HARARE – Aim-listed Mwana Africa plc (Mwana) has sourced around $3,2 million through a share subscription to provide working capital. The funds, given the firm’s progress on cost cutting, should be enough to meet its working capital requirements for the “foreseeable future”, the miner said. The group’s largest shareholder China International Mining Group Corporation (CIMGC)…
HARARE – Zimbabwe’s tourist arrivals went up 12 percent to 859 995 in the half-year to June 2013 spurred by increase in transiting business visitors. In its latest report on the country’s hospitality and leisure sector, the Zimbabwe Tourism Authority (ZTA) said “ever increasing regional trade and commerce contributed immensely to this growth in arrivals,…
HARARE – Realty firm Stream Walk Recreational Arcade (Stream Walk) plans to raise $140 million to finance construction of its Hilton Hotel in Harare (Hilton). The group, led by Harare businessman Farai Jere, is in partnership with international hotelier Hilton World Wide to build the multi-million dollar “mixed-use” property in the prime Eastlea area. Yesterday,…
HARARE – Cash-strapped Agricultural Bank of Zimbabwe Limited (Agribank) says it will be able to meet the central bank’s capital requirements after concluding its deal to engage a new private investor. The government-owned financial institution said the transaction — expected to be complete by year-end — would improve its capital position. Agribank is among the…
HARARE – The Securities Commission of Zimbabwe (SecZim) plans tighter regulation of listed companies by imposing laws demanding improved financial disclosure, curbing multiple directorships and limiting chief executives’ terms. The capital markets regulator said it expects the new listing rules to be set by year end. This comes as the current disclosure requirements for listed…
HARARE – Listed financial services group FBC Holdings Limited (FBCH) has put on hold plans to merge its banking and mortgage lending units until the central bank clarifies the banks’ recapitalisation deadlines. The group intends to combine FBC Bank and FBC Building Society as part of strategies to comply with the Reserve Bank of Zimbabwe…
HARARE – As Zimbabwe emerges from an election hangover, it seems all is gloom and doom for an economy only forecast to grow by a mere 3,4 percent this year. According to former Finance minister Tendai Biti, a global slowdown in metal prices and non-performance of the agricultural sector were unfavourable for the local economy…
HARARE – Zimbabwe’s annual broad money supply growth declined by 18,8 percent in the 12 months to May 2013 as the country’s economy suffocates under liquidity constraints among other challenges. According to the African Development Bank (AfDB)’s monthly economic review for July 2013, the country’s broad money supply growth — defined as total banking sector…
HARARE – Reviving Zimbabwe’s battered economy will not be a walk in the park for the incoming Zanu PF government, as there is so much that needs to be done. During the campaign for the harmonised elections held on July 31, both the “winning party” Zanu PF and the loser MDC promised the electorate that…
HARARE – Standard Chartered Bank Zimbabwe Limited (StanChart)’s profit after tax slumped 10 percent to $7,2 million in the half year to June 2013, weighed down by a tough operating environment. The financial institution, wholly owned by British-based Standard Chartered Plc, said non-funded income was depressed during the period under review. “While the bank recorded…
