Self-exiled businessman James Makamba (right) has sold his stake in Empowerment Corporation, a 40 percent shareholder in Telecel Zimbabwe to a local consortium for an undisclosed amount.
However, with ink barely dry on the deal, the Government is understood to have made a massive $26 million offer to buy out the local consortium owned businessman George Manyere and prominent lawyer Gerald Mlotshwa.
Dr Makamba, together with women empowerment lobbyist Dr Jane Mutasa owned the majority shareholding in the EC held shares through Kestrel Corporation. Read more
THE Reserve Bank of Zimbabwe is hunting down illegal foreign exchange dealers amid reports that more than US$3 billion was externalised over the past two years.
Monetary authorities say the externalisation of foreign exchange to offshore accounts by both small businesses and big guns as hard cash, management fees, technical fees and royalties has dried the local market.
RBZ Governor Dr Mangudya told The Sunday Mail Business that, “We already have our Bank Use and Promotion Act in place, which prohibits capital flight and money laundering, but we haven’t done enough to stop this from happening for quite some time. Read more
CONSTRUCTION of a $10 million up-market shopping mall in Victoria Falls is expected to start anytime soon.
The complex will be built by Zimre Property Investment (ZPI). ZPI chief executive officer Mr Edson Muvingi said work at the site was expected to start before the end of the year.
“We estimate a period of 13 to 18 months to complete the project. We expect to commence works on the ground this side of the year upon completion and obtaining all approvals.
The approval processes are at an advanced stage including the Environmental Impact Assessment (EIA). We estimate a total cost in the region of $10 million to complete the project,” said Mr Muvingi. Read more
THE Reserve Bank of Zimbabwe (RBZ) has increased incentives for Diaspora remittance from three percent to 10 percent effective August 1, 2017 to encourage channelling of remittances through formal channels.
RBZ Governor, Dr John Mangudya, revealed this in the mid-term monetary policy statement that was presented on Wednesday.
The central bank introduced the Diaspora Remittances Incentive Scheme (DRIS) last year to benefit both the money transfer agents and the receiver of the funds on the basis of a two percent and three percent split to reduce the cost of receiving and sending remittances. Read more
South African Airways (SAA) has run out of money and is teetering on the edge of bankruptcy, according to information given to the country’s parliament.
It is thought the national carrier may soon be unable to pay salaries. The cash-flow statement shown to MPs and seen by the BBC paints a picture of an airline haemorrhaging cash.
It says that matters may improve by October, but only if it gets a 792m-rand (£45m) bailout from the government. Even then, the situation is expected to deteriorate again by December with a forecast cash outflow in that month of £38m. Read more
Image credit: BrandedIQ
Jack Ma, founder of Alibaba – one of the largest online stores in the world, recently made a trip to Africa for the first time.
On his trip, he announced that he is creating a USD$10 million fund that young African entrepreneurs can gain access to.
The fund aims to help startups with great innovations but lack funding to increase their growth.
“I want that fund supporting African online businesses, the money is set. This is my money, so I don’t have to get anybody’s approval.” – Jack Ma
America’s five richest people have added a combined $66.8 billion to their personal fortunes.
The five richest men are; Bill Gates, Jeff Bezos, Mark Zuckerberg and Larry Ellison—are founders of iconic technology firms. The last is legendary value investor Warren Buffett.
Though each member of the top five holds a distinct portfolio, the gains are all generally attributable to excellent returns on public markets. Read more
Zimbabwe’s economy will grow 2.8 percent this year, from 0.7 percent in 2016, due mainly to a bumper maize harvest as the southern African nation recovers from severe drought, the World Bank said on Wednesday.
However, Harare’s total debt stock would continue to grow, it added in an economic report, putting pressure on long-time president Robert Mugabe’s government to stick to commitments to bring down fiscal deficits ahead of national elections in 2018. Read more
Billionaire Nigerian businessman Aliko Dangote has fallen from being the 51st richest person in the world to the 105th, according to the 2017 Forbes Rich List.
Forbes magazine reports that Mr Dangote’s wealth dropped from $15.4bn (£11.8bn) in 2016 to $12.2bn this year, due to Nigeria’s currency being devalued. Read more
Bill Gates and Jeff Bezos
After Jeff Bezos’ net worth soared Thursday to make him the richest person on the planet, Amazon’s earnings report brought the tech giant back down to earth just hours later.
The Amazon CEO was back to being the second-richest person in the world late Thursday afternoon, according to Forbes’ real-time ranking of world billionaires. Read more