Business

Zimbabwe: NSSA Sells 37,79 Percent ZB Bank Stake

The National Social Security Authority (Nssa) is disposing of its 37,79% stake in ZB Bank worth more than ZW$755 million (US$11,984 million) amid revelations that one of the bidders is a prominent businessman whose growing empire has tentacles in mining, energy, agriculture, health and the financial sector. NSSA, a state-run …

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Zimbabwe: Monopolies Are Hazardous

The issue of the state protecting monopolies dates back to the era of the East India Company, also referred to as the British East India Company (BEIC), during the colonial times from around 1500. The British government offered charters that gave the BEIC a monopoly. In economics, that kind of …

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Zimbabwe: Zim Bourse Closure Suicidal

Zimbabwe will remain a high-risk investment destination following the suspension of trading on the Zimbabwe Stock Exchange (ZSE), with officials at the local bourse hoping the decision is swiftly reversed to limit the damage on the country’s image. The ZSE this week suspended trade as ordered by the government.The government …

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Zimbabwe: Padenga Looks to Mining Operation for Revenue Growth

Crocodile skin producer Padenga Holdings Limited has seen the contribution of its mining operation coming in at US$37,92 million in full-year 2020 with total revenue expected to improve by 158,9% from US$29,12 million to US$75,41 million. This is mainly driven by the consolidation of Dallaglio, a mining company based in …

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Zimbabwe: Matiza Censured Over Collapsed Didg Deal

In the wake of the controversial termination of the US$400 million National Railways of Zimbabwe (NRZ) recapitalisation deal last year by cabinet, Attorney-General (AG) Prince Machaya reportedly wrote to Transport minister Joel Biggie Matiza advising him on the dire legal implications of cancelling the project, fresh details have emerged. The …

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Zimbabwe: Broke Govt Splurges Millions On Ambassadors’ New Cars

The cash-strapped Zimbabwe government has splurged millions to purchase top-of-the-range vehicles for nearly 50 ambassadors posted across the globe when the State is failing to pay agitated civil servants a living wage. Foreign Affairs Minister Sibusiso Moyo revealed Wednesday before the Parliamentary Portfolio Committee on Foreign Affairs that all ambassadors …

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