FINANCIAL SERVICES

UK's $800k trapped in collapsed AfrAsia unit

The United Kingdom (UK) Department for International Development (DFID)'s $800 000 has been trapped in AfrAsia Zimbabwe Holdings Limited (AZHL)'s lending unit, Microking, following collapse of the fin...

MINING & RETAIL

Zim's ex-Industry minister appointed to Implats board

Zimbabwe's former Industry and International Trade minister Nkosana Moyo has been appointed to Impala Platinum Holdings (Implats) board.Implats is an 87 percent shareholder of Zimbabwe's largest plati...

INDUSTRIALS & ENERGY

Innscor challenges $2,5m CTC penalty

Listed diversified group Innscor Africa Limited (Innscor) is challenging the Competition and Tariff Commission (CTC)'s decision to fine it over $2, 5 million for unproceduraly increasing its stake in ...

FINANCIAL SERVICES

New rules for money transfer agencies

Reserve Bank of Zimbabwe (RBZ) has introduced new regulations for money transfer agencies and bureaux de change, with foreigners barred from having shareholding in the institutions.Morris Mpofu, the c...

FINANCIAL SERVICES

Investor let us down, says AfrAsia

AfrAsia Bank Limited (ABL) says its Zimbabwean banking unit, AfrAsia Bank Zimbabwe Limited (ABZL), collapsed after negotiations with an international investor fell through at the last minute.The Mauri...

LANDS & AGRICULTURE

Tobacco merchants secure $824m

Tobacco merchants have mobilised $824 million from offshore sources, in compliance with the central bank Tobacco Finance Order (TFO), Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said.He ...

FINANCIAL SERVICES

NMB snaps up 40% ZHL stake

NMB Bank Limited (NMB) has acquired a 40,16 percent stake in Zimre Holdings Limited (ZHL) after taking up nearly 82 percent unsubscribed shares in the insurance group's $15 million rights issue.The ba...

INDUSTRIALS & ENERGY

Moxon comes out 'guns blazing', plans to engage govt

Meikles Limited (Meikles) has come out "guns blazing" against the Securities Exchange Commission of Zimbabwe (SEC) over transparency issues related to Mentor Limited (Mentor), with the group threateni...

INDUSTRIALS & ENERGY

Mauritius firm snaps up 59,4% Zimplow stake

Mauritius-based Sino Properties (Proprietary) Limited (Sino Properties), is now the majority shareholder in Zimplow after snapping up a 59,4 percent stake in the agro-industrial concern.Sino Propertie...

MINING & RETAIL

Mine collapse costs Zimplats $23m

Zimbabwe Platinum Mines Limited (Zimplats) says the collapse of its Bimha Mine in August last year cost the company nearly $23 million.Alex Mhembere, Zimplats chief executive said the mine collapse re...

TELECOMS & TECHNOLOGY

Brainworks' Telecel deal reinstated

Empowerment Corporation (Private) Limited (EC)'s shareholders have unanimously agreed to restore Brainworks Capital Management (BCM)'s bid for their 40 percent share in Telecel Zimbabwe (Private) Limi...

BUSINESS NEWS

Zimra plans blitz on tax defaulters

The Zimbabwe Revenue Authority (Zimra) has threatened to "descend" heavily on all tax defaulters who ignore the granted amnesty to regularise their outstanding tax bills.Gershem Pasi, the Zimra commis...

INDUSTRIALS & ENERGY

'Damaging agendas' behind RBZ debt saga: Meikles boss

Meikles Limited  (Meikles) executive chairman John Moxon claims there are elements with "negative agendas" behind the group's saga involving its nearly $90 million debt owed by Reserve Bank of Zi...

MINING & RETAIL

Zimplats profit down 88%

Zimbabwe's largest platinum producer Zimplats profit after tax slumped by 88 percent to $3,9 million in the half year to December 2014 from $42 million recorded in prior comparable period due to depre...

TELECOMS & TECHNOLOGY

Another Telecel blow for Mutasa

Zimbabwe's High Court has dismissed businesswoman Jane Mutasa's bid to block the sale of Empowerment Corporation (Private) Limited (EC)'s 40 percent stake in Telecel Zimbabwe (Private) Limited (Telece...

MINING & RETAIL

GEM ups RioZim stake

RioZim's largest shareholder, Gem RioZim Investments Limited (GEM), has increased its shareholding in the listed mining group from 24,97 percent to 28,3 percent.This follows shareholders' approval to ...

INDUSTRIALS & ENERGY

Meikles given 7-day ultimatum

The Zimbabwe Stock Exchange (ZSE) has given Meikles Limited (Meikles) a seven-day ultimatum to "respond to issues" concerning overstatement of its $90 million debt owed by the central bank.This comes ...

INDUSTRIALS & ENERGY

ZPC mulls debt restructure

The Zimbabwe Power Company (ZPC) plans to embark on a debt restructuring exercise, with the group floating a tender seeking a "strategy consultant".The energy company - a subsidiary of power utility Z...

FINANCIAL SERVICES

AfrAsia Bank collapses

Troubled AfrAsia Bank Zimbabwe Limited (ABZL) has surrendered its banking licence after its Mauritian shareholder gave up on turning around the bank's fortunes.Apart from a Reserve Bank of Zimbabwe (R...

INDUSTRIALS & ENERGY

BAT doubles capital expenditure

Cigarette maker British American Tobacco Zimbabwe (BAT Zimbabwe) increased its capital expenditure to $2,2 million in the year to December 2014 from $1,2 million prior year.During the period under rev...

CONSTRUCTION & PROPERTY

'Zim property market remains attractive'

LamudiI, a realtor with operations in 32 countries, says Zimbabwe's property market remains attractive despite the country's deteriorating economy.Mustafa Suleimanji, the group's managing director for...

TELECOMS & TECHNOLOGY

Makamba calls off Brainworks deal

Empowerment Corporation (Private) Limited (EC) shareholders have "buried the hatchet", with company chairman James Makamba calling off a Friday extraordinary general meeting (EGM) and subsequent deal ...

100 000 tourism jobs on the line

Zimbabwe risks losing 100 000 potential jobs in the tourism industry following the introduction of 15 percent value added tax  (Vat) on foreign tourists, the Zimbabwe Council for Tourism (ZCT) ha...

LANDS & AGRICULTURE

Zim to miss 2015 tobacco target

Zimbabwe is likely to miss its 2015 tobacco target of 220 million kilogrammes due to poor weather and handling losses, Tobacco Industry and Marketing Board (TIMB) chief executive Andrew Matibiri told ...

FINANCIAL SERVICES

70% of Zimbabweans uninsured

At least 70 percent of Zimbabwe's adult population in not insured at all - be it medical aid or funeral cover - a survey has revealed.According to FinScope Consumer Survey Zimbabwe 2014 (FinScope), 68...