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RBZ cancels Capital Bank licence as NSSA refuses to inject more funds

RBZ cancels Capital Bank licence as NSSA refuses to inject more funds

The central bank on Thursday cancelled the licence of Capital Bank Corporation at the bank’s request after the major shareholder, National Social Security Authority (NSSA) indicated that it was no longer willing to inject additional capital into the institution. “The bank has been operating in an unsafe and unsound financial…

Implats to build platinum refinery, work to start in July – official

Implats to build platinum refinery, work to start in July – official

South Africa’s Impala Platinum, the world’s second-largest platinum miner will set up a refinery in the country by upgrading its existing facilities, with work on the first phase scheduled to start in July, an official said on Friday. The platinum refining process goes through two significant stages; in the base…

Zimbabwe to amend foreign ownership law – finance minister

Zimbabwe to amend foreign ownership law – finance minister

Government will amend its indigenisation law, which requires foreign owned firms to cede 51 percent shares to local blacks, following a Cabinet decision to revise it to become more investor friendly, finance minister Patrick Chinamasa said in Parliament on Wednesday. Chinamasa did not give specific details on the proposed changes,…

Mugabe appeals for FDI, promises respect for property rights

Mugabe appeals for FDI, promises respect for property rights

President Robert Mugabe on Friday appealed for more Foreign Direct Investments to stimulate Zimbabwe’s underperforming economy, promising to respect property rights for investors. Zimbabwe has of late signalled intention to relax its controversial empowerment policy that President Mugabe’s ZANU-PF has championed using a 2008 law that requires all foreign firms,…

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