HOTELIER African Sun (AfSun) says it is cautiously optimistic that its units will record greater business during the holiday season. One of the most cherished times of the year for hoteliers is Christmas, because they always have an excuse to celebrate: either because their hotels are open and decked out in their best holiday attire,…
FIRST Capital Bank (FCB) says strong performance on interest income which was driven by growth in the foreign currency loan book spurred the bank’s income for the first nine months of the year. The bank’s September 2022 year-to-date inflation-adjusted total income increased to $26 billion, a jump of $9,6 billion from the second quarter of…
THE Public Accountants and Auditors Board (PAAB) says the implementation of a new standard of accounting and reporting for insurance contracts, IFRS 17, which effectively begins next year, will assist the industry in dealing with some of the reporting issues that have arisen in Zimbabwe. Local businesses have continued to face significant accounting and reporting…
MASIMBA Holdings (Masimba) has applauded government policy interventions that have culminated in a stable foreign currency exchange rate regime, resulting in an improved environment for infrastructure projects. This year saw the government implement a number of policies aimed at stabilising the exchange rate and taming inflation. Some of the policies include hiking interest rates to…
MORE companies on the Zimbabwe Stock Exchange are declaring dividends in foreign currency as domestic US dollar earnings soar across the economy, with rising usage of the currency.
The intermediated money transfer tax (IMTT) can be said to be one of the not so celebrated measures introduced by the revenue authorities. Although IMTT has been in existence since 2002, its revision in the year 2018 to two percent on every transaction from US$0.05 on every transaction almost seemed to many as if the…
THE Zimbabwe National Chamber of Commerce (ZNCC) says the lower denomination gold coins introduced by the Reserve Bank of Zimbabwe (RBZ) this week will offer a better store of value for the public than US dollars. This comes after the first batch of gold coins released in July were deemed too pricey for the majority…
THE governor of the Reserve Bank of Zimbabwe, John Mangudya, has warned that if the country holds on to too much raw minerals for value addition, it could lose significant revenue. According to findings from the Zimbabwe National Statistics Agency, major minerals produced in the country, such as nickel concentrates and mattes, are exported in…
IN last week’s article I discussed the principle of parate executie and how it functions to the benefit of creditors who have property pledged to them by debtors, which they can sell privately if the debtor defaults on payment. Normally, debt recovery of this nature requires the creditor to go through formal legal processes before…
THE Securities and Exchange Commission of Zimbabwe (SecZim) says it has started work on establishing a Capital Markets Development Plan that will be completed before the end of the current…
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