BUSINESS NEWS

Pension fund up by 1%

Employers and employees will pay more pension contributions to the National Social Security Authority (NSSA) after the raising of pension fund by one percent.The development, to be effected in June, ...

By Staff Reporter | Published: 10 June 2013

BUSINESS NEWS

Govt to sign agreement with Green Fuel

Government is to sign an agreement with Green Fuel this week to pave way for the issuance of a five percent mandatory blending licence.The agreement will see government owning a 51 percent share.The...

By Staff Reporter | Published: 10 June 2013

INDUSTRIALS & ENERGY

Innscor faces penalty for not giving notice of NatFoods acquisition

Innscor Africa faces a penalty from the Competition and Tariff Commission for not giving notice of its intent to acquire a majority stake in National Foods. The commission noted during a stakeholder...

By Business reporter | Published: 10 June 2013

FINANCIAL SERVICES

MBCA, Mukuru in a money transfer partnership

MBCA Bank and Mukuru.com have partnered in providing instant money transfer service to MBCA and non-MBCA customers.MBCA Bank said it is pleased to be in partnership with Mukuru.com in the provision o...

By Staff reporter | Published: 10 June 2013

FINANCIAL SERVICES

Kingdom Bank stable, says Gono

The Governor of the Reserve Bank of Zimbabwe (RBZ) Dr Gideon Gono says he is aware of the dispute between founder of Kingdom Bank, Nigel Chanakira and Spiritage Group CEO, Matthew Wazara.In a statem...

By Business reporter | Published: 10 June 2013

MINING & RETAIL

Mango to enter the Zimbabwean market

Spanish multi-national retailer Mango says it will enter the Zimbabwean market this year, among 3 other new markets. The group announced last week, that the Catalan company would enter four new mark...

By Staff reporter | Published: 10 June 2013

FINANCIAL SERVICES

AfrAsia Kingdom Bank on brink of collapse

AFRASIA Kingdom Bank has run into serious problems and is facing censure by the Reserve Bank after it emerged this week it is reeling from a massive US$21 million under-performing loan and could be...

By Business reporter | Published: 10 June 2013

INDUSTRIALS & ENERGY

Massive shakeup at Zesa

Two months after Cabinet endorsed a plan to unbundle loss making Zesa Holdings, government has made key appointments to head newly created stand-alone units, with group CEO, Josh Chifamba reportedly ...

By Staff reporter | Published: 10 June 2013

TELECOMS & TECHNOLOGY

Telecel Zimbabwe builds more base stations

MOBILE telecommunications firm, Telecel, plans to roll out an additional 120 base stations by July this year in a bid to increase population coverage and cater for demand, a senior company executive ...

By Staff reporter | Published: 10 June 2013

TRANSPORT & TOURISM

RTG working to turn around fortunes

HOSPITALITY concern, Rainbow Tourism Group (RTG) plans to increase its revenue per available room to US$44 by year-end from the US$35 recorded at the end of 2012.Despite posting a loss before tax of ...

By Staff reporter | Published: 10 June 2013

TELECOMS & TECHNOLOGY

Powertel aims for converged licences

BROADBAND provider Powertel is in negotiations with the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) as the regulator intends to begin issuing converged licences for servic...

By STaff reporter | Published: 10 June 2013

MINING & RETAIL

RioZim restructures debt

Embattled mining firm, RioZim Limited, is restructuring its expensive debt to fend off a going concern crisis after high interest rates guzzled into profits, generating a US$5,5 million net loss duri...

By Staff reporter | Published: 10 June 2013

FINANCIAL SERVICES

ABC seeks $100m

DUAL listed banking group, ABC Holdings Limited, says it plans to raise a further US$100 million in 2013 to consolidate its expanding regional operation, after injecting US$50 million through a right...

By Staff reporter | Published: 10 June 2013

LANDS & AGRICULTURE

Savanna Tobacco eyes foreign markets

Savanna Tobacco says it has conquered the Matabeleland region and has now set its eyes on foreign markets, particularly Ivory Coast and Sudan. The company's chief operating officer Tongesai Zvarav...

By Staff reporter | Published: 10 June 2013

TRANSPORT & TOURISM

NRZ introduces additional passenger trains

In a bid to accommodate increasing demand for rail services ahead of  schools opening, NRZ has introduced additional passenger train coaches.The second school term begins tomorrow.In a stateme...

By Staff Reporter | Published: 10 June 2013

LANDS & AGRICULTURE

Dairibord completes the rationalisation programme

DZLH has completed the process of rationalisation and the group resumed normal production in April, group CEO Anthony Mandiwanza told the AGM this morning. "The rationalisation programme which...

By Business reporter | Published: 10 June 2013

FINANCIAL SERVICES

Interfin Bank's curatorship period extended

Interfin Financial Services publishes an update saying that the curatorship period for Interfin Bank was extended for further 6 months up to June 30 and the bank has not been able to reopen as previ...

By Business reporter | Published: 10 June 2013

FINANCIAL SERVICES

AfrAsia Kingdom mulls jobs cuts

AfrAsia Kingdom Zimbabwe is retrenching part of its staff under a "voluntary separation exercise". The financial services group recently said it was restructuring or streamlining operations as part ...

By Business reporter | Published: 10 June 2013

MINING & RETAIL

Zimplats posts $65m profit

PLATINUM mining giant Zimplats recorded an operating profit of US$65 million for the quarter ended March 31, 2013, representing a 26 percent increase over the same period last year. Revenue for the ...

By Business Reporter | Published: 10 June 2013

FINANCIAL SERVICES

CBZ maintains forecast of 10% growth in total income

CBZ is still maintaining the forecast it made at its last analyst briefing of 10% growth in total income, group chief finance officer Never Nyemudzo told the AGM today. "We expect our balance ...

By Business reporter | Published: 10 June 2013

INDUSTRIALS & ENERGY

Phoenix likely to report a loss

Phoenix has had a tough 4-5 months and at this stage it looks like it will be making a smallish loss for the half year to April, group CEO Francis Rodrigues told the AGM this afternoon. He said...

By Business reporter | Published: 10 June 2013

TRANSPORT & TOURISM

Travel House UK - providing bookings for Air Zimbabwe

Air Zimbabwe has aligned itself to another milestone by covering all domestic routes on daily frequency, serving Johannesburg along with Bulawayo and Victoria Falls with daily flights from Harare. T...

By TravelHouseUK | Published: 10 June 2013

TRANSPORT & TOURISM

Rainbow Airlines seeks licence to fly in Zimbabwe

Rainbow Airlines has applied to the aviation licensing board seeking permission to fly within and outside Zimbabwe.Part of the latest Government Gazette published last Friday read: "Notice is hereby...

By Business reporter | Published: 10 June 2013

TRANSPORT & TOURISM

Emirates committed to offering Zim travellers 'value for money'

Emirates has emphasised its commitment to offering Zimbabwean travellers year-round competitive and value for money economy fares, with a high quality of service and experience while travelling to ...

By Own correspondent | Published: 10 June 2013

FINANCIAL SERVICES

Mukuru.com has launched a cellphone banking debit card

Mukuru.com launches the 'Mukuru Card'.Mukuru.com said it is excited to announce the launch of the Mukuru Card, a safe and secure way for you to bank with InterAfrica-Mukuru in South Africa.What is...

By Business reporter | Published: 10 June 2013

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