HARARE – Short-term insurer Nicoz Diamond (Nicoz) says it has completed the first phase of its Hatfield Diamond Villas cluster houses with the units now on the market for rental purposes. Nicoz managing director Grace Muradzikwa recently told an analysts briefing in the capital that the second phase of the project was going to commence…
HARARE – Zimbabwean mining houses are crying foul over the recent 1,5 percent wage increase awarded to mine workers last month. The latest salary increase — heavily lobbied by the Associated Mine Workers Union of Zimbabwe — will see the lowest paid worker earning a monthly salary of $251,72 from the previous $248. However, the…
HARARE – Zimbabwe’s Non-Performing Loans (NPLs) are expected to decline to nine percent in 2016 from about 14,2 percent, following the establishment of a government special purpose vehicle to house bad loans, an industry body has predicted. A non-performing loan is described by the International Monetary Fund (IMF) as a credit that has not been…
HARARE – Zimbabwe Stock Exchange-listed Fidelity Life Assurance (Fidelity) anticipates a $55 million profit from its Southview Park stands project, an executive at the company said. Fidelity managing director Simon Chapereka yesterday told an analyst’s briefing in the capital that of this amount, $33 million was going to be made in interest income. “$22 million…
HARARE – State-owned mobile telecommunications operator NetOne says it has received equipment valued at over $160 million from China as the company moves to expand its infrastructure network across the country. The mobile firm’s chairman, Alex Marufu, yesterday said the infrastructure expansion project — being supported by a $218 million loan from China’s Eximbank –…
HARARE – Zimbabwe’s trade deficit declined by 19 percent to $380 million in the first two months of 2016 compared with a year earlier, as a result of tight import regulations and low liquidity levels in the country. The trade gap was down from $472 million at the end of February 2015, data released by…
HARARE – Old Mutual’s mortgage lending unit Central African Building Society (Cabs) total asset base increased by 22 percent to $1 billion from $852 million in the year to December 2015 mainly driven by a 27 percent growth in deposits. Cabs’ chairman Leonard Tsumba said total assets now stood at $1,04 billion while the society’s…
HARARE – Zimbabwe Stock Exchange-listed clothing retailer Edgars Stores (Edgars) says its profits declined to $4 million in the 52 weeks to January 2016 from $5,1 million last year due to depressed demand in the economy. The company’s chief executive, Linda Masterson on Wednesday told analysts that Edgars also experienced a 10 percent decline in…
HARARE – Financial services group FBC Holdings (FBCH) profit for the year to December 31, 2015 surged 269 percent to $18,1 million from $4,9 million on the back of growth in net interest income and insurance premium. FBCH chief executive John Mushayavanhu told an analysts’ briefing in the capital yesterday that the group’s total income…
HARARE – Seedco Zimbabwe managing director Denias Zaranyika has been elected as the African Seed Trade Association (AFSTA) president. Zaranyika, who was elected at the association’s 2016 annual congress held in Kenya last week, promised to deal with some of the issues affecting Africa such as climate change, food security and improving farmer yields among…
