HARARE – Empowerment minister Savior Kasukuwere says he is yet to meet Barclays Africa chief executive Kennedy Bungane over indigenisation of the bank’s Zimbabwean unit. Kasukuwere — who was supposed to meet Bungane on March 26 — told businessdaily that the meeting will be rescheduled. “I could not meet up with Mr Bungane as something…
HARARE – Asset management firm Platinum Investment Managers (Platinum) has awarded excelling students from six universities in the country who participated in its Platinum University Student Challenge. In the competition — targeted at rewarding talent and brilliance amongfinance and business faculty students — scholars are invited throughtheir universities to participate in research and essay writing….
HARARE – Listed building materials manufacturer PG Industries Zimbabwe Limited (PG) has registered a third consecutive loss since dollarisation in 2009, triggering fears of the company’s imminent collapse. The group — which has a $29 million market capitalisation — recorded a net loss of $7,9 million in the year to December 2012 worsening from $5,7…
HARARE – Zimbabwe Stock Exchange-listed health care products manufacturer Medtech Holdings Limited (Medtech) is disposing its subsidiary Zimbabwe Pharmaceuticals (Zimpharm) for $1 coupled with guarantees to settle the embattled unit’s debts. Last month Medtech announced that it had accepted a firm offer from an unnamed local firm for its stake in the loss-making Zimpharm. Zimpharm’s…
HARARE – Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono says Zimbabwe is not ready yet to have its own currency. Gono — who affirmed Finance minister Tendai Biti’s position on the reintroduction of the local currency — on Tuesday said the country had to first address its burgeoning trade-deficit. The central bank chief said…
HARARE – The looming intensified power cuts in winter will knock Zimbabwe’s ailing industry, particularly manufacturing sector, to its knees, Confederation of Zimbabwe Industries (CZI) has warned. CZI said the development will also dampen industry revival efforts.This comes as Zimbabwe Electricity Distribution Company (ZETDC) — a subsidiary of Zimbabwe Electricity Supply Authority — said it…
HARARE – Newly-rebranded Allied Bank is courting potential investors to enable it to meet the central bank’s minimum capital requirements. Farai Mutamangira, the group’s chairperson, said they are currently in negotiations with two equity partners. “The bank is confident that these negotiations will be successfully concluded,” he said, adding that this will capacitate the group…
HARARE – Crocodile skin producer Padenga Holdings Limited (Padenga) remains in the red, posting a $1,2 million loss after tax in the half year to December 2012 from $2,8 million incurred in previous comparable period. The group said the depressed performance is in line with expectations given the business is seasonal. Alexander Calder, Padenga’s chairperson,…
HARARE – Kingdom Bank Limited (KBL)’s managing director Francois Molife has resigned. His resignation is with effect from March 15, 2013. AfrAsia Kingdom Zimbabwe Limited (AKZL) — KBL’s parent company — said Molife left the group’s flagship subsidiary to pursue personal interests. “Sylvester Dendere, the then deputy managing director, has been appointed acting managing director…
HARARE – Plans to set up a credit rating bureau — targeted at reducing information asymmetry between lenders and borrowers — could be slowed down by election preparations, Bankers Association of Zimbabwe (Baz) said. George Guvamatanga, Baz president, said considering the pressures to bankroll the election process, funds may not be immediately available to finance…
