THE Zimbabwe Stock Exchange (ZSE) says it is working with a local firm, the Harare Receivables Exchange (HRE), to develop a platform that allows businesses to sell individual unpaid invoices in order to free up cash. “The ZSE wishes to advise stakeholders on the signing of a Memorandum of Understanding (MOU) between the ZSE and…
THE Reserve Bank of Zimbabwe (RBZ) says its failure to control money supply growth this year has fuelled inflation. Zimbabwe suspended the publication of annual inflation in July after it reached 176 percent, gaining from 57 percent in January. It is estimated to have spiraled to 440 percent by October. “The question on everyone’s mind…
THE Zimbabwe Stock Exchange (ZSE)’s turnover declined by 39 percent in November to $123 million. In US dollar terms, the value of trades were 42 percent lower than the previous month at US$8,3 million. The decline of trading activity in November halted a two-month upsurge, which was driven by the deterioration of the Zimbabwe dollar…
THE Insurance and Pensions Commission (IPEC) says the dominance of a few companies in the local insurance industry is “worrisome” and poses great risk for the sector. Grace Muradzikwa, the statutory body’s commissioner, told reporters that “it is indicative of weak competition as business is concentrated in a few players”. “In short-term insurance, the top…
THE Insurance and Pensions Commission (IPEC) says uptake of prescribed assets has remained low amid calls for government to come up with instruments that encourage participation in line with global trends. In September, government gazetted Statutory Instrument 206 of 2019, which raised the prescribed asset ratios for Life assures to 15 percent from 7,5 percent.…
The International team took a 4-1 lead over the United States after the opening-day fourballs in the Presidents Cup at Royal Melbourne in Australia. US playing captain Tiger Woods and Justin Thomas secured their side’s only point as they beat Marc Leishman and Joaquin Niemann 4&3. Louis Oosthuizen and Abraham Ancer beat long-hitting US pair…
MEDTECH Holdings’ (MedTech) says it is in negotiations to sell some of its assets while it is also in the market to acquire a business in a different sector. In a series of cautionary statements issued starting in September this year, the company said its directors are “in discussions to sell certain company net assets…
THE government’s move to force exporters to pay electricity bills in foreign currency is evidence of the economy’s drift towards re-dollarisation, analysts have said. Statutory Instrument (S.I.) 249 of 2019, which came into effect this month, will see “exclusive and partial exporters” paying electricity bills in hard currency for at least six months. This is…
WHEN President Emmerson Mnangagwa rose to power in 2017, he promised to overhaul State-owned enterprises, which had been bleeding the fiscus for close to two decades. However, two years into his rule, the vigour to reform and privatise the loss-making institutions has all but fizzled. Finance minister Mthuli Ncube who spent the better part of…
FOREIGN participation on the Zimbabwe Stock Exchange (ZSE) declined by 45 percent in November as the country’s economic troubles continue to keep investors at bay. Latest data provided by the ZSE shows that foreign purchases dropped to $19 million in November, from $35 million in October. Foreign sells declined from $30 million to $18 million.…
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