The Source - Business and Finance News for Zimbabwe

The Source is an independent online business and financial news service for Zimbabwe, providing detailed news and analysis for Zimbabwean citizens, global media and investors.

Our stories are creative commons and can be freely republished.

source.co.zw 03/08/2015

Zimbabwe considering e-tolling says minister

Zimbabwe is looking to adopt electronic tolling technology similar to that used in neighbouring South Africa as the cash strapped government plans to put up an additional 30 toll gates on its highways and in urban areas to shore up revenue streams, an official has said...Find out more here.

source.co.zw HARARE, August 3 (The Source) - Zimbabwe is looking to adopt electronic tolling technology similar to that used in neighbouring South Africa as the cash strapped government plans to put up an additional 30 toll gates on its highways and in urban areas to shore up revenue streams, an official has s

source.co.zw 03/08/2015

World Bank economist says Zim companies need support, not protectionist measures

World Bank senior country economist Johannes Herderschee says protectionist measures introduced by finance minister, Patrick Chinamasa last week would not help local industry, which he said had no capacity to meet demand and needed more support for retooling and recapitalising...Get details here.

source.co.zw GWERU, August 3 (The Source) - World Bank senior country economist Johannes Herderschee says protectionist measures introduced by finance minister, Patrick Chinamasa last week would not help local industry, which he said had no capacity to meet demand and needed more support for retooling and reca

source.co.zw 31/07/2015

Zimplats slips to $33mln loss as quarterly sales fall 35pct

Zimbabwe’s largest platinum miner, Zimplats slipped to a $32,6 million loss in the quarter to June from a profit of $6,8 in the previous quarter...Details here.

source.co.zw HARARE, July 31 (The Source) – Zimbabwe's largest platinum miner, Zimplats slipped to a $32,6 million loss in the quarter to June from a profit of $6,8 in the previous quarter after sales for platinum group metals (4E) fell 35 percent and poor commodity prices, the company said on Friday.

source.co.zw 31/07/2015

Diaspora remittances up 3pct in H1

Zimbabwe received $409,5 million from the Diaspora in the first half of the year compared to $397,8 million the previous year...Find out more in the following story.

source.co.zw HARARE, July 31 (The Source) - Zimbabwe received $409,5 million from the Diaspora in the first half of the year compared to $397,8 million the previous year as confidence in formal money transfer channels grows, finance minister Patrick Chinamasa has said. Remittances from millions of non-residen

source.co.zw 31/07/2015

Barclays Zim says H1 profit down 24pct

source.co.zw HARARE, July 31 (The Source) – The local unit of Barclays Bank Plc's profit for the half-year to June fell 24 percent $1,3 million from $1,7 million in corresponding period last year on higher operating expenses, the bank reported on Friday. Despite growth in interest income, operating exp

source.co.zw 31/07/2015

Retrenchments good for ailing industry - minister

Industry and commerce minister, Mike Bimha said the ongoing wave of job losses is good for the industry, which he said has been saddled with ‘excess workforce’ before a recent Supreme Court ruling gave employers leeway to fire workers without the costs associated with retrenchment packages...More here.

source.co.zw GWERU, July 31 (The Source) - Industry and commerce minister, Mike Bimha said the ongoing wave of job losses is good for the industry, which he said has been saddled with ‘excess workforce' before a recent Supreme Court ruling gave employers leeway to fire workers without the costs associat

source.co.zw 30/07/2015

Atlas Mara completes sale of Brainworks stake

Atlas Mara, the London-listed financial services group founded by former Barclays Plc chief executive Bob Diamond and Ugandan billionaire Ashish Thakkar, has completed the sale of its 10 percent stake in Brainworks Capital Management for nearly $9 million...Details in the following story.

source.co.zw HARARE, July 30 (The Source) – Atlas Mara, the London-listed financial services group founded by former Barclays Plc chief executive Bob Diamond and Ugandan billionaire Ashish Thakkar, has completed the sale of its 10 percent stake in Brainworks Capital Management for nearly $9 million, the compan

source.co.zw 30/07/2015

CZI urges indigenisation rethink, bemoans policy inconsistencies

Confederation of Zimbabwe Industries (CZI) president Busisa Moyo says policy inconsistencies and failure by government to address investor concerns on its local ownership policy are major stumbling blocks to attracting foreign direct investment...More here.

source.co.zw GWERU, July 30 (The Source) - Confederation of Zimbabwe Industries (CZI) president Busisa Moyo says policy inconsistencies and failure by government to address investor concerns on its local ownership policy are major stumbling blocks to attracting foreign direct investment. "Investors are s

source.co.zw 29/07/2015

Mwana Africa FY profit plummets 86pct to $7mln

AIM-listed Resources group Mwana Africa says its full-year profit plunged 86 percent to $7 million compared to the previous year on higher operating costs and falling gold and nickel prices, despite revenue growing by seven percent...Read more here.

source.co.zw HARARE, July 29 (The Source) - AIM-listed Resources group Mwana Africa says its full-year profit plunged 86 percent to $7 million compared to the previous year on higher operating costs and falling gold and nickel prices, despite revenue growing by seven percent. The group, which parted ways with

source.co.zw 29/07/2015

Govt to inject $150mln in c/bank to restore lender of last resort role

Zimbabwe’s Treasury plans to inject a further $150 million into the central bank to restore its lender of last resort role and confidence in the financial services sector...Find out more here.

source.co.zw By Bernard Mpofu, HARARE, July 29 (The Source) – Zimbabwe’s Treasury plans to inject a further $150 million into the central bank to restore its lender of last resort role and confidence in the financial services sector, finance minister Patrick Chinamasa said on Wednesday. Last year, the gov

source.co.zw 29/07/2015

Zimra H1 revenue collection 6pct below target

Zimbabwe’s tax collector says revenue collection for the first half of the year totalled $1,66 billion, nearly six percent behind the $1,76 billion target...Get details here.

source.co.zw HARARE, July 29 (The Source) - Zimbabwe’s tax collector says revenue collection for the first half of the year totalled $1,66 billion, nearly six percent behind the $1,76 billion target as most tax heads underperformed due to a weakening economy. Comparatively, the collections were three percen

source.co.zw 29/07/2015

Higher power users set to pay more under new ZERA proposals

Government is planning to implement cost reflective power tariffs — under which higher users will pay more...Find out how this affects YOU here.

source.co.zw By Chipo Musoko, HARARE, July 28 (The Source) - Government is planning to implement cost reflective power tariffs -- under which higher users will pay more -- to reduce the high consumption of energy in the country which is battling power shortages, an official said on Tuesday. Zimbabwe is faced

source.co.zw 28/07/2015

Econet says $26mln interconnection debt could paralyse telecoms sector

Zimbabwe’s largest mobile phone operator Econet Wireless says failure to pay interconnection fees by its state-owned rivals — NetOne and fixed line phone operator TelOne amounting to over $26 million in the last five years — could paralyse the telecoms sector...Find out more here.

source.co.zw HARARE, July 28 (The Source) – Zimbabwe’s largest mobile phone operator Econet Wireless says failure to pay interconnection fees by its state-owned rivals -- NetOne and fixed line phone operator TelOne amounting to over $26 million in the last five years -- could paralyse the telecoms sector

source.co.zw 28/07/2015

Mimosa in record Q4 production, revenue falls on weak prices

Bermuda-headquartered platinum miner, Aquarius Platinum said production at its 50 percent owned Zimbabwe unit, Mimosa Mine, reached a record high of 60,035 ounces for platinum group metals (4E) in the fourth quarter to June...Get details in the following story.

source.co.zw HARARE, July 28 (The Source) – Bermuda-headquartered platinum miner, Aquarius Platinum said production at its 50 percent owned Zimbabwe unit, Mimosa Mine, reached a record high of 60,035 ounces for platinum group metals (4E) in the fourth quarter to June, but revenue fell two percent to $62 millio

source.co.zw 27/07/2015

Econet, Masiyiwa family trust partner to launch e-commerce service

Zimbabwe’s largest mobile phone operator Econet Wireless has partnered with a family trust of founder and executive chairman Strive Masiyiwa in launching an e-commerce service...Find out more here.

source.co.zw HARARE, July 27 (The Source) – Zimbabwe’s largest mobile phone operator Econet Wireless has partnered with a family trust of founder and executive chairman Strive Masiyiwa in launching an e-commerce service as the group seeks to drive volumes for its mobile money transfer platform. Tengai, a

source.co.zw 27/07/2015

Govt says 650pct rates hike in Vic Falls justified

Government says the Victoria Falls Town Council was justified in effecting a 650 percent increase in levies early this year, despite complaints from ratepayers, Parliament heard on Monday...Read more here.

source.co.zw By Chipo Musoko, HARARE, July 27 (The Source) - Government says the Victoria Falls Town Council was justified in effecting a 650 percent increase in levies early this year, despite complaints from ratepayers, Parliament heard on Monday. The council move was sharply criticized by business, particu

source.co.zw 27/07/2015

BAT says H1 net profit 43pct higher at $7,6mln

Cigarette manufacturer British American To***co (BAT) says net profit for the first half year to June grew 43 percent to $7,6 million compared with the same period last year on better production and distribution efficiencies despite weaker demand for its products...More here.

source.co.zw HARARE, July 27 (The Source) - Cigarette manufacturer British American To***co (BAT) says net profit for the first half year to June grew 43 percent to $7,6 million compared with the same period last year on better production and distribution efficiencies despite weaker demand for its products. T

source.co.zw 24/07/2015

Government moves to protect PSMAS as creditors hover

Government has passed a new law that shields the country’s largest medical aid society from facing litigation from its creditors as it restructures the parastatal’s debt...More here.

source.co.zw HARARE, July 23 (The Source) – Government has passed a new law that shields the country’s largest medical aid society from facing litigation from its creditors as it restructures the parastatal's debt. Premier Services Medical Aid Society (PSMAS), Zimbabwe’s largest medical aid society

source.co.zw 24/07/2015

Parly committee grills mining firms over payments to Brainworks

he parliamentary portfolio committee on indigenisation on Thursday quizzed three mining firms about their dealings with advisory firm Brainworks Capital in controversial indigenisation deals, most of which failed to succeed...Get details in this story.

source.co.zw By Chipo Musoko, HARARE, July 23 (The Source) - The parliamentary portfolio committee on indigenisation on Thursday quizzed three mining firms about their dealings with advisory firm Brainworks Capital in controversial indigenisation deals, most of which failed to succeed. Brainworks worked as

source.co.zw 24/07/2015

MTC losses $15mln worth of to***co in warehouse fire

To***co processor and exporter, Mashonaland To***co Company (MTC) on Thursday lost to***co worth millions of dollars after a fire broke out at one of its warehouses, officials said...Find out more here.

source.co.zw HARARE, July 23 (The Source) - To***co processor and exporter, Mashonaland To***co Company (MTC) on Thursday lost to***co worth millions of dollars after a fire broke out at one of its warehouses, officials said. MTC, which employs over 1,000 workers, is owned by American leaf merchant, Allianc

source.co.zw 24/07/2015

Meikles – Time to consider a spin-off?

Latest Opinion

source.co.zw By Ray Chipendo If legendary and loathed US Activist investor “Carl Icahn” had one company to pounce upon on the ZSE, it would be Meikles Limited. His obvious first port of call would be: rally proxies to push for a spinoff of TM from the group. We believe Meikles’ bundling of unrelated

source.co.zw 17/07/2015

Mwana Africa says ready to engage Zim govt over management changes

Resource group Mwana Africa on Friday said it has engaged the government of Zimbabwe over its recent executive changes and is ready to discuss with it the company’s plans...Read more here.

source.co.zw By Chipo Musoko, HARARE, July 17 (The Source) - Resource group Mwana Africa on Friday said it has engaged the government of Zimbabwe over its recent executive changes and is ready to discuss with it the company’s plans. This comes after indigenisation minister, Christopher Mushohwe on Thursday

source.co.zw 17/07/2015

Murowa Diamonds H1 production down 50pct as Rio Tinto exits

Murowa Diamonds output fell by nearly 50 percent in the first half of the year, global resources giant Rio Tinto has reported after selling off its controlling stake in the mine last month...More here.

source.co.zw HARARE, July 17 (The Source) - Murowa Diamonds output fell by nearly 50 percent in the first half of the year, global resources giant Rio Tinto has reported after selling off its controlling stake in the mine last month. Production for the half was 99,000 carats compared to 196,000 carats achieve

source.co.zw 17/07/2015

Zim private equity firm Takura Capital gets nod to takes over Cairns Holdings

Shareholders and creditors of the struggling manufacturing firm, Cairns Holding have voted in favour of its takeover by private equity firm, Takura Capital...Details here.

source.co.zw By Chipo Musoko, HARARE, July 17 (The Source) - Shareholders and creditors of the struggling manufacturing firm, Cairns Holding have voted in favour of its takeover by private equity firm, Takura Capital after approving its bid for the 63 percent shareholding previously held by the central bank.

source.co.zw 16/07/2015

World Bank lowers Zim economic growth forecast to 1pct, sees recovery in 2017

The World Bank has lowered Zimbabwe’s economic growth forecast to a modest one percent this year from an initial projection of 3.2 percent...Get details here.

source.co.zw HARARE, July 16 (The Source) – The World Bank has lowered Zimbabwe’s economic growth forecast to a modest one percent this year from an initial projection of 3.2 percent, its worst performance in five years due to falling commodity prices, but is seen recovering in the next two years. After r

source.co.zw 16/07/2015

Three Zim short-term insurers fail to meet core capital requirements, premiums written flat in Q1

Three short-term insurers have failed to meet the industry prescribed $1,5 million minimum capital requirement as gross premiums written (GPW) in the first quarter to March remained flat, mirroring the slowdown in economic growth, the regulator said on Thursday...More here.

source.co.zw By Bernard Mpofu, HARARE, July 16 (The Source) – Three short-term insurers have failed to meet the industry prescribed $1,5 million minimum capital requirement as gross premiums written (GPW) in the first quarter to March remained flat, mirroring the slowdown in economic growth, the regulator sa

source.co.zw 14/07/2015

VID says struggling to fund operations, fight corruption as Treasury swallows all its revenue

The Vehicle Inspection Department (VID) is generating $2 million a month but all its income is being taken by the Treasury, leaving the parastatal without funds for its operations or to fight corruption...Find out more here.

source.co.zw By Chipo Musoko, HARARE, July 13 (The Source) - The Vehicle Inspection Department (VID) is generating $2 million a month but all its income is being taken by the Treasury, leaving the parastatal without funds for its operations or to fight corruption, Parliament heard on Monday. Presenting oral e

source.co.zw 13/07/2015

Anchor Yeast faces insolvency, to sell off assets

Zimbabwe’s sole yeast producer has plunged into insolvency after putting its assets, including the head office for sale, signalling the fall of one of the most iconic firms in the country after nearly six decades...More here.

source.co.zw HARARE, July 13 (The Source) – Zimbabwe’s sole yeast producer has plunged into insolvency after putting its assets, including the head office for sale, signalling the fall of one of the most iconic firms in the country after nearly six decades. Anchor Yeast Properties, the real estate arm of

source.co.zw 10/07/2015

Mwana Africa fires senior executives, consultants in shake-up

Fresh from dismissing founding chief executive Kalaa Mpinga last month, resources group Mwana Africa has fired several staff, including consultants with more to come in a shake-up the company says is designed to lower overhead costs and change its working culture...Details here.

source.co.zw HARARE, July 10 (The Source) - Fresh from dismissing founding chief executive Kalaa Mpinga last month, resources group Mwana Africa has fired several staff, including consultants with more to come in a shake-up the company says is designed to lower overhead costs and change its working culture. M

source.co.zw 10/07/2015

Zimbabwe financial services among most restricted in Africa - UNCTAD report

Zimbabwe is among the most restrictive African countries in the trade of financial services with policy and regulatory shortcomings inhibiting the growth of the services sector in the southern-African country, a United Nations report has shown. Find out more here.

source.co.zw HARARE, July 10 (The Source) - Zimbabwe is among the most restrictive African countries in the trade of financial services with policy and regulatory shortcomings inhibiting the growth of the services sector in the southern-African country, a United Nations report has shown. The United Nations Co

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