The Insider

The Confederation of Zimbabwe Retailers on Thursday engaged the vendors union for the first time to address the issue of declining business as over 5.7 million vendors, close to half the country’s population, are threatening their survival through illegal shopfront vending.

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A team of officials from the European Investment Bank is expected to visit Zimbabwe this month amid hopes the bank could extend credit facilities to the local financial services sector for on-lending to industry, sources close to the developments have said.

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Ecobank Zimbabwe reported a 38 percent growth before tax to $3.3 million for the full-year ended 31 December 2014 driven by growth in deposits.

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Building materials manufacturer Turnall Holdings’ loss widened to $11.9 million in the full year to December from $4.3 million previously on weakening sales and poor export performance, but discrepancies raised by an external audit have led the company to restate its financials from two previous years.

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Movement for Democratic Change leader Morgan Tsvangirai today called on Zimbabweans to pray for President Robert Mugabe ad his government to become a God-fearing leadership that can truly serve the people and not harm them.

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Shingi Munyeza who left his position as African Sun group chief executive yesterday, says he will remain active in the tourism industry with his family business.

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Private equity investment and advisory firm, Brainworks Capital Management has made a proposal to African Sun’s minority shareholders as the company seeks to acquire the hotelier’s remaining issued share capital on the day chief executive Shingi Munyeza left the company.

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Hospitality group African Sun has recorded a six percent growth in revenue for the five months to February compared to the same period last year due to the growth in its Ghana business, outgoing group chief executive Shingi Munyeza said yesterday.

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Barclays Bank Zimbabwe’s after tax profit for the full year to December doubled to $6.6 million from  improved interest income despite recording a 17 percent fall in deposits.

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