HARARE – Stanbic Bank has surpassed the new Reserve Bank of Zimbabwe’s (RBZ) phased recapitalisation requirements by recording capital of $35,7 million as at half-year to June 30. According to the RBZ, all banks are expected to have at least 25 percent of the new prescribed levels for its class by December this year, 50…
HARARE – Lafarge Cement Zimbabwe says it plans to invest an additional $4,5 million in plant expansion by year-end in order to double its production capacity to one million tonnes. “So far we have invested $1,6 million in expansion and we will be putting in another $4,5 million by year end,” said managing director Johnathan…
HARARE – A diverse product portfolio with modern standards is a key asset in the property market, but remains short of guaranteeing the best results without a quality client base. For a country like Zimbabwe, still recovering from a decade of hyper inflation and economic stagnation, tenants who are able to meet their obligations on…
HARARE – South African gold producer DRDGold has expressed satisfaction with its ongoing exploration drilling programme in the country. The Johannesburg Securities Exchange-listed miner with a secondary listing in the Nasdaq Capital Market operates 50 percent joint venture with Chizim Investments in an early-stage gold exploration project on Zimbabwe’s greenstone belt. DRDGold chief executive Niël…
HARARE – People’s Own Saving Bank (POSB) has reported an 11 percent increase in total deposits to $57,6 million for the half-year, while total assets rose 12 percent to $73,1 million. The banking concern however, said despite country growth prospects remaining positive, they will likely be lowered than originally projected due to the continued liquidity…
HARARE – Agribank says talks over the disposal of government’s 49 percent stake in the banking concern to private investors were ongoing and at an advanced stage. “The government has commenced the privatisation of Agribank and is currently in progress in accordance with the Cabinet approval of May 2011. Under the privatisation programme, government will…
HARARE – Tobacco production in Zimbabwe might take a hit as a result of global smoke reduction strategies and the recent anti-tobacco marketing bans adopted by several countries. Countries such as Australia and New Zealand have already adopted anti-tobacco marketing bans and packaging cigarettes in drab boxes devoid of branding with neighbouring South Africa already…
BULAWAYO – Bulawayo-based clothing giant At Ready Wholesalers, trading as Power Sales, says it’s facing viability challenges putting its more than 300 workforce at risk. Power Sales people support executive Fanuel Mahachi, said the company was reducing its workforce to cut operational costs. “The prevailing economic conditions coupled with some landlords cancelling our lease agreements…
HARARE – Trust Holdings flagship, Trust Bank, posted a $2,18 million loss for the half year ended June 30 2012 as a result of an extensive branch rebuilding exercise and roll out programme that it underwent to resume operations. Trust Holdings chief executive William Nyemba said the majority of its launched branches had now turned…
HARARE – Zimbabwe trade promotion body, ZimTrade, says the country is quickly de-industrialising and government must come up with policies to help revive local industries. Despite an ephemeral rebound in 2009, capacity utilisation in the manufacturing sector is on the decline as companies continue to be choked by liquidity challenges affecting the economy. An estimated…
