ZIMBABWE’S uptake of agricultural insurance remains subdued despite the sector being one of the major drivers of the economy, an industry official has said. Zimbabwe’s economy is agro-based, with agriculture contributing about 17 percent to the country’s gross domestic product and about 60 percent of raw materials to the manufacturing industry. Tendai Karonga, the Insurance…
FIRST Mutual Holdings (FMH) is relocating its reinsurance business, First Mutual Reinsurance Company (FMRC), to Botswana to escape the limitations of the local operating environment, which has been fouled by a chronic currency crisis. It comes as a worsening economic crisis in Zimbabwe, headlined by foreign currency shortages, has inhibited local reinsurers from underwriting more…
MEDTECH Holdings (MedTech) is considering a number of transactions that would see it transform to an investment holding company. Earlier this year, the diversified conglomerate announced that it had terminated negotiations to sell some of its assets and the acquisition of a business in a different sector, which it had made public in 2019. “Shareholders…
A recent High Court judgment in the case of Chikiwa v St George’s College brought to the fore the issue of children’s rights viz-a-viz educational institutions’ right to receive school fees. Educational contracts were seriously scrutinised in this detailed judgment, whose cause of action was heard on an urgent basis. The young student and his…
THE world has been changing at an alarming rate and we now live in what is called the “information age”. The Internet has changed how business is being done as the Internet of Things and Artificial Intelligence take centre stage. In the same vein, global financial markets have been evolving with new instruments being introduced…
DESPITE the government’s recent attempts to talk up its $18 billion coronavirus stimulus package, the failure by authorities to fund the economic recovery plan continues to hobble the programme. Business leaders who spoke to The Financial Gazette this week said that the stimulus package — which was meant to help commerce and industry to ride…
THE Victoria Falls Stock Exchange (VFEX), will go live before the end of the month, Finance minister Mthuli Ncube said this week. Authorities expect the US dollar-denominated capital market to shore-up foreign capital inflows to Zimbabwe following years of massive investor flight. Ncube told reporters this week that listing on the new exchange would be…
ZIMBABWE’S plan to pay off its arrears to international creditors, who include the World Bank and the African Development Bank, has been dented by the impact of the Covid-19 pandemic and the drought which has left more than half the population in need of emergency food aid, Finance minister, Mthuli Ncube said this week. Ncube…
THE Institute of Chartered Accountants of Zimbabwe (Icaz) says preparers of company results should not use the Zimbabwe National Statistics Agency (Zimstat)’s blended consumer price index (CPI) as it does not measure inflation in any particular currency. Zimstat announced in August that it will now be publishing blended inflation and CPI, which it said entails…
CARTHORSE Enterprises (Carthorse) — an indigenous firm owned by Bongani Mlambo — has won a landmark case in which High Court judge Joseph Mafusire has invalidated the 2003 acquisition of its Inyamasanga Farm in Rusape. This comes as government has been trying to sanitise its land reform programme by embarking on recent national audits, clarifying…
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