HARARE – Zimbabwe’s current account deficit ballooned by half a billion dollars in the 10 months to October 2013 as the country remains a net importer. Figures released by the Zimbabwe Statistical Agency indicate that the southern African country ? whose industry is depressed, operating at way below 50 percent capacity ? imported goods worth…
HARARE – Canada-based New Dawn Mining Corporation (New Dawn) says it will complete transfer and registration of its shares in Cayman Islands by year end following its delisting from the Toronto Stock Exchange. The Zimbabwe-focused group — with several gold mines in the country — said after share consolidation, it intends to take immediate steps…
HARARE – Zimbabwe has extended its $40 million electricity supply deal with Namibia for another nine months following power utility Zesa Holdings (Zesa)’s failure to deliver on the agreement. In 2007, Zesa and NamPower entered into a deal in which the Namibian power utility made available funds towards the refurbishment of the Hwange pwer station…
HARARE – Government’s decision to take over the Reserve Bank of Zimbabwe (RBZ)’s $1,3 billion debt will hamper the country’s economic revival, a local advisory firm has warned. TFS management company (TFS), a subsidiary of Tetrad Holdings, said the slowdown in the economy reduces government’s sources of revenue thus limiting its ability to service and…
HARARE – The European Union (EU) will next year grant Zimbabwe $4,1 million to finance a feasibility study targeted at facilitating revival of its iron and steel industry. The country’s steel industry has been dealt a serious blow following the closure of 17 companies last year while the deteriorating economic climate is further straining the…
HARARE – Impala Platinum Holdings Limited (Implats)’s local unit, Zimbabwe Platinum Mines (Zimplats), says it will consider offshore loans among a cocktail of measures — together with other platinum group metals (PGMs) producers — to secure funding for a refinery. This comes on the back of escalated pressure by government to have the platinum miners…
HARARE – Zimbabwe is among high risk investment destinations in Africa, a survey by Ernst & Young (EY) has revealed. In its “Africa by numbers: Assessing market attractiveness in Africa” survey, the financial advisory and consultancy firm noted that the southern African country ? still suffering a hangover from a decade-long recession ? is among…
HARARE – Zimbabwe plans to set up a Pan-African Minerals University of Science and Technology (Pamust) in 2014 aimed at addressing issues of value addition for Africa’s mineral resources in line with the continent’s mining vision. Mines minister Walter Chidhakwa said the establishment of such a university was provided for in the government’s new economic…
HARARE – Listed Hunyani Holdings Limited (Hunyani) says an internal probe has unearthed that management overvalued inventories by nearly $600 000 in a bid to reflect enhanced financial performance of the group’s Flexible Products Division. The paper and packaging materials manufacturer said while there were no cash or stock losses, disciplinary action had been taken…
HARARE – ZB FINANCIAL Holdings (ZBFH) seeks to recruit a managing director (MD) for its flagship unit ZB Bank Limited (ZB). This comes as the bank’s former MD Ronald Mutandagayi was in June elevated to chief executive of the group. Shadowsight Chiganze is currently ZB’s acting MD. The group has engaged recruitment agency Proserve. “Our…
