RESERVE Bank of Zimbabwe (RBZ) has lifted the suspension of Metropolitan Bank of Zimbabwe Limited (Metbank)’s from operating as a forex dealer with immediate effect. The central bank suspended the financial institution two months ago for breaching exchange control regulations, effectively barring the bank from buying and selling foreign currency and processing international and domestic…
AMALGAMATED Regional Trading (Art) says it registered a strong performance in the region during the half year ended March 31, 2022 on the back of favourable trading conditions in the Zambian market. The diversified group said the local battery business performance was subdued during the period due to the cumulative impact of Covid-19, which exacerbated…
CROCODILE skins exporter cum gold miner, Padenga Holdings (Padenga), says it lost US$9 million in 2021 due to the Reserve Bank of Zimbabwe’s limitations on the retention of export proceeds. During the period, the group’s export revenue from the crocodile farming division was subjected to statutory surrender requirements at 40 percent. “By the end of…
ZIMBABWE Stock Exchange-listed hoteliers Rainbow Tourism Group (RTG) and African Sun are targeting soft infrastructure and major hotel refurbishment investments this year, in a bid to reap rewards from the tourism sector rebound. The hoteliers’ capital expenditure projects coincide with the resumption and increase in international flights into the country, particularly those plying the Victoria…
ZIMBABWE is developing a national climate change fund that will provide resources to enable local authorities and the private sector to transform towards climate resilient and low carbon development pathways. This comes as the country has accessed up to US$105 million under various projects financed by the Green Climate Fund (GCF) and the Global Environmental…
MEDTECH Holdings says legacy debt continues to impede its working relations with regional and international suppliers. The company says this situation has negatively affected its sourcing of supplies and consumables. The group has been facing stockouts challenges as suppliers played hardball in a bid to force a clear settlement plan for money owed. Owing to…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-281521.mp3?cb=1732288235.mp3Companies usually finance their operations either by debt or equity. Where a company is financed primarily by debt it is deemed to be thinly capitalised. Thus, thin capitalisation can be described as the use of high proportions of loan to equity capital to gain tax advantages. The Income Tax Act discourages thin capitalisation by limiting…
MASIMBA Holdings says its revenue was down by 12 percent to $7,4 billion during the year to December 31, 2022, due to the slow start of key projects. Notwithstanding the marginal fall in revenue, the company’s earnings before interest, taxes, depreciation, and amortization to turnover remained firm at 21 percent. According to Masimba’s 2021 annual…
THE Export Credit Guarantee Corporation (ECGC) is planning to expand its credit guarantee schemes for micro, small and medium enterprises (MSMEs) this year in a bid to capacitate start-ups to tap into the regional market. ECGC managing director Sekai Chirume told The Financial Gazette this week that local firms need access to expand operations to…
FINANCE ministry permanent secretary George Guvamatanga says small to medium enterprises (SMEs) deserve to be supported by the financial sector as they offer value for credit. This comes after First Capital Bank (FCB) clinched a EUR12,5 million line of credit for the SME sector and mid-cap companies from the European Investment Bank (EIB). The facility…
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