HARARE – Zimbabwe is set to be plunged into total darkness due to the worsening liquidity crisis in the country that has seen the national power utility failing to import adequate electricity. Zesa chief executive, Josh Chifamba, yesterday told Parliament that the power utility owed suppliers — including South Africa’s Eskom and Mozambique’s Hydro Cahora…
HARARE – Zimbabwe Stock Exchange-listed cables manufacturer, Cafca Holdings Limited (Cafca), revenue for the year ended September 2016 slumped 40 percent to $18,1 million from $29,3 million prior comparable period. Company secretary, Caroline Kangara, attributed the slump to a tough operating environment pointing out that Cafca had also seen reduced working capacity during the period…
HARARE – Packaging firm, Nampak Zimbabwe Limited (Nampak), says it spent $5,9 million on capital expenditure in the full-year to September 30 as its operating profit surged 65 percent to $6,8 million from $4,1 million prior year. The group’s company secretary, Keith Nicholson, said the money had been spent on advanced closure equipment for Mega…
HARARE – The European Investment Bank (EIB) has postponed plans to advance loans to the local financial sector after Zimbabwean banks told the lender that appetite for medium-term loans was presently low in the market, it has emerged. European Union (EU) ambassador to Zimbabwe, Philippe van Damme on Friday told the businessdaily that while the…
HARARE – Zimbabwe’s fuel marking programme aimed at stamping out “dirty” petroleum products that have flooded the local market damaging cars and prejudicing the government potential revenue is set to commence beginning of next year, a government official said. Zimbabwe Energy Regulatory Authority chief executive Gloria Magombo said the regulator had received buy-in from all…
JOHANNESBURG – Reserve Bank of Zimbabwe governor John Mangudya says Zimbabwe cannot adopt the South African rand as the main trading currency. This is because doing so could worsen the economic crisis facing the country. [Adz] Mangudya told local media that, apart from macro-economic pressures that could spell doom for the local economy, Zimbabwe was…
JOHANNESBURG – MTN South Africa said on Wednesday that it had appointed Giovanni Chiarelli as chief technology and information officer. The Milan-educated Chiarelli has more than 17 years of experience in the field, working for companies including Infostrada, Accenture, Telecom Italia and Vodafone Group, including as chief technology officer of Vodafone Romania. [GoogleAd] He takes…
JOHANNESBURG – Call him unlucky or dodgy, whichever way you look at it Zimbabwean financier and moneylender, Frank Buyanga, can fight. He was trapped in his adopted country, South Africa, after Interpol issued him with so called red notice in February2012. This is issued to a person subject to an arrest warrant or one who…
HARARE – Zimbabwe has been warned against celebrating the recent lifting of International Monetary Fund (IMF) remedial measures imposed on the country nearly 15 years ago. This was after the global moneylender this week eased sanctions on the economically-stricken nation when Zimbabwe paid its overdue $107,9 million obligations to the Bretton Woods institution. [GoogleAd] Economic…
HARARE – The disposal of Telecel Zimbabwe (TZ) by its international parent VimpelCom Limited (VimpelCom) continues to be mired in controversy as James Makamba’s Empowerment Corporation (EC) has threatened to sue the Netherlands-based company over pre-emptive rights in the 60 percent sale. This also comes as private equity firm Brainworks Capital Management (BCM) is still…
