AXIA’S profit has suffered significantly after its board decided to change the accounting treatment of its subsidiary, Transerv, the company’s financials released last week show. The listed specialty retail, distribution and logistics group’s financials for the six months ended December 31, 2016, which were restated for the purposes of showing the effect of the accounting…
TWENTY three accounts on the local cryptocurrency exchange, Golix, were hacked over the past three weeks, the exchange revealed in a statement on Tuesday.Advertisements Cryptocurrencies are decentralised digital cash systems based on cryptography.
THE value of transactions processed through the National Payments System (NPS) declined by five percent to close the week ending February 23, 2018 at $1,628 billion, according to the latest Reserve Bank of Zimbabwe (RBZ) Weekly Economic Highlights. The RBZ said the decline was mainly driven by a 1,7 percent decrease in the value of…
THE Zimbabwe National Roads Administration (ZINARA) this week announced that its $100 million infrastructure bond had been oversubscribed by $5 million. ZINARA chief executive officer, Nancy Masiyiwa-Chamisa, made the disclosure at the Zimbabwe Investment Conference, whose aim was to provide a platform for potential investors, business and government to come up with ways to increase…
ZIMBABWE’S microfinance institutions have enjoyed considerable growth lately after occupying the lending space left by banks in the face of uncontrolled government borrowing that has crowded out the private sector. Zimbabwe Stock Exchange listed Getbucks last week reported a 51 percent increase in net profit for the six months ended December 31, 2017, on the…
ZIMBABWE’s Mines Minister, Winston Chitando, last week said the high costs of running local power plants had a bearing on the country’s energy tariffs. Speaking at the Zimbabwe Trade and Investment Conference Expo in Harare, Chitando said power tariffs in Zimbabwe were high because some local plants that feed into the grid were expensive to…
LISTED cable manufacturer, CAFCA, has said its earnings for the current trading year will be significantly higher than the earnings reported the previous year. In a statement issued yesterday, the company said its earnings per share (EPS) for the year are projected at 4,5 cents per share, representing a 542,86 percent increase from the previous…
AGRO-industrial group Zimplow last week reported a profit after tax of $3,4 million for the year ending December 31, 2017, its first since 2011. This was a huge swing from last year’s loss of $2,5 million and follows restructuring at the group in the past three years, with changes being made in top management, capital…
LISTED manufacturing group, Amalgamated Regional Trading Holdings (Art), expects to have a good year, with forecast revenue of $40 million, regardless of economic circumstances in the country, board chairman, Thomas Wushe has said. Speaking to The Financial Gazette on the sidelines of the company’s annual general meeting on Tuesday, Wushe said the group expected to…
THE Zimbabwe Stock Exchange (ZSE) extended its losses in February as the market continued to undergo correction after a year-long rally that inflated stock prices. Last year’s bullrun, which was driven by inflation fears, ended when former president Robert Mugabe, stepped down in November. Mugabe is widely blamed for the country’s poor economic performance over…
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