HARARE – Packaging firm, Nampak Zimbabwe Limited (Nampak), has spent close to $9 million in capital expenditure in the full year to September 30, 2015 as the company moves to buttress operating capacity in its consolidated businesses. The group’s company secretary, Keith Nicholson, on Thursday said the money was channelled towards the purchase of machinery. [GoogleAd]…
HARARE – Econet founder and one of Zimbabwe’s wealthiest men, Strive Masiyiwa, says the diversified telecommunications company will soon launch a Pay TV service known as Kwesé TV which will offer exclusive sports and entertainment programming to African markets. The usually media-shy business mogul took to social media platform Facebook to announce the new development that…
HARARE – Zimbabwe’s cash-strapped government has come up with various measures, such as forcing government departments and school development associations to pay duty on imported vehicles, to boost its depleting coffers. Finance minister Patrick Chinamasa said the latest development, which will come into effect on January 1, 2016, is aimed at resuscitating the local car manufacturing…
HARARE – The Zimbabwe Stock Exchange (ZSE) market capitalisation fell by 9,38 percent month-on-month in November to close the month at $3,26 billion, as the country’s economic crisis continues to worsen. Statistics released by an equities research firm on its monthly ZSE review, IH Securities, revealed that the local stock exchange maintained a downward trend, falling yet…
HARARE – Zimbabwe Stock Exchange-listed agricultural concern SeedCo Limited (SeedCo) revenue increased by 17 percent to $18,8 million in the six months to September 2015 driven by a slight recovery in winter cereals and early maize sales. The group’s chief executive, Morgan Nzwere, said his company was looking forward to a year of steady growth underpinned…
HARARE – In the wake of Zimbabwe’s decade-long economic crisis, transaction banking has made a return to the spotlight thanks to a renewed appreciation of its “back-to-basics” mind-set and the factors that form its core pillars: stability, transparency, and its role as facilitator of “real” economic activity. But while these underlying principles are the same…
HARARE – Diversified telecommunications group, Econet Global, has secured a $500 million loan facility from China Development Bank and ZTE, with the firm’s Zimbabwe unit set to get at least $300 million for its expansion programme. The loan agreement was announced in South Africa this week during Chinese President Xi Jinping’s visit. [GoogleAd] Econet Wireless Zimbabwe chief executive…
HARARE – A Commitment by Chinese President Xi Jinping to fund some energy deals, among other projects, has been received with optimism by analysts and ordinary Zimbabweans, who have borne the brunt of the country’s debilitating power woes. The deals — headlined by a $1,4 billion agreement to upgrade the Hwange Power Station — are…
HARARE – Standard Chartered Bank Zimbabwe (StanChart) yesterday launched its refurbished Borrowdale Branch at Sam Levy Village. The branch which was first opened on May 22, 1991 has been renovated to world class standard and houses the World Class Priority Banking Centre. [GoogleAd] StanChart Head of Retail Banking Harton Maliki said the detailed finishes ensure…
HARARE – Cottco Holdings Limited (Cottco) says government has started the process of taking over its legacy debt of over $41 million through the central bank’s non-performing loans Special Purpose Vehicle. The latest development is aimed at reducing interest burden on the sub-Saharan Africa’s largest ginner and marketer, thereby enhancing cash-flows and profitability. [GoogleAd] This…
