THE Insurance and Pensions Commission (Ipec) has started penalising insurers for not meeting prescribed asset requirements, and demanding compliance plans from transgressors to induce conformity. Following a stretched period of the industry’s low participation in prescribed assets, the government recently gazetted a law that allows Ipec to penalise entities or even forcibly redirect assets of…
CFI Holdings (CFI) subsidiary Crest Poultry’s (Crest) exit from judicial management in January has helped keep the group afloat in a difficult environment. The group voluntarily placed Crest and other subsidiaries under management in 2016 to protect its assets from creditors, and Crest exited management this year after it paid off its creditors. In its…
ZIMBABWE’S health sector needs at least US$1,3 billion to pay workers and refurbish equipment and facilities, a senior government official has said. Paulinus Sikhosana, the Health Services Board (HSB) executive chairman, told The Financial Gazette that problems in the sector were emanating from deteriorating economic conditions in the country. “One of the major weaknesses of…
THE economic downslide that began in Zimbabwe nearly a decade ago and at one time became vicious appears to be steepening with every passing day, while our rulers continuously grope for what appear to be elusive solutions. In this economic chaos, the justice delivery system, just like other sectors, has not been spared trouble and…
THE government’s decision to suspend trade on the Zimbabwe Stock Exchange (ZSE) was “irrational and ill-conceived”, as it will scare away foreign investors, provides further evidence of Harare’s incoherent policies and that the country is not ready for capital. This not only comes as authorities have unveiled plans for another bourse in Victoria Falls, but…
BANKS in Zimbabwe will continue to rely on non-funded income as they tighten lending during the second half of the year due to the heightened risk posed by the current inflationary economy, a new report has shown. In a review of the country’s banking sector, Akribos Research Service (Akribos) said bank’s lending appetite was weakening.…
ZIMBABWE’S currency ambiguity is creating challenges for reporting firms, worsening a situation created last year with the conflicts between legislation and accounting standards, an expert has said. Since February last year, when government put in place a law that converted US dollar balances to Zimbabwean dollars at par, companies have been receiving adverse audit opinions…
BINDURA Nickel Corporation (BNC) has had to delay its results due to asset valuation impediments caused by the Covid-19 pandemic, which has disrupted business globally. In terms of the continuing obligations of the Zimbabwe Stock Exchange (ZSE) listing rules, the nickel miner is required to publish its financial results for the year ended March 31,…
THE Reserve Bank of Zimbabwe (RBZ) says it plans to introduce exchange rate indexed instruments, with adjustable interest rates, to support the foreign currency auction system. It comes as the suspension of the Zimbabwe Stock Exchange has exacerbated the scarcity of hard currency, as the market had become the major safe haven option amid the…
THE National Social Security Authority (Nssa), which has historically been criticised for poor investment decisions leading to wanton loss in contributors’ funds, is now on a new trajectory with three of its investee companies joining the Zimbabwe Stock Exchange’s (ZSE) heavyweight counters. The three companies are financial services entities FBC Holdings, CBZ Holdings and Rainbow…
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