HARARE – Intratrek Zimbabwe (Intratrek) and Zimbabwe Power Company (ZPC) have signed a deal to construct a $128 million hydro plant to help address the country’s chronic power shortages. The water-powered Gairezi Hydropower Dam project will generate 30 megawatts (MW) of electricity. Intratrek, which won the tender in conjunction with its Indian Consortium partners Bharat…
HARARE – International technology giant Microsoft says it is committed to assist Zimbabwean small and medium enterprises and entrepreneurs with a cloud-based portal that offers various tools for business growth. The company’s director, Rotimi Olumide, recently told delegates in Harare that Microsoft was willing to allow Zimbabwean businesspeople to use its systems for free as…
HARARE – BancABC Zimbabwe’s parent company, Atlas Mara Plc (Atlas Mara), is likely to emerge as the front runner to acquire Barclays Plc African assets. This comes as the British bank this week indicated its intention to sell down its 62,3 percent interest in Barclays Africa Group and its shareholding in Egypt and Zimbabwean units…
MUTARE – Zimbabwe’s high tax regime is spooking the $7,4 billion informal sector from formalising their businesses, shutting out government from accessing up to 5,7 million small-to-medium scale enterprises (SME). This was said by consulting economist Gift Mugano on Tuesday at an SME formalisation strategy consultative meeting at a local hotel. Mugano said, currently, government…
HARARE – Zimbabwe Stock Exchange-listed diversified group Art Corporation (Art) says its restructuring exercise has started paying dividends after the company recorded growth in turnover and sales volumes in four months to January this year. Art chief executive Tapiwa Ameer told shareholders at an annual general meeting last week that the company recorded an eight…
HARARE – The government’s debt has ballooned to $1,4 billion at the end of 2015 in a clear sign of the President Robert Mugabe administration’s failure to curb excessive spending. In its first quarter 2016 analysis of the Zimbabwean economy, South Africa-based NKC African Economics (NKC) said the central bank holdings of government debt increased…
HARARE – Listed Barclays Bank of Zimbabwe (Barclays) is set to dispose its 50 percent stake in tourism concern Makasa Sun (Pvt) Ltd (Makasa) for $14,6 million. The Barclays Plc subsidiary said it is in the process of finalising the transaction. Makasa owns a hotel in the Victoria Falls resort town. “…the Bank is in…
HARARE – Low international prices saw Zimbabwe’s largest platinum producer, Zimplats, reporting a 12 percent decrease in revenue for the half year to December 2015 despite a surge in sales volumes. In its interim results published yesterday, the platinum miner said its revenue decreased to $20,4 million in the six months to December last year…
HARARE – Vimpelcom Limited (VimpelCom) says it still owns a majority stake in Telecel Zimbabwe (Private) Limited (Telecel), as negotiations with the government over the 60 percent buy out continue. Last year, VimpelCom was pressured by President Robert Mugabe’s administration to sell its stake in the mobile phone operator to Zarnet after its offers to…
HARARE – Zimbabwe Stock Exchange listed coal miner Hwange Colliery Company Limited (HCCL)’s tax arrears have ballooned to $69,1 million following the addition of a $28,5 million tax liability. The company’s acting chairman, Jemmester Chininga, on Monday said HCCL had to accommodate the additional tax liability on its books following finalisation of a special exercise…
