HARARE – Zimbabwe expects to rake in nearly $35 million from the second auction of its diamonds in Antwerp, Belgium this week. The country — planning to resume local auctions this year — put over 923 000 diamond carats under the hammer. Last year, it sold more than 279 000 carats in Antwerp and realised…
HARARE – State-owned wireless network operator, NetOne, says it is owed $10 million by government, a development that has affected its operational efficiency. Its chief executive, Reward Kangai, said the company, the smallest by subscriber base among Zimbabwe’s three mobile networks has struggled to get its money from some government institutions since introduction of the…
HARARE – Zimbabwe plans to auction its diamonds locally, Mines minister Walter Chidhakwa said. He said a sale would be held before year end. Chidhakwa said yesterday Zimbabwe would invite diamond buyers from Antwerp, Dubai, India and Shanghai to come and participate in the auction. He said the inaugural diamond sale will be conducted in…
HARARE – Zimbabwe seeks to re-engage the European and Americas tourism markets as part of efforts to boost depressed tourist receipts. This comes as President Robert Mugabe’s administration had in the early 2000s abandoned the key traditional source markets under a Look East policy, to focus on Asia. However, Europe and the West remain the…
HARARE – Togo-based Ecobank International (Ecobank) — owners of Ecobank Zimbabwe Limited (EZL) — plans to embark on a capital raising exercise and could also be considering mergers and acquisitions in the financial sector. This comes as EZL recently increased its branch network in Zimbabwe to 13 as part of efforts to expand its footprint…
HARARE – Zimbabwe’s year-on-year inflation rate rose 0, 08 percentage points to 0, 41 percent in January from 0, 33 percent recorded in December 2013. This means prices — as measured by the all items consumer price index (CPI) ? increased by an average 0, 41 percentage points between January 2013 and January 2014. According…
HARARE – Tourism ministry’s aim to contribute $5 billion towards the country’s gross domestic (GDP) product by 2018 faces new hurdles posed by government’s restrictive policies. Last year, Zimbabwe introduced 15 percent value added tax (vat) on foreign receipts, a move tourism operators say is making the country an expensive destination. Glenn Stutchbury, chief executive…
HARARE – Global mining group Rio Tinto(‘s) Zimbabwe-based Murowa Diamonds (Murowa)’s production increased by three percent to 322 000 carats in 2013. Murowa’s fourth-quarter production stood at 105 000 carats, a seven percent increase compared with the same quarter in 2012. In June last year, Rio Tinto reversed its decision to dispose of its diamond…
HARARE – Zimbabwe on Friday received a $4,1 million loan from the European Union (EU) aimed at reviving the private sector. The bail-out comes at a time the sector — which had recovered from a decade-long recession following the formation of a coalition government in 2009 — is now showing signs of strain with capacity…
HARARE – A High Court ruling that Interfin Securities (Private) Limited (Interfin) must return Remo Investment Brokers (Private) Limited (Remo)’s shares worth $3,3 million has presented Zimbabwean industry and market regulators players with a conundrum since the stockbroking firm is now defunct. This comes as the parties had been locked in a two-year long battle,…
