RAINBOW Tourism Group (RTG) risks losing its Bulawayo Rainbow Hotel after CBZ Bank Ltd sent a letter of demand over a US$2,5 million facility which matured end of last month.
MEETINGS between creditor banks and RioZim Ltd held this week to resolve the impasse over outstanding advances to the company unearthed a widening rift between the parties, with the mining giant being accused of paying lip service and not presenting a concrete deal.
ALL major markets on the global front closed on a positive note at the end of January. The US released a set of encouraging manufacturing and employment data which could be a probable sign that the world’s largest economy is turning the corner.
CAIRNS Holdings Ltd will convert its short term debt into long term borrowings, a move that will see the company returning to full profitability by 2013, according to CEO Silas Gweshe.
Gono’s move could destabilise the financial sector
Thursday, 09 February 2012 16:17
Reginald Sherekete
THE recently-announced deadlines by the Reserve Bank of Zimbabwe governor Gideon Gono for banks to finalise their recapitalisation initiatives and conclude mergers and acquisitions could possibly destabilise the financial sector given the general lack of liquidity, analysts have said.
AFRICA has to invest in fiscal, human and technical capacity for it to become competitive in the global environment, UN resident humanitarian coordinator Alan Noudehou told delegates to the concluding ceremony of the African Building Capacity Foundation’s 20th anniversary celebrations in the capital this week.
Businessdigest (BD) spoke to Economic Planning minister Tapiwa Mashakada (TM) on the Medium Term Plan, debt overhang and the economy’s performance since 2009. Mashakada believes economic projections under the MTP are largely on course. Below are excerpts:
FINANCIAL institutions around the world have become increasingly aware that their operations and decisions have significant impacts on economic, environmental and social matters.
THIS week we continue to discuss the systemic issues that haunt the strategic planning that organisations’ executives put on paper but which still fail to save the firms from collapse.
The Human Capital Telescope: Are Zimbabwean MBAs substandard?
Thursday, 09 February 2012 15:03
ONLY one business school from Africa has its (Master of Business Administration) MBA degree programme in the Financial Times’ (FT) top 100 Global MBA rankings for 2012. It is the University of Cape Town’s Graduate School of Business (UCT GSB) and is ranked 54th.
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.
