HARARE – President Robert Mugabe’s involvement in the tobacco espionage saga has raised eyebrows after it emerged he is related to one of the alleged victims. British American Tobacco (BAT) is accused of fronting the espionage and has come under fire from Mugabe. But Savanna Tobacco (Savanna) executive chairperson Adam Molai — who is married…
HARARE – FBC Building Society says the re-introduction of paid up permanent shares (Pups) needs to be matched with a long-term source of funding to avert liquidity disparities on building societies’ balance sheets. “As the instrument gains momentum in the market, core deposits will accumulate in building societies and these can be channelled towards long…
HARARE – Zimbabwe continues to lag behind as China’s trading partner despite the country’s adoption of the “Look East” policy, a recent China-Africa Trade and Economic Relationship Annual Report 2012 has revealed. China’s top African trading partners in 2011 were Algeria, Angola, Nigeria, Egypt, the Republic of Congo, Liberia, the Democratic Republic of Congo, Morocco,…
HARARE – Bindura Nickel Corporation (BNC) — which recently restarted operations after a four-year closure — is targeting a production of 7 000 tonnes of nickel concentrate per annum spurred by higher quality grades at Trojan Mine (Trojan). Mwana Africa plc (Mwana), BNC’s parent company, yesterday released the second tranche of drilling results from Trojan,…
HARARE – National Social Security Authority (Nssa) has increased its stake in Africa First ReNaissance Corporation (Afre) to over 70 percent following the under subscription of the latter’s $8,6 million rights offer. The Zimbabwe Stock Exchange-listed Afre intended to use the proceeds from the fund raising activity to acquire investments that meet liquidity and solvency…
HARARE – Pelhams Limited (Pelhams) has appointed Middleton Chikowore as managing director following the acquisition of a 58 percent stake in the furniture retailer by Lifestyle Holdings (Lifestyle), formerly TN Financial Holdings. Chikowore, previously working for Lifestyle, has a corporate finance background and is widely regarded as Tawanda Nyambirai’s right hand man. Chikowore said the…
HARARE – President Robert Mugabe has slammed the banking sector, accusing bankers of gambling with depositors’ funds and threatened that culprits should be jailed. Mugabe said the “illicit” bankers violated depositors’ trust, a scenario that contributed to the current state of the economy and defeated the purpose of indigenisation. “Bankers who gamble with depositor’s money…
HARARE – Zimbabwe has passed a revised national housing policy targeted at addressing the surging demand for homes and facilitate financing for property development. The policy will be launched within a fortnight. The country, which has a housing backlog of over two million units, has failed to provide adequate houses to the majority of its…
HARARE – Harare Mayor Muchadeyi Masunda, a director of numerous companies, says multiple directorships are a result of firms seeking services of the same people whom they feel are competent. This comes as concern has been raised that multiple directorships compromise corporate governance while also pausing a risk of destroying skills diversity on companies’ boards….
HARARE – Diamond producer Marange Resources (Marange) plans to ramp up its production by two-fold next year as international demand for the precious mineral continues to soar. The company — 100 percent owned by the Zimbabwe Mining Development Corporation (ZMDC) — said it has grown its production from a mere 10 tonnes per hour dense…
