ZECO Holdings (ZECO) — which has been incurring losses since dollarisation in 2009 — says it expects its balance sheet to improve in the short term after changing its asset valuation on auditors’ advice. Advertisements The move results in a lower depreciation cost. Over the years, depreciation costs of the engineering group’s heavy equipment, some…
DAVID Whitehead Textiles (DWT)’s creditors will meet on September 27 to discuss the manufacturer’s revival strategy. The company resumed operations at its Chegutu factory in January this year after receiving a $2 million bailout from the Reserve Bank of Zimbabwe. The facility was secured from the Zimbabwe Asset Management Company, a special purpose vehicle to…
BARCLAYS Bank Zimbabwe (Barclays) has missed out on low hanging fruits after it registered a decline in non-interest income in the first half of this year. Non-interest income, which is revenue that a bank gets from activities other than lending, has emerged as a major source of income for local banks after takings from electronic…
DELTA Corporation (Delta), Zimbabwe’s largest beverages manufacture, yesterday said it had invested $260 000 towards the upgrade of a road junction near its Fairbridge Chibuku Super plant. This comes as an upgrade of the plant at Fairbridge in 2016 gave rise to an increase of traffic, particularly the heavy motor vehicles that ferry raw materials…
ECOBANK Zimbabwe recorded a $18,4 million profit after tax in the six months to June 30, 2018, a 64 percent increase from the $11,4 million realised during the same period last year. The increase was mainly attributed to a year-on-year rise of 46 percent in net interest income added to a 75 percent year-on-year increase…
FOREIGN investors were net sellers of $4,4 million shares on the Zimbabwe Stock Exchange (ZSE) in August, according to figures released by the local bourse this week. Foreign purchases accounted for $12,5 million shares during the month under review while sales amounted to $16,9 million. Regional seed producer Seed Co dominated the net sellers, with…
THE Zimbabwe Stock Exchange (ZSE) says it is weighing the local market’s readiness for the listing of trade derivatives. A derivative is a financial security with a value that is reliant upon or derived from an underlying asset or group of assets. The derivative itself is a contract between two or more parties based…
NETONE says digital payments play a critical role in creating opportunities for people to improve their lives and participate in their economies. As such, the government-owned mobile telecommunications company said it will continue to roll out products ― through its OneMoney platform ― that will benefit the majority of Zimbabweans. OneMoney was launched last year…
ZIMBABWE has set up 13 Special Economic Zones (SEZs) across the country in a move aimed at stimulating production and create jobs. SEZs are areas in which business and trade laws are different from the rest of the country. They are normally located within a country’s national borders, and their aims include increased trade, higher…
ZIMBABWEAN banks are slowly increasing capital allocation towards investment securities after controlled lending rates put pressure on the sector’s profits in the half year to June 2018, The Financial Gazette can reveal. Lending rates are pegged between six percent and 12 percent, depending on the lender’s risk profile. However, interest rates on deposits that were…
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