HARARE – AfrAsia Bank Limited (ABL) Mauritius chief executive James Benoit was recently in Zimbabwe to “firm up” discussions on the hunt for a new managing director for AfrAsia Bank Zimbabwe (ABZ) and strategies to solve the banking unit’s solvency challenges, Business Live has established. The development comes amid growing speculation that ABL has been…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has relaxed foreign exchange regulations as part of measures to stimulate foreign direct investment. Kupukile Mlambo, RBZ deputy governor, said the central bank now allows foreign investors to freely invest in the country without seeking approval. “We have tried to relax some of the foreign exchange regulations…
HARARE – Chinese firm Sino Hydro Corporation (Sino Hydro) says it is targeting more deals in Zimbabwe after clinching two multi-million dollar energy contracts. Last week, the state-owned hydropower engineering and construction company signed a $1, 3 billion deal to expand Hwange thermal power station, a project that will see an additional 600 megawatts (MW)…
HARARE – Air Zimbabwe (Airzim) is crafting a turnaround strategy that involves the purchase of modern aircraft to replace its ageing fleet. Edmund Makona, the national airline’s acting chief executive, yesterday said the company is focused on effectively utilising existing resources and is in the process of rehabilitating some of its airplanes. “At the moment…
HARARE – Listed brewer Delta Corporation (Delta)’s lager volumes declined by 25 percent in the half year to September 2014 due to depressed consumer spending coupled with increased excise duty. The group — about 40 percent owned by London-based SABMiller — said Zimbabwe’s general economic performance remains subdued, “with significant pressure on consumer disposable incomes”….
HARARE – The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) says Mobile Network Operators (MNOs) must not increase tariffs above approved levels despite government imposing a five percent excise duty on airtime. Baxton Sirewu, Potraz’s acting director general, told Business Live that “the excise duty will be recovered from the current chargeable rates”. Potraz…
HARARE – Energy minister Dzikamai Mavhaire said the country must brace itself for power cuts until 2018, when most of the current power projects would be completed. Mavhaire said although the government identified power generation as a key enabler and driver in its quest to revive the economy, loadshedding will only ease after four years….
HARARE – Zimbabwe must be transparent and accountable to its citizens with the newly established Sovereign Wealth Fund (SWF), a leading South African banker has said. Nesbert Ruwo, an investment banker said the country needs to engage its people first before it rushes to create the wealth fund. “The key ingredients to a successful SWF…
HARARE – The Zimbabwe Stock Exchange (ZSE) is expected to record negative growth due to depressed activity on the local bourse, market experts have warned. In an investor alert released this week, equities research company Lynton-Edwards Stockbrokers (Les) revised its initial ZSE growth projection from 10 percent to the negative figures. “Judging by the market’s…
HARARE – Zimbabwe Stock Exchange-listed wines maker, African Distillers (Afdis) says the price of ciders produced under licence will be reduced by between 22 and 25 percent due to cost effective production from its $5 million new packaging plant. Cecil Gombera, Afdis’ managing director, said the company needed to invest in new technology in order…
