By Bulawayo Correspondent FINANCE Minister Mthuli Ncube has pledged to bail out cash-strapped National Railways of Zimbabwe (NRZ) after the national rail carrier has struggled to restore its yesteryear viability. Recently, NRZ board chairperson Martin Dinha revealed the parastatal needs about $2 billion to recapitalise and revive its operations. Speaking to journalists soon after touring
By Alois Vinga THE Procurement Regulatory Authority of Zimbabwe (PRAZ) had signed a Memorandum of Understanding (MoU) with the Construction Industry Federation of Zimbabwe (CIFOZ) ahead of plans to roll out massive infrastructure projects in the country. The 2019 Infrastructure Investment Plan highlights the fiscal support for infrastructural development with a marked increase in fiscal
By Business Reporter SOUTH AFRICA real estate agency, Burmain Properties, has announced the appointment of UK-based sales representative, Jeff Sango, to service the growing diaspora market. In a statement, the company said Jeff will “advise, coordinate, facilitate, guide and bring to finality real estate deals and transactions on behalf of international investors and the diaspora
By Alois Vinga LEADING hospitality group, African Sun has reported a 37 % room occupancy levels decline due to low disposable incomes, unemployment further complicated by the tight Covid-19 lockdown travel restrictions. Presenting a trading update Monday, the hotel group’s company secretary, Venon Musimbe attributed the poor performance to tight Covid-19 travel restrictions. He also
By Alois Vinga LISTED clothing retailer, Edgars Stores Limited says the obtaining exchange rate stability ushered in by the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction has prompted the increase of more credit to customers. The exchange rate instability experienced before the inception of the auction system had forced several credit giving stores to
By Robert Tapfumaneyi AUDIT obtained data on goods in transit for the period 2015 to 2018 for trucks that entered the country has shown that trucks were taking up to 586 days awaiting border clearance. Delays in clearing goods in transit had resulted in some goods being illegally offloaded into the country, Mildred Chiri said
By Alois Vinga POWERSPEED Limited is exiting the Zimbabwe Stock Exchange (ZSE) due to limited capacity to unlock capital, lack of realistic valuation representation, and high compliance costs among other issues. The leading supplier of electrical, hardware and home improvement products announced the move in a recent circular. In the circular to shareholders issued last
By Alois Vinga MINING giant, RioZim has urged its shareholders to stop exercising caution when trading the company’s shares following the clearing of outstanding debts by the Reserve Bank of Zimbabwe (RBZ) for gold deliveries. In June this year, the miner reported the central bank owed it US$2 million for gold delivered to Fidelity Printers
By Staff Reporter FORMER National Social Security Authority (NSSA) board chair Robin Vela has filed a complaint against an internationally acclaimed audit firm, BDO International through the Financial Reporting Council in the UK and the Belgian Accounting Standards Board, over its conduct in Africa. Vela also intends to sue BDO for defamation in the UK
By Staff Reporter THE government should take over the legacy debt inherited by the Postal and Telecommunication Regulatory Authority of Zimbabwe (POTRAZ) from the former Postal and Telecommunication Corporation (PTC), an official has said. POTRAZ Director General Gift Machengete said this will pave way for the effective turnaround and refocusing of the authority. He was
By Alois Vinga LEADING financial institution, FBC Bank has launched a banking application – Noku – which enables clients to access services on Whatsapp throughout the day amid the execution of a digital transformation roadmap. Speaking on the latest development Friday, the bank’s company secretary, Tichaona Mabeza revealed that the firm’s digital transformation drive was
By Robert Tapfumaneyi AUDITOR GENERAL Mildred Chiri (AG) says some mines in six named provinces in the country were using mining methods that exposed workers to fatal accidents and diseases. Chiri said in her Management of Occupational Health and Safety in Mining Operations for Mines Ministry audit report that “90% of mines visited in the
By Paidashe Mandivengerei OLDER sister to businessman and socialite, Genius ‘Ginimbi’ Kadungure on Saturday described her late brother as an ‘anointed’ businessman who had been destined to make it in life. Ginimbi died aged 36 in the early hours of Sunday. He was coming from his posh Dreams Nightclub when his Rolls Royce collided with
By Alois Vinga CEMENT manufacturing giant, Lafarge Cement Zimbabwe (LACZ) has seen sale volumes growing to levels last witnessed 17 years ago on the backdrop of exchange rate stability. Presenting the firm’s trading update this week, LACZ chairman, Kumbirayi Katsande said the performance broke an almost two decade’s record. “The business experienced a rebound in
Bloomberg Gold mining investors are putting pressure on Zimbabwe to change a law forcing producers to sell their output to the central bank, which part pays them in local currency that is worthless outside the country. That law is making it hard to raise capital for investment projects, according to B2Gold and Caledonia Mining, which
By Alois Vinga LISTED construction and associated industries firm, Masimba Holdings Limited (MHL) has completed the $236 million plus worth Skyline-Chimanimani road rehabilitation project in a development which will smoothen the swift movement of goods between the two areas. This comes just a year after the tropical Cyclone Idai left a trail of destruction in
By Alois Vinga BEVERAGES giant, Delta Corporation Limited is seeking to extend the Coca-Cola franchise to Manicaland with discussions to strike the deal almost reaching finality. Delta chairman, Canaan Dube this week revealed that negotiations were underway to extend sparkling beverages franchise. “The company is finalising discussions with the Coca-Cola Company for the extension of
By Alois Vinga ZIMBABWE Stock Exchange (ZSE) listed roofing and building materials manufacturer, Turnall Holdings, has recorded an 11 % increase in sales volumes for the third quarter of 2020 as the firm registers recovery from the restrictive Covid-19 lockdown period. Presenting a trading update, Turnall Holdings chairman, Bothwell Nyajeka credited the increase in sales
Bloomberg Bravura Holdings Ltd., owned by Nigerian billionaire Benedict Peters, has $1 billion available for the development of a platinum mine in Zimbabwe, its country manager said. The 3,000 hectare (7,413-acre) concession where it plans to dig the mine is in Selous, 80 kilometers (50 miles) south of Zimbabwe’s capital Harare and close to existing
By Alois Vinga ZIMBABWE’s largest mobile network provider, Econet Wireless Zimbabwe (EWZ) has blamed erratic power supplies as the cause the service provider is failing to provide better connectivity to its customers. Presenting the group’s performance for the year ended February 2020, EWZ chairperson James Myers said incessant power cuts had choked the group’s network
