ZIMBABWE’S insurance industry must focus on innovation and tailored products to bring up the country’s penetration, according to Old Mutual Zimbabwe group chief executive Samuel Matsekeke. Zimbabwe’s insurance penetration has remained stubbornly low, currently below two percent. “If we compete and focus on competing, we are competing on a smaller cake. I think there is…
TRUWORTHS Zimbabwe (Truworths) says the lack of US dollar long-term finance hampered the growth in credit sales in the six months ended January 7, 2024. During the period, all the company’s credit sales were in US dollars and of the cash sales 71,4 percent were in US dollars and 28,6 percent in Zimbabwe dollars. “The…
INDEPENDENT national television station, 3Ktv — which celebrated a full two years of non-stop live broadcasting yesterday — is proving to be a major boon for marketers. Zweli Sibanda — the managing director of Jester Media Services’ (JMS) Broadcasting Division — told The Financial Gazette yesterday that 3Ktv had become “a trendsetter in terms of…
ZIMBABWE’S capacity utilisation target of approximately 60 percent for 2024 is likely to be missed due to a host of economic challenges, according to M&J Consultants (M&J). Finance minister Mthuli Ncube, had previously projected an average capacity utilisation of 60 percent for 2024, citing expected price and exchange rate stability, improved electricity supply, and increased…
FOSSIL Group has called upon Zimbabwean companies to shift their focus from arbitrage-based profit-making to more fundamental business practices, given the currency risk environment. In a conversation with The Financial Gazette at the 2024 Young CEO’s Business Forum (YBF), Fossil Group’s chief executive, Obey Chimuka, highlighted the primary challenges businesses are grappling with, including currency…
AVM Africa, a long-established Zimbabwean bus manufacturer, has outlined a bold revitalisation strategy targeting a return to its prior capacity of 50 buses per month. The plan hinges on a strategic partnership with Minsk Automobile Plant of Belarus and a substantial capital injection of US$20 million. The memorandum of understanding (MoU) with Minsk Automobile Plant…
THE Mukuyu Field, operated by Australian explorer Invictus Energy, has secured prominent recognition as the second-largest discovery in Sub-Saharan Africa for 2023, according to a leading energy consultancy, Wood Mackenzie. The independent assessment places the estimated reserve at 230 million barrels of oil equivalent (boe), underscoring the significant potential of Zimbabwe’s Cabora Bassa basin. “This…
EVERSHARP volumes rose 19 percent to 15,18 million units in the first quarter ended December 31, 2023 attributed to improved product availability. It also comes as the business increases its marketing expenditures in response to growing competition from imports. The leading manufacturer of ballpoint pens, rulers, and markers is a division of Amalgamated Regional Trading…
NATIONAL Tyre Services (NTS) is optimistic that the new regulations on tax introduced by the government to enforce compliance will minimise unfair competition in the market. The government recently introduced a raft of new tax regulations to enforce tax compliance on the informal sector, following concerns from the formal sector that not taxing the informal…
ZIMBABWE Stock Exchange (ZSE)-listed financial services giant, ZB Financial Holdings, yesterday unveiled an innovation hub as part of the group’s ongoing digital transformation journey. Speaking at the launch of the new platform in Harare, ZB group chief executive Shepherd Fungura said the financial institution wanted to maintain its position as the leading financial digital company…
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