HARARE – Cigarette manufacturer, British American Tobacco (BAT), says it has invested $5,4 million in Zimbabwe over the past five years and plans to significantly boost capital expenditure (Capex) in the country this year. The group — producing an average 130 million cigarettes per month at 65 percent capacity utilisation — said it will also…
HARARE – South Africa-based Aquarius Platinum Limited (Aquarius) says regulatory uncertainty in Zimbabwe continues to hamper its expansion plans in the country. The miner, holding a 50 percent stake in a joint venture with Impala Platinum Holdings, Mimosa Mining Company (Mimosa), said the country’s imposition of further taxes will have a significant negative impact on…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has ordered banks to stop issuing insider loans following a rise in abuse of depositors’ funds by shareholders and directors. According the central bank, last year insider loans in the banking sector totalled $175,3 million of which about $117,4 million (66,97 percent) were non-performing. Acting RBZ governor,…
HARARE – The adoption of new currencies, including the Chinese Yuan, under the multi-currency regime will not ease the country’s acute liquidity crisis, economists say. In 2009, Zimbabwe abandoned its worthless currency and assumed the multi-currency system — dominated by the United States dollar and South African Rand — in a bid to curb hyperinflation,…
HARARE – Zimbabwe plans to establish a commercial court to deal with rising corporate and white-collar crimes in the country. Acting Reserve Bank of Zimbabwe (RBZ) governor, Charity Dhliwayo, on Wednesday said commercial and banking related cases are taking long to be settled through the existing court system. “In order to expedite the settling of…
HARARE – Triangle Limited (Triangle) has stepped in with a three million-plus litres of ethanol supply — through government’s local blenders and partners — to avert possible fuel supply disruptions caused by problems at the preferred distributor, businessdaily can reveal. This comes as the country’s sole licensed supplier and Billy Rautenbach’s Green Fuel (GF) has…
HARARE – Telecel Zimbabwe Private Limited (Telecel) has launched a mobile money transfer platform, Telecash. The service, which has been integrated with ZimSwitch to enable connection with banks, allows subscribers to transact across all networks. “Telecash in particular offers banking services to people with no previous access to banking and financial services, especially those in…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has extended the banks’ capitalisation deadline to December 31, 2020. Presenting her maiden Monetary Policy Statement yesterday, acting central bank governor Charity Dhliwayo said the move had been necessitated by the prevailing liquidity challenges in the economy. “Against the background of attendant challenges in the macro-economic environment…
HARARE – Zimbabwe’s platinum miners are seeking private investors’ partnership in building a refinery in the country. This comes as the platinum group metals (PGM) producers submitted proposals and working documents to government on the back of escalating pressure from the authorities and a threat to ban raw exports of the metal, if they don’t…
HARARE – Zimbabwe’s platinum mining sector could benefit from an indefinite strike embarked upon by South Africa’s platinum mine workers through increased global platinum prices due to reduced market supply, analysts say. “The platinum mining sector in Zimbabwe can benefit through increased prices due to reduced supply as a result of strikes in South Africa….
