HARARE – Stockbrokers are fighting a “lost battle” in trying to block demutualisation of the Zimbabwe Stock Exchange (ZSE), the Securities Commission of Zimbabwe (SecZim) said. Tafadzwa Chinamo, SecZim’s chief executive, said the brokers will not win the case because government technically owns the bourse through an Act of Parliament. This comes as a wrangle…
HARARE – Lifestyle Holdings Limited (Lifestyle) – formerly TN Financial Holdings Limited – plans to delist from the Zimbabwe Stock Exchange (ZSE) after failing to raise capital on the local market. The group, which recently set up TN Harlequin Luxaire International Limited (TNHLI) in Mauritius, intends to make Lifestyle a wholly-owned subsidiary of the new…
HARARE – A group of Russian investors led by tycoon Nikolay Varenko is reportedly keen on investing in loss-making Cairns Holdings Limited (Cairns), businessdaily can reveal. This comes as the Zimbabwe Stock Exchange-listed group’s judicial manager Reggie Saruchera has said the company urgently needs $700 000 in working capital and to kick-start operations. With the…
HARARE – Toronto Stock Exchange-listed New Dawn Mining Corporation (New Dawn) has amended its indigenisation compliance plan after government rejected the gold miner’s initial proposal. The Zimbabwe-focused miner submitted its first compliance plan in 2011 and since then, it has been in confidential discussions with Saviour Kasukuwere’s Indigenisation ministry and the National Indigenisation and Economic…
HARARE – New regulations making it mandatory for oil companies to sell blended petrol will help ease the country’s fuel import bill, the Zimbabwe Energy Council (Zec) says. According to Statutory Instrument (SI) 17 of 2013 published this week, fuel dealers are compelled to blend petrol with five percent of locally-produced ethanol. Zimbabwe spends $45…
HARARE – Palladium futures settled at a 17-month high in midweek, while platinum marched higher, as traders continued to sift through reports of a potential supply disruption in Zimbabwe. Palladium for March delivery, the most active contract, rose 65 cents, or 0,1 percent, to settle at $772,05 a troy ounce on the New York Mercantile…
HARARE – Netherlands-based Royal Philips Electronics (Philips) plans to reinvest in Zimbabwe, more than a decade after it left the country. Juan Van Dongen, general manager of the company’s Africa division, said they had a multi-year investment plan to significantly increase Philips’ footprint on the continent in the coming years. “We’ve had approval for a…
HARARE – Government has repossessed nearly 28 000 hectares of platinum claims from Zimbabwe Platinum Mines Limited (Zimplats), in a move Mines minister Obert Mpofu said was meant to maximise benefits from the country’s resources. In a statement yesterday, Mpofu said the takeover was immediate. “The ministry is following on the creation of real opportunity…
HARARE – Zimbabwe must diversify its economy to achieve sustainable economic growth in the medium-term, the World Bank (WB) has warned. The country has pinned its 2013 economic growth hopes on the mining sector. Nadia Piffaretti, World Bank (WB)’s senior economist, said Zimbabwe must adopt the Malaysian economic development model. The Malaysian model, considered one…
HARARE – Tourism minister Walter Mzembi says elections must be held before June to avoid disrupting the forthcoming United Nations World Tourism Organisation (UNTWO) general assembly slated for August. Zimbabwe is expected to co-host the key tourism event with Zambia in the resort town of Victoria Falls. “The timing of elections is an area that…
