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Companies

RBZ governor John Mangudya

RBZ extends Lion MicroFinance curatorship for two months

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has extended the Lion Microfinance’s curatorship by a further two months owing to the firm’s failure to meet requirements set down. In a statement, the central bank confirmed the latest development and also extended the tenure of the curator. “Notice is hereby given that the curatorship

Mines Minister Winston Chitando

Zimbabwe steps up efforts to revitalise mining industry

Xinhua Zimbabwe President Emmerson Mnangagwa on Saturday said the country’s mining industry is expected to contribute about 12 billion U.S. dollars to the national economy by 2023 as his government steps up efforts to revitalize it. Mnangagwa made the remarks at the re-launch of Anjin Investments, a China-Zimbabwe diamond mining joint venture, in Chiadzwa diamond

Over 1000 mine workers lose jobs since lockdown onset – union

By Staff Reporter OVER 1000 workers who have been employed in the country’s mining sector have lost their jobs since the beginning of the lockdown in March. A lot of mines have either scaled down operations or have totally shut down due to operational challenges brought by the Covid-19 induced lockdown measures. “To date, over

TelOne managing director Chipo Mutasa

TelOne Commissions US$1, 5m Fibre Optic Link Project

By James Muonwa, Mashonaland West Correspondent ZIMBABWE telecoms parastatal, TelOne on Wednesday commissioned a novel fibre optic link connecting Makuti and Chirundu. The project was completed at a cost of US$1, 5 million. ICT, Posts and Courier Services minister, Jenfan Muswere officiated at the unveiling event in Makuti. The top government official said the Makuti-Chirundu

OK Zimbabwe cancels grand challenge promotion due to Covid-19

By Alois Vinga LEADING retail chain, OK Zimbabwe has cancelled its headline annual promotion, the Grand Challenge promotion due to the ongoing Covid19 pandemic lockdowns. In a statement, the group’s company secretary Margaret Munyuru said this year they could not run the biggest annual promotion, the OK Grand Challenge Jackpot Promotion, because of the disruption

Sydney Gata

Hands are clean, says corruption accused ZESA boss

By Robert Tapfumaneyi EMBATTLED ZESA board executive chair, Sydney Gata has denied allegations of corruption levelled against him, according to leaked board meeting minutes seen by NewZimbabwe.com. Gata who is on suspension, is accused of allocating himself five company vehicles for personal use, interfering with the disciplinary hearing of top executive Norah Tsomomdo, squandering millions

Delta Suffers 18% Decline In Beer Sales Due To Covid-19 Restrictions

By Alois Vinga LISTED beverages giant, Delta Corporation has suffered an 18% decline in volume sales of its flagship lager beers owing to tight selling restrictions implemented under the Covid-19 lockdown. The measures are meant to curb the spread of the deadly pandemic. However, presenting a trading update Friday, Delta Corporation’s company secretary, Alex Makamure

Strive Masiyiwa

Covid-19: Strive Masiyiwa Struggles to Sell Liquid Telecom Asset

Bloomberg THE coronavirus pandemic is hampering efforts by Zimbabwean billionaire Strive Masiyiwa to sell a stake in Africa’s largest fiber company. Masiyiwa is seeking buyers for 20% to 34% of Liquid Telecommunications Holdings Ltd. for as much as $600 million, according to four people with direct knowledge of the matter. He needs the money to repay a

Caledonia Mining To Build Solar Plant At Gold Mine In Zimbabwe 

Mining.com JERSEY-BASED Caledonia Mining (AIM: CMCL) announced that it is planning to install a solar power plant at its Blanket gold mine in Zimbabwe. In a press release, Caledonia said that to go ahead with the project it has entered into a sales agreement whose proceeds are to be used for the construction of the clean-energy

Old Mutual To Move Zimbabwe Listing As Currency War Escalates

Bloomberg News OLD MUTUAL is poised to stop trading its shares on the Zimbabwe Stock Exchange, the latest step in the government’s efforts to bring order to its chaotic foreign-exchange market. The insurer agreed to move its listing to a new bourse in the country that will only deal in foreign currency, three people with

Zim cigar venture eyes Chinese market

Xinhua Despite being a renowned tobacco producer globally, Zimbabwe is inserted in the global value chain mainly as a grower and exporter of the golden-leaf. The southern African country is the largest producer of tobacco in Africa, and the sixth producer in the world. Capitalizing on the country’s outstanding position in the tobacco industry, Zimbabwe’s

Back on the frying pan...Strive Masiyiwa

‘Mutsvangwa plotting November 2017 style coup over Econet’

By Robert Tapfumaneyi STRIVE Masiyiwa’s Econet mobile network says its existence was under threat from former President Emmerson Mnangagwa’s advisor Christopher Mutsvangwa. Mutsvangwa, according to court papers filed at the High Court by Econet, has threatened the telecoms giant with action similar to the November 2017 military coup that deposed long serving Zimbabwean leader Robert

Alrosa kicks off diamond exploration in Zimbabwe

mining.com Russia’s Alrosa (MCX:ALRS), the world’s top diamond producer by output, has begun prospecting and preliminary exploration works for deposits in Zimbabwe, as part of a partnership with the country’s Consolidated Diamond Company (ZCDC). The move is a welcome boost to the southern African nation’s attempts to expand diamond mining revenues. Zimbabwe first began allowing

Highest paid farm worker to earn US$16 amid spiralling cost of living

By Alois Vinga ZIMBABWEAN farm workers will now earn just ZWL$1 100 per month, according to recently approved salary increments for the general agricultural sector. The amount is equivalent to US$16.17 using the official exchange rate. The new wage is for the highest paid worker. Reads Statutory Instrument 168 of 2020, “It is hereby notified

Bindura Nickel Mine

BNC Warns Shareholders To Brace For Financial Loses

By Alois Vinga BINDURA Nickel Corporation (BNC) Limited has advised its shareholders to brace for a decline in the company’s financials which will see the company recording a net loss after taxation. A statement issued by the company’s management board confirmed the impending catastrophe. “The company is expecting to record a significantly reduced net profit

ICT PS Kundishora (centre) flanked by former ICT minister Kazembe Kazembe and a NetOne board member

Perm Sec Kundishora exposed in NetOne wars

By Staff Reporter ICT permanent secretary Sam Kundishora has written to President Emmerson Mnangagwa and the Zimbabwe Anti-Corruption Commission claiming his ministry was never informed of Douglas Mamvura’s appointment into the state-run telecoms firm’s board. However, It boggles the mind why the PS did not undertake his fudiciary duty to inform the board members after

Telecel’s Market Share Continues To Decline As Operational Problems Mount

By Alois Vinga ZIMBABWE’S third largest mobile telecommunications service provider, Telecel’s market share continues to decline amid worsening operational problems bedevilling the firm. A recent sector performance report published by Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) shows that Telecel was the only mobile operator to record a decline in active mobile phone subscriptions in

Zanu PF Seeks De-Listing of Old Mutual

Reuters ZIMBABWE’S ruling Zanu PF party on Tuesday recommended the de-listing of the local unit of Old Mutual, accusing investors of speculative trading in its shares and fuelling a black market for foreign exchange. The southern African nation last month suspended trade on the Zimbabwe Stock Exchange (ZSE) and banned some mobile phone-based payments to