HARARE – The Reserve Bank of Zimbabwe (RBZ) has moved to benchmark the country’s interest rates, which it said were distorted and hindering deposits and economic growth. Acting governor Charity Dhliwayo — expected to present the 2014 monetary policy today — said “the current interest rate structure in Zimbabwe is distorted as evidenced by the…
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 – Businessman-cum-politician Ray Kaukonde has upped his Innscor Africa Limited (Innscor) shareholding to 9,23 percent — from 2,04 percent — following an approval of the group’s indigenisation plan. Company chief executive John Koumides told the group’s extra-ordinary general meeting last Friday that shareholders had unanimously endorsed the Zanu PF legislator’s plans to acquire a…
HARARE – Closed Trust Bank Corporation Limited (Trust) has petitioned the Deposit Protection Corporation (DPC) to hold off compensation processes for depositors and the disposal of assets. This comes as the financial institution has lodged an Administrative Court appeal against its hasty closure on January 7 and successfully challenged regulatory authorities in the High Court…
HARARE – Funding Zimbabwe’s $4,1 billion 2014 National Budget will be a tough task as government’s revenue collections continue to shrink, analysts say. This comes as President Robert Mugabe’s administration — which failed to secure external budgetary support or bail out packages from international financiers like the International Monetary Fund — missed its 2013 revenue…
HARARE – Zimbabwe’s distressed manufacturing sector — through the Confederation of Zimbabwe Industries (CZI) — is finalising preparations for a European Union tour expected to unlock fresh capital and bail-out facilities. Charles Msipa, the federation president, yesterday told Businesssdaily that plans were at an advanced stage for the group to embark on the tour, also…
HARARE – Eneregy minister Dzikamai Mavhaire says a new Zesa Holdings (Zesa) board will be appointed as and when government is ready. This comes as the power utility’s previous board — led by Simbarashe Mangwengwende — was dissolved upon expiry of its tenure on December 31 last year. It was also on the back of…
HARARE – Distressd Gulliver Consolidated Limited (Gulliver) seeks investors to help turn around its waning fortunes. The industrial and engineering group — delisted from the Zimbabwe Stock Exchange in July last year — was placed under provisional judicial management after failing to perform due to a debt burden and high administrative costs coupled with acute…
HARARE – Aim-listed Mwana Africa Plc (Mwana) plans to ramp up production at its Zimbabwe-based gold and nickel mines following a strong performance in 2013. The resources group, led by group chief executive Kalaa Mpinga, said it planned to increase Freda Rebecca’s gold production to 100 00 ounces per annum and boost nickel in concentrate…
HARARE – Zimbabwe has secured a total $53,4 million in grants targeted at financing projects including power generation, infrastructure and water sanitation rehabilitation, among others. The finances were availed by donors through the country’s multi-donor trust fund, ZimFund, and the African Development Bank (AfDB). ZimFund ? consisting of contributing donors namely Australia, Denmark, Germany, Norway,…
