Ant Financial, the digital payments arm of e-commerce giant Alibaba, is buying US-based MoneyGram for $880m (£700m).
MoneyGram has about 350,000 outlets in nearly 200 countries. Ant Financial has more than 630 million users.
The takeover by the Chinese group will need regulatory approval from the US Committee on Foreign Investment. Read more
Retailers and other business people charging extra for payments made in bond notes or bank cards and less for US dollar transactions will be prosecuted when the Reserve Bank Amendment Bill, which sailed through the National Assembly on Wednesday, becomes law.
Responding to questions from Members of Parliament on Wednesday, Finance and Economic Development Minister Patrick Chinamasa reiterated that bond notes were interchangeable at a rate of 1:1 with the US dollar. Read more
Finance and Economic Development Minister Patrick Chinamasa has said Government will not print bond notes outside of its framework with the Afrexim Bank, as it has a reputation to defend.
Speaking during a debate on the Reserve Bank Amendment Bill in Parliament on Tuesday, Cde Chinamasa said the bond notes will be printed up to $200 million, as per the facility that was concluded with the Afrexim Bank.
He said he was on cloud nine because the public had embraced bond notes.
“I also need to point out Mr Speaker Sir, that measures will be taken to ensure that we are disciplined in the issuance of bond notes,” said Minister Chinamasa. “We will do all within our powers to ensure that the process is transparent and do not go beyond what we have told the public.
Despite the shrill official propaganda to the contrary, Zimbabwe’s economy is continuing on its steep decline — with the latest manifestation of this implosion being the alarming disappearance of the much sought-after United States dollars from the market in recent weeks, with devastating consequences for the country.
This latest dose of bad news to hit long-suffering Zimbabweans comes as economists have recently reaffirmed that average incomes in the country are still hovering at their lowest levels in more than 60 years, with the majority of families having to make do with less than $200 a month. Read more
Econet Wireless Zimbabwe shares tumbled 10 percent to 27 cents on Thursday amid panic selling by small shareholders, over concerns surrounding the telecoms company’s planned rights issue to raise more capital.
The country’s biggest mobile telecommunications, with over 10 million subscribers, did not trade on Friday, which possibly points to growing concerns among investors over the controversy now seemingly stalking the firm’s $130 million dollar offer. Read more
A US$20 million cement plant has been set up in Redcliff, Kwekwe and is expected to create more than 200 jobs when it commences production next month.
The project which was granted the national investment status is going to be the biggest cement company in the country producing more than 400 000 tonnes of masonry cement annually.
The company’s chief executive officer Mr Dongning Wang says focus will be on producing cement that is ideal for general construction works before they move into chrome smelting next year. Read more
THE Zimbabwe Tourism Authority (ZTA) has refused to recognise the tourism brand ambassador award granted to Prophetic Healing and Deliverance (PHD) Ministries leader, Walter Magaya, saying the award was granted unprocedurally
This follows reports that Harare Metropolitan Provincial Affairs minister Mirriam Chikukwa had last month appointed Magaya as Harare’s tourism brand ambassador.
ZTA spokesperson, Sugar Chagonda told NewsDay early this week that his organisation had the sole mandate of appointing tourism ambassadors and had not sanctioned Magaya’s appointment.
“Magaya was never appointed as tourism ambassador and he was never given that status. ZTA is the custodian of tourism and the appointer of brand ambassadors,” he said.
The year 2017 has opened with heavy discounts on air tickets, bordering on a fare war of sorts, to woo passengers back to flying.
Average fares have fallen by 50 percent as airlines cut prices to boost market share amid intensifying competition. The cuts come as budget airlines are reporting a rise in net profit.
Traditional airlines have vowed to take market share from rival airlines.
This aggressive discount scheme has seen the country’s largest airlines by market share slashing air fares by half to a number of destinations. Read more
Culled from Virgin.com
Starting a business is something we’ve done a few times at Virgin – hundreds of times actually, across more than 40 years. How do we manage to see these new businesses through from ideas to realities and into successes? Keep reading for my seven top tips.
Write a business plan
Having a clear idea of what your business will do and what it stands for is essential. You should be absolutely clear what your product or service aims to do, and who is going to buy it. Read more
He was born poor, lost both parents very early, and had to start working during school holidays to supplement the needs of his brothers and himself.
While you may deign to feel sorry for the child that he was, his early work experience formed the building blocks of the astute tycoon he would become. It helped him develop self reliance, confidence, discipline, time management, transparency, and gifted him with a wealth of experience.
Upon graduation, he worked for Shell, as a salesman, selling and repairing gas cylinders. According to him, the pennies he earned from this job could not have bought anyone dinner. Read more