NATIONAL Assembly Speaker Jacob Mudenda has submitted the recently-passed Mines and Minerals Amendment Bill to President Emmerson Mnangagwa for assent, last Friday’s Government Gazette said. The Bill, seeking to repeal the principal Act crafted in 1961, is part of government efforts to come up with a relevant and business friendly mining policy. After years on…
THE Infrastructural Development Bank of Zimbabwe (IDBZ) yesterday said government has injected an additional $150 million fresh capital into the financial institution. Industry experts said the recapitalisation of state banks is a significant change from the drip-feed approach pursued over the last few years and should help to address the capital shortages that are a…
THE Agriculture Development Bank of Zimbabwe (Agribank) says it is close to securing a strategic partner to help it reach the minimum capital requirements of $100 million by 2020. A strategic partner and fresh capital injection would also enable the financial institution to have a strong balance sheet that allows it to execute its mandate…
NMBZ Holdings’ (NMBZ) strategy to broaden its target market to the masses is paying off after the financial institution recorded a $9 million after-tax profit in the half year to June 30, 2018 from $3,5 million during the same period last year. The company used to cater for high-end clients, but changed tact following informalisation…
ZIMBABWE’s cooking oil raw material imports spiked to a 17-month high of $16 million in July, latest trade data shows. Crude soya bean oil, a critical ingredient in making cooking oil, is one of the country’s five major imports. Between January and November last year, the country imported $102 million worth of the product. Latest…
ECONET Wireless Zimbabwe (Econet) has launched a digital service for farmers that offers agricultural commodity prices, farming tips, weather updates and a mobile trading platform linking farmers to buyers. Douglas Mboweni , the group’s chief executive, yesterday said the new product, dubbed EcoFarmer Club, demonstrated the company’s quest to offer relevant products and services in…
MYSTERY surrounds the status of a deal to split of ZB Financial Holdings (ZBFH) shareholding between the group and banker Nicholas Vingirai’s Transnational Holdings Limited (THL), after the former issued a cautionary statement that talks had collapsed. But Vingirai insisted the deal was still on. Last week, ZBFH issued a cautionary statement to its shareholders…
FITCH group research arm, BMI, says Zimbabwe’s re-engagement with concessional lenders is likely to take time, a development which it says will force government to remain reliant on domestic banks to finance its budget shortfalls. Zimbabwe, under former president Robert Mugabe, fell out with international lenders over debt arrears and with western governments which accused…
CABS, one of Zimbabwe’s largest building societies, saw income from lending activities push its bottom line in the half year to June 2018. This comes as a majority of the country’s financial services firms are increasingly turning to non-interest income for profit. Surplus liquidity created by increases in money supply, coupled with low credit absorption…
ZIMBABWE’S 2018 tobacco output surpassed the country’s record peak of 236 million kg produced in 2000, with farmers delivering 247 million kg valued at $724 millions. As the season winds down and global calls for tobacco ban grow louder, The Financial Gazette’s Online Editor Paul Nyakazeya (PN) interviewed Tobacco Industry and Marketing Board (TIMB) chief executive…
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