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Econet, Ericsson in five-year deal

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HARARE – Econet Wireless (Econet) — Zimbabwe’s largest mobile company — has awarded Swedish communications technology and services provider, Ericsson, a five-year contract to upgrade its network. The deal, whose worth was undisclosed,  will see Econet upgrading its current 2G/3G/4G/LTE networks, preparing and future proofing it for rapid expansion. “We have chosen our trusted long-term…

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Politics greatest risk in Zim — Deloitte

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HARARE – Political risk is the biggest obstacle to business in Zimbabwe, according to findings of a chief financial officers (CFOs) survey by auditing and financial advisory firm Deloitte. The Deloitte 2014 CFOs study indicated that most businesspeople were wary of operating in the country’s current political environment. “The political landscape was named by the…

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Innscor shareholders endorse Fourie’s appointment

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HARARE – Innscor Africa Limited shareholders have endorsed the appointment of South African Antonio Fourie as group chief executive. However, Fourie is yet to get his work permit from Zimbabwe’s immigration authorities. He takes over from John Koumides, who has been reassigned as head of corporate finance. “We should have done this the right way,…

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IDBZ to list $65m bonds

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HARARE – The Infrastructure Development Bank of Zimbabwe (IDBZ) is set to make history by becoming the first company to list its $65 million bonds, earmarked for addressing energy challenges, on the local stock exchange. The bank highlighted that an application would be made to list the bonds, with an eight percent interest rate per…

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‘Smear target group wider’

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HARARE – Motoring tycoon Raymond Kaukonde is not the only businessman on the radar of a Zanu PF faction claiming Vice President Joice Mujuru was receiving cash and support from industrialists to unseat President Robert Mugabe. This comes amid allegations that there is a list known as the “famous seven” and essentially a loose coalition…

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Zimplats, govt yet to agree on indigenisation

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HARARE – Zimbabwe’s largest platinum producer Zimplats says it has not yet reached a conclusive agreement with government over its indigenisation compliance plan. This comes as the miner — 87 percent owned by South Africa-based Impala Platinum Holdings — last year refused to foot a $17 million consultancy bill levied by Brainworks Capital (Brainworks) who…

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PPC secures $75m for Zim project

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HARARE – South Africa-based Pretoria Portland Cement Limited (PPC) has secured $75 million from the PTA Bank to finance the  construction of a 700 000 tonnes per annum cement mill in Harare. PPC Zimbabwe is currently operating at 70 percent capacity, producing around one million tonnes of cement annually. Bheki Sibiya, the group’s executive chairman,…

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Waive charges, Mangudya tells struggling banks

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HARARE – Struggling banks must stop charging fees on depositors who are failing to access their funds, the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said. He said the institutions should not charge “for services not rendered”. “When clients cannot access their money in the banks, it is not prudent to be charging…

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RTGS transactions up 14pc

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HARARE – Zimbabwe’s total value of Real Time Gross Settlement (RTGS) processed in September surged by 14 percent to $4 billion up from $3,5 billion in August 2014, statistics from the central bank show. In volume terms, RTGS transactions registered an increase of 16 percent from 170 858 to 197 878 during the same period….

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RBZ appoints Zamco board

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HARARE – The Reserve Bank of Zimbabwe (RBZ) has appointed a board for the Zimbabwe Asset Management Company (Zamco) chaired by veteran stock broker, Bart Mswaka. Zamco is a special purpose vehicle created to takeover banks’ non-performing loans (NPLs), which stood at around $705 million in June. “We have set up the board… chaired by…

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