HARARE – Interfin Banking Corporation Limited (Interfin) is unable to attach Equity Properties (Private) Limited (Equity)’s 163 000-hectare Golden City estate after the High Court has annulled a mortgage bond in respect of the northern Harare estate. Although the same court had in July ordered the realtor to pay $2,4 million plus interest in unpaid…
HARARE – Listed companies are opting for share buy-backs instead of recapitalising their businesses, further exacerbating the prevailing liquidity crunch, the Securities and Exchange Commission (SecZim) has said. This comes as most Zimbabwe Stock Exchange-listed firms have embarked on the scheme with more intending to. “What makes the practice worrisome for Zimbabwe, however, is the…
HARARE – David Murangari has resigned as managing director of Bindura Nickel Corporation (BNC). His resignation is with effect from November 11, 2013. The former Zimbabwe Chamber of Mines president — who joined the Mwana Africa Plc (Mwana) flagship subsidiary in May 2007 — will remain on the nickel producer’s board as deputy chairperson. He…
HARARE – Zimbabwe will negotiate Economic Partnership Agreements (EPAs) cautiously, Trade minister Mike Bimha said ahead of the forthcoming 9th World Trade Organisation (WTO) ministerial conference in Bali, Indonesia, next month. The country is among East and Southern African (ESA) countries set to pursue EPAs negotiations with the European Union at the conference. “There are…
HARARE – Mimosa Mining Company (Mimosa) — jointly owned by Impala Platinum (Implats) and Aquarius Platinum (Aquarius) — plans to shed 100 workers under a voluntary retrenchment exercise as part of cost containment measures. The Zvishavane-based platinum group metals (PGM) producer, employing around 1 700 people, recorded a decline in revue to $33,5 million in…
HARARE – Zimbabwean banks are set to lose over $70 million in income in the nine months to December 2013 following a raft of reforms imposed by the Central Bank, according to the Bankers Association of Zimbabwe (Baz). In January this year, the Reserve Bank of Zimbabwe (RBZ) signed a memorandum of understanding (MoU) with…
HARARE – Zimbabwe’s stock market has grown by 30 percent in the first nine months of the year and 240 percent since dollarisation in February 2009 — driven by increased foreign investor participation — and is seen maintaining a similar trend in 2014 with more policy clarity, a leading investment firm said in its latest…
HARARE – The Confederation of Zimbabwe Industries (CZI) says government must address the country’s ballooning current account deficit to facilitate revival of the economy. The industry body noted that despite commitment to protect local manufacturers through imposing tariffs and surtax, imports continue to rise. According to the African Development Bank (AfDB), Zimbabwe’s current account deficit…
HARARE – Finance minister Patrick Chinamasa claims Zimbabwe’s debt is much lower that reported. The country’s debt has been estimated at more than $11 billion. “We are currently verifying the size of our external debt and we are doing so with the creditors to agree the figures as to what we owe so that at…
HARARE – Financial services group AfrAsia Kingdom Zimbabwe Limited (AKZL) is seeking shareholder approval to rebrand to AfrAsia Zimbabwe Holdings Limited (AfrAsia) following the departure of its founder Nigel Chanakira. Daniel Makono, AKZL’s company secretary said the firm will seek the greenlight to rebrand from its shareholders at an extra ordinary general meeting (EGM) to…
