ZIMBABWE’s cooking oil raw material imports spiked to a 17-month high of $16 million in July, latest trade data shows. Crude soya bean oil, a critical ingredient in making cooking oil, is one of the country’s five major imports. Between January and November last year, the country imported $102 million worth of the product. Latest…
ECONET Wireless Zimbabwe (Econet) has launched a digital service for farmers that offers agricultural commodity prices, farming tips, weather updates and a mobile trading platform linking farmers to buyers. Douglas Mboweni , the group’s chief executive, yesterday said the new product, dubbed EcoFarmer Club, demonstrated the company’s quest to offer relevant products and services in…
MYSTERY surrounds the status of a deal to split of ZB Financial Holdings (ZBFH) shareholding between the group and banker Nicholas Vingirai’s Transnational Holdings Limited (THL), after the former issued a cautionary statement that talks had collapsed. But Vingirai insisted the deal was still on. Last week, ZBFH issued a cautionary statement to its shareholders…
FITCH group research arm, BMI, says Zimbabwe’s re-engagement with concessional lenders is likely to take time, a development which it says will force government to remain reliant on domestic banks to finance its budget shortfalls. Zimbabwe, under former president Robert Mugabe, fell out with international lenders over debt arrears and with western governments which accused…
CABS, one of Zimbabwe’s largest building societies, saw income from lending activities push its bottom line in the half year to June 2018. This comes as a majority of the country’s financial services firms are increasingly turning to non-interest income for profit. Surplus liquidity created by increases in money supply, coupled with low credit absorption…
ZIMBABWE’S 2018 tobacco output surpassed the country’s record peak of 236 million kg produced in 2000, with farmers delivering 247 million kg valued at $724 millions. As the season winds down and global calls for tobacco ban grow louder, The Financial Gazette’s Online Editor Paul Nyakazeya (PN) interviewed Tobacco Industry and Marketing Board (TIMB) chief executive…
RECENTLY-REBRANDED Nedbank Zimbabwe (Nedbank) has over the first six months of this year taken up $70 million of the Reserve Bank of Zimbabwe’s (RBZ) savings bonds, the financial institution’s managing director Charity Jinya has said. The bonds, which were introduced by the central bank in September 2017 to mop up excess liquidity on the real…
THE Zimbabwe Revenue Authority (Zimra) has launched an operation targeting companies and individuals that have defaulted on their tax obligations. This comes as the national tax collector’s July gross collections increased by 20,80 percent to $406,13 million from its monthly target of $336,20 million. However, Zimra believes that many clients are yet to register for…
RAINBOW Tourism Group (RTG) yesterday announced that it had paid the first interest payment for the debentures that were issued in February. A debenture is a medium to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. RTG had increased the par value of its debentures in a bid…
ONE win, one draw and three defeats is hardly the return Zimbabwe expected after the high profile appointment of former Springboks coach Peter de Villiers and the coming on-board of several sponsors to bankroll the team’s World Cup qualification campaign. The Sables’ first season under de Villiers can best be described as topsy-turvy as the…
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