HARARE – A Reserve Bank of Zimbabwe (RBZ) announcement that it will “approve and facilitate” shareholding changes in AfrAsia Kingdom Zimbabwe Limited (AKZL) has raised speculation that Mauritius-based AfrAsia Bank Limited (ABL) could be planning to increase its stake in the financial group. This comes on the back of an alleged dispute between Zach Wazara’s…
HARARE – Financial services group Tetrad Holdings Limited (THL) says it is focusing on raising $500 million capital by 2015 and has no immediate plans to list on the Zimbabwe Stock Exchange (ZSE). Eugene Mlambo, THL’s chief executive, told businessdaily that it was imperative to realign and consolidate capital base before listing on the local…
HARARE – The African Development Bank (AfDB) has granted Zimbabwe a $24,7 million loan to support the country’s capacity building projects. The continental bank yesterday said the grant was targeted at improving public finance and economic management, thereby contributing to macroeconomic stability and poverty reduction. “The specific objective is to strengthen the capacity of Zimbabwe’s…
HARARE – The National Social Security Authority (Nssa) met Reserve Bank of Zimbabwe (RBZ) authorities on Monday to discuss Capital Bank Corporation Limited (CBC)’s recapitalisation initiatives, businessdaily has established. James Matiza, Nssa’s general manager, confirmed the meeting, but refused to divulge more detail. “We were at the Reserve Bank and we discussed Capital Bank,” Matiza…
HARARE – A group of local investors is reportedly eyeing a 20 percent stake in Telecel Zimbabwe (Telecel), as the battle for control of Zimbabwe’s second largest mobile operator escalates. However, Paddy Zhanda — one of the key parties linked to the consortium — has denied knowledge of the planned acquisition and said his little…
HARARE – Zimbabwe is considering forcing mines to sell all their output to the state, a new draft policy document says, promising miners they will receive “fair and transparent market prices”. The policy document proposes to do this through the state-owned Minerals Marketing Corporation of Zimbabwe. The draft report says this was part of creating…
HARARE – Zimbabwe has realised $400 million from 103 million kg of flue-cured tobacco sold since the opening of the 2013 selling season mid-February. This indicates a 29,10 percent increase from last season when a total $84 million kg worth $315 million were auctioned in the same period. This year’s tobacco prices remain competitive due…
HARARE – Finance minister Tendai Biti has threatened to undo empowerment deals signed by Indigenisation minister Savior Kasukuwere, if his Movement for Democratic Change (MDC) party wins the forthcoming elections. Biti, also MDC’s secretary general, said Kasukuwere’s controversial policy would be replaced with a broad-based empowerment model. MDC’s presidential candidate Morgan Tsvangirai squares off with…
HARARE – Zimbabwe’s fuel prices have gone down by an average of $0,08 after surging at least $0,10 following the hike of excise duty on the commodity. Petrol’s price, which had increased to as much as $1,60 per litre, has gone down to an average of $1,48 while diesel has eased to $1,34 per litre…
HARARE – A Swedish firm has filed a High Court lawsuit against Hwange Colliery Company Limited for failing to pay a 2006 debt. The company Atlas Copco Rock Drills AB, claims in court papers that it entered into an agreement with Hwange Colliery for the supply of Roc L8 Hydraulic Drill Rigs worth $2 102…
