ZIMBABWE’s year-on-year inflation rate spiralled to 440 percent in October, from 353 percent in September, according to the Confederation of Zimbabwe Industries (CZI). This comes as the statistics agency suspended the publishing of the monthly year-on-year data after the country switched from a multi-currency to a mono-currency regime forcing business to rely on independent readings.…
ZIMBABWE is unlikely to meet its 40 tonne gold-deliveries target this year due to rampant smuggling and delays in paying agents, officials say. This comes as Finance minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya have stated that Harare will not liberalise the sector, and nearly US$2 billion worth of bullion…
ZIMBABWEAN firms are bracing for tougher times ahead as the country’s economy shows little signs of recovery, according to several trading updates released by listed firms. The country remains constrained by shortages of foreign currency, fuel, electricity as well as a weakening local currency which has resulted in depressed demand. In a trading update for…
A NUMBER of firms listed on the Zimbabwe Stock Exchange (ZSE) have copped out of publishing quarterly statements, choosing instead to issue trading updates on permission from the exchange. This comes as the requirement to prepare and present financial statements that comply with Financial Reporting in Hyperinflationary Economies Standard (IAS 29), has been complicated by…
SOUTH African cement producer, PPC, says its revenue for the half-year to September 2019 declined by 12 percent due to subdued performance of its Zimbabwean subsidiary, PPC Zimbabwe. The group’s revenue declined to R4,9 billion from R5,5 billion recorded in the prior comparable period. “The decline is attributable to a 17 percent decline in overall…
THE government must pursue policies that inspire confidence in its programmes, including the introduction of the Zimbabwean dollar and refrain from making exclusions to currency legislation, industry says. This follows the gazetting of statutory instrument 212 of 2019, which prohibits the conducting of domestic transactions and business in any other currency other than the local…
STALAP Investments (Stalap) — a National Social Security Authority (NSSA) and Zimre Holdings (Zimre) investment vehicle — has given Nicholas Van Hoogstraten’s Willoughby’s Investments (Willoughby’s) a bloody nose after winning a High Court case to annul the results of an extra-ordinary general meeting to reverse the disposal of Langford Estates (Langford). This comes as the…
THE shambolic state of Zimbabwe’s company registry and deeds offices has become a major hindrance for both business and the country’s investment drive analysts warn. This comes as a number of companies have complained about alleged “data tampering and missing deeds” at the two key offices — in worrying developments that also reflect poorly on…
THE five Harare-Beitbridge road contractors are in a fix, as government has been “pressuring the companies to go on-site without engineering designs and paying contractual deposits”, sources say. comes as the group of category A bidders were awarded the performance-based tenders and jobs in August this year — under a process hailed by analysts as…
FINANCE minister Mthuli Ncube faces an arduous task of stimulating Zimbabwe’s moribund economy and balance competing government, and social needs when he presents his 2020 national budget today. This comes against the backdrop of a contracting economy, hyperinflation, rising unemployment, acute shortages of fuel , foreign currency, power and water and various ministries are demanding…
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