HARARE – Businessman Shingi Munyeza — through his investment vehicle Vinale Investments (Vinale) — has clinched a franchise for South African seafood restaurants chain Ocean Basket. Ruddy Makoni, Vinale’s operations manager, told Business Live that they are set to open their first Ocean Basket outlet at the upmarket Sam Levy shopping centre in Borrowdale by…
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….
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…
HARARE – An unissued 30 percent shares — at the centre of a dispute between Empowerment Corporation (Private) Limited (EC)’s founding shareholders — were equitably distributed among sitting investors of the Telecel Zimbabwe (Private) Limited (Telecel) minority shareholder then, businessdaily can reveal. This comes as the Indigenous Business Women Organisation (IBWO) president Jane Mutasa and…
HARARE – Troubled Tetrad Investment Bank Limited (TIB) must honour its obligations to creditors and depositors, central bank governor John Mangudya said. Last week, the Reserve Bank of Zimbabwe (RBZ) ordered TIB to halt banking activities — deposit taking and issuing loans — with immediate effect. The bank, which is failing to meet depositors’ withdrawals…
HARARE – Finance minister Patrick Chinamasa says he will present the 2015 National Budget in the next fortnight. While responding to a question pertaining to contradicting government projections on Zimbabwe’s mining sector growth, he said “wait for the budget, it’s only on 27 November.” “What is most important is there is going to be growth…
HARARE – Zimbabwe’s liquidity crisis is set to tighten due to banks’ reluctance to lend in the wake of “worrying non-performing loans (NPLs)”, the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said. He said the level of NPLs in the country’s banking sector escalated to an average 20 percent in October from 18…
HARARE – Harare businesswoman Jane Mutasa’s Indigenous Business Women Organisation (IBWO) and several other Telecel Zimbabwe (Private) Limited (Telecel) founding shareholders forfeited their Empowerment Corporation (Private) Limited (EC) shares after failing to pay for their allotted scrip, documents show. This comes as the Harare businesswoman and her family’s investment vehicle Selpon Investments (Private) Limited (Selpon)…
HARARE – Listed brewer Delta Corporation (Delta)’s attributable income slumped seven percent to $44,1 million in the half year to September 2014, as depressed economic activity hit lager beer demand. During the period under review, the group’s lager beer volumes went down by 25 percent to 695 000 hectolitres from 925 000 hectolitres. Pearson Gowero,…
HARARE – Mines minister Walter Chidhakwa says the mining sector is expected to grow by six percent this year against a negative growth of 1,9 percent predicted by Finance minister Patrick Chinamasa. “The sector is projected to grow by an average of six percent in 2014. Its contribution to the country’s GDP has seen a…
