By Alois Vinga ZIMBABWE Stock Exchange (ZSE) listed CFI Holdings Limited has reversed the sale of one of its assets Langford Estates due to lack of shareholder approval for the deal to sail through, among other requirements. Langford Estates was sold to Fidelity Life back in 2015 in exchange for CFI’s US$18 million debt. From
By Staff Reporter VAYA Africa, a Mauritius-registered Transportation as a Service (TaaS) company, has launched an electric vehicle service in Zimbabwe as part of the company’s rollout strategy across Africa. “We are excited to launch the ‘VAYA Electric’ vehicle today as we start our journey of deploying innovative ways of harnessing clean, renewable energy to
Xinhua Zimbabwe’s leading hospitality group, African Sun Limited (ASL), has re-opened some of its hotels as the country relaxes COVID-19 lockdown to allow some sectors to resume operations. The group, in its latest trading update released on Monday, said in line with the relaxation of the lockdown measures imposed by the government, the group is
By Staff Reporter STANBIC Bank has kick-started its distribution of US$200 000 worth of equipment to health institutions across the country for use by frontline workers in the fight against the menacing Covid-19. The Standard Bank Group subsidiary pledged to purchase equipment to help fight Covid-19 in April and has now taken delivery of US$200
By Mbekezeli Ncube ZIMBABWE Consolidated Diamonds Company (ZCDC) employees have been plunged into poverty after the government-owned firm has gone for months with paying their wages. ZCDC is based in Mutare where the company is conducting mining operations in diamond rich Chiadzwa area. Workers who spoke to NewZimbabwe.com on condition of anonymity said their situation
By Alois Vinga HOTELIER, African Sun has reopened four of its hotels in the country’s major towns, taking advantage of the easing of the lockdown measures. The hotels have been closed for nearly two months as part of the country’s measures to prevent the spread of coronavirus. Presenting a trading update Tuesday, the hotel group’s
By Alois Vinga LISTED agro-industrial firm, Zimplow Holdings has recorded a 64% drop due to the effects of the Covid-19 pandemic lockdown regulations imposed by regional governments. Presenting a trading update recently, the firm’s company secretary, Max Chinorwadza bemoaned the pandemic’s impact of company fortunes. “The export business experienced a 64% drop compared to prior
By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya has reiterated the apex bank’s resolve to tighten screws on mobile money transfer service providers accused of failing to deal with rampant illicit trade on foreign currency through their platforms. Speaking to NewZimbabwe.com Monday, Mangudya said the central bank was keen on widening its
By Bulawayo Correspondent STRUGGLING National Railways of Zimbabwe (NRZ) has availed free transport for the movement of goods and commodities meant to assist in the fight against Covid-19 to every entity demanding the services. The State-run company’s public relations manager, Nyasha Maravanyika confirmed the development to NewZimbabwe.com and said the decision to provide free transport
By Matabeleland North Correspondent THE Zimbabwe Tourism Authority (ZTA) is drafting a‘destination Zimbabwe tourism recovery plan’ whose purpose will be to facilitate the recovery of the tourism sector post Covid-19. This comes as the United Nations World Tourism Organisation (UNWTO) estimates that in 2020, global international tourist arrivals could decline between 20% and 30% with international
By Alois Vinga TWO executives of mobile money transfer platform, EcoCash, face penalty charges for allegedly destabilising the country’s already fragile economy through failure to manage the system. The warning was delivered to EcoCash chief executive Natalie Jabangwe and Eddie Chibi, a director, by the Reserve Bank of Zimbabwe (RBZ) Financial Intelligence Unit acting director,
By Alois Vinga THE worsening foreign currency shortages in the country have pushed Hwange Colliery Company Limited (HCCL) to target six regional market destinations as part of the coal miner’s strategy to remain productive, and export earnings. Presenting a trading update this week, HCCL acting company secretary, Rugare Dhobbie said exports to the six countries
By Leopold Munhende TWO local banks with links to the Zimbabwe government – Agribank and the Infrastructure Development Bank of Zimbabwe (IDBZ) – were this week removed from the United States (US) sanctions list. The American Department of the Treasury announced the decision. “The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending
By Business Reporter LAFARGE Cement Zimbabwe Limited has said business volumes have declined considerably due to low demand amid the Covid-19 pandemic. The Lafarge Holcim subsidiary said the lockdown will have an inevitable impact on volumes for the second quarter in 2020. “It is projected that 2020 volumes will decline by 30% with the possibility
By Alois Vinga ZIMBABWE Stock Exchange (ZSE) listed financial unit, NMB Bank Limited says it has suspended expenditure on all projects outside its new digitised systems occasioned by the Covid-19 pandemic. The details were revealed by the NMB company secretary, Shumirai Pashapa during a trading update presentation recently. “In this time of unprecedented economic and
By Staff Reporter SOUTH Africa based Zimbabwe businessman Frank Buyanga’s companies – African Medallion Group (AMG) and Hamilton Foundation – have received praise by the Liberian embassy for landing a helping hand to Liberians, who are among different migrant groups experiencing hunger during the Covid-19 induced lockdown in the neighbouring country. Among some of the
By Staff Reporter The Zimbabwe Electricity Transmission and Distribution Company(ZETDC), a subsidiary of ZESA, has commissioned a Net Metering project that will enable customers with excess solar energy on their rooftops, small solar power plants and even bigger solar plants to sell to the national grid. Zimbabwe Energy Regulatory Authority (ZERA) Customer Services Manager, Nobert
By Staff Reporter GOVERNMENT must take lessons from Covid-19 lockdown experiences to fine tune policies meant to protect ordinary workers from apparent injustice during emergency situations. These sentiments were expressed by rights group, Centre for Natural Resources Governance (CNRG) in its assessment of workers’ rights in the mining sector during the current lockdown period. According
By Bulawayo Correspondent THE Grain Millers Association of Zimbabwe (GMAZ) has cleared one of its member firms, Blue-Ram Milling Company of any wrongdoing following accusations of unethical practices by the grain processor. Over the weekend, social media was awash with reports that Blue-Ram milling company owned by the GMAZ deputy national chair, Masimba Dzomba was
By Alois Vinga STANDARD Chartered Bank (Stanchart) says that the ongoing cash challenges experienced by the bank’s Foreign Currency Account (FCA) Nostro holders were beyond the institution’s control. Speaking to NewZimbabwe.com Business, Stanchart’s head of corporate affairs brand and marketing, Lillian Hapanyengwi said the ongoing Covid-19 induced lockdown period has negatively impacted cash imports. “Standard
