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Business , Financial and Property Indaba

LonZim back in full-year profit as Zimbabwe’s economy begins to recover

Tue, Jan 26, 2010

LonZim (AIM: LZM) said it is delivering strong growth as the general Zimbabwe market begins to recover, as it reported a return to profit for the full year ended 31 August 2009. LonZim reported £2.6 million in turnover, up from 188,000 a year earlier, and a pretax profit of £1.08 million, compared with a £1.09 million loss in the preceding year. Shares were buoyed by the positive results, climbing nearly 9% following the announcement.

SA, Aus team up to help Zim

by SAPA

Tue, Jan 26, 2010

Pretoria - South Africa and Australia have agreed on projects to help rebuild Zimbabwe, Australian Foreign Minister Stephen Smith said in Pretoria on Tuesday.

Zimbabwean minister ‘reverses’ power order

Fri, Jan 22, 2010

ZIMBABWE’S Energy and Power Development Minister Elias Mudzuri has “reversed a directive” that the country’s power utility, Zesa, should stop electricity exports to Namibia, the state-owned Herald reported yesterday.

Dunlop Zimbabwe Extends Factory Shutdown

by Special correspondent

Fri, Jan 22, 2010

A shortage of raw materials has prompted Dunlop Zimbabwe to extend its annual shutdown period, and this decision has led to unrest amongst the company’s workforce. The Apollo Tyres South Africa owned company was scheduled to re-open its factory on January 11, however company officials say production will now commence on February 11 – provided it has obtained the necessary raw materials by that time.

Econet secures US$ 50 million bank loan

Thu, Jan 21, 2010

Zimbabwe's largest mobile phone company, Econet Wireless, said Thursday it had secured a US$ 50 million loan from the Africa Export Import Bank (Affreximbank) to fund a US$ 300 million expansion programme.

Foreign Investors Welcome Only As Partners - Mugabe

by Radio VOP

Mon, Jan 18, 2010

President Robert Mugabe on Monday said Zimbabwe is willing to have foreign investors in the country to invest and develop the country but only as "partners."

ZIMBABWE’S MID-TERM PLAN CONSULTATIONS UNDERWAY

Tue, Jan 26, 2010

HARARE, (NNN-NEW ZIANA) — Consultations for Zimbabwe’s Mid-Term Plan to be launched in March are progressing well with the government reviewing feedback from key stakeholders, according to the Economic Planning and Investment Promotion Ministry’s permanent secretary, Dr Desire Sibanda.

World Bank Projects Zimbabwe Economy Will Expand 7.1 Percent This Year

by VOA

Tue, Jan 26, 2010

Finance Minister Tendai Biti, currently in the United States for consultations with the World Bank and International Monetary Fund, projected a comparable 7 percent growth rate this year in his budget for 2010

Zuma getting it completely wrong on Zimbabwe

Sun, Jan 24, 2010

It is always tricky for a man to appreciate, let alone understand and, therefore, alleviate a neighbour’s problems. It appears the difficulty stems from the fact that if the neighbour in good standing directly points a finger at their wayward fellow, the former may be instantly accused of having an adulterous affair with the latter’s wife. It is really tricky. One has then to let their neighbour abuse their spouse and kids because the spin-offs are quite tremendous if they dare intervene, it appears writes JJ MUGADZAWETA. .

Under Court Order, Sheriff Attaches Reserve Bank of Zimbabwe Property for Debt

Sat, Jan 23, 2010

An attorney for Farmtec Spares and Implements said the sheriff would attach bank property to settle a US$2.1 million debt related to the Farm Mechanization and Agricultural Support Enhancement Facility run by the RBZ.

Zimbabwe Restructuring National Oil Company, Proposing Energy Regulator

by VOA

Sat, Jan 23, 2010

Energy Minister Elias Mudzuri said focusing NOCZIM on retail sales will eliminate a conflict of interest that has hindered efficient distribution, obliging the parastatal to compete with other downstream sellers.

US may end block on Zimbabwe at IMF

by SAPA

Wed, Jan 20, 2010

Harare - The US embassy in Zimbabwe on Wednesday confirmed a report in the state-run Herald newspaper that the US would not oppose the restoration of Zimbabwe's voting rights in the International Monetary Fund (IMF).

Admit it! Zimbabwe is poor - Biti

Tue, Jan 19, 2010

Harare - Zimbabwe will seek highly indebted poor country status to have its $6 billion international debt cancelled to help spur economic growth, Finance Minister Tendai Biti said on Monday.

Econet's US$300 million expansion on target

Mon, Jan 18, 2010

MOBILE phone company, Econet Wireless is set to commission 200 base stations constructed under its US$300 million network expansion program.

Corporate unbundling ahead in dollarised Zimbabwe

Mon, Jan 18, 2010

Imara, the Pan-African financial services group predicts a wave of private-sector unbundling, subsidiary disposals and corporate restructuring across the dollarised Zimbabwean economy.

Zimbabwe minister urges resolution of debt crisis

by AFP

Mon, Jan 18, 2010

HARARE — Zimbabwe's enormous foreign debt is hampering efforts to mend the economy, Finance Minister Tendai Biti said, urging the government urgently to resolve the debt crisis.

Zimbabwe Central Bank ‘Under-Funded’ by Treasury, Official Says

by Bloomberg

Fri, Jan 15, 2010

The future of Zimbabwe’s central bank is in doubt because of a lack of funds from the Treasury, an official said.

Zimbabwe inflation at -7.7 pct y/y in December

by Reuters

Fri, Jan 15, 2010

HARARE - Zimbabwe's year-on-year inflation stood at -7.7 percent in December, official figures showed on Friday, as the adoption of multiple foreign currencies by the unity government earlier in the year ended hyperinflation.