THIS year Standard Chartered Zimbabwe embarked on a digitisation strategy which has seen the country’s oldest bank close down most of its brick and mortar branches across the country. The bank is left with only three physical branches out of 16 it had in 2017. The Financial Gazette’s Group Digital Editor Paul Nyakazeya (PN) spoke…
THE Zimbabwe Stock Exchange’s (ZSE) shallow Minings Index climbed 21,44 percent to 317,75 points in September buoyed by a 71,43 percent gain in Bindura Nickel Corporation (BNC). The nickel miner’s gains offset a 1,8 percent loss recorded by RioZim, the only other active counter on the index, with shares in Falcon Gold Zimbabwe and Hwange…
THE Institute of Chartered Accountants of Zimbabwe (ICAZ) says government’s decision for companies to adopt hyperinflation reporting will help with planning. The Public Accountants and Auditors Board (PAAB) last week approved the presentation of financial statements using the hyperinflationary economies standard IAS 29 — in a development that confirmed Zimbabwe is now officially in hyperinflation.…
PADENGA Holdings’ (Padenga) stock has gained more than 88 percent on the Zimbabwe Stock Exchange (ZSE) since August 28, when shareholders approved the company’s acquisition of a majority stake in gold miner, Dallaglio Investments. Padenga spiked from 155 cents on August 28, to close at 290 cents last Friday, outperforming the All Share index, which…
THE Securities and Exchange Commission of Zimbabwe (SecZim) says government should ensure an enabling investment environment through the enactment of legislation aligned to best practice to spur the country’s underdeveloped capital markets. Tafadzwa Chinamo, the SecZim chief executive, said the local markets had a lot of room for improvement. “At the regulatory level, the market…
BRITISH American Tobacco Zimbabwe (BAT) has appointed South African Kimesh Naidoo as the company’s new managing director with effect from October 22. Naidoo takes over from Clara Mlambo who stepped down on June 30 this year to join Liquid Telecom. Steven Nyabadza, BAT’s company secretary, has been the acting managing director since July. Naidoo is…
PADENGA Holdings (Padenga), Zimbabwe’s largest crocodile skin producer, says it plans to pursue scientific methods to improve product quality. Themba Sibanda, the listed firm’s board chairman, said the group has already established a research laboratory facility at its crocodile farms. “Management will pursue advanced scientific initiatives relevant to further improving skins produced and fully understanding…
THE total value of transactions processed through the National Payment System (NPS) breached the $10 billion mark for the first time since the country adopted mobile money as the preferred form of transacting in response to persistent cash shortages. According to latest figures from the Reserve Bank of Zimbabwe (RBZ), NPS stood at $10,18 billion,…
AUDITOR-General Mildred Chiri says weak internal control systems in State enterprises have allowed mismanagement and abuse of resources. This comes as her audit reports have over the years revealed various acts of negligence, outright incompetence and malfeasance at parastatals. “Because of weak internal controls, we have been encountering the same challenges over-and-over again,” Chiri said…
LAFARGE Cement Zimbabwe (Lafarge) says it has plans to upgrade its manufacturing plant to improve production capacity and efficiency. Kumbirai Katsande, the company’s board chairman said the business had already invested $2,7 million in new plant and machinery upgrades. “The business is working on a project to upgrade its cement milling and Dry Mortar Mix…
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