THE Confederation of Zimbabwe Industries (CZI) says government should introduce an importer financed export incentive scheme and liberalise the foreign currency market to improve the foreign currency situation in the country. Speaking last week at the CZI business confidence index update for the first quarter of the year, CZI president Sifelani Jabangwe said the proposals,…
THE Zimbabwe Stock Exchange’s climb continued this week, stretching the bourse’s 10-week long gaining streak.The recent surge was preceded by an 18-week slump which was triggered by the resignation of Robert Mugabe in November last year. During the week from Thursday last week, the market’s gaining streak stretched past 10 consecutive weeks with the All…
The National Broadband Backbone (NBB) project meant to modernise Zimbabwe’s main telecommunications infrastructure is ahead of schedule and near completion. The project, which is financed by a $98 million China Exim Bank facility, has seen some of the country’s main telecommunication equipment upgraded, including the installation of fibre optic cables in the country’s main lines…
REAL Time Gross Settlement (RTGS) transactions decreased 36,3 percent to close the week ending May 11 at $1,57 billion, official data shows. In its weekly economic highlights for the period under review, the Reserve Bank of Zimbabwe (RBZ) said the total value of transactions processed through the National Payments System (NPS) stood at…
REAL Estate Institute of Zimbabwe president and Integrated Properties founder and managing consultant Mike Juru this week spoke to The Financial Gazette’s Online Editor Paul Nyakazeya (PN) about the property sector during the first quarter of the year as well as the adoption of a Real Estate Investment Trust. PN: What were the challenges in…
NMB Bank says it has seen a significant increase in income following its new accounts blitz programme. The bank’s chief executive officer Benefit Washaya said non-interest income increased 83 percent during the first four months of 2018, mainly as a result of new accounts. “Net-interest-income and non-interest-income increased by 30 percent and 83 percent, respectively.…
LISTED retailer, OK Zimbabwe, operated free of debt during the year ended March 31, 2018, as record breaking revenues boosted the company’s coffers. In a statement accompanying the company’s financials, board chairman David Lake said the group generated enough funds from its operations to finance all its working capital and capital expenditure requirements during the…
ZIMBABWE’S budget deficit is set to remain above $1 billion despite government’s efforts to rein in fiscal spending, economists have said. For years, a persistent fiscal deficit has been the underlying cause of macroeconomic instability in the country, with the previous administration’s fiscal indiscipline being cited as the main culprit. President Emmerson Mnangagwa’s government, which…
CIGARETTE manufacturer BAT Zimbabwe (BAT) described the first quarter of the year as the “toughest and driest” in terms of access to foreign currency allocation from the Reserve Bank of Zimbabwe (RBZ), highlighting the persistent shortage which the country was facing. Giving a trading update at the company’s annual general meeting last Friday, BAT managing…
PADENGA Holdings shareholders have approved a resolution to amend the company’s share option scheme to allow non-executive directors to be eligible to be awarded share options. The resolution, which passed by a vote of 57 percent, amended the definition of the term “Employee” in the Padenga Share Option Scheme, which was approved by shareholders in…
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