HARARE – Zimbabwe must invest in re-establishing local diamond auctions to avoid being short-changed at international markets, Mungai Lenneiye, former World Bank Zimbabwe country manager said. This comes as Mines minister Walter Chidakwa last week said the country will resume auctioning its diamonds locally in November this year on the back of challenges faced at…
HARARE – Zimbabwe is not poor enough to deserve financial bailout under the Highly Indebted Poor Country (HIPC) facility, the International Monetary Fund (IMF) has said. Domenico Fanizza, the lender’s representative to Zimbabwe, said the southern African nation has “a lot of potential” and did not qualify for “destitute bailout money”. “…it is (Zimbabwe) not…
HARARE – Listed upmarket furniture retailer Pelhams Limited (Pelhams)’s property is set to be auctioned today over $70 000-plus owed to the Local Authorities Pension Fund (LAPF). After winning a High Court case number HC780/12, LAPF seeks to recover from a sale-in-execution of Pelhams’ assets, which include nine new beds, two coat beds, four-piece lounge…
HARARE – Indian firm Essar Africa Holdings Limited (Essar) and Zimbabwe government have awarded a tender to refurbish NewZim Steel’s – formerly Zisco Steel – plant to an undisclosed Chinese firm. Essar acquired a 54 percent stake in the government owned Redcliff-based steel maker in November 2011 under a $750 million deal. Abigail Shoniwa, Industry…
BULAWAYO – Bulawayo residents have turned down the Reserve Bank of Zimbabwe (RBZ) Debt Assumption Bill, arguing that they are not prepared to subsidise government’s “extravagance and foolish decisions”. This comes amid growing consensus that the $1,1 billion debt — incurred through quasi fiscal activities in Zimbabwe’s pre-dollarisation era — must be audited first, as…
HARARE – Listed clothing retailer Edgars Stores Limited (Edgars) is targeting a 193 percent growth in profit to $4,7 million in the 2014 financial year. The group recorded a $1,6 million profit in the half year to July. During the six months, its performance was significantly affected by an acute liquidity crisis, sluggish economic growth,…
HARARE – The re-enactment of a new Mines and Minerals Act has been stalled as the draft document is currently at the Attorney-General’s office for consideration, Mines minister Walter Chidhakwa has said. He said the draft policy will be sent to Parliament for ratification and implementation after complete scrutiny by the AG’s office. “Our problem…
HARARE – There was drama at NMB Zimbabwe Holdings Limited (NMB)’s annual general meeting (AGM) yesterday, with the group’s chairman Tendai Mundawarara resigning after a failed ouster by shareholders. After failing to vote out the ex-Ukubambana-Kubatana Investments managing director, shareholders of the Zimbabwe Stock Exchange-listed financial group then re-elected him, but he turned down the…
HARARE – The Reserve Bank of Zimbabwe (RBZ) plans to introduce regulations that govern electronic transactions following the proliferation of technology-based payment platforms. William Manhimanzi, the central bank’s financial markets division deputy director, said “innovation has gone ahead of legislation”. “…at the moment we are at the consultative stage and we hope to have regulations…
HARARE – Expert Decision Systems (XDS), a local credit ratings agency, has applied to the central bank for a licence to establish a credit bureau. The firm targets to provide financial sector players with individuals’ and corporates’ credit evaluations. A credit bureau maintains consumer or borrowers’ credit data files and provides the information to authorised…
