BizDay Zimbabwe
BizDay Zimbabwe

Zimbabwe's leading authority on business, finance and investment news.

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I am a trillionaire: Magaya says sarcastically

Prophetic Healing and Deliverance founder and leader Prophet Walter Magaya says he is a millionaire, a statement he made illustrating that he cannot quantify his net worth. With a weekly attendance of over 250 thousand people in Zimbabwe’s capital, Magaya says he lives a simple life. “I give 90 percent of whatever I receive. I believe in…

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Shareholders in bid to block Telecel EGM

Shareholders of Empowerment Corporation, the 40 percent shareholder in Telecel have filed for an interdict against an extra-ordinary meeting scheduled for February 20 to consider an offer from Brainworks Capital for its equity in the mobile phone operator. The application to stop the EGM was filed at the High Court on February 5. Dr Jane…

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CTC meets RBZ, Potraz over Econet inquiry

THE Competitions and Tariff Commission met the Reserve Bank of Zimbabwe seeking clarity on Econet’s mobile money business which has been a subject of investigation over the last couple of months. The Authority also met Postal and Telecommunications Regulatory Authority of Zimbabwe on Econet’s alleged uncompetitive practices. Last year CTC…

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Zim’s mineral output value declines

ZIMBABWE’S value of mineral production fell last year due to softening global prices of gold, platinum and coal, according to latest statistics from the Chamber of Mines. The value of output declined to $1,85 billion from $1,97 billion a year earlier, despite output growth registered in key minerals. The value of gold was $614,3 million f…

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Bilboes plans IPO in 2016

BILBOES Holdings, a local privately-owned predominantly gold mining company, plans to make an initial public offer next year to raise at least $7,4 million for further development of its mines. According to a recent presentation to investors, Bilboes requires $2,5 million to recapitalise oxide operations, $2,7 million for sulphide pre-fea…

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ZSE prepares for full automation

The Zimbabwe Stock Exchange (ZSE) said on Wednesday it is working on systems to interface the automated trading system (ATS) and the Central Securities Depository (CSD) in preparation for full automation of the bourse. The ZSE has announced plans to fully automate the exchange by year end after it awarded Infotech from Pakistan the tend…

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Delta cuts down Chibuku production

Delta Corporation has stopped production of standard Chibuku beer at six breweries across the country, as plant rationalisation continues after the introduction of its new product brand Chibuku Super. Company secretary Mr Alex Makamure said the remaining seven standard Chibuku breweries were enough to cover production requirements for C…

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‘Zim key to Old Mutual growth’

Old Mutual Plc chief executive Julian Roberts has said its Zimbabwe operations remain key to the group’s growth strategy as it possesses a rich human resource base. Mr Roberts, who was in his first ever visit to the capital, yesterday told a cocktail for customers held after an Old Mutual Emerging Markets board meeting attended by Plc s…

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Perennial agric challenges haunt Zim

AGRICULTURE plays a pivotal role to the economy of Zimbabwe. The strong growth rates of the country’s Gross Domestic Product (GDP) between 2009 and 2012 were to a large extent buttressed by strong recovery in agriculture. A good farming season impacts positively on other sectors of the economy. There are manufacturing firms in the food pr…

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