HARARE – Standard Chartered Bank Zimbabwe (StanChart) has been named Investor of the Year by the Zimbabwe Investment Authority (Zia) as well as the winner in the financial services sector — banking category. This comes as the Standard Chartered Plc subsidiary has been positively contributing to Zimbabwe’s economy through investment in its staff, community…
HARARE – South Africa’s platinum producer, Aquarius Platinum Limited, says it is seeking $82 million for a planned expansion programme at its Zimbabwean subsidiary Mimosa Platinum Mines (Mimosa). This comes after a feasibility study was conducted early this year to determine the Zvishavane-based mine’s life. “Based on results of the pre-feasibility study, the…
HARARE – Innscor Africa Holdings subsidiary, Simbisa Brands Limited (Simbisa), became the latest counter to list and trade on the Zimbabwe Stock Exchange on Friday. Simbisa, which runs quick service restaurants in Zimbabwe and 11 other African countries, however failed to stimulate the local market that has been on a decline since the 2013 elections that…
HARARE – Diversified conglomerate, Innscor Africa Limited (Innscor), says it will transfer assets valued at nearly $27 million into the group’s newly-unbundled Quick Service Restaurants (QSR) — Simbisa. The group’s chief finance officer, John Koumides, told shareholders attending Innscor’s extra-ordinary general meeting (EGM) in the capital on Monday that Simbisa’s unbundling was part of a…
HARARE – Zimbabwe has produced about 2,2 million carats of diamonds in the third quarter of the year, Mines minister Walter Chidakwa has said. Addressing a parliamentary pre-budget seminar in Victoria Falls, Chidakwa said the figure indicated an almost 30 percent slump on prior comparable period figures. “Most of the diamond miners opted for alluvial…
HARARE – BancABC Zimbabwe’s parent company, Atlas Mara Plc, says it is close to acquiring two more banks in Rwanda and Zambia as the financial services group moves to consolidate its footprint in Africa. The group’s chief executive, John Vitalo, yesterday said his company had reached agreements to invest approximately $21 million in Banque Populaire…
HARARE – Zimbabwe is regarded as an “economically-distressed state” by the African Development Bank (AfDB) due to the country’s present economic situation, the Reserve Bank of Zimbabwe (RBZ) governor has said. Central bank chief, John Mangudya told delegates attending the Confederation of Zimbabwe Industries (CZI) meeting in the capital on Wednesday that the country’s “fragile…
HARARE – Zimbabwe could soon be plunged into total darkness if water levels in Kariba Dam do not improve soon, Energy minister Samuel Undenge has said. He told a Zimbabwe National Chamber of Commerce meeting in the capital yesterday that while power generation at Kariba was already 36 percent below optimum capacity, this was set…
HARARE – Despite public protestations to the contrary, President Robert Mugabe’s cash-strapped government is moving with speed to identify and retrench tens of thousands of civil servants in a bid to contain its ballooning wage bill that is sucking most of its resources, the Daily News on Sunday has established. Finance minister Patrick Chinamasa (pictured)…
HARARE – National Social Security Authority (Nssa) top executives who were sacked last week by the national insurer’s board, have challenged their retrenchment, saying it was in violation of the Labour Act. This comes as it emerged that the board announced to the media that it had cut ties with the executives yet in fact,…
