Business

HARARE – Capital Bank Corporation Limited (Capital), majority-owned by pensions administrator National Social Security Authority (Nssa), has embarked on a rationalisation exercise to strengthen its operations. Lawrence Tamayi, the bank’s managing director, told businessdaily that the move was targeted at enabling the bank to sustain its cost base. “The bank has reflected on its performance…

HARARE – Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono has hinted that he may extend the June 30 deadline for financial institutions to meet the $50 million minimum capital requirements to a later date. Gono cited the ongoing liquidity challenges and low economic growth as contributing factors to the central bank’s decision. “We are…

HARARE – The International Monetary Fund (IMF) has approved Zimbabwe’s plan to clear billions of dollars in arrears. Christine Lagarde, IMF Managing Director this week agreed to a staff-monitored programme (SMP) for Zimbabwe to oversee the authorities’ economic reform from April to December this year. “The SMP supports the Zimbabwean authorities’ comprehensive adjustment and reform…

HARARE – Reserve Bank of Zimbabwe governor Gideon Gono has frozen all withdrawals at Interfin Bank Limited (Interfin) as part of efforts to revive the financial institution which is under curatorship. “In order to preserve the financial standing of the institution, and prevent an uncontrolled withdrawal or removal of funds or assets from the institution,…

HARARE – Zimbabwe Stock Exchange-listed retailer OK Zimbabwe Limited (OK) said it will soon be expanding operations into the region as a way of boosting earnings and consolidating its foothold on the African continent. Willard Zireva, OK chief executive told analysts at the company’s full year results  briefing that the retail giant has set its…

HARARE – The Securities Commission of Zimbabwe (SecZim) has lost its bid to block Lifestyle Holdings Limited (Lifestyle) from delisting on the Zimbabwe Stock Exchange (ZSE). Yesterday the bourse approved the delisting of the furniture retailer from the local bourse. SecZim — which had earlier indicated that it will not approve the delisting of Lifestyle…

HARARE – Zimbabwe’s industry is now worse off than it was upon introduction of the multi-currency system in 2009, the Industry and Trade ministry says. Abigail Shoniwa, the ministry’s permanent secretary, yesterday said most local firms remained in severe distress with some having actually closed down despite adoption of the foreign currency regime — dominated…

HARARE – Zimbabwe has so far sold 145 million kg of tobacco worth $537 million since opening of the 2013 selling season mid-February, surpassing last year’s 144 million kg. The commodity, being sold at three licensed auction floors — Tobacco Sales Floor (TSF), Boka Tobacco Auction Floors (BTAF) and Premier Tobacco Floors (PTF) — is…

HARARE – A High Court judge has reserved ruling in a case in which FMI Zimbabwe (Pvt) Ltd (FMI)’s employees are seeking an order to compel Indigenisation minister Savior Kasukuwere to cancel the former’s acquisition of BP & Shell Marketing Services (BPSMS) local assets. FMI — a subsidiary of Masawara Energy Mauritius Limited, owned by…

HARARE – The Zimbabwe Tourism Authority (ZTA) says the forthcoming elections may have a negative impact on the country’s sensitive hospitality and leisure sector. This comes as Zimbabwe — currently trying to shake off a “negative perception” tag in key source markets — registered a 17 percent increase in tourist arrivals in the quarter to…