SANLAM Group closed 2,75 percent higher on the JSE to R73.87 a share after saying that its business had grown in the six months to June despite South Africa’s subdued economy that has squeezed consumers. The group said that despite the tough environment in which the economy contracted by 3,2 percent in the first quarter…
FIRST Mutual Holdings Limited (FMHL) says the country’s foreign currency shortages have seen its reinsurance business fail to underwrite regional business. This comes as the country’s foreign currency shortages, caused by a persistent trade deficit, are threatening the viability of businesses from various sectors in the ailing economy. “First Mutual Reinsurance Company continued to face…
THE Insurance and Pensions Commission (IPEC) says Zimbabwean life assurers’ uptake of reinsurance, at about two percent, is very low and could lead to insolvency. Players are encouraged to reinsurer so as to spread portions of their risk portfolios to other parties to reduce the likelihood of paying a large obligation resulting from an insurance…
INDUSTRY minister Mangaliso Ndlovu says government is yet to conclude negotiations with Chinese investor R and F for the resuscitation of Ziscosteel (Zisco), two years after the deal was consummated. The deal, which is estimated to be worth over $2 billion, follows a series of similar efforts to restart the Redcliff based steel maker which…
THE Institute of Chartered Accountants of Zimbabwe’s (ICAZ) newly elected president Fungai Kuipa, has challenged the profession to reclaim its relevance in the country. According to a research done by former ICAZ president Martin Makaya in 2008, in a sample of 53 Zimbabwe Stock Exchange-listed entities, 67 out of 91 board members were ICAZ members.…
ZIMBABWE is up-to-date with repayment of loans of about $8 billion extended to it by the African Export-Import Bank (Afreximbank) in the past 22 years, The Financial Gazette has learnt. Zimbabwe’s debt to Afreximbank surged by 66 percent to US$1,25 billion in May this year after government incurred a US$500 million loan facility from the…
FOREIGN investors were net buyers of $13,1 million worth of shares on the Zimbabwe Stock Exchange (ZSE) in August, with particular interest in Old Mutual Zimbabwe, (OMZ) latest figures have shown. According to statistics from the local bourse, foreign purchases amounted to $43, 6 million worth of shares with Old Mutual accounting for $13,5 million.…
ENERGY minister Fortune Chasi says Zesa Holdings (Zesa) needs to be purged of inefficiencies and corruption, before government can approve another tariff hike. In August, government increased the power tariff from 9,86 cents per kWh (about one US$0,01) to 27 cents (US$0,03) but still, ZESA insists that the tariff remains uneconomical. Chasi, however, says inefficiencies…
BRITISH American Tobacco (BAT) Zimbabwe’s revenue is expected to increase by 50 percent to $68,3 million in the full year to December 31, 2019 due to inflationary pressures. This was after the cigarette manufacturer registered $29,46 million revenues in the half year to June, predominantly driven by price increases. Zimbabwe is currently witnessing waves of…
PADENGA Holdings (Padenga) yesterday received a greenlight from its shareholders to acquire a majority stake in gold miner Dallaglio Investments. The listed crocodile skin producer’s shareholders unanimously approved the deal at an extraordinary general meeting in Harare. The transaction now awaits regulatory approval from the central bank and other government departments. “Padenga seeks to reduce…
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