BINDURA Nickel Corporation (BNC)’s shares slumped on the Zimbabwe Stock Exchange (ZSE) during the first quarter, despite a surge in the price of nickel, its primary resource. BNC, which is engaged in the mining and extraction of nickel as well as the production of nickel by-products, was one of the biggest losers on the ZSE…
ZIMBABWE is one step closer to achieving its one-stop-shop investment centre (OSIC) initiative after a Bill to expedite the process was gazetted. This comes as the southern African country, which is desperate for investment, has received numerous complaints from potential investors exasperated with the tedious process of setting up business in Zimbabwe. Parliamentary and constitutional…
THE recently-launched interbank market is not operating on a free market concept resulting in subdued trading and companies failing to access desperately-needed foreign currency, the Confederation of Zimbabwe Industries (CZI) Economists Round Table has said. This comes as the official forex market — which debuted at 1:2,5 against the United States dollar — has been…
THE National Social Security Authority (NSSA) says as many as five million Zimbabweans are threatened with old age poverty due to a social security coverage gap in the country. An International Labour Organisation (ILO) convention in 1952 set minimum standards for social security covering such areas as unemployment benefit, medical care, maternity, sickness and family…
THE Zimbabwe Revenue Authority (ZIMRA) should carry-out post clearance exercises, including inspecting goods on the market for permits and licenses, the Confederation of Zimbabwe Industries (CZI)’s Border Management Committee has recommended. This comes as the country’s fiscus is losing over RTGS$2,5 billion to smuggling of goods annually, according the latest report by the Zimbabwe National…
INNSCOR Africa Limited (Innscor) is poised to generate more revenue in the near future due to its competitive cost structure, which is based on increased production and export competitiveness, a local equities research firm has said. The listed diversified concern had recorded a 61 percent increase in revenue to $490 million in the six months…
ZIMBABWE’S foreign currency shortages are inhibiting reinsurance firms from underwriting more business in regional countries, The Financial Gazette has learnt. This comes as the country’s acute foreign currency shortages, caused by a persistent trade deficit, are threatened the viability of businesses from various sectors in the ailing economy. Stanley Kudenga, the ZimRe Holdings (ZimRe) chief…
THE Infrastructure Development Bank of Zimbabwe (IDBZ) says it is pursuing a long term capitalisation target of $1 billion to escalate investment. The state-owned financial institution, which has cumulatively raised a total of $127,3 million through the issuance of infrastructure development bonds for the past seven years, had a net asset position of $204 million…
THE Zimbabwe Stock Exchange (ZSE) mainstream index was subdued for a second consecutive month in March, dropping 17,95 percent to 405,57 points, dragged down by losses in heavyweights. The bourse weakened by 19,36 percent to close the month at a total market capitalisation of $15,98 billion. IH Securities (IH) said the industrial index was weighed…
THE Insurance and Pensions Commission (IPEC) says the local industry’s “piece-meal” regulatory framework is problematic as it promotes arbitrage. IPEC is the statutory body established in terms of the Insurance and Pensions Commission Act, to regulate the insurance and pensions industry. However, certain entities in the industry, such as the National Social Security Authority (NSSA)…
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