Companies

Companies

Government seeks bidders for Air Zimbabwe privatisation

By Alois Vinga THE government has invited investors to bid for the struggling national airline, Air Zimbabwe which went into administration in October this year. Air Zimbabwe owes local and international creditors more than $300 million with the obligation forcing the airline to abandon lucrative routes such as Harare-London after its aircraft was seized some

Econet Group founder, Strive Masiyiwa

Econet to surrender Liquid Telecom equity

By Alois Vinga ECONET Group has announced that it was selling its entire 51 percent stake in Liquid Telecom in a move meant to create an independent internet services provider. In a statement, Econet Group founder, Strive Masiyiwa has said he is considering a separate listing next year for subsidiary Liquid Telecom which could be

KFC reopens in Zimbabwe after month-long economic closure

By Fin24.com HARARE: KFC reopened its outlets in the Zimbabwean capital of Harare on Friday after closing its stores about a month ago citing pressures on the Zimbabwean economy.  On Friday morning the American fast food restaurant chain posted on Facebook that it was “excited to announce that we will be reopening our restaurants across

Canada-based Caledonia buys back 15% interest in Zimbabwean gold mine

By Agencies JUNIOR resource group Caledonia Mining has signed a binding agreement to purchase Fremiro Investments’ 15% shareholding in the Blanket gold mine in Zimbabwe. The agreement comes after the parties signed a memorandum of understanding (MoU) for the acquisition of the 15% stake for $16.66m in August this year. The consideration for the stake comprises the

Former Barclays Zim unbundling non-core activities; unit to be listed separately

By Agencies FIRST Capital Bank Limited says it is unbundling its non-core banking assets into a separate entity to be listed at the local bourse, the Zimbabwe Stock Exchange. Earlier this month, Barclays Bank of Zimbabwe Limited  announced that it shall be trading as First Capital following a change of ownership two years ago. The

Patrice Motsepe

Motsepe gets the green light to buy digital bank TymeDigital

AFP SOUTH African billionaire Patrice Motsepe’s African Rainbow Capital (ARC) on Friday obtained approval from the Prudential Authority of the South African Reserve Bank to acquire a majority stake of the new digital bank, TymeDigital. In August, the black-owned financial services company, ARC, reached agreement to acquire 90 percent of TymeDigital for an undisclosed sum

Govt’s Hwange Colliery Reconstruction illegal, says company scheme chair

By Alois Vinga HWANGE Colliery Company Limited (HCCL) scheme chair, Andy Lawson says government’s recent move to place the coal mining giant under Reconstruction was a violation of the law as key stakeholders were never consulted over. This week government placed the colliery company under Reconstruction which is provided for under the Reconstruction Act. The

NRZ reintroduces Byo urban commuter train service as kombi fares surge

By Bulawayo Correspondent THE National Railways of Zimbabwe (NRZ) has re-introduced urban commuter trains in Bulawayo following the suspension of the service in 2008 due to hyperinflationary which made the venture unviable. NRZ public relations manager Nyasha Maravanyika told NewZimbabwe.com Thursday the commuter coaches will operate two services between Bulawayo Station and Esigodweni in Cowdray

Google workers walk out in global protest over harassment

AFP Hundreds of employees walked out of Google’s European headquarters in Dublin on Thursday as part of a global campaign over the US tech giant’s handling of sexual harassment that saw similar protests in London and Singapore. At Google’s Dublin campus, around 500 people walked out in chilly conditions but were reticent about speaking to

Economy blow as 3rd biggest gold producer stops operations; 2,000 workers left in limbo

By Kwekwe Correspondent THE JOBS of more than 2,000 RioZim employees were left hanging in the balance Wednesday after gold producer suspended operations at three of its mines. The company blamed foreign currency shortages for the development and has since indicated it is considering legal action against the Reserve Bank of Zimbabwe (RBZ). RioZim accuses

FOREX Shortages: Gold miners threaten to shut down, despite record production

By Fin24.com Zimbabwean gold miners reached record production levels this year but are now threatening to shut down operations as the cash-strapped Zimbabwean government has failed to avail foreign currency to cover production costs. By end of September, gold deliveries to state owned Fidelity Printers and Refiners had breached 28 tonnes, a level last seen

RBZ governor John Mangudya

Furious Rio Zim threatens to sue RBZ over foreign currency

By Staff Reporters GOLD miner Rio Zim is considering suing the Reserve Bank of Zimbabwe (RBZ) as a row over the company’s foreign currency access took a nasty turn. In an angry statement recently Rio Zim said monetary authorities had effectively broken their own rules by withholding its foreign earnings without explanation. “Therefore, in addition

Redcliff MP Lloyd Mukapiko

Govt must pay former Ziscosteel employees in US$ – says MP

By Staff Reporter THE Government must pay former Ziscosteel employees in US dollars as they risk losing out due to the collapse of the Bond Note and RTGS currencies, a parliamentarian has said. Majority-owned by the State, the company effectively stopped production at its Redcliff main base back in 2008 crippled by corruption, poor management

Workers were joined by their spouses during the strike

Explosives company ‘punishes rebel workers’ over pay protest

By Staff Reporter KWEKWE: Explosives firm GML, formerly known as Dyno Nobel, is “punishing rebel employees” who participated in a demonstration in June, workers have claimed. During the protest, workers appealed for President Emmerson Mnangagwa’s intervention in their stand-off with management over unpaid salaries. The workers were joined by their spouses at the company gates

WorldRemit platform in 20% October transfer upturn as Zim cash squeeze persists

By Business Reporter ZIMBABWE’S recent price surge, coupled with persistent cash shortages have seen citizens living in the diaspora turn to WorldRemit to send cash to their loved ones back home. This came out after the leading money transfer service reported a 20% increase in transactions sent to cash pick up locations in Zimbabwe in

Italy fines Apple, Samsung millions for slowing phones

By AFP Italy’s competition authority on Wednesday said it was fining Apple and Samsung 10 and five million euros ($11.5 and $5.7 million) respectively for the “planned obsolescence” of their smartphones. The ruling is believed to be the first against the manufacturers following accusations worldwide that they encourage operating system updates for older phones which

Chinese investors establish ceramic tile manufacturing company in Zimbabwe

By Xinhua HARARE: Chinese investors have established a ceramic tile and porcelain manufacturing company in Zimbabwe. The ground-breaking ceremony for the 120 million U.S. dollar facility was held on Monday about 40 km south of Harare, the Zimbabwean capital. The company, Sunny Yi Feng Tiles (Zimbabwe) Pvt Limited, was registered in Zimbabwe in May and

Oculus co-founder Brendan Iribe

Another top executive joins exodus from Facebook

By Associated Press SAN FRANCISCO: A co-founder of Facebook’s virtual-reality division is joining the exodus of executives to leave the company after striking it rich in lucrative sales of their startups. Oculus co-founder Brendan Iribe disclosed his decision to leave Facebook in Monday tweet, as well as a post on his Facebook page. His departure comes 2 1/2