THE Insurance and Pensions Commission (Ipec) says the Treasury gave prescribed assets status to projects worth US$197 million and ZW$8,5 billion during the half-year to June 2023. It comes as the uptake of prescribed assets has remained low among insurers and pension funds, which are legally required to invest a certain portion of their assets…
NATIONAL Foods (NatFoods), posted a three percent decline in overall volumes to 553 000 tonnes for the year ended June 30, 2023, owing to volume losses in the flour unit.Advertisements The diversified group said the losses were on the back of significantly higher global grain prices, which dampened consumption. This comes as commodity prices have…
Major airlines around the world have cancelled flights to Israel or warned of travel disruption as the security situation deteriorates.Advertisements Virgin Atlantic warned of cancellations and delays to Tel Aviv and British Airways (BA) has altered its schedule. Meanwhile, three US carriers, as well as Air France, Lufthansa and Emirates, have suspended services. Palestinian militants…
SA’s top anti-trust adjudicating body on Monday confirmed a nearly R400 million settlement agreement between Unilever and competition authorities over the alleged market division of margarine. The order will see the global consumer goods company will pay a R16 million administrative penalty, while making substantial investments in procurement and supplier development that bring the total…
NATIONAL Foods says it has adequate stocks of raw materials and is not worried about the expected El Niño weather conditions impacting its products’ availability.Advertisements Zimbabwe is expected to receive normal to below-normal rainfall in the coming summer season, with analysts fearing that it will pose a serious threat to economic growth going into next…
THE Insurance and Pensions Commission (Ipec) has urged life assurers to continuously strengthen their balance sheets to withstand exogenous shocks.Advertisements In its latest report on the sub-sector, Ipec has implored companies to comply with all regulatory requirements “on an ongoing basis”. The commission noted that the need to transition to IFRS 17 reporting, a risk-based…
SUGAR producer Hippo Valley Estates says it is optimistic about sugar output in the upcoming season despite expectations of El Niño conditions.Advertisements It comes as the Tugwi-Mutirikwi and Manyuchi water systems have slightly more than three years of irrigation cover, which is adequate for 85 percent of the sugar industry requirements. Hippo Valley chief executive,…
BRITISH American Tobacco Zimbabwe (BAT) says it continues to show resilience despite pressure from the demanding operating environment, which is threatening business viability.Advertisements This comes as the cigarette manufacturer resolved not to declare a dividend for the half year ended June 30, 2023. “On-going currency volatility and shortages coupled with the hyper-inflationary environment have led…
NATIONAL Tyre Services Limited (NTS) says it has closed four branches due to underperformance and locational challenges. The tyre distributor and retailer said it has started recording some growth and enhanced profitability after the business stalled in the previous year due to a challenging operating environment. The group’s chief executive, Benson Samudzimu, told shareholders at…
VICTORIA Falls Stock Exchange (VFEX)-listed diversified manufacturer, Zimplow Holdings, says it is resetting itself to assert its status as the supplier of choice for agriculture, mining, infrastructure, and automotive equipment solutions. This comes as the company has reported a growth in revenue in inflation adjusted terms of 77 percent for the half year period ended…
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