HARARE – Late South Africa’s first black President Nelson Mandela’s widow Graca Machel was in Zimbabwe last week to launch the Network of African Business Women (NABW). She said Zimbabwean women must participate in the economic development of the country by embarking in sustainable business ventures. Machel said “one of the reasons we (women) have…
HARARE – Royal Bank Zimbabwe Limited (Royal)’s directors could face prosecution after the defunct institution’s creditors on Wednesday approved a plan to institute legal proceedings against the ex-board for abusing depositors’ funds. However, this comes as liquidator Cecil Madondo also faces his own questions about undisclosed consultancy fees, allegations that he will take a lion’s…
HARARE – Zimbabwe is engaging Germany to settle a $739 million debt owed to the European country, a move meant to thaw frosty relations and pave way for Foreign Direct Investment (FDI). Finance minister Patrick Chinamasa yesterday met visiting German director for sub-Saharan Africa and Sahel regions, Georg Schmidt and admitted that Germany was the…
HARARE – Zimbabwe’s largest sugar producer Tongaat Hulett (Tongaat) says government must review the indigenisation policy and consider empowerment credits for business sustenance in favour of compulsory acquisition of 51 percent share-holding. Sydney Mutsambiwa, the Tongaat chief executive last week told Parliament that the implementation of indigenisation — with emphasis on the disposal of shareholding…
HARARE – Steward Bank has won a labour dispute against 11 of its workers, who were seeking a court order barring the financial institution from withholding their salaries and benefits pending retrenchment. Nisbert Denga and 10 others, who were represented by Selby Hwacha, had filed a Labour Court application against the bank and Lance Mambondiani….
HARARE – Jersey-listed Masawara Plc (Masawara) has fully-acquired TA Holdings Limited (TA) after minority shareholders yesterday accepted the investment company’s $0,25 share buyout offer price, businessdaily has learnt. A source privy to the on-goings at Masawara said the company was happy with the outcome of the meeting between the investment firm and TA minority shareholders….
HARARE – Foreign Direct Investment (FDI) in Zimbabwe declined from $400 million in 2013 to $372,6 million last year, as investors continue to shun the country amid a worsening economic crisis. According to the Reserve Bank of Zimbabwe (RBZ) statistics released this week, the depressed FDI has worsened the country’s liquidity situation. “Net foreign direct…
HARARE – Shingai Mutasa’s Masawara Plc (Masawara) has increased its offer to TA Holdings Limited (TA) minority shareholders by $0.05 to $0.25, as the investments group seeks to wholly takeover the latter. Recently, the Masawara increased its stake in TA from 39 percent to 75, 7 percent after buying out minority shareholders. The group, seeking…
HARARE – Zimbabwe’s largest sugar producer Tongaat Hulett (Tongaat) says it is seeking $20 million from various financial institutions earmarked for the development of 4 000 hectares it was recently allocated by government. Tongaat chief executive Sydney Mutsambiwa, on Thursday told Parliament’s Indigenisation and Economic empowerment committee that this company was given the greenlight to…
HARARE – The Zimbabwe Stock Exchange this week plunged to one if its lowest trades in six years with a paltry $53 576 worth of shares changing hands on Monday, as investors continue to shun the country’s “dying economy”. This comes as in early January, daily turnover on the local bourse — with a market…
