THIS year’s tobacco proceeds will not help improve Zimbabwe’s liquidity challenges, economic analysts have said. This follows high expectations that tobacco earnings ― which traditionally reach US$800 million a year ― could help ease foreign currency shortages, but farmers are holding on to their crop due to low prices. The marketing season opened on a…
DAIRIBORD Holdings (Dairibord) says it was forced to let go of its Malawi unit by the adverse economic situation in Zimbabwe after it failed to leverage its “clean” balance sheet to rescue the ailing subsidiary. The Zimbabwe Stock Exchange-listed milk processor announced last week that it was offloading Dairibord Malawi following consistent weak performance of…
ECONET Wireless Zimbabwe (Econet)’s shares are currently undervalued resulting in low trading activities, said capital markets evaluator Akribos Research Services (Akribos). This comes as Cassava Smartech Zimbabwe (Cassava), which demerged from the telecommunications giant in December 2018, is experiencing increased trade activity on the local stock exchange and its shares have for the most part…
INVESTMENT-STARVED Zimbabwe is crafting a new law aimed at making it easier for foreign investors to repatriate their profits from the southern African country, The Financial Gazette can reveal. This comes as scores of foreign firms — including BAT, PPC, Lafarge and numerous airlines — are struggling to repatriate millions from Zimbabwe. Justice minister…
CONSTRUCTION of the Gwayi-Shangani Dam in Matabeleland North is expected to be completed by December this year despite work done being at 36 percent, a government minister has said. The Gwayi-Shangani Dam, which will become the country’s third largest inland water body when complete after Tokwe-Mukosi and Lake Mutirikwi, is expected to have a capacity…
THE Public Accountants and Auditors Board (PAAB) says the recently gazetted Statutory Instrument 33 of 2019, which set an exchange rate of 1:1 between RTGS$ and US dollars, conflicts with Zimbabwe’s prescribed reporting standards. The law, which was gazetted on February 22, 2019 specified, among other things, that for accounting and other purposes, all…
ZIMBABWE has introduced a new mining law that imposes a double penalty on entities that fail to pay royalties. Mining royalties, a usage-based tax calculated as a percentage of the gross fair market value of minerals produced, are levied in terms of the Mines and Minerals Act, while the royalty rates are fixed through the…
ZIMBABWE’S trade deficit for January was down by 82 percent compared to the same period last year after a sharp decline in imports from South Africa (SA). Latest trade data from the Zimbabwe National Statistics Agency shows that the country’s trade gap in January was $44 million, representing a dramatic decline from gaps of $130…
TRUWORTHS Zimbabwe says its financial performance for the half year ended January 6, 2019 was dampened by the introduction of a two percent tax on electronic transactions. Its trading expenses increased significantly during the period under review due to the new levy. Finance minister Mthuli Ncube in October last year announced an intermediated money transfer…
THE Zimbabwe National Statistics Agency (ZIMSTAT) plans to start publishing national accounts on a quarterly basis. The move comes after the agency signed a Memorandum of Understanding (MoU) with the Zimbabwe Revenue Authority (ZIMRA), which allows the agencies to share “vital information about business entities, which operate in the local economy”. “…there is strong need…
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