HARARE – Zimbabwe’s financial transactions have declined significantly as the country slides into full deflation on the back of depressed aggregate demand, a recent report by the Reserve Bank of Zimbabwe (RBZ) indicates. According to the central bank’s weekly economic highlights, in the first week of April, banking transactions processed through the Real Time Gross…
HARARE – Listed agro-implements manufacturer Zimplow Holdings Limited (Zimplow) plans to dispose its remaining non-core assets to raise funds to reduce borrowings. The group, which recently offloaded its engineering unit Tassburg together with motoring subsidiary Puzey & Payne for nearly $2 million, is set to sell its property in the Harare CBD. Zondi Kumwenda, the…
HARARE – Zimbabwe’s mortgage lenders must be innovative and tailor terms targeted at the informally employed in order to harness new opportunities for property market growth, AfriAsia Zimbabwe Holdings Limited (AZHL) limited said. In its weekly report published on Tuesday, the financial group — formerly Kingdom Financial Holdings Limited — said “there is need for…
HARARE – Veteran banker Nigel Chanakira says the leadership confusion in opposition party Movement for Democratic Change (MDC) will dampen investor confidence. The Zimbabwe Investment Authority chairman, who is also founder of Kingdom Financial Holdings Limited – now AfraAsia Zimbabwe Holdings Limited – told Business Live, in his capacity as a businessman, that the party’s…
HARARE – Impala Platinum Holdings (Implats)’ Zimbabwean subsidiary Zimplats reported a $36,1 million profit in the quarter to March 2014, up 76 percent from $20,5 million realised in prior period. The group said the performance was on the back of firmer platinum group metals (PGM) prices. During the period under review, the Australia Stock Exchange-listed…
HARARE – The Securities and Exchange Commission of Zimbabwe (SecZim) says there are unclaimed shares in listed companies worth $22,8 million. This follows a directive by the capital markets regulator in 2012 to all stockbroking firms instructing them to register all securities into the names of respective beneficial owners. However, some of the shares were…
HARARE – Zimbabwe-focused investment group Cambria Africa Plc (Cambria) is tipped to grow its revenue by 147 percent from $11,64 million in 2014 to $28,78 million in 2016, analysts projected. United Kingdom-based equities advisory firm GECR said the Alternative Investment Market (Aim)-listed Cambria — owning a chemicals distribution company, a hotel and Payserv, a transaction-processing…
HARARE – TA Holdings (TA) has suspended a $1,5 million refurbishment exercise for its hotel, as the group incurred a $ 5, 6 million loss in the year to December 2013. The investment group, which suffered the loss on the back of a $13,7 million impairment charge against its fertiliser making subsidiary Sable Chemicals, said…
HARARE – Zimbabwe plans to promulgate a law that compels diamond miners to sell 10 percent of their gems to local cutting and polishing firms. The move is part of government’s aggressive beneficiation programme, under which it seeks to realise more value from its minerals, particularly diamonds and platinum. Currently, the country is exporting its…
HARARE – Zimbabwe has auctioned tobacco worth $316 million since the opening of the 2014 selling season mid-February compared to $295 million realised during the same period last year. This year’s season opened on a low note, with depressed prices at below $3 per kilogramme (kg). However, 96 million kg of tobacco have been sold…
