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...

FINANCIAL SERVICES

Banks' profits in massive surge

Zimbabwean banks recorded a combined profit of $52, 8 million in the year to December 2014, up 1 453 percent from $3, 4 million recorded in prior comparable period, central bank statistics revealed.Jo...

MINING & RETAIL

Zim mine collapse hits Implats earnings

Impala Platinum Holdings (Implats) - the world's second-largest platinum producer - has projected lower earnings for the half year to December 2014 due to disruptions caused by the collapse of its Zim...

MINING & RETAIL

Fidelity, ZMDC in gold venture

Reserve Bank of Zimbabwe (RBZ) subsidiary Fidelity Printers and Refiners (Fidelity) is set to partner the Zimbabwe Mining Development Corporation (ZMDC) in the establishment of a gold mining venture.J...

TELECOMS & TECHNOLOGY

'Bust Telecel needs $300m'

Zimbabwe's third largest telecommunications company, Telecel, is "technically insolvent" and needs about $300 million to stay afloat, businessdaily has learnt.This is at least according to information...

LANDS & AGRICULTURE

Tobacco season opens in March

Zimbabwe's 2015 tobacco selling season will officially open next month amid concerns of a poor crop production due to heavy rains that pounded the country in January.Traditionally, the season official...

FINANCIAL SERVICES

RBZ urges banks to lower charges

The Reserve Bank of Zimbabwe (RBZ) has implored financial institutions to lower bank charges and peg new accounts opening at $5 as a way of promoting financial inclusion in the country.John Mangudya, ...