FINANCIAL SERVICES

ZB posts $2,5 million profit

ZB Financial Holdings Limited has recorded an after tax profit of $2,5 million for the half year ended June 30 representing a 168 percent increase compared to the comparative period the previous year....

By Business reporter | Published: 23 August 2013

MINING & RETAIL

'Mining to anchor economic growth,' says Mugabe

THE mining sector is poised to lead the country's economic growth over the next few years as the industry holds huge potential for development, President Mugabe said.In his inauguration speech at the ...

By Business reporter | Published: 23 August 2013

TRANSPORT & TOURISM

RTG suspends retrenchment exercise

Rainbow Tourism Group (RTG) has suspended its retrenchment exercise after coming out of the woods, posting a $105 000 profit after tax in the half year to June 2013 from a $3,2 million loss incurred i...

By Business reporter | Published: 23 August 2013

MINING & RETAIL

DRDGold selling its Zimbabwe assets

DRDGOLD Limited, South Africa's fourth largest gold miner, has received expression of interest from potential acquirers of its Zimbabwean assets.DRDGold is selling its Zimbabwean exploration projects ...

By Business reporter | Published: 23 August 2013

FINANCIAL SERVICES

Banks stand to lose $73 million

Zimbabwe's banks stand to collectively lose $73 million as a result of the Memorandum of Understanding between Bankers Association of Zimbabwe and the RBZ which effected a slash on bank charges and t...

By Business reporter | Published: 23 August 2013

MINING & RETAIL

Setback for Meikles' mining sector foray

Meikles Africa Ltd's bid to venture into the mining sector could suffer a major setback after a plan to take over a resource group hit a brick wall amid concerns directors of the group's partners ...

By Business reporter | Published: 23 August 2013

FINANCIAL SERVICES

IDC contemplates banking role

The Industrial Development Corporation, a commercial arm of government, is contemplating changing its business model from a venture capital company to a development financial institution. Venture capi...

By Business reporter | Published: 23 August 2013

INDUSTRIALS & ENERGY

Zesa debt balloons

A few months after Zesa Holdings cleared a massive $100 million debt owed to Mozambique's Hydro Cahora Bassa, investigations this week shows that the debt is on the rise again. Zesa offices Bulawayo s...

By Business reporter | Published: 23 August 2013

TELECOMS & TECHNOLOGY

Liquid appointed UNWTO 'connectivity provider'

Liquid Telecoms Zimbabwe has been appointed the official connectivity provider for the forthcoming United Nations World Tourism Organisation general assembly. In preparation for the general assembly, ...

By Business reporter | Published: 23 August 2013

MINING & RETAIL

Impala likely to pass on dividend

Impala Platinum, an 87% shareholder in Zimplats, may pass on the final dividend when it announces its year-end results, scheduled for August 29 - a development that would restrict returns to sharehold...

By Business reporter | Published: 23 August 2013

CONSTRUCTION & PROPERTY

Turnall reports half-year loss

ZIMBABWE Stock Exchange-listed manufacturing concern Turnall Holdings has reported an after-tax loss of $111 875 for the six months to June compared with a profit of $874 118 recorded during the same ...

By Business Reporter | Published: 23 August 2013

MINING & RETAIL

RioZim to resume operations at its Cam & Motor mine

ZIMBABWE Stock Exchange-listed mining company RioZim is set to resume operations at its Cam & Motor mine in the second quarter of next year.The Kadoma based mine, once the country's biggest produc...

By Business reporter | Published: 22 August 2013

INDUSTRIALS & ENERGY

$500m needed to increase Hwange Power Station's lifespan

The Zimbabwe Power Company says it requires $500 million to extend the lifespan of Hwange Power station's aged plant by at least 25 years.In a power generation status update released yesterday, the co...

By Business reporter | Published: 22 August 2013

FINANCIAL SERVICES

FBC Holdings negotiating $10 million line of credit

FBC Holdings is negotiating for a $10 million line of credit with an offshore investor to be repaid over 10 years, chief executive Mr John Mushayavanhu said.The line of credit is being facilitated by ...

By Business reporter | Published: 22 August 2013

TELECOMS & TECHNOLOGY

'Potraz has no business in operational areas,' says Econet chief

Mobile telecommunications giant, Econet Wireless, says statutory regulator, the Post and Telecommunications Regulatory Authority, has no business in operational areas and needs to confine itself to be...

By Staff reporter | Published: 22 August 2013

TELECOMS & TECHNOLOGY

TelOne debt collection blitz targets to recover $50 million

TelOne, the country's fixed line operator is aiming to recover $50 million by year end through a debt collection campaign that started early this week.The company's chief executive Mrs Chipo Mtasa sai...

By Business reporter | Published: 22 August 2013

TELECOMS & TECHNOLOGY

Telecel opens new branch in Victoria Falls

Telecel Zimbabwe today (Wednesday) officially opened its new branch in Victoria Falls, just two days before the United Nations World Tourism Organisation general assembly opens in the resort town.The ...

By Mike Hamilton | Published: 21 August 2013

TELECOMS & TECHNOLOGY

Potraz tells Econet to apply for tariff cut

The Post and Telecommunications Regulation Authority of Zimbabwe(Potraz) has told Econet to apply for permission to run the promotion in which they slashed tariffs by 60%.Potraz says that the promoti...

By Business reporter | Published: 21 August 2013

MINING & RETAIL

Lower deflation boosts TM Supermarkets

Turnover at Pick n Pay's Zimbabwean joint venture TM Supermarkets grew by 5% during the quarter to the end of June as the supermarket chain continues to boost its presence in the country by adding mor...

By Business reporter | Published: 21 August 2013

TRANSPORT & TOURISM

UNWTO maiden ship cruise to be launched

United Nations World Tourism Organisation brand ambassadors together with captains of the tourism and hospitality industry are set to be treated to a maiden cruise on the Zambezi Trader that will be l...

By Business reporter | Published: 21 August 2013

FINANCIAL SERVICES

FBC in $8.3 million profit

FBC recorded a 20 percent increase in after tax profit to $8.3 million during the financial period ending June 30, 2013 as it continues to be well placed to exploit the new business environment.The pr...

By Business reporter | Published: 21 August 2013

TRANSPORT & TOURISM

Good times roll at RTG

Rainbow Tourism Group's growth strategy, which includes cost reduction and boosting of revenue, has begun paying dividends with the group achieving a 4 percent growth in revenue to $13,2 million durin...

By Business reporter | Published: 21 August 2013

INDUSTRIALS & ENERGY

Zimbabwe govt urged to invest in power

Industrialists have called upon the government to make substantial investments in power generation and the adoption of renewable energy to boost industrial capacity utilisation.The call for the invest...

By Business reporter | Published: 21 August 2013

TELECOMS & TECHNOLOGY

Econet launches LTE services in Zimbabwe

Econet Wireless's fairly new Chief Commercial and Customer Services Officer, Stan Henning announced today that Econet's LTE (commonly referred to as 4G) service has been officially switched on and ...

By Business reporter | Published: 21 August 2013

TRANSPORT & TOURISM

Promotions boost Air Zimbabwe

NATIONAL CARRIER Air Zimbabwe says its passenger patronage per flight is set to increase to between 90 and 95% courtesy of its on-going promotion which has seen a reduction in airfares by more than ha...

By Business reporter | Published: 21 August 2013

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