HARARE – Broke Zimbabwe government is making paltry ‘token’ payments of $150 000 monthly to the International Monetary Fund (IMF) to clear its $124 million debt, Finance minister Patrick Chinamasa has said. Zimbabwe is badly in debt, owing nearly $10 billion in domestic and foreign obligations. “Our intention is that by this time next year,…
HARARE – Zimbabwe has been ranked among the most unattractive mining destinations, with the country lagging behind the Democratic Republic of Congo, Mozambique and South Africa, according to a latest survey by Canadian think tank – the Fraser Institute (FI). In the 2014 Annual Survey of Mining Companies – which canvasses the views of mining…
HARARE – Nedbank Group Limited (Nedbank)’s Zimbabwean unit MBCA Bank (MBCA) has been indigenised in line with the country’s empowerment policy. The bank – 74 percent owned by the South African Nedbank – said its empowerment compliance plan was approved by Zimbabwe’s Indigenisation ministry. Although President Robert Mugabe’s government has hinted that indigenisation thresholds will…
HARARE – Cement manufacturer PPC Zimbabwe (PPC) — a subsidiary of South Africa-based PPC International — plans to more than double production from 600 000 tonnes to 1,4 million tonnes annually following completion of its $75 million Harare plant. Its managing director Njombo Lekula said work at the plant was progressing well and is expected…
HARARE – Finance minister Patrick Chinamasa says Zimbabwe has come up with a strategy to settle its nearly $10 billion debt, with multilateral lenders being paid first as they are owed the most. The Treasury boss told Britain’s Department for International Development (DFID) permanent secretary Mark Lowcock last week that the strategy was meant to…
HARARE – The Infrastructure Development Bank of Zimbabwe (IDBZ) says it awaits finalisation of the Banking Act amendments before it can recapitalise in line with Reserve Bank of Zimbabwe requirements. This comes as the institution was placed under the supervision of the central bank beginning this year. Priscillah Mapuranga, IDBZ’s public relations executive, told businessdaily…
HARARE – Listed diversified group Innscor Africa Limited (Innscor) is challenging the Competition and Tariff Commission (CTC)’s decision to fine it over $2, 5 million for unproceduraly increasing its stake in National Foods (NatFoods). Addington Chinake, Innscor chairman, said while the matter was still pending conclusion, the group had received legal advice that the penalty…
HARARE – Zimbabwe’s former Industry and International Trade minister Nkosana Moyo has been appointed to Impala Platinum Holdings (Implats) board. Implats is an 87 percent shareholder of Zimbabwe’s largest platinum producer – Zimplats. Moyo has been appointed along with South Africa’s former Cabinet minister Sydney Mufamadi and ex-Harmony Gold chief executive Bernard Swanepoel as independent…
HARARE – The United Kingdom (UK) Department for International Development (DFID)’s $800 000 has been trapped in AfrAsia Zimbabwe Holdings Limited (AZHL)’s lending unit, Microking, following collapse of the financial institution. MicroKing was shut down after AZHL surrendered its flagship banking subsidiary AfrAsia Bank Zimbabwe Limited (ABZL)’s licence to the Reserve Bank of Zimbabwe (RBZ)….
HARARE – Tobacco merchants have mobilised $824 million from offshore sources, in compliance with the central bank Tobacco Finance Order (TFO), Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said. He said about 25 merchants have been registered by the Tobacco Industry and Marketing Board (TIMB), of which 12 large-scale ones have managed to…
