NMB rakes in US$29 million through bank charges and commission fees

By Alois Vinga THE National Merchant Bank Zimbabwe Holdings Limited (NMB) has managed to rake in US$29 million through bank charges and commission fees. According to a statement revealing the financial institution’s Condensed Audited Consolidated Results for the financial year ending December 31 2018, NMB earned US$28.5 million through commission and fee income which became

First Mutual Properties acquires RTGS$2 million worth properties

By Alois Vinga REAL estate giant, Mutual Properties (FMP) has acquired RTGS$ 2 million worth properties as the group remains focused to boost its immovable assets portfolio going forward. The entity’s chairman, Elisha Moyo revealed the details on the acquisition which have stabilised the group’s immovable assets portfolio. “In line with the Group’s strategy to

Industry Minister Mangaliso Ndlovu

Lancashire revival deal collapses

By Staff Reporter THE deal between government and a Botswana based Indian company Whinstone Enterprises to revive Lancashire Steel has collapsed. Botswana based Whinstone Enterprises, which signed a five year deal to revive moribund government owned Lancashire Steel, insists it is committed to revive the parastatal once government signed trade agreements. Government has however, argues

Metallon halts output at three Zim gold mines over debts

Bloomberg Gold producer Metallon Corp. halted output at three of its four mines in Zimbabwe because of mounting debts, as a South African newspaper reported the owner is considering selling the operations. The suspension is the latest sign of stress in the southern African nation’s gold industry, which has been hampered by a shortage of

SA mining mogul puts Zim gold mines under business rescue

Forbes Metallon Corporation, a gold mining group owned by Mzi Khumalo, one of South Africa’s most prominent mining entrepreneurs, has reportedly filed for business rescue for two of its subsidiaries, Goldfields of Mazowe Limited and Goldfields of Shamva Limited, in order to protect the companies’ assets from being seized by creditors. The Business rescue process,

File Pic: Vast Resources is moving to diamond after selling off a 25 percent stake in gold producer Pickstone Mine

Vast Resources disposes 25 percent stake in Pickstone-Peerless gold mine

By Alois Vinga   MINING conglomerate Vast Resources plc, has agreed to sell its entire 25 percent stake in Zimbabwe based Pickstone-Peerless Gold Mine in a development that will enable the mining giant to stabilise its balance sheet. In a statement released Monday, the multi- commodity resource company confirmed the development. “Vast Resources Plc has

Mines Minister Winston Chitando

ZCDC granted permission to establish special economic zone

By Alois Vinga THE Zimbabwe Consolidated Diamond Company (ZCDC) has been granted permission by government to spearhead the establishment of a Special Economic Zone (SEZs) in Mutare in a development that will see the mining giant undertaking major construction projects to expand its operations. ZCDC confirmed the latest development, which was issued under General Notice

ZAA founder Conrad Mwanza

9th Anniversary ZAA UK Nominees Out

By Business Reporter The Zimbabwe Achievers Awards UK (ZAA UK) have released the much anticipated list of nominees for the 9thAnniversary ZAA UK event set for Saturday 25 May 2019 in London at The Millennium Gloucester Hotel, London, 4-18 Harrington Gardens, Kensington, London SW7 4LH. The list features nominees from the fields of academics, business,

Old Mutual

Old Mutual registers 36 percent profit increase

By Alois Vinga THE Old Mutual group has recorded a profit increase of 36 percent in the financial year ending December 31 2018 owing to growth in total revenue, chairman Johannes Gawaxab has revealed in a statement. The increase in tax has seen a significant jump as compared to the group’s previous financial year. “Profit

Fresh trouble for Zisco

ZIMRA garnish Ziscosteel accounts, ex-workers wallow

By Staff Reporter THE Zimbabwe Revenue Authority (ZIMRA), has reportedly garnished the accounts of the former integrated steel works giant Ziscosteel. In 2017 former Ziscosteel employees started receiving part of the RTGS$38 million windfall availed by government as part of their outstanding salaries backdated to 2009 after agreeing to settle the former workers’ arrears in

Edgars projects 35 percent turnover growth

By Alois Vinga LEADING clothing retail outlet, Edgars Stores Limited has set an annual revenue turnover target of 35 percent having recorded a profit of RTGS$8 million after tax for the 52 weeks ending January 6, 2019. Addressing stakeholders Wednesday, Edgars group Managing Director, Linda Masterton said the firm posted RTGS$11 513 275.00 million in

Econet hikes call tariffs to 22 cents per minute

By Alois Vinga LEADING mobile telecoms operator, Econet Wireless has increased mobile call tariffs to 21 cents (($0.21257) per minute, up from around 16 cents while per-second charges now stand at 0.0036 cents which will come into force on the first of April. Econet’s Media Relations and Analytics Executive, Fungai Mandiveyi told that Fixed

Dairiboard chief executive officer Antony Mandiwanza

Dairiboard finally pulls out of Malawi dairy, losses cited

By Alois Vinga LISTED Zimbabwe food manufacturer, Dairiboard Holdings Limited Zimbabwe(DHLZ)  is pulling out of Malawi, it has been learnt. Anthony Mandiwanza, DHLZ chief executive, revealed that the decision to pull out of Zimbabwe’s north eastern neighbour was reached after realising that there is no capacity to internally inject fresh capital to turnaround the subsidiary.