Seasoned banker, Mutemwa Ushewokunze (MU), was recently appointed First Capital Bank (FCB) commercial director. Our markets editor, Kuda Chideme (KC), sat down with him to get some insight into the bank’s operations and strategies going forward. Below are excerpts of the interview: KC: What is your assessment of the state of the country’s banking sector?…
THE Zimbabwe Stock Exchange (ZSE) gained 4,53 percent in March compared to advances of 19 percent and 37 percent in February and January, as the market appeared to drift towards “normalcy”. The gains seen earlier in the year were odd coming against a backdrop of a stable currency, with previous bull runs having been fuelled…
IN A dose of further good news for the economy, Zimbabwean banks have posted swashbuckling results for the period ending December 2020 —despite massive disruptions that were brought about by the first wave of Covid-19. This is also despite a tough stay-at-home order which stretched from March 31 to October 2020 — a period that…
THE country’s three tobacco auction floors are facing a bleak future as 95 percent of the golden leaf is now being sold through the contract system. The 2021 marketing season opened trading yesterday with some estimates pointing to an even higher percentage, leaving very little crop for the auction floors. The Tobacco Industry and…
FINANCE minister Mthuli Ncube says Zimbabwe has resumed repaying debts to international financiers, following a break brought about by recurrent natural disasters over the past three years. Zimbabwe’s failure to clear its debts has made it near-impossible for the country to access fresh loans from international financial institutions, at a time the country is in…
THE stability of the local currency against the US$ will determine the rate at which prices of basic goods and services will be reviewed, the Confederation of Zimbabwe Industries (CZI) has said. In its March update to members, CZI said a widening premium between the parallel market and official rate should be monitored to ensure…
CHEMICALS and fertilisers maker, Chemplex Corporation (Chemplex) says it is hunting for a new chief executive to replace Tapuwa Mashingaidze, who died in January. The company will be taking applications from “suitable candidates” until the end of the month, it said in a statement this week. Chemplex, which is wholly-owned by the Industrial Development Corporation…
LISTED hospitality company, Rainbow Tourism Group (RTG) is now debt-free, after paying off outstanding debts during the year to December 31, 2020, the company’s chairman Arthur Manase said. Announcing the company’s financial results Manase said the repayment of the debenture reduced the group’s gearing to one percent. In 2012 RTG’s gearing was at 70 percent.…
ZECO Holdings (Zeco)’s stock last week gained on the Zimbabwe Stock Exchange for the first time since November 2015, rising by 50 percent to settle at $0,0003. The engineering company is the least valuable on the exchange with a market capitalisation of $139 001. It is also the least frequently traded counter on the local…
CASSAVA Smartech Zimbabwe (Cassava), finance director and executive board member, Emilia Chisango is leaving the fintech giant after a two-year tenure. Chisango, a former president of the Institute of Chartered Accountants of Zimbabwe (ICAZ) was the first female to hold that office in its 103-year history. To date only two other women — Gloria Zvaravanhu…
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