GOLD producer Falcon Gold Zimbabwe Limited (Falgold) and National Tyre Services (NTS) have delayed releasing financial results owing to challenges related to currency changes. This comes as listed firms are still facing financial reporting headaches nearly six months after the re-introduction of the Zimbabwean dollar. Zimbabwe reintroduced its domestic currency last year after a 10-year…
DELTA Corporation (Delta), Zimbabwe’s largest beverages manufacturer, said it recorded subdued demand across all its product lines during the financial year to September 30, 2019 due to disruptions in power supply and foreign currency shortages. Canaan Dube, Delta’s chairman, said lager beer volumes declined 48 percent compared to the same period last year. “The pricing…
GETBUCKS Microfinance Bank (GetBucks) says it is considering a restructure that may result in it delisting from the Zimbabwe Stock Exchange (ZSE). GetBucks, which became the first micro-finance company to list on the local bourse in 2016, said the transaction, if successfully concluded, may have a material effect on the price of the company’s shares.…
EMPLOYING good corporate governance helps the company to regulate risk and reduce the opportunity for corruption. Often, scandals and fraud within a company become more likely where directors and senior management do not have to comply with a formal governance code. Institute of Directors Zimbabwe (IoDZ) chairperson Mike Eric Juru (MEJ) spoke with the Financial…
PRESIDENT Emmerson Mnangagwa’s government should incentivise investment in energy to increase power generation in Zimbabwe, business leaders said. This comes as Energy minister Fortune Chasi has been rallying business to invest in renewable energy — particularly solar — to avoid interruptions to their operations amid the severe power cuts in the country. David Matyanga, the…
THE Reserve Bank of Zimbabwe (RBZ) is to “review” its US$2,6 billion legacy debts, although senior bank officials have denied this, The Financial Gazette has established. While monetary policy committee member (MPC) and economist Eddie Cross — who often “primes” the market on key policy announcements — said they would “reject a majority of legacy…
MEIKLES says it plans to spend part of the US$20 million proceeds from the disposal of its iconic hotel to construct five solar plants at its Tanganda Estates. The diversified conglomerate recently disposed of Meikles Hotel to ASB Hospitality Zimbabwe, a subsidiary of the Dubai based Albwardy Investment. “The group requires capital to build internal…
ZIMBABWEAN insurers are writing less business through brokers, who are establishing alternative distribution channels, an industry regulator has said. The Insurance and Pensions Commission (Ipec) said direct insurers sourced 43 percent of their business from brokers during the quarter ended September 2019. “This is a significant shift, previously you would have about 60 percent of…
THE Zimbabwe Stock Exchange (ZSE) is set to rise significantly in 2020 as inflation is expected to remain in the three-digit range, a research firm said. The market has gained 67 percent this year, spurred by inflation, which is estimated to have spiralled to 440 percent by October, from 57 percent in January. “In the…
ZIMBABWE’S petrol imports fell to a three-year low of $19,5 million in October due to foreign currency shortages, data provided by the Zimbabwe National Statistics Agency (ZIMSTAT) has shown. Diesel imports were also subdued at $54 million, down from a high of $127 million in November 2018. Petrol imports peaked at $41 million in February…
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