INDUSTRIALS & ENERGY

Star Africa technically insolvent

CASH-SRAPPED Star Africa Corporation is technically insolvent as its liabilities far outstrip assets.Star Africa will thus sell its investment in Botswana-based associate Tongaat Hulett and Blue Star ...

By Business Reporter | Published: 01 July 2013

INDUSTRIALS & ENERGY

Bata Shoe company to increase production by 20%

THE country's largest shoe manufacturing company, Bata, is aiming at a 20% increase in production by year end despite a shortage of raw materials, a company executive has said.The shoe manufacturer is...

By Business reporter | Published: 01 July 2013

FINANCIAL SERVICES

Metbank to introduce Europay, MasterCard and Visa

Metbank announced last week that it will introduce Zimbabwe's first certified Europay, MasterCard and Visa in collaboration with the global payments technology company, MasterCard.This will see the b...

By Business Reporter | Published: 01 July 2013

MINING & RETAIL

Edgars to open 3 Jet outlets

Listed clothing retailer Edgars Stores Limited (Edgars) plans to open three new outlets of its budget shop - Jet Stores (Jet).The group began trading under the South African Jet banner in November 20...

By Business reporter | Published: 30 June 2013

MINING & RETAIL

Hwange Colliery's equipment to be commissioned in July

Hwange Colliery Company Limited is going ahead with a strategy to recapitalise the operations as the main thrust that would meaningfully change the fortunes of the firm, acting MD Stanford Ndlovu to...

By Business reporter | Published: 01 July 2013

CONSTRUCTION & PROPERTY

PG sales in 5 months to May up 21% to $14.3 million

PG sales in the five months to May increased 21% to $14.3 million over the same period last year. CE Hillary Munyati told the AGM this afternoon that the improved performance had been achieved agains...

By finx | Published: 29 June 2013

CONSTRUCTION & PROPERTY

FBC Building Society on a major construction drive

FBC Building Society has since the beginning of this year constructed and sold a total of 68 properties, group CE John Mushayavanhu told the AGM this afternoon. The Building Society will be comm...

By Staff reporter | Published: 30 June 2013

INDUSTRIALS & ENERGY

Zimpapers acquires new printing press from India

Zimpapers has acquired a highly digitalised and more efficient printing press, Orient X-Cel, from India for $2.5 million.Zimpapers CEO Justin Mutasa told Zimpapers AGM this afternoon that the printin...

By Staff reporter | Published: 30 June 2013

TRANSPORT & TOURISM

Pioneer waiting for Unifreight purchase approval

Pioneer Corporation Africa is awaiting final approval for the Unifreight transaction which is expected in the next few weeks.Pioneer CEO Albert Ushe told the company AGM this morning that the purchase...

By Staff reporter | Published: 28 June 2013

MINING & RETAIL

GB Holdings sees increase in capacity after $1 million Dimaf funding

GB Holdings expects an increase in capacity utilisation, sales volume and an overall cost reduction after the group accessed $1 million funding from the Distresses and Marginalised Areas Fund (DIMAF)....

By finx | Published: 26 June 2013

MINING & RETAIL

Capital access and allocation risk threatens miners' future growth - E&Y

Nearly every mining operation in Zimbabwe is currently hamstrung by working capital constraints, and efforts to focus on offshore capital markets are already hurt by risk aversion, said Ernst & Yo...

By finx | Published: 26 June 2013

CONSTRUCTION & PROPERTY

Zimre's first quarter operating profit grows to $1.9 million

Zimre Holdings Limited recorded 38% growth in operating profit in the first quarter as a result of improved collections and cost control initiatives implemented by the firm, group CEO Albert Nduna ...

By Business reporter | Published: 25 June 2013

LANDS & AGRICULTURE

TSL revenue up 31%, profit up 50%

TSL Limited posted a 31% growth in revenue to $20.22 million for the six months ended 30 April 2013 from $15.38 million in the same period last year on the back of strong performance from the group's ...

By Business reporter | Published: 14 June 2013

MINING & RETAIL

OK Zimbabwe declares a final dividend

OK Zimbabwe board of directors on 7 June 2013 declared a final dividend of 0,40 cents per share payable out of the profits of the company for the year ended 3 I March 2013.The dividend will be payable...

By Mkhululi Siwela | Published: 13 June 2013

MINING & RETAIL

OK Zimbabwe continue to import most of its products

The Group continued to import most of the products sold in the stores as supplies from the local manufacturing base remained inadequate. South Africa subsists as the major source of imported products ...

By Business reporter | Published: 13 June 2013

TRANSPORT & TOURISM

RTG makes significant strides, say CE

RTG has made significant strides towards achieving its stated objectives for 2013 as adopted by the management team, CE Tendai Madziwanyika told the AGM this afternoon. "As you are aware, the com...

By Business reporter | Published: 12 June 2013

INDUSTRIALS & ENERGY

Lifestyle feeling the heat

Lifestyle Holdings Limited seems to be feeling the heat of its massive branch expansion after recently closing a number of outlets in Harare and adjacent towns. The furniture group  has over the...

By Business reporter | Published: 10 July 2013

BUSINESS NEWS

Tobacco sales surpass 2012 final output

Flue-Cured tobacco sales have now reached 146 million kilogrammes, surpassing the 2012 final output of 144,5 million kilogrammes. During the corresponding 80th day in 2012 more than 117 million kg ha...

By Staff reporter | Published: 10 July 2013

BUSINESS NEWS

Harare - Johannesburg airfares tumble by 60%

The recent introduction of daily Air Zimbabwe flights to Johannesburg using the A320 Airbus has impacted positively on the market, with airfares on the regional route falling by up to 60 percent.Oth...

By Business reporter | Published: 10 June 2013

BUSINESS NEWS

Chinese bank agrees to finance Hwange Thermal Power Station

A CHINESE bank has agreed to finance the Hwange Thermal Power Station expansion. Permanent Secretary in the Ministry of Energy and Power Development Mr Partson Mbiriri revealed this at theConfederati...

By Staff Reporter | Published: 10 June 2013

INDUSTRIALS & ENERGY

Spar Arundel evicted

INNSCOR Africa Limited has been evicted from its Arundel Spar supermarket premises after allegedly failing to abide by terms of the lease agreement.The diversified manufacturing and retail conglomera...

By Business Reporter | Published: 10 June 2013

MINING & RETAIL

Arundel Spar evicted from premises

Arundel Spar, one of Innscor's corporate stores has been evicted from the Arundel Shopping Centre premises after a long protracted wrangle (4 years) with the landlord.Last year, Eastlea SPAR which wa...

By Business reporter | Published: 10 June 2013

LANDS & AGRICULTURE

Dairibord seeks to replace outdated milk machine

Dairibord will spend $600 000 to procure a new ultra-high temperature (UHT) milk machine from Finland, which is expected to boost production capacity.Dairibord COO Themba Mutsvairo told an investors ...

By Financial Express | Published: 10 June 2013

FINANCIAL SERVICES

TN Bank changes name to Steward Bank

Econet Wireless Limited is to change the name of its banking subsidiary, TN Bank Limited, to Steward Bank Limited, sealing the transformation of the commercial bank expected to capitalise on Econet'...

By Business reporter | Published: 10 June 2013

INDUSTRIALS & ENERGY

Innscor targets 1 million loaves per day

Innscor, through its subsidiary, Bakers Inn, is targeting bread production capacity of 1 million loaves a day by 2015, group chief executive John Koumides has said. He said this after the commissio...

By Business reporter | Published: 10 June 2013

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