adminSecond oil pipeline for Zim
GOVERNMENT will soon construct a new oil pipeline from Savana, Mozambique, to augment the capacity of the existing pipeline system, a Cabinet minister has said. Energy and Power Development Minister Elton Mangoma said plans were afoot to build a second pipeline with the involvement ofEcobank returns to profitability
Business ReporterECOBANK Zimbabwe recorded a 55 percent increase in net interest income to US$2,1 million during the six months to June 30, 2012. This was an improvement in the performance for the bank. The bank’s net revenues grew by 164 percent off a low base to US$5 million, outpacing increases in
Dollarisation harmful: Banks
Victoria Ruzvidzo Managing Editor
The Bankers Association of Zimbabwe has said the dollarisation of the economy has compromised the traditional role of banks, stressing they have been left with no option but to pass attendant costs to depositors. In a letter to the Reserve Bank of Zimbabwe, BAZ president Mr George
Afre records surge in profits
Golden Sibanda Senior Business Reporter
AFRE Corporation profits for the six months to June 2012 jumped by 52 percent to US$7,2 million on the back of significant growth in contribution from the life and medical business. Gross premium increased marginally from US$42,9 million in the half year to US$44,9 million over the same
Zim diamonds projected to hit 14m carats
Martin Kadzere Senior Business Reporter
ZIMBABWE’S diamond output is projected to reach 14,5 million carats — valued at US$1,7 billion — by 2014, according to the latest Equity Communications Diamond report. “Zimbabwe grew its production of diamonds by 1 000 percent in three years to 11,1 million carats in 2011 at a
ZPC eyes solar power
Tawanda Musarurwa Business ReporterTHE Zimbabwe Power Company will soon convert defunct mini-power stations in Zvishavane and Mutare into solar-powered plants. This is according to Zimbabwe Power Company managing director Mr Noah Gwariro. “We are currently engaged with both big and small projects, and in terms of the
Delta acquires six fermentation vessels
Business Reporter
Delta Corporation has acquired six fermentation vessels for its Southerton lagers brewery in Harare for US$2,5 million, which will boost beer output by an additional 52 000 hectolitres, the company said. “Coming at a total cost of US$2,5 million, the additional fermentation vessels will boost the
Nedbank chief to visit Zim
Business Reporter
Nedbank chief executive Mr Mike Brown is expected to visit the country on Monday next week. Nedbank is the majority shareholder in a local commercial bank, the Merchant Bank of Central Africa. MBCA spokesperson Ms Dedrey Mutimutema said this would be Mr Brown’s third visit to the
ZABG posts US$3,8m profit
Business Reporter
ZABG Group posted a total comprehensive profit of US$3,8 million for the six months to June 31, 2012 up from US$2,1 million during the same period last year. The group’s total comprehensive profit was lifted by other comprehensive income net of taxes which totalled US$4,9 million in the
Mining Indaba to boost FDI
Business Reporter
THE 2012 edition of the Mining Indaba will be held in Harare from September 12 and 14 and will focus on efforts to boost foreign direct investment in mining. According to the Chamber of Mines, the mining industry requires US$5 billion to recapitalise over the next five years. With most firms in the