THE Zimbabwe national cricket team’s victory over the United Arab Emirates (UAE) in a One Day International (ODI) series will do much to lift the spirits of local followers of the sport who are yet to fully recover from the disappointment of seeing their team failing to qualify for next month’s global showcase. Zimbabwe failed…
ZIMBABWE Stock Exchange-listed firms have admitted to flouting international reporting standards as a result of the country’s recently introduced monetary reforms. This comes as government in February gazetted Statutory Instrument 33 of 2019 (SI 33), which gave effect to the introduction of the RTGS dollar as legal tender and prescribed that “for accounting and other…
BUSINESSMAN Phillip Chiyangwa is in the process of finalising the transfer of Nyarungu Estate (Nyarungu) to the National Social Security Authority (NSSA) after a tripartite arrangement involving his Pinnacle Property Holdings (Pinnacle) and two stricken banks, it has been learnt. Although the self-styled empowerment crusader was coy on details of the deal ― and only…
CALEDONIA Mining Corporation (Caledonia) says it is keen on reinvesting its cash flows into Zimbabwe, which it believes is underexplored and holds great potential. This comes as the Zimbabwe focused miner is expecting ongoing expansion project at Blanket Mine, in which it holds a 64 percent stake, to increase its cash flows. Maurice Mason, Caledonia’s…
THE Zimbabwe fertiliser industry says it requires US$294 million per year to produce 840 000 tonnes of ammonium nitrate (AN). This was revealed after industry representatives last week met with the Confederation of Zimbabwe Industries to discuss strategies to use in lobbying government to extend support in foreign currency for the farm input production. “A…
PROPLASTICS, one of Zimbabwe’s largest piping products manufacturers, says the desired impact of the monetary policy statement (MPS), which was announced nearly two months ago, is yet to be realised as access to foreign currency remains a challenge. This comes as Zimbabwe has been experiencing acute foreign currency shortages for the past three years due…
OLD Mutual Zimbabwe (OMZ) has been urged to capitalise on synergies between its business units to lower fixed cost overheads and increase the cross-selling of products as a way of generating more revenue. This was after the listed integrated financial service group had recorded a 36 percent increase in profit to $329,8 million in the…
PRESIDENT Emmerson Mnangagwa’s government should find ways to address the country’s worsening economic situation, analysts have said. This comes as the International Monetary Fund has warned that the southern African country risks sliding into recession, at a time Zimbabwe is grappling with threats of stagflation for the second time in two decades. Stagfaltion is a…
ZIMBABWE’S hard-pressed businesses have blamed foreign currency shortages for the recent price hikes in the market. This was revealed at a meeting held by business representatives at the Confederation of Zimbabwe Industries (CZI) offices last week. The meeting, which was chaired by CZI president Sifelani Jabangwe, evaluated factors fuelling price increases and some of the…
THE government must refrain from its “heavy-handed approach” to the control of local markets, particularly in strategic commodities such as gold, tobacco and currencies. Lately, unofficial trading channels in these key sectors have been buoyant ― much to the demise of the official markets. Official figures show that gold deliveries to Fidelity Printers and Refineries…
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