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BizDay Zimbabwe

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

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Stanchart cancels use of international VISA cards

Standard Chartered Bank’s Zimbabwean unit on Tuesday cancelled the automatic use of its VISA cards internationally in response to a deepening shortage of US dollar notes in the country. “We regret to advise that we have cancelled the automatic use of your VISA debit card outside Zimbabwe with immediate effect,” said the bank in a statemen…

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AfrAsia Bank assets go under the hammer

The Deposit Protection Corporation has put assets of the collapsed AfrAsia Bank Zimbabwe under auction to recover creditors money but said cash shortages were affecting the liquidation process. Liquidator Reggie Saruchera of Grant and Thornton on Wednesday said a second dividend was paid to preferent creditors in November last year but di…

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Zimplats sells 10pct stake to employees for $95mln

Zimbabwe’s largest platinum miner, Zimplats on Tuesday said it had transferred 10 percent of its equity to its employees for $95 million. Government approved the plan in September, 2015 as part of a 2013 agreement to sell a majority stake to local black investors for $971 million to meet black ownership targets set by President Robert Mug…

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TSL FY revenue falls 3pct to $47 million

Agro-Industrial concern TSL reported a three percent drop in revenue to $47.2 million in the full year to October 31, 2016 after the group’s logistics and trading operations performed poorly. Operating profit was down by 17 percent to $5,6 million from $6,8 million in the previous period as margins fell across all business units in respon…

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NBS says to build 100k houses in 5 years

State-owned mortgage lender National Building Society (NBS) is targeting to develop 100,000 units worth $1,5 billion over the next five year to alleviate the country’s 1, 25 million housing backlog. NBS plans to construct 10,000 units this year alone. It offers mortgage at 9,5 percent interest for high density houses and 11,5 percent for…

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