FINANCIAL SERVICES

Nicoz minorities approve buy out

Shareholders of Zimbabwe Stock Exchange (ZSE) listed short-term insurer NicozDiamond Insurance Limited (NDIL) have approved a proposal for a scheme of arrangement which will see First Mutual Holdings ...

By Staff reporter | Published: 03 July 2018

INDUSTRIALS & ENERGY

NTS recovers, back in black

National Tyre Services Limited (NTS) profit for the year to March 30, 2018 jumped 175 percent to $117 851 from a loss position of $153 919. NTS attributed the growth to the company's strategy to suppl...

By Staff reporter | Published: 03 July 2018

INDUSTRIALS & ENERGY

Starafrica eyes profitability

Struggling sugar producer Starafricacorporation (Starafrica) is eyeing a return to profitability in the near future after reducing its losses by more $2 million.The group's chairperson Joel Mutizwa sa...

By Staff reporter | Published: 02 July 2018

MINING & RETAIL

Falgold narrows loss

Zimbabwe Stock Exchange-listed gold producer, Falcon Gold (Falgold), has narrowed its losses to $1,68 million in the half year to March 31, 2018 compared to $2,4 million in the same period last year.H...

By Staff reporter | Published: 02 July 2018

FINANCIAL SERVICES

Buy from registered firms: Ipec

The Insurance Pensions Commission (Ipec) has urged the public to buy insurance products from regulated insurance institutions amid rising incidences of fake policies.Addressing members of the public a...

By Staff reporter | Published: 02 July 2018

TELECOMS & TECHNOLOGY

TelOne narrows loss to $7m in FY17

TELONE has narrowed its operating losses by 42% to $7 million in 2017, owing to cost containment and a growth in broadband revenue.In 2016, the company made a loss of $12 million.In a statement last F...

By Staff reporter | Published: 02 July 2018

TELECOMS & TECHNOLOGY

Mobile phone network operators slash data tariffs

MOBILE Network Operators (MNOs) have slashed mobile data tariffs from 12,5 cents to five cents per megabyte in compliance with a Postal and Telecommunications Regulatory Authority of Zimbabwe directiv...

By Staff reporter | Published: 02 July 2018

INDUSTRIALS & ENERGY

Govt forms new power company

GOVERNMENT has formed a new company, Hwange Electricity Supply Company (Hesco), to manage power generation under the $1,5 billion Hwange Thermal Power Station expansion project.Energy and Power Develo...

By Staff reporter | Published: 02 July 2018

MINING & RETAIL

Barcelos spends $250k on Bulawayo restaurant

RENOWNED international restaurant, Barcelos, has invested close to $250 000 in setting up its first shop in Bulawayo.The 100-seater restaurant, which is best known for its periperi chicken, will be si...

By Staff reporter | Published: 02 July 2018

MINING & RETAIL

Choppies opens 33rd branch

RETAIL chain Choppies Zimbabwe on Friday opened its 18th branch in Bulawayo, bringing to 33 the number of branches it now runs across the country.The new branch was opened at Parklands Shopping Centre...

By Staff reporter | Published: 02 July 2018

FINANCIAL SERVICES

Agribank posts $2,9m profit

AGRIBANK has recorded a profit of $2,9 million in the first five months of the year to May 31, 2018, a move that thrusts the agriculture financing institution on a path to more profits by year end.The...

By Staff reporter | Published: 02 July 2018

TELECOMS & TECHNOLOGY

TelOne accused of double dipping

Government has rapped TelOne for allegedly demanding money from schools for the provision of Internet services, yet the company was already benefiting from a grant availed by the State for the same pr...

By Staff reporter | Published: 02 July 2018

TELECOMS & TECHNOLOGY

Econet steps up Kwese iflix roll out

Econet Wireless has literally thrown all men forward and mounted an all-out attack on the market to ensure it wins an early victory in the video-on-demand game with Kwese iflix.Last Friday the company...

By Staff reporter | Published: 30 June 2018

TRANSPORT & TOURISM

CEO reassures all fastjet passengers

Fastjet - the budget African airline founded by Stelios Haji-Ioannou - reassuring all fastjet passengers, the travel industry and our partners that the company will continue to operate in a state of '...

By Staff reporter | Published: 30 June 2018

MINING & RETAIL

Chinese firm loses Zim diamonds court battle

Chinese firm Anjin Investments (Private) Limited (Anjin) has lost a Constitutional Court application in which it sought the nullification of a 2016 government directive expelling it from the diamond-r...

By Staff reporter | Published: 30 June 2018

TRANSPORT & TOURISM

$2,5 million upgrade for Cresta Oasis

Cresta Hotels is undertaking a $2,5 million refurbishment of Cresta Oasis Hotel and Apartments in Harare, gearing for an expected increase in local and international business in coming months and year...

By Staff reporter | Published: 30 June 2018

INDUSTRIALS & ENERGY

Lonmin sale its Zimbabwe business

Lonmin Plc has entered into a conditional Sale of Shares Agreement to sell its 50% interest in Petrozim Line for a gross cash consideration of $14,750,000 to the National Oil Infrastructure Company of...

By Ngoni Shenjere | Published: 29 June 2018

FINANCIAL SERVICES

Old Mutual to dispose of 34% Nedbank stake

London-based Old Mutual Plc (OMP) is set to dispose of a 34,1% of its 54% equity stake in Nedbank to come down to 19,9% in the next six months after its managed separation strategy this week.Nedbank, ...

By Staff reporter | Published: 29 June 2018

FINANCIAL SERVICES

Cash shortage to persist

Zimbabwe's liquidity challenges are set to persist until after the country's July 30 polls with financial institutions heavily exposed to political risks, an international think tank has said. Fitch G...

By Staff reporter | Published: 29 June 2018

MINING & RETAIL

Eureka Gold Mine went cheap, says UK firm

The acquisition of the Eureka Gold Mine by global mining group, Vast Resources' was an "exceptionally cheap acquisition", according to a United Kingdom-based independent research company, Equity Devel...

By Staff reporter | Published: 29 June 2018

INDUSTRIALS & ENERGY

Zanu-PF orders Proton to employ youths

ZANU-PF youths in Marondera have ordered Proton Bakeries to employ at least 100 party supporters.This was revealed by provincial youth executive member Ozin Chitani at a rally in Marondera on Wednesda...

By Staff reporter | Published: 29 June 2018

MINING & RETAIL

Blythdale Mining sues supplier for $26,000

BULAWAYO-BASED mining company, Blythdale Mining Services, has approached the High Court seeking an order compelling Kwekwe-based Sheafta Mining to reimburse it for equipment which the latter failed to...

By Staff reporter | Published: 29 June 2018

LANDS & AGRICULTURE

Sugar output to increase by 17%

Zimbabwe's sugar production is projected to increase by 17% to 460 000 metric tonnes in the 2018/19 season, mainly due to higher volumes of better quality sugarcane available for crushingDepartment of...

By Staff reporter | Published: 29 June 2018

TRANSPORT & TOURISM

FlyAfrica given 90 days to regularise status

CAAZ cracks whip on FlyAfricaThe Civil Aviation Authority of Zimbabwe (CAAZ) has given Fly Africa 90 days to sort out its operating status or risk revocation of their licence, documents at hand sugges...

By Staff reporter | Published: 29 June 2018

TRANSPORT & TOURISM

Herbert Nkala retires

Herbert Nkala has retired as chairman of African Sun Limited after more than three years at the helm, with the hospitality group expected to announce his successor in the coming days.Speaking at Afric...

By Staff reporter | Published: 29 June 2018
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