FIDELITY Life Assurance (Fidelity) says it is hopeful that its Malawi business will help keep it afloat in 2019. This comes as the Zimbabwe Stock Exchange-listed life assurance group recently reported its second consecutive loss on the back of a deteriorating operating environment in Zimbabwe. Fungayi Ruwende, the Fidelity board chairman, said Vanguard Life Assurance…
ZIMBABWE’S year-on-year inflation rose to a ten-year high of 75,86 percent in April from 66,8 percent in March, pushed by persistent increases in the price of basic goods, statistics agency Zimstats said on Wednesday. This comes as the value of RTGS dollar has been deteriorating due to the country’s growing reliance on imports as well…
Great Britain’s women’s 4x100m relay team missed out on the chance to qualify for the World Championships as they failed to finish their heat at the World Relays in Japan. The reigning world silver medallists did not finish the race after a baton mix-up between Desiree Henry and Ashleigh Nelson in Yokohama. The British men’s…
THE Zimbabwe Revenue Authority (ZIMRA) says it saw a considerable increase in taxes related to corporate earnings and dividends during the first quarter of 2019, after some firms recorded robust performances in 2018. This comes as many companies in the country, particularly those listed on the Zimbabwe Stock Exchange (ZSE), recorded robust performances during the…
ZIMBABWEAN insurers and pension funds have been forced to helplessly watch their books’ value get eroded by rising inflation, as regulators’ investment rules restrict their ability to save the situation. The country’s inflation increased to a 10-year record of 66,8 percent in March 2019, after gaining 61,4 percentage points since the beginning of October 2018.…
ZIMBABWEAN commercial banks have been given a respite by the recent monetary reforms as they are now required to have RTGS$100 million in capital by 2020 instead of the initial recommended US$100 million. In 2014, the Reserve Bank of Zimbabwe increased the minimum capital requirement for commercial banks to US$100 million from US$12,5 million “to…
UNIFREIGHT Africa (Unifreight) says it is “on track” to achieve its long term strategic goals after embarking on a restructuring exercise nearly five years ago. The group was restructured in 2015 to reflect a “one-company-one-focus” business providing transport and logistics solutions. And in 2016, it disposed of its subsidiary PXL Freight & Logistics and sold…
THE National Social Security Authority (NSSA) says it has extended its social security net coverage through its subsidiary, the National Building Society (NBS). NBS, which has managed to offer affordable housing to the masses in the past three years, recently reported its first profit since it was established in 2016. The building society made a…
RAINBOW Tourism Group (RTG) has declared a dividend for the first time since 2006. This comes after the listed hospitality concern recorded a profit after tax of $5 million for the year to December 31, 2018, from $112 265 achieved in the prior year, and Tendai Madzivanyika, the group’s chief executive, declaring the company was…
SOWETO – South Africa’s opposition party, the Democratic Alliance (DA) says the country should expect an economic revolution if it emerges victorious after the elections scheduled for Wednesday. Addressing thousands of supporters at the Dobsonville stadium in Soweto, DA leader Mmusi Maimane said his party will put an end to corruption which he said had…
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