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…
ECOBANK Zimbabwe last week reported a 123,4 percent increase in profit after tax for the year ended December 31, 2017, buoyed by interest income from its investments in Treasury Bills (TBs). The bank reported a profit after tax of $22 million, up from $9,9 million the previous year. In a statement accompanying the bank’s financial results,…
FBC Holdings (FBCH) says it will reintroduce share buy-backs this year following an amendment to the Banking Act that lifted restrictions on the practice. Speaking at an analysts briefing last week, group chief executive officer, John Mushayavanhu, said the financial services group would this year seek shareholder approval for a resolution allowing the buy-backs. He…
GOVERNMENT has banned multiple pricing by making it an offence to charge different prices for products based on the mode of payment. Captains of industry hailed the move, saying it would bring sanity to a market wracked by rent seeking behaviour. Read full story in The Financial Gazette paper
ECOCASH’S data application is now compatible with NetOne and Telecel numbers, a spokesman for the mobile money service told The Financial Gazette last week. He said holders of lines from other networks would now be able to access EcoCash through its data application, which is available for android and iOS devices. Read full story in…
CROCODILE skins and meat marketer, Padenga Holdings, has reported a 53 percent increase in profit after tax for the year ended December 31, 2017, buoyed by firming prices. The group reported a profit after tax of $12,9 million for the period under review, up 52,98 percent from $8,4 million reported in the previous period.
PHARMACEUTICALS manufacturing firm, MedTech Holdings, has warned of a looming drugs shortage after it failed to access foreign currency from the Reserve Bank of Zimbabwe (RBZ) to import critical medicines. MedTech is a diversified group of companies that manufactures, markets and distributes health, hygiene, beauty and pharmaceutical products. In a statement accompanying the company’s financial results…
THE business community is demanding fast and reliable links to international markets and supply chains as Zimbabwe opens up for business to the rest of the world, the Minister of ICT, Supa Mandiwanzira, has said. Speaking at the launch of DHL Zimbabwe’s new aircraft ― the DHL B737-400F ― last Friday, Mandiwanzira said as countries…
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