FIRST Capital Bank (FCB), formerly Barclays, says its inflation adjusted income grew by 35 percent to $2,3 billion during the half-year to June 30, 2021, driven by a 76 percent increase in interest income. The bank said its interest income for the period was $924 million compared to $524 million in the prior comparable period.…
About a decade ago, Zambia was surfing a powerful wave of optimism as the copper-driven economy registered an all-time GDP growth rate of 10,3 percent in 2010. The political landscape was also stable and in 2012, the country joined a small club of African nations that were borrowing on international bond markets. There was strong…
CALEDONIA Mining Corporation (Caledonia) is upbeat on the stability seen in Zimbabwe over the past year, which allowed it to set a new production record at Blanket Mine during the quarter ended June 30, 2021, leading to a 31 percent increase in revenues. After suffering its second episode of hyperinflation in 2020, the southern African…
A HIGH prevalence of non-pensionable allowances in Zimbabwe has restrained contributions to funds, worsening liquidity challenges in the industry and creating a social security gap in the country, the Insurance…
THE Zimbabwe National Water Authority (Zinwa) is pursuing the reactivation of bulk prepaid water metering for local authorities and accelerated installation of pre-paid metering to households in a bid to enhance revenue collection for water supply. The water resources management agency has been struggling with revenue collection, resulting in lack of funding for water treatment.…
THE Zimbabwe Investment and Development Agency (Zida) is pushing for legislative changes to speed up investors’ acquisition of factory permits, chief executive Douglas Munatsi has said. Addressing delegates during the Institute of Chartered Accountants of Zimbabwe (Icaz)’s 2021 Winter School recently, Munatsi said the country has room for improvement with regards to the ease-of-doing business…
WHEN you run any kind of business, finding yourself in an employment dispute is inevitable. Where employees act outside the course and scope of their employment, or act contrary to the interests of their employer, they may be subjected to disciplinary proceedings. Such proceedings are strictly regulated by the law to ensure that the substantive…
Value Added Tax (VAT) is an indirect tax on consumption, charged on the supply of taxable goods and services. It is the responsibility of persons who are registered for VAT (also known as registered operators) to charge and collect VAT on behalf of the fiscus. Exception applies only with regard to importation of goods or…
ZIMPLOW Holdings (Zimplow) has gained 20 percent on the Zimbabwe Stock Exchange (ZSE) since it concluded the acquisition of four assets in a diversification drive. The acquisition of Scanlink, Tredcor Zimbabwe, Birmingham Investments and an industrial property Willowvale, Harare was approved by shareholders late last year, but only recently fulfilled conditions precedent, with Zimplow announcing…
SEEDCO’s sales volumes were up 23 percent during the quarter ended June 30, 2021, driven by the onset of the winter wheat season and a government import substitution drive. In a trading update last week, the company said wheat seed made up 93 percent of the total sales volumes during the period. “Wheat seed sales…
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