THE world has been changing at an alarming rate and technology has disrupted the way business is being done. The global economy has evolved into the 4th industrial revolution (Industry 4.0) while the Internet of Things (IoT) has taken centre stage. This disruption has created opportunities for countries like the United States of America (US),…
SEEDCO International (SCIL) has made an offer to acquire all shares in SeedCo Limited (SCL) to complete a merger of the two companies. This comes after SCIL shareholders approved the proposed transaction, which is meant to strengthen its listing on the Victoria Falls Stock Exchange (VFEX), on December 31, 2020. SCL shareholders are being offered…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-267537.mp3?cb=1732288710.mp3THE government has through Finance Act 2 of 2020 gazetted a new Valued Added Tax Withholding Tax (VAT WHT) rate, which will see its agents withholding 100 percent of VAT charged to them. This is with effect from this year. VAT WHT is collected by persons who have been appointed agents by the Zimbabwe Revenue…
THE twin challenges of a deadlier second regional wave of coronavirus, and last week’s travel warnings from some of Zimbabwe’s biggest international source markets, will have a devastating effect on the local tourism industry this year, experts have warned. Speaking to The Financial Gazette this week, the experts expressed fears that this double whammy would…
ZIMBABWE’S annual inflation slowed to close the year 2020 at 348,59 percent from 401,66 percent in November, falling within reach of government’s projected target of 336 percent, the Zimbabwe National Statistics Agency (Zimstat) reported this week. Finance minister Mthuli Ncube had, in the 2021 national budget statement, projected annual inflation to close at 336 percent…
STANBIC Bank this week announced that it had appointed Solomon Nyanhongo, (SN), as the financial institution’s new chief executive. He takes over from Joshua Tapambwa, who had been at the helm of the financial institution for the past 12 years. The Financial Gazette’s Group Digital Editor Paul Nyakazeya (PN) on Tuesday spoke with Nyanhongo to…
ZIMBABWE’S fuel imports more than halved during the 11 months to November 2020, official data shows. The country was under strict Covid-19 restrictions for most of the period under review with travel bans and the closure of schools and workplaces, and lockdowns around the world to contain surging infection rates have weighed on fuel demand.…
Zimbabwe’s economic stability is hinged on its capacity to contain money supply growth and discontinue quasi-fiscal activities, amid a slow growth projection due to the negative impact of the global Covid-19 pandemic, the World Bank (WB) has said. This comes as the WB has also projected that the economy would grow by 2,9 percent in…
THE Reserve Bank of Zimbabwe (RBZ)’s plan to introduce higher denomination bank notes is key in strengthening the Zimbabwean dollar’s acceptance as smaller notes have become worthless, though creating chances of fuelling inflation, economists have said. This comes as the apex bank has announced that it is planning to introduce a $50 banknote into the…
ZIMBABWE’S drug procurement unit, the National Pharmaceutical Company (NatPharm), says it is now prioritising local medicine manufacturing companies to avoid unnecessary imports. This comes as Billy Rigava, NatPharm’s board chairman, recently said a partnership with local tertiary institutions in the production of Covid-19 tools and equipment had saved the country more than US$4 million in…
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