CHAMBER of Mines Zimbabwe (CoMZ) has struck a note of caution after Finance minister Mthuli Ncube announced an increase in royalties for the platinum and lithium sectors, saying some miners may struggle to meet the new thresholds. Presenting the mid-term budget review and supplementary budget last week, Ncube proposed a royalty rate of five percent…
FINANCE minister Mthuli Ncube says the government is set to introduce private sector grain marketing amid plans to operationalise a bankable 99-year land lease programme by next year. Presenting his budget strategy paper for 2023 last week, Ncube said agriculture was expected to rebound in 2023, with growth expected at 6,7 percent, up from the…
THE directors of Zeco Holdings (ZECO) will this month convene an extraordinary general meeting to ratify the change of its strategic focus from a rolling stock company to a residential and commercial property investment and development company. The meeting will be held on August 17. Shares in the company were temporarily suspended from trading on…
ECOCASH Holdings is confident that it will withstand current economic challenges in the country. In a trading update for the quarter ended May 31, 2022, published this week, Ecocash said the group’s performance would remain constrained by the deteriorating operating environment. “We will continue to leverage on our digital platforms to innovate and meet the…
THE property market registered a “steady growth” during the second quarter of the year as risk-hedging investors sought options against erratic currency travails, a financial service firm has said. In an economic and market review for Q2 released this week, First Mutual Wealth (FMW) said the sector registered growth after the economy opened up following…
FOREIGN currency denominated business by short-term insurers increased by 33 percent during the first quarter, an Insurance and Pensions Commission (Ipec) report shows. According to the report, total gross premium written (GPW) by short-term insurers increased by 88 percent from $4 billion in March 2021 to over $7 billion during the comparative period in 2022.…
ZIMBABWE is next month set to host a massive engineering forum in Victoria Falls to explore ways to grow the field globally and define the role of innovative infrastructure development…
ECOCASH Holdings (EcoCash) says a cocktail of regulations around its core activities has inhibited business growth, despite revenue hitting the $30 billion mark in inflation-adjusted terms. In a statement accompanying the company’s financial statements for the year ended February 28, 2022, board chairperson Sherree Shereni said product innovation remained a key priority and had allowed…
BUSINESS continues to contend with major accounting and reporting challenges, amid the high inflation and exchange rate volatility, the Institute of Chartered Accountants of Zimbabwe (ICAZ) has said. This comes as reporting companies are still receiving adverse audit opinions on their results, an annual trend that began in February 2019, when the government controversially effected…
THE World Bank (WB) says Zimbabwe owes US$1,5 billion to the global financial institution and is currently the only African country which is in debt arrears to the Bretton Woods institution. WB Zimbabwe country manager Marjorie Mpundu told editors yesterday during a media engagement meeting that the country will only access new lines of credit…
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