HARARE – Zimbabwe Platinum Mines Limited (Zimplats)’ major shareholder Impala Platinum (Implats) has warned of a huge drop in its annual earnings due out end of August. The group — holding an 87 percent stake in Zimplats — said its headline earnings per share, which strip out exceptional items, would be between 308 cents and…
HARARE – Newly-formed Malawi Airline Limited (MAL) plans to resume direct flights between Harare and Lilongwe. With the flights having been suspended in 2004 by troubled national carrier Air Malawi due to operational problems, travellers were currently connecting between the southern African cities through Johannesburg, South Africa, Zambia’s Lusaka and Nairobi, Kenya. MAL — formed…
HARARE – Toronto Stock Exchange-listed New Dawn Mining Corporation (New Dawn) is considering disposing of two of its five mines in Zimbabwe as part of efforts to raise additional capital. This comes as the Zimbabwe-focused gold miner’s operations have been hit by falling international gold prices, increased mining royalties and pressure to cede 51 percent…
HARARE – Barclays Bank Zimbabwe (Barclays Zim), a unit of British multi-national banking and financial services group, posted a $1,1 million profit before tax in the half year to June 2013, up 37 percent from prior comparable period. George Guvamatanga, Barclays Zim’s managing director, said while post tax profit also increased to $8 million from…
HARARE – Zimbabwean banks have “played down” the run on deposits that happened following President Robert Mugabe’s election victory. The Bankers Association of Zimbabwe (Baz) — financial institutions’ umbrella body — yesterday told businessdaily that banks were conducting business “as usual”. “The public shouldn’t be alarmed by the rumour that people have been hastily withdrawing…
HARARE – Foreign investors may acquire a stake in Zimbabwe’s largest banking group by deposits, CBZ Holdings Limited (CBZ), after taking up $10 million debentures convertible to shareholding on maturity. The debentures have a three-year tenure. Based on CBZ’s $0,15 closing share price yesterday, the foreigners could acquire a 9,74 percent stake in the group…
HARARE – Zimbabwe’s equities market continued on a downward trend yesterday with the benchmark industrial index shedding 2,5 percent to close at 191,11 points. The bourse’s market capitalisation fell to $4,9 billion from $5, 05 billion — a development analysts say denoted investors’ worry over President Robert Mugabe’s July 31 election victory. Last week, the…
HARARE – Zimbabwe’s economic growth is likely to remain depressed with its real Gross Domestic Product (GDP) projected to be less than $7 billion, the African Development Bank (AfDB) has said. The regional financial institution noted that although Zimbabwe continues to record positive growth rates of above five percent, “but due to the economic crisis…
HARARE – AIM-listed Mwana Africa plc says it has successfully revised its mining plan at Zimbabwe-based Bindura Nickel Corporation (BNC) following the continued fall in international nickel prices. The resources group said Zimbabwe Stock Exchange-listed BNC has completed internal review of the new mining strategy at its subsidiary Trojan Mine (Trojan). “The Trojan mine plan…
HARARE – News that President Robert Mugabe will continue for a seventh term has left investors white in the face — not exactly a useful colour in Zimbabwe right now. Mugabe will target the remaining 1 138 white and foreign-owned companies left in the country, as well as local banks with foreign interests, to hand…
