WHILE Getbucks Microfinance Bank is still in negotiations for a recapitalisation, it is now also considering a migration of its shares from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX). In a statement last week, the company urged caution in the trading of its securities, saying the full impact of the…
ZIMBABWE National Chamber of Commerce (ZNCC) has urged the government to engage businesses that are in tax arrears instead of threatening to shut them down, saying this was a harsh decision. This comes after Finance minister Mthuli Ncube revealed that the Zimbabwe Revenue Authority (Zimra) was as of June 30, 2022 owed $23 billion in…
THE Zimbabwe Stock Exchange (ZSE) chief executive, Justin Bgoni, says the bourse plans to list its own shares. In a recent interview with The Financial Gazette, Bgoni said fund raising was one of the motivation factors for the prospect. “We want to raise money for some plans that we have, such as the minerals commodity…
FIRST Capital Bank announced in May this year that it was a beneficiary bank of the European Investment Bank’s (EIB) medium – long term lines of credit (four to seven years) aimed at giving small to medium enterprises (SMEs) access to working capital in hard currency. Our Features Editor Emmerson Njanjamangezi (EN) sat down with…
CONSTRUCTION works for Makuti inland dry port will commence this month following the completion of designs for the pilot project. In a bid to decongest border posts Finance minister Mthuli Ncube gazetted statutory Instrument 55 of 2020, which saw the government designating Masvingo, Bulawayo, Makuti, and Mutare as the country’s customs dry ports. “In 2021,…
THE government could borrow as much as US$100 million this year through bonds on the Victoria Falls Stock Exchange (VFEX) to supplement its budget, Finance minister Mthuli Ncube has said. In his 2022 national budget statement last year, the minister had said the bonds would come during the first quarter of this year, but a…
THE Insurance and Pensions Commission (Ipec) says compensation for losses suffered by policyholders during the 2009 currency conversions should be made in US$. This comes as the government has committed US$175 million to supplement the industry’s own resources. “Estimated prejudice will be adjusted for the time value of money and honoured while recommended settlement currency…
ZIMBABWE Revenue Authority (Zimra) anticipates real revenue growth to exceed 10 percent in the second half of the year, supported by growth in the manufacturing and mining sectors. This comes as the tax authority targets to intensify the implementation of various compliance strategies that ensure timely and accurate tax remittances from different segments. “Real revenue…
ALTHOUGH business is happier with Finance minister Mthuli Ncube’s “more realistic economic targets” that he announced in his mid-term budget statement last week, it wants authorities to do more to boost investor confidence and the country’s economy. This comes after Ncube reviewed downwards the country’s projected gross domestic product (GDP) for this year — from…
MEIKLES says the anticipated upside potential of its 2012 merger with Mentor Africa Proprietary has not been realised. The group announced in March that its investment vehicle in the project — Cape Grace Investments — had accepted an offer for its 35 percent interest in the entity. The group has now laid out the rationale…
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