Business

Business

Invictus Energy doubles securities purchase plan; cites strong demand

By Agencies INVICTUS Energy (IVZ) has increased its securities purchase plan (SPP) to $4 million due to strong shareholder demand. The company initially set out in December to raise up to $2 million to assist with the funding of its 80 per cent owned and operated Cabora Bassa project in Zimbabwe. Due to high demand,

Truworths Slowly Moving Out Of The Woods

By Alois Vinga LEADING clothing manufacturer, Truworths, is slowly moving out of the woods after sales volumes recorded a positive trajectory for most of the year. Presenting the group’s financial performance recently, the company’s chief executive officer, Bhekithemba Ndebele said units sold in the last quarter had recorded a significant increase. “Units sold in the

Mthuli Ncube Yet To Release ZW$2 Billion Cottco Subsidy

By Alois Vinga FINANCE Minister, Mthuli Ncube is yet to release over ZW$2 billion subsidy to the Cottco Holdings Limited which was due last year in a development that is likely to choke the revival of cotton farming in Zimbabwe. The revelations were made by Cottco acting company secretary Jaqueline Dube as presented the company’s

RBZ Bad Money Mop Up Pushes Stocks To ZW$26,2 billion

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) efforts to mop up excess cash also known as “bad money” has pushed broad money supply stocks to ZW$26,2 billion in line with the set quarterly framework. Latest statistics from the central bank shows that as at September 30 2021, reserve money registered a quarterly growth of

Experts Decry Policy Vacuum In Zim’s Mining Sector

By Felix Matasva EXPERTS say the lack of a clear national policy that guides mining sector legislation is as a major setback in achieving sustainable development in Zimbabwe. The 2022 National budget channelled ZW$3 billion to finance the amendment of Mines and Minerals Act and operationalisation of the mining cadastre system, among other cocktail measures.

Zimbabwean Heads Africa List Of Women To Watch In Banking & Finance

The Angaza Awards WOMEN to Watch in Banking and Finance program has announced the list of Top 10 women shaping Africa’s financial services sector. The list was compiled following a 3 month entry period which saw professionals from Kenya, Côte d’Ivoire, Mauritius, Nigeria, Rwanda, South Africa, Uganda, Zambia, and Zimbabwe submit applications. Kenyan WallStreet and

Banking sector loans, advances on the rise, says central bank

iol.co.za BANKING sector loans and advances in Zimbabwe are on the increase, with foreign currency loans accounting for 32 percent of all advances, the central bank says. The non-performing loans ratio has sagged to below 1 percent. Although Zimbabwe has largely battled for currency stability, its banking sector, including units of Nedbank, Standard Bank and

Ford crosses $100 bln in market value for the first time

Ford Motor Co’s (F.N) market value breached $100 billion for the first time on Thursday, as more investors bet on the Detroit automaker’s electrification strategy. The company’s shares, which have more than doubled in value last year, were up 3.7% in afternoon trade after hitting a more than two-decade high earlier. Ford is now worth more than

Incentives Push Gold Output By 55,5%: RBZ

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has hailed the Gold Incentives Scheme (GIS) introduced by the government last year for increasing the precious mineral’s output and deliveries by 55,5%. Small-scale miners also maintained the lead in production ahead of large producers. In a statement Wednesday, the RBZ governor, John Mangudya applauded producers

Transport Minister Mhona (centre) with ZINARA board members George Manyaya, an unidentified board member, Sthengisiwe Brenda Nhliziyo, Angeline Matopodzi, and Kingston Magaya

Transport Minister Appoints Additional ZINARA Board Members

By Thandiwe Garusa TRANSPORT Minister Felix Mhona Wednesday announced the appointment of three additional members to the Zimbabwe Road National Administration (ZINARA) board. The board has now 11 members out of 12, and the remaining official is expected to be appointed soon. The appointments are with immediate effect and valid for three years. They are; Angeline Matopodzi,

Ralph Watungwa

Stanchart Senior Managers Implicated In CEO Watungwa’s “Heist”

By Alois Vinga SCORES of Stanchart senior managers have been implicated as accomplices who assisted the bank’s suspended chief executive, Ralph Watungwa in abusing the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction facility. Last week, NewZimbabwe.com unearthed that the top banker had been sent on forced leave as he faces string allegations, including disposing

Pacific Launches Two New Cigarette Brands

By Mandipa Masenyama CIGARETTE manufacturing giant Pacific Cigarette Company (PCC) has launched the Pegasus and Branson Flame cigarettes, which come in toasted and menthol variants, a move aimed at expanding and reinforcing its domain in the market. In a statement, PCC highlighted how the flagship Pacific range will now be available in other variants. The

Family Of Six Now Requires ZW$73k Per Month

By Alois Vinga A family of six now requires a whopping $72 967 to meet their basic needs, with part of the price increases being attributed to market speculation among other factors, the Consumer Council of Zimbabwe (CCZ) has revealed. The consumer rights lobby group said the increases between the periods November to December 2021

Mungoni Appointed ZBFH Group Finance Director

By Alois Vinga SEASONED accountant, Emmah Mungoni, has been appointed ZB Financial Holding Limited (ZBFHL) group finance director. The appointment is with effect from January 1, 2022. The bank’s management board said Mungoni is not new to the institution as she was elevated from another management role. “Emmah is currently the Head of Corporate Banking

Africa’s first floating gas plant arrives in Mozambique

Africa’s first floating liquified natural gas plant has arrived in Mozambique and gas production is on track to begin in the second half of the year.  The Coral South project is the first of a few planned projects which will exploit a significant gas find in the offshore Rovuma Basin. After a seven-week voyage, Africa’s

Reserve Money Surges To $28,25bn

By Newsday RESERVE money, which refers to local banks’ balances sitting with the Reserve Bank of Zimbabwe (RBZ) stood at $28,25 billion during the week ending December 24, 2021. According to RBZ data, reserve money fell by $126,89 million from the previous week’s $28,38 billion. Reserve money, also known as high-powered, base or central bank

Banks Record $2b Increase In Profits In 4 Months

By Alois Vinga THE country’s banking sector’s total profits surged by $2 billion in four months amid overall sound performance of the sector on the back of prudential supervision by the regulator, the Reserve Bank of Zimbabwe (RBZ) has revealed. The central bank’s latest quarterly report on the banking sector, covering the period up to

Gilbert Nyambabvu

Nyambabvu Joins Destiny Media As Group CEO

By Mary Taruvinga THE Executive Chairman of Destiny Media Group (DMG) Mr. Jeff Madzingo has announced the appointment of Gilbert Nyambabvu as the group chief executive. The appointment is effective from 4 January 2022. DMG incorporates Destiny Media, Destiny Events, NewZim TV, and NewZimbabwe.com with operations in both the United Kingdom and Zimbabwe. The new

CBZ Moves To Boost Stake In First Mutual

By Alois Vinga ZIMBABWE’s largest lender, CBZ Holdings Limited (CBZHL) is seeking shareholder approval in a transaction which, will increase the financier’s stake in First Mutual Holdings Limited (FMHL) to 34,45%. In a circular to shareholders this week, CBZ invited shareholders to approve the proposed acquisition of an additional 31,22% stake in FMHL currently held