Business

HARARE – Netherlands says it will not advance Zimbabwe funds to finance its economic plans under the “Zimbabwe Agenda for Sustainable Socio-Economic Transformation” (ZimAsset). Gera Sneller, the country’s ambassador to Zimbabwe, said the Dutch government will morally support the southern African nation, not financially. She suggested that Zimbabwe partners private investors rather than seek rescue…

HARARE – Zimbabwe is exploring for new mineral deposits as the hard pressed government seeks to raise cash from the country’s vast resources. Mines minister Walter Chidhakwa said the new deposits will be used for securitisation of national loans and credits. Among its extensive minerals base, the southern African nation has the second largest known…

HARARE – Newly appointed Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has called for fiscal discipline and a balance between indigenisation and need to attract foreign investment. In his maiden speech, the central bank chief – who assumed office on May 1 – said Zimbabwe must have “discipline enough to find an equilibrium position…

HARARE – Zimbabwe’s equities market monthly turnover surged to $51,3 million in April 2014 from $28,8 million realised prior month. According to latest statistics from the Zimbabwe Stock Exchange (ZSE), the April turnover is the second-highest after January’s $63,9 million. Market analysts say both months’ turnover were spurred by exclusive special deals in SeedCo’s completion…

HARARE – Econet Wireless (Econet), Zimbabwe’s largest mobile network operator, recorded a $119 million profit after tax in the year to February 2014. The earnings were 14 percent down from $140 million realised in prior year as voice income remained flat. The telecommunications group, which grew connected subscribers by 780 000 to 8,8 million during…

HARARE – Australia says investing in Zimbabwe is extremely risky, likening the move to swimming in the dangerous crocodile-infested Zambezi River. Matthew Neuhaus, the country’s ambassador to Zimbabwe, on Monday told a Sapes Trust conference that the southern African nation has a long way to go in attracting Foreign Direct Investment (FDI). “Investing in Zimbabwe…

HARARE – Zimbabwe’s largest financial institution by assets CBZ Bank (CBZ) says its year-on-year deposits went up 36 percent to $1, 4 billion as at March 31, 2014 from $1 billion last year. CBZ Holdings — the bank’s parent — newly appointed chief executive Never Nyamudzo said CBZ recorded the growth despite increased cost ofdoing…