THE Cotton Company of Zimbabwe (Cottco) says it has applied for 40 000 hectares of land in Mbire district to venture into cotton farming. The company, which had hit hard times with its shares being suspended from trading on the Zimbabwe Stock Exchange in 2014 after it applied for judicial management, seems to have regained…
LOCAL equities advisory firm says investors should put their money in Axia, African Sun, Art Corporation, Econet and Cafca to get a healthy return-on-investment in the first quarter of this year. Axia has three main business interests namely 50,01 percent in Distribution Group Africa their highest revenue earner, 66,67 percent in TV Sales and Home…
PRESIDENT Emmerson Mnangagwa has invited Ethiopian Airlines to partner with the country’s struggling national airline Air Zimbabwe (AirZim). Air Zim, currently under judicial management, is struggling to find a strategic partner due to a US$300 million legacy debt. Information minister Monica Mutsvangwa on Tuesday said Mnangagwa, who was recently in Ethiopia for an African Union…
THE Zimbabwe Special Economic Zones Authority (ZIMSEZA) says it has approved $22 million worth of investments for Bulawayo. This comes as government is implementing various measures to revive the country’s second largest city, which was once regarded as an industrial hub before the economy took a knock in the early 2000s due to bad policies.…
ENERGY minister Joram Gumbo has fired ZESA Holdings chief executive Josh Chifamba, who was on suspension over suspected corruption, after consultations with President Emmerson Mnangagwa. This comes as Cabinet on Tuesday agreed to restructure the national power utility into a “single vertically integrated company”. Gloria Magombo, the Energy ministry permanent secretary, on Tuesday told the…
THE Zimbabwe Stock Exchange (ZSE) is set for another record year in 2019 after kicking off the year with high activity. Official ZSE data shows that value traded on the local bourse in January totalled $110 million — a 47 percent increase on activity recorded during the same period in 2018. This comes as interest…
ZIMBABWE’S trade deficit with South Africa (SA) widened in 2018 after imports grew by more than $1 billion. Official statistics released by the Zimbabwe National Statistics Agency recently show that Zimbabwe imported goods and services worth $6,4 billion from SA during the 11 months to December 31, 2018 progressing from imports of $4,96 billion during…
SHARES in Edgars Stores (Edgars) gained 56 percent on the Zimbabwe Stock Exchange (ZSE) in January after it acquired the intellectual property (IP) rights to Jet and Edgars trademarks and brands for the territory of Zimbabwe. The company had been operating the brands under a franchise agreement, in which it paid annual franchise fees calculated…
ZIMBABWE’S economic crisis has significantly affected listed firms’ financial reporting standards due to currency distortions in the market. In October last year, Reserve Bank of Zimbabwe governor John Mangudya instructed financial institutions to separate existing bank accounts into two categories, namely Nostro FCAs and RTGS FCAs, implicitly acknowledging the difference in value between the United…
MAURITIAN investment bank African Guarantee Fund (AGF) has suspended its guarantee on the second and third tranches of Untu Capital’s bond after the micro-lender failed to remit fees to the guarantor due to foreign currency shortages. Last year, Untu Capital floated the notes, which have a face value of four $4 million, through a mobile…
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