REAL Estate Institute of Zimbabwe president and Integrated Properties founder and managing consultant Mike Juru this week spoke to The Financial Gazette’s Online Editor Paul Nyakazeya (PN) about the property sector during the first quarter of the year as well as the adoption of a Real Estate Investment Trust. PN: What were the challenges in…
NMB Bank says it has seen a significant increase in income following its new accounts blitz programme. The bank’s chief executive officer Benefit Washaya said non-interest income increased 83 percent during the first four months of 2018, mainly as a result of new accounts. “Net-interest-income and non-interest-income increased by 30 percent and 83 percent, respectively.…
LISTED retailer, OK Zimbabwe, operated free of debt during the year ended March 31, 2018, as record breaking revenues boosted the company’s coffers. In a statement accompanying the company’s financials, board chairman David Lake said the group generated enough funds from its operations to finance all its working capital and capital expenditure requirements during the…
ZIMBABWE’S budget deficit is set to remain above $1 billion despite government’s efforts to rein in fiscal spending, economists have said. For years, a persistent fiscal deficit has been the underlying cause of macroeconomic instability in the country, with the previous administration’s fiscal indiscipline being cited as the main culprit. President Emmerson Mnangagwa’s government, which…
CIGARETTE manufacturer BAT Zimbabwe (BAT) described the first quarter of the year as the “toughest and driest” in terms of access to foreign currency allocation from the Reserve Bank of Zimbabwe (RBZ), highlighting the persistent shortage which the country was facing. Giving a trading update at the company’s annual general meeting last Friday, BAT managing…
PADENGA Holdings shareholders have approved a resolution to amend the company’s share option scheme to allow non-executive directors to be eligible to be awarded share options. The resolution, which passed by a vote of 57 percent, amended the definition of the term “Employee” in the Padenga Share Option Scheme, which was approved by shareholders in…
THE persistent monetary crisis has pulled the Zimbabwe Stock Exchange out of a euphoria-driven slump that was triggered by the resignation of Robert Mugabe in November last year. Since mid-March, the market has gained about $2 billion in a recovery that defies the fundamentals, with stocks still overvalued. This situation has been brought about by…
FUNDING for voter education will be liberalised through the Electoral Amendment Bill that is awaiting President Emmerson Mnangagwa’s signature. A clause in the Bill will repeal a provision that required all foreign contributions for voter education to be channelled through the Zimbabwe Electoral Commission (ZEC). “No foreign contribution or donation for the purposes of voter…
GOVERNMENT is implementing private sector reforms to improve ease of doing business to boost local and foreign investment, Energy Minister Simon Khaya Moyo has said. Speaking at the launch of the Zuva Petroleum and New York Stock Exchange-listed Valvoline Inc partnership last Thursday, Moyo said Zimbabwe’s competitiveness as an economy and investment destination was not attractive,…
AN export incentive scheme unveiled by the central bank two years ago spurred growth of exports at listed agro-industrial firm Ariston Holdings Limited, which yesterday reported a 53 percent rise in revenue to $5,3million for the half year to March 31, 2018. Ariston, which recorded over $3,48 million in revenue the previous year, said growth…
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