HARARE – Hard-pressed PG Industries Zimbabwe (PG)’s plans to register its debtrepayment plan with the High Court have hit a snag after one of the creditors raised concern over the scheme. The group owes various creditors nearly $12 million and sought to file a scheme of arrangement — a court-approved agreement between the company and…
HARARE – Multinational retail chain and franchise Spar says doing business in Zimbabwe is increasingly challenging as the country’s economy deteriorates further, with the group posting a R9,3 million loss in 2014. Graham O’Connor, the group’s chief executive, said the loss — compared to a R10,3 million profit registered in 2013 — was on the…
HARARE – EX-BANCABC Zimbabwe (BancABC) managing director Hashmon Matemera, has been appointed AfrAsia Bank Zimbabwe Limited (ABZL) managing director – nearly 10 months after Tineyi Mawocha’s departure. As exclusively revealed by Business Live in September last year, the ex-central banker has taken over at the former Kingdom Bank Limited with effect from January 01, 2015….
HARARE – Innscor Africa Limited (Innscor) has appointed commercial lawyer Addington Chinake as its new chairman to replace David Morgan, Business Live can reveal. While the Zimbabwe Stock Exchange-listed conglomerate was reportedly finishing up formalities for the announcement, market insiders said the 45 year-old was due to be unveiled soon as the processes were “virtually…
HARARE – Declining international mineral prices significantly affected the operations of mining companies in 2014, experts say. On the international market, gold and platinum prices declined by 1,5 percent and 10,8 percent to average $1 184,10 and $1 261,33 respectively in 2014 compared to 2013. The plummeting of gold and platinum prices continues to be…
HARARE – Zimbabwe Energy Regulatory Authority (Zera) has threatened to withdraw operating licences and prosecute errant fuel providers violating stipulated blending rules this year. Gloria Magombo, Zera’s chief executive said while the number of licensed players significantly improved last year, there have been increased cases of law violations. “There are five players whom I am…
HARARE – The Reserve Bank of Zimbabwe (RBZ) is set to prosecute non-compliant Foreign Exchange Companies (FECs) which failed to comply with a 90-day amnesty period that expired on December 30, 2014. The amnesty, which was effected on September 1 2014, was a follow-up to the central bank’s monetary policy statement stipulations that FECs had…
HARARE – Zimbabwe’s non-life reinsurers reported a 78,64 percent decrease in total profits in the nine months to September 2014 to $1,39 million from $6,50 million, further confirming the deteriorating economic conditions in the country. A latest report from the Insurance and Pensions Commission (Ipec) revealed that the decrease in profit after tax was mainly…
HARARE – Zimbabwe’s fuel dealers are retailing petrol and diesel at different prices due to the absence of the National Oil Company of Zimbabwe (Noczim), which negotiated the commodities’ procurement rates on behalf of traders. Gloria Magombo, Zimbabwe Energy Regulatory Authority (Zera) chief executive, said when Noczim was operational, it was easier for fuel prices…
HARARE – Bricks manufacturer Willdale Limited (Willdale)’s revenue went up three percent to $7 million in the year to September 2014 from $6,8 million realised prior year. Alexander Jongwe, the group’s chairman, said sales volumes were seven percent up on the prior year, but average prices declined by four percent due to a product mix…
