HARARE – Global integrated midstream and downstream energy company, Puma Energy, which recently acquired a 60 percent equity stake in Redan Petroleum and Sakunda, has set aside $139 million in organic capital expenditure across the world. In Zimbabwe, Puma has a strong presence with 94 fuel service stations out of a total of 662 in…
HARARE – Investigating officers handling an externalisation case involving former BancABC managing director Hashmon Matemera are set to travel to Sierra Leone and Tanzania as the probe on how $300 000 000 was taken out of the country rages on. This was said by prosecutor Sabastian Mutizirwa when Matemera appeared before Harare magistrate Bianca Makwande…
HARARE – Zimbabwe Council for Tourism (ZCT) says the country’s tourism industry must become fully adapted to catering for people with disabilities. “This also widens the focus to include people who are excluded from such exposure because of financial limitations, and part of our opening out to the widest possible number of people is the…
HARARE – Zimbabwe’s huge trade deficit continues to widen driven by low exports and a growing consumptive import bill, despite a legislative piece recently introduced by government to curb the import of locally available goods. Information released by the Zimbabwe statistical agency (Zimstat) shows that the country’s trade deficit widened from $1,6 billion recorded in…
HARARE – Pepsi has begun construction work at its first Zimbabwean $30 million plant despite the worsening economic situation in the country. The bottling plant, which is one of the biggest investments in Zimbabwe’s manufacturing sector in recent years, is set to occupy a total land space of 7,3 hectares, including an 8 125- square…
HARARE – The Zimbabwe Stock Exchange (ZSE) shed $1,1 billion between July 2015 and July 2016 as foreign investor scepticism saw the local bourse register large divestments, the Reserve Bank of Zimbabwe (RBZ) said. As a result of the divestments, the central bank pointed out that net foreign capital outflows had risen from $4,5 million as…
HARARE – Bindura Nickel Corporation (BNC) says it has retrenched 300 employees as a cost-cutting measure under the current harsh economic environment. The Zimbabwe Stock Exchange-listed miner’s chairman, Yim Kwan, said the company is now outsourcing development services in the mining department to a contractor company, with effect from June 2016. “This has resulted in…
HARARE – Industry minister Mike Bimha said some companies that closed down at the height of the country’s economic meltdown might not be resuscitated. “You can’t resuscitate a company that is dead,” Bimha told chartered secretaries at their annual conference in Nyanga over the weekend. “Some of them need to remain dead, because they are…
HARARE – Zimbabwe’s leading mobile operator, Econet, has partnered with South Africa’s Mukuru Money Transfer (Mukuru) in a move aimed at increasing cross-border remittances. Econet chief executive Douglas Mboweni yesterday said the partnership between Mukuru, a key player in the South African remittances space, and EcoCash, which has the largest last-mile distribution footprint in Zimbabwe,…
HARARE – Credit Insurance Zimbabwe (Credsure) and Sanctuary Insurance Company (Sanctuary), have failed to meet the $1,5 million minimum threshold during the first half of this year due to deteriorating economic conditions, an Insurance and Pensions Commission (Ipec) report has shown. This comes as performance of the insurance and pension sector has largely remained depressed…
