By Alois Vinga FIRST Capital Bank’s (FCB) director and chairman, Sydney Mtsambiwa has reportedly been forced out of his position amid claims of involvement in the overstating of profits and assets in earnings and reports at Hippo Valley and Triangle Limited where he formerly served as Finance Director. FCB insiders who spoke to NewZimbabwe.com Business
By Staff Reporter As the year draws to a close and the festive season swings into full gear, UK based financial services firm, Expresslinks Money transfer has expressed its gratitude for the support extended to it throughout the year by their customers and various partners. In a statement, Express Links CEO Peter Pembere conveyed his
IOL Power utility Eskom has denied claims that Zimbabwe had been connecting electricity illegally. This comes after an article was published on satire website Ihlaya News, reporting that the struggling state owned entity had “just discovered that Zimbabwe had been connecting electricity illegally for years.” “To set the record straight, Eskom has neither recorded shortfalls
By Alois Vinga MASHONALAND Holdings Limited (MHL) has approved a 14 cents per share dividend payout as the obtaining economic environment continues to choke the firm’s smooth operations. Presenting details on the latest payout, MHL company secretary, Batanai Peresuh said the disbursement is in respect of ordinary shares. “Notice is hereby given that the Board
By Staff Reporter PRESIDENT Emmerson Mnangagwa’s son-in-law, Gerald Mlotshwa is one of the most powerful individuals who have been appointed to the board of Redcliff based coke making firm, ZimCoke. A lawyer by profession, Mlotshwa, who is married to one of Mnangagwa’s daughters, was also recently appointed chairperson of the Sports and Recreation Commission. Former
Fin24 Eskom’s chief operations officer, Jan Oberholzer, has confirmed to journalists that the power utility entered into contracts to supply power to Zimbabwe and Zambia – but only if it is available. The executive was responding to questions from media, following a briefing by President Cyril Ramaphosa at MegaWatt Park, on the steps being taken
By Leopold Munhende ZIMBABWE’s power supply situation has not yet been affected by an ongoing electricity crisis that has hit South Africa’s power generator, Eskom, a key supplier of the critical resource to the troubled country. The crisis in the neighbouring country has heightened fears this could have negative effects on Zimbabwe. But speaking at
By Thandiwe Garusa ZIMBABWEAN millers started receiving grain from their Grain Marketing Board (GMB) depots after the national grain agent reversed its suspension on maize sales Tuesday. This was confirmed in a statement by Grain Millers Association of Zimbabwe (GMAZ) Public Relations Manager Garikai Chaunza who described the process as cumbersome. “Millers started receiving the
Business Report South African Airways, the national airline that’s entered a form of bankruptcy protection, may only be offered 5% of the $60 million that its owed by neighboring Zimbabwe in funds from ticket sales and hasn’t been able to extract from the country. The central bank’s Monetary Policy Committee plans to “reject the majority
By Alois Vinga BINDURA Nickel Corporation Limited (BNCL) sunk US$3 million in capital expenditure after posting 47 % profits increase during the year’s first half as the mining giant pursues projects aimed at maximising productivity output. Presenting the financial results for BNC’s first six months ended September 30 2019, BNC chairman Muchadeyi Masunda said the
By Alois Vinga ZIMBABWE’S second largest local cotton firm, Southern Cotton Company (SCC) says it is holding on to cotton lint worth US$750 000 which is long overdue for exportation owing to the time-consuming process of getting export licences from government. Speaking to NewZimbabwe.com on the sidelines of a media tour in Shamva Friday, SCC
By Alois Vinga THE Commercial Bank of Zimbabwe (CBZ) has revived its accident insurance which provides cover for health and accidents ahead in the current festive season. In a statement, the banking institution said the insurance cover had been revived ahead of the season. “CBZ Insurance Operations has brought back the Holiday Accident Package which
By Alois Vinga AGRICULTURE and mining implements concern, Zimplow Holdings Limited has defied the odds which have seen most companies struggle to reward investors after approving a shareholder dividend of $3.14 per share. Company secretary, Maxwell Chinorwadza Thursday said the dividend payouts will be made before year end. “Notice is hereby given that the board
By Thandiwe Garusa INDIAN soft drinks manufacturer, Varun Beverages has employed more than 22 000 locals. Currently, Pepsi, Miranda and Mountain Dew soft drinks produced by Varun are the most trending and cheaper soft drinks on the market. Speaking at the official launch of Pepsi plant in Harare on Friday, Chairman for Varun Beverages, Ravi
UK Correspondent THE Ladies of UK (LUK), a virtual community of Ladies from Zimbabwe, held the group’s 2019 Christmas Ball at the Belfry Resort and Hotel in Sutton Coldfield, United Kingdom over the weekend. LUK this year was fundraising for the Chitungwiza Albino Children. More than 200 ladies gathered to wine and dine, dressed glamorously
By UK Correspondent THE Ladies of UK (LUK), a virtual community of Ladies from Zimbabwe, held its 2019 Christmas Ball at the Belfry Resort and Hotel in Sutton Coldfield, United Kingdom over the weekend. LUK this year was fundraising for the Chitungwiza Albino Children. Below are images of key sponsor Diaspora Funeral CEO Jeff Madzingo
By Alois Vinga MAURITIUS based FMB Capital Holdings Group (FMBCH), which runs First Capital Bank Zimbabwe, this week concluded the successful acquisition of Bank of India (Botswana) Limited (BOIB) by First Capital Bank Botswana. The decision follows a transaction by the Bank of India to diverse from certain markets outside of India, including Botswana. In
Staff Reporter Zimbabwean-born businessman, Amos Tsopotsa is set to join an exclusive group of African entrepreneurs that have entered the lucrative digital currency space. Tsopotsa and his team will be unveiling the African Digital Coin (ADC) in a few weeks’ time. The ADC$ is an Ethereum based coin (ERC20) designed to “Connect the World” with
By Alois Vinga LISTED clothing retailer, Truworths Limited’s (TL)’s Christopher Peech has retired as chairman of the board of directors and non -executive director after almost twenty years at the helm. Peech’s decision to step down comes at a time when the country is stuck in a fresh cycle of hyper-inflationary environment with Truworths shedding 68% in volumes. In an
By Alois Vinga LAFARGE Cement Zimbabwe Limited (LFZL)’s financial performance has been negatively affected by the obtaining hyper-inflationary environment, prompting a 19 % decline in cement consumption, the company’s secretary, Flora Chinhaire revealed Wednesday. In a trading update, Chinaire said the second quarter of the year was not easy for the firm. “The operating environment
