HARARE – Telecomms group Econet Wireless Zimbabwe (Econet) plans to venture into the gas business, Business Live has established. This comes as most Zimbabweans are enduring massive power cuts, extending as long as 18 hours a day, making the alternative energy business lucrative. While Econet’s corporate communications manager Ranga Mberi neither confirmed nor denied the…
HARARE – London-listed Masawara’s wholly-owned subsidiary, Masawara Mauritius spent $11,8 million to buy out part of the minority shareholders in TA Holdings, shoring up its stake to 75,73 percent. This comes as the Zimbabwe Stock Exchange-listed conglomerate’s minority shareholders holding 57 191 673 shares accepted the offer by Masawara to acquire 58,84 percent of their…
HARARE – The Civil Aviation Authority of Zimbabwe (Caaz) is now directly collecting air travel fees, with reports saying Air Zimbabwe is failing to remit the funds. The air travel industry regulator yesterday said the fees — passenger service charge (PSC) and Aviation Infrastructure Development Fund (AIDF) — were supposed to be “ordinarily collected by…
HARARE – The on-going succession battles in the ruling President Robert Mugabe-led Zanu PF have taken a toll on the economy, with the Zimbabwe Stock Exchange (ZSE) extending losses. According to Lynton-Edwards Stockbrokers (Les)’s latest Investor Alert report, the bourse experienced its worst performance in October after it tumbled by -8,89 percent, surpassing the year’s…
HARARE – AfrAsia Zimbabwe Holdings Limited (AZHL)’s Mauritian shareholder plans to raise up to $35 million to address AfrAsia Bank Zimbabwe Limited (ABZL)’s capitalisation and solvency challenges. James Benoit, AfrAsia Bank Limited (ABL)’s chief executive, told Business Live in an interview that the funds will be raised through a “combination of debt and equity”. “We…
HARARE – The Zimbabwe Mining Development Corporation (ZMDC) says the country must attract investors into exploration of new diamond reserves. David Murangari, the Corporation’s chairman, said the measure was critical in increasing government’s revenue and employment creation. “The challenge we have is to invite investors who are interested to go further and search for kimberlites…
HARARE – Agro-focused group Cottco Holdings Limited has been suspended from the Zimbabwe Stock Exchange (ZSE). This comes as the troubled group, which has been reeling from debts amounting to $41 million since dollarisation in 2009, applied for provisional judicial management to the High Court on Thursday. The group’s financials for the full year to…
HARARE – Denmark says it will advance Zimbabwe financial assistance on condition that the hard-pressed African country meets specific obligations. Morgan Jensen, the Danish Trade and Development minister, yesterday told Finance counterpart Patrick Chinamasa that Zimbabwe has to respect the rule of law and honour its promise to compensate displaced white farmers under the land…
HARARE – Mines minister Walter Chidhakwa says government is considering lowering or eliminating royalties on diamonds earmarked for the local market. This comes as government plans to resume local diamond auctions this month. “We are looking at the possibility of reducing or eliminating royalties for those diamonds that are destined for local diamond cutting and…
HARARE – The Zimbabwe Revenue Authority (Zimra) has threatened to deal “decisively” with defaulters who ignore the granted amnesty to regularise their outstanding tax bills. Gershem Pasi, the tax collector’s commissioner-general, said they were awaiting the nod from the Finance ministry to put in place enabling legal instruments. “After the amnesty, even if you say…
