BUSINESS continues to contend with major accounting and reporting challenges, amid the high inflation and exchange rate volatility, the Institute of Chartered Accountants of Zimbabwe (ICAZ) has said. This comes as reporting companies are still receiving adverse audit opinions on their results, an annual trend that began in February 2019, when the government controversially effected…
THE World Bank (WB) says Zimbabwe owes US$1,5 billion to the global financial institution and is currently the only African country which is in debt arrears to the Bretton Woods institution. WB Zimbabwe country manager Marjorie Mpundu told editors yesterday during a media engagement meeting that the country will only access new lines of credit…
MONDAY’S introduction of the Mosi-Oa-Tunya gold coins is likely to “cool-off Zimbabwe’s raging parallel market” – in the short to medium term – as they will provide investors with “access to an American dollar-priced asset at a good local currency rate”, Platinum Investment Managers (PIM) says. This comes as another wealth manager Zimnat Asset Management…
THE total value of shares traded on the Zimbabwe Stock Exchange (ZSE) during the second quarter of the year (Q2) was $34,55 billion, a 201,7 percent increase compared to prior year, a financial service firm has said. In its second quarter report released on Monday, Old Mutual Securities (Omsec) said foreign investors were net sellers…
FARMERS are increasingly growing anxious ahead of the fast-approaching summer cropping season as preparations have been sent off the rails by inflation and currency volatility. Both the Commercial Farmers Union (CFU) and the Zimbabwe Farmers Union (ZFU) say some farmers may even fail to participate in production totally, as costs escalate amid the negative effects…
COTTCO Holdings (Cottco) says it sold 50 187 tonnes of lint during the year to March 31, 2022, with 38 524 tonnes sold through the export market, while the remainder —11 663 tonnes — was sold domestically. In a trading update for the first quarter to June 30 2022, the organisation’s acting secretary, Jacqueline…
A PRIVATE auctioneer will conduct “a rare public sale” of seven Civil Aviation Authority of Zimbabwe (Caaz) planes, meant for a 90s flying school, this weekend. While the country was “first enthralled” by a silver bird sale when Mbada Diamonds lost a 12-seater Cessna 208 Caravan in 2016 — snapped up by Kenneth Musanhi’s Central…
The Exchange Control (Payment for Electricity and Related Services in Foreign Currency by Exporters and Partial Exporters) Order, 2022 was published in Statutory Instrument 131/22 on July 11, 2022. I will refer to it as SI 131/22. It grants power to Zesa Holdings (Zesa) to charge exporters and partial exporters for electricity in foreign currency…
OK ZIMBABWE says the Treasury’s two percent intermediated money transfer tax (IMTT) is straining its profitability. In its 2021 annual report that was released on Tuesday, the retail giant’s chairman, Hebert Nkala said the government should review the levy. “The group continued to endure excessively during the year. The increase in the transaction thresholds had…
WITH environmental, social and governance (ESG) issues emerging as a priority on the global scene, a local think-tank has warned that Zimbabwe could lose export markets and capital if regulators and business do not catch up with the developed world. It comes as regulators around the world are shifting ESG principles from a moral responsibility…
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