THE Insurance and Pensions Commission (IPEC) says unfair treatment of policyholders and pension scheme members by some entities is hurting confidence in the industry. It comes as the industry is also grappling with low confidence owing to the unintended loss of insurance and pension values following the 2009 and 2019 currency reforms. Speaking at the…
AGRICULTURE minister Anxious Masuka says the Tobacco Industry Marketing Board (TIMB) should lead the process of transforming the tobacco industry from being a raw crop exporter to a processor of the golden leaf. Masuka said this was key in developing the tobacco value chain and transforming it into a US$5 billion industry by the end…
ZIMBABWE’S broad money supply, which consists of domestic and foreign currency deposits, declined by 1,03 percent from $475,4 billion in December 2021 to $470,4 billion in January 2022, latest Reserve Bank of Zimbabwe (RBZ) data shows. In its December 2021 economic review published on Monday, the RBZ said the decrease in money supply was due…
ZIMBABWE’s aviation sector’s steady exponential growth over the past two years looks to be setting a solid base for a boom as international airlines scurry back and look to fly into the country after several years of detouring. The increased interest in Zimbabwe’s airspace has been engineered by a tweak in policy, investments in key…
FIRST Capital Bank (FCB) says it will exercise caution in its balance sheet expansion to ensure that a sufficient cushion is maintained on its liquidity and capital position. The bank’s total assets grew by 30,5 percent to $30,3 billion during the 12 months to December 31, 2021. This was driven by the joint impact of…
ZIMBABWE Revenue Authority (Zimra) says it has set aside $4,3 billion for the implementation of at least 12 key projects this year, which includes an ICT systems upgrade, employee accommodation, and overhaul of the domestic revenue collection system. Some of the projects that will be implemented this year date back to 2019 and are set…
CABS’ credit risk was upgraded after the quality of the mortgage lender’s loan book improved, with its non-performing loans ratio reduced to 0,23 percent during the year to December 31, 2021 from 0,41 percent in the prior year. In a statement accompanying financial results, CABS’ managing director Mehluli Mpofu said in inflation adjusted terms, the…
BUSINESS is urging authorities to craft new tax laws and overhaul the various acts that govern tax collection to lessen the corporate burden and simplify tax computation and payment procedures. Although the mining industry remains upbeat about its growth prospects going forward, it is one of the major sectors that would like the country’s tax…
TIAN Ze Tobacco says it currently has no plans to establish a tobacco processing plant in the country, but will instead focus on expanding its contract farming scheme. The Chinese tobacco company was established in 2005 under a Memorandum of Understanding and currently handles at least half of Zimbabwe’s crop. During the 2021 marketing season,…
OLD Mutual Zimbabwe (OM) posted significant growth in 2021, registering an inflation adjusted profit after tax of $28,8 billion, up from $10,5 billion achieved in the prior year. In historical cost terms, this translated to a profit after tax of $35,6 billion, up from $11,1 billion achieved last year, the financial services giant’s results showed…
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