Business

HARARE – Tobacco processor British American Tobacco Zimbabwe (BAT) is set to launch an Employee Share Ownership Trust (Esot) as the company gears to comply with the controversial Indigenisation laws. Zimbabwe’s indigenisation and economic empowerment regulations gazetted in 2010 compel non-indigenous-owned businesses operating in the country to achieve part compliance with the law through the…

HARARE – Reckit Benkiser (RB) Zimbabwe managing director Agrippa Mandiwona (AM) spoke to businessdaily reporter Taurai Mangudhla (TM) in the side-lines of the company’s recent detergents donation to Chitungwiza Central Hospital. In this interview, Mandiwona talks about the company’s operations and future prospects in general as well as its plans to comply with the Indigenisation…

HARARE – Africa Reinsurance Corporation Limited (Afre) is poised to launch a rights issue to raise $8,631 million towards recapitalising the company and buttress itself from the impact of the liquidity crunch. SheilaLorimer, company secretary said the group’s capital raising initiative was taken after considering the state of the insurance sector and the need for…

HARARE – A Lagos High Court on Thursday dismissed Bharti Airtel application to set aside an award made in favour of Econet Wireless Limited (EWL) by an international commercial arbitration tribunal. Bharti Airtel had sort to prevent the tribunal from assessing a $3,1 billion claim by EWL, being the amount equitable as compensation and damages….

HARARE – Zimbabwe Platinum Mines (Zimplats) says it will miss all its set project deadlines due to funding constraints. This comes after the platinum miner announced last week that its decision to comply with a $33,8 million government tax bill will put pressure on its cash flows while impacting on its planned expansion. The company…

HARARE – A three year-long wage dispute between Standard Chartered Bank Zimbabwe (SCB) and its managerial workers rages on with the employees recently seeking the Labour ministry’s intervention. In a September 26 letter, SCB Managerial Employees Association (SCBMEA) lawyers, Maganga and Company, said the bank had selectively awarded employers a wage rise and in contravention…

HARARE – Cash-strapped Zesa Holdings (Zesa) says it requires $72,5 million from Treasury to increase power generation and produce about 2 000 megawatts required to meet the country’s requirements. Zimbabwe needs 2 200MW at peak times but only generates around 1 400MW while importing a significant chunk from regional power utilities. Ham Mungoshi, Zesa chief…

HARARE – Zimbabwe’s insurance sector is set for positive transformation with the introduction of the country’s first SMS-based vehicle insurance product by Zimnat Lion Insurance. The product, called insure&Go, which was unveiled to the Zimbabwean motoring public last month, gives motorists the convenience of going to a wide range of supermarkets nationwide and buying a…

HARARE – Thirty-five South African companies are expected in the country for the fourth Investment and Trade Initiative (ITI) led by the country’s trade and industry deputy minister Elizabeth Thabethe. The delegation will comprise of companies in sectors such as agriculture, agro-processing infrastructure, manufacturing, mining and mining capital equipment, as well as Information and Communication…

HARARE – Proctor and Associates says fraud has cost the world $3,5 trillion per year while business losses owing to fraud increased by 20 percent over the last 12 months. The company estimates that 75 percent of companies surveyed experienced at least one incident of fraud in the past year and that 60 percent of…