HARARE – Mashonaland Holdings (Masholdings) says its property occupancies slumped by six percentage points to 79 percent in the half year to March 31, 2015, on the back of declining economic conditions in Zimbabwe. Manfred Mahari, Mash Holdings chief executive, said the listed property firm’s collection rate for the period was 74 percent from 78…
HARARE – Zimbabwe’s largest mobile telecommunications company by subscriber base, Econet Wireless (Econet), will pay out a whopping $15 million to shareholders this year. This comes after the mobile giant registered a $70,2 million profit in the full year to February 2015 under a very difficult economic environment characterised by an acute liquidity crunch, deflation,…
HARARE – Listed short-term insurer NicozDiamond Insurance Limited (Nicoz)’s gross premium written (GPW) for the four months to April 2015 remained almost flat at $11,16 million compared to same period last year. Grace Muradzikwa, Nicoz’s managing director said they had managed to sustain the 2014 revenue levels of $11,12 million in an environment characterised by…
HARARE – Zimbabwe Stock Exchange (ZSE)-listed retailer, OK Zimbabwe Limited (OK), says it is engaging foreign retailers for the manufacturing of in-shop brands to boost the group’s revenues. Its chief operations officer, Albert Katsande, told analysts last week that the group was failing to realise profit from in-house brands due to the state of local…
HARARE – Finance minister Patrick Chinamasa says Zimbabwe’s presumptive tax was in line with international trends and blamed small-to-medium enterprises (SMEs) for evading taxes. “The issue of presumptive tax has been operative for quite a while now. The issue which may arise is whether the level is too high or too low,” Chinamasa told Parliament…
HARARE – Zimbabwe’s largest sugar producer, Tongaat Hulett, production declined by nine percent to 445 000 tonnes in the full year to March 2015 compared to 488 000 registered in the prior period due to low dam levels. Peter Staude, Tongaat Hulett group chief executive said the decline in sugar cane production was also as…
HARARE – Moira Kambanje, 66, can now receive money from her daughter in South Africa, buy groceries, pay bills and also send money to her other child at a local university. She does this without even visiting the bank or the city council offices. How times change! The revolution spurred by mobile money transfer is…
HARARE – Tourism operators in Victoria Falls are prepared to defend themselves in courts over non-payment of rates after the resort town’s local authority increased them by an astronomical 650 percent, Zimbabwe Tourism Authority (ZTA) has revealed. Karikoga Kaseke, ZTA’s chief executive told Parliament this week that tourism operators and council did not find an…
HARARE – The Zimbabwe Mining Development Corporation (ZMDC) has secured a foreign investor willing to inject $100 million in capital to revive the defunct Kamativi tin mine (Kamativi), deputy Mines minister Fred Moyo has said. Moyo told Parliament on Wednesday that Kamativi — which has been closed for almost 21 years — is going to…
HARARE – Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has rallied Zimbabweans to “live their vision and mission on empowerment, and beneficiation” if the country’s economic turnaround is to be achieved. In a recent public lecture emphasising national discipline, the Central Bank boss also moved to dispel the notion that there was no monetary…
