Page 389 – 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

‘Urgent’ need for incentives for youth-centric enterprises

Mishma Chakanyuka, Staff WriterApril 3, 202401.1K views

MICROLENDERS are urging the government to bolster incentives for businesses targeting the youth, a move they believe will catalyse job creation and foster sustainable growth. Despite demonstrating their potential to drive economic growth, young entrepreneurs continue to grapple with challenges that stifle their progress. Ringisai Runyowa, CEO of local microfinance firm Probfix Holdings, suggests that…

Subscribe to read full article. Subscribe today

Insurers grapple with IFRS 17 implementation challenges

Omega UkamaApril 2, 202401.4K views

IN a recent conversation with The Financial Gazette’s Omega Ukama, ZIMRE Holdings’ senior group finance manager, Tafadzwa Mushayi, shed light on the implications of Zimbabwe’s recent transition to IFRS 17. The new accounting standard, designed to enhance transparency, has posed distinct challenges for the country’s insurance sector, particularly when contrasted with more mature markets. The…

Subscribe to read full article. Subscribe today

Property market faces liquidity squeeze

Mishma Chakanyuka, Staff WriterApril 2, 20240913 views

THE property market is grappling with a liquidity crunch, a situation that has been identified as the primary challenge currently plaguing the sector. Liquidity tightening, a scenario where cash is locked in non-liquid assets or when high-interest rates increase borrowing costs, is at the heart of the issue. Mike Juru, chairman of the Real Estate…

Subscribe to read full article. Subscribe today

Banks wary of bad debts

Mishma Chakanyuka, Staff WriterMarch 31, 202401.1K views

ZIMBABWE’S banking sector is set to tread carefully on non-performing loans (NPLs) this year, in a bid to prevent a resurgence of escalating NPLs as the nation continues its dollarisation process, according to the Bankers Association of Zimbabwe (BAZ). A surge in NPLs can debilitate the operations of financial institutions, as it increases the likelihood…

Subscribe to read full article. Subscribe today

TAX MATTERS: Evolution and impact of PAYE returns

Marvelous TaperaMarch 29, 202402K views

TAX compliance and administration in Zimbabwe has witnessed a significant transformation with the introduction of a new Pay-As-You-Earn (PAYE) return system. Effective from January 1, 2024, this new system aims to streamline the process of tax returns for employers and employees alike, offering a modernised approach to tax declarations in both United States dollars and…

Subscribe to read full article. Subscribe today

TelOne to spend US$20 million on data centers

Almot Maqolo, Staff WriterMarch 28, 202401.2K views

STATE-OWNED telecommunications company, TelOne, says it will make use of its existing infrastructure to set up three new data centres at an estimated cost of US$20 million, despite capital constraints. A data center is a facility housing many networked computers that work together to process, store and share data. The three data centres will be…

Subscribe to read full article. Subscribe today

Willdale’s local procurement surges eight-fold

Almot Maqolo, Staff WriterMarch 28, 202401K views

WILLDALE spent eight times more on local procurement in 2023 than it did the previous year as the brick-making company sought to minimise lead time and stock holding costs associated with sourcing raw-materials externally. The company, the only brick maker with a publicly-traded stock, spent $17,71 billion in 2023 on local suppliers, reflecting an 832…

Subscribe to read full article. Subscribe today

NMB pursues fresh credit lines

Almot Maqolo, Staff WriterMarch 28, 202401K views

NMB Bank (NMB) is pursuing fresh lines of credit from undisclosed international funders to meet the growing demand for working capital financing in the local productive sectors of the economy. The bank is one of the largest financiers of blueberries, which are primarily sold on the international market. In an interview with The Financial Gazette,…

Subscribe to read full article. Subscribe today

Milk production drops 8 percent

Almot Maqolo, Staff WriterMarch 28, 20240864 views

ZIMBABWE’S milk production fell eight percent month-on-month in February, according to data from the Agriculture ministry’s Dairy Services Department. This, however, comes as the country’s dairy farmers have seen a significant increase in milk production in the first two months of 2024, with output up 21 percent year-on-year to 18,33 million litres. The decline, from…

Subscribe to read full article. Subscribe today

DGA regional operations offset local unit volumes slump

Mishma Chakanyuka, Staff WriterMarch 28, 202401.1K views

AXIA Corporation’s subsidiary, Distribution Group Africa (DGA) regional operations in Zambia and Malawi resulted in improved volume performance during the six months to December 31, 2023 to after a lacklustre performance by the local unit. DGA is a distribution and logistics concern with its core expertise in inbound clearing and bonded warehousing, ambient and chilled/frozen…

Subscribe to read full article. Subscribe today