Stories

Zimbabwe and Germany are seeking to restore political and economic relations following over a decade of frosty relations with the European Union where Europe’s economic power house is a member.

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Botswana-listed retail group Choppies says revenue for its Zimbabwe operations grew by 250 percent to BWP395 million ($39.85 million) in the half-year ended December 2014 after an aggressive expansion that has seen its units growing to 18 from 13 since 2013.

(431 VIEWS)

The country’s largest mortgage lender, Central African Building Society (CABS), recorded a 32 percent increase in total comprehensive income to $22.6 million income for the year ended December 31 2014, driven by a 41 percent growth in deposits.

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Listed resources group Falcon Gold could close operations because of poor commodity prices and is struggling to attract buyers for its mothballed Dalny Mine because of poor investor appetite for Zimbabwe, an official has said.

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The government is prepared to take ‘hard’ measures to reduce its crippling wage bill, which consumes 82 percent of its total revenue and to amend labour laws to make it easier for companies to retrench, finance minister Patrick Chinamasa said at the weekend.

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Clothing retailer Edgars Stores has recorded a 22.3 percent jump in after-tax profit to $5.1 million for the 53 weeks to January driven by the group’s extended credit repayment facility and improved products.

(431 VIEWS)

President Robert Mugabe has fired warning shots on resettled farmers who are not using their land saying they could lose their farms if they are underutilising them and only using them as status symbols.

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Astra Industries has reported a 24 percent growth in profit after tax to $2 million for the year ended  December 31 buoyed by higher  volumes in paints division.

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Hospitality and retail group Meikles Limited has embarked on a retrenchment exercise targeting to offload more than 100 employees countrywide, workers representatives said on Friday.

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Work on the Batoka Gorge Power Plant, a 1 600MW joint venture with Zambia, is likely to start in January next year if talks to raise finance for the project succeed, an official said on Friday.

(573 VIEWS)