HARARE – Zimbabwe will engage the World Bank on its plans to audit the civil service, as the country moves to curb its excessive recurrent expenditure, Finance minister Patrick Chinamasa said. This comes as nearly 100 percent of government’s revenue is going towards civil service wages, with Chinamasa recently acknowledging that 81 percent of his…
HARARE – The Insurance and Pension Commission (Ipec) has defended government’s plans to hike insurers’ minimum capital thresholds despite an outcry from industry players. Last month, Finance minister Patrick Chinamasa indicated in his 2015 National Budget that after having been last revised in 2013, “the (insurers’) minimum capital requirements will further be reviewed upwards.” He…
HARARE – South Africa-based financial group Nedbank plans to rename its local unit MBCA Bank to Nedbank Zimbabwe next year, businessdaily has learnt. Nedbank holds a 74 percent stake in MBCA, one of the six foreign-owned banks operating in Zimbabwe. Charity Jinya, MBCA’s managing director, neither denied nor confirmed the plan. “It is currently too…
HARARE – One of Zimbabwe’s oldest realtors, Fox & Carney (Private) Limited, is under liquidation, with the High Court appointing Winsley Militala of Petwin Executor and Trust Company (Private) Limited as the provisional liquidator. This comes as the prevailing acute liquidity crisis has hit the property sector hard. Fox & Carney — a family-run business…
HARARE – Zimbabwe Stock Exchange (ZSE)-listed Art Corporation (Art) plans a mandatory offer to minority shareowners after Korean shareholder Taesung Chemicals (Taesung) upped its stake in the group beyond the prescribed 35 percent. According to sources, Taesung increased its stake in the stationary and batteries maker from around 33,85 percent to 41,9 percent. Taesung held…
HARARE – RioZim Limited says it is still negotiating with shareholders over plans to embark on a rights issue to raise funds to resuscitate its Cam & Motor gold mine. The Kadoma-based mine — once Zimbabwe’s largest gold producer — was mothballed in 1968, and RioZim says it still has capacity to produce 4000 ounces…
HARARE – Listed short-term insurer NicozDiamond Insurance Limited (Nicoz) has acquired Zimre Holdings Limited (Zimre)’s 49 percent stake in Malawi-based United General Insurance (UGI) for $1,3 million. Prior to the transaction — taking effect in January 2015 — Nicoz managed the business on behalf of Zimre, which will retain a 25 percent stake in UGI….
HARARE – Agro-focused Cottco Holdings Limited (Cottco)’s application for judicial management has been suspended. The group — saddled by nearly $60 million debt and operational challenges — said the suspension is meant to enable dialogue with creditors. “…the board applied for voluntary judicial management to the High Court of Zimbabwe. Subsequent to this, a suspension…
HARARE – Zimbabwe has projected a 4,7 percent growth of its tourism sector in 2015 on the back of an anticipated 2,1 million tourist arrivals in the year. This year, Finance minister Patrick Chinamasa said the sector is set to receive two million tourists, resulting in a 3,9 percent growth by year-end. “For the hotel…
HARARE – Mwana Africa’s Zimbabwean unit Bindura Nickel Corporation (BNC) says Indonesia’s ban on exports of unprocessed nickel ore may benefit the group through firmer global prices. Indonesia is a major nickel producer and it accounted for 20 percent of the commodity’s global production last year. The Asian country — previously the world’s top exporter…
