AdvertisementsZIMBABWE’S life assurance and pensions sector should aim to write more business after it was overtaken by the non-life sector for the first time ever in September, an industry regulator has said.Advertisements Statistics provided by the Insurance and Pensions Commission (IPEC) show that life assurers’ gross written premium (GWP) for the nine months to September…
AdvertisementsMEIKLES has been forced to dispose of its iconic city hotel for far less than the replacement cost due to the deterioration of the property’s surroundings, market watchers have said.Advertisements After receiving regulatory approval to dispose of the hotel, Meikles last week announced an extraordinary general meeting, at which it will be seeking shareholder consent…
AdvertisementsTHE Zimbabwe Stock Exchange (ZSE) has adopted the global standards for classifying stocks, which will see it change its current format and introduce 13 indices starting January 2020. A stock market index is an aggregate value produced by combining several stocks together and expressing their total values against a base value from a specific date.…
AdvertisementsZIMRE Holdings (ZimRe) says Zimbabwe’s insurance industry is likely to face challenges discharging obligations following the ban on policies denominated in foreign currency. Advertisements In September, the Insurance and Pensions Commission of Zimbabwe (IPEC) issued a circular directing, among other measures, that existing foreign currency denominated policies be run-off to their natural expiry date. This…
AdvertisementsGreat Britain missed out on a place in the Davis Cup final after Spain’s Rafael Nadal and Feliciano Lopez edged out Jamie Murray and Neal Skupski in a heartbreaking doubles defeat.Advertisements The British pair lost 7-6 (7-3) 7-6 (10-8) in the deciding rubber. The teams had been level at 1-1 after the singles, when Nadal…
AdvertisementsTHERE is broad consensus among experts that Finance minister Mthuli Ncube’s Budget last week fell significantly short of the measures needed to turn around Zimbabwe’s shrinking economy.Advertisements This adverse rating comes after the under-pressure Treasury boss could only offer relatively minor incentives — in the big scheme of things — to both businesses and individuals,…
AdvertisementsZIMBABWE’s year-on-year inflation rate spiralled to 440 percent in October, from 353 percent in September, according to the Confederation of Zimbabwe Industries (CZI).Advertisements This comes as the statistics agency suspended the publishing of the monthly year-on-year data after the country switched from a multi-currency to a mono-currency regime forcing business to rely on independent readings.…
AdvertisementsZIMBABWE is unlikely to meet its 40 tonne gold-deliveries target this year due to rampant smuggling and delays in paying agents, officials say.Advertisements This comes as Finance minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya have stated that Harare will not liberalise the sector, and nearly US$2 billion worth of bullion…
AdvertisementsZIMBABWEAN firms are bracing for tougher times ahead as the country’s economy shows little signs of recovery, according to several trading updates released by listed firms. The country remains constrained by shortages of foreign currency, fuel, electricity as well as a weakening local currency which has resulted in depressed demand. In a trading update for…
AdvertisementsA NUMBER of firms listed on the Zimbabwe Stock Exchange (ZSE) have copped out of publishing quarterly statements, choosing instead to issue trading updates on permission from the exchange. This comes as the requirement to prepare and present financial statements that comply with Financial Reporting in Hyperinflationary Economies Standard (IAS 29), has been complicated by…
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