HARARE – Listed mining concern RioZim Limited (RioZim) says it lost a staggering $4,5 million due to disruptions at its Masvingo-based Renco gold mine. Renco’s operations ground to a halt after what started off as a salaries and benefits strike by the mine’s workers’ wives in January, turned political with Zanu PF Chivi South MP,…
HARARE – Listed short-term insurer NicozDiamond Insurance Limited (NicozDiamond) plans to establish a Mozambique operation as part of efforts to penetrate regional markets and diversify income streams. “We are expecting our operating licence in Mozambique this year,” said Grace Muradzikwa, NicozDiamond chief executive. She said the group had done all the necessary paperwork and was…
HARARE – The Securities Commission of Zimbabwe (SecZim) says there was “selective application of the law” in dealing with Lifestyle Holdings (Lifestyle)’s delisting from the Zimbabwe Stock Exchange (ZSE). This comes as the capital markets regulator — which argues that Lifestyle did not follow due process and fully apprise shareholders of what the transaction entails…
HARARE – The Deposit Protection Corporation (DPC) says it is currently paying off 97 percent of depositors whose funds were locked up in liquidated Royal Bank (Royal). Wisdom Mandizvidza, DPC’s bank resolution manager, said over 5 000 accounts with balances that do not exceed the maximum insurable limit of $500 will be paid in full….
HARARE – Zimbabwe’s sole electricity supplier Zimbabwe Electricity Supply Authority Holdings (Zesa) will soon impose massive power cuts to meet increased demand in the forthcoming winter season. The power cuts — to affect both commercial and domestic consumers — will further cripple the country’s struggling industry, which are already battling electricity shortages among other key…
HARARE – Tobacco sales have reached $111 million six weeks after the opening of the 2013 selling season. According to figures from the Tobacco Industry and Marketing Board (Timb), a total of 31 million kg were sold during the period. This season has seen a marked improvement in service delivery with the long queues that…
HARARE – A peaceful election could help Zimbabwe attain a 9,5 percent economic growth rate in 2014, a financial advisory firm says. Market observers say the country’s economic recovery that began in 2009 following the formation of the inclusive government by long-time rivals President Robert Mugabe and Prime Minister Morgan Tsvangirai, and adoption of a…
HARARE – Indigenisation minister Savior Kasukuwere said he will meet Barclays Africa Chief Executive Officer Kennedy Bungane about plans by the lender’s local unit to sell a majority stake to black citizens by June. “We will be meeting him on Tuesday to discuss their plans and proposal with regards to the indigenisation compliance,” Kasukuwere said…
HARARE – Listed milk processor Dairibord Holdings Limited (Dairibord) says it is retaining its Malawi-based business for strategic reasons, despite the unit failing to contribute significantly to the group’s bottom line. Dairibord Malawi (DM) is currently facing viability problems due to foreign currency shortages coupled with local currency devaluation in the southern African country —…
HARARE – Cambria Africa (Cambria)’s revenue surged 48 percent to $12 million in the year to December 2012 from $8,1 million recorded prior year. The AIM-listed investments group said the performance was driven by new strategic initiatives. Cambria, formerly Lonzim, last year instigated a series of changes that included focus on its four strongest units….
