ZIMBABWE Platinum Mines’ (Zimplats) majority shareholder, Impala Platinum (Implats), is expecting a 20 percent jump in annual earnings for the year to June 30, 2020, on the back of firm metals prices. In a trading update, Implats, the world’s third largest source of platinum group metals (PGMs) which operates mines in Zimbabwe and South Africa,…
THE Covid-19 pandemic has impacted the structure and shape of economies across the globe. In the case of Zimbabwe, the limited economic activity that has come as a result of Covid-19 social distancing measures has created new risks such as (i) company closures, (ii) increased levels of formal unemployment and (iii) shrinkages in the value…
ZIMBABWE’S domestic currency will continue to devalue against major currencies due to lack of key reforms and government’s policy inconsistencies, analysts have said. The Zimbabwean dollar, which was hastily reintroduced last year, devalued by 64 percent over the last month and is expected to weaken further as the tobacco selling season ends and foreign currency…
FINANCE minister Mthuli Ncube has conceded that the government’s foreign currency earnings retention policy is affecting official gold deliveries, with most of the yellow metal being smuggled to other markets. Government figures show that despite higher average international prices in the first quarter of 2020, gold deliveries shrunk by 12 percent compared to last year.…
THE recent suspension of the Zimbabwe Stock Exchange (ZSE) — and spirited moves to eject Old Mutual (OM) from the country — poses an “existential threat to the economy”, according to an association of investment managers. This comes as Finance minister Mthuli Ncube has told a Daily News webinar that the local bourse “should be…
BINDURA Nickel Corporation (BNC) last week said its profit for the year ended March 31, 2020 ― to be announced at the end of the month ― will be significantly lower than previously forecast. The nickel miner had initially expected demand “to remain high, with a projected average growth in excess of four percent per…
Will making is a necessity for every living human being, whether rich or poor but surprisingly most people who get deceased, do so without a statement of how they want their assets to devolve. The chief culprits are lawyers who despite their deep knowledge of succession law, they still elect to die without leaving behind…
ZIMBABWE’S fastest growing fast food chain, Eat n Lick, has introduced a new state-of-the-art self-service system that allows customers to make orders online. Tsitsi Musabayana, Eat n lick’s managing director, said the new system will allow customers to place orders without waiting in queues. “The new system will not only help our clients to observe…
DAWN Properties Limited’s (Dawn) revenue for the five months to May 30, 2020 declined 11 percent to $36,9 million from the same period last year. Updating shareholders at an annual general meeting, Dawn said the decline was largely due to its exposure to the hospitality industry as hotels were forced to close due to the…
ZIMBABWE’S currency alterations have created property valuation challenges amid indications reporting firms are encountering difficulties translating values across currencies and time. This piles on the trouble created by the Harare administration’s monetary policy gyrations ― chiefly its premature re-introduction of the Zimbabwe dollar ― which have not only rendered financial statements meaningless, but also landed…
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