Companies

Companies

Murowa Diamonds moves in to douse worker unrest at sub contractor’s mine over five month failure to pay wages

By Staff Reporter MUROWA Diamonds has moved in to douse flames raging at one of its sub-contractors, Capafare Investments, following a salary protest by workers who had gone five months without receiving wages. The protest resulted in at least 43 Capafare Investments employees getting fired. Murowa Diamonds said it will pay its outstanding invoices to ensure production

Invictus expands Cabora Bassa exploration licence footprint

By Reason Razao INVICTUS Energy has expanded its exploration footprint in the Cabora Bassa basin following a successful assignment agreement with the Sovereign Wealth Fund of Zimbabwe (SWFZ). Invictus is an independent upstream oil and gas company headquartered and listed on the Australian Securities Exchange with offices in Harare. The group is opening one of

Stanbic Bank facilitates import of US$400 000 goods through Africa-China facility

By Reason Razao  STANBIC Bank says it has facilitated payment of close to half a million United States dollars worth of imported products for Zimbabweans through its African-China Trade Solutions (ACTS) facility. Orders worth US$400 000 have been made with the first batch of orders expected to arrive monthend while others are under discussion. Stanbic Bank head of trade and Africa-China banking

Zim-focussed Caledonia Mining profits up 24%; says 2022 has been ‘outstanding’

By Alois Vinga CALEDONIA Mining Corporation plc has seen a 24% increase in profitability from its Blanket mine in Zimbabwe in the second quarter amid indications that the overall year’s performance will be much higher. A latest performance report by the top miner shows that the underlying earnings rose to US$17,8 million from US$140 million

Senditoo partnership with Access Forex gives clients access to 200 payout points in Zim

By Own Correspondent LONDON: International remittance company Senditoo has partnered with Access Forex to implement an infrastructure that will enable it to process cross-border transactions. Senditoo, which has a presence in several countries, has plans to expand services into the US and Canada in the coming months, having established its international headquarters in the UK,

Hippo Valley hails Govt-industry engagements; pins hopes on Tugwe Mukosi dam

By Alois Vinga LISTED sugarcane processor, Hippo Valley Estates Limited, has commended engagements between government and industry which have gone a long way to sustain the sector’s viability amid refreshed hopes to tap into the potential of the Tugwe -Mukosi Dam. The remarks come against a background where engagements in pursuit of an inclusive operating environment

SA company set to sell solar energy in Zimbabwe

By Times Live JOHANNESBURG: Matshela Energy, owned by former Eskom CEO Matshela Koko, has concluded a power purchase agreement with the Zimbabwe Electricity Transmission and Distribution Company for a solar power plant. In a statement announcing the deal, Matshela Energy MD Koko said delivering a 100MW solar power plant with 40MWh of battery storage will

Amazon workers at UK warehouse stop work to protest pay

By Associated Press LONDON: More than 700 Amazon warehouse workers in England staged a protest Thursday in a dispute over pay, in the latest sign of workplace friction stoked by Britain’s cost of living crisis and a growing discontent among employees over wage and working conditions. The GMB union said employees at the facility in

Meikles finalises disposal of Cape Grace Hotel

By Alois Vinga LISTED diversified group, Meikles Limited has finalised the disposal of Cape Grace Hotel in a development which will enable the redeployment of capital to more profitable portfolios. The hotel  was sold to Eagle Owl JNP, a company registered in Mauritius and owned by Kasada Hospitality Fund LP, an affiliate of Kasada GP

Edgars hails US$ trading policy for improving stocks assortments 

By Alois Vinga  LISTED clothing retailer, Edgar’s Stores, has hailed the prevailing foreign currency trading policy for improving stock assortments and sustaining business flow for the entire group since its inception. The policy enunciated by the Reserve Bank of Zimbabwe (RBZ) under Statutory Instrument (SI) 85 of 2020 allowed members of the public to use

Blanket Mine injects US$360 000 into Gwanda Community Share Ownership Trust 

By Alois Vinga  BLANKET Mine, a 64% subsidiary of Caledonia Mining Corporation, has injected US$360 000 dividend payment to Gwanda Community Share Ownership Trust (GCST), becoming one of the most lucrative community payback gestures in recent times. Commenting on the latest payout, Caledonia’s chief executive officer (CEO), Mark Learmonth, expressed commitment to continuously serve the

Fintech businesses inject 80% revenue to Ecocash 

By Alois Vinga  LISTED diversified technology group, Ecocash Holdings Zimbabwe Limited (EHZL), says 80% of its revenue has been injected by the Financial Technology (FinTech), signifying the impact of technology as a modern force in driving business. Presenting the group’s financial performance this week, EHZL board chairperson, Sherree Shereni, said during the period ended February

Border Timbers to escalate productivity after judicial management exit 

By Alois Vinga  LISTED timber milling and manufacturing firm, Border Timbers, is set to harness fruits of moving out of judicial management amid plans to escalate productivity across its units. This follows the cancellation of the judicial management order by the High Court after the company successfully completed its turnaround strategy. The cancellation was made

Twitter, in Musk fight, posts surprising drop in revenue

By Associated Press LONDON: Twitter reported a quarterly loss Friday and declining revenue caught Wall Street off guard with the number of people using the platform on the rise. The latest quarterly earnings figures offered a glimpse into how the social media platform has performed during a months-long negotiation with billionaire and Tesla CEO Elon

Caledonia in US$53m acquisition of Zimbabwe gold mine

By Alois Vinga CALEDONIA Mining Corporation Plc has entered an agreement to purchase Bilboes Gold Limited, a parent company which owns a lucrative gold project in Zimbabwe. The Jersey-based firm is already invested in Zimbabwe and owns the Gwanda-based Blanket Gold Mine. Market details indicate that the new mine will be acquired for a total

Stanbic Bank’s home loan facility targets diaspora community

By Alois Vinga FINANCIAL services concern, Stanbic Bank’s home loan facility is set to penetrate the diaspora market where convenient foreign currency products are set to be introduced. Stanbic Bank Head Home Loans, Bryan Mombechena said the move comes at a time when there is a need to counter local market challenges as well as

Mandiwanza leaves Dairibord after 26 years on the helm 

By Alois Vinga  ONE of Zimbabwe’s longest serving company executives, Anthony Mandiwanza has finally retired as Dairibord Zimbabwe Limited (DZL) chief executive offer after a total 26 years on the helm of the leading milk processor. The retirement is with effect from September 30, 2022. Mandiwanza joined Dairibord before Zimbabwe attained independence in 1979. “He

SeedCo blames government for increased borrowing appetite 

By Alois Vinga  LEADING seed producer, SeedCo Limited has blamed government’s delays in paying for commodities as chief among causes prompting an increased appetite for borrowing. The remarks come at a time when monetary authorities have condemned the practice by some companies which have been in the habit of borrowing to purchase foreign currency on

COTTCO anticipates increased farmer uptake, as Pfumvudza programme steps in

By Alois Vinga COTTCO Holdings Limited has anticipated increased farmer uptake for cotton in the 2022 farming season on the back of the Pfumvudza/Intwasa programme, which is set to be rolled out. Apart from erratic rains received in the last farming season, Zimbabwe had managed to spur agricultural productivity in preceding years, with some farmers