Zimbabwe | - Part 6

Mugabe Dents Deputy’s Leadership Bid in Zimbabwe Cabinet Change

HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe replaced his finance minister in a cabinet reshuffle that weakened his vice president, who’s considered one of the main contenders to succeed him as leader of the southern African nation. Mugabe, 93, removed Patrick Chinamasa as finance minister, giving him a new cyber-security portfolio and stripped Vice President Emmerson Mnangagwa of his position as justice minister. Chinamasa was replaced by former Home Affairs Minister Ignatius Chombo, while the justice portfolio was given…

Mugabe’s New Round of Money Printing Traps Mobius in Zimbabwe

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Robert Mugabe’s latest economic experiment is making Zimbabwe’s stocks the world’s best performers for all the wrong reasons. And there’s little foreign investors like Franklin Templeton, JPMorgan Chase & Co. and Allan Gray can do to escape: it’s practically impossible for them to pull out their money. Economic chaos has been a regular feature of investing under Mugabe’s 37-year reign because he frequently blindsides markets with policies that have devastating…

Zimbabwe Cabinet Stalling $400 Million Rail Recap, Minister Says

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s cabinet hasn’t approved a $400 million deal with Transnet SOC Limited to recapitalize National Railways of Zimbabwe because it’s concerned about the government taking on more debt, Transport Minister Joram Gumbo said. Zimbabwe awarded the contract to the South African ports and rail operator in August in a joint venture with the Diaspora Infrastructure Development Group after issuing a tender to recapitalize state-owned NRZ. The Zimbabwean operator, which is plagued by…

Diamonds Fund Zimbabwe’s Secret Police, Global Witness Says

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s government is using money earned from diamond exports to fund its Central Intelligence Organisation, blamed for a raft of human-rights abuses as it’s helped to keep President Robert Mugabe in power since 1980, Global Witness said. Diamonds dug from the Marange fields in eastern Zimbabwe are channelled through Dubai, India, the Netherlands and South Africa by a complicated web of cross-owned companies based in places as diverse as Mauritius, Hong…

President Mugabe’s Party Is Said to Consider Early Zimbabwe Elections

Posted on by The Editorial Team

HARARE (Capital Markets in Africa ) -Zimbabwe’s ruling party is considering calling elections early next year out of concern that President Robert Mugabe’s health is worsening and disputes among his supporters could galvanize opposition efforts to form an alliance, three officials familiar with the government’s plans said. While general elections must be held constitutionally by Aug. 21 in 2018, the Zimbabwe African National Union-Patriotic Front’s chances of maintaining its more than three-decade grip on power will…

Zimbabwe Capital City Plans $100 Million Housing Bond This Year

Posted on by The Editorial Team

HARARE (Capital Markets in Africa ) – Zimbabwe’s capital city plans to raise a $100 million bond this year to finance the building of new homes and end a decades-long housing shortage, its mayor said. The capital, Harare, has “outgrown itself and the population has grown beyond the city’s initial designs,” mayor Bernard Manyenyeni said Tuesday in an interview. An original plan to obtain $150 million through the central government became “entangled in politics,” he said, without…

Barclays Sells Zimbabwe Bank to Malawi’s First Merchant

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Barclays has announced the sale of its Zimbabwe bank to Malawi-listed First Merchant Bank on Friday as the British lender continues its exit from Africa. In March Barclays announced it was in talks on the sale of its stake in Barclays Bank of Zimbabwe as part of a broader exit from Africa to refocus on the United States and Britain. Barclays said the deal would remove 292 million pounds ($375.69 million)…

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