HARARE – The National Building Society (NBS) has been given the green light by the Reserve Bank of Zimbabwe to commence operations. “It is hereby notified that the NBS has been registered and authorised in terms of the Building Societies Act (Chapter 24: 02), to conduct building society operations effective April 27 2016,” the central…
HARARE – Zimbabwe’s largest mobile telecommunication group Econet Wireless (Econet) says it has introduced an airtime credit service via its mobile money division in a move aimed at easing the acute cash shortages. The country has been experiencing a biting cash shortage since early March with depositors queuing daily to get their money from banks. …
HARARE – The European Investment Bank (EIB) has finally resolved to extend technical and financial support to Zimbabwe’s financial services sector, a top envoy has said. European Union (EU) ambassador to Zimbabwe Philippe Van Damme yesterday said the process was expected to be finalised by March this year, but was delayed due to “technical issues”….
HARARE – Businessman and former Kondozi Estate owner Edwin Moyo has launched a book detailing the invasion of his lucrative farm by “greedy Zanu PF politicians” at the height of the controversial and chaotic land reform programme in 2004. Moyo told delegates attending the launch of his book entitled My Kondozi Story — The People’s…
HARARE – Farmers have so far pocketed $73 million from the sale of over 27,6 million kilogrammes (kg) of tobacco compared to $38,5 million last year. Data from the Tobacco Industry Marketing Board (TIMB) yesterday revealed that on day 19, the average price for the golden leaf had surged 8,69 percent to $2,67 per kg…
HARARE – Zimbabwe’s largest short-term insurance firm, NicozDiamond (Nicoz), is seeking a new investor following the collapse of recent capital-raising initiatives. Nicoz company secretary Gloria Zaravanhu yesterday said discussions on the transaction contemplated by the firm in November last year did not materialise hence the need for new ways to raise capital. “ . ….
HARARE – Zimbabwe’s largest cigarette manufacturer British American Tobacco (BAT) says its annual production for the year to 2015 fell from approximately 1,5 billion sticks to about 1,2 billion sticks, on the back of economic challenges. The company’s head of manufacturing Moses Musarugwa yesterday attributed the decline to a tough trading environment which exerted pressure of…
HARARE – South Africa-based Impala Platinum (Implats) says platinum production at its Zimbabwean subsidiary rose by 71 percent in the quarter to March 2016 due to new open-pit operations. In the period under review, Zimplats — 87 percent owned by Implats — ramped up production to 89 000 platinum ounces from 52 000 ounces in…
HARARE – BancABC Zimbabwe parent company Atlas Mara has recorded an impressive $11,3 million profits in the full year to December 2015 from a loss of $47,8 million registered in the prior comparable period. Total income grew by $43 million to $220 million in the 12 months under review through adding new customers and broadening…
HARARE – Steward Bank (Steward) — a subsidiary of Econet Wireless Zimbabwe — has partnered with fuel retailer, Total Zimbabwe (Total), in a move aimed at making agent banking services easily accessible to everybody in the country. Unveiling the joint venture, Steward Bank chief executive officer, Lance Mambondiani, said banking institutions had to craft mechanisms…
