THE difference between returns of the Old Mutual Exchange Traded Fund (ETF) and its benchmark — the Zimbabwe Stock Exchange (ZSE) Top Ten Index — narrowed to 63 percent at the end of May from 76 percent on March 31, 2021. An ETF is a security that tracks another asset, index, sector or commodity, but…
RORY McIlroy will return to compete at the Irish Open at Mount Juliet in July after missing last year’s tournament at Galgorm Castle. A limited number of spectators will be allowed on site to watch McIlroy and fellow Irish major champions Padraig Harrington, Shane Lowry and Graeme McDowell take part in the event. McIlroy was…
NAMPAK Zimbabwe says all its business units traded profitably during the six months ended March 31, 2021, benefiting from sales volume increases driven by a stable exchange rate. The ZWL$ has held steady against the US$ for close to six months, with inflation declining from 836 percent in July 2020 to 162 percent last month,…
Recent reports indicate that the Chinese government will now allow couples to have up to three children, after census data showed a steep decline in birth rates. Population statistics show that there were 12 million births in China in 2020, down 18 percent annually and the fourth straight year of declines. Family planning restrictions have…
THE government is facing increasing pressure to cover parastatals’ foreign debt obligations and importation of machinery to enhance their viability. This comes as the firms are battling to purchase consumables and other raw materials to remain afloat. In a project funding status schedule to the parliamentary ICT Portfolio Committee seen by The Financial Gazette, fixed…
CHAMBER of Mines of Zimbabwe (CoMZ) chief executive Isaac Kwesu says low exploration in the gold sector is hampering output growth for the yellow metal, as well as its contribution to the economy. Appearing before the parliamentary portfolio committee on Mines and Mining Development on Monday, for an update on the current status of the…
CABINET has approved a financing agreement with Old Mutual Life Assurance Company Zimbabwe (OMLAC) for the construction of a four-star hotel in Victoria Falls. According to Information minister, Monica Mutsvangwa, this is part of a process to unlock value in the Victoria Falls Special Economic Zone and as such, Cabinet this week approved the financing…
GOVERNMENT intends to increase its shareholding in Cottco as part of plans to turn around the struggling firm, Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, has said. The government currently holds a 37 percent stake in the company after a debt-to-equity swap of US$56 million in 2015. Mangudya told Parliament’s committee on Lands and…
ORGANISED business is keen to engage authorities over new regulations which criminalise traders who price their goods and services using parallel market foreign currency rates. Captains of industry and commerce who spoke to The Financial Gazette this week said while they appreciated the fact that Statutory Instrument (SI) 127 was meant to instill market discipline,…
EMBATTLED flag carrier, Air Zimbabwe (AirZim), says it has successfully negotiated a debt settlement agreement with local and foreign creditors. The airline is saddled with $349 million and US$31,5 million in local and external debts respectively. This led to its placement under reconstruction, with Grant Thornton being appointed administrator in October 2018 to protect it…
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