HARARE – Zimbabwe’s High Court has postponed Trust Bank (Trust)’s liquidation process to February 18 following a successful challenge by the financial institution’s lawyers. Represented by Thabani Mpofu, the bank chiefly argues that depositors are unlikely to support outright closure of the institution hence it must be given a chance to engage investors for fresh…
HARARE – Government has approved the re-denomination of the Infrastructure Development Bank of Zimbabwe (IDBZ)’s shares to United States dollars from the defunct local currency. In 2009, the country abandoned its worthless Zimbabwe dollar (Z$) — ravaged by hyperinflation reaching 231 million percent — and adopted a multi-currency system, dominated by the greenback and South…
HARARE – Pan African miner Mwana Africa Plc (Mwana) says nickel in concentrate sales from its Zimbabwe-based Trojan mine went up 76 percent more to 2,651 tonnes in the quarter ended December 2013. During the period under review, Trojan owned by the group’s subsidiary Bindura Nickel Corporation (BNC) — recorded a 74 percent growth in…
BULAWAYO – The High Court has raised concern over a number of distressed companies applying for judicial management, saying some are abusing the process meant to assist firms get back on their feet. Speaking during the official launch of the 2014 judicial year in Bulawayo last week, Judge President Justice George Chiweshe expressed concern over…
HARARE – The Zimbabwe Stock Exchange (ZSE) is expected to grow by about 10 percent this year, Lynton-Edwards Stockbrokers (Les) has predicted. After closing 2013 with its market capitalisation 32 percent higher at $5,2 billion, Les projected the bourse to close 2014 with a net worth of $5,7 billion on the back of depressed economic…
HARARE – Zimbabwe’s tourism sector could register significant growth this year following the country’s hosting of the United Nations World Tourism Organisation (UNWTO) conference, a major industry player Africa Albida Tourism (AAT) said. Last August, the country co-hosted, with Zambia, UNWTO’s 20th general conference in Victoria Falls and Livingstone respectively. Brian Gardiner, AAT’s group operations…
HARARE – Econet Wireless Global (Econet) has concluded a $55 million deal to acquire an 8,6 percent stake in Liquid Telecom (Liquid). This comes after Johannesburg Stock Exchange-listed technology group, Altech, recently announced plans to offload its Liquid shareholding. Liquid — a subsidiary of Econet — is a specialised telecommunications operator, mainly focusing on the…
HARARE – Government plans to restructure the Industrial Development Corporation (IDC) as part of efforts to revive the country’s ailing industry. The corporation, wholly owned by government, plays a role of spearheading industrialisation in strategic sectors by adding value through industrial processes and capital formation. However, the group, together with most Zimbabwean firms, has been…
HARARE – Zimbabwe’s sole landline network operator, TelOne, says it collected $90 million out of a targeted $300 million last year under its debt recovery programme. Prior and following the introduction of the multi-currency system — dominated by the United States dollar — four years ago, the telecoms company had been hit by massive subscriber…
HARARE – Zimbabwe will not benefit from the World Trade Organisation (WTO)’s Bali agreement as the country remains a net importer, Industry minister Mike Bimha said yesterday. Last month, WTO adopted a trade facilitation pact at the 9th ministerial conference held in Bali, Indonesia. Whilst the agreement has been designed to provide a solution to…
