HARARE – President Robert Mugabe’s government has given prescribed asset status (PAS) on two major energy deals, thus paving the way for the financing and construction of the key power projects with a combined 130 megawatts (MW) output of electricity. This also comes amid rumblings about the status and progress of one of the projects…
HARARE – Zimbabwe’s once promising economy has been destroyed by President Robert Mugabe’s controversial policies, a European security think-tank has said. The European Inter-agency Security Forum (EISF) said Zimbabwe was facing an imminent crisis that will require an international humanitarian response in the near to medium-term future due to bad economic policies. “The dire economic…
HARARE – The Zimbabwe Asset Management Corporation (Zamco) has started acquiring bad loans secured by mortgage bonds, after assuming non-performing loans (NPLs) close to $1 billion in 2016. A non-performing loan, according to the International Monetary Fund, is a credit that has not been repaid and is in default or close to being in default….
HARARE – Zimbabwe’s banks posted a startling 42 percent surge in profits that buttressed economists and investors’ belief that “unacceptable charges” and “extortionist fees” were reinvigorating the long-struggling financial sector. The super profits announcement was immediately followed by an announcement by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya in his 2017 monetary policy statement…
HARARE – Zimbabwe’s tobacco auction floors will open next month, with government hoping earnings from the crop will solve the country’s dollar crunch. Tobacco is the country’s major foreign currency earner after it raked in nearly $1 billion last year in export receipts ahead of platinum and gold. The Tobacco Industry and Marketing Board (TIMB)…
HARARE – Kenya Airways has set its eyes on the Victoria Falls route as the regional airline expands its footprint across the continent. The latest development comes following the completion of Victoria Falls International Airport’s multi-million dollar facelift and expansion. The airport’s runway was expanded to four kilometres from 1,5 kilometres, allowing it to accommodate…
HARARE – Dubai-based financial executive John Vitalo has inexplicably resigned from Atlas Mara, the seven-tier banking group and BancABC Zimbabwe parent, as the sub-Sahara Africa-focussed firm’s share price and continental fortunes continue to tumble. This also comes as the London-listed financial behemoth’s other co-founder Ashish Thakkar is embroiled in a messy divorce, which has exposed…
HARARE – Mazda BT-50 is built tough to take on any task, and do it in style. It delivers grunt and refined comfort with every drive. Fill it with gear, pull a load or take it off road. As a workhorse or a weekend warrior, it’s always up to the challenge. The vehicle’s “Kodo design”…
HARARE – The Infrastructure Development Bank of Zimbabwe (IDBZ) is set to review its commercial banking operations to concentrate more on development projects, Finance minister Patrick Chinamasa has said. The Treasury chief last week said IDBZ has so far received several consultancy jobs from government to plug an anticipated revenue loss. “Going forward, the IDBZ…
HARARE – Zimbabwe has banned the manufacture and importation of incandescent light bulbs in an effort to save electricity and reduce power outages. The country needs about 2 200MW of power, but is only able to generate about half of its power requirements from domestic sources. According Statutory Instrument 21 of 2017 published last week,…
