VITAL information was stolen from Time Bank when it was under curatorship, prejudicing the financial institution of US$30 million, a senior bank official has said.

THERE are several issues which can lead to failure of a country’s currency; from weak economic fundamentals to political unrest. In Zimbabwe, inflation figures started to soar to uncomfortable levels in early 2000 and reached a climax in 2008.

PG INDUSTRIES will return to the market for recapitalisation before the end of the financial year to pay off its US$6,6 million debt, CEO Hillary Munyati has  said.

UNITED Kingdom Alternative Investment Market (AIM)-listed LonZim and Innscor Africa Ltd subsidiary, Niloticus, will soon list on the Zimbabwe Stock Exchange  (ZSE) by way of introduction, businessdigest has established.

LOCAL banks are milking account holders through high charges to boost their income and support the infrastructure they put in place when the economy was faring better.

SHARES retreated this week despite improved volumes on the local bourse.

AFRICAN Sun Ltd has taken Zimbabwe Revenue Authority (Zimra) to court after the tax authority garnished the hotel and leisure group for failing to pay tax on groceries it bought for staff.

HAS Nicholas Van Hoogstraten found new love with the Rainbow Tourism Group (RTG) yet again?
It appears the RTG majority shareholder has re-organised his shareholding in the group and increased it after the group announced that it was refurbishing its hotels and lodges, constructing a new hotel and building 750 additional rooms.
Van Hoogstraten had indicated that he was selling part of his shareholding.
Rainbow Towers Hotel is being refurbished. A ‘Zambezi River lodge has also embarked on refurbishment and product upgrade from a three-star property to a four-star one targeted to be complete by May 2011, while a hotel is being built in Beitbridge.
RTG is also planning to refurbish Bulawayo Rainbow, although not as comprehensively as Harare and A ‘Zambezi.
As of Tuesday, Van Hoogstraten held about 554 million shares in RTG, representing 35% of the total issued share capital of the company. He has re-registered them through Les Nominees, now with 18,23%, Zimcor Limited -12,67%, Hamilton Nicholas Rhodes -1,01%, Hamilton Alexander Sethi -0,61%, Hamilton Maximilian Rhett -0,62% and Hamilton Orrie Lincoln -0,62%.
Van Hoogstraten’s vehicles are managed by Harare businessman Frank Tawanda Buyanga.
This is the route that Van Hoogstraten — the single largest investor on the stock exchange — often takes when he is about  to dispose of his shares in companies or consolidate  shareholding in anticipation of higher earnings.
Van Hoogstraten could face stiff competition from Econet boss Strive Masiyiwa and AFRE Chief Executive Officer Patterson Timba, who jointly hold 31, 55%. Timba is also chairman of RTG.
Their shareholding is packaged as follows: Afre Corporation Ltd -8,75%, EW Capital Holdings Ltd - 6,78%, First Mutual Life –Policy Holders -6,64%, First Mutual – Managed Fund -4,87%, E W Capital (Pvt) Holdings Ltd -2,89% and FML Reinsurance Property -1,62%.
Announcing the company’s interim financial results last week on Thursday, Group CEO Chipo Mtasa said the group was embarking on an expansion and refurbishment programme that was attracting a lot of investor interest.
Speaking to businessdigest on Tuesday, Mtasa said there had been changes in RTG’s shareholding following the new shares that were issued this year.
“Van Hoogstraten grabbed all the shares; he is the major shareholder of the group. With tourism coming back to Zimbabwe, he must have decided to invest more in the group,” she said.
Analysts said Van Hoogstraten, who had been failing to get “his people” on the RTG board, should be prepared to take Masiyiwa and Timba head on if he is to have his way.
“It is not debatable that tourism is coming back to Zimbabwe and mostly for RTG. It is only the pace that could be debatable and it explains why there is so much interest in the company,” Mtasa said.
She said RTG was tapping into international and high yield markets to drive volumes up.
“We are re-launching our product on the international market. We are targeting Japan, France, Russia and parts of China,” she said.
During the period under review RTG’s turnover increased to US$10,5 million, representing a 67% growth compared to the same period last year, owing to an improvement in room occupancy rates.

Paul Nyakazeya

JAGUAR Land Rover last November returned to Zimbabwe following the signing of a dealership agreement with Premier Auto Services (PAS) that paved way for the return of Land Rover vehicles to the country.

TWO weeks ago, Jon Younger, Dave Ulrich, two of human resources’ leading minds and I engaged in a passionate discussion over the concept of ‘organisation capability’, the brainchild of Dave.

THE Zimbabwe Stock Exchange (ZSE) has engaged five mining companies to immediately consider listing on the bourse in a move expected to inject US$10 billion on the exchange.

THE property sector will not grow until building societies introduce long-term mortgage finance, Pearl properties chairman Dunmore Kundishora says.

IN July, both the fiscal and monetary authorities laid down blueprints which embodied various policy proposals for the economy and the monetary sector.

ZIMPLOW Ltd’s revenue rose 72% to US3, 4 million in the first half of the year ending June 30, buoyed by stronger exports, chairman Zivanayi Rusike said this week.

AFRICAN Consolidated Resources (ACR), whose claim over alluvial diamond resources in Marange was snatched by the state, says it will stay put in the country despite its legal woes that it described as “short term distractions”.

AMERICA Business Association of Zimbabwe (Abaz) will hold its fourth Just Business Economic Forum next month in Harare.

TOBACCO farmers keen to make a killing by holding onto their crop until the end of the selling season have been caught out as prices have depreciated by US52 cents since the beginning of the season.

TOBACCO farmers keen to make a killing by holding onto their crop until the end of the selling season have been caught out as prices have depreciated by US52 cents since the beginning of the season.

THAT the de-merger of Kingdom Meikles Ltd would be long and winding was not contested. On one end was a man torn apart by deep religious views; doing the right thing against the odds.

MORE often than not, when HR practitioners are asked who their customers are, they name the employee and the line manager, neatly underlining the business myopia HR is largely known for.