TRANSACTIONS processed through the National Payment System (NPS) stood at $2,4 billion during the week ending April 27 up from $2 billion recorded the previous week. The 20 percent rise was due to an increase in Real Time Gross Settlement (RTGS) system transactions. According to the Reserve Bank of Zimbabwe’s latest Weekly Economic Highlights, transactions…
THERE is a real risk that the Zimbabwean economy could come undone if no changes are made to current policies, the World Bank says. In its April 2018 Macro Poverty Outlook report on Zimbabwe, the World Bank says the prevailing financial sector policies could lead to unfavourable economic conditions. It warned that the economy could…
DELTA Corporation’s sparkling beverages market share could decline during the current reporting season following the coming on stream of a Pepsi plant early this year, an analysis on the company’s outlook by Old Mutual Securities (OMSEC) has revealed. OMSEC said competition in the sparkling beverages segment is expected to grow following the opening of a…
PRIVATE equity and advisory firm Brainworks has disposed of its local life assurance business in a $6,8 million deal. “Brainworks Capital Management has entered into a share sale and purchase agreement with Nhaka Life Assurance Company in which the company will dispose of its 100 percent equity investment in GetSure Life Assurance, comprising 200 million…
ZIMBABWE’s banking sector deposits, which amounted to $8,48 billion as at December 31, 2017 from $6,51 billion in 2016, are “artificial” because they are not underpinned by normal market forces, a bank survey report says. In an analysis of banks’ financial results for the year to December 31, Old Mutual Securities (OMSEC) said if the…
THE Confederation of Zimbabwe Industries (CZI) will hold its 2018 Congress and International Investment Forum from September 26-28 in Bulawayo. The congress, which runs under the theme From Dialogue to Implementation; It’s Time to Act,will be held two months after the expected July harmonised elections. A number of countries and international organisation have reportedly expressed…
EX-Australia vice-captain David Warner will resume his club career with Sydney side Randwick Petersham while serving a year-long ban for ball-tampering. Warner was suspended after the incident against South Africa in March – and resigned as captain of Indian Premier League side Sunrisers Hyderabad. The 31-year-old’s ban applies to international and state cricket, so he…
SPECIAL advisor to President Emmerson Mnangagwa, Chris Mutsvangwa’s son Neville has been appointed to the Ariston Holdings board by the National Social Security Authority (NSSA), The Financial Gazette has learnt. The appointment is with effect from April 1, 2018, according to a letter dated March 27 and signed by NSSA general manager, Elizabeth Chitiga.
OLD Mutual Zimbabwe chief executive officer, Jonas Mushosho, says the effects of Zimbabwe’s hyperinflation, which ruined the economy and destroyed the domestic currency, will linger on for a long time. Mushosho, who is also Old Mutual Rest of Africa chief executive officer, said the devastation caused by the hyperinflationary crisis, which ended with dollarisation in…
FIRST Mutual Holdings Limited (FMHL)’s gross premium written (GPW) rose seven percent during the year to December 31, 2017 to $124,9 million, from $116,4 million realised the previous year. The increase was due to a renounceable rights offer to raise $17,25 million and consolidation of NicozDiamond Insurance during the period under review, after shareholders approved…
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