African exchanges should focus on smaller businesses

00 African exchanges should focus on smaller businesses Nonkululeko Nyembezi-Heita The African growth story is no longer a fairy tale. Over the past decade, multinational companies, private equity funds and infrastructure development programmes have channeled capital to the continent as they began to realise the true potential it holds, but like most emerging market regions,…

Smartvest Wealth Managers (ex-AfrAsia Capital Management) officially launch new brand

00 Smartvest Wealth Managers (ex-AfrAsia Capital Management) officially launch new brand HARARE – Smartvest Wealth Managers formerly AfrAsia Capital Management (ACM) has officially launched following the successful conclusion of a scheme of Arrangement, which culminated in former Reserve Bank of Zambia governor Michael Gondwe taking up the largest shareholding in the company. Smartvest rebranded in…

Seedco records sharp increase in H1 turnover but write offs, finance charges widen loss

00 Seedco records sharp increase in H1 turnover but write offs, finance charges widen loss  HARARE – SeedCo turnover increased sharply in the half year to September 30 but high finance charges, inventory write-offs and exchange losses saw the group, which traditionally makes a loss during the period, widen that position to $9.3 million from…

Proplastics commissions $1.3 mln PVC plant bringing total investment to $6 mln

00Proplastics commissions $1.3 mln PVC plant bringing total investment to $6 mln HARARE – Proplastics Limited has invested in excess of $6 million since dollarisation towards modernising and upgrading its plant with the latest being the installation of a $1.3 million new PVC line. The new line which was commissioned this morning will contribute 60%…

POSB fined $500 000, employees dismissed for social media pics -RBZ

00 POSB fined $500 000, employees dismissed for social media pics -RBZ HARARE – People’s Own Savings Bank has been fined $500 000 for violating sections of the Banking Act after its employees leaked pictures showing bond notes in the bank’s vaults on social media. Under Section 76 (2) of the Banking Act Preservation of…

teward’s e-banking grows 30% monthly as country stock of POS machines rise to 14401

00Steward’s e-banking grows 30% monthly as country stock of POS machines rise to 14401 HARARE, Econet Wireless’ banking unit Steward Bank says electronic banking transactions are growing 30% month on month supported mainly by over 10 000 POS machines in the market and the group’s products such as Ecocash. This comes as latest data from…

Simbisa says liquidity constraints in Zim restrict 1Q17 top-line performance

00Simbisa says liquidity constraints in Zim restrict 1Q17 top-line performance HARARE, Simbisa Brands says liquidity constraints in its largest market – Zimbabwe –  and weak commodity prices regionally restricted the group’s topline performance to a marginal growth in the first quarter (Q12017) ended 30 September 2016. In a trading update at the Group’s annual general…

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