TRUWORTHS recorded a profit after tax of $806 916 in the year to July 8 2018, recovering from a $1,7 million loss incurred in same period prior year, buoyed by improved product supply and sales. The designer wear retailer operates three outlets in Zimbabwe — Truworths, Topics and mass market-focused Number 1 Stores. “Due to…
ZIMRE Property Investment (ZPI) says it expects a significant drop in income in the short term but hopes to recover at the end of March next year after restructuring its investment portfolio. The group disposed Zimre Centre in Harare to finance the construction of the Sawanga Shopping Mall in Victoria Falls and also converted Nicoz…
CONFEDERATION of Zimbabwe Industries (CZI) president Sifelani Jabangwe says the country should focus on developing its manufacturing sector to grow the economy. The southern African country’s economy is agriculture-based and has in recent times started to rely more on mining, with mostly raw produce from these sectors dominating exports. “The manufacturing sector is an area…
ZIMBABWE’s persistent trade deficit has been magnified by unstated foreign trade activity, the country’s national statistical agency has said. In recent years, the southern African country has run systemic trade deficits due to decline in exports, mostly as a result of ailing industry. “Trade deficit says that you are importing things that cost more than…
Law bars them from parastatal CEO and CFO appointmentsAdvertisements INTERNAL auditors have expressed displeasure with a clause in the recently gazetted Public Entities Corporate Governance Act, which disqualifies them from being appointed as chief executives or chief finance officers of public entities. The grievance was registered last week at the Institute of Internal Auditors Zimbabwe’s…
IMPROVED cotton production could eliminate Zimbabwe’s cyclical foreign currency crisis, which is aligned to the tobacco selling season, business leaders have said. In recent years, the country’s foreign currency shortages have persistently spiked around September, which coincides with the end of the tobacco selling season. Earlier this month, in a rerun of events witnessed last…
FIRST Mutual Holdings Limited (FMHL) says the emergence of mobile micro-insurance is no threat to insurers, but must be embraced instead. Over the past few years, innovative mobile-based micro-insurance has taken Zimbabwe’s insurance market by storm, with the Insurance and Pensions Commission (IPEC) saying the country has the highest number of such policies on the…
INTERNAL auditors must be vigilant and avoid shortcuts in the face of anticipated fast-paced change in Zimbabwe, First Mutual Holdings (FMH)’s chief executive Douglas Hoto has said. Speaking at the Institute of Internal Auditors of Zimbabwe (IIAZ)’s annual conference in Victoria Falls last week, Hoto said as Zimbabwe embarks on an economic turnaround, it will…
FIRST Mutual Properties (FMP) says the value of its real estate portfolio appreciated by $8 million in the half year to June 2018 on the back of improved occupancy and new acquisitions. Despite persistent pressure on occupancy levels in the local market, FMP’s rates improved to 74,84 percent from the 2017 year-end position of 70,94…
Former rap mogul Marion “Suge” Knight has pleaded no contest to voluntary manslaughter for running over and killing a Compton businessman nearly four years ago.Advertisements The Death Row Records co-founder entered the plea in Los Angeles superior court and has agreed to serve 28 years in prison. The plea came days before jury selection was…
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