HARARE – National power utility Zesa Holdings (Zesa) says it is owed $818 million by consumers — including government, domestic and commercial users. It said the unpaid bills were hampering its operations and viability. Last week, Zimbabwe Electricity Distribution Company (ZETDC) — a Zesa subsidiary — told a stakeholders’ meeting that the defaults were a…
HARARE – The National Indigenisation and Economic Empowerment Board (Nieeb) — a government body created to implement the indigenisation programme — says it is broke and failing to carry out its mandate. Its chief executive, Wilson Gwatiringa, yesterday told Parliament that they urgently need capital. Apart from government support, Nieeb is supposed to get dividends…
HARARE – Government’s economic blue print, Zimbabwe Agenda for sustainable socio-economic transformation (ZimAsset), must be practical if the country is to attract meaningful funding, industrialists say. Former Confederation of Zimbabwe Industries (CZI) president, Callisto Jokonya, yesterday told a ZimAsset workshop in the capital that “without funding, goals set by the ambitious economic roadmap will remain…
HARARE – Exor Petroleum (Private) Limited (Exor) — one of the country’s pioneering indigenous fuel companies — has formed a joint venture, PetromocExor, with Mozambique oil giant Petroleos de Mocambique (Petromoc). The partnership will see the gradual rebranding of all local Exor service stations to reflect the new PetromocExor brand. Felizberto Guizemana, the Exor general…
HARARE – Arab Bank for Economic Development in Africa (Badea)’s executives are in Zimbabwe to review performance of a $5 million loan facility granted to government through CBZ Bank Limited (CBZ). A senior CBZ official yesterday confirmed the development, adding they had “so far disbursed just under a million dollars” of the funds — targeted…
HARARE – Zimbabwe has been ranked among the riskiest mining investment destinations despite its vast mineral wealth, a study has revealed. According to a report entitled Mining in Africa Country Investment Guide, specially produced for the African Mining Indaba underway in Cape Town, South Africa, the southern African nation — holding the second largest known…
HARARE – Distressed Agricultural Bank of Zimbabwe Limited (Agribank) says it will soon float a tender to dispose of a 49 percent stake to private investors valued at $70 million following an evaluation of the financial institution. The agro-bank — wholly owned by government — has been failing to perform its key mandate of providing…
HARARE – Zimbabwe Platinum Mines Limited (Zimplats)’ operating profit slumped 48 percent to $21 million in the quarter to December 2013 on the back of lower sales volumes and depressed metal prices. During the period under review, revenue went down 13 percent to $126 million from $146 million realised in previous quarter. Operating costs remained…
HARARE – Zimbabwe has intensified efforts to mobilise gold in excess of 15 tonnes this year as the country forges ahead with its plans to be readmitted to the London Bullion Market Association (LBMA). The country’s gold output has been steadily increasing since 2010 and rose to 14 742 kg in 2012 from 12 992…
HARARE – Zimbabwe’s hotels will become uncompetitive while recent improvements in tourist arrivals may be reversed if government’s plan to extend value added tax (Vat) to non-residents goes through, industry players warned. Glenn Stutchbury, Cresta Hotels’ chief executive, said the imposition of the levy will effectively increase prices by 15 percent, rendering the country noncompetitive…
