FIRST Mutual Holdings Limited (FMHL) says the emergence of mobile micro-insurance is no threat to insurers, but must be embraced instead. Over the past few years, innovative mobile-based micro-insurance has taken Zimbabwe’s insurance market by storm, with the Insurance and Pensions Commission (IPEC) saying the country has the highest number of such policies on the…
INTERNAL auditors must be vigilant and avoid shortcuts in the face of anticipated fast-paced change in Zimbabwe, First Mutual Holdings (FMH)’s chief executive Douglas Hoto has said. Speaking at the Institute of Internal Auditors of Zimbabwe (IIAZ)’s annual conference in Victoria Falls last week, Hoto said as Zimbabwe embarks on an economic turnaround, it will…
FIRST Mutual Properties (FMP) says the value of its real estate portfolio appreciated by $8 million in the half year to June 2018 on the back of improved occupancy and new acquisitions. Despite persistent pressure on occupancy levels in the local market, FMP’s rates improved to 74,84 percent from the 2017 year-end position of 70,94…
Former rap mogul Marion “Suge” Knight has pleaded no contest to voluntary manslaughter for running over and killing a Compton businessman nearly four years ago. The Death Row Records co-founder entered the plea in Los Angeles superior court and has agreed to serve 28 years in prison. The plea came days before jury selection was…
ZIMBABWE’s cumulative trade deficit for January to July this year has reached $1,7 billion, data from the central bank and the Zimbabwe National Statistics Agency (ZimStat) shows. This represents a worsening of the situation as the trade gap for the full year 2017 was $1,74 billion. Data released by ZimStat in August, which did not…
THE acquisition of NicozDiamond Insurance Company (Nicoz) by First Mutual Holdings (FMHL) has paid off after the latter’s profit after tax more than doubled with the former contributing the bulk of the earnings. FMHL acquired 100 percent of Nicoz, in a deal that will see the insurance company merging with FMHL affiliate, Tristar Insurance Company.…
BARCLAYS Bank Zimbabwe (Barclays) has changed its business model from the cautious lending regime to adopt a more aggressive use of its banking asset, Old Mutual Securities (OMSEC) says. In its history, the formerly British-owned bank has had very little lending appetite, and maintained a rigorous loaning criteria. “Barclays is under transition as it comes…
THE Insurance and Pensions Commission (IPEC) has proposed the setting up of a safety net as a possible avenue of recourse for those affected by hyperinflation. After the introduction of the multicurrency system in 2009, insurers and pension funds appointed actuaries to carry out a conversion of all Zim dollar policies into US dollar values.…
ZIMBABWE’S crypto-asset community says the appointment of Mthuli Ncube as Finance minister could see virtual currency trading being allowed in the country. Cryptocurrency trading is banned in the country. Zimbabwe’s major exchange, Golix, was shut by the Reserve Bank of Zimbabwe in May, but got a reprieve from the High Court, which lifted the ban…
MEIKLES Limited (Meikles) says it will not include the debt it is owed by the Reserve Bank of Zimbabwe (RBZ) in its financial results for year ended March 2018 after government failed to honour an agreement to settle it by last month. The hospitality and retail group delayed announcing the results, hoping to include the…
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More