Business

HARARE – Capital Bank (Capital) controlling shareholder, the National Social Security Authority (NSSA), is working with the financial institution’s board to remove Joseph Kanyekanye from the company’s board altogether. The controversial businessman recently resigned from NSSA-owned Rainbow Tourism Group (RTG) and Capital, respectively, as chairman of both boards amid allegations of poor corporate governance at…

HARARE – As Tourism minister Walter Mzembi has awarded a lucrative United Nations World Tourism Organisation (UNWTO) conference organiser’s contract to Africa Bureau of Conventions (ABC), a scathing Zimbabwe International Trade Fair Company (ZITF) letter has further exposed how badly the tender was handled. The development comes as Rooney’s — one of the preferred event…

HARARE – Finance minister Tendai Biti last week predicted a “gloomy” mid-term economic review which will reflect how economic growth has slowed down during the second quarter of the year. Biti said he expected to present probably his last mid-term fiscal policy under the inclusive government early this week after postponing it to attend to…

HARARE – Zimbabwe’s small-scale miners say they require at least $100 million for recapitalisation and to boost production. According to the Mines ministry, the small-scale miners contributed 30 percent of the total 13 tonnes of gold produced in 2012. In 2005, Zimbabwe produced about 14 023 kg of the yellow metal with small-scale miners contributing…

HARARE – Zimbabwe-born Lonmin chief executive Ben Magara has been awarded 230 604 shares — worth about R11 million at the current share price of R42 — to compensate him for the loss of various financial incentives meant to encourage him to stay with his previous employer, Anglo American Platinum (Amplats). The financial incentive for…

LONDON – African governments should give more support to entrepreneurs to help boost regional trade flows, to allow businesses to benefit from growing consumer demand and insulate the continent from global financial crises, a UN study said on Thursday. In a break with past recommendations on African trade, the United Nations Conference on Trade and…

HARARE – Zimplow Holdings (Zimplow) has disposed of its motor vehicle dealer Puzey & Payne to management. Maxwell Chinorwadza, Company Secretary said the disposal will allow the farm implements manufacturer to streamline operations and focus on its key strategic objectives. “The directors obtained an independent opinion from advisors that the terms of the transaction are…

HARARE – Russian firm ALROSA is planning to establish diamond mining operations in Zimbabwe. The group — one of the largest diamond miners in the world, producing 34,4 million carats in 2012 and sales totalling $4,61 billion — said it has approved creation of joint ventures for geological prospecting in the gem-rich southern African nation. Its…

HARARE – Controversial businessman Joseph Kanyekanye has stepped down as board chairperson of Rainbow Tourism Group (RTG) and Capital Bank Corporation Limited (Capital Bank). The move, he said, is meant to pave way for the appointment of independent chairpersons for the two institutions — both majority-owned by the National Social Security Authority (Nssa). This comes…

HARARE – In last minute attempts to raise funds for the United Nations World Tourism (UNWTO) general assembly hosting preparations, Zimbabwe has sent an “SOS” to corporates appealing for funds. Zimbabwe is expected to co-host the premier UNWTO event from August 24 to 29 with Zambia in Victoria Falls. Last week, Tourism minister Walter Mzembi…