NATIONAL Social Security Authority (NSSA) has acquired a controlling stake in ReNaissance Merchant Bank (RMB), businessdigest has established. Sources close to the deal said on Wednesday NSSA had signed an agreement that would see it emerge with a 60% stake in RMB, a merchant bank formerly owned by Patterson Timba, Dunmore Kundishora and Clementine Sibve.
IT took a lot of effort to attract deposits back into the system after dollarisation. Coming from a background where most people had lost their savings in the banks due to hyperinflation, no one was willing to go through the same predicament again, especially with US dollars.
TN Financial Holdings Ltd (TNFH) has acquired a majority stake in Pelhams, in a deal that positions the diversified group as controlling the country’s largest furniture retail company. CEO Tawanda Nyambirai told businessdigest this week his group had bought an additional 22% stake in Pelhams.
BANKS owed more than US$50 million by RioZim Ltd have hired lawyers to place the mining group under judicial management, businessdigest has established.
A NIGERIAN Federal High Court has reinstated Econet Wireless International (EWL)’s 5% shareholding in Bharti Airtel Nigeria Ltd after the Zimbabwe-incepted mobile phone operator challenged the legality of a board meeting that usurped its shareholding in the West African counterpart.
TSL Limited released a moderate set of full year results to October 2011, reporting a profit of US$1,8 million. “The decline in operating profit was attributable to lower than expected tobacco output, increased operating costs and downward pressures on selling prices,” the company said in a statement accompanying its financial results.
RESERVE Bank of Zimbabwe chief Gideon Gono warned banking institutions this week to desist from indulging in regulatory arbitrage through their associate entities in group structures, adding that the central bank would be playing a more active supervisory role in the activities of holding companies.
THE history of Zimbabwe’s economy cannot be separated from its past agricultural successes in Africa in the 1980s and 1990s. While today things have changed, the future of farming now lies in the presence of sustainable agricultural processes.
OVER the past few weeks, we have been discussing individual performance. It is important to note that an organisation should be viewed as a unitary performing entity. Sometimes we wonder what has gone wrong when a high performing entity plummets to the doldrums, seemingly without explanation. Some of these organisations are victims of systemic failure.
The Human Capital Telescope: Beware of cult of star performers
Thursday, 02 February 2012 14:55
WELCOME to the second instalment for 2012 of our monthly series called Bible School Business School (BSBS). BSBS takes insights from the Bible and applies them to business, leadership and personal development.
IN this 21st instalment we find it even more opportune to engage and exhort the State and other key stakeholders to take the initiative to introduce intellectual property (IP) matters in our education and training curricula.
SOUTH Africa’s trade account recorded a surplus of R4,7bn in December compared with an R8bn deficit in November, the South African Revenue Service said on Tuesday.
Exports fell by 8,0% month-on-month to R63.0bn in December while imports plunged by 23,8% to R58,3bn.
Economists surveyed by Reuters expected a shortfall of R3bn for December but the data is volatile and thus hard to forecast.
SARS said the trade account had a cumulative deficit of R15.1bn for 2011 from a surplus of R4,8bn in 2010. — Fin24.com.
THE men and women who run the world’s most popular websites in 2012 are in many ways a pretty drab bunch, publicly at least. They all speak the same bland corporate patois and avoid personal publicity whenever possible.
THE central bank is mulling to introduce discounted and tradable paper to facilitate transactions in the money market against Reserve Bank statutory reserve liabilities to banks, Finance minister Tendai Biti said.
RENAISSANCE Financial Holdings (RFHL) shareholders Patterson Timba and Dunmore Kundishora defied the Reserve Bank of Zimbabwe and went ahead with a planned extra-ordinary general meeting (EGM) on Wednesday where they fired the company’s directors.
DIVORCES are by their nature messy and acrimonious. When the tripartite merger of Kingdom Financial Holdings (KFHL), Tanganda Limited and Meikles Africa Limited was consummated, investors were promised the sky by the promoters of the merger.
THE man who developed, established and launched Google South Africa, Stafford Masie, will be the key speaker at the AMH Conversations, a platform that Alpha Media Holdings will next month launch to bring international experts to lead discussions on global social, economic and political developments.
LIQUID Telecommunications, a subsidiary of the Econet Wireless Group, has acquired one of the country’s leading Internet Service Providers (ISP), Zimbabwe Online (ZOL), in a deal that makes Liquid Zimbabwe’s largest data company. ZOL is now part of Liquid Telecom, formerly known as Ecoweb.
NEW Dawn Mining Corporation says gold production in the last quarter of 2011 amounted to 9 095 ounces compared to 4 808 ounces registered a year ago in the same period, representing an increase of 89,2%.
