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Desperate govt lures more foreign investors, Iran eyes business in Zim

The Islamic Republic of Iran will assist small to medium scale enterprises as they play a significant role in economic development, Iranian Ambassador to Zimbabwe Mohammad Amin Nejad at the Harare...Read more

Desperate govt lures more foreign investors, Iran eyes business in Zim

30 October 2014 | 957 Views
The Islamic Republic of Iran will assist small to medium scale enterprises as they play a significant role in economic development, Iranian Ambassador to Zimbabwe Mohammad Amin Nejad at the Harare...

by Business Reporter

Econet acquires TN Medical

30 October 2014 | 1403 Views
Econet Wireless Zimbabwe Limited has wholly acquired TN Medical-owned by the group's former chairman Tawanda Nyambirai for undisclosed amount. This comes as Econet last year took over Nyam...

by Staff reporter

Fly Africa to battle SAA on Zimbabwe route with cheaper deals

29 October 2014 | 3603 Views
Fly Africa, a low-cost carrier based in Zimbabwe, plans to compete with South African Airways on the Harare-Johannesburg route next month by luring passengers with cheaper deals."For that...

by Bloomberg

South African mayor promises to resuscitate Bulawayo industry

29 October 2014 | 2845 Views
SOUTH Africa's eThekwini Municipality mayor James Nxumalo has pledged to assist Bulawayo revive its crumbling industrial zone saying the city has vast potential for growth.Speaking at a recept...

by Business Reporter

Zimbabwe banking sector stable, but unsafe

28 October 2014 | 1207 Views
Zimbabwe's banking sector remains stable despite systemic risks posed by struggling banks, but the Central Bank must strengthen supervision of financial institutions, an analyst says.This come...

by Staff reporter

Lobels resuscitates Byo industry, creates jobs

28 October 2014 | 4039 Views
LOBELS Zimbabwe has acquired a new production line which will increase bread production by 50 percent to 150 000 loaves per day, in Bulawayo and 42 percent to 340 000 loaves per day, a development set...

by Staff Reporter

NMB CEO resigns due to ill health

27 October 2014 | 3698 Views
The Board of Directors of NMBZ Holdings has announced that Mr James A. Mushore will step down as Chief Executive Officer and Director of NMBZ Holdings and NMB Bank due to ill health, effective 31 Octo...

by Staff reporter

Zimbabwean economy now drifting on autopilot

24 October 2014 | 2764 Views
AS First Lady Grace Mugabe seems to have taken over the running of the state and government behind the scenes while President Robert Mugabe looks to have lost control to his rabble-rousing wife, the e...

by Staff reporter

One wallet posts massive loss as Ecocash flourishes

24 October 2014 | 2143 Views
Government owned mobile phone operator NetOne generated a paltry US$1 194 in revenue from its mobile banking platform One Wallet for the year ending December 31 2012 after investing close to a qua...

by Staff reporter

Zimbabwean Hotels 20% cheaper

24 October 2014 | 2059 Views
Local hotel rates are 20% cheaper than other hospitality facilities in the region, African Sun chief executive Shingi Munyeza said. Munyeza said that despite market perception that the rat...

by Staff reporter

Econet to relaunch Ecolife

24 October 2014 | 1694 Views
Econet Wireless will reintroduce its mobile phone based insurance service Ecolife, scrapped two years back after a contractual dispute with the service's software providers, to counter competition...

by Staff reporter

Econet upgrades its call centre

23 October 2014 | 1895 Views
Econet Wireless Zimbabwe has spent $2,5 million for the upgrading of a new contact centre which has increased capacity to over 400%. The new platform will enable Econet contact centre ope...

by Staff reporter

Mobile operators ordered to reduce high tariffs

23 October 2014 | 3034 Views
LOCAL Mobile operators have been ordered to reduce voice tariffs from 23 cents per minute to 15 cents with effect from December 1, 2014.The directive the Postal and Telecommunications Regu...

by Business reporter

Wrong Ndebele spellings in Coca-Cola Ads

22 October 2014 | 6274 Views
After launching its "Share a Coke With a Friend" promotion, Delta Beverages lurched into a public relations nightmare as some consumers accused it of wrongly spelling Ndebele names on its products....

by Staff Reporter

Telecel boss Dr Makamba faces axe

22 October 2014 | 4970 Views
CURRENT Telecel Zimbabwe chairman James Makamba faces an ouster from his chairperson position after one of the company's shareholders - Zimbabwe National Miners Association - filed a High Court applic...

by Court Reporter

Cops accused of being too slow in CMED fraud case

21 October 2014 | 1976 Views
Police have been accussed of being too slow in arresting known perpetrators after CMED lost US$2,7 million allegedly lost through fraud said advocate Ashton Musunga of Musunga.However, Police ...

by Staff Reporter

Econet buys Telecel

20 October 2014 | 8373 Views
Econet Wireless Global (EWG) has acquired the assets of Russian global telecoms operator, Vimpelcom, in the Eastern and Central African countries of Burundi and Central African Republic.E...

by Staff reporter

NRZ employees in trouble over ZW$932 900

20 October 2014 | 2463 Views
TWO National Railways of Zimbabwe (NRZ) employees are in trouble over more than ZW$932 900 which they allegedly defrauded a former employee who was being compensated every month after he incurred...

by Court reporter

Kingdom bank crisis continues as people spend nights for $50

20 October 2014 | 2717 Views
SCORES of people have set up camp at AfrAsia Bank (formerly Kingdom), where they are spending nights in queues hoping they could withdraw as little as $50 the following day, in scenes reminiscent ...

by Business reporter

French and Belgian government 'frustrated with Britain and EU over Zimbabwe'

19 October 2014 | 3370 Views
French and Belgian government officials apparently want to normalise relations with Zimbabwe but are being hindered by the European Union.The French, in particular, have expressed frustration ...

by Staff Reporter

AfrAsia bosses hint at $10million cash injection to ease woes

19 October 2014 | 1632 Views
AfrAsia bosses were in Zimbabwe last week and indicated that a US$10 million cash injection will be made into the lender in the short term to try and ease the problems faced by the Mauritian-based par...

by Staff Reporter

Buyanga buys Cell funeral assurance

17 October 2014 | 3062 Views
Controversial businessman Frank Buyanga has reportedly acquired Cell Funeral Assurance Company (Cell Funeral), Business Live reported. While Cell Funeral general manager Paidemoyo Mahundi ...

by Staff reporter

TM order to pay $2,390 back pay to its underpaid managers

16 October 2014 | 2630 Views
TM Supermarket has lost an appeal at the High Court after it unsuccessfully sought the court to set aside of an arbitration which compelled it to pay three of its managers a total of $2,390 each being...

by Staff Reporter

Tastic cooking sauces and rice products recalled from shops

16 October 2014 | 4633 Views
Johannesburg - Tiger Brands has recalled some of its cooking sauces and rice products after tests found traces of potentially carcinogenic ingredients, the food company said on Thursday.Af...

by Reuters

Women in Business Indaba for Gwanda

16 October 2014 | 1583 Views
THE Women Alliance of Business Associations in Zimbabwe (WABAZ) which has been embarking on "Town Hall" meetings across the country finally makes its way to the Matabeleland South Capital Gwanda t...

by Business Reporter

AfrAsia boss visits Zimbabwe

16 October 2014 | 1894 Views
AfrAsia Bank Mauritius CE James Benoit was recently in Zimbabwe to firm up discussions on the hunt for a new managing director for AfrAsia Bank Zimbabwe and strategies to solve the banking unit's...

by Staff reporter

RBZ repays raided bank accounts

16 October 2014 | 2197 Views
The RBZ has issued $300 million worth of Treasury Bills to local banks to compensate companies whose foreign currency accounts it raided during the hyperinflationary era. The move is mean...

by Staff reporter

MBCA to become Nedbank

16 October 2014 | 3099 Views
MBCA Bank, a unit of South Africa's Nedbank group, is next year change its name to Nedbank Zimbabwe. Nedbank, the fourth largest bank in South Africa by market capitalisation and customer ...

by Staff reporter

RBZ relaxes exchange controls to stimulate FDIs

15 October 2014 | 1343 Views
The RBZ has relaxed foreign exchange regulations as part of measures to stimulate foreign direct investment. Kupukile Mlambo, RBZ deputy governor said the central bank now allows foreign i...

by Staff reporter

Air Zimbabwe eyes fleet modernization

14 October 2014 | 1444 Views
National airline, Air Zimbabwe will modernize its fleet in a phased approach, as part of a multi-pronged turnaround business strategy. Fleet modernization is critical to the survival of the na...

by Staff reporter

Top finance group opens offices in Byo

14 October 2014 | 4367 Views
BULAWAYO - One of the world's largest independent financial advisory organisations - the deVere group - has opened an office in Bulawayo, its second in Zimbabwe as part of its bid to expand its Af...

by Business reporter

Delta Beverages total beverage volume is down 3%

13 October 2014 | 997 Views
Delta Corporation Limited issued a trading update for second quarter ended September 30, 2014 as follows:"The general economic performance remains depressed with significant pressure on consum...

by Staff reporter

Maize shortages allayed as GMB records increase in productivity

13 October 2014 | 1240 Views
The Grain Marketing Board has received 178 948 tonnes of maize from farmers so far, indicating a 542 percent increase compared to the same period last year, according to the Herald.In a st...

by Business reporter

$160 million boost for Zesa

13 October 2014 | 1574 Views
ZESA Holdings will this week secure a $160 million loan from Stanbic South Africa if a power purchase with Namibia's power utility, Nampower is brokered.The Stanbic loan was extended to Ze...

by Business reporter

Zimbabweans US$3 billion worth of shares from foreign-owned companies

12 October 2014 | 2505 Views
More than 1 089 applications since 2010 have been processed according to the latest National Indigenisation and Economic Empowerment Board compliance report.This has enabled Zimbabweans to sec...

by Staff Reporter

Innscor property attached for violating the Competition Act

10 October 2014 | 3640 Views
Several vehicles belonging to Innscor Africa Limited have been attached by the Sheriff of the High Court of Zimbabwe to enforce the payment of $3.3 million awarded against the multinational corpor...

by Staff reporter

Zimbabwe signs $1.5 billion Hwange power plant expansion deal

10 October 2014 | 2324 Views
Zimbabwe signed a $1.5 billion deal with China's Sinohydro Corp on Friday to expand a coal-fired power plant in the most ambitious move yet to tackle the country's crippling electricity shortages....

by Reuters

Irate depositors besiege AfrAsia Bank Bulawayo branch - Video

09 October 2014 | 2401 Views
There were bouts of violence at the embattled AfrAsia Bank Limited, formerly Kingdom Bank in Bulawayo as angry depositors stormed the banking hall demanding their cash.AfrAsia, which reb...

by Makhosi Sibanda

Lighthouse Print installs latest HP Latex digital printer

09 October 2014 | 1405 Views
Lighthouse Print has installed the latest HP Latex wide format printer, just over four months after it was launched in Munich, Germany, on May 20. It is the first Zimbabwean company to acquire th...

by Business Reporter

AfrAsia finally pays Chanakira

09 October 2014 | 4333 Views
Mauritian group, AfrAsia Holdings Limited has finally paid for Nigel Chanakira's 30 percent stake in financial services group, AfrAsia Zimbabwe Limited.Chanakira was paid about $2.5 millio...

by Staff reporter

Pick n Pay invests $14 million on Zimbabwe expansion

09 October 2014 | 1737 Views
South African retail giant Pick n Pay has so far invested about $14 million on expansion and upgrading its operations in Zimbabwe.The retail group through its partnership with TM Supermark...

by Staff reporter

Govt urges mining companies to set up refineries

09 October 2014 | 942 Views
GOVERNMENT has urged mining companies operating in the country to set up refineries to beneficiate and value add minerals.Mining has been designated as the anchor for Zimbabwe's medium ter...

by Staff Reporter

Metallon Gold ups productivity

09 October 2014 | 770 Views
Metallon Gold Corporation expects to produce about 500 000 ounces per annum in the next five years as the mining group steps up efforts to strengthen its position as the largest gold producer in t...

by Business reporter

Obsolete machinery impedes Zesa productivity

08 October 2014 | 1448 Views
THE Zimbabwe Electricity Supply Authority (Zesa) is losing about 20 percent of the electricity it generates because of ageing transmission infrastructure, a cabinet minister has revealed.E...

by Staff reporter

Broke NRZ loses $2million to suppliers

08 October 2014 | 2391 Views
THE cash-strapped National Railways of Zimbabwe could have been prejudiced of $2 million after suppliers paid to provide goods failed to do so, according to a 2012 audit report released by Auditor Gen...

by Staff reporter

Zim's unpaid debt dogs Ziscosteel deal

08 October 2014 | 1597 Views
FAILURE by the Zimbabwean government to settle part of Zisco Steel's domestic debt which ballooned to over $200 million up from $72 million in 2010 might jeopardize a new deal with Essar Africa H...

by Business reporter

Zimbabwe diamond exports sharply declines

07 October 2014 | 1957 Views
INDUSTRIAL grade diamonds dominate Zimbabwe's gem exports, although sales sharply declined to $188 million in 2013 from nearly $658 million in the previous year.The decline was due to weakenin...

by Staff reporter

Afreximbank lends Zimbabwe over $500 million annually

07 October 2014 | 1014 Views
THE African Export-Import Bank (Afreximbank) is disbursing an average of $500 million per annum through various financing facilities to Zimbabwe. Afreximbank senior director (finance) Philip ...

by Staff reporter

RBZ releases Meikles funds

07 October 2014 | 1623 Views
MEIKLES Limited says it will now have access to its funds held on deposit by the Reserve Bank of Zimbabwe and will inject approximately $4million into its retail division which it expects to return t...

by Business reporter

Reduce imports, Zim govt told

06 October 2014 | 2124 Views
ZIMBABWE - THE country could save more than $2 billion dollars per annum if it reduces imports by 40 percent, a special advisory committee set up by government has said. The committee was set ...

by Business reporter
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