ZIMBABWE’s cumulative trade deficit in the eight months to August 2018 increased to $1,84 billion from $1,74 billion recorded in the year to December 2017, latest data shows. The southern African country has persistently run a trade deficit since dollarisation in 2009, amid indications that the cumulative trade deficit in the past nine year has…
NATIONAL Foods Holdings (NatFoods) says its profit margins suffered after it failed to raise prices in line with inflation developments in Zimbabwe. In the face of considerable inflation developments in the country over the past two years, the group says it has not re-priced some of its products due to various reasons. “Revenue for the…
FIRST Capital Bank (FCB) on Monday relisted on the Zimbabwe Stock Exchange (ZSE) after it changed its name from Barclays Bank of Zimbabwe.Advertisements In October, 2017, Malawi Stock Exchange listed FMB Capital Holdings (FMB) acquired a 42 percent stake in the bank from Barclays Bank Plc (Barclays) , kicking off a transition which the parties…
ZIMBABWE’S hoteliers say they remain optimistic about future prospects, even as the country’s economic crisis deepens. Financial results of Rainbow Tourism Group (RTG), African Sun Limited (ASL) and Meikles released last month indicated that the hospitality industry’s trump card – in the face of volatilities on the home front – is a sharp rise in…
FOREIGN buyers’ participation on the Zimbabwe Stock Exchange (ZSE) increased to $66 million during the first seven months of the year from $27,4 million in the previous comparable period due to renewed confidence in the economy, latest data show. Reserve Bank of Zimbabwe governor John Mangudya said foreign investors had shown renewed interest in listed…
ZIMBABWE’S banking sector recorded a net profit of $176,1 million for the six months to June 30, 2018, a 75,1 percent increase from $100,6 million recorded in the previous comparable period on the back of improved interest earnings and deposits. The sector, which consists of 13 commercial banks, five building societies and one savings bank,…
GOVERNMENT’S domestic debt has escalated by over $9 billion in the past six years largely on civil servants salaries and other recurrent State expenditure.Advertisements Presenting a mini-fiscal review on Monday, Mthuli Ncube, Zimbabwe’s Finance minister, said the high debt called for urgent reforms to control it. “The high deficit has ignited expansion of domestic debt…
PHARMACEUTICALS maker MedTech Holdings (MedTech) has warned of a looming drugs shortage due to the escalating foreign currency challenges. Projecting the company’s outlook after announcing its financials for the half year to June 30 2018, MedTech chair Rose Mazula said “in the short term, we do foresee continued delays in remitting foreign payments and this…
MEIKLES Limited (Meikles) says it is restructuring its debt to reduce high interest rates that have been eroding its profits. The group’s borrowings stood at $21,1 million as at July 31, 2018. “Negotiations are in progress with a banking institution to convert present short term borrowings to medium term loans,” John Moxon, the group’s chairman,…
HWANGE Colliery Company’s (HCC) production increased to 819 859 tonnes in the half year to June 30, 2018, a 45 percent increase from 565 296 tonnes recorded during the same period prior year. Advertisements The increased output is on the back of an adoption of a five-year strategic plan aimed at increasing and reducing production…
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