HARARE – New Dawn Mining Corporation (New Dawn) has raised over $2 million through a private placement. The gold producer intends to spend the money on buying ordinary shares in its Zimbabwean subsidiary Falcon Gold (Falgold). The share buy-back is expected to facilitate implementation of the company’s proposed indigenisation plan. Last month, New Dawn received…
HARARE – Zimbabwe is set to achieve its inflation target of below five percent despite the recent upswing in the year-to-year rate for October to 3,38 percent, but must implement measures to avoid “imported inflation” economic analysts say. The country is a major importer as its manufacturing sector remains depressed. Inflation, which has been contained…
HARARE – Diversified group Meikles Limited is courting an international investor to help spruce up its hotels ahead of the United Nations World Tourism Organisation (Unwto) general assembly to be co-hosted by Zimbabwe and Zambia next year. Local tourism stakeholders are set to benefit immensely from the event, expected to attract more than 5 000…
HARARE – Zimbabwe has been ranked third out of the top four African nations with the highest cases of fraud, according to global audit group KPMG’s Africa Fraud Barometer. In the Barometer, KPMG said findings revealed South Africa has the highest number of fraud cases closely followed by Nigeria, Zimbabwe and Kenya in fourth position….
HARARE – OK Zimbabwe Limited (OK) has ventured into financial services following its acquisition of a money transfer licence. The Zimbabwe Stock Exchange-listed supermarket chain — once involved in in-store banking — is making headway in broadening its revenue streams. “Work in this area is expected to contribute to earnings in the last quarter of…
HARARE – Zimbabwe, currently grappling a massive power crisis, is tipped to take advantage of the funding and investment opportunities presented by the African Energy Indaba to be held next year in South Africa. The Africa Energy Indaba, adopted by the World Energy Council (Wec) as its African regional event, receives global recognition as the…
HARARE – Zimbabwe Stock Exchange (ZSE)’s turnover went up 391 percent to $3,757 million on Wednesday, its highest daily turnover since the beginning of November, the bourse said. Total transaction value jumped to $3,757 million on 6,310 million shares from $764 727 on 17,10 million shares that traded the previous day. “Significant deals were recorded…
HARARE – Approximately $1 million is needed to implement recommendations on Zimbabwe’s competition laws and policy in the next three years, Industry and Commerce deputy minister Mike Bimha said. The recommendations were drafted by the Peer Review of Competition Law and Policy, a tripartite group including Tanzania, Zambia and Zimbabwe. Bimha told a stakeholders’ seminar…
HARARE – Mines minister Obert Mpofu has vowed to continue selling Zimbabwe’s controversial diamonds whether or not the restrictive measures imposed on the gems are lifted. Zimbabwean diamond mining companies were slapped with trade restriction measures by the United States of America and other Western countries, shortly after the country had complied with the Kimberly…
HARARE – Zimbabwe’s out-dated Companies Act needs to be amended to bring it in line with international standards and best practices, industry and business leaders say. The amendments would also improve the country’s business environment, they said. The current Companies Act was enacted in 1953 in the then Rhodesia to cater for a few established…
