HARARE – Food processor, Colcom Foods Holdings (Colcom) has denied plans to venture into Angola in the near future. Colcom chief executive, Theo Kumalo, said the Innscor Africa’s unit was always open to new business prospects but was not setting up shop in the oil-rich southern African country any time soon. “We hear all kinds…
HARARE – Ex-BancABC managing director Hashmon Matemera has been linked with a move to AfrAsia Bank Limited (ABL), a move probably sparked by the troubled bank’s half year-search for a substantive head. As well as firm indications that executives at the troubled bank had “tapped” him for the job left by Tineyi Mawocha earlier this…
HARARE – Insurance firm First Mutual Holdings Limited (FMHL) incurred a $4,1 million loss in the half year to June 2014 compared to a $2,4 million profit after tax realised in prior comparable period. Douglas Hoto, the group’s chief executive, said the depressed performance was largely a result of investment losses, once-off staff rationalisation costs…
HARARE – High fuel costs coupled with an ageing aircraft fleet are the major factors weighing down Air Zimbabwe (AirZim)’s revival efforts, the airline’s acting chief executive Edmund Makona told Parliament. He said the challenges made the national carrier uncompetitive. Out of its 10 aircraft, only three are in good working condition, while others are…
HARARE – An International Monetary Fund (IMF) delegation is expected in Zimbabwe next week to assess the country’s progress on the staff monitored programme (SMP). Finance minister Patrick Chinamasa told Parliament that the team would be in the country from September 17 to October 1, 2014. “As for now, they (IMF) are reasonably happy with…
HARARE – National Foods Holdings Limited (National Foods) profit surged by 20 percent in the year to June 2014 to $16,7 million from $13,9 million recorded prior year on the back of increased sales volumes. The group’s chairman Todd Moyo said the company recorded an eight percent volume growth compared to the previous financial year….
HARARE – Listed diversified group Innscor Africa Limited (Innscor) recorded $1 billion revenue in the year to June 2014, up 54 percent from $656 million realised prior year. The group said performance of its units was below expectation despite the revenue being a record in Zimbabwe since dollarisaton in 2009. Its chairman David Morgan said…
HARARE – State-owned wireless network operator NetOne has secured a $290 million loan from China. Finance minister Patrick Chinamasa said the funds would be invested in expanding the telecoms company’s network coverage. NetOne is the smallest of Zimbabwe’s three mobile network operators. Chinamasa said the Asian economic giant also advanced Zimbabwe’s sole fixed line operator…
HARARE – Zimbabwe has paid China an unbudgeted $180 million towards loans owed to the Asian economic giant. Finance minister Patrick Chinamasa said the payment is part of Zimbabwe’s effort to improve relations between the two countries. This comes as the Treasury chief, along with President Robert Mugabe, were in China recently for a week-long…
HARARE – Finance minister Patrick Chinamasa is expected to present the mid-term fiscal policy statement (MTFPS) today. The Treasury chief — battling to secure budgetary support amid rising liquidity challenges — said he would tackle the currency issue among other topical matters. “…there is absolutely nothing to be alarmed of…the country does not have a…
