COMMODITY prices and the country’s runaway inflation are likely to remain high in the coming weeks and months, a top economist has said. This comes as both business and analysts continue to moan about policy inconsistencies, which characterise the government’s key decisions — thereby eroding confidence, which is badly needed to help turn around the…
AN INCENTIVE introduced by Fidelity Printers and Refiners (FPR) recently has failed to spur gold deliveries, with official figures showing that collections of the yellow metal have remained subdued. Early in May, FPR introduced an incentive for gold producers in the form of “support price” of US$1 368,28 per ounce (US$44 000 per kilogramme), which…
CASSAVA SmarTech Zimbabwe (Cassava) says its revenues nearly doubled to $501 million in the full year to February 28, 2019 up from $258 million last year. Even though the company was unable to comment on the numbers “because of the disparity between local and international experts on the appropriate accounting treatment of the effects of…
ZB Financial Holding (ZBFH) says its profits in the five months to May increased 183 percent to $17,6 million compared to $6,2 million recorded in the same period last year. This was after the listed financial services group’s revenue in the period under review rose to $57,82 million, a 78 percent increase from $32,5 million…
AFRICA Sun Limited’s (ASL) says its plan to terminate a multi-million dollar management deal with Legacy Hotels International (Legacy) has been put on ice due to legal challenges. The Zimbabwe Stock Exchange-listed hotel group recently notified the market of termination of the management agreement with Legacy due to alleged non-compliance with statutory requirements of the…
STARAFRICA Corporation (Starafrica) looks set to return to its former glory after breaking a ten-year lossmaking streak by reporting a net profit of $8,8 million for the year to March 2019. This also comes as the company’s production and profitability has been improving following recent equipment upgrade and the considerable progress made in restructuring the…
FIDELITY Life Assurance (Fidelity) says its revenues grew by 88 percent during the first five months of the year helped by improved business from its Malawi unit. This comes as the Zimbabwe Stock Exchange-listed life assurance group, which recently reported its second consecutive annual loss on the back of a deteriorating operating environment in the…
THE Zimbabwe Stock Exchange strengthened in June, rallying 8,62 percent to close the month at a total market capitalisation of $27 billion. This is despite the local bourse breaking its bull run in the last week of the month as market shocks emerged in the wake of the announcement of Statutory Instrument 142, which brought…
FIRST Mutual Properties (FMP) is banking on international tenants to generate foreign currency needed for the maintenance of its top end real estate assets. Elisha Moyo, the listed real estate firm’s chairman, said the United Nations will continue paying rentals in hard currency at Arundel Office Park, notwithstanding the recent banning of multi-currency transactions in…
FIRST Mutual Holdings Limited (FMHL)’s investment income rose to $65 million for the five months to May 2019, a 1 000 percent increase from $5,5 million recorded last year. Douglas Hoto, FMHL’s group chief executive, attributed the massive increase to investments made in offshore markets in a bid to mitigate domestic risk as the country’s…
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