THE Securities and Exchange Commission of Zimbabwe (SecZim) says government should ensure an enabling investment environment through the enactment of legislation aligned to best practice to spur the country’s underdeveloped capital markets. Tafadzwa Chinamo, the SecZim chief executive, said the local markets had a lot of room for improvement. “At the regulatory level, the market…
BRITISH American Tobacco Zimbabwe (BAT) has appointed South African Kimesh Naidoo as the company’s new managing director with effect from October 22. Naidoo takes over from Clara Mlambo who stepped down on June 30 this year to join Liquid Telecom. Steven Nyabadza, BAT’s company secretary, has been the acting managing director since July. Naidoo is…
PADENGA Holdings (Padenga), Zimbabwe’s largest crocodile skin producer, says it plans to pursue scientific methods to improve product quality. Themba Sibanda, the listed firm’s board chairman, said the group has already established a research laboratory facility at its crocodile farms. “Management will pursue advanced scientific initiatives relevant to further improving skins produced and fully understanding…
THE total value of transactions processed through the National Payment System (NPS) breached the $10 billion mark for the first time since the country adopted mobile money as the preferred form of transacting in response to persistent cash shortages. According to latest figures from the Reserve Bank of Zimbabwe (RBZ), NPS stood at $10,18 billion,…
AUDITOR-General Mildred Chiri says weak internal control systems in State enterprises have allowed mismanagement and abuse of resources. This comes as her audit reports have over the years revealed various acts of negligence, outright incompetence and malfeasance at parastatals. “Because of weak internal controls, we have been encountering the same challenges over-and-over again,” Chiri said…
LAFARGE Cement Zimbabwe (Lafarge) says it has plans to upgrade its manufacturing plant to improve production capacity and efficiency. Kumbirai Katsande, the company’s board chairman said the business had already invested $2,7 million in new plant and machinery upgrades. “The business is working on a project to upgrade its cement milling and Dry Mortar Mix…
FOREIGN investor participation on the Zimbabwe Stock Exchange (ZSE) weakened in September, accounting for 16 percent of total trades from 34 percent recorded in August. A barometer of investor sentiment — the ZSE has been drifting lower in recent months as foreign investors, who have previously dominated the market, continue to leave in droves. In…
ZIMBABWEAN insurers have been urged to adopt digital service models to improve insurance penetration rate in the country. According to Ernst & Young, Africa’s insurance penetration is about 3,5 percent compared to a global average of about seven percent. The Insurance and pensions Commission (IPEC), puts Zimbabwe’s insurance penetration at below two percent. “The traditional…
ZECO Holdings (ZECO)’s problems have persisted after the engineering company incurred a loss of $885 605 during the half-year to June 30, 2019, compared to a loss of $581 086 in the prior period. The company has not made a profit since 2009. “The group mainly relies on infrastructure projects and construction materials, due to…
World champions New Zealand stretched out to a comprehensive 62-point winning margin over lowly Namibia, but only after the underdogs had held them up with a brave first-half display. With 35 minutes gone, Namibia, ranked 23rd in the world, were within one point of the three-time winners. But the All Blacks were in clinical mood…
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