ZIMBABWE Stock Exchange-listed engineering company, Zeco Holdings (Zeco), says it recorded a 30 percent growth in business volumes during the quarter ended September 30, 2021, driven by the recent infrastructure boom in Zimbabwe. The company has not made a profit since 2009, amid subdued infrastructure development. “The company experienced a slight increase in business volumes…
TRUWORTHS’ recovery from a Covid-19 induced slump continued through the quarter to October 10, 2021, with the apparel retailer recording a 28 percent increase in trading volumes. This was despite reduced trading hours in July and August, which were due to Covid-19 lockdowns. In a trading update, the apparel retailer said sales grew by 26,5…
THERE could soon be a futures market for mineral commodities in Zimbabwe as the government is planning to add metals trading on the Zimbabwe Mercantile Exchange (ZMX). The government launched ZMX in August to improve efficiency in the agricultural produce market. According to the platform’s principals, ZMX is an automated and fully integrated warehouse receipt…
LAFARGE Cement Zimbabwe (Lafarge) continues to face challenges in securing foreign currency for the importation of critical consumables to service its plant and equipment, which have become prone to technical failures. In a trading update for the period ended September 30, 2021, the cement maker said it faced significant setbacks in industrial performance during the…
TAX treaties are also known as Double Taxation Agreements, referring to bilateral or multilateral international tax agreements between countries with respect to how the respective residents of the jurisdictions should be treated in the respective states. The parties to a tax treaty are referred to as Contracting States. Double taxation occurs when two states impose…
FINANCE is a vital ingredient for economic growth. It is also the lifeblood of any business. How to raise finance in the form of the various sources of capital (such as debt, equity, derivative and hybrid securities) is part of the core functions of small to medium companies (SMEs) and major going concerns alike. In…
ZIMBABWE’S public service pension fund has acquired shares in CBZ Holdings (CBZ) and FBC Holdings (FBC), as part of its ongoing restructure towards self-sustenance, Finance minister Mthuli Ncube has revealed. In his 2022 national budget statement last week, Ncube said the current assets of the fund, at $17,6 billion, currently cover four percent of its…
TOURISM minister Mangaliso Ndlovu says the industry will not survive another Covid-19-induced lockdown as the sector was the hardest hit by previous restrictions, which saw tourist arrivals dropping by 72 percent. Ndlovu told a Hospitality Association of Zimbabwe congress in Harare last week, that it was inevitable for the country to witness a surge in…
FINANCE minister Mthuli Ncube says Zimbabwe will use carbon tax revenue streams and a payment guarantee from the African Export-Import Bank (Afreximbank) as security for its planned Victoria Falls Exchange (VFEX) US$ denominated government bonds. In his 2022 national budget statement last week, the minister said the government would issue bonds of up to US$100…
BUSINESS says the government needs to close the budget deficit gap, stabilise the exchange rate and reduce inflation to meet the targets set in the 2022 national budget presented by Finance minister Mthuli Ncube last week. This comes after the Treasury boss proposed a $927,3 billion budget against projected revenue of $859 billion, with the…
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