HARARE – Zimre Holdings Limited (ZHL)’s short-term insurer SFG Insurance Company (SFG) has collapsed. SFG’s closure comes after investigations by the Insurance and Pensions Commission (IPEC), which exposed a huge negative solvency ratio with its capital base falling far short of the minimum threshold required. IPEC yesterday advised stakeholders that it had directed SFG to…
HARARE – Zimbabwe will look to revisit laws that restrict foreign ownership of mining licences in the next two to three months, but will not seize mine assets from foreign investors, Mines deputy minister Gift Chimanikire has said. A review of the current so-called “indigenisation” law will take place after presidential elections in July, the…
HARARE – Increased mining fees and service charges are heavily weighing down Zimbabwe’s miners, the country’s Chamber of Mines (CoM) said. Winston Chitando, the Chamber’s outgoing president, told CoM’s 74th annual general meeting in Nyanga that fragmented statutory and fiscal charges to the industry remained a major issue affecting viability and growth of the industry….
HARARE – The Southern African Power Pool (Sapp) has received funding from the African Development Bank (AfDB) towards the Zimbabwe-Zambia-Botswana-Namibia (Zizabona) transmission project. Zizabona, a $225 million project expected to develop new transmission lines linking the four southern African countries, has begun implementation with Saap seeking to engage consultants. “Sapp now invites eligible consultants to…
HARARE – While Zimbabwe has intensified efforts to have its minerals, particularly diamonds, further processed locally before export, licensed gem-polishing and cutting firms have dwindled from 29 to one this year due to exorbitant licence fees. Richard Mvududu, Diamonds Beneficiation Association of Zimbabwe (DBAZ) chairperson, told businessdaily that licence fees have increased five-fold to $100…
HARARE – The Consumer Council of Zimbabwe (CCZ) says the promulgation of a statutory instrument (SI) by government compelling consumers to purchase their own pre-paid meters undermines consumers’ rights. Government recently announced a new law that compels all electricity consumers to purchase and install meters with the exception of high density customers, rural customers and…
HARARE – The African Development Bank (AfDB)’s Zimbabwe Multi-Donor Trust Fund (ZMDTF) has begun implementing the first phase of its $9 million Emergency Power Infrastructure Rehabilitation Project (EPIRP) targeted at improving electricity supply. The initial phase is one of three to be implemented under the fund’s overall $35 million project. Since 2007, Zimbabwe has battled…
HARARE – Stanbic Bank Zimbabwe (Stanbic), a unit of South African Standard Bank, says it has disbursed $800 million since 2012 to various sectors of the economy, despite indigenisation threats. The bank is one of the four foreign-owned financial institutions under pressure to comply with the country’s empowerment policy — compelling non-Zimbabwean firms to cede…
HARARE – Listed diversified resources group RioZim says it carrying out a due diligence exercise to produce an initial 150 megawatts (MW) at its Sengwa thermal power station project. Ashton Ndlovu, RioZim’s chief executive, said the group was considering various options to fund the first phase of the Sengwa power plant — targeted at producing…
HARARE – Blue chip and fast-moving consumer goods (FMCG) stocks’ demand is likely to remain high as investors hedge against election impact, analysts say. Zimbabwe is expected to hold watershed polls this year with President Robert Mugabe squaring off long-time rival Prime Minister Morgan Tsvangirai. Traditionally, the country’s elections have been violent, in turn destabilising…
