CASSAVA Smartech (Cassava) will next week become Africa’s first technology company to list after Econet Wireless Zimbabwe (Econet) shareholders approved the firm’s spin off. This comes as Kenya’s Safaricom has been considering weaning off its mobile money platform, M-PESA, for years, but is yet to do so. Econet shareholders last Thursday voted in favour of…
PACKAGING products manufacturer Nampak Zimbabwe says its performance during the year ended September 30, 2018 was constrained by foreign currency shortages. The country has persistently run trade deficits since dollarisation in 2009, plunging the economy into an intensifying foreign currency shortage that has threatened the viability of businesses. “Generally, the group’s performance could have been…
LISTED seed producer SeedCo says it expects Zimbabwe’s current economic situation to have an adverse impact on its trading year. Zimbabwe’s official inflation, which many believe to be grossly understated, was reported at 20,85 percent for October, effectively putting the country in high inflation and underpinning an economic crisis that has been headlined by a…
TM PICK n Pay (TM PnP) says it will not buckle under pressure and wantonly increase prices in line with rising foreign currency parallel market rates and inflation. This comes as prices of goods and services have spiked dramatically since the start of October on the back of intensifying foreign currency shortages, made worse by…
THE Zimbabwe Stock Exchange (ZSE) on Friday put on $400 million, coming off three consecutive losses as the market reacted to Finance minister Mthuli Ncube’s maiden budget statement. Last Thursday, the minister unveiled a budget that will see an increase in import duty for fuel while duty for selected goods — including motor vehicles —…
Homelink will soon introduce more housing projects after the launch of its low-income housing venture in Bundira. DIVERSIFIED financial services group, Homelink, says it will soon introduce more housing projects after the launch of its low-income housing venture in Bindura. Set up in 2005 as a vehicle to harness foreign currency from the diaspora…
TREASURY says it expects to raise at least $350 million next year from the privatisation of public enterprises. Government is undertaking a raft of state enterprise reforms under which 16 entities will be privatised, 13 parastatals merged while others will be liquidated. The reforms have been necessitated by sub-optimal operations at most of these entities…
ZIMBABWE’s annual broad money supply (M3) rose by 35,68 percent to $10,1 billion in September 2018, from $7,5 billion in September 2017 driven by an increase in demand deposits and currency in circulation, latest data from the central bank has shown. This comes as the supply of bond notes in circulation increased to $354 million…
ZIMBABWE’s trade deficit during the 10 months to October 30, 2018 reached $2,2 billion, against a shortfall of $1,6 billion during the same period the previous year, data from the central bank and Zimbabwe National Statistics Agency (ZimStat) has shown. The southern African country has persistently run trade deficits since dollarisation in 2009, recording only…
DEMAND for Delta Corporation’s (Delta) products is expected to remain firm in the near future, making the company’s stock a good bet, a financial advisory firm has said. This was after the Zimbabwe Stock Exchange-listed counter, which manufactures lagers, traditional sorghum beers and sparkling soft drinks, ordered most of its suppliers to maintain their pricing…
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