ZIMRE Holdings (Zimre) says it will be embarking on a new investment focus towards infrastructure and landmark development, with an emphasis on sustainability. The diversified group said the activities will be undertaken through its Eagle Real Estate Investment Trust (REIT) to enable both local and international investor participation. “Looking forward, and given its proven resilience…
MASIMBA Holdings (Masimba) produced a good set of results for the year ended December 31, 2022, benefiting from the government’s renewed interest in infrastructure development. Fingaz Staff Writer Almot Maqolo (AM) had a chat with the company’s chief executive, Canada Malunga (CM), on developments within the construction industry. Below are excerpts from the interview. AM:…
BUSINESS is pleading with the government for more support to improve its competitiveness and to allow local companies to tap into the African Continental Free Trade Area (AfCFTA). Speaking to The Financial Gazette this week, the president of the Confederation of Zimbabwe Industries (CZI), Kurai Matsheza, said business wanted to see more policy consistency from…
HOSPITALITY group African Sun says after the conclusion of refurbishment works at Victoria Falls Hotel and Troutbeck Resort, it expects to spend another US$12 million upgrading its remaining properties across the country. In a statement accompanying the group’s financial statements for the year ended December 31, 2022, chairman Emmanuel Fundira acknowledged that the remaining hotels…
THE International Monetary Fund (IMF) has cut its 2023 growth forecasts for Zimbabwe to 2,5 percent from an earlier projection of 2,8 percent, amid rolling power cuts, currency volatility and high borrowing costs. The new projection is in line with that of the African Development Bank, which expects growth to average 2,9 percent, but lower…
THE Postal and Telecommunications Regulatory Authority (Potraz) says a credit crunch in Zimbabwe has hampered investment in next-generation technology, stalling the country’s digitalisation. In response to galloping inflation last year, the Reserve Bank of Zimbabwe (RBZ) increased interest rates to 200 percent before reducing them to 150 percent and 140 percent, recently. Opinions differ on…
THE recently launched Stratus commodities fund says it is seeking prescribed asset status and liquid asset status, in its quest to attract liquidity to the agriculture commodities sector. The fund, launched by Stratus Capital Partners, will be listed on the Financial Securities Exchange (Finsec) and will, according to Stratus, offer solutions to farmers against post-harvest…
THE Insurance and Pensions Commission (Ipec) says life assurers in Zimbabwe should deploy product development that leverages on modern technology to improve their products’ relevance. In its latest report on the sector, the regulator revealed that traditional life assurance products, which include term assurance, endowment policies, pure endowment, and whole life, accounted for only 10…
FIRST Mutual Properties (FMP) says sustaining the “relative” economic stability in the country would help stimulate demand in the property sector. This comes against the backdrop of a 516 percent depreciation of the local currency against the US$ during the company’s financial year ended December 31, 2022. “Annual inflation rose to 244 percent at year-end…
PROPERTY is overpriced in Zimbabwe compared to other markets due to inflation and a lack of supply, industry players say. It comes as high inflation in the southern African nation has driven up demand for value-preserving assets such as property. Meanwhile, analysts say stocks have lost their utility as value-preservation instruments after the speculation-deterrent measures…
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