Page 384 – The Financial Gazette

GreenCo secures US$11,5m backing as renewable energy platform expands

‘Harness innovation to tackle jobs crisis’

Old Mutual rallies behind TCS Awards

TAX MATTERS: Aligning tax laws with IFRS 17: Implications for insurance sector

Marvelous TaperaMay 17, 202401.9K views

https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-303660.mp3?cb=1732287632.mp3IFRS 17, issued in May 2017, replaces IFRS 4, governing accounting for insurance contracts from 1 January 2023. It shifts from a premium-centric to a service delivery and risk release model, aiming for a more accurate reflection of insurer performance and revenue recognition timing. It further standardises reporting with expected value and current value measurement…

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Zimre banks on Mutapa initiatives

Almot Maqolo, Staff WriterMay 16, 202401.3K views

ZIMRE Holdings (Zimre) says it is looking forward to working closely with Mutapa Sovereign Wealth Fund (Mutapa) in its pursuit of initiatives that seek to yield considerable return on investment from agri-business firm, CFI Holdings. The National Social Security Authority (NSSA) and Zimre have a 38,91 percent shareholding in CFI held through Stalap Investments making…

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Accountants struggle with ZWL-ZiG shift

Almot Maqolo, Staff WriterMay 16, 20240944 views

IN the wake of Zimbabwe’s recent introduction of a gold-backed currency, the Zimbabwe Gold (ZiG), to replace the inflation-ravaged Zimbabwean dollar, some in the accountancy profession are exploring a novel approach — triple reporting of financial results. This innovative strategy aims to address the complexities and restore confidence in financial reporting during the ongoing transition.…

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CBZ secures US$54 million for legacy debts settlement

Almot Maqolo, Staff WriterMay 16, 202401.2K views

FINANCIAL services group CBZ Holdings says the Reserve Bank of Zimbabwe (RBZ) has so far disbursed US$54,08 million under a special settlement arrangement to expunge the legacy liabilities and nostro gap accounts. This represents a 38,43 percent increase from the US$39,06 million recorded as of December 2022. The presence of legacy debts on the company’s…

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Tobacco side marketing ‘declines’

Almot Maqolo, Staff WriterMay 16, 202401K views

THE Tobacco Industry and Marketing Board (TIMB) has reported a significant decrease in tobacco side marketing this season, attributed to stricter penalties and a new compliance framework. Side marketing, a form of contract default where farmers sell to a different buyer than the one who provided inputs, is often driven by price and poor market…

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Mutapa eyes sustainable future for Zimbabwe

Omega UkamaMay 12, 202401.9K views

MUTAPA Investment Fund (MIF) is wasting no time in pursuing its mission of safeguarding national assets and bolstering the country’s economy. During the Fund’s inaugural meeting, chief executive John Mangudya underscored the critical importance of prioritising national interests, making it clear that MIF is guided by core values of transparency, accountability, excellence, commitment, and integrity.…

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FIU cracks down on exchange rate manipulation

Almot Maqolo, Staff WriterMay 12, 202401.1K views

The Financial Intelligence Unit (FIU) is setting its sights on a new target to boost acceptance of Zimbabwe’s currency, the ZiG. After focusing on larger businesses, the FIU recognises informal shops’ role in the economy and acknowledges past neglect of these stakeholders. In this interview with The Financial Gazette’s Almot Maqolo (AM) FIU director-general Oliver…

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CBZ grow loans and advances by 145 percent …as insurance business woes persist

Almot Maqolo, Staff WriterMay 9, 202401.3K views

FINANCIAL services group CBZ Holdings says its loans and advances clocked $2,07 trillion in the year ended December 31, 2023, registering a 145 percent growth year on year. As per the group’s internal business classification, the majority of the advances were concentrated in commercial loans, which rose 155 percent to $1,64 trillion in 2023 from…

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ZSE posts $6,83 billion profit, declares blended dividend

Almot Maqolo, Staff WriterMay 9, 202401.3K views

THE Zimbabwe Stock Exchange (ZSE) recorded a significant surge in both its top and bottom lines in the year ended December 31, 2023 allowing it to declare a full year dividend of ZiG5,25 and US$0,88 per share despite strong macroeconomic and market headwinds. In 2023, the exchange realised a 303,84 percent jump in its inflation…

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Internet penetration lags in rural areas

Almot Maqolo, Staff WriterMay 9, 202401.1K views

ZIMBABWE’S internet penetration rate has reached 73,3 percent, but a significant connectivity divide persists – particularly in rural areas. This comes as the country aims to increase internet penetration to over 75 percent by 2025. Marketing manager at Powertel Communications, Prosper Mutswiri, discussed this gap during a Zimbabwe National Chamber of Commerce (ZNCC) webinar. He…

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