HARARE – FBC Building Society (FBCBS) is set to start on Phase Five of its Masotsha Ndlovu cluster home project in May, with the group waiting on regulatory approvals to begin operations, a company executive has said. The building society’s Executive Director Finance and Administration Agnes Kanhukamwe told the businessdaily on the side-lines of a…
HARARE – Zimbabwe’s microfinance sector is on a growth path after its loan book jumped 13 percent to $225,13 million in the year to December 2015. The Reserve Bank of Zimbabwe (RBZ) said the increase was largely attributed to aggressive growth of loan portfolios, particularly in the areas of asset and agricultural financing. [GoogleAd] This…
HARARE – NasdaQ-listed international communications and technology company, VimpelCom, has refuted government claims that it was paid $40 million for its 60 percent stake in Telecel Zimbabwe (Telecel). VimpelCom’s spokesperson Rozzyn Boy told the business Live on Wednesday that the Netherlands-based company still has a presence in Zimbabwe. [GoogleAd] “As of today, VimpelCom and Global…
HARARE – Harare’s five-star Meikles Hotel has completed the $8,5 million refurbishment and refashioning of its north wing. The project, which was started in April 2012 when the entire wing was closed for complete renovation, has resulted in the hotel having some of the most modern and luxurious hospitality facilities and amenities in Southern Africa….
HARARE – African Development Bank (AfDB) president Akinwumi Adesina snubbed Zimbabwe on his recent working visit to Southern Africa. The Nigerian, who was elected to the regional financial institution in May last year ahead of Zimbabwe’s Thomas Sakala, visited Malawi and Mozambique last week and did not pass through Zimbabwe despite the country initially having…
HARARE – Zimbabwe’s exports to the European Union (EU) have increased by 14 percent to $54,2 million from $28,6 million recorded in 2014, latest figures from ZimTrade show. Data released yesterday by the local trade development and promotion organisation revealed that the country’s exports to the European trading bloc have been steadily rising from $30…
HARARE – Controversial businessman Nicholas van Hoogstraten has flexed his muscles at CFI Holdings (CFI) following the appointment of his blue-eyed boys Timothy Nyika and Shingirai Chibanguza as acting chief executive and deputy chief executive respectively. The duo’s appointment effective this week comes as CFI’s long-serving chief executive Stephen Kuipa has been shown the exit…
HARARE – Stanbic Bank Zimbabwe (Stanbic) parent company Standard Bank (Standard) says it remains optimistic in its expansion thrust despite weak commodity prices prevailing in Sub-Saharan Africa where it is predominantly domiciled. Standard head of Transactional Products and Services in South Africa Vinod Madhavan said the group’s future projections remained strong. “Although there are some…
HARARE – Former Finance minister Tendai Biti says government is illegally printing money in the form of Treasury Bills (TBs) to honour its debts. A TB is a short-term debt obligation backed by a government with a given maturity, in most countries the promissory notes are issued with a maturity of less than one year….
HARARE – The World Bank says Zimbabwe will remain in deflation this year due to low aggregate demand in the country. In its World Economic Outlook report released yesterday, the Bretton Woods institution noted that the country, which is facing one of its worst droughts in 20 years due to El Nino, will record negative…
