SEEDCO Holdings (SeedCo) shares have lost 21 percent this year due to effects of a poor farming season caused by drought. The latest development comes at a time most stocks on the Zimbabwe Stock Exchange are appreciating in value, as investors hedge against rising inflation. Year-on-year, Zimbabwe’s largest seed producer’s stock, which closed trading at…
THE Insurance and Pensions Commission (IPEC) says less than half of the players in the non-life insurance industry complied with the minimum prescribed assets ratio in 2018. According to the Insurance Act, “every insurer shall in respect of the insurance business carried on by him in Zimbabwe, hold the insurance fund in prescribed securities and…
ZIMBABWE Stock Exchange-listed retailer OK Zimbabwe (OK) says it has been facing product supply challenges due to shortages of foreign currency and dysfunctions in the local industry. This comes as the southern African country has been reeling from foreign currency shortages, which have been caused by a number of factors, including its persistent trade deficit,…
ZIMBABWE’S cash-strapped government says it is relaxing procurement requirements for restructured public enterprises. This comes as government last year gave some under-performing State-owned enterprises (SOEs) and parastatals — among them NetOne, TelOne and People’s Own Savings Bank (POSB) — between six and nine months to conclude privatisation deals. Information minister Monica Mutsvangwa last week said…
THE introduction of the RTGS dollar has created challenges for Zimbabwe’s banking sector, the International Monetary Fund (IMF) has said. This comes as the southern African country’s monetary authorities have sought to address foreign currency shortages by abandoning the unsustainable 1:1 bond note peg against the US dollar and introducing an interbank market. “While reported…
NAMPAK, Africa’s largest diversified packaging manufacturer, says it is withholding dividends to shareholders due to a worsening liquidity crisis in Zimbabwe. Although volumes at the Zimbabwe unit have continued to grow and “are self-sustaining across the various substrates” Nampak said it is still encountering problems in accessing cash from the business. “The availability of foreign…
DELTA Corporation (Delta), Zimbabwe’s largest beverages manufacturer, is expanding its wings in the region to generate more foreign currency. This comes as the company has been failing to access enough forex on the formal market to purchase raw materials. Equities advisory firm Old Mutual Securities (OMSEC) said Delta is expanding its regional footprint through the…
Bangladesh stunned South Africa to start their World Cup campaign with a fine 21-run victory at The Oval. Bangladesh made 330-6 – their highest one-day total – with Mushfiqur Rahim scoring 78 and Shakib Al Hasan 75 in front of a passionate crowd strongly in their favour. The pair put on 142 for the third…
PRESIDENT Emmerson Mnangagwa government’s flawed policies around the flow and exchange of foreign currency have been blamed for illicit financial flows out of Zimbabwe. This comes as Treasury this week pointed the finger at exporters, accusing them of keeping US$900 million of their earnings in offshore banks – money which it says should be repatriated…
THE RTGS dollar continues to take a heavy battering against most major currencies — amid worrying indications that it may soon trade above 10 to the American unit, as the country’s hard cash shortages escalate. This comes as Zimbabwe’s official inflation has hit a 10-year high of 75 percent, thereby piling more pressure on already-stressed…
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