HARARE – Barclays Zimbabwe (Barclays) has launched Cashsend, a money transfer solution that allows its clients to send money for free to any recipient in Zimbabwe through their automated teller machines (ATMs). The financial institution’s banking director Valeta Mthimkhulu said that receivers can be non-Barclays account holders because a voucher number is sent via short…
HARARE – ZESA Holdings (Zesa) says the total cost of completing the expansion of the Kariba South Power Station will balloon to around $539 million from the budgeted $380 million. The power utility’s chief executive Josh Chifamba (pictured) told the Mines and Energy parliamentary portfolio committee last Monday that the funding that they were getting…
HARARE – Anglo American Platinum (Amplats)’ Zimbabwean unit Unki production remained flat at 15 000 ounces in the second quarter ended June 2014, with the group maintaining the strikes which rocked its South African mines did not affect output. In its second quarter results, Amplats said the long-drawn strike did not affect Unki and another…
HARARE – Zimbabwe has exported 37,5 million kilogrammes (kg) of tobacco worth over $164 million to 44 countries, with Belgium being the top buyer, latest Tobacco Industry and Marketing Board (Timb) statistics indicate. Belgium purchased a total mass of 10,8 million kg of exported tobacco worth $50,5 million at an average price of $4,68 per…
HARARE – Italy will provide $1,9 million to fund Zimbabwe’s participation at the Expo Milano 2015 conference. The event will be hosted in Milan, northern Italy, and will take place from May 1 to October 31 of next year. The idea of the expo is to gather the most prestigious minds of the world to…
HARARE – Investments group TA Holdings Limited (TA) may delist from the Zimbabwe Stock Exchange (ZSE) after receiving an offer from Masawara Mauritius Limited (Masawara) to acquire 58,96 percent of the company’s ordinary issued share capital. According to ZSE’s listing rules, a single investor that raises their stake in a listed entity above 35 percent…
HARARE – Telecel Zimbabwe (Zimbabwe) says it has invested at least $3,3 million in its mobile money service, Telecash, since inception in January this year. The telecoms firm — Zimbabwe’s second largest wireless network operator — said $2 million was spent on setting up the TeleCash platform. “We have invested, to date, a further $1,…
HARARE – Zimbabwe’s capital markets regulator has called on government to amend the Companies Act and make provisions for stiffer penalties on corrupt and fraudulent executives. Willia Bonyongwe, the Securities Commission of Zimbabwe (SecZim) chairperson, said the country’s legislative system is ineffective in dealing with fraud and corruption by business people. “Legislators should take a…
HARARE – Rio Tinto’s Zimbabwe-based Murowa Diamonds (Murowa) registered a four percent increase in gem production to 152 000 carats in the first half of 2014. The miner said the performance was on the back of improved throughput and processing of previously stockpiled material. Murowa — 77,8 percent owned by Rio Tinto — also recorded…
HARARE – Zimbabwe has become an insignificant destination in terms of Foreign Direct Investment (FDI) in sub-Saharan Africa due to the quality of its governance, an American think tank said. According to its report, Brookings Institute (Brookings) — a private non-profit organisation involved in independent research and innovative policy solutions — says the investment-starved Zimbabwe’s…
