THIS is the first of a two-part series focusing on grower contracts in the tobacco industry. In the first part, I will deal with the most pertinent provisions that a grower contract should include. The second instalment will explain how tobacco contractors can recover their dues in foreign currency as opposed to local currency. With…
ZIMBABWE could be losing millions of dollars to illicit financial flows (IFFs) through virtual currencies that are not regulated by the central bank, market experts said. The Reserve Bank of…
BUSINESS says while it understands the need for the re-introduced hard national coronavirus lockdown, any further tightening and prolonging of these measures will hurt commerce and industry and also retard the country’s economic re- covery. Speaking to The Financial Gazette yesterday, in the wake of the country’s tight- ened Covid-19 regulations — which saw a…
THE Insurance and Pensions Commission (Ipec) says Securities and Exchange Commission of Zimbabwe (SECZ) guidelines on the valuation of suspended fungible stocks, Old Mutual (OM) and PPC, have eliminated inconsistencies that had emerged among pension funds. Earlier this year, the regulator raised a red flag over inconsistencies in valuations, pointing out that pension funds’ aggregate…
THE NATIONAL Social Security Authority (Nssa) says it will raise the minimum monthly pension payout to an equivalent of US$60 by August this year, in line with the International Labour Organisation requirements (ILO). Currently, the lowest paid pensioner gets around $2 100 per month, which is equivalent to US$25 at the official exchange rate. Nssa…
INACTIVITY on the Victoria Falls Stock Exchange (VFEX) is weighing on SeedCo International’s (SeedCo) stock, which is now trading at a 15 percent discount on the market compared to the Botswana Stock Exchange (BSE). Turnover on the budding exchange, which was launched last October and has just one listing, has only amounted to about US$9…
TSL’S revenue grew by 33 percent to $1,5 million during the half-year ended April 30, 2021, driven by sales volumes growth in its agro-inputs business. The company said Agricura, which distributes agro-chemicals and provides pest control services, recorded volume growth in most product lines due to product availability, improved marketing and a strong distribution network,…
THE Reserve Bank of Zimbabwe (RBZ) says it will put in place strong measures to ensure that the recently introduced export and investment incentives, which give some leniency on exchange controls, are not abused. Following the Treasury’s announcement of the inducements in May, the central bank has now operationalised the programme through a directive to…
FBC Insurance Company recorded an inflation adjusted profit after tax of $38 million during the year ended December 31, 2020 from a $106 million loss recorded the previous year, driven by growth in investment income. “The impressive performance was mainly buoyed by investments income of $126 million. As inflationary pressures continued to negatively affect premium…
MICROLENDER, Success Microfinance Bank (Success) incurred an inflation adjusted loss of $196 million for the year ended December 31, 2020, weighed down by cost increases. Zimbabwe experienced its second episode of hyperinflation in a decade last year, with inflation peaking at 836 percent in July. Success last week said its operating expenses were up by…
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