THE Zimbabwean government has started licensing players in the commercial cannabis business after it gave permits to prospectors, The Financial Gazette has learnt. Although the southern African nation legalised the cultivation of cannabis for medicinal and scientific purposes last year, no entity had been licensed yet. An executive from one of the prospecting entities, who…
WHETHER it is cricket, rugby, golf, soccer or any other sport, matches featuring national teams always bring people together. As they dance and rejoice at stadiums, huddle around the television or listen to live radio broadcasts, families, friends and relatives are brought together and passionately cheer their team on, hoping for a victory that has…
ZIMBABWEAN cotton farmers are up in arms against the government and are demanding to be paid at least 50 percent of their sales in United States dollars. This comes as the Reserve Bank of Zimbabwe early this month increased foreign currency retention thresholds for tobacco farmers to 50 percent from the previous 30 percent. Stewart…
THIS year’s tobacco proceeds will not help improve Zimbabwe’s liquidity challenges, economic analysts have said. This follows high expectations that tobacco earnings ― which traditionally reach US$800 million a year ― could help ease foreign currency shortages, but farmers are holding on to their crop due to low prices. The marketing season opened on a…
DAIRIBORD Holdings (Dairibord) says it was forced to let go of its Malawi unit by the adverse economic situation in Zimbabwe after it failed to leverage its “clean” balance sheet to rescue the ailing subsidiary. The Zimbabwe Stock Exchange-listed milk processor announced last week that it was offloading Dairibord Malawi following consistent weak performance of…
ECONET Wireless Zimbabwe (Econet)’s shares are currently undervalued resulting in low trading activities, said capital markets evaluator Akribos Research Services (Akribos). This comes as Cassava Smartech Zimbabwe (Cassava), which demerged from the telecommunications giant in December 2018, is experiencing increased trade activity on the local stock exchange and its shares have for the most part…
INVESTMENT-STARVED Zimbabwe is crafting a new law aimed at making it easier for foreign investors to repatriate their profits from the southern African country, The Financial Gazette can reveal. This comes as scores of foreign firms — including BAT, PPC, Lafarge and numerous airlines — are struggling to repatriate millions from Zimbabwe. Justice minister…
CONSTRUCTION of the Gwayi-Shangani Dam in Matabeleland North is expected to be completed by December this year despite work done being at 36 percent, a government minister has said. The Gwayi-Shangani Dam, which will become the country’s third largest inland water body when complete after Tokwe-Mukosi and Lake Mutirikwi, is expected to have a capacity…
THE Public Accountants and Auditors Board (PAAB) says the recently gazetted Statutory Instrument 33 of 2019, which set an exchange rate of 1:1 between RTGS$ and US dollars, conflicts with Zimbabwe’s prescribed reporting standards. The law, which was gazetted on February 22, 2019 specified, among other things, that for accounting and other purposes, all…
ZIMBABWE has introduced a new mining law that imposes a double penalty on entities that fail to pay royalties. Mining royalties, a usage-based tax calculated as a percentage of the gross fair market value of minerals produced, are levied in terms of the Mines and Minerals Act, while the royalty rates are fixed through the…
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