ZIMBABWE’S trade deficit has declined by almost 70 percent to $400 million in the five months to May 2019 compared to $1,34 billion recorded in the same period last year, latest data show. Although official data provided by ZIMSTAT shows that there has been a considerable decline in imports during the period from $2,83 billion…
BORDER Timbers says its exit from judicial management has been held up by delay of its compensation from government after its estates were expropriated during the country’s controversial land reform programme. In July 2015, the forest estates and saw-milling company was awarded a US$25 million settlement, as an outcome of an International Centre for Settlement…
LOGISTICS giant Unifreight Africa (Unifreight) says it is bracing itself for a tough 2019 despite registering decent progress following its restructuring exercise a few years ago. This comes as the country’s intensifying foreign currency shortages — caused by a persistent trade deficit, waning industry and confidence issues — have threatened the viability of businesses in…
COMMODITY prices and the country’s runaway inflation are likely to remain high in the coming weeks and months, a top economist has said. This comes as both business and analysts continue to moan about policy inconsistencies, which characterise the government’s key decisions — thereby eroding confidence, which is badly needed to help turn around the…
AN INCENTIVE introduced by Fidelity Printers and Refiners (FPR) recently has failed to spur gold deliveries, with official figures showing that collections of the yellow metal have remained subdued. Early in May, FPR introduced an incentive for gold producers in the form of “support price” of US$1 368,28 per ounce (US$44 000 per kilogramme), which…
CASSAVA SmarTech Zimbabwe (Cassava) says its revenues nearly doubled to $501 million in the full year to February 28, 2019 up from $258 million last year. Even though the company was unable to comment on the numbers “because of the disparity between local and international experts on the appropriate accounting treatment of the effects of…
ZB Financial Holding (ZBFH) says its profits in the five months to May increased 183 percent to $17,6 million compared to $6,2 million recorded in the same period last year. This was after the listed financial services group’s revenue in the period under review rose to $57,82 million, a 78 percent increase from $32,5 million…
AFRICA Sun Limited’s (ASL) says its plan to terminate a multi-million dollar management deal with Legacy Hotels International (Legacy) has been put on ice due to legal challenges. The Zimbabwe Stock Exchange-listed hotel group recently notified the market of termination of the management agreement with Legacy due to alleged non-compliance with statutory requirements of the…
STARAFRICA Corporation (Starafrica) looks set to return to its former glory after breaking a ten-year lossmaking streak by reporting a net profit of $8,8 million for the year to March 2019. This also comes as the company’s production and profitability has been improving following recent equipment upgrade and the considerable progress made in restructuring the…
FIDELITY Life Assurance (Fidelity) says its revenues grew by 88 percent during the first five months of the year helped by improved business from its Malawi unit. This comes as the Zimbabwe Stock Exchange-listed life assurance group, which recently reported its second consecutive annual loss on the back of a deteriorating operating environment in the…
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