EDGARS Stores Limited (Edgars) is set to open two more retail outlets this month as the group is looking to increase its geographic footprint. The apparel retailer spent $25,5 million during the 26 weeks ended July 11, 2021 on opening new stores and on store revamps compared to $17,9 million spent in the comparable period.…
EQUITY investment is usually remunerated by way of dividend. Unlike interest, which is payable out of pre-tax money, dividend is payable from profits after tax provided it shall not be paid out of capital profits. In Zimbabwe, the taxation of the dividend follows the source concept, which underscores the geographical sphere of income. Dividend derives…
ZIMBABWE’S broad money supply declined by $2 billion to $329 billion in August, latest statistics from the Reserve Bank of Zimbabwe (RBZ) show. This comes as the central bank has been pushing a monetary targeting framework to keep a lid on money supply growth, which it has specifically blamed for Zimbabwe’s two episodes of hyperinflation…
COTTCO Holdings Limited says its 2021 intake stands at 114 656 metric tonnes (mt) against last year’s full output of 82 479 mt as the white gold’s buying season draws to a close. In a quarterly trading update for the 2nd quarter ended September 30 2021, Cottco said its national seed cotton production is estimated…
CASSAVA Smartech, now trading as Ecocash Holdings Zimbabwe, says its revenue declined by 36 percent to $14 billion during the year to February 28, 2021, weighed down by regulatory changes and the impact of the Covid-19 pandemic. In a bid to rein in financial crime, the Reserve Bank of Zimbabwe last year placed a number…
SIMBISA Brands (Simbisa) says it will continue to leverage on technology to improve efficiencies as well as drive growth. As part of the wider strategy, the regional fast-food restaurant operator has introduced InnBucks, an innovative customer rewards loyalty and rewards platform. The InnBucks service offers discounts of at least one percentage point off every purchase,…
LOGISTICS firm Unifreight Africa Limited (Unifreight) says the shortage of foreign currency has hamstrung its operations due to failure to import key raw materials. In an annual report published last week, Unifreight chief executive Robert Kuipers said the group is left with no choice but to pursue the high-cost regional cross-border business to earn additional…
Paternity testing has become quite a contentious topic of late. In the past it has been reported that paternity discrepancy statistics in Zimbabwe stand at over 60 percent. Paternity discrepancy occurs when a child is identified as being biologically fathered by someone, other than the man who believes is the father. While paternity disparity has…
INEFFICIENCIES on the Reserve Bank of Zimbabwe’s (RBZ) foreign currency auction system have created reporting challenges for companies, worsening a situation created two years ago by conflicts between the country’s legislation and international accounting standards, recent financials have shown. Since February 2019, when the government gazetted a law ordering the conversion of US$ balances to…
AS THE local equities markets rally continues, Zeco Holdings topped the local bourse’s big performers for the third quarter, ahead of tobacco processor British American Tobacco (BAT) and tech innovators Cassava, official data shows. The steel fabricator put on 300 percent during the quarter to close at 0,12 cents, with all the gains coming over…
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