WITH the African Continental Free Trade Area (AfCFTA) going into full swing, Zimbabwe is taking initial steps towards accessing new markets on the continent. According to ZimTrade, Zimbabwe had set its sights on Senegal, having recently conducted a market scan in the west African country. The AfCFTA, launched in January last year, is the largest…
THE insurance and pensions industry has of late had a number of compliance issues, ranging from fair treatment to failure to comply with statutory investment thresholds. Our Deputy News Editor, Omega Ukama (OU) had a chat with the Zimbabwe Insurance and Pensions Apex Council chairman, David Nyabadza (DN), recently who said the industry does not…
FBC Holdings Limited (FBC) says it achieved a profit before tax of $12,2 billion and an after-tax profit of $8,1 billion on the back of its adaptation, resilience and tenacity in what it termed a volatile operating environment for the six months ended June 30, 2022. The diversified financial services group mentioned the hyperinflationary environment,…
TURNALL Holdings Limited (Turnall) will maintain cost containment and business right-sizing as the company’s top priorities going forward to enhance profitability. This follows after the construction-materials manufacturer recorded an inflation adjusted profit of $526,5 million for the half year to June 30, 2022 from $76,9 million prior year. The group’s chairman, Bothwell Nyajeka said Turnall…
THE Infrastructure Development Bank of Zimbabwe (IDBZ)’s liquidity position and balance sheet was strengthened by its shareholder after injecting $1,43 billion during the half year to June 30, 2022. The development financial institution said it continues to engage its shareholders in line with its capitalisation roadmap. IDBZ chief executive Thomas Sakala said support from shareholders…
THE Zimbabwe Stock Exchange’s (ZSE) losing streak stretched to four months in August, as the bourse lost $340 billion to close with a capitalisation of $1,72 trillion. The market had trended upwards since 2016, with inflation — driven mostly by currency ambiguity — pushing demand for stocks and other non-cash investments. Until May, when President…
NEDBANK Zimbabwe (Nedbank) says its half-year profit after tax increased by 631 percent to $4,8 billion in inflation-adjusted terms from $663,7 million in the corresponding period last year. In a statement accompanying the bank’s six months to June 30, 2022 financials, Nedbank’s managing director Sibongile Moyo said the financial institution recorded a significant increase in…
CBZ Holdings (CBZ), the biggest financial services group in the country, has commended the Reserve Bank of Zimbabwe’s (RBZ) for introducing gold coins, saying investors would find a store of value in the instruments. Entities and individuals with excess cash have been struggling to find investment options amid high inflation, which was stood at 285…
WHILE business supports efforts by authorities to stabilise the economy, it is concerned that some of the measures being implemented could seriously affect the operations of many companies.
INDUSTRY and commerce minister Sekai Nzenza, says the manufacturing sector will grow by 3,7 percent this year, as the government focuses on developing local industry’s capacity. This comes after manufacturing capacity utilisation rose from 47 percent in 2020 to 56,25 percent in 2021, while the 2022 national budget had predicted a 5,5 percent growth for…
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