HARARE – Growing up in the affluent Glen Lorne suburb in Harare, Samuelle Dimairho always dreamt of revolutionising the Zimbabwe Stock Exchange (ZSE). At 15, Dimairho had already decided to create a niche service Central Securities Depository (CSD), that was going to transform Zimbabwe’s capital markets. Now 23, his dream has come true, and now…
HARARE – Listed hotelier African Sun Limited (ASL) incurred an $813 995 loss in the half year to March 2014 compared to a $1,23 million profit incurred in prior comparable period. Of the total loss, the group’s Zimbabwe operation recorded a $231 978 while its Ghana units incurred $582 008. During the period under review,…
HARARE – Former Capital Bank chief executive Lawrence Tamayi has been appointed Fidelity Life Zimbabwe (Fidelity) chairperson. He takes over from Solomon Tembo who resigned after serving as chairperson for 10 years. Meanwhile, Fidelity shareholders approved a 10 percent share buyback. The group’s managing director Simon Chapereka said the shares would be purchased from the…
HARARE – FBC Holdings Limited (FBCH) has appointed American company ShoreCap II Limited (ShoreCap)’s executive Franklin Kennedy as director. This comes as ShoreCap — specialising in small business banks and microfinance institutions — acquired a 7,3 percent stake in the Zimbabwe Stock Exchange-listed financial group last year after injecting nearly $5 million as part of…
HARARE – Listed agro-focused concern CFI Holdings Limited (CFI)’s losses widened to $5,5 million in the half year to March 2014 from $1,76 million incurred in prior comparable year. The group said the depressed performance was on the back of rationalisation costs, working capital constrains, low capacity utilisation and heavy financing costs. During the period…
HARARE – Indegenisation minister Francis Nhema insists that there will be no amendments to the Empowerment Act until deliberations are completed. He told Parliament’s Indigenisation and Economic Empowerment portfolio committee yesterday that amendments to the policy — compelling foreigners to cede 51 percent shareholding to locals — will only be entertained when Cabinet presents changes…
HARARE – Most youths will not benefit from government’s Youth Development Fund (YDF) as they do not meet the loan criteria, financial institutions said. The Infrastructure Development Bank of Zimbabwe (IDBZ) and Central African Building Society (Cabs) — the institutions tasked with disbursing the fund — said the youths must improve on their proposals. “Most…
HARARE – Zimbabwe’s foreign direct investment inflows remain stagnant, with the country receiving $400 million in 2013, unchanged from 2012, the latest United Nations Conference on Trade and Development (Unctad) report says. According to the report, released this week, the $400 million represents just three percent of total FDI into southern Africa last year. This…
HARARE – Zimbabwe has officially awarded the $1,3 billion Hwange Power Station (HPS) expansion tender to Sino Hydro Corporation (SHC) after cancelling an initial offer to China Machinery and Engineering Company (CMEC). This confirms an earlier report by the Daily News that President Robert Mugabe had given an executive order for the replacement of CMEC…
HARARE – Zimbabwe Revenue Authority (Zimra) is proposing to lower import duty on finished clothes to reduce smuggling and increase tax collection. Gershom Pasi, the Zimra Commissioner General, this week told the Parliament that high import duties meant to protect local manufacturers were turning out to be counterproductive as they encourage smuggling, ultimately prejudicing the…
