TOBACCO merchants have so far exported 78 440 301 kilogrammes (kgs) of tobacco valued at US$379,2 million, since the tobacco selling season opened on March 31. Addressing a post-Cabinet media briefing, Information minister Monica Mutsvangwa said the average export price for the golden leaf was US$4,85 per kg compared to US$3,94 per kg last year.…
LAST week, I discussed whether a contract can be validly concluded through email exchanges. This week I will deal with whether contracts can be concluded via social media platforms such as WhatsApp and Facebook. Social media refers to any website and application that allows its users to quickly share information with the public. Social media…
TAX compliance has become an issue, especially in developing countries like Zimbabwe where small to medium enterprises (SMEs) usually do not comply with the tax laws. Many economic players are functioning without registering with the Zimbabwe Revenue Authority (Zimra) for tax purposes. Poor tax compliance in Zimbabwe is mostly due to the fact that informal…
THE Zimbabwe Stock Exchange (ZSE) chief executive Justin Bgoni (JB) has projected a fine run for the main exchange’s subsidiary – Victoria Falls Stock Exchange (VFEX) – saying at least three companies were expected to list on the budding market this year. The US$-denominated exchange is designed to attract global capital, restore foreign investor confidence in Zimbabwe’s…
THE People’s Own Savings Bank (POSB) has launched a low-cost US dollar-denominated mobile money platform, POSB remit, as the mass market financial institution bids to increase touch points and enhance service delivery to drive up US dollar revenue. POSB Remit is a domestic money transfer service that allows both POSB and non-POSB individual customers to…
SEED Co International (Seed Co) says it anticipates an increase in demand for seed within the region due to global supply shocks. In a statement accompanying its results for the year ended March 31, 2022, the pan-African seed company said regional food security would remain top of the agenda to mitigate global supply shocks. “The…
FIRST Mutual Reinsurance (FMR) says its parent company First Mutual Reinsurance Proprietary has availed over BWP21 million this year to support operations, as well as to provide underwriting security in a bid to improve underwriting capacity. In a statement accompanying full year to December 31, 2021 financial results, FMR chairman Oliver Mtasa said the company…
ZIMBABWE Stock Exchange (ZSE) chief executive Justin Bgoni says listed companies will continue seeking extensions to announce their financial results due to shortage of auditors and reporting complications associated with a hyperinflationary environment. In an interview with The Financial Gazette, Bgoni said the situation will, in the “short-term get worse before it gets better” as…
Entering into contractual agreements in commerce and in our everyday lives always revolves around the same key principles. These are that there should be an offer and acceptance between two or more parties; consensus or “a meeting of the minds” on the terms of the contract; intention to abide by the obligations of the contract;…
A trust is an arrangement between a founder and trustee under which assets are held by the trustee for the benefit of beneficiaries. It is a product of a contractual arrangement and differs from a company, which needs to be registered in terms of the Companies Act. A trust, even though it is not a…
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