STEWARD Bank is set to become a standalone listed entity as its parent, EcoCash Holdings, prepares to transfer its non-banking assets back to Econet Wireless Zimbabwe (Econet). This move marks the latest chapter in a multi-year saga of separation and specialisation within the Econet group. Five years after spinning off EcoCash — then known as…
ZIMBABWE’S packaging industry, grappling with outdated equipment and fierce competition, requires a US$100 million shot in the arm to remain relevant, according to a recent report. The industry, crucial for various sectors along the value chain, faces capacity constraints despite local producers having the potential to meet domestic demand. The report, titled ‘Development of Local…
ZIMBABWE’S government could face significant challenges funding its spending in 2024, with dwindling access to local financing due to the country’s deepening dollarisation, research firm Imara Investing in Africa (Imara) has warned. In a recent note, Imara argued that widespread adoption of the US dollar has severely restricted the government’s ability to print money to…
KHAYA Cement, formerly Lafarge Cement Zimbabwe, recorded a 117 percent increase in volumes during the half year to June 30, 2023, attributable to the restoration of its mill and the commissioning of a new one. The cement maker said it earned 89 percent of its revenue in foreign currency, an increase of 100 percent from…
ZIMBABWE Platinum Mines (Zimplats) says all key capital projects are proceeding according to plan as it ramps up production. The Australia Stock Exchange-listed platinum miner’s mining operations consist of four underground mines located in Mhondoro Ngezi while the processing operations comprise three concentrators, located in Ngezi and at the Selous Metallurgical Complex. In a quarterly…
TSL says it is set to change its functional currency to United States Dollars (US$) in the 2024 fiscal year to make its financials more understandable. Late last year, companies listed on the Zimbabwe Stock Exchange were given the green light to report in either US$ or the local currency, indicating that the country’s economy…
ZIMBABWE’S introduction of the Domestic Minimum Top-Up Tax (DMTT) marks a paradigm shift in the taxation of foreign entities operating in the country. The DMTT is meant to foster a fair and effective tax system in line with global rules. This article unpacks the complexities of this new tax for multinational corporations. At its core,…
NETONE is targeting growth as it pushes ahead with a network expansion program targeting underserved communities and aligning with the government’s 2030 digital economy vision. The mobile operator’s chief executive, Raphael Mushanawani confirmed the initiative, primarily funded by internal resources, in an interview with The Financial Gazette. “We’re deploying base stations in identified marginalised areas,”…
RESEARCH firm Imara Investing in Africa is advocating for a fuel duty hike as a means to tax the country’s burgeoning informal sector. The country’s informal economy is estimated to be worth US$42 billion, according to the Zimbabwe National Chamber of Commerce and this proposal comes amid concerns about the sector’s contribution to national coffers…
ZIMBABWE’S dominant beverage manufacturer, Delta Corporation, has expressed concern over the newly implemented sugar tax, fearing it will exacerbate existing market distortions and potentially dampen sales. Introduced alongside a broader fiscal package in January, the levy of sugar is anticipated to translate into unavoidable price hikes for Delta’s products. This, the company warns, will compound…
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