HARARE – CBZ Bank Limited (CBZ) has agreed on a settlement plan with Reserve Bank of Zimbabwe (RBZ)’s subsidiary Tuli Coal (Tuli) following plans to attach the latter’s property over an unspecified debt. The financial institution intended to auction — through Hammer and Tongues (HT) — Tuli’s land in the Colne Valley as part of…
HARARE – The re-opening of NewZim Steel — formerly Ziscosteel — has been postponed due to extensive refurbishments taking place at the plant, Industry minister Mike Bimha has said. Bimha, who could not give specific dates for the revival of the steel giant — which has been dormant for nearly a decade — said “government…
HARARE – Zimbabwe’s High Court has ordered Interfin Securities (Private) Limited (Interfin) to return $3 million-plus worth of Remo Investment Brokers (Private) Limited (Remo) shares, it emerged yesterday. This comes as the parties have been locked in a two-year long dispute and in which the former was accused of disposing of the applicant’s shares —…
HARARE – Expansion of Kariba South power plant is yet to commence as China’s Sino Hydro Corporation (SHC) is still moving construction equipment from Zambia, Finance minister Patrick Chinamasa said. SHC won the tender for the $355 million project, the bulk of which will be funded by Export Import Bank of China under a deal…
HARARE – Banking group Barclays Plc’s Zimbabwe unit says it may lay off some of its workers if the move improves operational efficiencies. This comes as the parent company has decided to axe at least 12 000 jobs by 2015 in a bid to contain costs and counter falling income. George Guvamatanga, Barclays Bank of…
HARARE – The Zimbabwe Energy Regulatory Authority (Zera) has submitted its salary schedule to President Robert Mugabe following a government directive. This comes amid massive expose´ of abnormally hefty salaries earned by parastatals’ top management. In the wake of that, government recently ordered heads of State-owned entities to submit their salaries and benefits schedules. “Zera…
HARARE – Zimbabwe Stock Exchange (ZSE)’s benchmark industrial index opened the week softer, shedding 0,16 percent to close at 192,21 points. The bourse, which has failed to find direction in the new year, was dragged down by losses in blue chip counters. Retailer OK Zimbabwe slipped 0,99 cents to trade at 19 cents while Barclays…
HARARE – Luxon Zembe has been ousted as CBZ Holdings Limited (CBZ) chairman in a development possibly related to the fallout of the Premier Service Medical Aid Society (Psmas) salaries debacle. As the business consultant and corporate governance guru was outed as having earned a significant amount of cash in board fees, the listed financial…
HARARE – Agribank says it has insufficient money to fund the forthcoming winter-cropping season due to limited resources received from Treasury. Sam Malaba, the Agribank chief executive, last week told Parliament that the agriculture-focused institution only received $4 million from a $50 million request, which was earmarked for the 2013/2014 farming season. “We have no…
HARARE – Parliament has ordered the National Indigenisation and Economic Empowerment Board (Nieeb) to submit its top executives’ salary schedule as part of efforts to ensure public accountability. Nieeb is a government body created to implement the indigenisation programme. This comes on the back of an expose’ of “obscene and astronomical” salaries earned by top…
