HARARE – The Reserve Bank of Zimbabwe (RBZ) says the country will soon emerge out of deflation due to an increase in broad money supply into the economy. Statistics from the apex bank show that annual growth in broad money increased by 12,65 percent in June 2014 to $4 323,6 million from $3 838,2 million…
HARARE – Impala Platinum Holdings (Implats)’ Zimbabwean unit Zimplats says it will not borrow to bankroll the resuscitation of its collapsed Bimha Mine (Bimha), but use internal funds. In mid-July, Bimha — the largest of Zimplats’ four mines — collapsed, affecting nearly 50 percent of the mine’s current mining footprint. Zimplats, Zimbabwe’s largest platinum producer,…
HARARE – Zimbabwe Stock Exchange-listed group Art Corporation (Art) is seeking nearly $3,5 million for recapitalisation. The diversified concern is currently raising funding for capital expenditure in order to improve manufacturing efficiency in its factories and improve its product quality, which would also reduce product manufacturing costs. Franklin Mukarakate, the group’s company secretary, said the…
HARARE – Ziscosteel (Zisco) — now NewZim Steel — management has been kept in the dark about the deal between government and Indian steel make Essar Holdings (Essar). The iron processor’s chief executive Alex Gowo told Parliament’s Industry and Commerce portfolio committee yesterday that he was not aware of the progress of Zisco’s resuscitation plan….
HARARE – Zimbabwe has threatened to scrap protectionist measures, arguing that the country’s industries must be competitive. Industry minister, Mike Bimha, said measures recently imposed by government were “protecting inefficient firms”, adding that local firms must not expect protection, but support. “We will do all we can to support local industries, please note that support…
HARARE – Metallon Gold Zimbabwe (Metallon) has embarked on an exploration exercise at its Bulawayo-based How Mine (How) as part of efforts to boost gold production. The miner – which operates four other gold mines in Zimbabwe; Redwing, Shamva, Mazowe and Acturus, and is owned by South African mining investor Mzi Khumalo – said the exploration…
HARARE – Industrialists have questioned President Robert Mugabe’s awareness of Zimbabwe’s economic dire straits. This comes as the country’s industry is in a deplorable state, with many companies shutting down and many more projected to as the country’s economy deteriorates further. Recently, Finance minister Patrick Chinamasa backed down on his 6,2 percent 2014 GDP growth…
HARARE – RM Insurance has rebranded to Old Mutual Insurance Company (Private) Limited as part of efforts to align the firm with its parent company Old Mutual Zimbabwe (Old Mutual). RM Insurance, one of Zimbabwe’s leading short-term insurance companies, insures commercial and industrial businesses, construction and civil engineering works, vehicles, residential structures and personal possessions….
HARARE – Local companies have been warned to pursue new strategic thrusts and enter new fronts to remain viable in the wake of the current liquidity crisis and policy uncertainty affecting growth and investment. Economic experts say smaller companies need to consolidate operations to improve viability through economies of scale and synergies achieved through common…
HARARE – The Bankers Association of Zimbabwe (Baz) says pressure on the fiscus will continue for the remainder of the year due to anticipated decline in revenues against the backdrop of increasing company closures. Sam Malaba, the Baz president last week told a Confederation of Zimbabwe Industries (CZI) conference in Mutare that the current liquidity…
