HARARE – UK-based automobile manufacturer Jaguar Land Rover has launched a new vehicle, Jaguar XE, which is expected to be unveiled in Zimbabwe soon. The new car – in the pipeline for nearly two years – is billed as a competitor to the BMW 3 Series, Mercedes C-Class and Audi A4 in terms of superfluity,…
HARARE – Zimbabwe’s largest mobile telecommunications operator by subscriber base, Econet Wireless (Econet), says its recent restructuring exercise is now paying dividends. The group’s chief executive, Douglas Mboweni, said the Zimbabwe Stock Exchange-listed company was now poised for growth and expansion due to a leaner and efficient workforce. “We have cut costs by almost $70…
HARARE – The Zimbabwe Stock Exchange (ZSE) has processed trades valued at $142 million since its automation in September last year, Finance minister Patrick Chinamasa has said. Last week, Chinamasa told guests at the official launch of Chengetedzai Depository Company Limited (Chengetedzai) — the firm running the country’s Central Securities Depository (CSD) — that 17…
HARARE – Listed short-term insurer Nicoz Diamond (Nicoz) operating profit for the half-year to June 30, slumped 35 percent to $1,2 million compared to prior period on the back of higher growth claims and operating expenses of 45 percent. In a statement accompanying the group’s financials for the period under review, Nicoz chairman Albert Nduna…
HARARE – Zimbabwe is targeting $2 billion in Diaspora remittances into the national payment system by year end according to the central bank Diaspora remittances subsidiary, Homelink (Pvt) Ltd (Homelink) board chairman, Morris Mpofu. Speaking at a Homelink strategic business unit (SBU) housing project launch in the capital yesterday, Mpofu said of this amount only…
HARARE – Government says it is in discussions with the country’s sole licensed ethanol producer, Green Fuel, over the company’s compliance with the country’s indigenisation laws. Energy and Power Development deputy minister, Tsitsi Muzenda, recently told the National Assembly that government wanted to up the 10 percent stake currently held by State-run Agricultural Rural Development…
HARARE – State-owned mining investment vehicle, Zimbabwe Mining Development Corporation (ZMDC) is looking for a half-a-million dollar bailout package from local banks to capitalise operations, the group said. In a response to queries raised by the auditor and comptroller general, Mildred Chiri, in her 2014 report on parastatals, the State-owned corporation said efforts were being…
HARARE – Zimbabwe’s new banking regulations will strengthen the financial services industry and bring stability to the economy, the central bank has said. Reserve Bank of Zimbabwe (RBZ) deputy governor Charity Dhliwayo said the banking sector must be strengthened through evolving legal and regulatory reforms in an effort to sustain the growth and development of…
HARARE – The Industry and Commerce ministry has been implicated in a $24 million scandal after it offered loans to struggling Ziscosteel (Zisco) and the Industrial Development Corporation (IDC) without following due process, a report from the auditor and comptroller general shows. In her narrative report on appropriation accounts and miscellaneous funds for the financial…
HARARE – Zimbabwe has disbursed close to $50 million towards energy sector projects during the first half of the year as the country moves to alleviate power shortages. In his mid-term fiscal review Finance minister, Patrick Chinamasa, said of this amount local resources contributed $23 million while loan financing was $22 million and development partners…
