Oil prices edge up

Oil prices edged higher on Thursday, after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner than they had previously thought. OPEC’s output agreement with Russia and Canada’s decision to mandate production cuts could create …

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Mining sector revolution gathers pace

The transformation of the mining sector is gathering momentum as the country seeks to generate more revenue from value addition, with President Emmerson Mnangagwa expected to commission Anglo-Platinum’s smelter at Unki Mine in Shurugwi next week. Zimbabwe, just like a host of other third world countries, has been feeding off …

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Gold prices flat as dollar steadies, equities tick up

Gold was little changed on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion. Spot gold was steady at $1,245.55 per ounce at 0806 GMT, …

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Intratrek wins $25m ZPC lawsuit

The Zimbabwe Power Company (ZPC) has lost a High Court case in which local private firm, Intratrek Zimbabwe, had sought an order declaring a multi-million dollar contract signed between the parties on the Gwanda solar project valid or alternative payment of $25 million damages for contract breach. This comes after …

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Banking sector posts 77pc profit jump

Tawanda Musarurwa Zimbabwe’s banking sector boosted profitability in the nine months to September 30, 2018 posting an aggregate net profit of $283,98 million, latest Reserve Bank of Zimbabwe (RBZ) figures show. This was a 76, 68 percent increase from a net profit of $160, 73 million for the corresponding period …

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WorldRemit partners BancABC

WORLDREMIT, a global remittance firm, has partnered BancABC, adding the banking group’s 20 branches as new cash pick-up locations across Zimbabwe. BY BUSINESS REPORTER “The deal with BancABC supports WorldRemit’s expansion in Zimbabwe — the digital money transfer service expects to double its partner network in the next 12 months …

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Colonnade Reinsurance rebrands after $5m takeover

COLONNADE Reinsurance Company Limited officially rebranded to Waica Re Zimbabwe after West African reinsurance firm, Waica Reinsurance Corp Plc, completed a $5,5 million takeover. BY BUSINESS REPORTER The Sierra Leone-based Waica said the expansion into Zimbabwe was part of the group’s strategy to enter the southern African market. “I would …

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Barcelos opens shop in Harare

South African fast-food giant Barcelos Flame Grilled Chicken restaurant is set to open its first Harare branch this week, following the opening of another outlet in Bulawayo. Barcelos is a renowned international restaurant worldwide famous for marinated Portuguese styled peri-peri chicken. Company director Benson Muneri said the quick services restaurant …

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Opposition candidate Abubakar signs election peace accord

Alhaji Atiku Abubakar, the People’s Democratic Party (PDP) presidential candidate, has signed the Peace Accord. The former Vice President signed the Peace Accord at the Kukah Centre on Wednesday in Abuja. Atiku used the occassion to appeal to President Muhammadu Buhari to sign into law the Electoral Act Amendment Bill …

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Seed Co invests US$10m in dryers

Enacy Mapakame Business Reporter ZIMBABWE’s largest seed producer, Seed Co Limited is investing US$10 million towards development of seed-drying facilities to expedite delivery of seed to the market and reduce losses. The seed-drying technology, to be piloted in Zimbabwe first before being introduced in Seed Co’s other regional markets, is …

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