LAFARGE Cement Zimbabwe (Lafarge) says mortgage rate increases have dampened individual home builders demand for the company’s products. In September, the central bank raised interest rates from 50 to 70 percent. This was after another hike in June from 15 to 50 percent, which was aimed “at curtailing speculative behaviour in the market”. Meanwhile, the…
THE Insurance and Pensions Commissions (IPEC) says government’s currency changes have complicated the conversation of pensions and insurance benefits following dollarisation of the economy in 2009. The government initiated currency reforms in October last year, which culminated in the reintroduction of the Zimbabwe dollar in June this year, but the country’s annual inflation has skyrocketed…
ZIMBABWE’S latest currency reforms have created tax reconciliation challenges for both taxpayers and the tax collector, it has emerged. The reforms — headlined by a controversial return of the Zimbabwe dollar — have so far failed to bring the much-needed improvement into the ailing economy. “We expected the budget to include a tax amnesty, the…
PRESIDENT Emmerson Mnangagwa’s government banned the publication of year-on-year inflation, but Treasury says it still uses the annual statistic in its computations. This comes as business and market watchers have pointed to government’s policy inconsistency as one of the major sources of lack of confidence in the southern African economy. Addressing delegates at a post-budget…
ZIMBABWE’S life assurance and pensions sector should aim to write more business after it was overtaken by the non-life sector for the first time ever in September, an industry regulator has said. Statistics provided by the Insurance and Pensions Commission (IPEC) show that life assurers’ gross written premium (GWP) for the nine months to September…
MEIKLES has been forced to dispose of its iconic city hotel for far less than the replacement cost due to the deterioration of the property’s surroundings, market watchers have said. After receiving regulatory approval to dispose of the hotel, Meikles last week announced an extraordinary general meeting, at which it will be seeking shareholder consent…
THE Zimbabwe Stock Exchange (ZSE) has adopted the global standards for classifying stocks, which will see it change its current format and introduce 13 indices starting January 2020. A stock market index is an aggregate value produced by combining several stocks together and expressing their total values against a base value from a specific date.…
ZIMRE Holdings (ZimRe) says Zimbabwe’s insurance industry is likely to face challenges discharging obligations following the ban on policies denominated in foreign currency. In September, the Insurance and Pensions Commission of Zimbabwe (IPEC) issued a circular directing, among other measures, that existing foreign currency denominated policies be run-off to their natural expiry date. This was…
Great Britain missed out on a place in the Davis Cup final after Spain’s Rafael Nadal and Feliciano Lopez edged out Jamie Murray and Neal Skupski in a heartbreaking doubles defeat. The British pair lost 7-6 (7-3) 7-6 (10-8) in the deciding rubber. The teams had been level at 1-1 after the singles, when Nadal…
THERE is broad consensus among experts that Finance minister Mthuli Ncube’s Budget last week fell significantly short of the measures needed to turn around Zimbabwe’s shrinking economy. This adverse rating comes after the under-pressure Treasury boss could only offer relatively minor incentives — in the big scheme of things — to both businesses and individuals,…
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