ZIMBABWE has a slim chance of reviving the economy, due to fiscal pressures, waning confidence, policy inconsistencies and even the International Monetary Fund (IMF)’s staff-monitored programme (SMP) may be undermined by these recurring problems, the Bretton Woods institution said. This comes as the Zimbabwe Heads of Christian Denominations say it has “lost confidence in the…
THE government’s decision to re-introduce the Zimbabwean dollar has created reporting headaches for listed companies, with more firms delaying the release of their financial results. Comparisons between financial results for the half year ended June 30, 2019 and the previous corresponding period have been distorted by currency reforms that began during the third quarter of…
DAWN Properties Limited (Dawn) says it expects its property developments to spur profits for the year to December 31, 2019 as the company rolls out more projects. This comes after the company announced that its revenue for the half year to June 30 rose to $6,4 million, a 109 percent increase from $3 million during…
BINDURA Nickel Corporation (BNC) says it will review its business plan in a bid to improve production in the short term. This comes as the company’s production has declined significantly lately due to a decrease in ore milled. Muchadeyi Masunda, BNC’s board chairman, told shareholders at the company’s annual general meeting in Harare last week…
LAFARGE Cement Zimbabwe (Lafarge) anticipates a decline in full year volumes as demand remains constrained due to the deepening liquidity crisis being experienced in the market. The firm reported a 3,4 percent decline in sales volumes to 162 000 tonnes during the first half of the year. During the period under review, the cement market…
INNSCOR Africa (Innscor) says volumes across its poultry divisions improved during the year to June 2019 after the country recovered from an outbreak of avian flu in 2017. Between May and August of 2017, the lethal and highly contagious flu hit the region, killing more than one million chickens in South Africa and Zimbabwe. Addington…
ZIMBABWEAN funeral assurers say they are now constantly adjusting premiums and calling on policyholders to downgrade benefits as part of efforts to contain effects of the spiralling inflation. While government barred the release of the annual inflation rate in June, after it hit a 10-year record of 176 percent, the Confederation of Zimbabwe Industries says…
THE Zimbabwe Stock Exchange (ZSE) has gained more than $10 billion in the past two weeks, as investors react to dramatic movements in the parallel market exchange rate. The Zimbabwe dollar has slumped from about 1:13 to the US dollar to trade at 1:20-plus over the period. “The gains follow a growing risk aversion movement…
THE upward review of overnight interest rates by the Reserve Bank of Zimbabwe (RBZ) will neither contain the spiralling inflation nor the rampaging foreign currency rates, but rather stem speculative borrowing, the Confederation of Zimbabwe Industries (CZI) has said. This is not notwithstanding the fact that the move is also targeted at stabilising prices. The…
ZIMRE Property Investments (ZPI) says the local property sector will experience turbulence in the short to medium term due to the shocks from the recent reintroduction of the Zimbabwean dollar. The operating environment has dramatically deteriorated since the monetary reforms, which started in October last year, with the ring-fencing of nostro and local bank accounts.…
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