HARARE – Capital Bank Limited (Capital)’s liquidation proceedings are due to be heard in the High Court today amid spirited efforts by the closed institution’s forerunner to stop the process. This also comes as ReNaissance Financial Holdings Limited (RFHL) has sought to bar prominent lawyer Addington Chinake from representing the National Social Security Authority (Nssa)…
HARARE – Stanbic Bank Zimbabwe (Stanbic) is seeking to extend its footprint into new markets in China leveraging on its ties with the Industrial Commercial Bank of China (ICBC), which holds a 20 percent stake in the Standard Bank Group. “ICBC’s stake in Standard Bank Group places both Stanbic Bank Zimbabwe and the group in…
HARARE – International food processing firm, Nestle, says it has invested over $30 million on the refurbishment and upgrading of its Zimbabwean unit in the past four years. The company’s south cluster manager Ben Ndiaye yesterday said the funding was used on the renovation of cereal and milo plants and equipment to increase production capacities,…
HARARE – The Infrastructure Development Bank of Zimbabwe (IDBZ) has secured $20 million from government aimed at capacitating the financial institution to deliver on its mandate of infrastructure development in energy, transport, water and sanitation, information and communication technology, and housing sectors. The latest development comes after government last year hived off the bank’s $38…
HARARE – Zimbabwean mines are currently finalising a power import deal with South Africa’s power utility Eskom, to relieve pressure on the local electricity demand, the Chamber of Mines Zimbabwe (CoMZ) first vice president, Batirai Manhando has said. Manhando, who is also Bindura Nickel Corporation managing director, told analysts at the group’s six months briefing…
HARARE – ASA Resources, formerly Mwana Africa’s Zimbabwean unit, Bindura Nickel Corporation (BNC), says it is set to lay off about 300 employees in its second half at a cost of about $1,5 million. BNC new chairman Yim Kwan told an analysts briefing in the capital on Monday that the group — which posted a…
HARARE – FINANCE minister Patrick Chinamasa says two Chinese-funded power projects are going to reach financial closure in the first half of 2016, with each expected to contribute 600 Megawatts (MW) to the national grid. Speaking at the Harare International Airport on the side-lines of President Xi Jinping’s arrival reception, Chinamasa said the two projects…
HARARE – Government has allocated $1 million to the Sovereign Wealth Fund (SWF), in a bid to kick-start the national resource pool aimed at empowering citizens. In his 2016 budget statement, Finance minister Patrick Chinamasa said the initiative — set to support macroeconomic stabilisation, including long-term economic and social development objectives — was going to…
HARARE – Air Zimbabwe acting chief executive Edmund Makona says the country’s aviation industry is poised for greater heights following his recent ascension to the powerful post of the African Airlines Association (Afraa) president. Afraa brings together 45 African airline members and around a hundred industrial partners, including aircraft and engine manufacturers, consultants, and high…
HARARE – Fertiliser-manufacturing firm, Sable Chemical Industries (Sable), has adopted a new business model in its quest for survival in the current harsh economic environment. The Kwekwe-based company last week launched a new business model for the production of ammonium nitrate that is based on the full importation of ammonia, the main raw material in…
