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Zim, IMF in talks

imf mission in zimbabwe

ZIMBABWE is in talks with the International Monetary Fund (IMF) in a bid to build foreign reserves.  While foreign currency reserves play a significant role in leveraging a local currency, this is not the case in Zimbabwe due to the use of the multi-currency system. Having foreign currency gives a currency insurance against external shocks. It is also a key ... Read More »

Korean investors yet to table plans on newsprint plant

korea

A KOREAN investor, Young Chul Baik, which recently acquired 46 percent shareholding in the Zimbabwe Stock Exchange-listed Amalgamated Regional Trading Limited (ART), has not yet discussed its plans for the group, an official has said. Industrialists in the eastern region anticipate the new investor to revive Art’s subsidiary, Mutare Board and Paper Mills (MBPM). MBPM was the country’s sole newsprint ... Read More »

Pioneer starts benefitting from Unifreight merger

unifreight

LOGISTICS and passenger transport operator, Pioneer Corporation Africa, is beginning to enjoy benefits of synergies gained from its merger with Unifreight after its revenue increased by 78,4 percent to US$22 million for the half year to June 30, 2014, from US$12,3 million during the same period last year. However, there could be increased restructuring expenses in the year to December ... Read More »

Subaru WRX 6-speed meets WRX CVT

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THE more potent Subaru iterations have attracted a small but near-fanatical following over the years, a following fuelled by the brand’s global rally exploits and by unusual engineering features exemplified by a flat-four engine layout and by the application of all-wheel-drive. Ask any car fanatic what the letters WRX mean and the answer will come back in a flash – ... Read More »

Of the ‘Dirty Dozen’, smart sanctions

US Ambassador to Zimbabwe, Bruce Wharton.

THE media was recently awash with reports of 12 Members of Parliament who are said to have received monies from the United States Embassy in exchange for classified information about the party, but the embassy denies those allegations and says the monies were for communities. But what sort of programme was that exactly and where was the confusion? The Financial ... Read More »

Zim’s 2015 economic outlook bleak

THE signs of a new spring season are now evident everywhere, we have four months to go before the end of the year and a new agricultural season will commence in a few weeks, it’s time to look at the outlook for 2014 and 2015. At the opening of the year, the Ministry of Finance forecast growth of six percent ... Read More »

SADC sets fund to boost infrastructure

IDBZ-BANK

A REGIONAL fund aimed at boosting economic growth in the Southern African Development Community (SADC) has been established. The Project Preparation and Development Facility (PPDF), which will be implemented through the Development Bank of Southern Africa (DBSA), is expected to fund the development of key infrastructure projects across the region. This includes Zimbabwe. Construction or rehabilitation of projects costing at ... Read More »

ZESA guarantees HCCL’s US$10m loan

Hwange colliery13

STATE-OWNED Zimbabwe Power Company (ZPC) has given tri-listed coal miner, Hwange Colliery Company Limited (HCCL) a guarantee for a US$10 million loan from a local banking institution, the Financial Gazette can report. ZPC is the power generation unit of ZESA Holdings, which is wholly-owned by government. HCCL had requested for the guarantee from ZPC on account of a loan from ... Read More »

PG relisting still distant

pg

A SENIOR Zimbabwe Stock Exchange (ZSE) official has indicated that buildings material group, PG Industries, will only resume trading on the bourse once its proposed scheme of arrangement has been approved by the High Court. The group was suspended from the ZSE on December 31 2013. The ZSE official said the stock market, in accordance with the provisions of Section ... Read More »

Local rugby season ends prematurely

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DOMESTIC rugby drifted into further turmoil this week after the National Rugby League (NRL) were forced to cancel semi-final matches scheduled for Old Georgians Sports Club this Saturday, as players turned down attempts to recall them following a long break. The NRL had arranged a double-header of rugby semi-finals this weekend with the game pitting Old Hararians against Western Panthers. ... Read More »