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 – Government has issued a statutory instrument requiring high-end electricity consumers to purchase their own prepaid meters. Elton Mangoma, Energy minister, said the policy aims to speed up the implementation of the prepaid metering programme. He said power utility Zesa Holdings (Zesa) has installed 150 000 prepaid meters in both domestic and commercial premises…
HARARE – After shunning Zimbabwe during its years of hyperinflation and political strife, foreign investors are finding the southern African country increasingly attractive. The main index, up more than 25% this year, hit a record high of 191.16 on Friday and offshore investors have been strong buyers. Zimbabwe’s adoption of the dollar, a new constitution…
HARARE – Interfin Financial Services Limited (IFS) plans a deposit to equity swap deal as part of strategies to rescue its troubled flagship subsidiary Interfin Bank. If approved, the transaction could see the bank’s top depositors such as pension fund National Social Security Authority (Nssa) and tax collector Zimbabwe Revenue Authority (Zimra) emerge as shareholders…
HARARE – EgyptAir, which is returning to Zimbabwean skies in June after a nine-year absence, plans to partner struggling national airline Air Zimbabwe (AirZim). Hamdy Elghaffar, EgyptAir country general manager, said they have proposed to lease their planes to AirZim. “We have no problem in assisting Air Zimbabwe. In fact we have asked them to…
HARARE – AfrAsia Kingdom Zimbabwe Limited (AKZL) is retrenching part of its staff under a “voluntary separation exercise”, businessdaily has established. The financial services group recently said it was restructuring or streamlining operations as part of strategies to contain costs and improve efficiency. According to documents in our possession, AKZL’s acting human resources head Lawrence…
HARARE – Embattled Interfin Banking Corporation (IBC) plans to retrench nearly half of its 300 plus workforce as part of efforts to contain costs and streamline operations. The group’s curator, Peter Bailey of KPMG Chartered Accountants, confirmed the development, but could not disclose further detail. “Yes it is true (that IBC is retrenching), but I…
HARARE – Deputy Prime Minister Arthur Mutambara says Zimbabwe should embrace protectionism to facilitate revival of the country’s ailing industry. “In order to effectively pursue value addition, Zimbabweans must initially adopt a value system that embraces smart and innovative protectionism,” he said. Zimbabwe’s industry — currently operating at 44 percent capacity utilisation — has been…
HARARE – Australian Stock Exchange-listed platinum group metals producer Zimbabwe Platinum Mines Limited (Zimplats) has appointed Nyasha Zhou as chairperson. His appointment is with effect from March 1, 2013. Zhou — a former chief executive of troubled building materials manufacturer PG Industries — takes over from Zimplats’ parent company Impala Platinum Holdings (Implats)’s chief executive…
HARARE – South Africa (SA)’s fourth largest gold miner DRDGold Limited (DRDGold) says it has completed exploration in Zimbabwe and will soon commence surface mining. Niël Pretorius, DRDGold chief executive, said the miner only identified underground mining opportunities after finishing the exercise in five areas in the country and is instead focusing on surface excavation….
