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No cash shortages: Chinamasa

By |July 25th, 2017|Categories: Headlines|

Finance minister Patrick Chinamasa yesterday described the current cash shortages as a mirage, saying the government was satisfied with the prevailing liquidity position obtaining in the country. Addressing guests during the unveiling of a low-density housing project in Masvingo, Chinamasa said cash shortages were on the fiscus, adding the government was working hard to address the movement of money through

PPC CEO, Board chair resign

By |July 24th, 2017|Categories: Headlines|

PPC’s CEO Darryll Castle has resigned less than a week after Tito Mboweni stepped down from the board. According to Business Day, Mboweni allegedly quit over irreconcilable differences  about the strategic direction of the company and its proposed merger with Afrisam.  PPC’s CEO Darryll Castle has resigned less than a week after Tito Mboweni stepped down from the board. According

Chinamasa keeps 2017 growth rates at 3.7%

By |July 21st, 2017|Categories: Headlines|

The economy is expected to register significant growth of 3.7 percent this year, underpinned by strong performance in agriculture of 21.3 percent; mining 5.1 percent; and electricity and water 2.5 percent, Finance and Economic Development Minister Patrick Chinamasa has said. Chinamasa said the country’s total debt, as at end December 2016, was estimated at $11.3 billion, of which public and

Zimplow reports improved half year results

By |July 20th, 2017|Categories: Headlines|

A good agricultural season saw Zimplow record a 77% growth in revenue for the 6 months ended 30 June 2017. Turnover for the period amounted to $14.7 million up from $8.2 million prior year comparative. The Group managed to turn a loss of $2 million in HY2016 to a profit of $262,737 for the HY2017. Cash flow from operating activities

AfrAsia challenges court’s decision on RioZim

By |July 19th, 2017|Categories: Headlines|

Losses in Seedco, Meikles and Simbisa saw the main industrials index close in the negative territory today. By the close the main Industrials Index was 0.33% weaker at 197.90 points. This was after Seedco lost 6.18% to 125.25 cents, Simbisa down 2.2% to 20.05 cents. Meikles was the day's biggest loser down 10.22% to 18 cents following the collapse of

Inflation slows to 0.31% in June

By |July 18th, 2017|Categories: Headlines|

The June inflation rate took a huge retreat, shedding 0.43 percent, to land at 0.31 percent. Inflation was last that low between March and April 2017. In the month of May, inflation was 0.75 percent. The main pullers of inflation were oil and fats (-1.22%), actual rentals (-7.95) fruit (-2.83%), sugar, jam, honey, chocolate and confectionery (-0.70) and beer (-0.39%).

GetBucks bullish on bond

By |July 17th, 2017|Categories: Headlines|

Listed deposit-taking microfinance firm GetBucks is confident the second tranche of its bond listing, which opened in May to raise $15 mln, will be well received. GetBucks MD Mercy Murevesi said, “The response so far is quite good, most companies have bureaucratic structures and may take long to conclude, but the interest is there. Others have a tendency of doing

Arrest Command Agric abusers, VP tells police

By |July 14th, 2017|Categories: Headlines|

SA Resource Plc’s former Executive Chairman Yat Hoi Ning is believed to be behind Rich Pro Investment’s bid to takeover the company. Early this week, Rich Pro Investments made an offer to acquire the issued share capital of Asa at 2.1p a share, valuing ASA’s share capital at about £35.5 million. RPI owned China’s Zhejiang Hailiang Co Ltd is controlled

Zimre to offer 22 cents to CFI minorities

By |July 13th, 2017|Categories: Headlines|

Zimre Holdings, through its investment vehicle, Stalap Investments, has made an offer to minorities of CFI Holdings as the battle to control the conglomerate escalates. Stalap will be offering 22c per share to minorities an 18% premium, CFI is currently trading at 18c per share. In a letter to FBC Securities managing director Mr Benson Gasura, ZSE acting chief executive

RioZim questions interest rate charges

By |July 12th, 2017|Categories: Headlines|

Riozim Limited has decided not to honour an ostensible $4.5 million debt owed to AfrAsia Bank, which is presently in liquidation, after it emerged the financial institution could have unfairly bloated interest and bank charges on the debt. The miner recently engaged the Interest Research Bureau (IRB) – an independent and privately-owned firm that helps companies to re-compute borrowed loans