First Mutual In $1b Loss Due To External Factors

By Alois Vinga FIRST Mutual Holdings Limited (FMHL) experienced a loss totaling $1 billion due to external factors which include fair value loss on property investments and higher claims ratio. Presenting the group’s 2021 first-half report FMHL chairperson Amos Manzai said despite net investment income surging to $1,7 billion and an increase of 79% against

Dandemutande CEO Never Ncube

Dandemutande, Facebook Partner To Bring Express Wifi Service

By Alois Vinga A LOCAL technology company, Dandemutande Investments has partnered with Facebook Connectivity to launch Express Wi-Fi services in Zimbabwe. The Wi-Fi hotspot service, running under the brand, “Express Wi-Fi by Facebook”, will enable Dandemutande to deliver internet connectivity over Facebook’s feature-rich Wi-Fi management platform. It includes online voucher purchases, reseller management, network optimisation,

NSSA Dismisses Foul Play In FML Stake Disposal

By Alois Vinga NATIONAL Social Security Authority (NSSA) has dismissed allegations being levelled against it by key stakeholders that there is foul play in the disposal of its 35 % stake in First Mutual Life (FML). NSSA maintains the deal was done above board. This comes after the Zimbabwe Congress of Trade Unions (ZCTU) President, Peter

BNC Yearly Capital Expenditure Gobbles US$8,9 Million 

By Alois Vinga BINDURA Nickel Corporation (BNC) gobbled a whooping US$8,9 million on capital expenditure (CapEx) projects despite the company recording a decline in production output in a development proving that the nickel miner has long term plans in the sector. CapEx are funds spent by a firm to acquire, upgrade, and maintain physical assets

Positive Response To PSMAS Chronic Medicines Programme  

Own Correspondent PSMAS members with chronic conditions are positively responding to the call to register following the successful launch of the Chronic Medicines Programme on 1 September 2021. The programme is an initiative aimed at improving access to medications and health outcomes for PSMAS members with chronic medical conditions PSMAS is dedicated to managing chronic

Vundla Appointed Edgar’s Group CFO

By Alois Vinga SEASONED accountant, Happiness Vundla, has been appointed the Edgar’s Group Chief Finance Officer on the strength of sound qualifications and experience. In an update this week, Edgar’s board chairman, Themba Sibanda said the incoming CFO is a Chartered Accountant with over 14 years’ experience in public practice, who joined the Edgars Group 

Govt Warned Over Continued Fuel Hikes

By Alois Vinga AN economist Prosper Chitambara has warned the government against continued fuel price increases highlighting that such acts are a thorn in the flesh of current efforts to stabilise the economy. He made the remarks shortly after the Zimbabwe Energy Regulatory Authority (ZERA) increased the prices of petrol and diesel this week. In

Precious Murena-Nyika

Lafarge CEO “Fired” After 18 Months At The Helm

By Alois Vinga LISTED cement manufacturer, Lafarge Cement Zimbabwe (LACZ) chief executive (CEO), Precious Murena-Nyika has stepped down  unexpectedly amid suspicion that she has been fired. Announcing the departure Friday, the group’s board chairperson, Kumbirai Katsande said the outgoing CEO will be pursuing other interests. “After a career spanning 10 years of service, with 18 months

Zim to host 2021 Sanganai/ Hlanganani expo virtually

By Alois Vinga ZIMBABWE is set to host this year’s edition of the Sanganai / Hlanganani – World Tourism Expo virtually amid expectations to recruit more international buyers. In a statement Zimbabwe Tourism Authority (ZTA ) acting chief executive officer, Givemore Chidzidzi said the just-completed enhancements on the authority’s virtual system to include an ‘on-demand”

BAT Attributes Loss Decrease To Zim dollar Stability

By Alois Vinga LISTED cigarette manufacturer, British American Tobacco (BAT) has said the sustained Zimbabwe dollar stability has enabled the firm to record a $264,9 million loss decrease in the midst of volume increases. Presenting the company’s financial performance for the period ended June 31 2021, BAT chairman, Lovemore Manatsa hailed the policy measures implemented

First Capital Bank Declares 5 Cents Per Share Dividend

By Alois Vinga TOP financial services provider, First Capital Bank Limited Zimbabwe, has declared a 5 cents per share dividend payout which will be paid out before the end of September 2021. In a recent update, the firm’s acting company secretary, Sarudzai Binha said the payouts will be paid out within the next two weeks.

FBC chairperson Herbert Nkala

FBC Scales Up Digitalisation

By Alois Vinga LISTED financial services concern, FBC Holdings Limited has scaled up its digitalisation programmes in a bid to meet transforming customers’ needs amid good financial performance on the back of sound economic fundamentals. Presenting the group’s performance for the half-year ended June 30, 2021, FBC chairperson Herbert Nkala said the digitalisation programmes have

CBZ Bank Introduces Payday Loans

By Own Correspondent CBZ Bank has introduced an instant loan facility called Payday loan. The facility is open to CBZ clients and is disbursed within 24 hours. CBZ Bank introduced the product after realisation that clients require bridging finance to cover immediate financial emergencies. There are many reasons to get a Payday loan like an

Govt Renews Tongaat Hullet’s Licence By 20 More Years

By Alois Vinga GOVERNMENT has renewed Tongaat Hullet operations by another 20 years amid a deal to finalise granting of a 99-year lease to the company. The latest development will strengthen the project’s stability. Tongaat is one the country’s investment success stories as the company employs over 20 000 employees. The firm owns sugar cane

Stanbic chairperson Gregory Sebborn

Stanbic Defies Economic Challenges, Sustains Profit Margin

By Alois Vinga STANBIC Bank Zimbabwe Limited (Stanbic) has defied macro-economic challenges after posting a profit after tax of $1.2 billion which saw the group sustaining a profitable position since 2019. Presenting the financial performance covering the first half of 2021,  Stanbic chairperson Gregory Sebborn said the current profit margins are $100 million slightly lower

CFI Hails RBZ For Stabilising Zim Dollar  

By Alois Vinga AGRO- industrial concern, CFI holdings has hailed the Reserve Bank of Zimbabwe (RBZ) for putting in place measures aimed at reinforcing the stability of the local currency which have seen a deceleration of inflation. Presenting a trading update for the third quarter ended June 30, 2021, CFI Holdings company secretary, Panganayi Hare

NTS Performance Up 136%

By Alois Vinga   LISTED tyre manufacturer and distributor, National Tyre Services (NTS) has recorded a 136% overall volume performance on the back of increased demand and strategic planning. In a trading update for the period ended June 31 2021, the tyre manufacturer said recovery was recorded across the segments. “New tyre volumes increased significantly

Locals Urged To Tap Into Qatar’s US$25b Import Market

By Alois Vinga TRADE promotion agency, Zimtrade has called on locals to take advantage of existing direct flights to Qatar and tap into the Asian giant’s US$25, 8 billion import economy. In a latest update, Zimtrade established that Qatar is classified as a high-income country and has one of the world’s highest per capita income

Old Mutual Sets Sights On Solar To Light Up Thousands Of Homes Old Mutual Zimbabwe – a subsidiary of Old Mutual – has poured US$12.4 million (over R188 million) into solar projects around that southern African country, which will generate a combined 25 MW upon completion. The Zimbabwe economy has been struggling with high levels of inflation which remained above 56% at the last count in

Karikoga Kaseke

Karikoga Kaseke Retired As ZTA CEO

By James Muonwa THE Zimbabwe Tourism Authority (ZTA) board of directors has relieved its long-serving chief executive Karikoga Kaseke on health grounds after he suffered a stroke in 2018. Through a public notice issued Monday, ZTA advised the tourism industry and all stakeholders, Kaseke was retired from the post after a lengthy period of indisposition.