HARARE – The Tourism ministry says it is pursuing infrastructure projects as part of strategies to boost revenue. This comes as the Walter Mzembi-led ministry, in a rather awkward move, last year established a special purpose vehicle, Mosi-oa-Tunya Development Company (MTDC). Yesterday, Mzembi said MTDC was “forging ahead with plans for the company to spearhead…
HARARE – Listed retail and hospitality group Meikles Limited (Meikles) says it has no plans to venture into the banking industry again. The group, which recently diversified into mining and beauty sector, is planning to restructure and has once been involved in the financial sector. In 2008, Meikles merged with the Nigel Chanakira-founded Kingdom Financial…
HARARE – Pensions administrator National Social Security Authority (Nssa) has written off $5,6 million in loans inherited from now defunct Capital Bank Corporation Limited (Capital Bank). The bad loans surged from $52 073 in 2012. Capital Bank is 87 percent-owned by Nssa. Patrick Mapani, the authority’s finance director, said the loans, struck off the books…
MASVINGO – Paul Chimedza, the Health and Child Care deputy minister, has warned that Zimbabwe risks losing business if authorities fail to contain “malicious information” surrounding the deadly Ebola disease. Within hours of an Ebola scare in Harare, hotels in the resort town of Victoria Falls lost $1,5 million and suffered massive cancellations, the minister…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has reviewed terms and conditions of the $49,6 million Treasury Bills (TBs) issued to Meikles Limited (Meikles) to make them attractive on the market. The TBs had been issued to settle a $90,8 million debt owed to Meikles since 1998. John Moxon, Meikles chairman, yesterday said government…
HARARE – Zimbabwe’s tourism industry players have lost more than $1 million in income following cancellation of a key international conference due to Ebola scare reports, the country’s tourism council said. The country was supposed to host the 18th Insurance Congress for Developing Countries (ICDC) in the resort town of Victoria Falls, but the event…
HARARE – National airline Air Zimbabwe (Airzim) plans to engage a new insurer for its aeroplanes following a fall-out with Navistar Insurance Brokers (Private) Limited (Navistar). This comes as former Air Zimbabwe bosses, Grace Pfumbidzayi and Innocent Mavhunga, are currently embroiled in an alleged insurance scam where they are accused of defrauding the airline of…
HARARE – RioZim Limited (RioZim)’s former chief executive Ashton Ndlovu has refused to speak on his abrupt resignation from the listed mining concern. While the group said his departure was “unexpected”, Ndlovu – a former chairpers+on of KW Blasting – said “just take it as it is (RioZim’s statement). “Nditori kupurazi izvezvi (I am at…
HARARE – Flamboyant businessman Frank Buyanga has reportedly acquired Cell Funeral Assurance Company (Cell Funeral), businessdaily has learnt. While Cell Funeral general manager Paidemoyo Madziwa-Mahundi could neither confirm nor deny the development, she said her company would clarify the issue soon. “We would like to advise that Cell Funeral will be issuing a statement in…
HARARE – Engen Holdings Zimbabwe Limited (Engen), which acquired Caltex and Chevron assets in the country in 2010, says it has invested over $7 million into the business. Its managing director Cremion Mapfumba said the investment was towards bolstering the company’s retail network and strengthening its brand in the commercial, industrial and mining sectors. “We…
