STEWARD Bank (Steward) is reaping rewards of revenue generated by interest-bearing assets against the cost of servicing liabilities, after its net interest income rose to $706 million for the half year to August 31, 2021, from $206 million prior year. In a statement accompanying the bank’s financial results, chief executive Courage Mashavave said the bank’s…
THE Zimbabwe Association of Pension Funds (ZAPF) says the industry’s long-standing challenges with prescribed asset ratio compliance could be eased by opening up investment opportunities in the mining and rail sectors. Pension funds have been struggling to meet the prescribed asset investment threshold of 20 percent due to liquidity challenges and lack of appropriate products…
ZIMBABWE is targeting a local content threshold of 80 percent for the raw materials used in every locally-manufactured product under a rating and certification system that was launched in September. According to Buy Zimbabwe chairman, Munyaradzi Hwengwere, the key to achieving this would be the introduction of incentives for local manufacturers, which would help lower…
SILVERBACK Asset Management Company has launched Mombe Mari Trust a fund created as an investment vehicle in the Zimbabwe beef industry by identifying businesses that will contribute to the growth…
LEADING packaging products supplier, Nampak Zimbabwe Limited (Nampak), says global supply chain bottlenecks and increased competition for available plastic and paper raw materials are disrupting the company’s manufacturing operations. In a trading update for the year ended September 30, 2021, Nampak managing director John Van Gend said difficulties in accessing raw materials affected the group…
ZIMBABWE’S largest financial services group by assets, CBZ Holdings (CBZ), has declared a dividend of $500 million or 95,78 cents per share, for the half year ended June 30, 2021. It comes as the bank has posted an after-tax profit of $2,4 billion for the same period, which was, however, a slowdown from a $3,7…
GOVERNMENT says it will set up a Horticulture Export Revolving Fund to support companies in the sector that are struggling with foreign currency requirements. Speaking during a post-Cabinet media briefing on Wednesday, Information minister Monica Mutsvangwa said the government had resolved to use part of the Special Drawing Rights received from the International Monetary Fund…
THE government has so far spent $41 billion on payments for grain deliveries this year, with a record 1,3 million tonnes being received by the Grain Marketing Board (GMB), Information minister Monica Mutsvangwa has revealed. Speaking after a cabinet meeting on Tuesday, the minister said the government is now making efforts to expedite payment of…
THE all-new Nissan Navara launched in Harare last week is a fusion of comfort, smartness and a marvel for car enthusiasts. Speaking during the vehicle launch, Nissan marketing director Stefan Haasbroek said the new model manufactured in Africa, specifically for the continent’s conditions, delivers an enhanced level of safety, comfort and driving pleasure. “This new…
GETBUCKS Microfinance Bank (Getbucks) is unlikely to meet the Reserve Bank of Zimbabwe’s US$5 million minimum capital requirement by year end. This comes as the financial institution recorded inflation-adjusted regulatory capital of $192 million (US$2 million) during the quarter ended September 30, 2021. “Shareholders will pursue equity transactions to bridge the gap between the minimum…
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