HARARE – Distressed State-run postal services company Zimpost says it will not apply for a mobile network license to leverage its services. Its managing director Douglas Zimbango said the institution would instead collaborate with already existing mobile operators. This is despite the communications firm — mainly focused on letters delivery — having taken a knock…
HARARE – Barclays Bank of Zimbabwe (Barclays) says government must implement policy reforms to revive the country’s moribund economy. Its managing director, George Guvamatanga, said Zimbabwe’s economy “requires significant decisive interventions to enhance investor confidence, promote local production and contain the imports bill”. “The economic landscape demands a responsive and scalable business approach,” he told…
HARARE – Government has put on hold salaries for newly-appointed boards for parastatals in the energy and power development sector until the corporate governance and remuneration policy is effected. Energy minister Dzikamai Mavhaire said government has to first approve the policy, expected to clearly stipulate remuneration parameters for State enterprises. “Until then, we… leave it…
HARARE – Chengetedzai Depository Company (CDC) is now conducting trials of the central securities depository (CSD) system as part of efforts to fully automate trading on the Zimbabwe Stock Exchange (ZSE) by year end. CDC – a company formed to establish and operate the CSD for Zimbabwe’s securities industry – won the right to establish…
HARARE – Zimbabwe remains in deflation mode with latest statistics revealing that its annual inflation stood at -0,19 percent in May, gaining 0, 07 percentage points on the April rate of -0, 26 percent. “This means that prices as measured by the all items Consumer Price Index (CPI) decreased by an average of 0,19 percentage…
HARARE – United Kingdom-based African Consolidated Resources (ACR) is set to acquire Falcon Gold (Falgold)’s Dalny Mine (Dalny) for $8 million. Falgold’s plan to dispose of Dalny has been on the cards since last year, when the Kadoma mine was mothballed due to operational challenges. “The company is currently engaged in discussions with African Consolidated…
HARARE – Mwana Africa’s Zimbabwean unit Bindura Nickel Corporation (BNC) said it expects its profit after tax for the second half to March 2014 to be significantly higher than first half’s $3,3 million. The miner, which incurred a $12,9 million loss in the year to March 2013, said the improved performance was on the back…
HARARE – Zimbabwe has formed two committees tasked with improving the cost and ease of doing business in the country, and also to control inflow of imports. Industry minister Mike Bimha said the first committee will “identify the causes of increased cost of doing business and other areas which have resulted in the country’s industry…
HARARE – Power development minister Dzikamai Mavhaire has appointed new boards for parastatatals in the electricity and energy sector, with former Finance minister Herbert Murerwa nominated as Zesa Holdings (Zesa) chairman. The board appointments are for Kariba Hydro Power Company (KHPC), Zesa, Zimbabwe Power Company (ZPC), Zimbabwe Electricity Transmission Distribution Company (ZETDC), Powertel, Zesa Enterprises…
HARARE – The European Investment Bank (EIB) says Zimbabwe will not be given preferential treatment on the repayment of its $300 million loan. Deiderick Zambon, EIB’s division chief for southern Africa and Indian Ocean, said Zimbabwe will be treated like any other country. “We are a commercial bank and we don’t have a prerogative to…
