CABS, one of Zimbabwe’s largest building societies, saw income from lending activities push its bottom line in the half year to June 2018. This comes as a majority of the country’s financial services firms are increasingly turning to non-interest income for profit. Surplus liquidity created by increases in money supply, coupled with low credit absorption…
ZIMBABWE’S 2018 tobacco output surpassed the country’s record peak of 236 million kg produced in 2000, with farmers delivering 247 million kg valued at $724 millions. As the season winds down and global calls for tobacco ban grow louder, The Financial Gazette’s Online Editor Paul Nyakazeya (PN) interviewed Tobacco Industry and Marketing Board (TIMB) chief executive…
RECENTLY-REBRANDED Nedbank Zimbabwe (Nedbank) has over the first six months of this year taken up $70 million of the Reserve Bank of Zimbabwe’s (RBZ) savings bonds, the financial institution’s managing director Charity Jinya has said. The bonds, which were introduced by the central bank in September 2017 to mop up excess liquidity on the real…
THE Zimbabwe Revenue Authority (Zimra) has launched an operation targeting companies and individuals that have defaulted on their tax obligations. This comes as the national tax collector’s July gross collections increased by 20,80 percent to $406,13 million from its monthly target of $336,20 million. However, Zimra believes that many clients are yet to register for…
RAINBOW Tourism Group (RTG) yesterday announced that it had paid the first interest payment for the debentures that were issued in February. A debenture is a medium to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. RTG had increased the par value of its debentures in a bid…
ONE win, one draw and three defeats is hardly the return Zimbabwe expected after the high profile appointment of former Springboks coach Peter de Villiers and the coming on-board of several sponsors to bankroll the team’s World Cup qualification campaign. The Sables’ first season under de Villiers can best be described as topsy-turvy as the…
ECONET Wireless Zimbabwe has intensified its exploration of the media frontier after tweaking its pricing model of video streaming service Kwesé iflix to make it more accessible. The company, which has established itself in the telecommunications and technology business, launched the service about four months ago as a part of its relatively new media business…
MOBILE Network Operator Telecel Zimbabwe, has announced the launch of another data offering – Weekly Data Bundles for their Telecel Go prepaid customers. Telecel’s Weekly Data Bundles offer their subscribers a week of all mobile internet access at very affordable rates. The bundles come in 4 denominations which are $1, $2, $3 and $5 with…
THE Pharmaceutical Society of Zimbabwe (PSZ) says the country is facing marked drug and equipment shortages on the back of foreign currency shortfalls. This is despite government’s assertion that the industry continues to be availed the foreign currency that it needs. The deterioration of local industry over the past decade has created a persistent trade…
THE Confederation of Zimbabwe Retailers (CZR) has welcomed the recently gazetted Shop Licences Amendment Act saying it will bring convenience, accountability and transparency to the sector. The Act, which was gazetted a fortnight ago, introduced various legislative reforms aimed at facilitating the ease of doing business. “The short term licences had been a great inconvenience…
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