Audrey Foote’s residence without the woman’s permission. With the matter due to be heard by Harare magistrate Victoria Mashamba yesterday — on a day the under-fire social counsellor was also to…
HARARE – Technology firm Univern Enterprises (Univern)’s stock continues to rise as it has been contracted by the Zimbabwean government to automate the country’s transport management systems, including vehicle registry and ensuring compliance with traffic laws. This also comes as the locally-owned company’s decade-old private public partnership with the Zimbabwe National Roads Administration (Zinara) has…
