HARARE – National power utility, Zesa Holdings (Zesa), said it anticipates to have raised its share of the $1,4 billion Hwange Power project by first quarter next year. This was after the parastatal last week got a parliamentary approval for a $1 billion loan facility from the China Export-Import Bank (China Exim Bank). Zesa chief…
HARARE – Fund investors have been pulling out of the risky Zimbabwean stock market at an alarming pace over the last 10 months, against the background of cash and liquidity challenges, weak total demand for goods and services in the economy and reduced business confidence. Investors pulled $55 million from the Zimbabwe-based stock funds during…
HARARE – The Zimbabwe Power Company (ZPC) is set to invest $45,6 million towards procurement of transformers and other accessories to fund a transmission and distribution programme, with an additional $29,5 million earmarked for extension of the electricity grid to new settlements. Finance minister Patrick Chinamasa last week said the power company is also set…
HARARE – Finance minister Patrick Chinamasa says government will next year undertake a restructuring exercise aimed at curbing the issuance of Treasury Bills (TBs) and prevent the sovereign paper from becoming a “surrogate currency.” A TB is a short-term debt obligation backed by a government with a given maturity, in most countries the promissory notes…
HARARE – Zimbabwe has so far imported about 300 000 Metric Tonnes (MT) of maize as the country battles to plug a 2,5 million tonne cereal deficit, President Robert Mugabe said. Mugabe last week said of the total, 25 000MT had been imported by the private sector as local farmers have delivered close to 200…
HARARE – The International Monetary Fund (IMF) has warned President Robert Mugabe’s government against interfering with Treasury operations. IMF local representative, Christian Beddies, yesterday told the businessdaily that government was not giving Finance minister Patrick Chinamasa enough room to implement “sound reforms” to revive the economy. [Adz] “… We have seen it happen in the…
HARARE – Zimbabwe Stock Exchange-listed diversified group, Amalgamated Regional Trading (Art), has returned to profitability after recording losses in the past few years. The group’s chairman, Thomas Wushe, yesterday said Art achieved a $1,9 million profit in the full year to September 2016 compared to a loss of $590 000 in the same period last…
HARARE – Pan African financial services group, Ecobank, has appointed Moses Kurenjekwa as its new managing director for the Zimbabwean unit. Kurenjekwa, who prior to his appointment was head of Corporate and Investment Banking (CIB), takes over from Daniel Sackey who left Zimbabwe to take up a new post as head of Ecobank Ghana and…
HARARE – Econet Wireless has for the first time in Zimbabwe introduced the South African Rand (ZAR) as a currency of transaction via EcoCash. The listed mobile firm’s chief executive, Douglas Mboweni, yesterday said the introduction of a multi-currency wallet was another step towards meeting the country’s vision of becoming a cashless society and of…
HARARE – The Zimbabwe Stock Exchange (ZSE) has been asked to stop halting trade in Zeco Holdings Limited stocks after a plea by businessman Philip Chiyangwa to allow the exchange to relist the troubled security. This comes after Zeco shares were delisted from ZSE for three months from December 1, to allow the stuttering engineering firm…
