THE Insurance and Pensions Commission (Ipec) says foreign currency-denominated assets are cushioning the industry from loss of value in the face of rampant inflation. Month-on-month inflation was reported at 74,5 percent in June, after gaining 58,8 percentage points on May’s rate. Annual inflation hit three digits to 175,8 percent from 86,5 percent recorded in the…
THE National Handling Services Zimbabwe (NHS) says the current hyperinflationary environment has destabilised its procurement processes. This comes as the country has entered into another hyperinflationary cycle after prices increased by over 50 percent in June, with the nation having already experienced two other episodes of hyperinflation in the last 15 years. Hyperinflation refers to…
IN business and in life every transaction is characterised by risk. For instance, when you buy food, there is the risk that it may be bad. When you buy a gadget, it might not work as advertised. This is the reason why in every transaction, the buyer must exercise a great amount of discretion, and…
ZIMBABWE’S electricity imports surged by 26,8 percent to 863,4-gigawatt hours (GWh) during the first quarter of 2023, latest figures from ZimStat show. State power utility Zesa says local production was 29 percent below target for the quarter, which worsened power cuts in the country and created more demand for imports. In a report, ZimStats revealed…
Powerspeed Electrical (Powerspeed) says the ever-increasing regulation, complexity, and rising cost of doing business will continue to threaten its business. Zimbabwe has seen several policy measures implemented over the past months to boost confidence in the local currency, which has been on a free fall, with formal businesses feeling the heat. “The ever-increasing regulation, complexity,…
TURNALL Holdings (Turnall) says it will leverage on supplier relationships for improved raw material sourcing and productivity. In its 2022 annual report, Turnall’s managing director, John Mkushi said the group is in engagements with various suppliers and distributors to improve raw materials supply and availability. “Management is engaging various suppliers and distributors of fibre across…
THE uptake of insurance products continues to be depressed in Zimbabwe as market confidence in the sector remains low, the Insurance and Pensions Commission (Ipec) has said. In its life assurance industry report for the quarter ended March 31, 2023, Ipec said the depressed uptake of insurance was highlighted by new business accounting for only…
THE National Handling Services (NHS) – which manages the Zimbabwe dry port, based in Walvis Bay Namibia – says the harbour requires at least US$2 million to be fully operational. Speaking at NHS’s annual general meeting in Harare this week, chief executive Godknows Marawanyika said the port is now able to sustain recurrent expenditure. The…
PIPING products manufacturer, Proplastics, says it lost at least US$3 million to power cuts after its operations lost 28 days of production owing to load shedding and faults. The group’s chief executive, Kuda Chigiya, told The Financial Gazette on the sidelines of the company’s annual general meeting that production volumes for the five months to…
THE Reserve Bank of Zimbabwe is expected to introduce person-to-person (P2P) transactions for its gold-backed digital tokens soon, a development that has divided analysts’ opinions. Some have hailed the idea as a “game-changer,” while others have called it a “non-event.” This follows the Zimbabwe dollar’s recent depreciation against major currencies on the back of…
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