HARARE – Former Telecel Zimbabwe (Telecel) chief executive, Francis Mawindi, is tipped to be appointed chief operating officer (COO) of State-owned wireless network operator NetOne, market sources say. While NetOne neither confirmed nor denied the reports, Mahwindi, currently in the U.S, said “this is news to me. I have neither accepted nor rejected any offer…
HARARE – Finance minister, Patrick Chinamasa, said treasury will soon inject an additional $150 million into the central bank as part of efforts to recapitalise the financial institution. “We have already capitalized the bank to the tune of $100 million, another $150 million is expected so that the bank can fully assume its role as…
HARARE – Zimbabwe’s mining royalties missed the half year target by 39 percent on the back of depressed international mineral prices, the Zimbabwe Revenue Authority (Zimra) has said. The national tax collector’s chairperson Willia Bonyongwe yesterday said mining royalties contributed $39,8 million against a target of $64,9 million, and were 65 percent down compared to…
HARARE – The Zimbabwe National Chamber of Commerce (ZNCC) says the recent Supreme Court labour rulings will help revive struggling companies operating under the current harsh economic environment. ZNCC chief executive Christopher Mugaga on Tuesday told journalists in the capital that while the rulings had cost many people their livelihoods, the Court’s decisions would “pay…
HARARE – London-listed Mwana Africa Plc (Mwana) profit slumped 86 percent to $7 million in the full year to March 31, 2015 from $50,6 million due to high unit costs. However, Mwana executive chairman Yat Hoi Ning yesterday said despite the latest setbacks, the resources firm has set its eyes on opportunities in other southern…
HARARE – Former Economic Planning minister, Tapiwa Mashakada, says government must clarify its position on the threshold of equity between government and a private player in the proposed Joint Ventures Bill. The Joint Ventures Bill — currently being debated in Parliament — seeks to provide for the implementation of joint venture agreements between contracting authorities…
HARARE – Private equity, investment and advisory firm, Brainworks Capital (Brainworks) is owed over $19,2 million by foreign mining firms for facilitating $1 billion empowerment deals, it has emerged. This comes after the advisory firm was enlisted to provide financial advisory services to the foreign-owned mining companies during the 2012-13 era when the miners were…
HARARE – Zimbabwe’s Pan-African Energy Resource (PER) Lusulu Power has signed a $1,1 billion deal with a Chinese company for the construction of a 600 Megawatt (MW) coal-fired power plant in the country’s north-western region to ease power shortages. PER Lusulu Power chairman, Stuart Perry, told journalists on Thursday that the China State Construction Engineering…
HARARE – Tetrad Investment Bank (TIB) directors are facing prosecution after disgruntled depositors met on Thursday to discuss the fate of their fortunes trapped in the now defunct financial institution. Members of TIB Trust — recently formed with the aim of probing the struggling institution for a forensic audit — told Business Live that they…
HARARE – Listed engineering concern, Zeco Holdings (Zeco), has recorded a sixth consecutive loss since 2009 on the back of deteriorating economic conditions, casting doubt on the company’s future. However, Zeco board chairman, Phillip Chiyangwa, said the group was introducing various turnaround strategies as evidenced by the reduction in losses from $4,7 million recorded in…
