HARARE – Zimbabwe’s economy continues to weaken in the absence of strong government policies as evidenced by earnings results released this month by listed stocks as all companies showed signs of stress. Economic experts say the Zanu PF-led government’s failure to halt economic decline is seriously hampering local companies’ efforts to increase production. The southern…
HARARE – Zimbabwe is seeking financial assistance from the PTA Bank to help spearhead infrastructure development in the country. Finance minister Patrick Chinamasa last week pleaded with the Eastern and Southern African Trade and Development Bank to release more money into infrastructure development in the investment-starved country. “My challenge is to address the infrastructural gaps…
HARARE – Spirit maker African Distillers Limited (Afdis) is expected to increase its profits in the half year to December by 15 percent to $2,3 million from $2,08 million recorded in the full year to June 2014, market experts say. EFE Securities say the Zimbabwe Stock Exchange-listed wines maker will likely achieve revenues of $25,2…
HARARE – Insurance group Zimre Holdings Limited (ZHL) is considering delisting from the Zimbabwe Stock Exchange (ZSE), as the bourse remains depressed and is offering no shareholder value. Albert Nduna, the group’s chief executive, said stocks are undervalued while it is increasingly difficult to raise capital on the 65-counter exchange. “The valuation of shares on…
HARARE – Listed hotelier Rainbow Tourism Group (RTG) recorded a slump in earnings before interest tax and depreciation and amortisation (Ebitda) for the half year to June, due to slow operations at its newly-opened Rainbow Beitbridge Hotel. Tendai Madziwanyika, RTG group chief executive told analysts briefing that the Ebitda loss was a direct result of…
HARARE – Industrial concern Radar Holdings (Radar)’s revenue for the year to June 2014 slumped by 12 percent to $8,2 million from $9,2 million due to depressed economic activity. The group’s chairman Zondi Kumwenda said the continued investment decline, little confidence coupled with reduced disposable incomes significantly reduced demand for the group’s products and services….
HARARE – Zimbabwe is seeking concessionary loans from South African development finance institutions. Finance minister Patrick Chinamasa said South Africa would not benefit from charging Zimbabwe high interest rates on loans as it was probable that hard-pressed country would fail to pay back. “Let me now speak from my heart, South Africa is our biggest…
HARARE – Essar Africa Holdings (Essar) owned iron processor NewZim Steel – formerly Zisco Steel – plans to retrench once it resumes operations. The Redcliff-based steel maker, with a 3 000 workforce and has been dormant for more than five years, was acquired by the Indian group in 2011 in a $750 million deal. Abigail…
HARARE – Interfin Financial Services has been delisted from the Zimbabwe Stock Exchange (ZSE). The financial group was suspended from the bourse in June last year. This comes as the Reserve Bank of Zimbabwe extended the group’s banking subsidiary Interfin Bank’s curatorship to December this year. Meanwhile, losses continued on the ZSE, with the industrial…
HARARE – The new special coins set to be introduced by the Reserve Bank of Zimbabwe (RBZ) are not linked to reintroduction of the Zimbabwe Dollar, Finance minister Patrick Chinamsa insists. This comes amid rising suspicion that the coins are part of a scheme to return the local currency, abandoned in 2009 after ravaging hyperinflation….
