CAMBRIA Africa’s (Cambria) share price fell to a three-year low in June after its subsidiary Payserv Zimbabwe (Payserv) had an impasse with local banks over fees. The Zimbabwe-focused investment company’s share came off 46 percent on the London Stock Exchange between May 10 and June 13, 2019, to settle at a price of £0,0065 (US$0,0082).…
ZIMBABWE’S trade deficit with South Africa (SA) declined by about 92 percent to $32 million in the four months to May 2019 compared to $398 million recorded in the same period last year, latest data show. This comes as Zimbabwe’s imports have been declining dramatically as the economic situation in the southern African country has…
FOREIGN investors were net buyers on the Zimbabwe Stock Exchange (ZSE) in June, purchasing shares worth of $6,5 million, with particular interest in Cassava SmarTech Zimbabwe (Cassava) and Old Mutual Zimbabwe (Old Mutual). According to ZSE figures, foreign purchases accounted for $63,9 million worth of shares while sales amounted to $70,4 million during the month…
FINANCE minister Mthuli Ncube says government is working on a plan to restore autonomy to the Reserve Bank of Zimbabwe (RBZ). In functional economies, an independent central bank facilitates price and financial sector stability, which are conducive to sustainable economic growth. But in Zimbabwe, successive Zanu PF-led governments have been using the RBZ as an…
THE Insurance and Pensions Commission (IPEC) says the country’s pensions industry grew its asset base by $570 million during the three months to December 2018, on the back of gains in investments on the Zimbabwe Stock Exchange (ZSE). This comes as the local market has been rallying on the back of runaway inflation, with the…
ZIMBABWE’S banking sector remains “fairly stable” despite systemic risks inherent in the country’s fragile economy, a new report by MMC Capital has revealed. The investment research firm said the banking sector’s health was evident by growth in core metric such as total deposits, total loans and advances and total assets. This was after total banking…
MASHONALAND Holdings Limited’s (Mashholdings) says its property expenses for the six months to March 31, 2019 declined 54 percent to $290 000 from $630 000 recorded during the same period last year. Ron Mutandagayi, Mashholdings chairman, attributed the decline to ‘a smart management approach’ the group adopted in an environment characterised by weakening economic fundamentals,…
ZIMBABWE’S trade deficit has declined by almost 70 percent to $400 million in the five months to May 2019 compared to $1,34 billion recorded in the same period last year, latest data show. Although official data provided by ZIMSTAT shows that there has been a considerable decline in imports during the period from $2,83 billion…
BORDER Timbers says its exit from judicial management has been held up by delay of its compensation from government after its estates were expropriated during the country’s controversial land reform programme. In July 2015, the forest estates and saw-milling company was awarded a US$25 million settlement, as an outcome of an International Centre for Settlement…
LOGISTICS giant Unifreight Africa (Unifreight) says it is bracing itself for a tough 2019 despite registering decent progress following its restructuring exercise a few years ago. This comes as the country’s intensifying foreign currency shortages — caused by a persistent trade deficit, waning industry and confidence issues — have threatened the viability of businesses in…
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