HARARE – The Insurance Council of Zimbabwe (ICZ) says proposed capital levels for insurance companies by the Insurance and Pensions Commission (Ipec) are too high. “ICZ is in agreement with Ipec that the current levels of capital for short-term insurers is too low. The market needs strong well-capitalised companies. They however, consider that the level…
HARARE – Zimplow chief executive officer Zondi Kumwenda has taken over reigns at Tractive Power Holdings (TPH) as group chief executive following its acquisition of a 57,21 percent controlling stake in the company. Kumwenda take over from Charles Nyambuya who steps aside having been with the diversified concern for a period spanning 24 years with…
HARARE – The Zimbabwe Australia Business Council (ZABC) says Zimbabwe needs to aggressively market itself to the international community to attract meaningful investment while creating a market for its products. “Zimbabwe has an opportunity to set up local manufacturing industries on the products we may have a competitive advantage. “If you look at mining for…
HARARE – The country’s largest mobile money transfer by registered users, EcoCash, has transacted over $300 million since its inception last year, the businessdaily said. “EcoCash moves millions of dollars every day from urban to rural areas helping to revitalise rural businesses and increase economic activity throughout the country,” said Econet Wireless group chief executive…
HARARE – Zimbabwe’s biggest telecommunications firm Econet Wireless reported a 6,8 percent surge in half-year earnings to $78 million, driven by subscriber growth following a $63,1 million investment to expand its mobile phone network. Douglas Mboweni, Econet chief executive told analysts that the growth was necessitated by accelerated penetration of fibre broadband infrastructure and continued…
HARARE – Economist Erich Bloch says Bulawayo has potential to regain its industrial hub status, owing to existence of vast mineral resources and the city’s strategic positioning for trade. “Currently, there is a tendency among people to despair and say that Bulawayo is dying because a larger percentage of companies are closing down. “Though we…
HARARE – Economic Planning secretary Desire Sibanda says there is need for stakeholders in the economy to synchronise policies for the 2013 National Budget in order to meet the Medium Term Plan (MTP) targets and objectives. “We need to come up with policies which can be considered for the 2013 National Budget. “National policy…
HARARE – KLM Royal Dutch Airlines (KLM) and Mozambique Airlines (Lam) are next week set to resume flights to Harare, bringing increased competition to the country’s skies. The two airlines will bring to 14, international carriers servicing the Harare route. KLM makes a comeback with a direct flight after a 13-year absence. The carrier will…
HARARE – Local industry players say the economy requires extensive capital inflows to underpin nationwide recapitalisation and position the economy on a sustainable recovery platform. Zimbabwe’s manufacturing sector, which requires an estimated $2 billion to operate at full capacity, is being hampered by challenges including short-term financing systems, low product demand, machine breakdowns, high costs…
HARARE – Empowerment minister Saviour Kasukuwere says Masawara plc’s acquisition of BP & Shell Marketing Services (BPSMS)’s local assets was unequivocally approved after the company had created a share trust for it’s employees. The view, enunciated in acting Indigenisation secretary Emmanuel Ngwarati’s opposing affidavit, comes as Shingai Mutasa’s company faces renewed legal troubles from a…
