AdvertisementsTHE Insurance and Pensions Commission (IPEC) says the dominance of a few companies in the local insurance industry is “worrisome” and poses great risk for the sector.Advertisements Grace Muradzikwa, the statutory body’s commissioner, told reporters that “it is indicative of weak competition as business is concentrated in a few players”. “In short-term insurance, the top…
AdvertisementsTHE Insurance and Pensions Commission (IPEC) says uptake of prescribed assets has remained low amid calls for government to come up with instruments that encourage participation in line with global trends.Advertisements In September, government gazetted Statutory Instrument 206 of 2019, which raised the prescribed asset ratios for Life assures to 15 percent from 7,5 percent.…
AdvertisementsThe International team took a 4-1 lead over the United States after the opening-day fourballs in the Presidents Cup at Royal Melbourne in Australia.Advertisements US playing captain Tiger Woods and Justin Thomas secured their side’s only point as they beat Marc Leishman and Joaquin Niemann 4&3. Louis Oosthuizen and Abraham Ancer beat long-hitting US pair…
AdvertisementsMEDTECH Holdings’ (MedTech) says it is in negotiations to sell some of its assets while it is also in the market to acquire a business in a different sector. In a series of cautionary statements issued starting in September this year, the company said its directors are “in discussions to sell certain company net assets…
AdvertisementsTHE government’s move to force exporters to pay electricity bills in foreign currency is evidence of the economy’s drift towards re-dollarisation, analysts have said. Statutory Instrument (S.I.) 249 of 2019, which came into effect this month, will see “exclusive and partial exporters” paying electricity bills in hard currency for at least six months. This is…
AdvertisementsWHEN President Emmerson Mnangagwa rose to power in 2017, he promised to overhaul State-owned enterprises, which had been bleeding the fiscus for close to two decades.Advertisements However, two years into his rule, the vigour to reform and privatise the loss-making institutions has all but fizzled. Finance minister Mthuli Ncube who spent the better part of…
AdvertisementsFOREIGN participation on the Zimbabwe Stock Exchange (ZSE) declined by 45 percent in November as the country’s economic troubles continue to keep investors at bay. Latest data provided by the ZSE shows that foreign purchases dropped to $19 million in November, from $35 million in October. Foreign sells declined from $30 million to $18 million.…
AdvertisementsLAFARGE Cement Zimbabwe (Lafarge) says mortgage rate increases have dampened individual home builders demand for the company’s products.Advertisements In September, the central bank raised interest rates from 50 to 70 percent. This was after another hike in June from 15 to 50 percent, which was aimed “at curtailing speculative behaviour in the market”. Meanwhile, the…
AdvertisementsTHE Insurance and Pensions Commissions (IPEC) says government’s currency changes have complicated the conversation of pensions and insurance benefits following dollarisation of the economy in 2009.Advertisements The government initiated currency reforms in October last year, which culminated in the reintroduction of the Zimbabwe dollar in June this year, but the country’s annual inflation has skyrocketed…
AdvertisementsZIMBABWE’S latest currency reforms have created tax reconciliation challenges for both taxpayers and the tax collector, it has emerged.Advertisements The reforms — headlined by a controversial return of the Zimbabwe dollar — have so far failed to bring the much-needed improvement into the ailing economy. “We expected the budget to include a tax amnesty, the…
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