FIDELITY Life Assurance Zimbabwe (Fidelity) is mulling to embark on a multi-million dollar rights offer aimed at unlocking shareholder value and increasing the company’s revenue streams. This comes as the Zimbabwe Stock Exchange-listed life assurance group, which has recorded its second consecutive annual loss on the back of a deteriorating operating environment in the country,…
PERFORMANCE of Zimbabwe’s sickly economy remains subdued due to low confidence, which has “largely been caused by government’s erratic policies”, a Daily News business conference heard recently. The country’s economy has suffered severe shocks ― steep fuel price hikes, galloping inflation, escalating production costs and growing labour unrest ― following a raft of reforms introduced…
ZIMBABWE’S struggling businesses are targeting to generate foreign currency in the second half of the year to preserve value and maintain market share, The Financial Gazette has learnt. This comes as the country is experiencing an unprecedented economic meltdown that has seen inflation hitting a 10-year high of 176 percent in June, while over 5,5…
CFI Holdings (CFI) says the performance of its subsidiaries under judicial management improved significantly during the half year to March 2019, bouyed by Agrifoods’ revitalisation. This comes as the milling unit, which had been under care and maintenance, recently resuscitated operations after the sequestered entities’ judicial manager obtained capital expenditure two years ago. The group’s…
INFORMATION minister Monica Mutsvangwa says government has approved an arrangement between Zesa Holdings (Zesa) and some hotels in Zimbabwe, which will see the state-owned power utility receiving payment in foreign currency. This comes as the southern African country has been suffering prolonged load shedding caused partly by depressed electricity generation at Lake Kariba, as well…
ZIMBABWE’S liquidity crisis is significantly hampering the central bank’s decision to minimize the country’s credit risk by alleviating non-performing loans (NPLs), an international think-tank has said. The Reserve Bank of Zimbabwe in 2015 established an asset management corporation to clean up non-performing loans in the market. Since then, the Zimbabwe Asset Management Company has assumed…
PRESIDENT Emmerson Mnangagwa’s government has been urged to swiftly grant the central bank its autonomy as part of strategies to jumpstart the country’s ailing economy. This comes after Finance minister Mthuli Ncube last week indicated that government is working on a plan to wean off the Reserve Bank of Zimbabwe (RBZ) to ensure that it…
ZIMBABWE’S annual inflation reached a peak of 176 percent in June, despite assurances from government that prices will stabilise in August. The latest figures have sparked fears that the country is again entering hyperinflation territory, which last occurred 10 years ago when it hit an estimated one billion with the last official figure recorded in…
ZIMBABWE Stock Exchange (ZSE)-listed firms have suffered a string of losses in the past three weeks, triggered by the return of the local currency, a new report has revealed. The southern African country reintroduced its domestic currency, the Zimbabwe dollar, last month and banned the use of foreign currencies on local transactions, in a move…
THE Zimbabwe Stock Exchange (ZSE)’s turnover reached $1 billion in June, surpassing the previous annual turnover record of $926 million, which was set last year. This comes as the demand for stocks has spiked lately as investors seek refuge from rising inflation. The southern African country’s official inflation was reported for May this year at…
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