PRESIDENT Robert Mugabe has – for the first time – waded into the Telecel Zimbabwe (Private) Limited (Telecel) ownership debate, as local investors seek to increase their shareholding in the company. Although the Zanu PF leader has suggested group founder and exiled businessman James Makamba had “cunningly outmanoeuvred” certain co-shareholders to boost his stake, he…
HARARE – Zimbabwe must implement austerity measures that assist in strengthening the economy, says John Robertson a leading economist. Robertson told delegates attending a “New Government, New Policies, New Expectations” summit held in Harare yesterday that there was need to present a brand new set of promises to the people. “If we all want Zimbabwe…
HARARE – Mwana Africa plc (Mwana) has raised an additional $2,8 million working capital to refurbish its mining assets. The pan-African resources company — which early this month raised brought in around $3,2 million through a share subscription — appears to be slowly putting together the financial building blocks for growth. For the second time…
HARARE – Aquarius Platinum Limited (Aquarius) has cut its chief executive Jean Nel’s salary by 30 percent and imposed a 10 percent slash of directors’ fees as part of measures to contain “cash corporate costs”. The platinum group metals producer, which jointly owns Zimbabwe-based Mimosa Mining Company with Impala Platinum (Implats), yesterday announced that it…
HARARE – Hippo Valley Estates Limited (Hippo Valley) says it is targeting to export more than 217 000 tonnes of sugar to the European Union (EU), as a way of boosting the company’s earnings. Last year, the sugar producer — a unit of South Africa’s Tongaat Hulett — supplied over 247 000 tonnes of sugar…
HARARE – Zimbabwe’s largest financial group by assets and earnings, CBZ Bank, has issued agro bonds worth $35 million to raise funding for the 2013/14 soya bean production season. The bonds — with a 272-day tenure and attracting a 10,5 percent interest — are expected to boost soya bean production in the country, whose agricultural…
HARARE – Fidelity Life Assurance Limited (Fidelity)’s profit dropped 21 percent to $2,6 million in the half-year to June 2013 due to low uptake of insurance products. The Zimbabwe Stock Exchange-listed insurance group posted a $3,3 million profit in prior comparable period. Solomon Tembo, the group’s board chairperson said the reduction in profit was also…
HARARE – Zimbabwe’s year-on-year consumer inflation surged for the first time in seven months to 1,28 percent in August from 1,25 percent recorded in July. From January to July this year, the country’s inflation rate has been decreasing from 2,98 percent to 1,25 percent. The Zimbabwe National Statistics Agency (Zimstat) on Friday said August inflation,…
HARARE – Zimbabwe will increase economic ties with friendly countries like China to develop the economy as Western nations maintain their sanctions after President Robert Mugabe’s re-election, the new finance minister said on Wednesday. Mugabe, Africa’s oldest leader at 89 who won a fresh five-year term in a July 31 vote his opponents say was…
HARARE – Cigarette-maker BAT Zimbabwe incurred a $1,4 million loss after tax in the half-year to June 2013, weighed down by a $10,6 million indigenisation expense. The loss comes on the back of a $5 million profit after tax recorded in prior comparative period. Kennedy Mandevhani, the group’s chairperson, pointed out that on a non-adjusted…
