ENERGY minister Joram Gumbo has fired ZESA Holdings chief executive Josh Chifamba, who was on suspension over suspected corruption, after consultations with President Emmerson Mnangagwa. This comes as Cabinet on Tuesday agreed to restructure the national power utility into a “single vertically integrated company”. Gloria Magombo, the Energy ministry permanent secretary, on Tuesday told the…
THE Zimbabwe Stock Exchange (ZSE) is set for another record year in 2019 after kicking off the year with high activity. Official ZSE data shows that value traded on the local bourse in January totalled $110 million — a 47 percent increase on activity recorded during the same period in 2018. This comes as interest…
ZIMBABWE’S trade deficit with South Africa (SA) widened in 2018 after imports grew by more than $1 billion. Official statistics released by the Zimbabwe National Statistics Agency recently show that Zimbabwe imported goods and services worth $6,4 billion from SA during the 11 months to December 31, 2018 progressing from imports of $4,96 billion during…
SHARES in Edgars Stores (Edgars) gained 56 percent on the Zimbabwe Stock Exchange (ZSE) in January after it acquired the intellectual property (IP) rights to Jet and Edgars trademarks and brands for the territory of Zimbabwe. The company had been operating the brands under a franchise agreement, in which it paid annual franchise fees calculated…
ZIMBABWE’S economic crisis has significantly affected listed firms’ financial reporting standards due to currency distortions in the market. In October last year, Reserve Bank of Zimbabwe governor John Mangudya instructed financial institutions to separate existing bank accounts into two categories, namely Nostro FCAs and RTGS FCAs, implicitly acknowledging the difference in value between the United…
MAURITIAN investment bank African Guarantee Fund (AGF) has suspended its guarantee on the second and third tranches of Untu Capital’s bond after the micro-lender failed to remit fees to the guarantor due to foreign currency shortages. Last year, Untu Capital floated the notes, which have a face value of four $4 million, through a mobile…
THE Zimbabwe Stock Exchange (ZSE) on Tuesday suspended Falcon Gold Zimbabwe (Falgold) after the company delayed publication of its financial results for the year ended September 30, 2018. In December last year, the gold miner announced that the results would be delayed due to several factors, including an engineering failure at one of its mills.…
ZIMBABWE has dropped three places on Transparency International’s 2018 Corruption Perceptions Index (CPI) released this week, in a clear sign that the southern African country is struggling to deal with corruption. The index draws on 13 surveys and expert assessments to measure public sector corruption in 180 countries and territories, giving each a score from…
THE Confederation of Zimbabwe Industries (CZI) has raised a number of concerns to the Zimbabwe Revenue Authority (ZIMRA) regarding the implementation of the fuel rebate system proposed by government. In a paper to the tax collector, the CZI proposed that the rebate mechanism must be easily administered; not be open to abuse; that taxpayers’ working…
ANALYSTS say Zimbabweans will continue to suffer under inflation unless the dysfunctions in the country’s monetary system are dealt with. Last week, the Zimbabwe National Statistics Agency released figures showing that inflation for the month of December 2018 stood at 42,09 percent, gaining 11,08 percentage points on the November 2018 rate of 31,01 percent. With…
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