UNIFREIGHT Africa has been making strong performances despite a poor operating environment after the transport company’s restructuring exercise in 2015 and 2016. In 2015, the group was restructured to reflect a “one-company-one-focus” business providing transport and logistics solutions. And in 2016, it disposed of its subsidiary PXL Freight and Logistics and sold off the local…
Hwange Colliery Company Limited (Hwange) has been suspended from the Zimbabwe Stock Exchange (ZSE) after the troubled coal miner was placed under administration. Last week, Justice minister Ziyambi Ziyambi — using the Reconstruction of State-Indebted Insolvent Companies Act — appointed DBF Capital co-founder, Bekithemba Moyo, to lead a team tasked to revive Hwange. “The suspension…
ZIMBABWE’S nine percent growth projection for next year is “unrealistic” due to government’s excess expenditure and money creation, economic analysts have said. Finance minister Mthuli Ncube made the projection in his 2019 pre-budget strategy paper, in which he also said the economy is expected to surpass the initial budget growth projection of 4,5 percent to…
ZIMRE Property Investments (ZPI) says it has slowed down property sales in order to safeguard against risks posed by the uncertain and volatile Zimbabwean market. This comes as property sales in the country have declined lately, as both buyers and sellers have adopted a wait and see attitude in light of the worsening macro-economic fundamentals.…
THE value of shares traded on the Zimbabwe Stock Exchange (ZSE) hit $231,3 million in the third quarter (Q3) of 2018 — a 27,6 percent rise from $181,2 million recorded in prior period. In a report for the period, Old Mutual Securities (OMSEC) said foreign investors were marginal net buyers of $6,8 million worth of…
THE central bank’s lending to government through the overdraft facility increased by $1,1 billion during the period January to August this year due to the persistence of Zimbabwe’s unsustainable high budget deficit, Finance minister Mthuli Ncube has revealed. This is despite assertions by the central bank earlier this year that it had put in place…
ZIMBABWE’S official inflation is misleading and does not reflect the price increases of good and services consumers are witnessing, a leading equities firm has said. The country’s annual inflation is currently pegged at 5,39, according to Zimstats, but various analysts said it has breached the double-digit figures due to rampant price increases in the last…
The oldest victim of the shooting inside a synagogue in Pittsburgh was 97, authorities have confirmed. Two brothers and a married couple were also among the dead. The 11 victims have been identified and named by the city’s chief medical officer, and their families have been informed. The victims have been named as: Joyce Fienberg,…
ZIMBABWE Stock Exchange (ZSE) heavyweights Econet Wireless Zimbabwe (Econet) and Delta Corporation (Delta) put on a combined $4,2 billion in market capitalisation over the past two weeks after the market’s recalibration which saw it gaining $6,3 billion. Over the two weeks starting October 8, the local bourse drastically re-adjusted to the developments in the informal…
AN UNSTABLE and unconventional business environment in Zimbabwe has created ethical dilemmas for local accountants, an Association of Chartered Certified Accountants (ACCA) breakfast meeting heard last week. This comes as a persistent economic crisis has forced unorthodox systems of commerce on the southern African nation. The country adopted a multi-currency system in 2009 after hyperinflation…
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