STRUGGLING coal miner Hwange Colliery Company Limited (HCCL) says its future is under threat due to the non-renewal of its western area concession. Mines minister Winston Chitando recently told Parliament that President Emmerson Mnangagwa used his executive powers to refuse HCCL a renewal licence for the concession. Without the licence, the troubles of the company,…
THE Zimbabwe Stock Exchange (ZSE) has given a free pass to listed firms that received auditors’ ‘adverse opinions’ on their results for the period ending December 2018 for failure to comply with international accounting standards as a result of a recently gazetted statute. This comes as Statutory Instrument 33 of 2019, which was gazetted after…
FOREIGN investors were net sellers of $400 000 worth of shares on the Zimbabwe Stock Exchange (ZSE) last week, latest figures show. According to the ZSE, foreign purchases accounted for $8,38 million worth of shares during the week under review while sales amounted to $8,8 million. Econet Wireless Zimbabwe (Econet) dominated the net sellers with…
DELTA Corporation (Delta), Zimbabwe’s largest beverages manufacturer, says it recorded $143 million profit after tax for year ended March 31, 2019, which was a 62 percent increase from $88,5 million recorded in the prior period driven by improved beer sales. Canaan Dube, Delta’s board chairman, yesterday said volumes across the beverage categories benefited from the…
NON-FUNDED income has continued to spur the performance of Zimbabwean banks, with electronic payments emerging as the dominant channel in the local payment stream. The central bank says all banking institutions, with the exception of one, reported profits for the year ended 31 December 2018, with a 61,06 percent increase in aggregate profits from $241,94…
PRICES of property materials are expected to remain high during the second quarter of the year due to high financing costs, Old Mutual Securities (OMSEC) has said. In their portfolio manager’s report for the first quarter of 2019, OMSEC said the property sector was facing low demand in the housing market and property-related fixed assets…
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…
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