ZIMBABWE’S competitiveness as an economy and investment destination on the ease of doing business rankings will remain poor unless foreign investors are able to repatriate dividends, an official from Exim Bank of India has said. Speaking at the recent Zimbabwe Investment Conference, Sanjay Lamba, a regional representative of Exim Bank, said remittances should be a…
THE depletion of banks’ nostros accounts, used to fund foreign payments, created serious settlement problems for international payments and resulted in most banks having a backlog for telegraphic transfers (TTs), according MBCA Bank. The problems are part of an intensifying cash crisis in the country, which has resulted in depositors failing to withdraw cash from…
LISTED quick service restaurants group, Simbisa Brands, last week reported a 30 percent increase in revenues for the six months ended December 31, 2017, buoyed by growth in Zimbabwe and the region. The group’s operating profit was up 47 percent to $15,1 million from $10,3 million in 2016. Profit after tax was up 68 percent…
AXIA’S profit has suffered significantly after its board decided to change the accounting treatment of its subsidiary, Transerv, the company’s financials released last week show. The listed specialty retail, distribution and logistics group’s financials for the six months ended December 31, 2016, which were restated for the purposes of showing the effect of the accounting…
TWENTY three accounts on the local cryptocurrency exchange, Golix, were hacked over the past three weeks, the exchange revealed in a statement on Tuesday. Cryptocurrencies are decentralised digital cash systems based on cryptography.
THE value of transactions processed through the National Payments System (NPS) declined by five percent to close the week ending February 23, 2018 at $1,628 billion, according to the latest Reserve Bank of Zimbabwe (RBZ) Weekly Economic Highlights. The RBZ said the decline was mainly driven by a 1,7 percent decrease in the value of…
THE Zimbabwe National Roads Administration (ZINARA) this week announced that its $100 million infrastructure bond had been oversubscribed by $5 million. ZINARA chief executive officer, Nancy Masiyiwa-Chamisa, made the disclosure at the Zimbabwe Investment Conference, whose aim was to provide a platform for potential investors, business and government to come up with ways to increase…
ZIMBABWE’S microfinance institutions have enjoyed considerable growth lately after occupying the lending space left by banks in the face of uncontrolled government borrowing that has crowded out the private sector. Zimbabwe Stock Exchange listed Getbucks last week reported a 51 percent increase in net profit for the six months ended December 31, 2017, on the…
ZIMBABWE’s Mines Minister, Winston Chitando, last week said the high costs of running local power plants had a bearing on the country’s energy tariffs. Speaking at the Zimbabwe Trade and Investment Conference Expo in Harare, Chitando said power tariffs in Zimbabwe were high because some local plants that feed into the grid were expensive to…
LISTED cable manufacturer, CAFCA, has said its earnings for the current trading year will be significantly higher than the earnings reported the previous year. In a statement issued yesterday, the company said its earnings per share (EPS) for the year are projected at 4,5 cents per share, representing a 542,86 percent increase from the previous…
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