HARARE – The Zimbabwe Stock Exchange market capitalisation contracted by 14 percent to $2,6 billion in the three months to March 2016 from $3,1 billion in December last year, as the country’s economy hurtles towards recession. [GoogleAd] Latest figures from Lynton Edwards Stockbrokers (Les) show that the equities market traded lower in the first quarter…
HARARE – Ethiopian Airlines is planning further long-haul network expansion this year with new destinations in Asia and North America as it continues with its expansion programme. The company’s out-going country manager Almaz Yigzaw told guests at the airline’s quarterly travel agents’ awards held in Harare last weekend that the airline was on good stead…
HARARE – The Depositors Protection Corporation (DPC) says it has set in motion the process of paying preferred creditors for Royal and AfrAsia banks. “The AfrAsia draft first interim liquidation and distribution account was finalised and lodged with the Master of the High Court for approval,” DPC chief executive John Chikura said yesterday in an…
HARARE – Dual-listed financial services group NMB Zimbabwe (NMBZ) will this week play hosts to foreign investors who are expected to inject close to $30 million in the company for on-lending to industry and various sectors of the economy. [GoogleAd] The group’s chief financial officer, Benson Ndachena, told the businessdaily that a delegation of three…
HARARE – Africa’s largest seed producer Seed Co is seeking close to $4 million aimed at completing its new state-of-the-art laboratory, which has capacity to enhance seed production. The company’s molecular scientist, Meluleki Zikhali, told the businessdaily on Friday that Zimbabwe stands to benefit from the completion of the laboratory. “Genetic purity testing all along…
HARARE – Financial services group Atlas Mara has secured a $200 million loan facility from an American firm aimed at capacitating its Africa-focused BancABC subsidiaries. According to the agreement signed between Atlas Mara, which acquired 95,8 percent in BancABC’s operations in Botswana, Zimbabwe, Zambia, Mozambique and Tanzania in 2014, and ExWorks African businesses will use…
HARARE – Reserve Bank of Zimbabwe governor John Mangudya says the country is working on a raft of measures to ease a month-long cash-crisis that has seen depositors getting daily withdrawals as little as $20 from banks. The country, which adopted a basket of currencies dominated by the United States dollar in 2009, is facing…
HARARE – Fidelity Life Assurance Zimbabwe (Fidelity) has suspended its managing director Simon Chapereka and finance director German Mushoma following a probe by the Insurance and Pension Commission (Ipec) into various corporate governance infractions. However, the group’s acting chairman, Gregory Mataka, said the duo was sent on leave “to facilitate the swift execution” of an…
HARARE – Tobacco Industry and Marketing Board (Timb) says the current cash shortages being experienced by farmers will be addressed as the season progresses. This comes as tobacco farmers were this year ordered to open bank accounts where their proceeds would be deposited. However, the process has not been smooth sailing as farmers — who…
HARARE – Zimbabwe’s insurance companies are facing an uncertain future after the Insurance and Pensions Commission (Ipec) has hiked minimum capital requirements by 66 percent to $2,5 million. The insurance watchdog yesterday said although all non-life insurance companies had complied with the $1,5 million minimum threshold at the end of the fourth quarter of 2015,…
