HARARE – French energy giant Total plans to invest $10 million annually in its Zimbabwean operation as it moves to consolidate its presence in the country. Currently, Total Zimbabwe (Total Zim) holds a 28 percent market share in the country, with a hundred filling stations. Chris Okonmah, Total Zim’s managing director, said “as from next…
HARARE – ABC Holdings (ABCH)’s top management has been reshuffled — with its chief executive Douglas Munatsi leaving — following the banking group’s takeover by Atlas Mara Co-Nvest Limited (Atlas Mara). In August, Atlas Mara — founded by former Barclays Plc boss Bob Diamond and Africa’s youngest billionaire Ashish Thakkar — completed a deal to…
HARARE – Government must rethink on its proposal to hike insurers’ minimum capital requirements as the move may lead to massive retrenchments as insurance firms battle to survive, industry players say. Recently, Finance minister Patrick Chinamasa said after having been last revised in 2013, “the (insurers’) minimum capital requirements will further be reviewed upwards.” The…
HARARE – The Reserve Bank of Zimbabwe (RBZ) yesterday unveiled a new set of bonded coins worth $10 million, which will start circulating on December 18. Central bank governor John Mangudya said the introduction of the bond coins on the local market was part of efforts to ease the shortage of change, but allayed fears…
HARARE – Zimbabwe today unveiled a set of $10 million special “bond” coins. The coins, which arrived in the country this week from South Africa, are aimed at easing the change crisis. This comes as Finance minister Patrick Chinamasa in his 2015 National Budget announced that the first batch of the coins was going to…
HARARE – Zimbabwe’s foreign direct investment (FDI) inflows plummeted by 53 percent to $146, 6 million in the 10 months to October 2014 compared to $311, 3 million recorded in the same period last year. Finance minister Patrick Chinamasa in his 2015 National Budget said the foreign capital inflows remained subdued due to the perceived…
HARARE – A consignment of the Reserve Bank of Zimbabwe (RBZ)’s special coins has been delivered from South Africa, businessdaily has learnt. A central bank official, who preferred anonymity, confirmed the development, but could not disclose the value of the coins batch. “…the first batch is now already in the country, however, at this moment…
HARARE – Zimbabwe plans to introduce a new mining tax regime targeted at plugging mineral and revenue leakages as well as attract investors into the extractive sector. Also, Finance minister Patrick Chinamasa said the move was aimed at striking a balance between revenue inflows from the mining industry, and its viability. This is on the…
HARARE – Government has allocated $500 000 to operationalise its Sovereign Wealth Fund (SWF). The Fund was set up as part of strategies to facilitate the harnessing of resources towards broader developmental objectives. “I propose to allocate $500 000 in support of the initial operations of the SWF, while exploring other measures to augment the…
HARARE – Six banks have failed to meet the Reserve Bank of Zimbabwe (RBZ)’s $25 million minimum capitalisation whose deadline was June 2014, Finance minister Patrick Chinamasa has said. As at September 30, 2014, only 14 out of 20 operating banks — excluding POSB — were in compliance with the prescribed capital requirements. At the…
