HARARE – Afrasia Kingdom Zimbabwe Limited (AfrAsia) registered a $3,3 million profit after tax in the full year to December 31, 2012, compared to $0,8 million recorded in prior comparable period. The diversified financial services group’s performance come on the back of an illiquid market as Zimbabwe is struggling to unlock lines of credit from…
HARARE – Zimbabwe’s preparations to host the United Nations World Tourism Organisation (UNWTO) assembly could be in shambles following revelations that government will not release funds towards the exercise. Finance minister Tendai Biti — who had earlier promised to allocate $6 million to finance the preparations — said government had other competing needs such as…
HARARE – Zimbabwe has earned a total $61,1 million from tobacco sales since the beginning of the 2013 marketing season a month ago, a 7,4 percent increase from $56,9 million realised same period last year. The tobacco auctions have so far sold 17 million kg of the commodity at an average $3,59 per kg, up…
HARARE – The Securities Commission of Zimbabwe (SecZim) has cancelled Renaissance Securities (Renaissance) and New Africa Securities’ (New Africa) licences for failing to raise $150 000 minimum capital. Tafadzwa Chinamo, SecZim chief executive, said following the cancellation of its licence by the commission, Renaissance has been placed under provisional liquidation. “Members of the public who…
HARARE – Government has issued 365-day Treasury Bills to the National Social Security Authority and Old Mutual (OM) to raise $40 million. Tendai Biti, Finance minister, said the move was consistent with the prescribed asset requirements for pension funds and insurance companies. The bond will be at a negotiated coupon rate of seven percent. Biti,…
HARARE – Zimbabwe earned $366,3 million from mineral exports in the first two months of the year on the back of favourable global mineral prices and stable economic conditions, Finance minister Tendai Biti has said. Presenting his February state of the economy report Biti said the earnings represented an increase of 17 percent over the…
HARARE – Econet Wireless has slashed the cost of sending money through EcoCash by as much as 34 percent, with transactions of less than a dollar now completely free. The new tariff regime is expected to accelerate growth of a service that already processes more than two million transactions per week, valued at more than…
HARARE – Zimbabwe has earned $43,4 million from the sale of 12 425 246 kg of tobacco at an average $3,49 per kg, figures from the Tobacco Industry and Marketing Board (TIMB) reveal. However, this is a marginal increase from $43,3 realised from the sale of 11 959 185 kg at an average $3,62 per…
HARARE – Zimbabwe will revisit its marketing contracts signed with platinum miners in the country in line with the indigenisation policy, Mines minister Obert Mpofu said. This comes as the government has indigenised foreign-owned platinum producers in the country, acquiring 51 percent shareholding of each under its empowerment programme. “It has come to my attention…
HARARE – Falcon Gold Zimbabwe (Falcongold), one of the country’s leading gold producers, has applied for a High Court order to bar employees from grabbing its Dalny Mine. In an urgent chamber application, Falgold is citing Mullasios Sakala and 17 others as respondents. The court heard that respondents (workers) stormed the mine, in Chakari —…
