Business

HARARE – Zimbabwe has made strides to enhance bilateral relations with Indonesia through increased trade between the two countries. Indonesia’s Foreign Affairs deputy minister Abdurrahman Mohammad Fachir yesterday told delegates attending a business meeting in the capital there was need for direct contact between Zimbabwe and Indonesia. “I made this visit mainly to enhance bilateral…

HARARE – Trading on the Zimbabwe Stock Exchange (ZSE) is expected to remain depressed in the medium-term due to diminishing investor confidence and tight liquidity, a local research firm has said. Zimbabwe Economic Policy and Research Unit (Zeparu) executive director Gibson Chigumira said the stock market’s free-fall was expected to get worse as the year…

HARARE – French Ambassador to Zimbabwe Laurent Delahousse says French investors are willing to increase the investments in the country following the introduction of new amendments to the Indigenisation Act. The envoy told the businessdaily at the unveiling of Total Zimbabwe’s state-of-the-art service station in Westgate recently that French companies were committed to Zimbabwe’s economic…

HARARE – Standard Chartered Bank (StanChart) Zimbabwe has denied externalisation claims laid by its former workers saying the financial institution was committed to reviving the country’s ailing economy by sourcing cheap external loans. This comes as the bank’s former workers last week petitioned the British Embassy in Harare to act on the Standard Chartered Plc…

HARARE – The Reserve Bank of Zimbabwe (RBZ) has warned President Robert Mugabe’s government against continued land grabs, which are affecting agricultural production and increasing the country’s political risk profile. “Bringing finality to the land reform programme would go a long way in addressing uncertainties that continue to adversely affect this sector from achieving its…

HARARE – The High Court has upheld the ouster of three former ReNaissance Financial Holdings Limited (RFHL) directors namely Christopher Chetsanga, Monica Mukonoweshuro and Collin Kuhuni, putting an end to a four-year legal wrangle. In a ruling last week, High Court Judge Owen Tagu declared all actions and decisions executed by the board post January…

HARARE – The Insurance and Pensions Commission (Ipec) has suspended four insurers and an insurance broker from issuing or renewing insurance policies due to unsound finances and unethical business conduct. “Excellence Insurance Company (Private) Limited is under suspension as its financial position was unsound, as was Global Insurance Company (Private) Limited,” Ipec said adding that…

HARARE – Zimbabwe Stock Exchange-listed hotel group, African Sun Limited (ASL), says it has closed its loss-making Beitbridge Express Hotel to focus on other profitable ventures. “Over the last three years the board and management have implemented broad strategies and initiatives in pursuit of mitigating the hotel’s financial losses,” ASL company secretary Venon Musimbe said…

HARARE – Zimbabwe’s average mineral ore grades decreased significantly last year on the back of lack of investment to develop the mining sector, a report has shown. According to a Zimbabwe Chamber of Mines-sanctioned study released last week, mineral grade declined for gold and platinum while diamond remained flat with the average chrome grade improving….

HARARE – The value of tobacco exports has increased by 7,2 percent to $182,9 million in January this year from $181,3 million recorded prior comparable period, figures from the Tobacco Industry Marketing Board (TIMB) show.According to TIMB data, 25,2 million kilogrammes (kg) of the golden leaf was sold during the period under review compared to…