HARARE – Zimbabwe Stock Exchange-listed cable manufacturer Cafca’s revenue went up 25 percent to $23,1 million in the year to September 30, 2012 from $18,5 million registered in the nine months to September last year. Operating profit increased by 19 percent to $2,4 million. The group changed its financial year get it in line with…
HARARE – The Zimbabwe Stock Exchange (ZSE)’s turnover closed the month of October at $37,9 million down from the year-to-date peak of $65 million registered in June. The equities market’s turnover opened the year at $55,7 million, but closed the first quarter ended March 2012 down to $32 million, according to statistics from the ZSE….
HARARE – The South African government has committed to assisting Zimbabwe in successfully hosting the forthcoming United Nations World Tourism Organisation (UNWTO) General Assembly, the country’s trade minister Elizabeth Thabethe said. Zimbabwe is co-hosting the event, set for August 2013 in the resort town of Victoria Falls, with Zambia. In an interview in Bulawayo, Thabethe…
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…
HARARE – Government’s revised Distressed Industries and Marginalised Areas Fund (Dimaf) will also bail out companies under judicial management, the Fund advisor Eric Bloch said. This follows consultations between government and banks involved as the companies, which were described as “dead” by Finance minister Tendai Biti, were not considered as beneficiaries of the bailout package….
HARARE – ZIMBABWE’S policy to control interest rates and bank charges will result in increased financial exclusion as most banks will snub smaller depositors, said Kingdom Bank Limited (Kingdom) — a major player in the country’s financial sector. A fortnight ago, Finance minister Tendai Biti barred banks from levying charges on deposits of $800 and…
HARARE – Troubled Genesis Investment Bank (Genesis) is in liquidation selling off its properties to pay off creditors and depositors. The institution voluntarily surrendered its license to the Reserve Bank of Zimbabwe (RBZ) in June after failing to secure an investor. At its closure, Genesis had $4 600 in its Real Time Gross Settlement (RTGS)…
HARARE – Zimbabwe Stock Exchange-listed furniture retailer Pelhams Limited (Pelhams) says it plans to further improve its credit terms to boost sales. This comes as a greater part of most retailers’ sales are credit-driven as majority of Zimbabweans’ disposable incomes remain depressed. The prevailing liquidity crisis has also worsened the situation. Isaiah Mukudu, Pelhams chief…
HARARE – While Zimbabwean motorists complain that Easipark parking fees are exorbitant at one dollar per hour — translating to approximately $168 per month — someone is paying a hefty $640 000 to buy a parking space. The price might sound like a steal, but in the Asian financial capital of Hong Kong, with the…
HARARE – Community share ownership trusts are benefitting a few already-rich individuals at the expense of the poor citizens, leading independent Economist Erich Bloch says. “We need a constructive indigenisation and empowerment law. What we do not want is to seize ownership of a company, enriching a few, while the rest are impoverished,” Bloch said…
