BUSINESS is getting increasingly jittery about the impact of the resurgent foreign currency parallel market and ongoing power cuts on the country’s recovering economy. To this end, captains of industry and commerce who spoke to The Financial Gazette this week implored the government to do more to enhance the forex availability and pricing system, while…
WORKERS and employers’ representative bodies last week joined forces to oppose a resurgent campaign to ban the mining and production of asbestos-related materials in the country, fearing massive job losses. World over, asbestos is classified as a highly hazardous agent, causing about half of all deaths from occupational cancers. About 66 countries, including South Africa,…
ZIMBABWEAN banks have been reaping huge profits, which are mostly inflation driven but as the economy stabilises, the trend is expected to taper off, a new report has shown. The report, prepared by IH Securities, predicts that the country’s inflation, which has fallen from 838 percent last July to 50 percent in August, would continue…
VARUN Beverages Zimbabwe (Varun) is set to increase its foothold on the local market after commissioning a new US$60 million production plant yesterday, as it announced plans to go into other fast-moving consumer goods sectors such as juices and dairy. The new US$60 million plant has a production capacity of 66 million bottles of sparkling…
OVER the last decade, there has been an unprecedented crisis in the global financial services industry to which the insurance industry has not been immune. In addition to the expected incidence of crises across insureds, the market context has been one of extreme volatility, affecting both capital requirements and investment returns. The global banking crisis…
LISTED conglomerate Innscor Africa Limited (Innscor) recorded an inflation adjusted revenue of $66,9 billion for the year to June 30, 2021 up from $49,4 billion prior year on the back of volume growth across all businesses. In a statement accompanying the group’s financial results for the period under review, Addington Chinake, Innscor’s chairperson, said profit…
RIOZIM Limited says it will prioritise the completion and commissioning of its Biological Oxidation (BIOX) plant project before the close of the financial year to December 31 to increase gold production. This comes after the group suffered a further inflation adjusted loss of US$1,4 billion for the half year to June 30, 2021 from $77,4…
THE Old Mutual (OM) Exchange Traded Fund (ETF) has gained 50 percent since the beginning of August, reclaiming a lead over its benchmark, the Zimbabwe Stock Exchange (ZSE) Top 10 Index, which is now 15 percentage points behind with year-to-date gains of 135 percent. The ETF had been overtaken by the Top 10 in July…
ZIMPLOW Holdings (Zimplow) says its profit declined by 21 percent to $228 million during the half-year to June 30, 2021, due to “currency distortions” in Zimbabwe. This was despite a 67 percent growth in revenue to $1,66 billion, which the company said was driven by volume growth across all its units. “While our profitability has…
GOLD miner Caledonia expects to sink US$1,6 million over the next 24 months at the newly-acquired Maligreen project in Gweru, while it explores other mining opportunities in the area as it seeks to expand its resource base. The company only has the Gwanda-based Blanket Mine in its portfolio, but it has been actively pursuing expansion…
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