HARARE – Zimbabwe tobacco farmers have so far earned $565 million from the sale of 192 million kilogrammes of the golden leaf, a development that is expected to ease liquidity crisis in the country. Latest statistics from the Tobacco Industry and Marketing Board (TIMB), however, show that sales on day 98 were down 16 percent…
HARARE – The rapid diffusion of mobile phones in Zimbabwe is helping the previously marginalised and unbanked citizens to participate in the country’s economic growth through financial inclusion. According to experts, mobile phones and other information and communication technology gadgets have the potential to promote economic growth because they encourage capital accumulation, improve firms’ productivity,…
HARARE – Listed brick-making company, Willdale Limited (Willdale), says demand for bricks has remained firm, despite the tight liquidity conditions currently being experienced in the country, with high levels of individual sales surging. Willdale chairman, Alex Jongwe, said the group recorded a 50 percent surge in volumes in the six months to March 2015, spurred…
HARARE – United States of America-based cloud platform mobile payments and retail engagement solutions provider, Mozido, has acquired a majority stake in a local mobile wallet company NettCash. Mozido Founder, Michael Liberty, said his company will integrate NettCash’s prepaid electricity solution into its mobile transaction platform services, which will include mobile bill payment, stored value…
HARARE – The Depositor Protection Corporation (DPC) has so far disbursed over $1,4 million to AfrAsia Bank (AfrAsia) — formerly Kingdom Bank — depositors, with about $2 million still outstanding, businessdaily has established. “As at July 20, 2015, DPC has paid 43 percent of the insured deposits. This translates to about $1,46 million that has…
HARARE – The People’s Own Savings Bank (POSB) is one of the few State-owned institutions that are performing exceptionally well — above market expectations. The POSB recently posted a $1,2 million profit and last month gave over $313 000 in dividend to government, for the second time in five years. Our Business Editor John Kachembere…
HARARE – Telecommunications companies should find common ground before implementing an infrastructure sharing framework to ensure fair treatment of other players that have already heavily invested in their businesses, a renowned lawyer has said. Tawanda Nyambirai of Mtetwa and Nyambirai Legal Practitioners last week said that government’s position was that it would not expropriate any…
LOCAL auctioneer Hammer and Tongues (H&T) has launched an online shopping mall in the capital, with the group hoping to boost revenues three-fold within a year. Its chief executive, Brian Makwabarara, told journalists in the capital that the online mall had initially been an online auction platform, but then evolved into a mall after the…
HARARE – Cement manufacturer Lafarge and Holcim Limited on Wednesday officially launched their new combined building materials company, LafargeHolcim, after overcoming a series of regulatory hurdles and challenges over the terms of the merger, which was first announced a year ago. LafargeHolcim chief executive, Eric Olsen (pictured) said the company remained committed to delivering annual…
HARARE – Innscor Africa Limited (Innscor)’s bakery division Baker’s Inn will by year end have spent up to $50 million in capital expenditure as part of efforts to boost operational efficiencies. Baker’s Inn chief operating officer Ngoni Mazango yesterday said that apart from adding new production lines since last year, they have embarked on replacing…
