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World-class repair facility opened in Harare

World class facility in Harare

THE most time-consuming part of the car- manufacturing process is not the construction process itself but the finishing process which encompasses bodywork protection and top-coating which we commonly refer to as “paintwork.” That coat of paint and the base to which it is applied may well be seen to play little more than a cosmetic role but that’s far from ... Read More »

Emirates celebrates Zim travel agents

Emirates Awards night in Harare.

EMIRATES, which flies daily from Harare to Lusaka and Dubai, has celebrated the importance of Zimbabwe’s travel agents by launching an annual award ceremony to recognise their importance in sparking the nation’s desire for travel. Traverze Travel received the airline’s top award for excellence – Top Agent 2013/14, along with the First Class Top Sales prize for 2013/14, during a ... Read More »

NicozDiamond posts interim profit

Grace-Muradzikwa nice

ZIMBABWE’S largest short-term insurer, NicozDiamond has posted an operating profit of US$1,9 million for the half year to June 30, 2014, a 60 percent increase from US$1,2 million achieved during the same period last year, despite demand for insurance declining due to cash shortages in the economy. Economic activity has been very subdued and demand for insurance has slackened, mirroring ... Read More »

Monetary policy to strengthen financial sector

The new Reserve Bank Governor, John Mangudya

THE Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya has announced new measures aimed at maintaining the stability of the financial sector and improve the overall liquidity situation in the country. The financial sector has been fragile in the multi-currency regime owing to multiple factors that include lack of lender of last resort, an unstable deposit base, under-capitalisation, poor ... Read More »

FBC Holdings crowned best listed firm


ZIMBABWE Stock Exchange (ZSE)-listed banking group, FBC Holdings Limited, was yesterday crowned the best performing counter on the local bourse in the Financial Gazette’s Top Companies Survey 2014. The best ZSE performers were announced at an awards ceremony held in Harare on August 27. The Financial Gazette’s Top Companies survey returned this year after five years out of the corporate ... Read More »

Chasi troubles mount

fortune chasi

DEPUTY Minister of Justice, Legal and Parliamentary Affairs, Fortune Chasi’s fortunes are deteriorating further amidst revelations that he could be censured for being absent without official leave, when earlier in the year he went to a Thomas Mapfumo concert in South Africa, without Cabinet approval. The Financial Gazette understands that in April this year, Chasi unassumingly crossed the Limpopo River ... Read More »

Shock salary increase for chefs


A STORM is brewing between top government directors and the rest of the civil service after salaries for the former were clandestinely increased by more than double that of their deputies. A copy of a salary schedule leaked to this paper indicates that directors of ministries and government departments are now grossing US$1962 in salaries and benefits, up from US$914, ... Read More »

Gono set, legal hurdle cleared


FORMER Reserve Bank of Zimbabwe governor, Gideon Gono looks set to land the Manicaland senatorial seat left vacant following the death of Kumbirai Kangai in August last year after President Robert Mugabe assented to the Electoral Amendment Bill. The Bill had been waiting for President Mugabe to append his signature for it to become effective after both houses of Parliament ... Read More »

ZANU-PF house burning

Some of the ZANU PF leaders allegedly involved in fighting to succeed President Robert Mugabe.

SPARKS are flying in the faction-riddled ZANU-PF party with rival camps resorting to violence and smear campaigns as the war to fill important party organs ahead of the elective congress in December climaxes. The Financial Gazette can report that the ruling party’s house is on fire as volcanic tempers erupt among members aligned to two major factions that are trading ... Read More »

MDC-T rebuilding in shambles

Once comrades, Tendai Biti and Morgan Tsvangirai.

THE Movement for Democratic Change (MDC-T)’s restructuring has gone off the rails amid indications that the party has run out of money to finance the project. The Financial Gazette can reveal that some senior party members approached the MDC-T leader, Morgan Tsvangirai, early this month with the proposal to have the party’s elective congress postponed from October to next year ... Read More »