HARARE – Zimbabwe focused investment group, Cambria Africa Plc (Cambria), is eyeing regional markets to cushion itself from the economy melt-down in the country, United Kingdom-based independent research company, GECR says. “Cambria is currently in the midst of executing its strategic plan that will see it expand into neighbouring regions, thereby diversifying away from the…
HARARE – Zimbabwean diamond miners are set to lay off at least 450 workers in the next three months as part of a “belt tightening” exercises on the back of dwindling gem reserves, an American business journal has said. Gallup Business Journal (Gallup) recently released a report stating that the miners will be forced to…
HARARE – The International Monetary Fund (IMF) is likely to extend Zimbabwe’s Staff Monitored Programme (SMP) deadline for the second time as the country has missed a number of targets due to a deteriorating economy. This comes as in January, the global financier extended the programme by six months following Finance minister Patrick Chinamasa’s request….
HARARE – Zimbabwe has lost over $20 billion in potential revenue since 2008 due to the closure of Ziscosteel, a recent study shows. According to the latest report by the Zimbabwe Economic Policy Analysis and Research Unit (Zeparu) on engineering and metals industries value chain analysis showed that the demise of Zisco deprived the engineering…
HARARE – The Zimbabwe Mining Development Corporation (ZMDC) is seeking $30 million to resuscitate its gold mining operations. Wilson Chinzou, the ZMDC acting-general manager told the Mines and Energy parliamentary portfolio committee yesterday that the company’s priority was Sabi Gold Mine (Sabi) in Zvishavane — which is currently technically insolvent and requires $15 million working…
HARARE – Reserve Bank of Zimbabwe (RBZ) says it will continue monitoring bank charges in an effort to protect depositors and promoting financial inclusion in the economy. John Mangudya, the central bank chief last week told Parliament that RBZ would engage the Bankers Association of Zimbabwe (Baz) consistently to ensure that financial institutions do not…
HARARE – Zimre Holdings Limited (Zimre) will leverage its real estate, within and outside the group’s portfolio to meet underwriting capacity. Benjamin Kumalo, Zimre chairperson last week said the group would also dispose its non-core assets and non performing investment. “Among others, we intend to leverage our real estate… we have got substantial assets as…
HARARE – ZimTrade, the country’s trade and export promotion body, has urged local companies to take advantage of Angola’s $20 billion import bill and venture into the southern African country’s export market with vast business opportunities exist. The oil rich country’s import bill is $20, 5 billion per annum. Angola, a country ravaged by civil…
HARARE – Atlas Mara Co-Nvest Limited (Atlas Mara)’s acquisition of banking group ABC Holdings (ABCH, parent company of BancABC) is on course following its announcement of the voluntary public share-for-share offer for all shares of ABC major shareholder African Development Corporation AG (ADC). Through its subsidiary Atlas Mara Beteiligungs AG, Atlas Mara will acquire all…
HARARE – Listed hotel concern African Sun Limited (ASL) says it intends to leverage on its regional operations to mitigate a depressed local environment. The group envisages the foreign market will continue to sustain its ADR and RevPAR as the domestic market may remain depressed into the next 24 months. “To mitigate the depressed domestic…
