Business

HARARE – Zimbabwe Stock Exchange-listed retailer OK Zimbabwe Limited (OK) has partnered EcoCash, Econet Wireless’ mobile money service. This comes after the supermarket chain — once involved in in-store banking — recently ventured into financial services after acquiring a money transfer licence. Darlington Mandivenga, Econet Services chief executive, said the rationale behind the partnership is…

HARARE – Zimbabwe is making headway in indigenising the motoring industry, with authorities insisting every foreign-owned company should be majority-owned by locals. The National Indigenisation and Economic Empowerment Board (Nieeb) — a vehicle created to implement the indigenisation programme and house assumed shares — said the motoring sector is not exempted. “The (indigenisation) Act does…

HARARE – Platinum miner Mimosa has unveiled its indigenisation plan by ceding a 51 percent stake worth $556 million to locals. By signing an agreement or term sheet — outlining the implementation of its enhanced empowerment plan — with government yesterday, the southern Zimbabwe miner complied with the country’s indigenisation law. Winston Chitando, Mimosa’s managing…

HARARE – Air Zimbabwe (Air Zim) says an International Air Transport Association (IATA) team is expected in the country next week to assess the airline’s compliance with international standards among other key aviation guidelines. The airline, which is confident it will pass the audit, was given a 90-day ultimatum in August to comply. IATA is…

HARARE – Tuli Coal (Private) Limited (Tuli) remains in limbo after the Reserve Bank of Zimbabwe (RBZ) frustrated Singaporean billionaire Sukamto Sia’s $40 million bid for the Beitbridge-based mining asset. The Asian investor, who had been introduced to the Zimbabwean market by known business broker and personal friend Wicknell Chivayo, has been waiting in the…

HARARE – Financial group Old Mutual Zimbabwe (OMZ) is reportedly mulling a pull-out from Kwanayi Kashangura’s Africom Holdings Limited, businessdaily can reveal. This comes on the back of serious boardroom squabbles, which rocked the telecommunications company last year – resulting in alleged institutional investor disgruntlement and plans to exit the group. Lillian Mbaiwa, OMZ’s group…

HARARE – Zimbabwe’s property sector needs to set up a value guide, which can act as a benchmark for real estate and building costs valuation across the board, Trust Properties (TP) says. Isaiah Chimbetete, TP’s managing director, told a recent Zimbabwe Real Estate Investment Summit that while Zimbabwean valuers evaluated property according to set and…

HARARARE – Zimbabwe’s Reserve  Bank has no current capacity to pay retrenched workers due to liquidity challenges, governor Gideon Gono has said. Last year, the Central Bank retrenched 1 450 employees as part of cost-cutting measures. The retrenchment exercise followed the institution’s discontinuation of quasi-fiscal activities it had engaged in at the height of Zimbabwe’s…

HARARE – Aim-listed resources group Mwana Africa plc (Mwana) registered a 61 percent surge in revenue to $60,7 million in the half year to September 2012‚ largely driven by a solid performance by its Zimbabwean gold producer Freda Rebecca (Freda). During the period under review, Freda realised $59,7 million from the sale of 36 335…

HARARE – The Civil Aviation Authority of Zimbabwe (Caaz) says it has invested $30 million in refurbishing Harare International Airport. The authority — responsible for regulating Zimbabwe’s airspace and managing airports — said it will invest more in other airports’ facilities to keep them in line with international standards. Zimbabwe has approximately nine airports, all…