INNSCOR Africa Limited (Innscor) is poised to generate more revenue in the near future due to its competitive cost structure, which is based on increased production and export competitiveness, a local equities research firm has said. The listed diversified concern had recorded a 61 percent increase in revenue to $490 million in the six months…
ZIMBABWE’S foreign currency shortages are inhibiting reinsurance firms from underwriting more business in regional countries, The Financial Gazette has learnt. This comes as the country’s acute foreign currency shortages, caused by a persistent trade deficit, are threatened the viability of businesses from various sectors in the ailing economy. Stanley Kudenga, the ZimRe Holdings (ZimRe) chief…
THE Infrastructure Development Bank of Zimbabwe (IDBZ) says it is pursuing a long term capitalisation target of $1 billion to escalate investment. The state-owned financial institution, which has cumulatively raised a total of $127,3 million through the issuance of infrastructure development bonds for the past seven years, had a net asset position of $204 million…
THE Zimbabwe Stock Exchange (ZSE) mainstream index was subdued for a second consecutive month in March, dropping 17,95 percent to 405,57 points, dragged down by losses in heavyweights. The bourse weakened by 19,36 percent to close the month at a total market capitalisation of $15,98 billion. IH Securities (IH) said the industrial index was weighed…
THE Insurance and Pensions Commission (IPEC) says the local industry’s “piece-meal” regulatory framework is problematic as it promotes arbitrage. IPEC is the statutory body established in terms of the Insurance and Pensions Commission Act, to regulate the insurance and pensions industry. However, certain entities in the industry, such as the National Social Security Authority (NSSA)…
PROSPECT Resources (Prospect) says its losses widened to $4,14 million in the half year to December 31, 2018 from $2,64 million loss in the prior period due to expenses relating to investments at Arcadia Lithium Mine. The Arcadia Lithium project, which is located on the outskirts of Harare in Zimbabwe and represents a globally significant…
FOR the millions that grew up to Micheal Jackson’s music especially from the release of the world’s best-selling album Thriller on 30 November 1982 until his death on June 25 2009, – the documentary Leaving Neverland must have left many of these viewers struggling what to believe. The main attraction and discussion subject for MultiChoice…
THE pilot of the plane which crashed into the English Channel with Emiliano Sala on board, was not qualified to fly at night, BBC Wales understands. David Ibbotson is thought to have been colour-blind, and his licence restricted him to flying in daytime hours only. Footballer Sala, 28, died when the plane carrying him from…
APPAREL retailer Edgars Stores (Edgars) says its sales volumes during the 52 weeks ended January 6, 2019 suffered due to price increases driven by rising inflation. Monetary and fiscal reforms implemented last year, which included the ring-fencing of Nostro FCAs and RTGS$ accounts as well as the introduction of a two percent tax on electronic…
THE Zimbabwean government has started licensing players in the commercial cannabis business after it gave permits to prospectors, The Financial Gazette has learnt. Although the southern African nation legalised the cultivation of cannabis for medicinal and scientific purposes last year, no entity had been licensed yet. An executive from one of the prospecting entities, who…
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