ZIMBABWE is currently reviewing the regulatory framework of the National Social Security Authority (NSSA) to align it with best international practice, it has been learnt. This comes as the Insurance and Pensions Commission (IPEC) has over the years persistently lobbied for NSSA to fall under its purview, amid numerous reports of corporate governance issues at…
MEIKLES Limited (Meikles) executive chairman John Moxon says the group was forced to dispose its flagship hotel after it failed to raise US$30 million needed for its refurbishment. “Meikles Hotel now requires substantial modernisation of guest facilities as well as electro-mechanical and plumbing infrastructure to restore it to a five-star property by international standards,” he…
SUPERMARKET group — OK Zimbabwe — says the country’s economic situation will stabilise in the long term. The country, which is experiencing its worst economic crisis in a decade, is faced with high inflation, fuel, electricity and foreign currency shortages and a devastating drought that has left at least 5,5 million people in need of…
SEEDCO International says it has made progress in new markets in Africa where it is expanding into new products. This comes as the group — one of Africa’s largest seed producers — has in the past faced difficulties associated with the general sub-optimal business environment on the continent, with research showing that the size, diversity…
THE Insurance Council of Zimbabwe (ICZ) says government and companies involved in big projects are prejudicing local insurers by outsourcing foreign insurance cover. This comes as the growth of the industry has been subdued amid low penetration due to Zimbabwe’s persistent economic woes. The country’s insurance penetration rate is estimated to have declined further to…
ZIMBABWE’s electricity supply is expected to improve follow a rescue package which involve a leading pan African bank which has a strong presence on the continent and the Reserve Bank of Zimbabwe. The deal involves a US$15 million guarantee for future supplies through a ring-fenced facility to be serviced by export proceeds was sealed in…
ETHICAL Leaf Tobacco’s (ELT) vision of rural empowerment and enhancement of rural livelihoods has enabled it to have a geographic footprint across all tobacco growing regions in Zimbabwe. Due to this approach, a Parliamentary Portfolio Committee, on Lands, Agriculture, Water, Climate and Rural Resettlement, this week heard that the company’s volumes had grown by over…
UNECONOMIC business parameters in Zimbabwe such as sub-optimal pricing, which lead to government subsidies, are killing the economy, a top economist has said. This comes as government has run huge budget deficits in the recent past due to subsidies for basic commodities such as energy and grain. And this, experts say has landed the economy…
ZIMBABWE’S dire electricity situation, which has been headlined by rolling blackouts, is killing business, with companies facing unprecedented downtime while operating costs have skyrocketed as firms turn to diesel-powered generators to stay operational. This has added to the exisiting pressures on business costs, with the country’s inflation having reached a peak of 176 percent in…
ACTIVITY in dual-listed equities on the Zimbabwe Stock Exchange (ZSE) has declined significantly since the Reserve Bank of Zimbabwe (RBZ) placed a three-month vesting period on the trading of such counters, The Financial Gazette realised. The central bank last month issued an order limiting the trade of dual-listed stocks to three months as a way…
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