AGRO-INDUSTRIAL firm Ariston Holdings (Ariston) says it needs about US$1,5 million to repair infrastructure that was damaged by Cyclone Idai on its farms. Zimbabwe, together with Malawi and Mozambique, was in March this year hit by Cyclone Idai, which caused catastrophic damage leaving more than 1 000 people dead and thousands more missing Paul Spear,…
LISTED sugarcane processor Hippo Valley Estates (Hippo) says its financial results for the year ended March 31, 2019 will be delayed due to an accounting policy review at the company’s group level. This comes as its parent Tongaat Hulett (Tongaat) revealed that certain malpractices would result in the restatement of its audited consolidated financial statements…
ZECO Holdings (ZECO), Zimbabwe’s only listed engineering firm, says it is hopeful that the revamping of the country’s railways will help bring it out of the woods. The group’s flagship subsidiary Delward relies on infrastructure projects, and the group has attributed most of its troubles to the lack of major projects in Zimbabwe due to…
ZIMBABWE’S banking sector recorded $466 million in profits last year due to sustained growth in money supply for the first nine months of 2018, an equity advisory firm has said. Money supply in 2017 was $5,6 billion but closed 2018 at just under RTGS$10 billion. Old Mutual Securities (OMSEC) said financial institutions’ net interest income…
Two-time Wimbledon champion Andy Murray will face Colombian top seeds Juan Sebastian Cabal and Robert Farah as he returns to competitive action with Feliciano Lopez in the Queen’s doubles. Murray, 32, will be playing his first match since an operation on a career-threatening hip injury in January. British number one Kyle Edmund faces top seed Stefanos Tsitsipas…
THE government’s continued currency twiddling and push for a new legal tender will not solve Zimbabwe’s deepening economic woes, analysts have warned. This comes as President Emmerson Mnangagwa has made a surprise announcement that the country would have a fresh currency by year end — a declaration which saw the recently-introduced RTGS dollar taking a…
ZIMBABWE’S construction industry recorded 110 percent inflation during the first quarter, official figures have shown. This comes as prices of goods and services in the country are skyrocketing following the devaluation of the RTGS dollar ― a merger of bond notes and local bank balances into a lower-value transitional currency ― tradable against major currencies…
FAST food chain Simbisa Brands (Simbisa) last week won the Top Companies Survey 2019 award for best performing Zimbabwe Stock Exchange-listed company. The survey, held under the theme “Reality Check ― Adapting to a New Normal’ ― was hosted by The Financial Gazette and sponsored by financial services giant Old Mutual Zimbabwe. OK Zimbabwe, the…
SEEDCO Holdings (SeedCo) shares have lost 21 percent this year due to effects of a poor farming season caused by drought. The latest development comes at a time most stocks on the Zimbabwe Stock Exchange are appreciating in value, as investors hedge against rising inflation. Year-on-year, Zimbabwe’s largest seed producer’s stock, which closed trading at…
THE Insurance and Pensions Commission (IPEC) says less than half of the players in the non-life insurance industry complied with the minimum prescribed assets ratio in 2018. According to the Insurance Act, “every insurer shall in respect of the insurance business carried on by him in Zimbabwe, hold the insurance fund in prescribed securities and…
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