HARARE – Zimbabwe Stock Exchange-listed seed producer SeedCo has reported a $9 million loss after tax in the half year to September 30, 2012 from a $1,4 million loss incurred same period prior year. The group attributed the depressed performance to reduced winter cereals planting and delayed off-take of input programmes. Revenue for the period…
HARARE – The Institute of Chartered Accountants of Zimbabwe (Icaz) will be launching a new membership category called Articled Accountant (AA) later this month. This follows wide consultations with Icaz members and other stakeholders, including carrying out studies of similar institutes around the world, the institute said. “We strongly believe in a transparent and democratic…
HARARE – Zimbabwe could miss the projected five percent economic growth target next year as Finance minister Tendai Biti’s budget does not capacitate the productive sector, economic analysts said. The analysts said Biti needs to direct expenditure towards the sector. The Treasury chief’s projected economic growth is underpinned by anticipated output improvements in the mining…
HARARE – Pretoria Portland Cement (PPC)’ s Zimbabwe unit Portland Holdings Limited (Portland) is considering investing close to $200 million in the construction of a new plant in the north eastern region, following its compliance with the country’s indigenisation law. The investment would see the cement manufacturer’s current production capacity increase from 800 000 tonnes…
HARARE – Zimbabwe cut and polished a mere 0,1 percent out of a targeted 10 percent of the total diamonds produced last year, President Robert Mugabe said. The country produced 8,5 million carats in 2011, according to statistics from the Kimberly Process. The revealing figures dampen government’s efforts to realise more from its minerals, particularly…
BULWAYO – The South African Reserve Bank (SARB), in partnership with the Reserve bank of Zimbabwe (RBZ), has embarked on a campaign in Zimbabwe to raise awareness on the recently-launched series of South African bank notes. “The campaign is aimed at educating the public about the new SA bank notes which now feature an image…
HARARE – Trust Banking Corporation (TBC) says negotiations with three potential investors to inject money to meet the central bank’s capital requirements are at an advanced stage. William Nyemba, TBC chief executive, told businessdaily that the investors were all foreign and hoped a deal would be concluded before end of December. “Local investors have no…
HARARE – Finance minister Tendai Biti’s banking reforms have attracted heavy criticism from bankers and market watchers who believe the new regulations will have negative consequences on the financial sector, particularly small banks. In his 2013 budget presentation yesterday, Biti proposed that banks pay a minimum four percent per annum interest rate on $1 000…
HARARE – Zimbabwe is expected to contribute 360 000 platinum ounces (oz) — a six percent increase from last year — to the total 5,8 million oz of global platinum production forecasted this year, refiner Johnson Matthey (JM) said in its Platinum 2012 Interim Review. The southern African country has the second- largest known platinum…
HARARE – Zimbabwe Stock Exchange (ZSE)-listed construction group Murray & Roberts Zimbabwe Limited (M&R) plans to change its name to Masimba Holdings following the successful disposal of the parent company Murray & Roberts’ 46,46 percent stake to Zumbani Capital. The deal was concluded through a special bargain on the local bourse in May, with 99…
