ECONET Wireless Zimbabwe (Econet)’s telecommunications, media and technology (TMT) strategy has paid off after the company posted record revenue for the half year ended August 2018, spurred by the triangular offensive. Established in 1998, the group has grown from being just a telecommunications company to a full TMT outfit with a full suite of media…
ZIMBABWE Stock Exchange-listed cables maker, CAFCA, recorded a $3,5 million profit after tax in the year to September 30 2018, up from $726 213 posted in prior comparable period. Caroline Kangara, the group’s company secretary, said the performance was driven by volumes growth in the local market on the back of protection local manufacturers by…
STEWARD Bank has emerged as a force to reckon with in the local banking sector after an aggressive drive that has given it the largest customer base ahead of long-established institutions like CBZ. The bank, which was launched in 2013 following Econet Wireless’ acquisition of TN Bank, says it now has 747 729 customers, ahead…
ZIMBABWE’s fuel imports rose to $1 billion between February and September from about $700 million during the same period last year as the country experienced increased demand for fuel. According to the Confederation of Zimbabwe Industries’ (CZI) latest economic update, demand for fuel has surged in the country due to increased consumption by both the…
THE value of shares traded on the Zimbabwe Stock Exchange (ZSE) during the 10 months to October hit a record high of $715 million, official data has shown. This amount was $20 million higher than the $695 million notched by the ZSE during the full year ended December 31, 2017, and is the highest ever…
FOREIGN investors were net sellers of $22,4 million shares on the Zimbabwe Stock Exchange (ZSE) in October, according to figures released by the local bourse. Foreign purchases accounted for $44,6 million shares during the month under review while sales amounted to $67 million. Econet Wireless Zimbabwe (Econet) dominated the net sellers with shares worth $13,6…
OK Zimbabwe is relying on internally generated inflation data, which executives said was at 12,2 percent for September compared to the official rate of 5,39 percent for the same month. Presenting the company’s financial results for the six months to September 30, 2018, Alex Siyavora, OK Zimbabwe chief executive, said internally generated inflation gave the…
DELTA Corporation (Delta) last week said government should take steps to reverse expansionary monetary and fiscal policies, which have caused economic instability. The country has over the past few years suffered a monetary crisis headlined by currency problems and inflationary pressures. According to Treasury, this has been caused by the disparity between money supply and…
FINANCE minister Mthuli Ncube says the emergence of the informal foreign exchange market has been driven by money supply growth that is not backed by United States dollar deposits. He said this scenario has been brought about by government’s unrestrained expenditure. Since 2016, parallel exchange rate premiums for the bonds notes and real time gross…
RESERVE Bank of Zimbabwe governor John Mangudya said the bank recorded foreign currency receipts valued at $5,1 billion during the first nine months of 2018, up from $4,6 billion in prior year. Mangudya made the remarks when he met producers of basic commodities to discuss pricing and challenges affecting producers at the Confederation of Zimbabwe…
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