Business

HARARE – Zimbabwe’s three mobile network operators’(MNOs) combined revenue surged by nine percent to $248 million in the third quarter to September 2014 on the back on increased investment, the Postal and Telecommunications Regulatory Authority (Potraz) has revealed. According to the regulatory body, the three — Econet Wireless (Econet), Telecel and State-owned Net*One — recorded…

HARARE – Listed brewer Delta Corporation (Delta) recorded a slump in volumes almost across its whole beverages portfolio in the third quarter to December 2014 due to depressed consumer spending. The group, which registers higher sales during the festive season, said “the trading environment remains difficult as reflected by the subdued consumer spending during the…

HARARE – The Zimbabwe Asset Management Company (Zamco) — a special purpose vehicle created by government to house banks’ Non-Performing Loans (NPLs) — is now operational and is assessing the extent of the “toxic” debts. Following a surge in NPLs, estimated at around $700 million, the central bank established Zamco in a bid to exclude…

HARARE – The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) is considering introducing a policy that compels infrastructure sharing among telecoms operators. Zimbabwe’s telecoms operators individually invest and own infrastructure, giving established ones a competitive advantage. Currently, the country has no standing regulation that promotes infrastructure sharing among telecommunications industry players. Potraz said telecoms…

LONDON – The International Monetary Fund (IMF) has lowered its forecast for global economic growth for this year and next. The IMF now expects growth of 3.5% this year, compared with the previous estimate of 3.8% which it made in October. The growth forecast for 2016 has also been cut, to 3.7%. The downgrade to…

HARARE – Tongaat Hulett (Tongaat) says sugar exports from Zimbabwe to the European Union (EU) are unviable due to the high cost of producing the commodity in the southern African country. Adelaide Chikunguru, Tongaat’s corporate affairs and communications manager, said tough regulations imposed by the western economic trade bloc made it difficult for African sugar…

HARARE – In a surprise turn of events in the ZB Financial Holdings (ZBFH) and Intermarket Holdings Limited (IHL) dispute, ex-Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono had acceded that Nicholas Vingirai must be given back his assets, businessdaily has learnt. This comes as the Transnational Holdings Limited (THL) founder and his associates have…

HARARE – Collapsed Royal Bank of Zimbabwe (Royal Bank) is set to lose significant land next week Friday, in a Deposit Protection Corporation (DPC) sanctioned auction, following the bank’s liquidation in 2013. The land to be auctioned includes 23 residential properties, two vacant stands and nine commercial properties. Hammer and Tongues Real Estate will conduct…

HARARE – The Zimbabwe Stock Exchange (ZSE) has lost $72,5 million in the first two weeks of this year as stock prices continue to plummet. Statistics from the local bourse show that market capitalisation declined to $4 323 178 821 on Friday from $4 395 719 222 registered at the beginning of this year. The…

HARARE – Australia-based mining group Prospect Resources Limited (Prospect) has received the first tranche of $103 725 from a $300 000 placement targeted at funding its Zimbabwean gold operations. The finances will provide general working capital, fund exploration and pay for the progressing litigation against Alexander Molyneux, Blumont Group and Pacific Advisers in relation to…