HARARE – The Reserve Bank of Zimbabwe (RBZ) has imposed fines on exporters, accusing them of externalising up to $360 million. The regulator said some exporters were keeping their export proceeds offshore beyond the prescribed 90 days, thereby “contributing to the liquidity crunch in the market.” Zimbabwe has been experiencing liquidity challenges since the introduction…
HARARE – Pretoria Portland Cement (PPC)’s Zimbabwe unit Portland Holdings Limited (PHL) plans to double cement output to two million tonnes on completion of its $200 million plant in Mashonaland Central. The cement manufacturer on Thursday said feasibility studies on the construction of the new plant were at an advanced stage. “The new plant will…
HARARE – Econet Wireless Zimbabwe Limited (Econet) has increased its stake in TN Bank Limited (TN Bank) to 97,96 percent following a cash and share swap deal. Consequently, the mobile network operator will de-list the bank from the Zimbabwe Stock Exchange this Friday. Initially, Econet held a 45 percent stake of TN Bank’s issued ordinary…
HARARE – The Zimbabwe Iron and Steel Company (Zisco)’s — now NewZim Steel — workers have appealed to President Robert Mugabe for intervention in the recovery of their unpaid wages. The 3 500 workers, owed five years’ worth of salaries, yesterday told Parliament’s Industry and Commerce portfolio committee that their welfare had massively deteriorated, despite…
HARARE – AfrAsia Kingdom Zimbabwe Limited (AKZL) — formerly Kingdom Financial Holdings Limited — has restructured its board. The exercise follows the acquisition of a 35 percent stake in the diversified financial services group by Mauritius-based AfrAsia Bank Limited in a $9,5 million deal. Sibusisiwe Bango, AKZL’s board chairperson, said new non-executive directors appointed to…
HARARE – The European Investment Bank (EIB) will inject nearly $135 million into Zimbabwe’s Small and Medium Enterprises (SMEs) sector, which has become a major employer in the country’s economy. The sector is struggling to access lines of credit among other major challenges. This comes as an EIB team was in the country on a…
HARARE – Listed Bindura Nickel Corporation (BNC) says production at its Trojan mine has increased by 152 percent since resumption of operations last year. Its parent company, Mwana Africa (Mwana), yesterday said Trojan’s total nickel resource now stood at 114 952 tonnes, compared to 45 600 tonnes previously. Kalaa Mpinga, Mwana’s chief executive, said overall…
HARARE – ZABG Bank Limited (ZABG) has approached the National Indigenisation and Economic Empowerment Board (Nieeb) for possible funding to help it meet the Reserve Bank of Zimbabwe (RBZ)’s first phase minimum capital requirements. The bank — a brainchild of Central Bank governor Gideon Gono — is one of seven, out of 21 banks, that…
HARARE – The Zimbabwe National Roads Administration (Zinara) says it collected a total revenue of $28 million in the nine months to January 2013. Frank Chitukutuku, Zinara’s chief executive, yesterday said the revenue surpassed the $20 million collected in the full year of 2011, spurred by computerisation of systems. He said the money excluded 158…
HARARE – Zimbabwe government’s unrelenting efforts to indigenise foreign-owned banks have been received with mixed feelings. While some analysts feel the move is outrightly wrong, others believe it can be done, but tactfully. The indigenisation of foreign-owned institutions has become a contentious issue with central bank governor Gideon Gono and Indigenisation minister Saviour Kasukuwere, often…
