Business

Business

RBZ Governor John Mangudya

RBZ Allots US$36m Amid Notable Inflation Decline

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) Tuesday allotted US$36 million towards economic productivity amid notable inflation rates decline since the auction system’s inception last year. A trading update released at the close of trading this week shows that a total of US$31.3 million was allotted on the main auction platform. As usual, priority went

Cannan Dube

Canaan Dube Takes Over As Hippo Valley Chair

By Alois Vinga ACCOMPLISHED barrister, Canaan Dube will assume the chairmanship of the Hippo Valley management board beginning next month. He takes over from Daniel Leseja Marokane who resigned from the board after serving for three years. In a recent update, the organisation’s company secretary, Pauline Kadembo advised shareholders of the latest appointment. “Canaan is

3 TV Stations To Lose Licenses For Failing To Pay BAZ Fees

By Robert Tapfumaneyi DEPUTY Information Minister Kindness Paradza says three applicants who applied and were awarded broadcasting licenses last year are struggling to pay for their licence fees. Last November, the Broadcasting Authority of Zimbabwe (BAZ) awarded six free-to-air national commercial television broadcasting licenses. The six new entrants are; Jester Media Services trading as 3K

Twitter To Set Africa HQ In Ghana

BBC TWITTER delivered a surprise for Africa when it said it was establishing a regional headquarters in the West African nation of Ghana, triggering vigorous debate about the business environment for technology start-ups across the continent. For the social media giant, its decision was based on shared values – Ghana supports “free speech, online freedom,

CBZ Group CEO Blessing Mudavanhu

Digitisation Forces CBZ To Retrench

By Alois Vinga LISTED financial services group, CBZ Holdings Limited has notified workers its intention to retrench due to the ongoing migration of its systems to digital platforms. A copy of a circular addressed to all the employees dated April 24 2021 and co-signed by the bank’s group chief executive, Blessing Mudavanhu and chief human

Gold Output Down 30% In First Quarter

Reuters HARARE: Zimbabwe’s gold production fell 30% to 3.98 tonnes in the first quarter of this year, while export earnings from the yellow metal also declined, central bank data showed Friday. The Reserve Bank of Zimbabwe (RBZ) did not give a reason for the decline, but small-scale miners who produce half of the mineral say

ASL chairperson Alex Makamure

African Sun Commences Integration Of Dawn Properties

By Alois Vinga LEADING hotelier, African Sun Limited (ASL) has commenced the integration of Dawn Properties Limited (DPL) following the recent acquisition of the entity’s controlling stake. Last year the acquisition of the entire issued ordinary shares of DPL was approved for an issuance of the African Sun Limited ordinary shares listed on the Zimbabwe

ZITF Grounds

2021 Zimbabwe International Trade Fair Set For July

By Leopold Munhende PRESIDENT Emmerson Mnangagwa has given the green light for the annual Zimbabwe International Trade Fair (ZITF) this year in Bulawayo. In 2020, the event was cancelled due to the Covid-19 pandemic and lockdown. The fair brings together captains of industry, farmers, entrepreneurs including local and international investors. It will be held from

RBZ governor John Mangudya

Foreign Currency Demand Increases On The RBZ Auction

By Alois Vinga THE demand for foreign currency continues to increase on the Reserve Bank of Zimbabwe auction with the number of bids sustaining an upward trend in the last three weeks. In the first week of April, a total 397 bids were submitted by companies intending to purchase foreign currency from the platform. Out

Tendai Biti

Listed Companies Defy Biti’s Pessimism Over RBZ Auction

By Alois Vinga LISTED companies reporting their latest financials have effectively defied claims made by former finance minister, Tendai Biti the Reserve Bank of Zimbabwe foreign exchange auction system was a rigged platform. Biti is on record as saying the system which was launched in June 2020 was a charade set to implode once all

GetBucks Granted Authorised Dealership Licence

By Alois Vinga LISTED microfinance bank, GetBucks has been granted an Authorised Dealership Licence enabling the entity to fully participate in the international banking segment. Presenting the financial performance for the full year ended December 31 2021, the group’s chairman, Rungano Mbire described the development as exciting. “The Microfinance Bank was granted an Authorised Dealership

Meikles Unbundles Tanganda Tea Company

By Alois Vinga DIVERSIFIED retail and hospitality group, Meikles Limited has tabled plans to unbundle its tea farming concern, Tanganda Tea Company. In an update, the group’s company secretary, Thabani Mpofu advised shareholders and the investing public of the impending transaction. “The Board is engaged in discussions and is considering various proposals which, if implemented,

RBZ governor John Mangudya

Bank Fines, Suspensions Weighed By Zim For Currency Gouging

Staff Reporter GOVERNMENT is considering punishing some local banking institutions and some other local firms for what the authorities feel was profiteering off the hard currency it makes available at auctions. Also set to be penalised are some telecommunications firms. Media has reported that lenders could face fines and suspensions, while companies that charge a

Ciaran-McSharry

First Capital Bank Launches WhatsApp Banking Chatbot

By Alois Vinga LEADING financial services provider, First Capital Bank has launched Alisa, a WhatsApp Banking Chatbot, taking their first step in the use of Artificial Intelligence comprising machine learning and cognitive computing technologies to provide customers and clients with various banking services. The mobile banking application brings peace of mind with its unique privacy

Bulawayo Business Freeze Amid Crippling CBD Power Cut

By Bulawayo Correspondent THE Bulawayo City Centre has been experiencing a crippling power blackout since Monday, a development which has seriously affected business in the city. The Zimbabwe Electricity Supply Authority (ZESA) has attributed the power outage to a fault caused by a power surge which occurred Monday evening. The power surge has also affected

ZNCC Slams Forex Auction Beneficiaries Demanding Higher Premiums

By Alois Vinga THE Zimbabwe National Chamber of Commerce (ZNCC) has slammed local businesses for circumventing official exchange rates through pricing goods and services at premiums higher than the stipulated rates when they were major beneficiaries of the auction system. The Reserve Bank of Zimbabwe (RBZ) last year incepted the Foreign Exchange Auction system which

RBZ Auction Allots US$32.9m To Boost Industrial Production

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) foreign exchange auction Tuesday allotted US$32.9 million with a bias towards boosting economic industrial productivity. A trading update released at the close of FX41/2021 shows that the main auction disqualified 49 bids and accepted 267 with the highest rate reaching a high of $87 and a low

Govt Seeks New Investors For ZISCO

Reuters ZIMBABWE’S state-controlled iron and steel company ZISCO has invited new investors to help revive operations at the company that has been the target of interest from Indian and Chinese investors in the past, a company document seen by Reuters showed. Essar Africa Holdings, a unit of India’s Essar Group, agreed to invest up to

President Mnangagwa

Mnangagwa Warns Of Crackdown On Financial Sector

Staff Reporter PRESIDENT Emmerson Mnangagwa has threatened to crack the whip against errant players within the country’s financial services sector amid concerns the unscrupulous firms were benefiting at the expense of cittizens. Government spokesperson Nick Mangwana wrote on his twitter that the national leader will stop at nothing to punish the culprits. “There are sharks